fund_rfid_data/data/rdf_poc/train_3x.jsonl

{"sample_id": "0000027367:ALL", "cik": "0000027367", "trust_name": "DAXOR CORP", "input_text": "rket price of our Common Stock at a price that is higher than the price that might otherwise\nexist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of\nthese activities at any time without notice. These transactions may be effected on the national securities exchange on which our shares\nof Common Stock are traded, in the over-the-counter market, or otherwise.\nAffiliations\nThe\nunderwriter and its affiliates are full service financial institutions engaged in various activities, which may include securities trading,\ncommercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing\nand brokerage activities. The underwriter and its affiliates may from time to time in the future engage with us and perform services\nfor us or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of\ntheir various business activities, the underwriter and its affiliates may make or hold a broad array of investments and actively trade\ndebt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account\nand for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of us.\nThe underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views in respect\nof these securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in\nthese securities and instruments.\nTransfer\nAgent and Registrar\nThe\ntransfer agent and registrar for our Common Stock is Continental Stock Transfer Trust Co.\nPassive\nMarket Making\nIn\nconnection with the offering, the underwriters may engage in passive market making transactions in shares of Common Stock on the NASDAQ\nCapital Market in accordance with Rule 103 of Regulation M under the Securities and Exchange Act of 1934, as amended, during the period\nbefore the commencement of offers or sales of shares of Common Stock and extending through the completion of distribution. A passive\nmarket maker must display its bids at a price not in excess of the highest independent bid of the security. However, if all independent\nbids are lowered below the passive market maker s bid, that bid must be lowered when specified purchase limits are exceeded.\nInvestment\nCompany Act\nUnder\nthe Investment Company Act, the company may not sell shares of Common Stock at a price below the then current NAV per share, after taking\ninto account any commission or discount.\nSelling\nRestrictions\nNo\naction has been taken in any jurisdiction (except in the United States) that would permit a public offering of our shares of Common Stock,\nor the possession, circulation or distribution of this Prospectus Supplement, the accompanying prospectus or any other material relating\nto us or our shares of Common Stock in any jurisdiction where action for that purpose is required. Accordingly, our shares of Common\nStock may not be offered or sold, directly or indirectly, and none of this Prospectus Supplement, the accompanying Prospectus or any\nother offering material or advertisements in connection with our shares of Common Stock may be distributed or published, in or from any\ncountry or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.\nS- 14\nEuropean\nEconomic Area\nIn\nrelat", "ontology": {"Fund": {"transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:Daxor_Corporation", "p": "transferAgent", "o": "org:Continental_Stock_Transfer_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Daxor Corporation <predicate_marker> transferAgent <object_marker> Continental Stock Transfer & Trust <triple_end>", "target_serialized_plain": "Daxor Corporation transferAgent Continental Stock Transfer & Trust .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 27.9}}
{"sample_id": "0000030167:ALL", "cik": "0000030167", "trust_name": "BNY Mellon Sustainable U.S. Equity Fund, Inc.", "input_text": "File\nNo .\n2-40341 811-02192 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 99 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 99 [X] (Check appropriate box\nor boxes.) BNY Mellon Sustainable U.S. Equity Fund, Inc. (Exact Name of Registrant\nas Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240\nGreenwich Street, New York, New York 10286 (Address of Principal Executive Offices)\n(Zip Code) Registrant's Telephone Number, including\nArea Code: (212) 922-6400 Deirdre Cunnane, Esq. 240\nGreenwich Street New York, New York 10286 (Name and Address of\nAgent for Service) It is proposed that this filing will become effective (check\nappropriate box) __ immediately upon filing pursuant to paragraph (b) X on\nSeptember\n30, 2025 pursuant to paragraph (b) ____\ndays after filing pursuant to paragraph (a)(1) __ on\n(date) pursuant to paragraph (a)(1) ____\ndays after filing pursuant to paragraph (a)(2) __ on\n(date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: __ this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nBNY Mellon\nSustainable U.S. Equity Fund, Inc. Prospectus\n| September 30, 2025 Class Ticker A DTCAX C DTCCX I DRTCX Y DTCYX Z DRTHX As\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 7 Investment Risks 9 Management 11 Shareholder Guide Choosing a Share Class 14 Buying and Selling Shares 18 General Policies 21 Distributions and Taxes 23 Services for Fund Investors 23 Financial Highlights Financial Highlights 26 Appendix Appendix A- 1 For More Information See back cover.\nFund\nSummary Investment\nObjective The fund seeks long-term capital appreciation. Fees and Expenses This\ntable describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund.\nYou may pay other fees, such as brokera\n...\nnvestment has a 5% return each year and that the fund's operating\nexpenses remain the same. The one-year example and the first year of the three-, five- and ten-years\nexamples are based on net operating expenses, which reflect the expense limitation agreement by BNY Mellon\nInvestment Adviser, Inc. Although your actual costs may be higher or lower, based on these assumptions\nyour costs would be:\n1\n1 Year 3 Years 5 Years 10 Years Class\nA (with or without redemption at end of period) $ 666 $ 866 $ 1,083 $ 1,705 Class\nC (with redemption at end of period) $ 273 $ 569 $ 991 $ 2,167 Class C (without redemption at end of period) $ 173 $ 569 $ 991 $ 2,167 Class I (with or without redemption at\nend of period) $ 72 $ 224 $ 390 $ 871 Class Y (with or without redemption at\nend of period) $ 72 $ 239 $ 421 $ 948 Class Z (with or without redemption at\nend of period) $ 77 $ 240 $ 417 $ 930 Portfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover may indicate\nhigher transaction costs and may result in higher taxes when fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the\nfund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 27.23 %\nof the average value of its portfolio. Principal\nInvestment Strategy To pursue its goal, the fund\nnormally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity\nsecurities of U.S. companies that demonstrate attractive investment attributes and sustainable business\npractices and have no material unresolvable environmental, social and governance (ESG) issues. The fund's\nsub-adviser, Newton Investment Management Limited (NIM), an affiliate of BNY Mellon Investment Adviser,\nInc. (BNYIA), considers a company to be engaged in \"sustainable business practices\" if the company engages\nin business practices that are, in NIM's view, sustainable in an economic sense (i.e., the company's\nstrategy, operations and finances are stable and durable), and takes appropriate measures to manage any\nmaterial consequences or impact of its policies and operations in relation to ESG matters (e.g., the\ncompany's environmental footprint, labor standards, board structure, etc.). Companies engaged in sustainable\nbusiness practices also may include companies that have committed explicitly to improving their environmental\nand/or social impacts that will lead to a transformation of their business models. No investment will\nbe made in a company that is considered to be out of line with NIM's sustainable investment process.\nExamples of such companies may include: tobacco companies due to the health implications of smoking;\na company with a large carbon footprint that has no emission reduction plan; or a company that is in\ndirect conflict with the goals of the UN Global Compact (a voluntary corporate initiative that seeks\nto advance universal principles on human rights, labor, environment and anti-corruption). The\nfund invests principally in common stocks. The fund may invest in the stocks of companies with any market\ncapitalization, but focuses on companies with market capitalizations of $5 billion or more at the time\nof purchase. The fund may invest up to 20% of its net assets in the stocks of foreign companies, including\nup to 10% of its net assets in the securities of issuers in emerging market countries, that demonstrate\nattractive investment attributes and sustainable business\n...\nonly for Class Z shares. After-tax performance of the fund's other share classes\nwill vary. After-tax returns are calculated using the historical highest individual federal marginal\nincome tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend\non the investor's tax situation and may differ from those shown, and the after-tax returns shown are\nnot relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k)\nplans or individual retirement accounts. For the fund's Class Y shares,\nperiods prior to the inception date reflect the performance of the fund's Class Z shares. Such performance\nfigures have not been adjusted to reflect applicable class fees and expenses of Class Y shares. Each\nshare class is invested in the same portfolio of securities, and the annual returns would have differed\nonly to the extent that the classes have different expenses. Average\nAnnual Total Returns (as of 12/31/24) Class (Inception\nDate) 1 Year 5 Years 10 Years Class\nZ\nreturns before taxes 24.67 % 13.39 % 11.41 % Class\nZ\nreturns after taxes on distributions 22.78 % 11.85 % 9.33 % Class\nZ returns\nafter taxes on distributions and sale of fund shares 16.07 % 10.46 % 8.64 % Class A returns before taxes 17.32 % 11.84 % 10.54 % Class C returns before taxes 22.55 % 12.33 % 10.36 % Class I returns before taxes 24.77 % 13.44 % 11.50 % Class Y ( 9/30/2016 ) returns before taxes 24.81 % 13.45 % 11.48 % S P 500\nIndex reflects no deductions for fees, expenses or taxes 25.02 % 14.52 % 13.10 % Portfolio\nManagement The fund's investment adviser is BNY Mellon\nInvestment Adviser, Inc. (BNYIA). BNYIA has engaged its affiliate, Newton Investment Management Limited\n(NIM), to serve as the fund's sub-adviser. NIM has engaged its affiliate,\nNewton Investment Management North America, LLC (NIMNA), to provide certain advisory services to NIM\nfor the benefit of the fund, including, but not limited to, portfolio management services. Nick Pope and Julianne McHugh are the fund's primary portfolio managers. Mr.\nPope and Ms. McHugh have been primary portfolio managers of the fund since January 2022 and March 2023,\nrespectively. Mr. Pope is a portfolio manager on the Sustainable Equity strategy at NIM. Ms. McHugh\nis Head of Sustainable Equities and a senior portfolio\n5\nmanager at NIMNA. NIM's Responsible Investment team provides\ninput to the portfolio managers, including supporting fundamental research and company-level ESG analysis,\nwhich helps to identify sustainable investment themes, as well as controversy monitoring, company engagement\nand active proxy voting. Purchase and Sale of Fund Shares In\ngeneral, for each share class, other than Class Y, the fund's minimum initial investment is $1,000 and\nthe minimum subsequent investment is $100. For Class Y shares, the minimum initial investment generally\nis $1,000,000, with no minimum subsequent investment. Class Z shares generally are not available for\nnew accounts. You may sell (redeem) your shares on any business day by calling 1-800-373-9387 (inside\nthe U.S. only) or by visiting www.bny.com/investments. If you invested in the fund through a third party,\nsuch as a bank, broker-dealer or financial adviser, or through a Retirement Plan (as defined below),\nyou may mail your request to sell shares to BNY Institutional Services, P.O. Box 534442, Pittsburgh,\nPennsylvania 15253-4442. If you invested directly through the fund, you may mail your request to sell\nshares to BNY Shareholder Services, P.O. Box 534434, Pittsburgh, Pennsylvania 15253-4434. If you are\nan Institut\n...\ny affect the fund's share price. Temporary\ninvestment risk: Under adverse market conditions, the fund could invest some\nor all of its assets in U.S. Treasury securities and money market securities, or hold cash. Although\nthe fund would do this for temporary defensive purposes, it could reduce the benefit from any upswing\nin the market. During such periods, the fund's investments may not be consistent with its principal\ninvestment strategy, and the fund may not achieve its investment objective. Management\nInvestment Adviser The\ninvestment adviser for the fund is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York,\nNew York 10286. BNYIA manages approximately $378 billion in 83 mutual fund portfolios. For the past\nfiscal year, the fund paid BNYIA a management fee at the annual rate of .60% of the value of the fund's\naverage daily net assets. A discussion regarding the basis for the board approving the fund's management\nagreement with BNYIA is available in the fund's Form N-CSR for the six-month period ended November 30,\n2024. BNYIA is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY), a\nglobal investments company dedicated to helping its clients manage and service their financial assets\nthroughout the investment lifecycle. Whether providing financial services for institutions, corporations\nor individual investors, BNY delivers informed investment management and investment services in 35 countries.\nBNY is a leading investment management and investment services company, uniquely focused to help clients\nmanage and move their financial assets in the rapidly changing global marketplace. BNY has $55.8 trillion\nin assets under custody and administration and $2.1 trillion in assets under management. BNY is the\ncorporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation\nas a whole and/or its various subsidiaries generally. BNY Investments is one of the world's leading\ninvestment management organizations, and one of the top U.S. wealth managers, encompassing BNY's affiliated\ninvestment management firms, wealth management services and global distribution companies. Additional\ninformation is available at www.bny.com/investments. The asset\nmanagement philosophy of BNYIA is based on the belief that discipline and consistency are important to\ninvestment success. For each fund, BNYIA seeks to establish clear guidelines for portfolio management\nand to be systematic in making decisions. This approach is designed to provide each fund with a distinct,\nstable identity. Sub-Adviser BNYIA has engaged its affiliate,\nNewton Investment Management Limited, to serve as the fund's sub-adviser, pursuant\nto a sub-investment advisory agreement between BNYIA and NIM . NIM, subject to BNYIA's\nsupervision and approval, provides day-to-day management of the fund's assets. NIM is an indirect wholly-owned\nsubsidiary of BNY founded in 1978 and is regulated by the Financial Conduct Authority in the United Kingdom\nand registered in the United States with the Securities and Exchange Commission as an investment adviser.\nNIM's principal office is located\n11\nat 160 Queen Victoria Street, London, EC4V, 4LA, United Kingdom.\nAs of June 30, 2025, NIM had approximately $42.2 billion in assets under management. A discussion regarding\nthe basis for the board approving the sub-investment advisory agreement between BNYIA and NIM is available\nin the fund's Form N-CSR for the six-month period ended November 30, 2024. NIM\nhas engaged its affiliate, Newton Investment Management North America, LLC, pursua\n...\ng, company engagement and active proxy voting. The\nfund's Statement of Additional Information (SAI) provides additional portfolio manager information, including\ncompensation, other accounts managed and ownership of fund shares. BNYIA\nhas obtained from the Securities and Exchange Commission an exemptive order and related no-action relief,\nupon which the fund may rely, to use a manager of managers approach that permits BNYIA, subject to certain\nconditions and approval by the fund's board, to enter into and materially amend sub-investment advisory\nagreements with one or more sub-advisers who are either unaffiliated or affiliated with BNYIA, without\nobtaining shareholder approval. The exemptive order also relieves the fund from disclosing the sub-investment\nadvisory fee paid by BNYIA to a sub-adviser in documents filed with the Securities and Exchange Commission\nand provided to shareholders. The fund is required to disclose (as a dollar amount and a percentage\nof the fund's assets) (i) the aggregate fees paid to BNYIA and any wholly-owned sub-adviser (as defined\nin the 1940 Act) and (ii) the aggregate fees paid to affiliated (i.e., less than wholly-owned) and unaffiliated\nsub-advisers. BNYIA has ultimate responsibility (subject to oversight by the fund's board) to supervise\nany sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the fund's\nboard. Currently, the fund has selected NIM, an indirect wholly-owned subsidiary of BNY, to manage all\nof the fund's assets. The fund's board, including a majority of the \"non-interested\" board members,\nmust approve each new sub-adviser. In addition, the fund is required to provide shareholders with information\nabout each new sub-adviser within 90 days of the hiring of any new sub-adviser. Distributor BNY Mellon Securities Corporation (BNYSC), a wholly-owned subsidiary of BNYIA,\nserves as distributor of the fund and of the other funds in the BNY Mellon Family of Funds. Any Rule\n12b-1 fees and shareholder services fees, as applicable, are paid to BNYSC for financing the sale and\ndistribution of fund shares and for providing shareholder account service and maintenance, respectively.\nBNYIA or BNYSC may provide cash payments out of its own resources to financial intermediaries that sell\nshares of funds in the BNY Mellon Family of Funds or provide other services. Such payments are separate\nfrom any sales charges, 12b-1 fees and/or shareholder services fees or other expenses that may be paid\nby a fund to those financial intermediaries. Because those payments are not made by fund shareholders\nor the fund, the fund's total expense ratio will not be affected by any such payments. These payments\nmay be made to financial intermediaries, including affiliates, that provide shareholder servicing, sub-administration,\nrecordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings,\nsales representatives and management representatives of the financial intermediary. Cash compensation\nalso may be paid from BNYIA's or BNYSC's own resources to financial intermediaries for inclusion of a\nfund on a sales list, including a preferred or select sales list or in other sales programs. These payments\nsometimes are referred to as \"revenue sharing.\" From time to time, BNYIA or BNYSC also may provide cash\nor non-cash compensation to financial intermediaries or their representatives in the form of occasional\ngifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational\nconference sponsorships; support for recognition progra\n...\nent Adviser acts as an investment adviser, sub-investment adviser or administrator. Item\n31(b). Business and Other Connections of\nSub-Investment Advisers. The Registrant is fulfilling\nthe requirement of this Item 31(b) to provide a list of the officers and directors of Newton Investment\nManagement Limited (Newton), the sub-investment adviser of the Registrant, together with information\nas to any other business, profession, vocation or employment of a substantial nature engaged in by Newton,\nor those of its officers and directors during the past two years, by incorporating by reference the information\ncontained in the Form ADV filed with the SEC pursuant to the Investment Advisers Act of 1940 by Newton\n(SEC File No. 801-42114).\nBusiness and Other Connections of Sub-Sub Investment\nAdvisers. The Registrant is fulfilling the requirement of this Item\n31(c) to provide a list of the officers and directors of Newton Investment Management North America,\nLLC (\"NIMNA\"), together with information as to any other business, profession, vocation or employment\nof a substantial nature engaged in by NIMNA or those firm's respective officers and directors during\nthe past two years, by incorporating by reference the information contained in the respective Forms ADV\nfiled with the SEC pursuant to the Investment Advisers Act of 1940 by NIMNA (SEC File No. 801-120501).\nItem 31. Business\nand Other Connections of Investment Adviser (continued) Officers and Directors of Investment\nAdviser Name and Position With BNY Mellon\nInvestment Adviser, Inc. Other\nBusinesses Position Held Dates Kenneth Bradle Vice President and Director BNY Mellon Investment Adviser, Inc. ++ Director Vice President 10/20\nPresent 6/19 Present BNY\nMellon Securities Corporation ++ Director President 10/20 Present 5/09 Present BNY Mellon Transfer, Inc. ++ Chairman Director 6/19\nPresent 10/20 Present The\nBank of New York Mellon ++ Vice\nPresident 2/21 Present David DiPetrillo Vice President and Director BNY Mellon Advisors, Inc. Director 12/23\nPresent BNY Mellon Asset Management Canada Ltd.\n******** Director 3/23 Present BNY\nMellon ETF Investment Adviser, LLC ++ Chief\nExecutive Officer Manager 12/23 Present 10/20\nPresent BNY Mellon ETF Trust ++ President 3/20\nPresent BNY Mellon ETF Trust II ++ President 6/24\nPresent BNY Mellon Family of Funds ++ President 1/21\nPresent BNY Mellon Investment Adviser, Inc. ++ Director and Vice President 2/21\nPresent BNY Mellon Investor Solutions, LLC * Manager 1/20\n1/24 BNY Mellon Securities Corporation ++ Director and Executive Vice President 1/21 Present DTR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 GRR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23\nName and Position With BNY Mellon\nInvestment Adviser, Inc. Other\nBusinesses Position Held Dates The\nBank of New York Mellon ++ Vice\nPresident 1/20 Present Bushra Mannan Vice President and Director Alternative Holdings II,\nLLC ** Manager President 3/23 Present 7/23 Present BNY Mellon Investment Adviser,\nInc. ++ Director Vice\nPresident 8/23 Present 12/21\nPresent CenterSquare\nInvestment Management Holdings, Inc. +++ Director 3/23 2/25 DTR\nCommodity Fund Ltd. ######### Director 2/23 Present GRR\nCommodity Fund Ltd. ######### Director 2/23 Present Mellon Global Investing Corp. + Chair, Chief Executive Officer, and President Director 11/23 Present 6/23 Present The Bank of New York Mellon ++ Director 1/22\nPresent Irene\nPapadoulis Director BNY Mellon\nInvestment Adviser, Inc. ++ Director 8/23 Present BNY Mellon\nSecurities Corporation ++ Director Executive\nVice President", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "seriesOf", "o": "trust:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Newton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Newton_Investment_Management_North_America_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_Mellon_Sustainable_U_S_Equity_Fund_Inc", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon Sustainable U.S. Equity Fund, Inc. <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BNY Mellon Sustainable U.S. Equity Fund, Inc. <predicate_marker> subAdvisedBy <object_marker> Newton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Newton Investment Management North America, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> BNY Mellon Sustainable U.S. Equity Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon Sustainable U.S. Equity Fund, Inc. advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; seriesOf BNY Mellon Sustainable U.S. Equity Fund, Inc. ; subAdvisedBy Newton Investment Management Limited , Newton Investment Management North America, LLC ; transferAgent BNY Mellon Transfer, Inc. .\nBNY Mellon Sustainable U.S. Equity Fund, Inc. underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 20280, "n_triples": 7, "text_to_json_ratio": 27.7}}
{"sample_id": "0000035315:ALL", "cik": "0000035315", "trust_name": "Fidelity Salem Street Trust", "input_text": "issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a money market security to decrease.\nYou could lose money by investing in the fund.\nBecause the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares.\nThe fund generally must impose a fee when net sales of fund shares exceed certain levels. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.\nFidelity Investments and its affiliates, the fund's sponsor, is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.\nPerformance\nThe following information is intended to help you understand the risks of investing in the fund.\nThe information illustrates the changes in the performance of the fund's shares from year to year.\nPast performance is not an indication of future performance.\nVisit\nwww.fidelity.com\nfor more recent performance information.\nYear-by-Year Returns\n2019\n2020\n2021\n2022\n2023\n2024\n2025\n1.44\n%\n0.53\n%\n0.02\n%\n1.10\n%\n3.40\n%\n3.38\n%\n2.66\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n0.95\n%\nJune 30, 2024\nLowest Quarter Return\n-\n0.02\n%\nMarch 31, 2022\nYear-to-Date Return\n0.46\n%\nMarch 31, 2026\nAverage Annual Returns\nFor the periods ended December 31, 2025\nPast 1\nyear\nPast 5\nyears\nLife of\nfund\nFidelity SAI Municipal Money Market Fund\n2.66\n%\n2.10\n%\n1.73\n%\nA\nA\nFrom\nJanuary 11, 2018\n.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.\nPurchase and Sale of Shares\nThe fund is an institutional money market fund, which means that the NAV of the fund's shares will \"float,\" fluctuating with changes in the values of the fund's portfolio securities.\nThe fund's policies and procedures permit the fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the Adviser, as the delegate of the fund's Board of Trustees, determines it is in the best interests of the fund . In addition, the fund generally must impose a mandatory liquidity fee when net sales of fund shares exceed certain levels.\nNOT AVAILABLE FOR SALE TO THE GENERAL PUBLIC.\nShares are offered exclusively to certain clients of the Adviser or its affiliates.\nThe price to buy one share is its NAV. Shares will be bought at the NAV next calculated after an order is received in proper form.\nThe price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nEven if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund's portfolio instruments are open, and the fund's management believes there is an adequate market to meet purchase and redemption requests.\nFidelity normally calculates Fidelity SAI Municipal Money Market Fund's NAV each business day as of 4:00 p.m. Eastern time.\nThe fund's assets normally are valued as of this time for the purpose of computing NAV.\nThere is no purchase minimum for fund shares.\nTax Information\nThe fund seeks to earn income and pay dividends exempt from federal income tax. Income exempt from federal income tax may be subject to state or local tax. A portion of the dividends you receive may be subject to federal and state income taxes and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of bonds.\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Basics\nInvestment Details\nInvestment Objective\nFidelity SAI Municipal Money Market Fund seeks as high a level of interest income exempt from federal income tax as is consistent with liquidity and stability of principal.\nPrincipal Investment Strategies\nThe Adviser normally invests the fund's assets in municipal money market securities.\nThe Adviser normally invests at least 80% of the fund's assets in municipal securities whose interest is exempt from federal income tax.\nMunicipal money market securities are high-quality, short-term debt securities that pay a fixed, variable, or floating interest rate, and include variable rate demand notes, commercial paper, and municipal notes. Municipal securities are issued to raise money for a variety of public and private purposes, including general financing for state and local governments, financing for eligible non-profit organizations, or financing for a specific project or public facility.\nThe Adviser may invest all of the fund's assets in municipal securities whose interest is subject to the federal alternative minimum tax.\nThe supply of and demand for municipal money market securities can vary from time to time. When the Adviser believes that suitable municipal money market securities\n...\ncertain distributions, including distributions of short-term capital gains and gains on the sale of bonds characterized as market discount, are taxable to you as ordinary income, while certain distributions of long-term capital gains are taxable to you generally as capital gains.\nIf the Adviser buys shares on your behalf when a fund has realized but not yet distributed income or capital gains, you will be \"buying a dividend\" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.\nAny taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.\nIf you elect to receive distributions in cash, you will receive certain December distributions in January, but those distributions will be taxable as if you received them on December 31.\nRedemptions from the fund may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the price you receive (net of any liquidity fees imposed) when you sell them.\nFund Services\nFund Management\nThe fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.\nAdviser\nFMR. The Adviser is the fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.\nAs of December 31,\n2025 , the Adviser had approximately\n$5 .\n6 trillion in discretionary assets under management, and approximately\n$7 .\n1 trillion when combined with all of its affiliates' assets under management.\nAs the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.\nSub-Adviser(s)\nFMR Investment Management (UK) Limited (FMR UK) , at\n25 Cannon Street , London,\nEC4M 5SB , United Kingdom, serves as a sub-adviser for the fund. As of December 31,\n2025 , FMR UK had approximately\n$25.8 billion in discretionary assets under management. FMR UK is an affiliate of the Adviser.\nFMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31,\n2025 , FMR H.K. had approximately\n$32.5 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.\nFMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. As of March 31,\n2025 , FMR Japan had approximately $2.8 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.\nFMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFrom time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.\nAdvisory Fee(s)\nThe fund pays a management fee to the Adviser.\nThe management fee is calculated and paid to the Adviser every month.\nThe annual management fee rate, as a percentage of the fund's average net assets, is shown in the following table:\nFund\nManagement Fee Rate\nFidelity SAI Municipal Money Market Fund\n0.14%\nThe Adviser pays FMR Investment Management (UK) Limited, Fidelity Management Research (Hong Kong) Limited, and Fidelity Management Research (Japan) Limited for providing sub-advisory services.\nThe basis for the Board of Trustees approving the management contract and sub-advisory\n...\nrm N-CSR also include additional information. In Form N-CSR, you will find the fund's annual and semi-annual financial statements.\nFor a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or the fund's financial statements or to request other information.\nThe SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.\nInvestment Company Act of 1940, File Number(s), 811-02105\nFidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.\nFidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.\n2026 FMR LLC. All rights reserved.\n1.9885503.109\nOMM-PRO-0526\nFund\nTicker\nFidelity SAI Municipal Money Market Fund\nFMQXX\nFund of Fidelity Salem Street Trust\nSTATEMENT OF ADDITIONAL INFORMATION\nMay 30,\n2026\nOffered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity SAI is a product name of Fidelity funds dedicated to certain programs affiliated with Strategic Advisers.\nThis Statement of Additional Information (SAI) is not a prospectus. Portions of the fund's annual report are incorporated herein. The annual report(s) are supplied with this SAI.\nTo obtain a free additional copy of a prospectus or SAI, dated May 30,\n2026 , an annual report, a fund's financial statements, or a free copy of a fund's proxy voting record, please call Fidelity at 1-800-544-3455 or visit Fidelity's web site at www.fidelity.com.\nFor more information on any Fidelity fund, including charges and expenses, call Fidelity at the number indicated above for a free prospectus. Read it carefully before investing or sending money.\n245 Summer Street, Boston, MA 02210\nOMM-PTB-\n0526\n1.9885504.\n109\nTABLE OF CONTENTS\nINVESTMENT POLICIES AND LIMITATIONS\nPORTFOLIO TRANSACTIONS\nVALUATION\nBUYING AND SELLING INFORMATION\nDISTRIBUTIONS AND TAXES\nTRUSTEES AND OFFICERS\nCONTROL OF INVESTMENT ADVISERS\nMANAGEMENT CONTRACT\nPROXY VOTING GUIDELINES\nDISTRIBUTION SERVICES\nTRANSFER AND SERVICE AGENT SERVICES\nDESCRIPTION OF THE TRUST\nFUND HOLDINGS INFORMATION\nFINANCIAL STATEMENTS\nAPPENDIX\nINVESTMENT POLICIES AND LIMITATIONS\nThe following policies and limitations supplement those set forth in the prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of the fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such sta\n...\nustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under \"Standing Committees of the Trustees.\"\nInterested Trustees*:\nCorrespondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.\nName, Year of Birth; Principal Occupations and Other Relevant Experience+\nAbigail P. Johnson (1961)\nYear of Election or Appointment: 2009\nTrustee\nMs. Johnson also serves as Trustee of other Fidelity funds and was Chairman (2009-2025) of the Board of Trustees of certain Fidelity funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds.\nJennifer Toolin McAuliffe (1959)\nYear of Election or Appointment: 2016\nTrustee\nChairman of the Board of Trustees\nMs. McAuliffe also serves as Trustee of other Fidelity funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity funds (2016). Ms. McAuliffe was previously a lawyer at Ropes Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.\nChristine J. Thompson (1958)\nYear of Election or Appointment: 2023\nTrustee\nMs. Thompson also serve\n...\nElection or Appointment: 2016\nTrustee\nMr. Murray also serves as Trustee of other Fidelity funds. Mr. Murray serves as Vice Chairman of the Board (2020-present) of Meijer, Inc. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Lead Independent Director (2023-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of The Thompson Foundation, The Thompson Schools Foundation and many other community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity funds (2016).\nLester Owens (1957)\nYear of Election or Appointment: 2024\nTrustee\nMr. Owens also serves as Trustee of other Fidelity funds. Previously, Mr. Owens served as a member of the Advisory Board of certain Fidelity funds (2024). Prior to his retirement, Mr. Owens served as Senior Executive Vice President, Head of Operations, and member of the Operating Committee of Wells Fargo Company (financial services, 2020-2023). Mr. Owens currently serves as Chairman of the Board of Directors of Robert Wood Johnson Barnabas Health, Inc. (academic healthcare system, 2022-present). Previously, Mr. Owens served as Senior Executive Vice President and Head of Operations at Bank of New York Mellon (financial services, 2019-2020) and held various roles at JPMorgan Chase Co. (financial services, 2007-2019), including Managing Director for Wholesale Banking Operations. Mr. Owens also previously served as a member of the Board of Directors of the Depository Trust Clearing Corporation (financial services, 2016) and as Chairman of the Board of Directors of the Clearing House Interbank Payments System (private clearing system, 2015-2016).\nEdward A. Wiese (1959)\nYear of Election or Appointment: 2025\nTrustee\nMr. Wiese also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wiese held a variety of positions at T. Rowe Price (investment management, 1984-2019), including Head of Global Fixed Income (2015-2018), a member of the Management Committee (2015-2018), Head of Taxable Low-Duration Fixed Income (2009-2015), chair and member of the Fixed Income Steering Committee (2009-2015) and Chief Investment Officer of T. Rowe Price Savings Bank (2000-2013). He also served as a member of the Board of the T. Rowe Price Mutual Funds (2015-2018). Mr. Wiese currently serves as a member of the Board and member of the Compensation, Finance, Philanthropy and Strategic Planning Committees of the National Aquarium (2016-present), a member of the Board of the National Aquarium Foundation (2024-present), a member of the Board and chair of the Finance Committee of St. Mary's Ecumenical Institute (2019-present) and a strategic advisor and executive social enterprise mentor at Innovation Works (2019-present). Previously, Mr. Wiese served as chair of the Board of the National Aquarium (2022-2024).\nCarol J. Zierhoffer (1960)\nYear of Election or Appointment: 2023\nTrustee\nMs. Zierhoffer also serves as Trustee of other Fidelity funds. Prior to her retirem\n...\nassachusetts 02210.\nName, Year of Birth; Principal Occupations+\nHeather Bonner (1977)\nYear of Election or Appointment: 2023\nAssistant Treasurer\nMs. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Senior Vice President, Vice President, Treasurer, or Director of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner was Managing Director at AQR Capital Management (2013-2022) and Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).\nCraig S. Brown (1977)\nYear of Election or Appointment: 2019\nAssistant Treasurer\nMr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Treasurer or Assistant Treasurer of\ncertain Fidelity entities . Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity funds (2019-2022).\nStephanie Caron (1969)\nYear of Election or Appointment: 2024\nChief Financial Officer\nMs. Caron also serves as Chief Financial Officer of other funds. Ms. Caron is Head of Fidelity Fund and Investment Operations (2024-present) and is an employee of Fidelity Investments. Ms. Caron serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously, Ms. Caron was Head of Investment Services for Strategic Advisers LLC (investment adviser firm, 2019-2024).\nDavid J. Carter (1973)\nYear of Election or Appointment: 2020\nAssistant Secretary\nMr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Previously, Mr. Carter served as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-2025).\nJonathan Davis (1968)\nYear of Election or Appointment: 2010\nAssistant Treasurer\nMr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer or Director of certain Fidelity entities.\nLaura M. Del Prato (1964)\nYear of Election or Appointment: 2018\nPresident and Treasurer\nMs. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Senior Vice President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).\nRobin Foley (1964)\nYear of Election or Appointment: 2023\nVice President\nMs. Foley also serves as Vice President of other funds. Ms. Foley is Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley was Chief Investment Officer of Bonds (2017-2023).\nChristopher M. Gouveia (1973)\nYear of Election or Appointment: 2023\nChief Compliance Officer\nMr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).\nColm A. Hogan (1973)\nYear of Election or Appo\n...\nntract, dated April 1, 2023, between Fidelity Sustainable Low Duration Bond Fund and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(80) of Post-Effective Amendment No. 559 . (87) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Tactical Bond Fund, is incorporated herein by reference to Exhibit (d)(81) of Post-Effective Amendment No. 576 . (88) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Tax-Free Bond Fund, is incorporated herein by reference to Exhibit (d)(82) of Post-Effective Amendment No. 576 . (89) Amended and Restated Management Contract, dated January 1, 2020, between Fidelity Total International Index Fund and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(70) of Post-Effective Amendment No. 495. (90) Amended and Restated Management Contract, dated January 1, 2020, between Fidelity U.S. Bond Index Fund and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(71) of Post-Effective Amendment No. 495. (91) Amended and Restated Management Contract, dated January 1, 2020, between Fidelity U.S. Sustainability Index Fund and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(72) of Post-Effective Amendment No. 495. (92) Amended and Restated Sub-Advisory Agreement, dated January 1, 2020, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Emerging Markets Index Fund, is incorporated herein by reference to Exhibit (d)(73) of Post-Effective Amendment No. 495 . (93) Sub-Advisory Agreement, dated March 13, 2025, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Flex International Focused Index Fund, is incorporated herein by reference to Exhibit (d)(93) of Post-Effective Amendment No. 600. (94) Amended and Restated Sub-Advisory Agreement, dated October 1, 2022, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Flex International Index Fund, is incorporated herein by reference to Exhibit (d)(83) of Post-Effective Amendment No. 543. (95) Sub-Advisory Agreement, dated March 13, 2025, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Flex Mid Cap Focused Index Fund, is incorporated herein by reference to Exhibit (d)(95) of Post-Effective Amendment No. 600. (96) Amended and Restated Sub-Advisory Agreement, dated October 1, 2022, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Flex Mid Cap Index Fund, is incorporated herein by reference to Exhibit (d)(84) of Post-Effective Amendment No. 543. (97) Sub-Advisory Agreement, dated March 13, 2025, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fidelity Flex Small Cap Focused Index Fund, is incorporated herein by reference to Exhibit (d)(97) of Post-Effective Amendment No. 600. (98) Amended and Restated Sub-Advisory Agreement, dated October 1, 2022, between Fidelity Management Research Company LLC and Geode Capital Management, LLC, on behalf of Fid\n...\n7, between The Bank of New York (currently known as The Bank of New York Mellon) and Fidelity Salem Street Trust on behalf of Fidelity Flex U.S. Bond Index Fund, Fidelity Intermediate Bond Fund, Fidelity Intermediate Treasury Bond Index Fund, Fidelity SAI Conservative Income Municipal Bond Fund, Fidelity SAI Enhanced Core Bond Fund, Fidelity SAI Enhanced Municipal Income Fund, Fidelity SAI International Credit Fund, Fidelity SAI International Index Fund, Fidelity SAI Investment Grade Securitized Fund, Fidelity SAI Low Duration Bond Fund (formerly known as Fidelity SAI Low Duration Income Fund), Fidelity SAI Municipal Income Fund, Fidelity SAI Municipal Money Market Fund, Fidelity SAI Short-Term Bond Fund, Fidelity SAI Small-Mid Cap Momentum Index Fund (formerly known as Fidelity SAI Small-Mid Cap 500 Index Fund), Fidelity SAI Sustainable Conservative Income Municipal Bond Fund, Fidelity SAI Sustainable Core Plus Bond Fund, Fidelity SAI Sustainable Municipal Income Fund, Fidelity SAI Tax-Free Bond Fund, Fidelity SAI U.S. Low Volatility Index Fund, Fidelity SAI U.S. Treasury Bond Index Fund, Fidelity Series Government Money Market Fund, Fidelity Series Investment Grade Bond Fund, Fidelity Series Long-Term Treasury Bond Index Fund, Fidelity Series Short-Term Credit Fund, Fidelity Short-Term Bond Fund, Fidelity Short-Term Bond Index Fund, Fidelity Short-Term Treasury Bond Index Fund, Fidelity Strategic Real Return Fund, Fidelity Sustainable Core Plus Bond Fund, Fidelity Sustainable Intermediate Municipal Income Fund, Fidelity Tax-Free Bond Fund, and Fidelity U.S. Bond Index Fund, is incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series IV s (File No. 002-83672) Post-Effective Amendment No. 88 . (2) Custodian Agreement, dated January 1, 2007, between Brown Brothers Harriman Company and Fidelity Salem Street Trust on behalf of Fidelity Emerging Markets Index Fund, Fidelity Flex Small Cap Focused Index Fund, Fidelity Global ex U.S. Index Fund, Fidelity Inflation-Protected Bond Index Fund, Fidelity Mid Cap Growth Index Fund, Fidelity Mid Cap Value Index Fund, Fidelity SAI Emerging Markets Index Fund, Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Low Volatility Index Fund, Fidelity SAI International Momentum Index Fund, Fidelity SAI International Quality Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI Real Estate Index Fund, Fidelity SAI U.S. Large Cap Index Fund, Fidelity SAI U.S. Value Index Fund, Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund, Fidelity Series 5+ Year Inflation-Protected Bond Index Fund, Fidelity Series Bond Index Fund, Fidelity Series Large Cap Growth Index Fund, Fidelity Small Cap Growth Index Fund, Fidelity Small Cap Value Index Fund, and Fidelity Total International Index Fund, is incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series I s (File No. 002-84776) Post-Effective Amendment No. 72 . (3) Custodian Agreement, dated May 23, 2019, between Citibank, N.A. and Fidelity Salem Street Trust on behalf of Fidelity Flex Mid Cap Focused Index Fund, Fidelity International Bond Index Fund, Fidelity Investment Grade Bond Fund, Fidelity Long-Term Treasury Bond Index Fund, Fidelity Real Estate Index Fund, Fidelity SAI 0-5 Year Inflation-Protected Bond Index Fund, Fidelity SAI Inflation-Protected Bond Index Fund, Fidelity SAI Intermediate Treasury Bond Index Fund, Fidelity SAI Long-Term Treasury Bond Index Fund, Fidelity SAI Short-Term Treasury Bond Index Fund, Fid", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Mid_Cap_Growth_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": 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"org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "subAdvisedBy", "o": "org:Geode_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Value_Index_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Municipal_Income_2025_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Enhanced_Municipal_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_Municipal_Bond_Index_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "subAdvisedBy", "o": "org:Geode_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Growth_Index_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "seriesOf", "o": "trust:Fidelity_Salem_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "subAdvisedBy", "o": "org:Geode_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Small_Cap_Value_Index_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Fidelity_Salem_Street_Trust", "p": "underwrittenBy", "o": "org:Fidelity_Distributors_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fidelity Mid Cap Growth Index Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> Geode Capital Management, LLC <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Mid Cap Value Index Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> Geode Capital Management, LLC <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Municipal Income 2025 Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BANK OF NEW YORK MELLON <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity SAI Enhanced Municipal Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BANK OF NEW YORK MELLON <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity SAI Municipal Bond Index Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BANK OF NEW YORK MELLON <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Small Cap Growth Index Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> Geode Capital Management, LLC <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Small Cap Value Index Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Salem Street Trust <predicate_marker> subAdvisedBy <object_marker> Geode Capital Management, LLC <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Salem Street Trust <predicate_marker> 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Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity SAI Enhanced Municipal Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BANK OF NEW YORK MELLON ; seriesOf Fidelity Salem Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity SAI Municipal Bond Index Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BANK OF NEW YORK MELLON ; seriesOf Fidelity Salem Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Small Cap Growth Index Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Salem Street Trust ; subAdvisedBy Geode Capital Management, LLC ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Small Cap Value Index Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Salem Street Trust ; subAdvisedBy Geode Capital Management, LLC ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Salem Street Trust underwrittenBy Fidelity Distributors Company LLC .", "stats": {"input_chars": 32044, "n_triples": 49, "text_to_json_ratio": 6.9}}
{"sample_id": "0000035348:ALL", "cik": "0000035348", "trust_name": "Fidelity Hastings Street Trust", "input_text": "t an indication of future performance.\nThe performance shown does not reflect the impact of any fees paid at the fee-based account or plan level, if applicable.\nVisit\nwww.fidelity.com\nfor more recent performance information.\nYear-by-Year Returns\n2016\n2017\n2018\n2019\n2020\n2021\n2022\n2023\n2024\n2025\n15.70\n%\n10.66\n%\n-\n4.66\n%\n10.46\n%\n4.75\n%\n-\n0.60\n%\n-\n14.45\n%\n12.47\n%\n7.89\n%\n14.87\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n12.87\n%\nJune 30, 2020\nLowest Quarter Return\n-\n14.85\n%\nMarch 31, 2020\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.\nActual after-tax returns may differ depending on your individual circumstances.\nThe after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).\nReturn After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\nFor the periods ended December 31, 2025\nPast 1\nyear\nPast 5\nyears\nPast 10\nyears\nFidelity Series Emerging Markets Debt Fund\nReturn Before Taxes\n14.87\n%\n3.46\n%\n5.29\n%\nReturn After Taxes on Distributions\n12.01\n%\n1.11\n%\n2.77\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n8.69\n%\n1.54\n%\n2.92\n%\nJ.P. Morgan Emerging Markets Bond Index Global Diversified Linked Index\n(reflects no deduction for fees, expenses, or taxes)\n14.30\n%\n2.29\n%\n4.54\n%\nJ.P. Morgan Emerging Markets Bond Index Global Diversified\n(reflects no deduction for fees, expenses, or taxes)\n14.30\n%\n1.78\n%\n4.40\n%\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.\nPortfolio Manager(s)\nTimothy Gill (Co-Portfolio Manager) has managed the fund since 2018.\nNader Nazmi (Co-Portfolio Manager) has managed the fund since 2020.\nPurchase and Sale of Shares\nShares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.\nThe price to sell one share is its net asset value per share (NAV). Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Summary\nFund:\nFidelity Series Emerging Markets Debt Local Currency Fund\nInvestment Objective\nFidelity Series Emerging Markets Debt Local Currency Fund seeks high total return.\nFee Table\nThe following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.\nShareholder fees\n(fees paid directly from your investment)\nNone\nAnnual Operating Expenses\n(expenses that you pay each year as a % of the value of your investment)\nManagement fee\n0.00\n%\nDistribution and/or Service (12b-1) fees\nNone\nOther expenses\n0.02\n%\nTotal annual operating expenses\n0.02\n%\nFee waiver and/or expense reimbursement\n0.02\n%\nA\nTotal annual operating expenses after fee waiver and/or expense reimbursement\n0.00\n%\nA\nFidelity Management Research Company LLC (FMR) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, fees and expenses of the Independent Trustees, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average n\n...\nIndex Information\" section of the prospectus.\nPast performance (before and after taxes) is not an indication of future performance.\nThe performance shown does not reflect the impact of any fees paid at the fee-based account or plan level, if applicable.\nVisit\nwww.fidelity.com\nfor more recent performance information.\nYear-by-Year Returns\n2021\n2022\n2023\n2024\n2025\n-\n8.56\n%\n-\n7.85\n%\n13.53\n%\n-\n2.54\n%\n19.35\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n9.03\n%\nDecember 31, 2022\nLowest Quarter Return\n-\n7.88\n%\nJune 30, 2022\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.\nActual after-tax returns may differ depending on your individual circumstances.\nThe after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).\nReturn After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\nFor the periods ended December 31, 2025\nPast 1\nyear\nPast 5\nyears\nLife of\nfund\nFidelity Series Emerging Markets Debt Local Currency Fund\nReturn Before Taxes\n19.35\n%\n2.16\n%\n3.76\n%\nA\nReturn After Taxes on Distributions\n16.13\n%\n0.27\n%\n1.85\n%\nA\nReturn After Taxes on Distributions and Sale of Fund Shares\n11.43\n%\n0.80\n%\n2.03\n%\nA\nJ.P. Morgan GBI-EM Global Diversified Index\n(reflects no deduction for fees, expenses, or taxes)\n19.26\n%\n1.12\n%\n2.81\n%\nA\nFrom\nOctober 30, 2020\n.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. FMR Investment Management (UK) Limited and other investment advisers serve as sub-advisers for the fund.\nPortfolio Manager(s)\nConstantin Petrov (Lead Portfolio Manager) has managed the fund since 2020.\nTimothy Gill (Co-Portfolio Manager) has managed the fund since 2022.\nNader Nazmi (Co-Portfolio Manager) has managed the fund since 2022.\nPurchase and Sale of Shares\nShares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.\nThe price to sell one share is its net asset value per share (NAV). Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Basic\n...\naxable distribution.\nAny taxable distributions you receive from a fund will normally be taxable to you when you receive them; however, you will receive certain December distributions in January, but those distributions will be taxable as if you received them on December 31.\nTaxes on Transactions\nYour redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in a fund generally is the difference between the cost of your shares and the price you receive when you sell them.\nFund Services\nFund Management\nEach fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.\nAdviser\nFMR. The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.\nAs of December 31,\n2024 , the Adviser had approximately\n$4 . 7\ntrillion in discretionary assets under management, and approximately\n$5 .9 trillion when combined with all of its affiliates' assets under management.\nAs the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.\nSub-Adviser(s)\nFMR Investment Management (UK) Limited (FMR UK) , at\n25 Cannon Street , London,\nEC4M 5SB , United Kingdom, serves as a sub-adviser for each fund. As of December 31,\n2024 , FMR UK had approximately\n$15 . 1\nbillion in discretionary assets under management. FMR UK is an affiliate of the Adviser.\nCurrently, FMR UK has day-to-day responsibility for choosing certain types of investments for Fidelity Series Emerging Markets Debt Local Currency Fund.\nFMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity Series Emerging Markets Debt Fund.\nFidelity Management Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31,\n2024 , FMR H.K. had approximately\n$29.2 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.\nFMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund.\nFidelity Management Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. As of March 31,\n2025 , FMR Japan had approximately $2.8 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.\nFMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund.\nPortfolio Manager(s)\nConstantin Petrov is Lead Portfolio Manager of Fidelity Series Emerging Markets Debt Local Currency Fund, which he has managed since 2020. He also manages other funds. Since joining Fidelity Investments in 1996, Mr. Petrov has worked as a research analyst and portfolio manager.\nTimothy Gill is Co-Portfolio Manager of Fidelity Series Emerging Markets Debt Fund, which he has managed since 2018 and Co-Portfolio Manager of Fidelity Series Emerging Markets Debt Local Currency Fund, which he has managed since 2022. He also manages other funds. Since joining Fidelity Investments in 2000, Mr. Gill has worked as an assistant portfolio manager and portfolio manager.\nNader Nazmi is Co-Portfolio Manager of Fidelity Series Emerging Markets Debt Fund, which he has managed since 2020 and Co-Portfolio Manager of Fidelity Series Emerging Markets Debt Local Currency Fund, which he has managed since 2022. He also manages other funds. Since joining Fidelity Investments in 2020, Mr. Nazmi has worked as a research analyst and portfolio manager.\nThe Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held b\n...\nSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nover $100,000\nover $100,000\nDOLLAR RANGE OF\nFUND SHARES\nPATRICIA L KAMPLING\nTHOMAS A KENNEDY\nOSCAR MUNOZ\nKAREN PEETZ\nFidelity Series Emerging Markets Debt Fund\nnone\nnone\nnone\nnone\nFidelity Series Emerging Markets Debt Local Currency Fund\nnone\nnone\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nnone\nnone\nDOLLAR RANGE OF\nFUND SHARES\nSABRA PURTILL\nSUSAN TOMASKY\nFidelity Series Emerging Markets Debt Fund\nnone\nnone\nFidelity Series Emerging Markets Debt Local Currency Fund\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nThe following tables set forth information describing the compensation of each Trustee and Member of the Advisory Board (if any) for his or her services for the fiscal year ended December 31,\n2025 .\nCompensation Table (A)\nAGGREGATE\nCOMPENSATION\nFROM A FUND\nACCRUED\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM A FUND\nFidelity Series Emerging Markets Debt Fund\nVIJAY ADVANI\n$\n302\n$\n0\nTHOMAS P BOSTICK\n$\n308\n$\n0\nDONALD F DONAHUE\n$\n331\n$\n0\nVICKI L FULLER\n$\n308\n$\n0\nPATRICIA L KAMPLING\n$\n308\n$\n0\nTHOMAS A KENNEDY\n$\n308\n$\n0\nOSCAR MUNOZ\n$\n302\n$\n0\nKAREN PEETZ\n$\n302\n$\n0\nSABRA PURTILL\n(B)\n$\n201\n$\n0\nSUSAN TOMASKY\n$\n308\n$\n0\nFidelity Series Emerging Markets Debt Local Currency Fund\nVIJAY ADVANI\n$\n91\n$\n0\nTHOMAS P BOSTICK\n$\n93\n$\n0\nDONALD F DONAHUE\n$\n100\n$\n0\nVICKI L FULLER\n$\n93\n$\n0\nPATRICIA L KAMPLING\n$\n93\n$\n0\nTHOMAS A KENNEDY\n$\n93\n$\n0\nOSCAR MUNOZ\n$\n91\n$\n0\nKAREN PEETZ\n$\n91\n$\n0\nSABRA PURTILL\n(B)\n$\n61\n$\n0\nSUSAN TOMASKY\n$\n93\n$\n0\n(A) Bettina Doulton, Robert A. Lawrence, and Peter S. Lynch are interested persons and are compensated by Fidelity.\n(\nB ) Ms.\nPurtill served as a Member of the Advisory Board of Fidelity Hastings Street Trust from\nMay 14, 2025 through\nDecember 31, 2025 . Ms.\nPurtill serves as a Trustee of Fidelity Hastings Street Trust effective\nJanuary 1, 2026 .\nTOTAL\nCOMPENSATION\nFROM THE\nFUND COMPLEX\n(A)\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM THE FUND\nCOMPLEX\nVIJAY ADVANI\n$\n520,000\n$\n367,622\nTHOMAS P BOSTICK\n$\n530,000\n$\n144,000\nDONALD F DONAHUE\n$\n570,000\n$\n402,970\nVICKI L FULLER\n$\n530,000\n$\n0\nPATRICIA L KAMPLING\n$\n530,000\n$\n0\nTHOMAS A KENNEDY\n$\n530,000\n$\n187,346\nOSCAR MUNOZ\n$\n520,000\n$\n260,004\nKAREN PEETZ\n$\n520,000\n$\n367,622\nSABRA PURTILL\n$\n346,667\n$\n214,554\nSUSAN TOMASKY\n$\n530,000\n$\n180,000\n(A) Reflects compensation received for the calendar year ended December 31,\n2025 , for\n306 funds of 30 trusts (including Fidelity\nBeacon Street Trust, Fidelity Commonwealth Trust II, Fidelity Congress Street Fund, and Fidelity Exchange Fund, which do not contain any assets ). Compensation figures include cash and may include amounts elected to be deferred.\nAs of December 31,\n2025 , 100% of each fund's total outstanding shares was held by Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts, as applicable. As of December 31,\n2025 , the Trustees, Members of the Advisory Board (if any), and officers of each fund owned, in the aggregate, less than 1% of\nthe class's total outstanding shares, with respect to each fund.\nCONTROL OF INVESTMENT ADVISERS\nFMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR, FMR Investment Management (UK) Limited, Fidelity Management Research (Hong Kong) Limited, and Fidelity Management Research (Japan) Limited. The voting common shares of FMR LLC are divided into two series. Series B is held predominantly by members of the Johnson family, including Abigail P. Johnson, directly or\n...\nndance at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary. As permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, FDC or an affiliate may pay or allow other incentives or payments to intermediaries.\nA fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries (who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see \"Transfer and Service Agent Services\" in this SAI for more information.\nFDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC) for distribution-related activities and/or shareholder services. If you have purchased shares of a fund through an investment professional, please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.\nAny of the payments described in this section may represent a premium over payments made by other fund families. Investment professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.\nTRANSFER AND SERVICE AGENT SERVICES\nEach fund has entered into a transfer agent agreement with Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210. Under the terms of each agreement, FIIOC (or an agent, including an affiliate) performs transfer agency services.\nFor providing transfer agency services, FIIOC receives no fees from each fund.\nFIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.\nFIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.\nEach fund has entered into a service agent agreement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate). Under the terms of the agreement, FSC calculates the NAV and dividends for shares, maintains each fund's portfolio and general accounting records, and administers each fund's securities lending program, if applicable.\nFor providing pricing and bookkeeping services, FSC receives no fee from each fund.\nFMR bears the cost of pricing and bookkeeping services under the terms of its management contract with each fund.\nSECURITIES LENDING\nDuring the fiscal year, the securities lending agent, or the investment adviser (where the fund does not use a securities lending agent) monitors loan opportunities for each fund, negotiates the terms of the loans with borrowers, monitors the value of securities on loan and the value of the corresponding collateral, communicates with borrowers and the fund's custodian regarding marking to market the collater\n...\ne to Exhibit (e)(3) of Post-Effective Amendment No. 177. (4) Amended and Restated General Distribution Agreement, dated January 1, 2020, between Fidelity Hastings Street Trust and Fidelity Distributors Company LLC, on behalf of Fidelity Series Emerging Markets Debt Fund, is incorporated herein by reference to Exhibit (e)(4) of Post-Effective Amendment No. 177. (5) General Distribution Agreement, dated June 10, 2020, between Fidelity Hastings Street Trust and Fidelity Distributors Company LLC, on behalf of Fidelity Series Emerging Markets Debt Local Currency Fund, is incorporated herein by reference to Exhibit (e)(4) of Post-Effective Amendment No. 180. (6) Amended and Restated General Distribution Agreement, dated January 1, 2020, between Fidelity Hastings Street Trust and Fidelity Distributors Company LLC, on behalf of Fidelity Series Large Cap Stock Fund, is incorporated herein by reference to Exhibit (e)(5) of Post-Effective Amendment No. 177. (7) Form of Selling Dealer Agreement (most recently revised March 2024), is incorporated herein by reference to Exhibit (e)(27) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 171. (8) Form of Bank Agency Agreement (most recently revised March 2024), is incorporated herein by reference to Exhibit (e)(28) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 171. (f) Amended and Restated Fee Deferral Plan of the Non-Interested Person Trustees of the Fidelity Equity and High Income Funds effective as of September 15, 1995, as amended and restated as of March 1, 2018, is incorporated herein by reference to Exhibit (f) of Fidelity Commonwealth Trust s (File No. 002-52322) Post-Effective Amendment No. 150. (g) (1) Custodian Agreement, dated January 1, 2007, between Brown Brothers Harriman Company and Fidelity Hastings Street Trust on behalf of Fidelity Growth Discovery Fund, is incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series I s (File No. 002-84776) Post-Effective Amendment No. 72. (2) Custodian Agreement, dated May 23, 2019, between Citibank, N.A. and Fidelity Hastings Street Trust on behalf of Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund, is incorporated herein by reference to Exhibit (g)(3) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 482. (3) Custodian Agreement, dated January 1, 2007, between State Street Bank and Trust Company and Fidelity Hastings Street Trust on behalf of Fidelity Mega Cap Stock Fund, is incorporated herein by reference to Exhibit (g)(4) of Fidelity Advisor Series I s (File No. 002-84776) Post-Effective Amendment No. 72. (4) Custodian Agreement, dated January 1, 2007, between The Northern Trust Company and Fidelity Hastings Street Trust on behalf of Fidelity Fund and Fidelity Series Large Cap Stock Fund is incorporated herein by reference to Exhibit (g)(9) of Fidelity Financial Trust s (File No. 002-79910) Post-Effective Amendment No. 45. (h) (1) Securities Lending Agency Agreement, dated April 1, 2019, between National Financial Services LLC and Fidelity Hastings Street Trust on behalf of Fidelity Fund, Fidelity Growth Discovery Fund, Fidelity Mega Cap Stock Fund, Fidelity Series Emerging Markets Debt Local Currency Fund, and Fidelity Series Large Cap Stock Fund is incorporated herein by reference to Exhibit (h)(1) of Fidelity Devonshire Trust s (File No. 002-24389) Post-Effective Amendment No. 172. (2) Form of Fund of Funds Investment Agreement (Acquiring Fund) is incorporated herein by reference to Exhibit (h)(5) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 534. (3) Form of Fund of Funds Investment Agreement (Acquired Fund) is incorporated herein by reference to Exhibit (h)(6) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 534. (i) Legal Opinion of Dechert LLP, dated February 19, 2026, is filed herein as Exhibit (i). (j) Consent of PricewaterhouseCoopers LLP, dated February 19, 2026, is filed herein as Exhibit (j) . (k) Not applicable. (l) Not applicable. (m) (1) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Fund: Fidelity\n...\npursuant to Rule 12b-1 for Fidelity Mega Cap Stock Fund: Fidelity Advisor Mega Cap Stock Fund: Class Z, is incorporated herein by reference to Exhibit (m)(10) of Post-Effective Amendment No. 177. (11) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series Emerging Markets Debt Fund: Fidelity Series Emerging Markets Debt Fund, is incorporated herein by reference to Exhibit (m)(11) of Post-Effective Amendment No. 177. (12) Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series Emerging Markets Debt Local Currency Fund is incorporated herein by reference to Exhibit(m)(11) of Post-Effective Amendment No. 180. (13) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series Large Cap Stock Fund, is incorporated herein by reference to Exhibit (m)(12) of Post-Effective Amendment No. 177. (n) (1) Amended and Restated Multiple Class of Shares Plan (Equity) pursuant to Rule 18f-3 for Fidelity Funds with Retail, Retirement and/or Advisor Classes, dated March 1, 2024, on behalf of Fidelity Fund, Fidelity Growth Discovery Fund, and Fidelity Mega Cap Stock Fund is incorporated herein by reference to Exhibit (n)(1) of Fidelity Summer Street Trust s (File No. 002-58542) Post-Effective Amendment No. 221. (2) Schedule I (Equity), dated January 28, 2026, to the Amended and Restated Multiple Class of Shares Plan pursuant to Rule 18f-3 for Fidelity Funds with Retail, Retirement and/or Advisor Classes, dated March 1, 2024, on behalf of Fidelity Fund, Fidelity Growth Discovery Fund, and Fidelity Mega Cap Stock Fund, is filed herein as Exhibit (n)(2). (p) The 2025 Code of Ethics, adopted by each fund and Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, Fidelity Service Company, Inc., Fidelity Management Research (Hong Kong) Limited, Fidelity Management Research (Japan) Limited, FMR Investment Management (UK) Limited, and Fidelity Distributors Company LLC pursuant to Rule 17j-1 is incorporated herein by reference to Exhibit (p)(1) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 594. Item 29. Persons Controlled by or under Common Control with the Trust The Board of Trustees of the Trust is the same as the board of other Fidelity funds, each of which has Fidelity Management Research Company LLC, or an affiliate, or Geode Capital Management LLC, as its investment adviser. In addition, the officers of the Trust are substantially identical to those of the other Fidelity funds. Nonetheless, the Trust takes the position that it is not under common control with other Fidelity funds because the power residing in the respective boards and officers arises as the result of an official position with the respective trusts. Item 30. Indemnification Article XI, Section 2 of the Declaration of Trust sets forth the reasonable and fair means for determining whether indemnification shall be provided to any past or present Trustee or officer. It states that the Trust shall indemnify any present or past trustee or officer to the fullest extent permitted by law against liability, and all expenses reasonably incurred by him or her in connection with any claim, action, suit or proceeding in which he or she is involved by virtue of his or her service as a trustee or officer and against any amount incurred in settlement thereof. Indemnification will not be provided to a person adjudged by a court or other adjudicatory body to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"], "custodian": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hastings_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hastings_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Growth_Discovery_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hastings_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mega_Cap_Stock_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hastings_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Large_Cap_Stock_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Fidelity_Hastings_Street_Trust", "p": "underwrittenBy", "o": "org:Fidelity_Distributors_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fidelity Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> seriesOf <object_marker> Fidelity Hastings Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Growth Discovery Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Hastings Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Mega Cap Stock Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Hastings Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Series Large Cap Stock Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> seriesOf <object_marker> Fidelity Hastings Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Hastings Street Trust <predicate_marker> underwrittenBy <object_marker> Fidelity Distributors Company LLC <triple_end>", "target_serialized_plain": "Fidelity Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; seriesOf Fidelity Hastings Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Growth Discovery Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Hastings Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Mega Cap Stock Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Hastings Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Series Large Cap Stock Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; seriesOf Fidelity Hastings Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Hastings Street Trust underwrittenBy Fidelity Distributors Company LLC .", "stats": {"input_chars": 27663, "n_triples": 31, "text_to_json_ratio": 9.2}}
{"sample_id": "0000038778:ALL", "cik": "0000038778", "trust_name": "Franklin U.S. Government Money Fund", "input_text": "ore, there is a\nchance that some risks have not been identified or prepared for, or that an attack may not be detected,\nwhich puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other 8 Prospectus www.franklintempleton.com FRANKLIN\nU.S. GOVERNMENT MONEY FUND FUND SUMMARY funds\nand business enterprises, the Fund, the investment manager, and their service providers are subject to\nthe risk of cyber incidents occurring from time to time.\nPerformance The following bar chart and table provide some indication\nof the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year\nto year for Class A shares. The table shows the Fund's average annual returns for 1 year, 5 years, 10\nyears or since inception, as applicable. The Fund's past performance is not necessarily an indication\nof how the Fund will perform in the future. You can obtain updated performance information at www. franklintempleton.com\nor by calling (800) DIAL BEN/342-5236 . Class A Annual Total Returns Best Quarter : 2023, Q4 1.24 % Worst Quarter : 2021, Q3 0.00 % As of September 30, 2025 ,\nthe Fund s year-to-date return was 2.90 %.\nwww.franklintempleton.com Prospectus 9 FRANKLIN\nU.S. GOVERNMENT MONEY FUND FUND SUMMARY\nAverage\nAnnual Total Returns For periods ended December 31, 2024 1\nYear 5\nYears 10\nYears Since\nInception Franklin\nU.S. Government Money Fund - Class A\n4.79 % 2.15 % 1.40 % Franklin U.S. Government Money Fund - Class C 4.10 % 1.77 % 1.72 % 1 Franklin U.S. Government Money Fund - Class R 4.25 %\n1.85 % 1.81 % 1 Franklin U.S. Government\nMoney Fund - Class R6\n4.81 % 2.17 % 1.43 % 1. Since inception October 15, 2019. To obtain the Fund s\ncurrent yield information, please call (800) DIAL BEN/342-5236.\n10 Prospectus www.franklintempleton.com FRANKLIN\nU.S. GOVERNMENT MONEY FUND FUND SUMMARY\nInvestment Manager Franklin\nAdvisers, Inc. (Advisers or investment manager) (Master Portfolio's investment manager)\nPurchase and Sale of Fund Shares Except as noted below, you may purchase or\nredeem shares of the Fund on any business day online through our website at www.franklintempleton.com,\nby mail (Franklin Templeton Investor Services, P.O. Box 33030, St. Petersburg, FL 33733-8030), or by\ntelephone at (800) 632-2301. For Class A, the minimum initial purchase for most accounts is $1,000 (or\n$25 under an automatic investment plan). Class C and Class R shares may not be purchased directly. You\nmay buy Class C or R shares of the Fund only in exchange for Class C shares sold subject to a contingent\ndeferred sales charge or Class R shares of other Franklin Templeton funds or through the reinvestment\nof dividends. The minimum initial purchase of Class C or R for most accounts is $1,000. Class R6 is only\navailable to certain qualified investors and the minimum initial investment will vary depending on the\ntype of qualified investor, as described under \"Your Account Buying Shares Qualified Investors\nClass R6\" in the Fund's prospectus. There is no minimum investment for subsequent purchases of Class\nA, Class C, Class R and Class R6 shares.\nTaxes The Fund s distributions are generally taxable to you as\nordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan\nor an individual retirement account, in which case your distributions would generally be taxed when withdrawn\nfrom the tax-advantaged account. Payments\nto Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through\na broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies\nmay pay the intermediary for the sale of Fund share\n...\n(0.042 ) (0.049 ) (0.033 ) (0.001 ) ( ) a Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00 Total return 4.28% 4.98% 3.35% 0.06% % b Ratios to average net assets c Expenses\nbefore waiver and payments by affiliates 0.48% 0.49% 0.49% 0.50% 0.51% Expenses net of waiver and payments by affiliates 0.47% 0.46% 0.46% 0.17% 0.09% Net investment income 4.18% 4.88% 3.26% 0.07% % b Supplemental data Net\nassets, end of year (000 s) $111,919 $106,267 $101,180 $105,446 $84,445 a. Amount rounds to less than $0.001 per\nshare. b. Rounds to less than 0.01%. c. Ratios include the\nFund s share of the Portfolio s allocated net expenses.\nwww.franklintempleton.com Prospectus 25 FRANKLIN\nU.S. GOVERNMENT MONEY FUND YOUR ACCOUNT\nYour Account Buying\nShares Class A, R and R6 shares are offered without a sales charge. Class A shares are\navailable for investment by individuals. Class C and Class R shares of the Fund may not be purchased\ndirectly. You may buy Class C or R shares of the Fund only in exchange for Class C shares sold subject\nto a contingent deferred sales charge or Class R shares of other Franklin Templeton or Legg Mason funds\nor through the reinvestment of dividends. After eight years, your Class C shares automatically convert\nto Class A shares, lowering your annual expenses from that time on. Distribution and Service (12b-1)\nFees Class\nC has a distribution plan that allows the Fund to pay distribution and other fees of up to 0.65% per\nyear for the sale of Class C shares and for services provided to shareholders. Dealers may be eligible\nto receive up to 0.15% at time of initial purchase of the Class C shares that were exchanged for shares\nof the Fund and may be eligible to receive 0.65% starting in the 13th month. During the first 12 months,\nthe full 12b-1 fee will be paid to Franklin Distributors, LLC (Distributors) to partially offset commissions\nand the prepaid service fee paid at the time of purchase. Class R has a distribution plan that allows\nthe Fund to pay distribution and other fees of up to 0.50% per year for the sale of Class R shares and\nfor services provided to shareholders. Because these fees are paid out of the assets of each of these\nclasses on an ongoing basis, over time these fees will increase the cost of your investment and may cost\nyou more than paying other types of sales charges. Automatic Conversion of Class\nC Shares to Class A Shares After 8-Year Holding Period The Class C conversion feature provides that\nClass C shares that have been held for eight (8) years or more will automatically convert into Class\nA shares and will no longer be subject to Class C shares Rule 12b-1 fees (but will be subject to Class\nA share's Rule 12b-1 fee, if any) (the Conversion Feature ). The Class C shares of the Fund will\nconvert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month\nfollowing, the 8-year anniversary of the Class C shares purchase date. The monthly conversion date\ntypically occurs around the middle of every month and generally falls on a Friday. Terms\nof the Conversion Feature. Class C shares that automatically convert to Class A shares of the Fund convert\non the basis of the relative net asset values of the two classes. Shareholders do not pay a sales charge,\nincluding a CDSC, upon the conversion of their Class C shares\n26 Prospectus www.franklintempleton.com FRANKLIN\nU.S. GOVERNMENT MONEY FUND YOUR ACCOUNT\nto\nClass A shares pursuant to the Conversion Feature. The automatic conversion of the Fund s Class C shares\ninto Class A shares after the 8-year holding period is not expected to\n...\nA shares of the Fund.\nFinancial intermediaries will be responsible for making such exchanges in those circumstances. Please\nconsult with your financial intermediary if you have any questions regarding your shares conversion\nfrom Class C shares to Class A shares. Qualified Investors - Class R6 Class R6 shares are available\nto the following investors: Employer\nSponsored Retirement Plans where plan level or omnibus accounts are held on the books of Franklin Templeton\nInvestor Services. Endowments;\nfoundations; local, city and state governmental institutions; corporations; non-profit organizations\nthat are organized as corporations; and insurance companies, (collectively institutional investors )\nwhen purchasing directly from a Fund. The minimum initial investment for institutional investors is $1,000,000\nper Fund. Unaffiliated\nU.S. registered mutual funds, including those that operate as \"fund of funds.\" Other Franklin Templeton and Legg Mason funds and funds for\nwhich Franklin Templeton investment managers provide advisory or subadvisory services. Intermediaries\nthat execute an addendum to their selling agreement acknowledging that they are acting exclusively as\nagents of their clients in transacting in Class R6 shares. Advisory Fee Programs. A registered broker-dealer, investment\nadvisor, trust company, bank, or other financial intermediary (referred to as a Sponsor ) that has\nan agreement with Distributors authorizing the sale of Fund shares and that acquires shares of the Fund\nfor its clients in connection with a comprehensive fee or other advisory fee arrangement for which the\nclient pays the Sponsor a fee for investment advisory services. No minimum initial investment. Health\nSavings Accounts (HSAs) within plan level or omnibus accounts that are held on the books of Franklin\nTempleton Investor Services.\n28 Prospectus www.franklintempleton.com FRANKLIN\nU.S. GOVERNMENT MONEY FUND YOUR ACCOUNT\nMinimum\nInvestments Initial Regular accounts, UGMA/UTMA\naccounts, current and former full-time employees, officers, trustees and directors of Franklin Templeton\nentities, and their family members $ 1,000 Automatic investment plans $25 Employer Sponsored Retirement Plans, SIMPLE-IRAs, SARSEPs or 403(b) no minimum IRAs, IRA rollovers, Coverdell Education Savings Plans or\nRoth IRAs $250 Broker-dealer sponsored wrap account programs no minimum Please note that you generally may only buy\nshares (including the purchase side of an exchange) of a fund eligible for sale in your state or jurisdiction.\nThe Fund and other Franklin Templeton funds are intended for sale to residents of the United States,\nand, with very limited exceptions, are not registered or otherwise offered for sale in other jurisdictions.\nThe\nFund does not permit investments by futures commission merchants or derivatives clearing organizations\nfor their futures customers. Many of the Fund's investments, through the Master Portfolio, must be paid for\nin federal funds, which are monies held by the Fund's custodian on deposit at the Federal Reserve Bank\nof San Francisco and elsewhere. The Fund generally cannot invest money it receives from you until it\nis available to the Fund in federal funds, which may take up to two days. Until then, your purchase may\nnot be considered in proper form. If the Fund is able to make investments within one business day, it\nmay accept your order with payment in other than federal funds. In particular, the Fund is not registered\nin any provincial or territorial jurisdiction in Canada, and shares of the Fund have not been qualified\nfor sale in any Canadian juris\n...\ne Fund has a legitimate\nbusiness purpose for releasing portfolio holdings information in advance of release to all shareholders\nshall be made by the Fund's Chief Compliance Officer or his/her designee, following a request submitted\nin writing.\n13\nThe eligible third parties to whom portfolio holdings information may be released\nin advance of general release fall into the following categories: data consolidators (including rating\nagencies), fund rating/ranking services and other data providers; service providers to the Fund, investment\nmanager; municipal securities brokers using the Investor Tools product which brings together buyers and\nsellers of municipal securities in the normal operation of the municipal securities markets; certain\nentities, in response to any regulatory requirements, approved by the investment manager s Chief Compliance\nOfficer in limited circumstances; and transition managers hired by Fund shareholders. In addition, should\nthe Fund process a shareholder s redemption request in-kind, the Fund may, under certain circumstances,\nprovide portfolio holdings information to such shareholder to the extent necessary to allow the shareholder\nto prepare for receipt of such portfolio securities. The specific entities\nto whom the Fund may provide portfolio holdings in advance of their release to the general public are: Bloomberg,\nCapital Access, CDA (Thomson Reuters), FactSet, Fidelity Advisors, S P Global Ratings, Vestek, and\nFidelity Trust Company, all of whom may receive portfolio holdings information 15 days after the quarter\nend. Service\nproviders to the Fund that receive portfolio holdings information from time to time in advance of general\nrelease in the course of performing, or to enable them to perform, services for the Fund, including:\nCustodian Bank: JPMorgan Chase Bank; Sub-Administrator: JPMorgan Chase Bank; Independent Registered\nPublic Accounting Firm: PricewaterhouseCoopers LLP; Outside Fund Legal Counsel: Stradley Ronon Stevens\nYoung, LLP; Independent Directors'/Trustees' Counsel: Vedder Price P.C; Proxy Voting Services:\nGlass, Lewis Co., LLC and Institutional Shareholder Services, Inc.; Brokerage Analytical Services:\nSanford Bernstein, Brown Brothers Harriman, Royal Bank of Canada Capital Markets, JP Morgan Securities\nInc.; Financial Printers: Donnelley Financial Solutions, Inc. or GCOM Solutions, Inc. Eligible\nthird parties that do not otherwise have a duty of confidentiality or have not acknowledged such a duty\nare required to (a) execute a non-disclosure agreement that includes the following provisions or (b)\notherwise acknowledge and represent adherence to substantially similar provisions. Non-disclosure agreements\ninclude the following provisions: The recipient agrees to keep confidential until such information\neither is released to the public or the release is otherwise approved by the Chief Compliance Officer. The\nrecipient agrees not to trade on the non-public information received. The recipient agrees\nto refresh its representation as to confidentiality and abstention from trading upon request from Franklin\nTempleton. In no case does the Fund receive any compensation in connection\nwith the arrangements to release portfolio holdings information to any of the above-described recipients\nof the information. A fund other than a U.S. registered Franklin Templeton fund,\nsuch as an offshore fund or an unregistered private fund, with holdings that are not substantially similar\nto the holdings of a U.S. registered Franklin Templeton fund, is not subject to the restrictions imposed\nby the policy. Several investm", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "seriesOf", "o": "trust:Franklin_U_S_Government_Money_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_U_S_Government_Money_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Franklin_U_S_Government_Money_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Franklin U.S. Government Money Fund <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Franklin U.S. Government Money Fund <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services, LLC <triple_end>\n<triple_start> Franklin U.S. Government Money Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Franklin U.S. Government Money Fund administrator Franklin Templeton Services, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Franklin U.S. Government Money Fund ; transferAgent Franklin Templeton Investor Services, LLC .\nFranklin U.S. Government Money Fund underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 14482, "n_triples": 7, "text_to_json_ratio": 21.6}}
{"sample_id": "0000045288:ALL", "cik": "0000045288", "trust_name": "JOHN HANCOCK SOVEREIGN BOND FUND", "input_text": "ares commenced operations on November 9, 1973 and March 27, 2015, respectively. Returns shown prior to a class s commencement date are those of Class A shares, except that they do not include sales charges and would be lower if they did. Returns for Class R4 shares would have been substantially similar to returns of Class A shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class A shares for the periods shown, performance would have been lower. Please note that after-tax returns (shown for Class A shares only) reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other tax-advantaged investment plan. After-tax returns for other share classes would vary. Calendar year total returns (%) Class A ( sales charges are not reflected in the bar chart and returns would have been lower if they were )\nYear-to-date total return through:\nQ2 2025\n4.00 %\nBest quarter:\nQ4 2023\n7.09 %\nWorst quarter:\nQ2 2022\n- 6.94 %\nAverage annual total returns (%) as of 12/31/2024\n1 year\n5 year\n10 year\nClass A (before tax)\n- 2.14\n- 0.80\n1.33\nafter tax on distributions\n- 3.76\n- 2.31\n- 0.15\nafter tax on distributions, with sale\n- 1.28\n- 1.21\n0.39\nClass C\n0.27\n- 0.69\n1.04\nClass I\n2.27\n0.30\n2.05\nClass R2\n1.94\n- 0.08\n1.66\nClass R4\n2.13\n0.16\n1.92\nClass R6\n2.46\n0.42\n2.18\nBloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.35 Investment management Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC 4\nFund summary Portfolio management The following individuals are jointly and primarily responsible for the day-to-day management of the fund s portfolio.\nJeffrey N. Given, CFA\nSpencer Godfrey\nHoward C. Greene, CFA\nSenior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Managed the fund since 2006\nAssociate Portfolio Manager Managed the fund since 2025\nSenior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Managed the fund since 2002\nConnor Minnaar, CFA Portfolio Manager Managed the fund since 2022\nPranay Sonalkar, CFA Portfolio Manager Managed the fund since 2021\nPurchase and sale of fund shares The minimum initial investment requirement for Class A and Class C shares is $1,000 ($250 for group investments), except that there is no minimum for certain group retirement plans, certain fee-based or wrap accounts, or certain other eligible investment product platforms. The minimum initial investment requirement for Class I shares is $250,000, except that the fund may waive the minimum for any category of investors at the fund s sole discretion. There are no minimum initial investment requirements for Class R2 or Class R4 shares. The minimum initial investment requirement for Class R6 shares is $1 million, except that there is no minimum for: qualified and nonqualified plan investors; certain eligible qualifying investment product platforms; Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund s portfolio management team and the spouses and children (under age 21) of the aforementioned. There are no subsequent minimum investment requirements. Class A, Class C, Class I, and Class R6 shares may be redeemed on any business day by mail: John Hancock Sign\n...\ndon Street Boston, MA 02116 Manulife Investment Management (US) LLC (Manulife IM (US)) provides investment advisory services to individual and institutional investors. Manulife IM (US) is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial Corporation) and, as of June 30, 2025, had total assets under management of approximately $221.3 billion. The following are brief biographical profiles of the leaders of the fund s investment management team, in alphabetical order. These managers are jointly and primarily responsible for the day-to-day management of the fund s portfolio. These managers are employed by Manulife IM (US). For more details about these individuals, including information about their compensation, other accounts they manage, and any investments they may have in the fund, see the SAI. Jeffrey N. Given, CFA Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Managed the fund since 2006 Joined Manulife IM (US) in 1993 Began business career in 1993 Spencer Godfrey Associate Portfolio Manager Managed the fund since 2025 Joined Manulife IM (US) in 2016 Began business career in 2003 Howard C. Greene, CFA Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Managed the fund since 2002 Joined Manulife IM (US) in 2002 Began business career in 1979 Connor Minnaar, CFA Portfolio Manager Managed the fund since 2022 Joined Manulife IM (US) in 2006 Began business career in 2002 Pranay Sonalkar, CFA Portfolio Manager Managed the fund since 2021 Joined Manulife IM (US) in 2014 Began business career in 2007 Custodian The custodian holds the fund s assets, settles all portfolio trades, and collects most of the valuation data required for calculating the fund s net asset value. State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114 Principal distributor The principal distributor markets the fund and distributes shares through selling brokers, financial planners, and other financial professionals. John Hancock Investment Management Distributors LLC 200 Berkeley Street Boston, MA 02116 Transfer agent The transfer agent handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy-and-sell requests. John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 Additional information The fund has entered into contractual arrangements with various parties that provide services to the fund, which may include, among others, the advisor, subadvisor, custodian, principal distributor, and transfer agent, as described above and in the SAI. Fund shareholders are not parties to, or intended or third-party beneficiaries of, any of these contractual arrangements. These contractual arrangements are not intended to, nor do they, create in any individual shareholder or group of shareholders any right, either directly or on behalf of the fund, to either: (a) enforce such contracts against the service providers; or (b) seek any remedy under such contracts against the service providers. The advisor internally credits a portion of its profits to an affiliated business, John Hancock Retirement (JHR), which is the record keeper for certain 401(k) plans that invest in Class R6 shares. JHR may reduce the record keeping fees paid to it by such 401(k) plans by a commensurate amount. JHR may discontinue this practice with adequate notice to plan sponsors. This prospectus provides information concerning the fund that you should consider in determining whether to purchase shares of the fund. Each of this prospectus, the SAI, or any contract that is an exhibit to the fund s registration statement, is not intended to, nor does it, give rise to an agreement or contract between the fund and any investor. Each such document also does not give rise to any contract or create rights in any individual shareholder, group of shareholders, or other person. The foregoing disclosure should not be read to suggest any waiver of any rights conferred by federal or state securities laws. 16\nF\n...\nNew York\nJohn Hancock Life Insurance Company of New York\nJHLICO U.S.A.\nJohn Hancock Life Insurance Company (U.S.A.)\nLOI\nLetter of Intention\nLIBOR\nLondon Interbank Offered Rate\nMAAP\nMonthly Automatic Accumulation Program\nManulife Financial or MFC\nManulife Financial, a publicly traded company based in Toronto, Canada\nManulife IM (US)\nManulife Investment Management (US) LLC\nMiFID II\nMarkets in Financial Instruments Directive\nMoody's\nMoody s Investors Service, Inc\nNAV\nNet Asset Value\nNRSRO\nNationally Recognized Statistical Rating Organization\nNYSE\nNew York Stock Exchange\nOID\nOriginal Issue Discount\nOTC\nOver-The-Counter\nPAC\nPlanned Amortization Class\nPFS\nPersonal Financial Services\nPOs\nPrincipal-Only\nPRC\nPeople's Republic of China\nREITs\nReal Estate Investment Trusts\nRIC\nRegulated Investment Company\nRPS\nJohn Hancock Retirement Plan Services\nSARSEP\nSalary Reduction Simplified Employee Pension Plan\nSEC\nSecurities and Exchange Commission\nSEP\nSimplified Employee Pension\nSIMPLE\nSavings Incentive Match Plan for Employees\nS P\nS P Global Ratings\nSLMA\nStudent Loan Marketing Association\nSOFR\nSecured Overnight Financing Rate\nSPACs\nSpecial Purpose Acquisition Companies\nState Street\nState Street Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114\nsubadvisor\nAny subadvisors employed by John Hancock within this SAI as noted in Appendix B and as the context may require\nTAC\nTarget Amortization Class\nTIGRs\nTreasury Receipts, Treasury Investors Growth Receipts\nTrust\nJohn Hancock Bond Trust John Hancock California Tax-Free Income Fund John Hancock Capital Series John Hancock Current Interest John Hancock Exchange-Traded Fund Trust John Hancock Funds II John Hancock Funds III John Hancock Investment Trust John Hancock Investment Trust II John Hancock Municipal Securities Trust John Hancock Sovereign Bond Fund John Hancock Strategic Series John Hancock Variable Insurance Trust\nTSA\nTax-Sheltered Annuity\nunaffiliated underlying funds\nunderlying funds that are advised by an entity other than John Hancock s investment advisor or its affiliates 3\nTerm\nDefinition\nunderlying funds\nfunds in which the funds of funds invest\nUK\nUnited Kingdom 4\nOrganization of the TRUSTS Each Trust is organized as a Massachusetts business trust under the laws of The Commonwealth of Massachusetts and is an open-end management investment company registered under the 1940 Act. Each fund is a diversified series of its respective Trust, as that term is used in the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. Each of California Municipal Bond Fund, High Yield Municipal Bond Fund, and Municipal Opportunities Fund (each, a Tax-Free Fund and collectively, Tax-Free Funds ) and Short Duration Municipal Opportunities Fund invests primarily in tax-exempt securities. The following table sets forth the date each Trust was organized:\nTrust\nDate of Organization\nJohn Hancock Bond Trust\nNovember 29, 1984\nJohn Hancock California Tax-Free Income Fund\nOctober 16, 1989\nJohn Hancock Municipal Securities Trust\nNovember 13, 1989\nJohn Hancock Sovereign Bond Fund\nOctober 5, 1984\nJohn Hancock Strategic Series\nApril 16, 1986 The Advisor is a Delaware limited liability company whose principal offices are located at 200 Berkeley Street, Boston, Massachusetts 02116. The Advisor is registered as an investment advisor under the Advisers Act. The Advisor is an indirect principally owned subsidiary of JHLICO U.S.A. JHLICO U.S.A. and its subsidiaries today offer a broad range of financial products, including life insurance, annuities, 401(k) plans,", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:John_Hancock_Bond_Fund", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Bond_Fund", "p": "seriesOf", "o": "trust:JOHN_HANCOCK_SOVEREIGN_BOND_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Bond_Fund", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Bond_Fund", "p": "transferAgent", "o": "org:John_Hancock_Signature_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JOHN_HANCOCK_SOVEREIGN_BOND_FUND", "p": "underwrittenBy", "o": "org:JOHN_HANCOCK_INVESTMENT_MANAGEMENT_DISTRIBUTORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> John Hancock Bond Fund <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> JOHN HANCOCK SOVEREIGN BOND FUND <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> John Hancock Signature Services, Inc. <triple_end>\n<triple_start> JOHN HANCOCK SOVEREIGN BOND FUND <predicate_marker> underwrittenBy <object_marker> JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC <triple_end>", "target_serialized_plain": "John Hancock Bond Fund advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf JOHN HANCOCK SOVEREIGN BOND FUND ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent John Hancock Signature Services, Inc. .\nJOHN HANCOCK SOVEREIGN BOND FUND underwrittenBy JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC .", "stats": {"input_chars": 11370, "n_triples": 6, "text_to_json_ratio": 18.0}}
{"sample_id": "0000047071:ALL", "cik": "0000047071", "trust_name": "BRUCE FUND INC", "input_text": "ted in the tables and examples below.\nAnnual\nFund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.53 %\nDistribution (12b-1) Fees\n0.00 %\nOther Expenses\n0.14 %\nAcquired\nFund Fees and Expenses (1)\n0.05 %\nTotal Annual Fund Operating Expenses\n0.72 %\n1 Acquired\nFund Fees and Expenses are the indirect costs of investing in other investment companies.\nThe operating expenses in this fee table will not correlate to the expense ratio in the Fund s\nfinancial highlights because the financial statements include only the direct operating expenses\nincurred by the Fund.\nExpense\nExample:\nThis\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.\nThe\nExample assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those\nperiods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain\nthe same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 74\n$ 230\n$ 401\n$ 894\nPortfolio\nTurnover\nThe\nFund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher\nportfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.\nThese costs, which are not reflected in annual operating expenses or in the Expense Example above, affect the Fund s performance.\nDuring the most recent fiscal year, the Fund s portfolio turnover rate was 6 % of the average value of its portfolio.\n1\nPrincipal\nInvestment Strategies\nThe\nFund s adviser (Bruce Co., Inc.) seeks to achieve the Fund s objective of long-term capital appreciation by investing\nprimarily in domestic common stocks and bonds, including convertible bonds and zero coupon government bonds.\nThe\nFund may invest in domestic common stocks of any capitalization, although the adviser will focus on smaller companies, as well as micro-cap\nsecurities. Both growth and value criteria are used to determine and select those stocks. Securities of unseasoned companies may also\nbe acquired. Out-of-favor, turnaround and distressed situations are actively pursued.\nThe\nFund may invest, without restriction, in future interest and principal of U.S. government securities, commonly known as zero coupon\nbonds. The Fund s strategy is to use long-dated issues as an attempt to seek capital appreciation. This strategy is primarily used\nin the absence of viable common stock opportunities.\nOther\ndebt securities, traded on exchanges or over-the-counter, may be acquired, sometimes at substantial discounts from the principal amount.\nInvestments may be made in defaulted bonds, which might sell at a fraction of their par value. The Fund s strategy for these bonds\nis to use primarily bonds which have significant yield to maturities, or to use convertible bonds which fluctuate with the underlying\ncommon stock. A majority of these bonds are lower-rated or junk bonds, which carry no credit ratings.\nThe\nFund may invest in foreign securities, either directly, or through the use of American Depository Receipts ( ADRs ) or Global\nDepository Receipts ( GDRs ). ADRs or GDRs in which the Fund invests will be denominated in U.S. dollars and listed on a\nU.S. exchange.\nAt\ntimes, the adviser s strategy may result in the Fund holding a large cash position for a transitional period of time. The cash\n...\n014\n13.67 %\n2015\n2.90 %\n2016\n4.05 %\n2017\n12.46 %\n2018\n- 3.96 %\n2019\n22.42 %\n2020\n12.00 %\n2021\n17.04 %\n2022\n- 8.76 %\nDuring\nthe period shown in the bar chart, the highest return for a quarter was 11.09 % during the quarter ended December 31, 2020 and the\nlowest return for a quarter was ( 10.79 )% during the quarter ended March 31, 2020 . The Fund s year to date return as of September 30 ,\nwas ( 7.68 )% .\nAverage\nAnnual Total Returns for the periods ending December 31, 2022\nBruce Fund\n1 Year\n5 Years\n10 Years\nReturn Before Taxes\n( 8.76 )%\n7.12 %\n8.67 %\nReturn After Taxes on Distributions\n( 11.37 )%\n5.47 %\n7.19 %\nReturn After Taxes on Distributions\nand Sale of Fund Shares\n( 3.43 )%\n5.46 %\n6.74 %\nS P 500\nStock Index ( reflects no deduction\nfor fees )\n( 18.11 )%\n9.42 %\n12.56 %\nAfter-tax\nreturns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state\nand local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns\nshown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual\nretirement accounts ( IRAs ).\nCurrent\nperformance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by\ncalling (800) 872-7823.\n5\nPortfolio\nManagement\nInvestment\nAdviser Bruce Co., Inc.\nPortfolio\nManager\nR.\nJeffrey Bruce, President and Chief Compliance Officer of the adviser; Analyst/Portfolio Manager\nof the Fund since 1983, and Chief Compliance officer of the Fund and adviser since 2022.\nPurchase\nand Sale of Fund Shares\nMinimum Initial Investment\nTo Place Buy or Sell\nOrders\n$1,000 for all account\ntypes\nBy Mail: Bruce Fund, Inc.\nc/o: Ultimus Asset Services,\nLLC\nMinimum Additional\nInvestment\nP.O. Box 46707\n$500\nCincinnati, OH 45246-0707\nTax\nInformation\nThe\nFund s distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred\naccount, such as a 401(k) plan, IRA or 529 college savings plan. Tax-deferred arrangements may be taxed later upon withdrawal of monies\nfrom those accounts. If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should\nwithhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption\nwill be subject to withholding.\n6\nADDITIONAL\nINFORMATION ABOUT THE FUND S\nPRINCIPAL STRATEGIES AND RELATED RISKS\nPrincipal\nInvestment Strategies of the Fund\nThe\nFund s adviser (Bruce Co., Inc.) seeks to achieve the Fund s investment objective of long-term capital appreciation\nby investing primarily in domestic common stocks and bonds, including convertible bonds and zero coupon government bonds.\nThe\nFund may invest in domestic common stocks of any capitalization, although the adviser will focus on smaller companies, as well as micro-cap\nsecurities. Both growth and value criteria are used to determine and select those stocks. Securities of unseasoned companies may also\nbe acquired. Out-of-favor, turnaround and distressed situations are actively pursued.\nThe\nFund may invest in foreign securities, either directly, or through the use of ADRs or GDRs, which are receipts issued by U.S. banks for\nshares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. ADRs or GDRs in which\nthe Fund invests will be denominated in U.S. dollars and listed on a U.S. exchange.\nThe\nFun\n...\nincluding their predecessor, which have been\nin operation less than three years. There is no restriction against making investments\nin the securities of unseasoned issuers or of foreign issuers and such investments\nmay be made in management s discretion, without approval of a majority of the Fund s outstanding voting securities.\nDisclosure of Portfolio Holdings\nWith respect to the disclosure of the Fund s portfolio securities, the Board has approved a policy that unreported holdings or\nselective disclosures are not to be made to any persons, except as described below.\nInformation about portfolio securities is reported as soon as practical or possible\nafter each quarter end.\nThe Fund is required to include a schedule of portfolio holdings in its annual and\nsemi- annual reports to shareholders, which are sent to shareholders within 60 days\nof the end of the second and fourth fiscal quarters and which are filed with the Securities\nand Exchange Commission ( SEC ) on Form N-CSR within 70 days of the end of the second\nand fourth fiscal quarters. The Fund also is required to file a schedule of portfolio\nholdings with the SEC on Form N-PORT within 60 days of the end of each quarter. The\nFund must provide a copy of the complete schedule of portfolio holdings as filed with\nthe SEC to any shareholder of the Fund, upon request, free of charge. This policy\nis applied uniformly to all shareholders of the Fund without regard to the type of\nrequesting shareholder (i.e., regardless of whether the shareholder is an individual\nor institutional investor).\n3\nThe Fund releases portfolio holdings to third party servicing agents on a daily basis\nin order for those parties to perform their duties on behalf of the Fund. Ultimus\nAsset Services, LLC, in its capacity as fund accounting agent, and Huntington National\nBank, in its capacity as custodian, receive all portfolio data daily with no lag.\nThe Fund also may disclose portfolio holdings, as needed, to auditors, legal counsel,\nproxy voting services (if applicable), printers, pricing services, parties to merger\nand reorganization agreements and their agents. This information is disclosed to all such third parties under conditions of confidentiality.\nConditions of confidentiality include (i) confidentiality clauses in written agreements,\n(ii) confidentiality implied by the nature of the relationship (e.g., attorney-client\nrelationship), (iii) confidentiality required by fiduciary or regulatory principles\n(e.g., custody relationships) or (iv) understandings or expectations between the parties\nthat the information will be kept confidential. Third party servicing agents generally\nare subject to an independent obligation not to trade on confidential information\nunder their code of ethics and/or as a result of common law precedents; however, the\nFund does not require an independent confirmation from the third parties that they\nwill not trade on the confidential information.\nThe Fund manager has been given authority to release the Fund information. The Fund\nmanager initiates the release of the portfolio holdings both to the SEC and to the\npublic. Shareholders receive shareholder reports as soon as practical after filing\nwith the SEC, due to printing and mailing lags. The Board reviews the Fund manager s report on portfolio holdings disclosure at each Board meeting. Any potential conflicts\nwould be resolved by the Board.\nThe Adviser and any affiliated persons of the Adviser are prohibited from receiving\ncompensation or other consideration, for themselves or on behalf of the Fund, as a\nresult of disclosing the Fund\n...\nnish his taxpayer identification number to the\nFund, if the Internal Revenue Service notifies the Fund that such number, though furnished, is incorrect, or if the shareholder is\nsubject to withholding for other reasons set forth in Sec. 3406 of the Internal Revenue Code.\nThe Fund may acquire zero coupon securities issued with original issue discount. If\nit does so, the Fund will have to include in its income its share of the original\nissue discount that accrues on the securities during the taxable year, even if the\nFund receives no corresponding payment on the securities during the year. Because\nthe Fund annually must distribute (a) ninety- eight percent (98%) of its ordinary\nincome in order to avoid imposition of a 4% excise tax, and (b) ninety percent (90%)\nof its investment company taxable income, including any original issue discount, to\nsatisfy the requirements of the Code, the Fund may be required in a particular year\nto distribute as a dividend an amount that is greater than the total amount of cash\nit actually receives. Those distributions would be made from the Fund s cash assets, if any, or from the sales of portfolio securities, if necessary. The\nFund might realize capital gains or losses from any such sales, which would increase\nor decrease the Fund s taxable income and/or net capital gain (the excess of net long-term capital gain\nover net short-term capital loss).\nThe foregoing is only a summary of some of the important federal income tax considerations\naffecting the Fund and its shareholders and is not intended as a substitute for careful\ntax planning. Accordingly, prospective investors should consult their own tax advisers\nfor more detailed information regarding the above and for information regarding federal,\nstate, local and foreign taxes.\nUnderwriters\nUltimus Fund Distributors, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246\n(the Distributor ), is the exclusive agent for distribution of shares of the Fund\nand is a wholly-owned subsidiary of Ultimus Fund Solutions, LLC. The Distributor is\nobligated to sell the shares of the Fund on a best efforts basis only against purchase\norders for the shares. Shares of the Fund are offered to the public on a continuous\nbasis.\nFinancial Statements\nThe financial statements of the Fund and the report of the Independent Registered\nPublic Accounting Firm required to be included in this SAI are incorporated herein\nby reference to the Fund s Annual Report to Shareholders for the fiscal year ended June 30, 2023. The Annual Report may be obtained, without charge, by calling Shareholder Services\nat (800) 872-7823, or on the Fund s website at www.thebrucefund.com .\n12\nPART\nC\nForm N-lA\nOTHER INFORMATION\nTABLE\nOF CONTENTS\nPART C\nItem\nNo.\nTitle\n28\nExhibits\n29\nPersons\nControlled by or Under Common Control with the Fund\n30\nIndemnification\n31\nBusiness\nand Other Connections of the Investment Adviser\n32\nPrincipal\nUnderwriters\n33\nLocation\nof Accounts and Records\n34\nManagement\nServices\n35\nUndertakings\nSignatures\nItem\n28.\nExhibits\n(a) Articles\nof Incorporation .\n(1)\nRegistrant s\nArticles of Incorporation , filed with Registrant s registration statement on Form N-1A dated November 11, 1983 and incorporated\nherein by reference.\n(2)\nAmendment\nto Registrant s Articles of Incorporation, filed with Registrant s registration statement on Form N-1A dated December 12,\n2000 and incorporated herein by reference.\n(b)\nBy-laws\nRegistrant s By-laws, restated as of November 1, 1983 and amended as of November 16, 2005, filed with Registrant s\nregistration statement on Form N-1A dated September 27, 2006 and i", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Bruce_Fund", "p": "administrator", "o": "org:Ultimus_Asset_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Bruce_Fund", "p": "advisedBy", "o": "org:Bruce_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Bruce_Fund", "p": "custodian", "o": "org:Huntington_National_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Bruce_Fund", "p": "seriesOf", "o": "trust:BRUCE_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Bruce_Fund", "p": "transferAgent", "o": "org:Ultimus_Asset_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BRUCE_FUND_INC", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Bruce Fund <predicate_marker> administrator <object_marker> Ultimus Asset Services LLC <predicate_marker> advisedBy <object_marker> Bruce and Company Inc <predicate_marker> custodian <object_marker> Huntington National Bank <predicate_marker> seriesOf <object_marker> BRUCE FUND INC <predicate_marker> transferAgent <object_marker> Ultimus Asset Services LLC <triple_end>\n<triple_start> BRUCE FUND INC <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors LLC <triple_end>", "target_serialized_plain": "Bruce Fund administrator Ultimus Asset Services LLC ; advisedBy Bruce and Company Inc ; custodian Huntington National Bank ; seriesOf BRUCE FUND INC ; transferAgent Ultimus Asset Services LLC .\nBRUCE FUND INC underwrittenBy Ultimus Fund Distributors LLC .", "stats": {"input_chars": 14411, "n_triples": 6, "text_to_json_ratio": 28.3}}
{"sample_id": "0000053808:ALL", "cik": "0000053808", "trust_name": "BNY Mellon Investment Funds III", "input_text": "File\nNo .\n33-43846 811-00524 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 257 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 257 [X] (Check appropriate box\nor boxes.) BNY Mellon Investment Funds III (Exact Name of Registrant\nas Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240\nGreenwich Street, New York, New York 10286 (Address of Principal Executive Offices)\n(Zip Code) Registrant's Telephone Number, including\nArea Code: (212) 922-6400 Deirdre Cunnane, Esq. 240\nGreenwich Street New York, New York 10286 (Name and Address of\nAgent for Service) It is proposed that this filing will become effective (check\nappropriate box) __ immediately upon filing pursuant to paragraph (b) _ X_ on\nMay\n1, 2026 pursuant to paragraph (b) __\ndays after filing pursuant to paragraph\n(a)(1) __ on (date) pursuant to paragraph\n(a)(1) __\ndays after filing pursuant to paragraph (a)(2) __ on\n(date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: __ this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nThe following post-effective amendment\nto the Registrant's Registration Statement on Form N-1A only affects the Registration Statement of the\nseries listed below: BNY Mellon High Yield\nFund\nBNY Mellon\nHigh Yield Fund Prospectus\n| May 1, 2026 Class Ticker A DPLTX C PTHIX I DLHRX As with\nall mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 7 Investment Risks 8 Management 12 Shareholder Guide Choosing a Share Class 15 Buying and Selling Shares 18 General Policies 21 Distributions and Taxes 23 Services for Fund Investors 23 Financial Highlights Financial\nHighlights 26 Appendix Appendix A- 1 For More Information See back cover.\nFund\nSummary Investment\nObjective The fund seeks to maximize total return, consisting\nof capital appreci\n...\nent risk: Under\nadverse market, economic, political or other conditions, the fund could invest some or all of its assets\nin U.S. Treasury securities and money market securities, or hold cash. Although the fund would do this\nfor temporary defensive purposes, it could reduce the benefit from any upswing in the market. During\nsuch periods, the fund's investments may not be consistent with its principal investment strategy, and\nthe fund may not achieve its investment objective. Management\nInvestment Adviser The\ninvestment adviser for the fund is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York,\nNew York 10286. BNYIA manages approximately $398 billion in 75 mutual fund portfolios. For the past\nfiscal year, the fund paid BNYIA a management fee at the effective annual rate of .69% of the value of\nthe fund's average daily net\n12\nassets. A discussion regarding the basis for the board approving\nthe fund's investment management agreement with BNYIA is available in the fund's Form N-CSR for the six-month\nperiod ended June 30, 2025. BNYIA is the primary mutual fund business of The Bank of New York Mellon\nCorporation (BNY), a global investments company dedicated to helping its clients manage and service their\nfinancial assets throughout the investment lifecycle. Whether providing financial services for institutions,\ncorporations or individual investors, BNY delivers informed investment management and investment services\nin 35 countries. BNY is a leading investment management and investment services company, uniquely focused\nto help clients manage and move their financial assets in the rapidly changing global marketplace. BNY\nhas $59.3 trillion in assets under custody and administration and $2.2 trillion in assets under management.\nBNY is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the\ncorporation as a whole and/or its various subsidiaries generally. BNY Investments is one of the world's\nleading investment management organizations, and one of the top U.S. wealth managers, encompassing BNY's\naffiliated investment management firms, wealth management services and global distribution companies.\nAdditional information is available at www.bny.com/investments. The\nasset management philosophy of BNYIA is based on the belief that discipline and consistency are important\nto investment success. For each fund, BNYIA seeks to establish clear guidelines for portfolio management\nand to be systematic in making decisions. This approach is designed to provide each fund with a distinct,\nstable identity. Sub-Adviser BNYIA has engaged BSP NY LLC\n( BSP NY ), formerly Alcentra NY, LLC to serve as the fund's sub-adviser, pursuant to a sub investment\nadvisory agreement between BNYIA and BSP. As sub-adviser to the fund, BSP NY, subject to BNYIA's supervision\nand approval, provides day-to-day management of the fund's investments. BSP NY, located at One Madison\nAvenue, Suite 1600, New York, New York 10010, is a registered investment adviser specializing in sub-investment\ngrade corporate credit investment strategies. BSP NY was founded in 2002 and, together with Benefit\nStreet Partners Limited, formerly Alcentra Limited, managed more than $33 billion in assets as of December\n31, 2025. BSP NY is a subsidiary of Franklin Resources, Inc., a global investment management organization\noperating as Franklin Templeton. Franklin Templeton, through its specialist investment managers, offers\nboutique specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives,\nand multi-asset solutions. A discussion regarding the basis for the board approving the sub-investment\nadvisory agreement between BNYIA and BSP NY is available in the fund's Form N-CSR for the six-month period\nended June 30, 2025. Chris Barris and Kevin Cronk, CFA are the fund's\nprimary portfolio managers, positions they have held since October 2010 and September 2012, respectively.\nMessrs. Barris and Cronk are jointly and primarily responsible for managing the fund's portfolio. Mr.\nBarris is a Portfolio Manager, U.S. Liquids at BSP NY, which he joined in January 2013. Mr. Cronk is\na Portfolio Manager, U.S. Liquids at BSP NY, which he joined in January 2013. The\nfund's Statement of Additional Information (SAI) provides additional portfolio manager information, including\ncompensation, other accounts managed and ownership of fund shares. Distributor BNY\nMellon Securities Corporation (BNYSC), a wholly-owned subsidiary of BNYIA, serves as distributor of the\nfund and of the other funds in the BNY Mellon Family of Funds. Any Rule 12b-1 fees and shareholder services\nfees, as applicable, are paid to BNYSC for financing the sale and distribution of fund shares and for\nproviding shareholder account service and maintenance, respectively. BNYIA or BNYSC may provide cash\npayments out of its own resources to financial intermediaries that sell shares of funds in the BNY Mellon\nFamily of Funds or provide other services. Such payments are separate from any sales charges, 12b-1\nfees and/or shareholder services fees or other expenses that may be paid by a fund to those financial\nintermediaries. Because those payments are not made by fund shareholders or the fund, the fund's total\nexpense ratio will not be affected by any such payments. These payments may be made to financial intermediaries,\nincluding affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer\nagency services, marketing support and/or access to sales meetings, sales representatives and management\nrepresentatives of the financial intermediary. Cash compensation also may be paid from BNYIA's or BNYSC's\nown resources to financial intermediaries for inclusion of a fund on a sales list, including a preferred\nor select sales list or in other sales programs. These payments sometimes are referred to as \"revenue\nsharing.\" From time to time, BNYIA or BNYSC also may provide cash or non-cash compensation to financial\nintermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or\nother entertainment; support for due diligence trips; educational conference sponsorships; support for\nrecognition progra\n...\nto a Service Agent and its representatives may vary by Service Agent. Please\ncontact your Service Agent for details about any payments it may receive in connection with the sale\nof fund shares or the provision of services to a fund. The Distributor also may\nact as a Service Agent and retain sales loads, CDSCs and 12b-1 Plan fees. These payments as well as\nother payments from the fund to the Distributor's affiliates, such as the management fee payable to BNYIA,\nmay create an incentive for the Distributor to recommend or sell shares of a fund to you. The Distributor\nand its representatives generally will be able to accept the applicable payments in exchange for serving\nas a Service Agent only to the extent consistent with applicable law and any related policies, procedures\nor practices adopted by the Distributor. Transfer and Dividend\nDisbursing Agent and Custodian The Transfer Agent, a wholly-owned subsidiary\nof BNYIA, located at 240 Greenwich Street, New York, New York 10286, is each fund's transfer and dividend\ndisbursing agent. Pursuant to a transfer agency agreement with the funds, the Transfer Agent arranges\nfor the maintenance of shareholder account records for the funds, the handling of certain communications\nbetween shareholders and the funds and the payment of dividends and distributions payable by the funds.\nFor these services, the Transfer Agent receives a monthly fee computed on the basis of the number of\nshareholder accounts it maintains for each fund during the month, and is reimbursed for certain out-of-pocket\nexpenses. The funds, other than the Index Funds, also may make payments to certain financial intermediaries,\nincluding affiliates, who provide sub-administration, recordkeeping and/or sub-transfer agency services\nto beneficial owners of fund shares. BNY Mellon Investment Servicing (US) Inc.,\nan affiliate of BNYIA, located at 240 Greenwich Street, New York, New York 10286, serves as each fund's\nsub-transfer agent, pursuant to a sub-transfer agency agreement with the Transfer Agent. The\nCustodian, an affiliate of BNYIA, located at 240 Greenwich Street, New York, New York 10286, serves as\ncustodian for the investments of the funds. The Custodian has no part in determining the investment\npolicies of the funds or which securities are to be purchased or sold by the funds. Pursuant to a custody\nagreement applicable to each fund, the Custodian holds each fund's securities and keeps all necessary\naccounts and records. For its custody services, the Custodian receives a monthly fee based on the market\nvalue of each fund's assets held in custody and receives certain securities transaction charges.\nAnnual Anti-Money Laundering Program Review The\nfunds may engage an accounting firm (which may be the independent registered public accounting firm that\naudits certain of the funds' financial statements) to perform an annual independent review of the funds'\nanti-money laundering program. Funds' Compliance Policies and Procedures The\nfunds have adopted compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act that\ncover, among other matters, certain compliance matters relevant to the management and operations of the\nfunds.\nIII-96\nCombined Prospectuses A fund's prospectus may\nbe combined with the prospectus of one or more funds that are not governed by the same board as such\nfund. This practice of combining prospectuses is for the convenience of fund shareholders and prospective\nfund shareholders, so that they can review features of multiple funds simultaneously. However, a fund's\nboard is only responsible for the di\n...\nstate after which the relevant fund is named that provide income exempt from federal and\nsuch state's personal income taxes (also referred to as \"New York Municipal Bonds,\" \"New Jersey Municipal\nBonds,\" etc., depending on the state in the name of the relevant fund); New York Municipal Bonds also\nare exempt from New York City personal income taxes State Municipal Funds A fund that normally invests\nat least 80% of its net assets, plus borrowings for investment purposes, in State Municipal Bonds or\nState Municipal Obligations State\nMunicipal Obligations Municipal\nObligations of the state after which the relevant fund is named, and the state's political subdivisions,\nauthorities and corporations, and certain other specified securities, that provide income exempt from\nfederal and such state's personal income taxes (also referred to as \"New York Municipal Obligations,\"\n\"New Jersey Municipal Obligations,\" etc., depending on the state in the name of the relevant fund); New\nYork Municipal Obligations also are exempt from New York City personal income taxes Sub-Adviser A\nfund's sub-investment adviser, if any, as described in the prospectus; certain funds have more than one\nSub-Adviser Sub-Advised\nFunds Funds\nthat use a Sub-Adviser, unless such Fund is a Multi-Manager Fund or a Multi-Strategy Fund Subsidiary For\nBNY Mellon Global Real Return Fund: GRR Commodity Fund Ltd., a company (1) organized under the laws\nof the Cayman Islands, (2) whose registered office is located at Maples Corporate Services Limited, P.O.\nBox 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, and (3) which is wholly-owned and controlled\nby BNY Mellon Global Real Return Fund. Sustainable Funds BNY Mellon Sustainable U.S. Equity Fund, Inc. TIPS Treasury\nInflation-Protection Securities Transfer Agent BNY Mellon Transfer, Inc. Treasury U.S. Department of the\nTreasury USA\nPATRIOT Act Uniting\nand Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism\nAct of 2001 Valuation\nDesignee BNYIA Walter\nScott Walter\nScott Partners Limited Wealth\nManagement BNY\nWealth\nIII-127\nTerm Meaning Weekly Liquid Assets (i) Cash;\n(ii) direct obligations of the U.S. government; (iii) securities issued by U.S. government\nagencies at a discount and have a remaining maturity of 60 days or less; (iv) securities that will\nmature or are subject to a demand feature that is exercisable and payable within five business days;\nand (v) amounts receivable and due unconditionally within five business days on pending sales of\nportfolio securities\nIII-128\nIV. APPENDIX\nA PROXY VOTING POLICIES AND PROCEDURES OF FIRMS DELEGATED FUND PROXY VOTING AUTHORITY BSP\nNY LLC, formerly Alcentra NY, LLC (\"BSP\") A.\nIntroduction/General Principles In accordance with\nthe\nFirm's fiduciary duty to vote proxies and consents and otherwise make determinations in the best interests\nof the Firm's Clients, including but not limited to Rule 206(4)-6\nunder\nthe\nAdvisers\nAct,\nthe\noverriding\nprinciple of the Firm's proxy and/or other voting (and similar\nactions and determinations) is to maximize the financial interests\nof its Clients. For avoidance of doubt, these Proxy Voting and Other Voting or Consent/\nAction\nPolicies and Procedures applies to any proxy and any other shareholder or beneficial owner vote, consent,\naction or similar determination, including a vote, consent or action with respect to a private company\nthat\ndoes\nnot\ninvolve\na\npublic\nproxy\nand\ncertain consents or other actions\nrelating\nto\ndebt\nor other instruments, such as waivers of covenant breaches or amendments to governing do\n...\ne . The Proxy Voting Committee also has engaged ISS as its\nproxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting.\nIn that role, ISS is required to follow the Voting Guidelines and apply them to the corresponding proxy\nproposals or matters on which a shareholder vote is sought. Accordingly, proxies that can be appropriately\ncategorized and matched will be voted in accordance with the applicable Voting Guideline, or a proxy\nproposal will be referred to the Proxy Voting Committee if the Voting Guidelines so require, and generally\nfor those proxy proposals or shareholder voting matters that are contested or similarly controversial\nand require a case-by-case analysis, as determined by the Committee in its discretion ( e.g. , proxy contests, potentially\nexcessive executive compensation issues, or certain shareholder proposals). In addition, the Proxy Voting\nCommittee has directed ISS to refer to it for discussion and vote all proxy proposals of those issuers:\n(1) where the percentage of their outstanding voting securities held in the aggregate in accounts managed\nMIC is deemed significant or (2) that are at or above a certain specified market capitalization size\n(each, as determined by the Proxy Voting Committee in its discretion). For items referred to it, the\nProxy Voting Committee may determine to accept or reject any recommendation based on the Voting Guidelines,\nresearch and analysis provided by its Proxy Advisors, or on any independent research and analysis obtained\nor generated by MIC. MIC will furnish a copy of its Proxy Voting Policy and its\nVoting Guidelines upon request to each advisory client that has delegated voting authority. Our Voting\nGuidelines are also available publicly on our website at www.Mellon.com. Newton\nInvestment Management Limited/Newton Investment Management North America, LLC (\"Newton\") Proxy\nVoting by Newton Newton has adopted and implemented the Proxy Voting Policies\nand Procedures (the \"Policy\"), which it believes is reasonably designed to: Ensure that voting rights 1\nare exercised; Ensure\nvoting decisions are taken in the best interests of clients and in line with governance best practice,\naiming to protect our clients' rights as minority shareholders; Address potential material conflicts of interest that may\narise; and 1 We do not acquire or hold securities to influence control\nof management under Rules 13d-1(b) and 13d-1(c) of the Securities Exchange Act of 1934. Any expression\nof our views or voting policy during meetings is not intended, and should not be construed, as an indication\nof voting intentions, support for any action, or an attempt to influence management control. Meet\ndisclosure requirements and expectations in connection with voting responsibilities and activities undertaken. Voting\nGuidelines Newton has established overarching voting guidelines which inform our ultimate\nvoting decision, based on guidance established by internationally recognized governance principles including\nthe OECD Corporate Governance Principles, the ICGN Global Governance Principles, the UK Investment Association's\nPrinciples of Remuneration and the UK Corporate Governance Code, in addition to other local governance\ncodes. All voting decisions are based on Newton's voting guidelines. We have used the\nservices of an independent voting service provider to translate these guidelines into explicit voting\nactions forming a bespoke voting policy for Newton. This policy will be applied to all our votable\nholdings, enabling a universal approach to our voting while allowing us to deploy in-depth case-by-case\na", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "seriesOf", "o": "trust:BNY_Mellon_Investment_Funds_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "subAdvisedBy", "o": "org:Newton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "subAdvisedBy", "o": "org:Newton_Investment_Management_North_America_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Equity_Income_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_Mellon_Investment_Funds_III", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon Equity Income Fund <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BNY Mellon Investment Funds III <predicate_marker> subAdvisedBy <object_marker> Newton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Newton Investment Management North America, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> BNY Mellon Investment Funds III <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon Equity Income Fund advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; seriesOf BNY Mellon Investment Funds III ; subAdvisedBy Newton Investment Management Limited , Newton Investment Management North America, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , BNY Mellon Transfer, Inc. .\nBNY Mellon Investment Funds III underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 19343, "n_triples": 8, "text_to_json_ratio": 24.9}}
{"sample_id": "0000063067:ALL", "cik": "0000063067", "trust_name": "MFS Series Trust XVI", "input_text": "ing\nin the fund with the cost of investing in other mutual funds. The example\nassumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares\nat the end of the time periods (unless otherwise indicated); your investment has a 5% return each year;\nand the fund s operating expenses remain the same. Although\nyour actual costs will likely be higher or lower, under these assumptions your costs would be: 1 YEAR 3\nYEARS 5 YEARS 10\nYEARS Class A Shares $ 694 $ 1,091 $ 1,513 $ 2,683 Class\nB Shares assuming 1 redemption at end of period $ 602 $ 1,075\n$ 1,575 $ 2,816 no redemption at end of period $ 202 $ 775 $ 1,375 $ 2,816 Class\nC Shares assuming 1 redemption at end of period $ 302 $ 775\n$ 1,375 $ 2,816 no redemption at end of period $ 202 $ 775 $ 1,375 $ 2,816 Class I\nShares $ 101\n$ 471\n$ 865\n$ 1,969\nClass\nR1 Shares $ 202 $ 775 $ 1,375 $ 2,998 Class R2\nShares $ 152\n$ 624\n$ 1,123\n$ 2,497\nClass\nR3 Shares $ 126 $ 548 $ 995 $ 2,237 Class R4\nShares $ 101\n$ 471\n$ 865\n$ 1,969\nClass\nR6 Shares $ 97\n$ 454\n$ 835\n$ 1,906\n1 Shares automatically convert to Class A shares approximately eight years after\npurchase; therefore, the expense examples reflect Class A share expenses after eight years. Portfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate\nmay indicate higher transaction costs and may result in higher taxes when shares are held in a taxable\naccount. These transaction costs, which are not reflected in Annual Fund Operating Expenses or\nin the Example, affect the fund s performance. During the most recent fiscal year, the fund s\nportfolio turnover rate was 63 % of the average value of its portfolio. Principal\nInvestment Strategies MFS (Massachusetts Financial Services Company,\nthe fund's investment adviser) normally invests the fund's assets across different asset classes, including\nan allocation to equity securities and an allocation to debt instruments and/or cash and cash equivalents.\nMFS allocates the fund's assets across these asset classes based on its assessment of individual securities\nand the risk/return potential of the asset classes. MFS expects\nthe fund's exposure to the following asset classes to normally fall within the following ranges: Asset Class Range Equity\nSecurities 50% -\n90% Debt\nInstruments, Cash, and/or Cash Equivalents 10% -\n50% While MFS may use derivatives for any investment\npurpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or\ndecrease exposure to these asset classes, as alternatives to direct investments in these asset classes,\nor to seek to limit the fund's exposure to certain extreme market events. Derivatives include futures,\nforward contracts, options, and swaps. The fund s investment in\nand exposure to the asset classes identified above may vary significantly from time to time and may fall\noutside of the stated ranges. MFS may invest in or expose the fund to any of these asset classes without\nlimit based on its assessment of the relative attractiveness of the asset class. Equity\nsecurities include common stocks, depositary receipts, and other securities that represent an ownership\ninterest (or right to acquire an ownership interest) in a company or other issuer. In selecting equity\ninvestments for the fund, MFS is not constrained by any particular investment style. MFS may invest the\nfund s assets in the stocks of companies it believes to have above average earnings growth potential\ncompared to other companies (growth com\n...\n11 days after month end Fund's\ntop 10 fixed income holdings as of each month's end 11 days after month end Fund s full holdings as of each month s end 19 days after month end Holdings\nalso include short positions, if any. For purposes of full holdings, cash, cash equivalents, and short-term\ninvestments are aggregated and currency derivatives and the cash portion of other derivatives are aggregated. Note that the fund or MFS may suspend the posting of this information or modify\nthe elements of this Web posting policy without notice to shareholders. Once posted, the above information\nwill generally remain available on mfs.com until at least the date on which the fund files a Form N-CSR\nor Form N-PORT for the period that includes the date as of which the mfs.com information is current. Portfolio\nManager(s) Information regarding the portfolio manager(s) of the fund\nis set forth below. Further information regarding the portfolio manager(s), including other accounts\nmanaged, compensation, ownership of fund shares, and possible conflicts of interest, is available in\nthe fund s SAI. Portfolio Manager\nPrimary Role Five Year\nHistory David Cole Asset Allocation and Debt Instruments Portfolio Manager Employed\nin the investment area of MFS since 2004 Shanti Das-Wermes Asset Allocation and Equity\nSecurities Portfolio Manager Employed in the investment area of MFS since 2011 Edward\nDearing Asset\nAllocation and Equity Securities Portfolio Manager Employed in the investment area of MFS since 2014 Administrator MFS provides the fund with certain financial, legal, and other administrative\nservices under a Master Administrative Services Agreement between the fund and MFS. Under the Agreement,\nMFS is paid an annual fee for providing these services.\n11 MFS\nPrudent Investor Fund\nDistributor\nMFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary\nof MFS, is the distributor of shares of the fund. Shareholder Servicing Agent MFS\nService Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, provides dividend and distribution disbursing\nand transfer agent and recordkeeping functions in connection with the issuance, transfer, and redemption\nof each class of shares of the fund under a Shareholder Servicing Agent Agreement. MFSC receives a fee\nbased on the costs it incurs in providing these services and a target profit margin. In addition, MFSC\nis reimbursed for payments made to service providers that provide certain sub-accounting and other shareholder\nservices (shareholder servicing payments) and its out-of-pocket expenses. No shareholder servicing payments\nare made for Class R6 shares. Description\nof Share Classes The fund offers Class A, Class B, Class C,\nClass I, Class R1, Class R2, Class R3, Class R4, and Class R6 shares through this prospectus. All classes\nof the fund have the same investment objective and investments, but each class has its own sales charge\nand expense structure. Your financial intermediary may also charge you additional fees, commissions,\nor other charges. You should consult with your financial intermediary to help you determine which class\nis most appropriate for you. Purchases of Class B shares are closed to new\nand existing investors except through reinvestment of dividends and capital gain distributions. Existing\ninvestors may continue to exchange their Class B shares for the same share class of another MFS fund. Purchases of Class R1 and Class R2 shares are closed to new eligible investors.\nExisting eligible investors can make additional purchases and reinvest distributions in Class R1 and\nClass R2 shares in any account open. Existing eligible investors may also exchange their Class R1 and\nClass R2 shares for the same share class of another MFS fund, open new Cla\n...\nformation\nabout the fund are available on the EDGAR Database on the Commission s Internet website at http://www.sec.gov ,\nand copies of this information may be obtained, upon payment of a duplicating fee, by electronic request\nat the following e-mail address: publicinfo@sec.gov . The fund s Investment Company Act file number is 811-02032. HOW TO CONTACT US Website mfs.com MFS\nTALK 1-800-637-8255 24 hours\na day Account service and literature Shareholders 1-800-225-2606 Investment professionals 1-800-343-2829 Retirement plan services 1-800-637-1255 Mailing\naddress MFS Service Center, Inc. P.O. Box\n219341 Kansas City, MO 64121-9341 Overnight\nmail MFS Service Center, Inc. Suite 219341 430\nW 7 th Street Kansas\nCity, MO 64105-1407\nStatement of Additional Information October 28, 2024 Fund Ticker Symbol Class A Class B Class C Class I Class R1 Class R2 Class R3 Class R4 Class R6 MFS\nSeries Trust XVI : MFS\nPrudent Investor Fund FPPAX FPPDX FPPEX FPPJX FPPRX FPPSX FPPQX FPPUX FPPVX MFS\nSeries Trust XVII: MFS\nInternational Equity Fund MIEJX N/A N/A MIEKX N/A N/A N/A N/A MIEIX This\nStatement of Additional Information (\"SAI\") contains additional information about each fund listed above\n(references to \"a Fund\" or \"the Fund\" mean each Fund listed on the cover page, unless otherwise noted) ,\nand should be read in conjunction with the Fund's Prospectus dated October 28,\n2024, as may be amended or supplemented from time to time. The Fund's financial statements are incorporated\ninto this SAI by reference to the Fund's most recent annual Form N-CSR (\"Form N-CSR\") filed with the\nU.S. Securities and Exchange Commission (the \"SEC\"). The Fund's financial statements are set forth in\nItem 7 of the Fund s annual Form N-CSR, which is available at the hyperlinks noted below for the relevant\nTrust. MFS\nSeries Trust XVI (MFS Prudent Investor Fund) MFS Series\nTrust XVII (MFS International Equity Fund) You may obtain a copy of the Fund's Prospectus and Annual Report without charge\nby contacting the Fund's transfer agent, MFS Service Center, Inc. (please see back cover for address\nand telephone number). This SAI is NOT a prospectus and is authorized\nfor distribution to prospective investors only if preceded or accompanied by a current prospectus. OCTOBER-SAI-COMBINED-102824\nTable of Contents: DEFINITIONS 1 MANAGEMENT OF THE FUND 1 SALES CHARGES 5 DISTRIBUTION PLAN 5 FINANCIAL INTERMEDIARY COMPENSATION 7 INVESTMENT STRATEGIES, RISKS,\nAND RESTRICTIONS 7 NET INCOME AND DISTRIBUTIONS 7 TAX CONSIDERATIONS 7 PORTFOLIO TRANSACTIONS AND\nBROKERAGE COMMISSIONS 13 DISCLOSURE OF PORTFOLIO\nHOLDINGS AND OTHER FUND INFORMATION 15 DETERMINATION OF NET ASSET\nVALUE 16 DESCRIPTION OF SHARES, VOTING\nRIGHTS, AND LIABILITIES 17 INDEPENDENT REGISTERED PUBLIC\nACCOUNTING FIRM(S) AND FINANCIAL STATEMENTS 18 APPENDIX A -- TRUSTEES AND\nOFFICERS -- IDENTIFICATION AND BACKGROUND A- 1 APPENDIX B - TRUSTEE COMPENSATION\nAND COMMITTEES B- 1 APPENDIX C - SHARE OWNERSHIP C- 1 APPENDIX D - PORTFOLIO MANAGER(S) D- 1 APPENDIX E - PROXY VOTING\nPOLICIES AND PROCEDURES E- 1 APPENDIX F - CERTAIN SERVICE\nPROVIDER COMPENSATION F- 1 APPENDIX G - SALES CHARGES G- 1 APPENDIX H - DISTRIBUTION\nPLAN PAYMENTS H- 1 APPENDIX I - FINANCIAL INTERMEDIARY\nCOMPENSATION I- 1 APPENDIX J - INVESTMENT\nSTRATEGIES AND RISKS J- 1 APPENDIX K -- INVESTMENT\nRESTRICTIONS K- 1 APPENDIX L -- PORTFOLIO\nTRANSACTIONS AND BROKERAGE COMMISSIONS L- 1 APPENDIX M -- RECIPIENTS\nOF NON-PUBLIC PORTFOLIO HOLDINGS ON AN ONGOING BASIS M- 1 APPENDIX N -- DESCRIPTION\nOF RATINGS N- 1 APPENDIX O -- INCOME AND\nFEES RELATED TO SECURITIES LENDING ACTIVITIES O\n...\nyments made under agreements with service\nproviders that provide sub-accounting, transaction processing, and/or other shareholder services (\"Shareholder\nServicing Payments\"), that may include receiving instructions for the purchase, exchange or redemption\nof shares; preparing and transmitting periodic statements; providing or causing to be provided prospectuses,\nannual reports, semiannual reports, shareholder notices, and other shareholder communications; providing\nrequired tax services and documents; calculating and assessing sales charges; and calculating and recording\nor distributing distributions to shareholders. Service providers receive an annualized fee based on\nthe Fund s average daily net assets serviced by the service provider and/or a fee for each year, or\nportion thereof, for the Fund account serviced by the service provider. Payments vary by service provider\nand may be significant to the service provider. Proceeds from Fund purchases,\nredemptions, and distribution payments may be held in one or more demand deposit bank accounts registered\nto MFSC, who acts as agent for the Fund when opening, closing, and conducting business in the bank account(s).\nMFSC may invest overnight balances in money market instruments, including money market funds. Any balances\nnot invested remain in the bank account(s) overnight. Pursuant to the Shareholder Servicing Agent Agreement,\nif MFSC has acted in good faith and with reasonable care, investment risks associated with such bank\naccount(s) are risks of the Fund. Distributor MFD, a\nwholly-owned subsidiary of MFS, serves as distributor for the continuous offering of shares of the Fund\npursuant to a Distribution Agreement. Under the Agreement, MFD agrees to use its best efforts to find\npurchasers for shares of the Fund. Custodian JPMorgan\nChase Bank (\"JPMorgan ), with a place of business at One Chase Manhattan Plaza, New York, NY 10081,\nserves as the custodian of the assets of the Fund. JPMorgan is responsible for safekeeping cash and securities,\nhandling the receipt and delivery of securities, collecting interest and dividends on investments, serving\nas the foreign custody manager, and providing reports on foreign securities depositaries. JPMorgan Chase\nBank, N.A., as successor in interest to an affiliate of JPMorgan, J.P. Morgan Investor Services Co.,\nwith a place of business at One Beacon Street, Boston, MA 02108, is responsible for maintaining books\nof original entry and other required books and accounts and calculating the daily net asset value of\neach class of shares. There is an expense offset arrangement that\nreduces the Fund s custodian fees based upon the amount of U.S. Dollars deposited by the Fund with\nJPMorgan. Certain Service Provider Compensation Compensation\npaid by the Fund to certain of its service providers for advisory services, administrative services,\nand transfer agency-related services, for certain specified periods, is set forth in APPENDIX F. Code\nof Ethics The Fund, MFS, its subadvisor (if applicable), and MFD have\nadopted separate codes of ethics (\"Codes of Ethics\") as required under the 1940 Act. The Codes of Ethics\ncontain provisions and requirements designed to identify and address certain conflicts of interest between\npersonal investment activities of MFS employees and the interests of the Fund. Subject to certain conditions\nand restrictions, each code permits personnel subject to the code to invest in securities for their own\naccounts, including securities that may be purchased, held, or sold by the Fund. SALES\nCHARGES Sales charges (as applicable) paid for certa", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MFS_Prudent_Investor_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Prudent_Investor_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Prudent_Investor_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Prudent_Investor_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_XVI", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Prudent_Investor_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:MFS_Series_Trust_XVI", "p": "underwrittenBy", "o": "org:MFS_FUND_DISTRIBUTORS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MFS Prudent Investor Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust XVI <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Series Trust XVI <predicate_marker> underwrittenBy <object_marker> MFS FUND DISTRIBUTORS, INC. <triple_end>", "target_serialized_plain": "MFS Prudent Investor Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust XVI ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Series Trust XVI underwrittenBy MFS FUND DISTRIBUTORS, INC. .", "stats": {"input_chars": 14552, "n_triples": 6, "text_to_json_ratio": 25.4}}
{"sample_id": "0000063075:ALL", "cik": "0000063075", "trust_name": "MFS Series Trust IX", "input_text": "4.00 % 1.00 % None None None None None None Annual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Share Class A B C I R1 R2 R3 R4 R6 Management Fee 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % Distribution\nand/or Service (12b-1) Fees 0.25 % 1.00 % 1.00 % None 1.00 % 0.50 % 0.25 % None None Other\nExpenses 0.13 % 0.13 % 0.13 % 0.13 % 0.13 % 0.13 % 0.13 % 0.13 % 0.04 % Total\nAnnual Fund Operating Expenses 0.83 % 1.58 % 1.58 % 0.58 % 1.58 % 1.08 % 0.83 % 0.58 % 0.49 % Fee Reductions and/or Expense Reimbursements 1 ( 0.18 )% ( 0.18 )% ( 0.08 )% ( 0.08 )% ( 0.08 )% ( 0.08 )% ( 0.08 )% ( 0.08 )% ( 0.08 )% Total\nAnnual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements 0.65 % 1.40 % 1.50 % 0.50 % 1.50 % 1.00 % 0.75 % 0.50 % 0.41 % # This contingent deferred sales charge (CDSC) applies to shares purchased without\nan initial sales charge and redeemed within 18 months of purchase. 1 Massachusetts Financial Services Company (MFS) has agreed in writing to reduce\nits management fee to 0.40% of the fund's average daily net assets annually up to $1 billion. This written\nagreement will remain in effect until modified by the fund's Board of Trustees, but such agreement will\ncontinue until at least February 28, 2027. MFS has agreed in writing to waive at least 0.01% of the fund's\nmanagement fee as part of an agreement pursuant to which MFS has agreed to reduce its management fee\nby a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's\nBoard of Trustees. The agreement to waive at least 0.01% of the management fee will continue until modified\nby the fund's Board of Trustees, but such agreement will continue until at least February 28, 2027. MFS\nFund Distributors, Inc. (MFD), has agreed in writing to waive the Class A and Class B service fee to\n0.15% of each class' average daily net assets annually until modified by the fund's Board of Trustees,\nbut such agreement will continue until at least February 28, 2027.\n2 MFS Inflation-Adjusted Bond Fund\nExample\nThis example is intended to help you compare the cost of investing\nin the fund with the cost of investing in other mutual funds. The example\nassumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares\nat the end of the time periods (unless otherwise indicated); your investment has a 5% return each year;\nand the fund s operating expenses remain the same. Although\nyour actual costs will likely be higher or lower, under these assumptions your costs would be: 1 YEAR 3\nYEARS 5 YEARS 10\nYEARS Class A Shares $ 489 $ 661 $ 849 $ 1,391 Class\nB Shares assuming 1 redemption at end of period $ 543 $ 781\n$ 1,043 $ 1,661 no redemption at end of period $ 143 $ 481 $ 843 $ 1,661 Class\nC Shares assuming 1 redemption at end of period $ 253 $ 491\n$ 853 $ 1,670 no redemption at end of period $ 153 $ 491 $ 853 $ 1,670 Class I\nShares $ 51\n$ 178\n$ 316\n$ 718\nClass\nR1 Shares $ 153 $ 491 $ 853 $ 1,872 Class R2\nShares $ 102\n$ 336\n$ 588\n$ 1,310\nClass\nR3 Shares $ 77 $ 257 $ 453 $ 1,018 Class R4\nShares $ 51\n$ 178\n$ 316\n$ 718\nClass\nR6 Shares $ 42\n$ 149\n$ 266\n$ 608\n1 Shares automatically convert to Class A shares approximately eight years after\npurchase; therefore, the expense examples reflect Class A share expenses after eight years. Portfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate\nmay indicate higher transaction costs and may result in higher taxes when shares are held in a taxable\naccount. These transaction costs, which are not reflected in Annual Fund Operating Expenses or\nin the Example, affect the fund s performance. During the most recent fiscal year, the fund s\nportfolio turnover rate was 38 % of the average value of its portfolio. Principal\nInvestment Strategies MFS (Massachusetts Financial Services Company,\nthe fund s investment adviser) normally invests at least 80% of the fund s net assets in inflation-adjusted\ndebt instruments and other instruments with similar economic characteristics. Inflation-adjusted debt\ninstruments are debt instruments whose principal and/or interest payments are adjusted for realized inflation.\nMFS generally focuses the fund s investments in inflation-adjusted\ndebt instruments issued by the U.S. Treasury. MFS may also invest the fund s assets in other inflation-adjusted\ndebt instruments and non-inflation-adjusted debt instruments, including corporate debt instruments, foreign\ngovernment securities, securitized instruments, and other debt instruments. MFS\ngenerally invests substantially all of the fund s assets in investment grade quality debt instruments. MFS may invest a significant percentage of the fund s assets in a single issuer\nor a small number of issuers. MFS may invest the fund s assets in foreign\nsecurities. While MFS may use derivatives for any investment purpose,\nto the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease\nexposure to a particular market, segment of the market, or security, to increase or decrease interest\nrate or currency exposure, or as alternatives to direct investments. Derivatives include futures, forward\ncontracts, options, and swaps. MFS uses an active investment\napproach in managing the fund that combines top-down considerations and bottom-up fundamental investment\nanalysis to make decisions about sector allocations, duration and yield curve positioning, and security\nselection. In addition, market technicals (e.g., bond supply/demand dynamics) are typically considered\nin determining sector allocations and specific security selec\n...\ns top 10 holdings as of each month s end 11 days after month end Fund s\nfull holdings as of each month s end 19 days after month end Holdings\nalso include short positions, if any. Top 10 holdings exclude cash, cash equivalents, short-term investments,\ncurrency derivatives, and the cash portion of other derivatives. For purposes of full holdings, cash,\ncash equivalents, and short-term investments are aggregated and currency derivatives and the cash portion\nof other derivatives are aggregated. Note that the fund or MFS\nmay suspend the posting of this information or modify the elements of this Web posting policy without\nnotice to shareholders. Once posted, the above information will generally remain available on mfs.com\nuntil at least the date on which the fund files a Form N-CSR or Form N-PORT for the period that includes\nthe date as of which the mfs.com information is current. Portfolio\nManager(s) Information regarding the portfolio manager(s) of the fund\nis set forth below. Further information regarding the portfolio manager(s), including other accounts\nmanaged, compensation, ownership of fund shares, and possible conflicts of interest, is available in\nthe fund s SAI. Portfolio Manager Primary Role Five Year History Jake Stone Portfolio Manager Employed in the investment\narea of MFS since 2018 Erik Weisman Portfolio Manager Employed in the investment\narea of MFS since 2002 Administrator MFS\nprovides the fund with certain financial, legal, and other administrative services under a Master Administrative\nServices Agreement between the fund and MFS. Under the Agreement, MFS is paid an annual fee for providing\nthese services. Distributor MFS Fund Distributors, Inc.\n(MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. Shareholder\nServicing Agent MFS Service Center, Inc. (MFSC), a wholly-owned\nsubsidiary of MFS, provides dividend and distribution disbursing and transfer agent and recordkeeping\nfunctions in connection with the issuance, transfer, and redemption of each class of shares of the fund\nunder a Shareholder Servicing Agent Agreement. MFSC receives a fee based on the costs it incurs in providing\nthese services and a target profit margin. In addition, MFSC is reimbursed for payments made to service\nproviders that provide certain sub-accounting and other shareholder services (shareholder servicing payments)\nand its out-of-pocket expenses. No shareholder servicing payments are made for Class R6 shares.\nDescription of Share Classes The\nfund offers Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, and Class R6\nshares through this prospectus. All classes of the fund have the same investment objective and investments,\nbut each class has its own sales charge and expense structure. Your financial intermediary may also charge\nyou additional fees, commissions, or other charges. You should consult with your financial intermediary\nto help you determine which class is most appropriate for you. Purchases\nof Class B shares are closed to new and existing investors except through reinvestment of dividends and\ncapital gain distributions. Existing investors may continue to exchange their Class B shares for the\nsame share class of another MFS fund. Purchases of Class R1 and\nClass R2 shares are closed to new eligible investors. Existing eligible investors can make additional\npurchases and reinvest distributions in Class R1 and Class R2 shares in any account open. Existing eligible\ninvestors may also exchange their Class R1 and Class R2 shares for the same share class of another MFS\nfund, open new Clas\n...\nho are not \"interested persons\" (as defined\nin the 1940 Act) of the Fund. \"Majority\nShareholder Vote\" as defined currently in the 1940 Act to be the lesser of (i) 67% or more of\nthe voting securities present at a meeting at which holders of voting securities representing more than\n50% of the outstanding voting securities are present or represented by proxy, or (ii) more than 50% of\nthe outstanding voting securities. \"MFD\"\nor the \"Distributor\" MFS Fund Distributors, Inc., a Delaware corporation. \"MFS\" Massachusetts Financial Services Company, a\nDelaware corporation. \"MFSC\"\nMFS Service Center, Inc., a Delaware corporation. \"MFS Fund\" a fund managed by MFS and overseen by the Board. \"MFS Funds\" collectively, the funds managed by MFS\nand overseen by the Board. \"Prospectus\"\nthe Prospectus of the Fund, dated February 27, 2026, as may be amended or supplemented from time\nto time. \"SEC\"\nU.S. Securities and Exchange Commission. \"Trust\"\nreferences to a \"Trust\" mean the Massachusetts business trust of which the Fund is a series,\nor, if the Fund is itself a Massachusetts business trust, references to a \"Trust\" shall mean the Fund.\nMANAGEMENT OF THE FUND Organization\nof the Fund MFS Global Equity Fund, MFS Global Total Return Fund, and\nMFS Utilities Fund, each an open-end investment company, are series of MFS Series Trust VI, a Massachusetts\nbusiness trust organized in 1990. MFS Global Equity Fund, MFS Global Total Return Fund, and MFS Utilities\nFund are diversified funds. MFS Global Growth Fund and\nMFS Income Fund, each an open-end investment company, are series of MFS Series Trust VIII, a Massachusetts\nbusiness trust organized in 1987. MFS Global Growth Fund and MFS Income Fund are diversified funds. MFS Inflation-Adjusted Bond Fund, an open-end investment company, is a series\nof MFS Series Trust IX, a Massachusetts business trust organized in 1985. MFS Inflation-Adjusted Bond\nFund is a diversified fund. MFS Emerging Markets Debt Local Currency Fund,\nan open-end investment company, is a series of MFS Series Trust X, a Massachusetts business trust organized\nin 1985. MFS Emerging Markets Debt Local Currency Fund is a non-diversified fund. MFS\nCommodity Strategy Fund and MFS Global Alternative Strategy Fund, each an open-end investment company,\nare series of MFS Series Trust XV, a Massachusetts business trust organized in 1985. MFS Commodity Strategy\nFund and MFS Global Alternative Strategy Fund are diversified funds. Trustees/Officers Board Leadership Structure and Oversight The following provides an overview\nof the leadership structure of the Board and the Board s oversight of the MFS Funds risk\nmanagement process. As of the date of this SAI, the Board consists of 11 Trustees, 10 of whom are Independent\nTrustees. An Independent Trustee serves as Chair of the Board. Taking into account the number, the diversity\nand the complexity of the MFS Funds overseen by the Board and the aggregate amount of assets under management\nin the MFS Funds, the Board has determined that the efficient conduct of its affairs makes it desirable\nto delegate responsibility for certain specific matters to Committees of the Board. Each of the seven\nstanding Committees of the Board, to which the Board has delegated certain authority and oversight responsibilities,\nconsists exclusively of Independent Trustees. In connection with each of the Board s regular meetings,\nthe Independent Trustees meet separately from MFS with their counsel. The Independent Trustees also meet\nregularly with the MFS Funds Chief Compliance Officer (who is also MFS' Chief Compliance Officer)\nto receive\n...\nn the Fund s average daily net assets serviced by the\nservice provider and/or a fee for each year, or portion thereof, for the Fund account serviced by the\nservice provider. Payments vary by service provider and may be significant to the service provider.\nProceeds from Fund purchases, redemptions, and distribution\npayments may be held in one or more demand deposit bank accounts registered to MFSC, who acts as agent\nfor the Fund when opening, closing, and conducting business in the bank account(s). MFSC may invest\novernight balances in money market instruments, including money market funds. Any balances not invested\nremain in the bank account(s) overnight. Pursuant to the Shareholder Servicing Agent Agreement, if MFSC\nhas acted in good faith and with reasonable care, investment risks associated with such bank account(s)\nare risks of the Fund. Distributor MFD, a\nwholly-owned subsidiary of MFS, serves as distributor for the continuous offering of shares of the Fund\npursuant to a Distribution Agreement. Under the Agreement, MFD agrees to use its best efforts to find\npurchasers for shares of the Fund. Custodian State Street\nBank and Trust Company (\"State Street ), with a place of business at One Congress Street, Boston,\nMA 02114, serves as the custodian of the assets of MFS Commodity Strategy Fund, MFS Emerging Markets\nDebt Local Currency Fund, and MFS Inflation-Adjusted Bond Fund. State Street is responsible for safekeeping\ncash and securities, handling the receipt and delivery of securities, collecting interest and dividends\non investments, serving as the foreign custody manager, providing reports on foreign securities depositaries,\nmaintaining books of original entry and other required books and accounts, and calculating the daily\nnet asset value of each class of shares. JPMorgan Chase Bank (\"JPMorgan ),\nwith a place of business at 270 Park Avenue, New York, NY 10017, serves as the custodian of the assets\nof MFS Global Alternative Strategy Fund, MFS Global Equity Fund, MFS Global Growth Fund, MFS Global Total\nReturn Fund, MFS Income Fund, and MFS Utilities Fund. JPMorgan is responsible for safekeeping cash and\nsecurities, handling the receipt and delivery of securities, collecting interest and dividends on investments,\nserving as the foreign custody manager, and providing reports on foreign securities depositaries. JPMorgan\nChase Bank, N.A., as successor in interest to an affiliate of JPMorgan, J.P. Morgan Investor Services\nCo., with a place of business at One Beacon Street, Boston, MA 02108, is responsible for maintaining\nbooks of original entry and other required books and accounts and calculating the daily net asset value\nof each class of shares. There is an expense offset\narrangement that reduces the Fund s custodian fees based upon the amount of U.S. Dollars deposited\nby the Fund with JPMorgan. Certain Service Provider Compensation Compensation\npaid by the Fund to certain of its service providers for advisory services, administrative services,\nand transfer agency-related services, for certain specified periods, is set forth in APPENDIX F. Code\nof Ethics The Fund, MFS, its subadvisor (if applicable), the Subsidiary,\nand MFD have adopted separate codes of ethics (\"Codes of Ethics\") as required under the 1940 Act. The\nCodes of Ethics contain provisions and requirements designed to identify and address certain conflicts\nof interest between personal investment activities of MFS employees and the interests of the Fund. Subject\nto certain conditions and restrictions, each code permits personnel subject to the code to invest in\nsecurities", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MFS_Corporate_Bond_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Corporate_Bond_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Corporate_Bond_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Corporate_Bond_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_IX", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Corporate_Bond_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Limited_Maturity_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Limited_Maturity_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Limited_Maturity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Limited_Maturity_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_IX", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Limited_Maturity_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Municipal_Limited_Maturity_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Municipal_Limited_Maturity_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Municipal_Limited_Maturity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Municipal_Limited_Maturity_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_IX", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Municipal_Limited_Maturity_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Total_Return_Bond_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Total_Return_Bond_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Total_Return_Bond_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Total_Return_Bond_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_IX", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Total_Return_Bond_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:MFS_Series_Trust_IX", "p": "underwrittenBy", "o": "org:MFS_FUND_DISTRIBUTORS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MFS Corporate Bond Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust IX <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Limited Maturity Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust IX <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Municipal Limited Maturity Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust IX <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Total Return Bond Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust IX <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Series Trust IX <predicate_marker> underwrittenBy <object_marker> MFS FUND DISTRIBUTORS, INC. <triple_end>", "target_serialized_plain": "MFS Corporate Bond Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust IX ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Limited Maturity Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust IX ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Municipal Limited Maturity Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust IX ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Total Return Bond Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust IX ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Series Trust IX underwrittenBy MFS FUND DISTRIBUTORS, INC. .", "stats": {"input_chars": 16568, "n_triples": 21, "text_to_json_ratio": 8.6}}
{"sample_id": "0000074663:ALL", "cik": "0000074663", "trust_name": "Eaton Vance Series Trust II", "input_text": "nce, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg U.S. Universal Index, and neither shall be liable in any way to Eaton Vance, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg U.S. Universal Index or any data included therein.\nICE BofA indices are not for redistribution or other uses; provided as is , without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance s products. BofA is a licensed registered trademark of Bank of America Corporation in the United States and other countries.\nAfter-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder s tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.\nManagement\nInvestment Adviser. Eaton Vance Management ( Eaton Vance ).\nPortfolio Managers\nName\nTitle\nDate Began Managing Fund\nJustin H. Bourgette, CFA\nManaging Director of Morgan Stanley and Vice President of Eaton Vance\nMarch 2025\nStephen C. Concannon, CFA\nManaging Director of Morgan Stanley and Vice President of Eaton Vance\nDecember 2019\nBo Hunt\nManaging Director of Morgan Stanley and Vice President of Eaton Vance\nMarch 2025\nPurchase and Sale of Fund Shares\nYou may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Fund shares either through your financial intermediary or directly from the Fund either by writing to the Fund, P.O. Box 534439, Pittsburgh, PA 15253-4439, or by calling 1-800- 262-1122. The minimum initial purchase or exchange into the Fund is $1,000 for Class A and $1,000,000 for Class I (waived in certain circumstances). There is no minimum for subsequent investments.\n14\nBack to Table of Contents\nEaton Vance Short Duration High Income Fund | Fund Summary\nEaton Vance Short Duration High Income Fund (Con t)\nTax Information\nIf your shares are held in a taxable account, the Fund s distributions will be taxed to you as ordinary income and/or capital gains, unless you are exempt from taxation. If your shares are held in a tax-advantaged account, you will generally be taxed only upon withdrawals from the account.\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase the Fund s shares through a broker-dealer or other financial intermediary (such as a bank) (collectively, financial intermediaries ), the Fund, its principal underwriter and its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may c\n...\net assets of the Fund as follows:\nAverage Daily Net Assets for the Month\nAnnual Fee Rate\nUp to $1 billion\n0.550%\n$1 billion but less than $2.5 billion\n0.525%\n$2.5 billion but less than $5 billion\n0.505%\n$5 billion and over\n0.490%\n33\nBack to Table of Contents\nEaton Vance Fixed Income Funds | Details of the Funds\nDetails of the Funds (Con t)\nFor the fiscal year ended October 31, 2025, the effective annual rate of investment advisory and administrative fee paid by the Fund was 0.55% of the Fund s average daily net assets.\nThe Fund is managed by Justin H. Bourgette, CFA, Stephen C. Concannon, CFA and Bo Hunt. Prior to June 12, 2020, Mr. Concannon also managed Short Duration High Income Portfolio ( SDHI Portfolio ) in which the Fund previously invested. Mr. Concannon has served as portfolio manager of the Fund since December 2019. Mr. Bourgette and Mr. Hunt have served as Portfolio Managers for the Fund since March 2025. Additional information about Messrs. Bourgette, Concannon and Hunt appears under Income Fund of Boston above.\nThe SAI provides additional information about each portfolio manager s compensation, other accounts managed by each portfolio manager, and each portfolio manager s ownership of Fund shares.\nEaton Vance serves as the administrator of each Fund, providing each Fund with administrative services and related office facilities. Eaton Vance does not currently receive a fee for serving as administrator.\nEaton Vance provides sub-transfer agency and related services to Eaton Vance mutual funds pursuant to a Sub-Transfer Agency Support Services Agreement. For its services under the agreement, Eaton Vance receives an aggregate fee from such funds equal to its actual expenses incurred in performing such services.\nOrganization\nIncome Fund of Boston is a series of Eaton Vance Series Trust II. Short Duration High Income Fund is a series of Eaton Vance Mutual Funds Trust. Eaton Vance Mutual Funds Trust and Eaton Vance Series Trust II are Massachusetts business trusts. Each Fund offers multiple classes of shares. Each Class represents a pro rata interest in a Fund but is subject to different expenses and rights. The Funds do not hold annual shareholder meetings but may hold special meetings for matters that require shareholder approval (such as electing or removing Trustees, approving management or advisory contracts or changing investment policies that may only be changed with shareholder approval).\nBecause the Funds use this combined Prospectus, a Fund could be held liable for a misstatement or omission made about another Fund.\n34\nBack to Table of Contents\nEaton Vance Fixed Income Funds | Shareholder Information\nShareholder Information\nValuing Shares\nYou may buy or sell (redeem) shares of each Fund at the NAV next determined for the class after receipt of your order in good order, plus any applicable sales charge. Each Fund s NAV is determined as of the close of the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on each day that the NYSE is open for business (typically Monday through Friday) (the Pricing Time ). Each Fund is closed for business and will not issue a NAV on the following business holidays and any other business day that the NYSE is closed: New Year s Day, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. On holidays or other days when the NYSE is closed, the NAV is generally not calculated and a Fund generally does not transact purchase or redemption requests. However, on t\n...\nsub-adviser or their investment adviser affiliates. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts. In addition, from time to time, the investment adviser and/or its investment adviser affiliates may advise or manage Affiliated Investment Accounts with substantially similar investment objectives, investment policies and/or investment strategies as those of a Fund. The investment results of a Fund may be higher or lower than, and there is no guarantee that the investment results of the Fund will be comparable to, those of any other of these Affiliated Investment Accounts. Further, a Fund and an Affiliated Investment Account with substantially similar investment objectives, investment policies and/or investment strategies may have different fees and expenses (which may be higher or lower than those of the Fund), governance, structures, and/or services provided by the investment adviser and/or its investment adviser affiliates. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser, including the Fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser.\nPayments to Broker-Dealers and Other Financial Intermediaries. The investment adviser, Eaton Vance Distributors, Inc. ( EVD ) and/or their affiliates may pay compensation, out of their own funds and not as an expense of the Fund, to certain Financial Intermediaries (which may include affiliates of the investment adviser and EVD), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Fund and/or shareholder servicing. The prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Fund over other investment options with respect to which these Financial Intermediaries do not receive additional compensation (or receive lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Fund or the amount that the Fund receives to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any disclosures provided by Financial Intermediaries as to their compensation. In addition, in certain circumstances, the investment adviser restricts, limits or reduces the amount of the Fund s investment, or restricts the type of governance or voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.\nMorgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary he\n...\nto shareholders and in Form N-CSR. In each Fund s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund s performance during its last fiscal year. In Form N-CSR, you will find each Fund s annual and semi-annual financial statements. You may obtain free copies of the Statement of Additional Information and the reports on Eaton Vance s website at www.eatonvance.com or by contacting the principal underwriter:\nEaton Vance Distributors, Inc. One Post Office Square Boston, MA 02109 1-800- 262-1122 website: www.eatonvance.com\nInformation about each Fund (including the Statement of Additional Information and reports) is available on the EDGAR database on the SEC s website at www.sec.gov , and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.\nOther information, including financial statements, is available on the Funds website ( http://www.eatonvance.com/funddocuments)), delivered free of charge upon request, and filed with the SEC on a semi-annual basis on Form N-CSR. You may elect to receive all future Fund shareholder reports and other communications from the Fund electronically free of charge at any time. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at www. eatonvance.com/edelivery or by visiting www.icsdelivery.com (may not be available for all accounts). If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.\nShareholder Inquiries: You can obtain more information from Eaton Vance Shareholder Services or the Fund transfer agent, BNY Mellon Investment Servicing (US) Inc. If you own shares and would like to add to, redeem from or change your account, please write or call below:\nRegular Mailing Address: Eaton Vance Funds P.O. Box 534439 Pittsburgh, PA 15253-4439\nOvernight Mailing Address: Eaton Vance Funds Attention: 534439 500 Ross Street, 154-0520 Pittsburgh, PA 15262\nPhone Number: 1-800- 262-1122 Monday Friday 8:30 a.m. 5:30 p.m. ET\nThe Investment Company Act No. of Eaton Vance Short Duration High Income Fund is 811-04015 and the Investment Company Act No. of Eaton Vance Income Fund of Boston is 811-02258.\n2026 Eaton Vance Management\nLit-Link Code: 2568 3.1.26\nEATON VANCE INCOME FUND OF BOSTON EATON VANCE SHORT DURATION HIGH INCOME FUND\nShare Class and Ticker Symbol\nA\nC\nI\nR\nR6\nEaton Vance Income Fund of Boston\nEVIBX\nECIBX\nEIBIX\nERIBX\nEIBRX\nEaton Vance Short Duration High Income Fund\nESHAX\nESHIX\nStatement of Additional Information March 1, 2026\nOne Post Office Square Boston, Massachusetts 02109 1-800-262-1122\nThis Statement of Additional Information ( SAI ) provides general information about the Funds. The Funds are diversified, open-end management investment companies. Eaton Vance Short Duration High Income Fund is a series of Eaton Vance Mutual Funds Trust and Eaton Vance Income Fund of Boston is a series of Eaton Vance Series Trust II. Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Prospectus.\nThis SAI is NOT a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Fund Prospectus dated March 1, 2026, as supplemented from time to time, which is incorporated herein by reference. This SAI should be read in conjunction with the Prospectus, which may be obtained by calling 1-800- 262-1122.\n...\nof those expenses. Pursuant to the Amended and Restated Multiple Class Plan for Eaton Vance Funds, Fund expenses are allocated to each class on a pro rata basis, except that distribution and service fees are allocated exclusively to the class that incurs them , and sub-accounting, recordkeeping and other similar fees are not allocated to (or incurred by) Class R6 shares.\nOTHER SERVICE PROVIDERS\nPrincipal Underwriter. Eaton Vance Distributors, Inc. ( EVD ), One Post Office Square, Boston, MA 02109 is the principal underwriter of each Fund with respect to the continuous offering of each Fund s shares. The principal underwriter acts as principal in selling shares under a Distribution Agreement with the Trust. The expenses of printing copies of prospectuses used to offer shares and other selling literature and of advertising are borne by the principal underwriter. The fees and expenses of qualifying and registering and maintaining qualifications and registrations of a Fund and its shares under federal and state\n17\nBack to Table of Contents\nsecurities laws are borne by the Fund. The Distribution Agreement is renewable annually by the members of the Board (including a majority of the noninterested Trustees who have no direct or indirect financial interest in the operation of the Distribution Agreement or any applicable Distribution Plan), may be terminated on sixty days notice either by such Trustees or by vote of a majority of the outstanding Fund shares or on six months notice by the principal underwriter and is automatically terminated upon assignment. The principal underwriter distributes shares on a best efforts basis under which it is required to take and pay for only such shares as may be sold. EVD is an indirect wholly owned subsidiary of Morgan Stanley .\nCustodian. State Street Bank and Trust Company ( State Street ), One Congress Street, Boston, MA 02114-2016, serves as custodian to each Fund. State Street has custody of all cash and securities of each Fund, maintains the general ledger of each Fund and computes the daily net asset value of shares of each Fund. In such capacity it attends to details in connection with the sale, exchange, substitution, transfer or other dealings with each Fund s investments, receives and disburses all funds and performs various other ministerial duties upon receipt of proper instructions from the Trust. State Street also provides services in connection with the preparation of shareholder reports and Form N-CSR filings and the electronic filing of such reports with the SEC.\nIndependent Registered Public Accounting Firm. Deloitte Touche LLP ( Deloitte ), 115 Federal Street, Suite 15, Boston, MA 02110-1894, independent registered public accounting firm, audits each Fund s financial statements. Deloitte and/or its affiliates provide other audit and related services to each Fund.\nTransfer Agent. BNY Mellon Investment Servicing (US) Inc., P.O. Box 534439, Pittsburgh, PA 15253-4439, serves as transfer and dividend disbursing agent for each Fund.\nCALCULATION OF NET ASSET VALUE\nThe net asset value of the Fund is determined by State Street (as agent and custodian) by subtracting the liabilities of the Fund from the value of its total assets. The Fund is closed for business and will not issue a net asset value on the following business holidays and any other business day that the NYSE is closed: New Year s Day, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day . The Fund s net asset va\n...\nUnder these circumstances, each investment team will vote according to their views, subject to market rules.\nB. Applicability of Policy\nThis Policy 2 applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.\nCertain MSIM exchange-traded funds ( ETFs ) will follow Calvert Research and Management s ( Calvert ) Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM s oversight of Calvert s proxy voting and engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.\n_______________\n1 The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the Policy ) include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an MSIM Affiliate and collectively referred to as the MSIM Affiliates or as we below.)\n2 This Policy does not apply to MSIM s authority to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, Fixed Income Instruments ). Instead, MSIM s Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM s exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise consents for an account with respect to any Fixed Income Instruments held therein.\nH-1\nBack to Table of Contents\nProxy Voting Procedures\nMSIM follows the following procedures when voting proxies:\nA. Proprietary Proxy Voting Platform\nMSIM uses a proprietary management system, Provosys 3 , when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control, as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting, documenting the views of various investment teams and the GST where relevant.\nB. Proxy Services Provided by Third Parties\nMSIM also retains the services of Institutional Shareholder Services ( ISS ) and Glass Lewis (collectively, the Proxy Service Providers 4 ) for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements within an issuer s proxy statement or on specific thematic", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "administrator", "o": "org:Eaton_Vance_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "advisedBy", "o": "org:Eaton_Vance_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "seriesOf", "o": "trust:Eaton_Vance_Series_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Parametric_Tax_Managed_Emerging_Markets_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Eaton_Vance_Series_Trust_II", "p": "underwrittenBy", "o": "org:Eaton_Vance_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Parametric Tax-Managed Emerging Markets Fund <predicate_marker> administrator <object_marker> Eaton Vance Management <predicate_marker> advisedBy <object_marker> Eaton Vance Management <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Eaton Vance Series Trust II <predicate_marker> subAdvisedBy <object_marker> Parametric Portfolio Associates LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Eaton Vance Series Trust II <predicate_marker> underwrittenBy <object_marker> Eaton Vance Distributors, Inc. <triple_end>", "target_serialized_plain": "Parametric Tax-Managed Emerging Markets Fund administrator Eaton Vance Management ; advisedBy Eaton Vance Management ; custodian State Street Bank and Trust Company ; seriesOf Eaton Vance Series Trust II ; subAdvisedBy Parametric Portfolio Associates LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nEaton Vance Series Trust II underwrittenBy Eaton Vance Distributors, Inc. .", "stats": {"input_chars": 21620, "n_triples": 7, "text_to_json_ratio": 31.9}}
{"sample_id": "0000080249:ALL", "cik": "0000080249", "trust_name": "T. ROWE PRICE NEW INCOME FUND, INC.", "input_text": "In addition, the table may also include one or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nT.\nRowe Price\n8\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n08/31/1973\nReturns\nbefore taxes\n1.30\n%\n- 0.91\n%\n1.04\n%\n%\nReturns\nafter taxes on distributions\n- 0.51\n- 2.18\n- 0.18\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n0.76\n- 1.16\n0.30\nI\nClass\n08/28/2015\nReturns\nbefore taxes\n1.52\n- 0.82\n1.20\nAdvisor\nClass\n09/30/2002\nReturns\nbefore taxes\n0.81\n- 1.34\n0.69\nR\nClass\n09/30/2002\nReturns\nbefore taxes\n0.78\n- 1.55\n0.42\nZ\nClass\n03/16/2020\nReturns\nbefore taxes\n1.87\n- 0.38\nRegulatory/Strategy\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.39\na\n1.25\n- 0.33\n1.35\n- 1.00\nb\nAdditional\nStrategy Benchmark(s)\nLipper\nCore Bond Funds Average\n1.48\nc\n1.82\n- 0.07\n1.40\n- 0.17\nd\na Return\nsince 8/28/15.\nb Return\nsince 3/16/20.\nc Return\nsince 8/31/15.\nd Return\nsince 3/31/20.\nUpdated\nperformance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nChristopher\nP. Brown*\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2005\nAnna\nAlexandra Dreyer*\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2008\n* Effective\nSeptember 30, 2025, Carolyn Roby will join Christopher P. Brown and Anna Alexandra Dreyer\nas a co-portfolio manager of the fund and a cochair of the fund s Investment Advisory\nCommittee. Ms. Roby joined T. Rowe Price in 2006.\nSUMMARY\n9\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class, Advisor Class, and R Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment\nif opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally\nrequire a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored\nretirement plans submitting orders on behalf of their customers. Advisor Class and R Class shares may generally only be purchased\nthrough a financial intermediary or retirement plan.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates\nthat are subject to a contractual fee for investment management services. There is no minimum initial investmen\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nInformation\nAbout Accounts in T. Rowe Price Funds\n37\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price\n(for this purpose, total assets include investments through T. Rowe Price Brokerage\nand investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services);\nor\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call\n1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be pu\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nlying fund are voted by other shareholders.\n(c)\nT.\nRowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares\nowned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception\nthat provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership\nindicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders\nfor vote.\n(d)\nT.\nRowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly\nowned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is\nnot the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and\nare normally voted by various retirement plans and retirement plan participants.\n199\ninvestment\nadviser and INVESTMENT MANAGEMENT AGREEMENTS\nT.\nRowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each\nfund.\nFor\ncertain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price\nInternational, Price Australia, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management,\nPrice International, Price Australia, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively\nas Price Advisers . T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. Price Investment\nManagement and Price International are wholly owned subsidiaries of T. Rowe Price. Price Australia, Price Hong Kong, Price Japan,\nand Price Singapore are wholly owned subsidiaries of Price International.\nInvestment\nManagement Services\nUnder\nthe Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of\nthe funds in accordance with the funds investment objectives, programs, and restrictions as provided in the funds\nprospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including\nmaintaining the funds corporate existence and corporate records; registering and qualifying fund shares under federal laws;\nmonitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed\nby the funds such as the funds custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination\nof such agents activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee\nmembers of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory\nagreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally\nresponsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business\nand portfolio brokerage.\nT.\nRowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the\ntable below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate\nthe trading of securities and make discretionary investment decisions with respect\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_New_Income_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_NEW_INCOME_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price New Income Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE NEW INCOME FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price New Income Fund, Inc. advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE NEW INCOME FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 22546, "n_triples": 7, "text_to_json_ratio": 32.5}}
{"sample_id": "0000080941:ALL", "cik": "0000080941", "trust_name": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 2", "input_text": "r and Participants. All permitted telephone transactions may be initiated by calling Empower at (855) 756-4738. All permitted internet transactions may be made through www.empower.com. Empower may provide other permitted telephone numbers or internet addresses through the Contractholder or directly to Participants as authorized by the Contractholder. Your ability to make withdrawals under the Contract is limited by federal tax law. Your employer the Contractholder may impose additional restrictions. If you are allowed to make withdrawals, you may submit a permitted, traditional written withdrawal request to us in any of the following ways: by mail to Empower, 8515 East Orchard Road, Greenwood Village, CO 80111. by fax to Empower, Attn: Empower Care Center at (866) 633-5212. Requests for death benefits must also be submitted by one of the means listed above. To process a withdrawal request or death benefit claim, it must be submitted to Empower in Good Order. In some cases, the Contractholder or a third-party may provide recordkeeping services for the Contract instead of Empower. In that case, withdrawal and transfer procedures may vary. Transaction requests (including death benefit claims) received directly by Empower in Good Order on a given business day before the established transaction cutoff time (4 PM Eastern Time, or such earlier time that the New York Stock Exchange may close or such earlier time that the Contractholder and Empower have agreed to) will be effective for that Business Day. About Prudential VCA 2 Prudential Prudential is a New Jersey stock life insurance company that has been doing business since 1875, and has its principal place of business at 751 Broad Street, Newark, New Jersey 07102. Prudential s financial statements are included in the SAI. 9 Empower Financial Services, Inc. ( EFSI ), is the principal underwriter of the Contracts. That means it is responsible for certain sales and distribution functions for the Contracts. EFSI is registered as a broker-dealer under the Securities Exchange Act of 1934. Its principal place of business is located at 8515 East Orchard Road, Greenwood Village, CO 80111. On July 21, 2021, Great-West Life Annuity Insurance Company ( Great-West ) and Prudential Financial, Inc. ( PFI ), Prudential s parent company, announced a strategic transaction, whereby, Great-West would, among other things, administer and reinsure the VCA 2 Contracts (the Transaction ). The Transaction closed April 1, 2022. On or about October 1, 2022, Great-West changed its name to Empower Annuity Insurance Company of America. VCA 2 VCA 2 is a separate account of Prudential, which means its assets are the property of Prudential but are kept separate from Prudential s general assets and cannot be used to meet liabilities from Prudential s other businesses. Prudential is obligated to pay all amounts promised to investors under the Contracts. The income, gains, and losses credited to, or charged against, VCA 2 reflect VCA 2 s own investment experience and not the investment experience of Prudential s other assets. VCA 2 is registered with the SEC as a unit investment trust, which is a type of investment company. If VCA 2 is available under your Program, you may invest in the Fidelity Fund. VIP is registered with the SEC as an open-end, diversified management investment company. Shares of VIP are sold at their net asset value to separate accounts (including VCA 2) established by insurers that offer variable life and variable annuity contracts. For more information about the Fidelity Fund and its investment objectiv", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:PRUDENTIAL_VARIABLE_CONTRACT_ACCOUNT_2", "p": "underwrittenBy", "o": "org:Empower_Financial_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PRUDENTIAL VARIABLE CONTRACT ACCOUNT 2 <predicate_marker> underwrittenBy <object_marker> Empower Financial Services, Inc. <triple_end>", "target_serialized_plain": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 2 underwrittenBy Empower Financial Services, Inc. .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 24.2}}
{"sample_id": "0000088048:ALL", "cik": "0000088048", "trust_name": "DEUTSCHE DWS SECURITIES TRUST", "input_text": "fund was renamed from DWS Communications Fund. The fund's past performance may have been different if the fund was managed using the current investment strategy and process.\nThe performance figures for Class S shares, prior to class inception, are based on the historical performance of the fund s Institutional Class shares, adjusted to reflect the higher expenses of Class S.\nCALENDAR YEAR TOTAL RETURNS (%) (Class A)\nThese year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.\nReturns\nPeriod ending\nBest Quarter\n21.45 %\nJune 30, 2020\nWorst Quarter\n- 20.99 %\nJune 30, 2022\nYear-to-Date\n- 13.68 %\nMarch 31, 2026\nAverage Annual Total Returns\n(For periods ended 12/31/2025 expressed as a %)\nAfter-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.\nClass\nInception\n1\nYear\n5\nYears\n10\nYears\nClass A before tax\n1/18/1984\n10.30\n6.88\n8.95\nAfter tax on distribu-\ntions\n0.56\n4.48\n6.87\nAfter tax on distribu-\ntions and sale of fund\nshares\n17.09\n6.06\n7.05\nINST Class before tax\n6/4/1998\n17.39\n8.44\n9.87\nClass S before tax\n8/1/2022\n17.36\n8.41\n9.85\nRussell 3000 Index\n(reflects no deduction for\nfees, expenses or taxes)\n17.15\n13.15\n14.29\nRussell 3000 Growth\nIndex (reflects no deduc-\ntion for fees or\nexpenses)\n18.15\n14.59\n17.59\nThe Russell 3000 Growth Index is a more narrowly based index that the Advisor believes more closely aligns with the fund s investment strategy.\nManagement\nInvestment Advisor\nDWS Investment Management Americas, Inc.\nPortfolio Manager(s)\nDaniel Fletcher, CFA, Managing Director and Senior Portfolio Manager Equity. Portfolio Manager of the fund. Began managing the fund in 2017.\nSebastian P. Werner, PhD, Managing Director and Head of Investment Strategy Equity. Portfolio Manager of the fund. Began managing the fund in 2017.\nPurchase and Sale of Fund Shares\nMinimum Initial Investment ($)\nNon-IRA\nIRAs\nUGMAs/\nUTMAs\nAutomatic\nInvestment\nPlans\nA\n1,000\n500\n1,000\n500\nINST\n1,000,000\nN/A\nN/A\nN/A\nS\n2,500\n1,000\n1,000\n1,000\nFor participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. The minimum initial investment for Class S shares may be waived for eligible intermediaries that have agreements with DDI to offer Class S shares in their brokerage platforms when such Class S shares are held in omnibus accounts on such brokerage platforms. In certain instances, the minimum initial investment may be waived for Institutional Class shares. For more information regarding available Institutional Class investment minimum waivers, see Institutional Class Shares Investment Minimum in the Choosing a Share Class section of the prospectus. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.\nTo Place Orders\nMail\nAll Requests\nDWS\nPO Box 219151\nKansas City, MO 64121-9151\nExpedited Mail\nDWS\n801 Pennsylvania Ave\nSuite 219151\nKansas City, MO 64105-1307\nWeb Site\ndws.com\nTelephone\n(800) 728-3337, M F 8 a.m\n...\nr after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com . The posted portfolio holdings information is available by fund and generally remains accessible at least until the date on which the fund files its Form N-CSR or publicly available Form N-PORT with the SEC for the period that includes the date as of which the posted information is current. In addition, the fund s top ten equity holdings and other fund information is posted on dws.com as of the calendar quarter-end on or after the 10th calendar day following quarter-end. The fund s Statement of Additional\nProspectus May 1, 2026\n15\nFund Details\nInformation includes a description of the fund s policies and procedures with respect to the disclosure of the fund s portfolio holdings.\nWho Manages and Oversees the Fund\nThe Investment Advisor\nDWS Investment Management Americas, Inc. ( DIMA or the Advisor ), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the fund. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH Co. KGaA ( DWS Group ), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.\nDWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ( DDI or the Distributor ). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.\nThe Advisor may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution, trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to both US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such services may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.\nManagement Fee. The Advisor receives a management fee from the fund. Below is the actual rate paid by the fund for the most recent fiscal year, as a percentage of the fund s average daily net assets.\nFund Name\nFee Paid\nDWS Digital Horizons Fund\n0.662\n%*\n*\nReflecting the effect of expense limitations and/or fee waivers then in effect.\nEffective February 14, 2025, the fund pays the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.800% to $100 million of the fund s average daily net assets, 0.700% on the next $100 million of the fund s ave\n...\nrmance during its last fiscal year. In Form N-CSR, you will find the fund s annual and semi-annual financial statements.\nStatement of Additional Information (SAI). This tells you more about the fund s features and policies, including additional risk information. The SAI is incorporated by reference into this document (meaning that it s legally part of this prospectus).\nFor a free copy of the SAI or a shareholder or other fund report or to request other information about the fund, contact DWS at the telephone number or address listed below. SAIs and shareholder and other fund reports are also available through the DWS Web site at dws.com. These documents and other information about the fund (such as fund financial statements) are available from the EDGAR Database on the SEC s Internet site at sec.gov. If you like, you may obtain copies of this information, after paying a duplicating fee, by e-mailing a request to publicinfo@sec.gov. The fund's recent shareholder reports and financial statements are also in the fund's annual and\nsemi-annual filings with the SEC on Form N-CSR, which are available from the EDGAR Database on the SEC's Internet site at sec.gov.\nIn order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call the telephone number provided.\nContact Information\nDWS\nPO Box 219151\nKansas City, MO\n64121-9151\ndws.com\nShareholders:\n(800) 728-3337\nInvestment professionals:\n(800) 621-5027\nDistributor\nDWS Distributors, Inc.\n222 South Riverside Plaza\nChicago, IL 60606-5808\n(800) 621-1148\nSEC File Number\nDeutsche DWS Securities Trust\nDWS Digital Horizons Fund\n811-02021\n(05/01/26) DDHF-1\nProspectus\nMay 1, 2026\nDWS RREEF Real Estate Securities Fund\nCLASS/TICKER\nA\nRRRAX\nC\nRRRCX\nR\nRRRSX\nR6\nRRRZX\nINST\nRRRRX\nS\nRRREX\nDWS RREEF Global Infrastructure Fund\nCLASS/TICKER\nA\nTOLLX\nC\nTOLCX\nR6\nTOLZX\nINST\nTOLIX\nS\nTOLSX\nDWS RREEF Global Real Estate Securities Fund\nCLASS/TICKER\nA\nRRGAX\nC\nRRGCX\nR6\nRRGRX\nINST\nRRGIX\nS\nRRGTX\nAs with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprove these shares or determine whether the information in this prospectus is truthful or complete. It is a criminal offense for anyone to inform you otherwise.\nTable of Contents\nDWS RREEF Real Estate Securities\nFund\nInvestment Objective\n1\nFees and Expenses\n1\nPrincipal Investment Strategies\n2\nMain Risks\n2\nPast Performance\n5\nManagement\n6\nPurchase and Sale of Fund Shares\n6\nTax Information\n7\nPayments to Broker-Dealers and\nOther Financial Intermediaries\n7\nDWS RREEF Global Infrastructure\nFund\nInvestment Objective\n8\nFees and Expenses\n8\nPrincipal Investment Strategies\n9\nMain Risks\n10\nPast Performance\n13\nManagement\n13\nPurchase and Sale of Fund Shares\n14\nTax Information\n14\nPayments to Broker-Dealers and\nOther Financial Intermediaries\n14\nDWS RREEF Global Real Estate\nSecurities Fund\nInvestment Objective\n15\nFees and Expenses\n15\nPrincipal Investment Strategies\n16\nMain Risks\n16\nPast Performance\n20\nManagement\n20\nPurchase and Sale of Fund Shares\n21\nTax Information\n21\nPayments to Broker-Dealers and\nOther Financial Intermediaries\n21\nFund Details\nAdditional Information About Fund Strategies and\nRisks\n22\nDWS RREEF Real Estate Securities Fund\n22\nDWS RREEF Global Infrastructure Fund\n26\nDWS RREEF Global Real Estate Securities Fund\n32\nOther Policies and Risks\n38\nWho Manages and Oversees the Funds\n39\nM\n...\ne fund, while Part II contains\ninformation that generally applies to each of the funds in the\nDWS funds.\nStatement of Additional Information\n(SAI) Part\nI\nPage\nPart\nI\nI - 1\nDefinitions\nI - 1\nFund\nOrganization\nI - 1\nManagement\nof the Fund\nI - 2\nSales\nCharges and Distribution Plan Payments\nI - 2\nPortfolio\nTransactions, Brokerage Commissions and Securities Lending Activities\nI - 2\nInvestments\nI - 3\nInvestment\nRestrictions\nI - 3\nTaxes\nI - 4\nIndependent\nRegistered Public Accounting Firm, Reports to Shareholders and Financial Statements\nI - 5\nAdditional\nInformation\nI - 5\nPart\nI: Appendix I-A Board\nMember Share Ownership and Control Persons\nI - 6\nPart\nI: Appendix I-B Board\nCommittees and Meetings\nI - 9\nPart\nI: Appendix I-C Board\nMember Compensation\nI - 12\nPart\nI: Appendix I-D Portfolio\nManagement\nI - 13\nPart\nI: Appendix I-E Service\nProvider Compensation\nI - 15\nPart\nI: Appendix I-F Sales\nCharges\nI - 16\nPart\nI: Appendix I-G Distribution\nPlan Payments\nI - 17\nPart\nI: Appendix I-H Portfolio\nTransactions and Brokerage Commissions\nI - 18\nPart\nI: Appendix I-I Investments,\nPractices and Techniques, and Risks\nI - 19\nPart\nI: Appendix I-J Securities\nLending Activities\nI - 20\nPart\nI: Appendix I-K Additional\nInformation\nI - 22\nPart\nII\nII-1\nDetailed\nPart II table of contents precedes page II-1\nPart I\nDefinitions\n1933\nAct\nthe Securities Act of 1933, as amended\n1934\nAct\nthe Securities Exchange Act of 1934, as amended\n1940\nAct\nthe Investment Company Act of 1940, as amended\nCode\nthe Internal Revenue Code of 1986, as amended\nSEC\nthe Securities and Exchange Commission\nDIMA\nor Advisor\nor Administrator\nDWS Investment Management Americas,\nInc., 875 Third Avenue, New York, New York 10022\nDDI\nor Distributor\nDWS Distributors, Inc., 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDSC\nor Transfer\nAgent\nDWS Service Company, 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDWS\nrefers to the asset management activities conducted\nby DWS Group GmbH Co. KGaA or any of its\nsubsidiaries, including the Advisor and other affiliated investment\nadvisors\nDWS\nfunds\nthe US registered investment companies advised by DIMA\nDWS\nGroup\nDWS Group GmbH Co. KGaA, a separate,\npublicly-listed financial services firm that is an indirect,\nmajority-owned subsidiary of Deutsche Bank AG\nBoard\nMembers\nMembers of the Board of Trustees of the Trust\nBoard\nBoard of Trustees of the Trust\nIndependent\nBoard Members\nBoard Members who are not interested persons\n(as defined in the 1940 Act) of the fund, the investment advisor\nor the distributor\nfund\nor series\nDWS Digital Horizons Fund\nCustodian\nState Street Bank and Trust Company, One Congress\nStreet, Suite 1, Boston, Massachusetts 02114-2016\nFund\nLegal Counsel\nVedder Price P.C., 222 North LaSalle Street, Chicago,\nIllinois 60601\nTrustee/Director\nLegal Counsel\nRopes Gray LLP, Prudential Tower,\n800 Boylston Street, Boston, Massachusetts 02199\nTrust\nDeutsche DWS Securities Trust\nBusiness\nDay\nMonday through Friday except holidays\nIndependent\nRegistered Public Accounting Firm\nErnst Young LLP, 200 Clarendon\nStreet, Boston, Massachusetts 02116\nNRSRO\na nationally recognized statistical rating organization\nMoody s\nMoody s Investors Service, Inc., a NRSRO\nFitch\nFitch Ratings, a NRSRO\nFund Organization\nDWS Digital Horizons Fund\nis a series of Deutsche DWS Securities Trust,\na Massachusetts business trust organized under\nthe laws of Massachusetts on October 24, 1985. On\nFebruary 6, 2006, Scudder Securities Trust was renamed\nDWS Securities Trust. On August 11, 2014, DWS Securities\nTrust was renamed Deutsche Securities Trust and\nDWS Communications Fund was renamed Deutsch\n...\nC\nthe Securities and Exchange Commission\nDIMA\nor Advisor\nor Administrator\nDWS Investment Management Americas,\nInc., 875 Third Avenue, New York, New York 10022\nSubadvisor\n- For DWS RREEF Real Estate Securities Fund,\nDWS RREEF Global Infrastructure Fund and DWS RREEF\nGlobal Real Estate Securities Fund: RREEF America\nL.L.C., 222 South Riverside Plaza, Chicago, Illinois 60606\nSub-subadvisors -\nFor DWS RREEF Global Real Estate Securities\nFund: DWS Alternatives Global Limited, 21 Moorfields\n- London, United Kingdom, EC2Y 9DB, and DWS\nInvestments Australia Limited, Level 16 Deutsche Bank\nPlace, Cnr Hunter Phillip Streets, Sydney, Australia, NSW,\n2000\nDDI\nor Distributor\nDWS Distributors, Inc., 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDSC\nor Transfer\nAgent\nDWS Service Company, 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDWS\nrefers to the asset management activities conducted\nby DWS Group GmbH Co. KGaA or any of its\nsubsidiaries, including the Advisor and other affiliated investment\nadvisors\nDWS\nfunds\nthe US registered investment companies advised by DIMA\nDWS\nGroup\nDWS Group GmbH Co. KGaA, a separate,\npublicly-listed financial services firm that is an indirect,\nmajority-owned subsidiary of Deutsche Bank AG\nBoard\nMembers\nMembers of the Board of Directors/Trustees of the Corporation/Trust\nBoard\nBoard of Directors/Trustees of the Corporation/Trust\nIndependent\nBoard Members\nBoard Members who are not interested persons\n(as defined in the 1940 Act) of the fund, the investment advisor\nor the distributor\nfund\nor series\nDWS RREEF Real Estate Securities Fund,\nDWS RREEF Global Infrastructure Fund and/or DWS RREEF\nGlobal Real Estate Securities Fund as the context may require\nCustodian\nFor DWS RREEF Global Infrastructure Fund and\nDWS RREEF Global Real Estate Securities Fund: Brown\nBrothers Harriman Company, 50 Post Office Square,\nBoston, Massachusetts 02110. For DWS RREEF Real\nEstate Securities Fund: State Street Bank and Trust Company,\nOne Congress Street, Suite 1, Boston, Massachusetts 02114-2016\nFund\nLegal Counsel\nVedder Price P.C., 222 North LaSalle Street, Chicago,\nIllinois 60601\nTrustee/Director\nLegal Counsel\nRopes Gray LLP, Prudential Tower,\n800 Boylston Street, Boston, Massachusetts 02199\nCorporation\nor Trust\nDeutsche DWS Global/International Fund,\nInc. and Deutsche DWS Securities Trust, respectively\nBusiness\nDay\nMonday through Friday except holidays\nIndependent\nRegistered Public Accounting Firm\nErnst Young LLP, 200 Clarendon\nStreet, Boston, Massachusetts 02116\nNRSRO\na nationally recognized statistical rating organization\nMoody s\nMoody s Investors Service, Inc., a NRSRO\nFitch\nFitch Ratings, a NRSRO\nI-1\nFund Organization\nDWS RREEF Real Estate\nSecurities Fund, and DWS RREEF Global Real Estate\nSecurities Fund are each a series of Deutsche\nDWS Securities Trust, a Massachusetts business\ntrust organized under the laws of Massachusetts\non October 24, 1985. On February 6, 2006, Scudder\nSecurities Trust was renamed DWS Securities Trust.\nOn August 11, 2014, DWS Securities Trust was renamed\nDeutsche Securities Trust and DWS RREEF Real Estate\nSecurities Fund and DWS RREEF Global Real Estate\nSecurities Fund were renamed Deutsche Real Estate\nSecurities Fund and Deutsche Global Real Estate Securities\nFund, respectively. On July 2, 2018, Deutsche Securities\nTrust was renamed Deutsche DWS Securities Trust\nand Deutsche Real Estate Securities Fund and Deutsche\nGlobal Real Estate Securities Fund were renamed\nDWS RREEF Real Estate Securities Fund and DWS\nRREEF Global Real Estate Securities Fund, respectively.\nOn April 29, 2011, the\npredecessor of each o\n...\nd. Pursuant to the Advisor s procedures,\napproved by the Board, proof of claim forms are\nroutinely filed on behalf of a fund by a third party service\nprovider, with certain limited exceptions. The Board receives\nperiodic reports regarding the implementation of\nthese procedures. Under some circumstances, the Advisor\nmay decide that a fund should not participate in a\nclass action, and instead cause the fund to pursue alternative\nlegal remedies. Where the rights and interests of funds\ndiffer, the Advisor might take different approaches to\nthe same class action claim. In addition, laws and processes\nrelated to class actions outside of the US differ from\nlaws and processes in the US, and the Board and the\nAdvisor will consider whether or not to join certain foreign\nclass actions based on the facts and circumstances of the class\naction.\nFund Accounting Agent.\nFor DWS CROCI\nEquity Dividend Fund and DWS Enhanced\nCore Equity Fund, DIMA, 100 Summer Street, Boston,\nMassachusetts 02110, is responsible for determining\nnet asset value per share and maintaining the\nportfolio and general accounting records for\na fund pursuant to a Fund Accounting Agreement.\nFor its services under a Fund Accounting Agreement,\nDIMA receives a fee at the rate set forth in Part\nII Appendix II-C .\nPursuant to an agreement\nbetween DIMA and SSB, DIMA has delegated certain\nfund accounting functions to SSB under the Fund Accounting Agreement.\nTransfer Agent and Shareholder Service\nAgent . DSC, 222\nSouth Riverside Plaza, Chicago, Illinois 60606, an affiliate\nof the Advisor, is each fund s transfer agent, dividend-paying\nagent and shareholder service agent\nII-6\npursuant\nto a transfer agency and service agreement (Transfer\nAgency and Services Agreement). Pursuant to a\nsub-transfer agency agreement between DSC and SS C GIDS,\nInc. (formerly known as DST Systems, Inc.) (SS C), DSC\nhas delegated certain transfer agent, dividend paying agent\nand shareholder servicing agent functions to SS C. The\ncosts and expenses of such delegation are borne by\nDSC, not by a fund. For its services under the Transfer Agency\nand Services Agreement, DSC receives a fee at the\nrate set forth in Part II Appendix\nII-C . Each fund, or\nthe Advisor (including any affiliate of the Advisor), or both,\nmay pay unaffiliated third parties for providing recordkeeping\nand other administrative services with respect\nto accounts of participants in retirement plans or\nother beneficial owners of shares whose interests are generally\nheld in an omnibus account.\nCustodian .\nUnder its custody agreement with a fund, the\nCustodian (i) maintains separate accounts in the name of\na fund, (ii) holds and transfers portfolio securities on account\nof a fund, (iii) accepts receipts and makes disbursements\nof money on behalf of a fund, and (iv) collects\nand receives all income and other payments and distributions\non account of a fund s portfolio securities. The\nCustodian has entered into agreements with foreign subcustodians\napproved by the Board pursuant to Rule 17f-5 under the 1940 Act.\nIn some instances, the\nCustodian may use Deutsche Bank AG or its affiliates,\nas subcustodian (DB Subcustodian) in certain\ncountries. To the extent a fund holds any securities\nin the countries in which the Custodian uses a\nDB Subcustodian as a subcustodian, those securities will\nbe held by DB Subcustodian as part of a larger omnibus\naccount in the name of the Custodian (Omnibus Account).\nFor its services, DB Subcustodian receives (1) an\nannual fee based on a percentage of the average daily net\nassets of the Omnibus Account and (2) transaction charges\nwi", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "seriesOf", "o": "trust:DEUTSCHE_DWS_SECURITIES_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Enhanced_Commodity_Strategy_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:DEUTSCHE_DWS_SECURITIES_TRUST", "p": "underwrittenBy", "o": "org:DWS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DWS Enhanced Commodity Strategy Fund <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> DEUTSCHE DWS SECURITIES TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> DEUTSCHE DWS SECURITIES TRUST <predicate_marker> underwrittenBy <object_marker> DWS Distributors, Inc. <triple_end>", "target_serialized_plain": "DWS Enhanced Commodity Strategy Fund administrator DWS Investment Management Americas, Inc. ; advisedBy DWS Investment Management Americas, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf DEUTSCHE DWS SECURITIES TRUST ; transferAgent DWS Service Company , SS&C GIDS, Inc. .\nDEUTSCHE DWS SECURITIES TRUST underwrittenBy DWS Distributors, Inc. .", "stats": {"input_chars": 21623, "n_triples": 7, "text_to_json_ratio": 33.1}}
{"sample_id": "0000088063:ALL", "cik": "0000088063", "trust_name": "DEUTSCHE DWS PORTFOLIO TRUST", "input_text": "fund s average annual total returns are compared to a required broad-based securities market index and may also be compared to a more narrowly based index that the Advisor believes more closely aligns with the fund s investment strategy. Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to dws.com (the Web site does not form a part of this prospectus) or call the telephone number included in this prospectus.\nCALENDAR YEAR TOTAL RETURNS (%) (Class A)\nThese year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.\nReturns\nPeriod ending\nBest Quarter\n7.29 %\nDecember 31, 2023\nWorst Quarter\n- 7.01 %\nMarch 31, 2022\nYear-to-Date\n- 0.77 %\nMarch 31, 2026\nAverage Annual Total Returns\n(For periods ended 12/31/2025 expressed as a %)\nAfter-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.\nClass\nInception\n1\nYear\n5\nYears\n10\nYears\nClass A before tax\n6/25/2001\n4.28\n- 0.98\n1.96\nAfter tax on distribu-\ntions\n2.20\n- 2.41\n0.62\nAfter tax on distribu-\ntions and sale of fund\nshares\n2.49\n- 1.35\n0.91\nClass C before tax\n6/25/2001\n5.42\n- 1.17\n1.48\nINST Class before tax\n6/25/2001\n7.42\n- 0.18\n2.50\nClass S before tax\n4/24/1928\n7.39\n- 0.19\n2.49\nBloomberg U.S. Aggre-\ngate Bond Index\n(reflects no deduction for\nfees, expenses or taxes)\n7.30\n- 0.36\n2.01\nManagement\nInvestment Advisor\nDWS Investment Management Americas, Inc.\nPortfolio Manager(s)\nChristopher J. Munshower, CFA, Director and Senior Portfolio Manager Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2020.\nStephen R. Cianci, CFA, Director and Senior Portfolio Manager Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2025.\nPurchase and Sale of Fund Shares\nMinimum Initial Investment ($)\nNon-IRA\nIRAs\nUGMAs/\nUTMAs\nAutomatic\nInvestment\nPlans\nA, C\n1,000\n500\n1,000\n500\nINST\n1,000,000\nN/A\nN/A\nN/A\nS\n2,500\n1,000\n1,000\n1,000\nFor participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. The minimum initial investment for Class S shares may be waived for eligible intermediaries that have agreements with DDI to offer Class S shares in their brokerage platforms when such Class S shares are held in omnibus accounts on such brokerage platforms. In certain instances, the minimum initial investment may be waived for Institutional Class shares. For more information regarding available Institutional Class investment minimum waivers, see Institutional Class Shares Investment Minimum in the Choosing a Share Class section of the prospectus. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.\nProspectus May 1, 2026\n7\nDWS Total Return Bond Fund\nTo Place Orders\nMail\nAll Requests\nDWS\nPO Box 219151\nKansas City, MO 64121-9151\nExpedited Mail\nDWS\n801 Pennsylvania Ave\nSuite 219151\nKansas City, MO 64105-1\n...\nck cover tells you how to do this).\nKeep in mind that there is no assurance that the fund will achieve its investment objective.\nA complete list of the fund s portfolio holdings as of the month-end is posted on dws.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com . The posted portfolio holdings information is available by fund and generally remains accessible at least until the date on which the fund files its Form N-CSR or publicly available Form N-PORT with the SEC for the period that includes the date as of which the posted information is current. The fund s Statement of Additional Information includes a description of the fund s policies and procedures with respect to the disclosure of the fund s portfolio holdings.\nWho Manages and Oversees the Fund\nThe Investment Advisor\nDWS Investment Management Americas, Inc. ( DIMA or the Advisor ), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the fund. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH Co. KGaA ( DWS Group ), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.\nDWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ( DDI or the Distributor ). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.\nThe Advisor may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution, trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to\nboth US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such services may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.\nManagement Fee. The Advisor receives a management fee from the fund. Below is the actual rate paid by the fund for the most recent fiscal year, as a percentage of the fund s average daily net assets.\nFund Name\nFee Paid\nDWS Total Return Bond Fund\n0.299\n%*\n*\nReflecting the effect of expense limitations and/or fee waivers then in effect.\nThe following waivers are currently in effect:\nThe Advisor has contractually agreed through April 30, 2027 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expe\n...\ncted fund performance during its last fiscal year. In Form N-CSR, you will find the fund s annual and semi-annual financial statements.\nStatement of Additional Information (SAI). This tells you more about the fund s features and policies, including additional risk information. The SAI is incorporated by reference into this document (meaning that it s legally part of this prospectus).\nFor a free copy of the SAI or a shareholder or other fund report or to request other information about the fund, contact DWS at the telephone number or address listed below. SAIs and shareholder reports are also available through the DWS Web site at dws.com. These documents and other information about the fund (such as fund financial statements) are available from the EDGAR Database on the SEC s Internet site at sec.gov. If you like, you may obtain copies of this information, after paying a duplicating fee, by e-mailing a request to publicinfo@sec.gov. The fund's recent shareholder reports and financial statements are also in the fund's annual and semi-annual filings with the SEC on Form N-CSR, which are available from the EDGAR Database on the SEC's Internet site at sec.gov.\nIn order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call the telephone number provided.\nContact Information\nDWS\nPO Box 219151\nKansas City, MO\n64121-9151\ndws.com\nShareholders:\n(800) 728-3337\nInvestment professionals:\n(800) 621-5027\nDistributor\nDWS Distributors, Inc.\n222 South Riverside Plaza\nChicago, IL 60606-5808\n(800) 621-1148\nSEC File Number\nDeutsche DWS Portfolio Trust\nDWS Total Return Bond Fund\n811-00042\n(05/01/26) DTRBF-1\nStatement of Additional\nInformation\nMay 1, 2026\nDEUTSCHE\nDWS PORTFOLIO TRUST\nDWS\nTotal Return Bond Fund\nCLASS/TICKER\nA\nSZIAX\nC\nSZICX\nINST\nSZIIX\nS\nSCSBX\nThis\nStatement of Additional Information ( SAI )\nis not a prospectus and should be read in conjunction\nwith the prospectus for the fund dated May 1,\n2026 ,\nas supplemented, a copy of which may be obtained\nwithout charge by calling (800) 728-3337; by\nvisiting dws.com\n(the Web site does not form a part of this SAI);\nor from the firm from which this SAI was obtained. This\nSAI is incorporated by reference into the prospectus.\nPortions\nof the Annual Financial Statements and Other Information\nReport of the fund are incorporated herein by\nreference, and are hereby deemed to be part of this\nSAI. Such reports may also be obtained without charge\nby calling the number provided in the preceding paragraph.\nThis SAI is divided into\ntwo Parts Part\nI and Part II. Part I contains information that\nis specific to the fund, while Part II contains\ninformation that generally applies to each of the funds in the\nDWS funds.\nStatement of Additional Information\n(SAI) Part\nI\nPage\nPart\nI\nI - 1\nDefinitions\nI - 1\nFund\nOrganization\nI - 1\nManagement\nof the Fund\nI - 2\nSales\nCharges and Distribution Plan Payments\nI - 2\nPortfolio\nTransactions, Brokerage Commissions and Securities Lending Activities\nI - 2\nInvestments\nI - 3\nInvestment\nRestrictions\nI - 3\nTaxes\nI - 4\nIndependent\nRegistered Public Accounting Firm, Reports to Shareholders and Financial Statements\nI - 4\nAdditional\nInformation\nI - 5\nPart\nI: Appendix I-A Board\nMember Share Ownership and Control Persons\nI - 6\nPart\nI: Appendix I-B Board\nCommittees and Meetings\nI - 9\nPart\nI: Appendix I-C Board\nMember Compensation\nI - 12\nPart\nI: Appendix I-D Portfolio\nManagement\nI - 13\nPart\nI: Appendix I-E Service\nProvider Compensation\nI - 15\nPart\nI: Appendix I-F Sales\nCharges\nI - 16\nPart\nI: Appendix I-G Distribution\nPlan Payments\nI - 17\nPart\nI: Appendix I-H Portfolio\nTransactions and Brokerage Commissions\nI - 18\nPart\nI: Appendix I-I Investments,\nPractices and Techniques, and Risks\nI - 20\nPart\nI: Appendix I-J Securities\nLending Activities\nI - 21\nPart\nI: Appendix I-K Additional\nInformation\nI - 23\nPart\nII\nII-1\nDetailed\nPart II table of contents precedes page II-1\nPart I\nDefinitions\n1933\nAct\nthe Securities Act of 1933, as amended\n1934\nAct\nthe Securities Exchange Act of 1934, as amended\n1940\nAct\nthe Investment Company Act of 1940, as amended\nCode\nthe Internal Revenue Code of 1986, as amended\nSEC\nthe Securities and Exchange Commission\nDIMA\nor Advisor\nor Administrator\nDWS Investment Management Americas,\nInc., 875 Third Avenue, New York, New York 10022\nDDI\nor Distributor\nDWS Distributors, Inc., 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDSC\nor Transfer\nAgent\nDWS Service Company, 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDWS\nrefers to the asset management activities conducted\nby DWS Group GmbH Co. KGaA or any of its\nsubsidiaries, including the Advisor and other affiliated investment\nadvisors\nDWS\nfunds\nthe US registered investment companies advised by DIMA\nDWS\nGroup\nDWS Group GmbH Co. KGaA, a separate,\npublicly-listed financial services firm that is an indirect,\nmajority-owned subsidiary of Deutsche Bank AG\nBoard\nMembers\nMembers of the Board of Trustees of the Trust\nBoard\nBoard of Trustees of the Trust\nIndependent\nBoard Members\nBoard Members who are not interested persons\n(as defined in the 1940 Act) of the fund, the investment advisor\nor the distributor\nfund\nor series\nDWS Total Return Bond Fund\nCustodian\nState Street Bank and Trust Company, One Congress\nStreet, Suite 1, Boston, Massachusetts 02114-2016\nFund\nLegal Counsel\nVedder Price P.C., 222 North LaSalle Street, Chicago,\nIllinois 60601\nTrustee/Director\nLegal Counsel\nRopes Gray LLP, Prudential Tower,\n800 Boylston Street, Boston, Massachusetts 02199\nTrust\nDeutsche DWS Portfolio Trust\nBusiness\nDay\nMonday through Friday except holidays\nIndependent\nRegistered Public Accounting Firm\nErnst Young LLP, 200 Clarendon\nStreet, Boston, Massachusetts 02116\nNRSRO\na nationally recognized statistical rating organization\nMoody s\nMoody s Investors Service, Inc., a NRSRO\nFitch\nFitch Ratings, a NRSRO\nFund Organization\nThe fund is a series of\nDeutsche DWS Portfolio Trust, a Massachusetts\nbusiness trust established under a Declaration\nof Trust dated November 3, 1987, as amended from time\nto time. On February 6, 2006, Scudder Portfolio Trust was\nrenamed DWS Portfolio Trust and Scudder Income Fund\nwas renamed DWS Core Plus Income Fund. On August\n11, 2014, DWS Portfolio Trust was renamed Deutsche\nPortfolio Trust, and DWS Core Plus Income Fund was\nrenamed Deutsche Core Plus Income Fund. On October\n30, 2017, Deutsche Core Plus Income Fund was renamed\nDeutsche Total Return Bond Fund. On July 2, 2018,\nDeutsche Portfolio Trust was renamed Deutsche DWS\nPortfolio Trust, and Deutsche Total Return Bond Fund was renamed\nDWS Total Return Bond Fund.\nThe Trust is governed\nby an Amended and Restated Declaration of Trust\ndated June 2, 2008, as may be further amended\nfrom time to time (the Declaration\nof Trust ).\nThe Declaration of Trust was last approved by\nshareholders in 2006. Additional information\nabout the Trust is set forth in Part\nII under Fund\nOrganization.\nI-1\nManagement\nof the Fund\nBoard Members and Officers Identification and\nBackground\nThe ident\n...\nd. Pursuant to the Advisor s procedures,\napproved by the Board, proof of claim forms are\nroutinely filed on behalf of a fund by a third party service\nprovider, with certain limited exceptions. The Board receives\nperiodic reports regarding the implementation of\nthese procedures. Under some circumstances, the Advisor\nmay decide that a fund should not participate in a\nclass action, and instead cause the fund to pursue alternative\nlegal remedies. Where the rights and interests of funds\ndiffer, the Advisor might take different approaches to\nthe same class action claim. In addition, laws and processes\nrelated to class actions outside of the US differ from\nlaws and processes in the US, and the Board and the\nAdvisor will consider whether or not to join certain foreign\nclass actions based on the facts and circumstances of the class\naction.\nFund Accounting Agent.\nFor DWS CROCI\nEquity Dividend Fund and DWS Enhanced\nCore Equity Fund, DIMA, 100 Summer Street, Boston,\nMassachusetts 02110, is responsible for determining\nnet asset value per share and maintaining the\nportfolio and general accounting records for\na fund pursuant to a Fund Accounting Agreement.\nFor its services under a Fund Accounting Agreement,\nDIMA receives a fee at the rate set forth in Part\nII Appendix II-C .\nPursuant to an agreement\nbetween DIMA and SSB, DIMA has delegated certain\nfund accounting functions to SSB under the Fund Accounting Agreement.\nTransfer Agent and Shareholder Service\nAgent . DSC, 222\nSouth Riverside Plaza, Chicago, Illinois 60606, an affiliate\nof the Advisor, is each fund s transfer agent, dividend-paying\nagent and shareholder service agent\nII-6\npursuant\nto a transfer agency and service agreement (Transfer\nAgency and Services Agreement). Pursuant to a\nsub-transfer agency agreement between DSC and SS C GIDS,\nInc. (formerly known as DST Systems, Inc.) (SS C), DSC\nhas delegated certain transfer agent, dividend paying agent\nand shareholder servicing agent functions to SS C. The\ncosts and expenses of such delegation are borne by\nDSC, not by a fund. For its services under the Transfer Agency\nand Services Agreement, DSC receives a fee at the\nrate set forth in Part II Appendix\nII-C . Each fund, or\nthe Advisor (including any affiliate of the Advisor), or both,\nmay pay unaffiliated third parties for providing recordkeeping\nand other administrative services with respect\nto accounts of participants in retirement plans or\nother beneficial owners of shares whose interests are generally\nheld in an omnibus account.\nCustodian .\nUnder its custody agreement with a fund, the\nCustodian (i) maintains separate accounts in the name of\na fund, (ii) holds and transfers portfolio securities on account\nof a fund, (iii) accepts receipts and makes disbursements\nof money on behalf of a fund, and (iv) collects\nand receives all income and other payments and distributions\non account of a fund s portfolio securities. The\nCustodian has entered into agreements with foreign subcustodians\napproved by the Board pursuant to Rule 17f-5 under the 1940 Act.\nIn some instances, the\nCustodian may use Deutsche Bank AG or its affiliates,\nas subcustodian (DB Subcustodian) in certain\ncountries. To the extent a fund holds any securities\nin the countries in which the Custodian uses a\nDB Subcustodian as a subcustodian, those securities will\nbe held by DB Subcustodian as part of a larger omnibus\naccount in the name of the Custodian (Omnibus Account).\nFor its services, DB Subcustodian receives (1) an\nannual fee based on a percentage of the average daily net\nassets of the Omnibus Account and (2) transaction charges\nwi", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DWS_Floating_Rate_Fund", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Floating_Rate_Fund", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Floating_Rate_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Floating_Rate_Fund", "p": "seriesOf", "o": "trust:DEUTSCHE_DWS_PORTFOLIO_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Floating_Rate_Fund", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Floating_Rate_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:DEUTSCHE_DWS_PORTFOLIO_TRUST", "p": "underwrittenBy", "o": "org:DWS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DWS Floating Rate Fund <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> DEUTSCHE DWS PORTFOLIO TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> DEUTSCHE DWS PORTFOLIO TRUST <predicate_marker> underwrittenBy <object_marker> DWS Distributors, Inc. <triple_end>", "target_serialized_plain": "DWS Floating Rate Fund administrator DWS Investment Management Americas, Inc. ; advisedBy DWS Investment Management Americas, Inc. ; custodian State Street Bank and Trust Company ; seriesOf DEUTSCHE DWS PORTFOLIO TRUST ; transferAgent DWS Service Company , SS&C GIDS, Inc. .\nDEUTSCHE DWS PORTFOLIO TRUST underwrittenBy DWS Distributors, Inc. .", "stats": {"input_chars": 18027, "n_triples": 7, "text_to_json_ratio": 28.0}}
{"sample_id": "0000092500:ALL", "cik": "0000092500", "trust_name": "STEWARD FUNDS, INC.", "input_text": "ss\nA\nSCJAX\nClass\nC\nSCJCX\nClass\nR6\nSCJKX\nInstitutional\nClass\nSCJIX\nSteward\nEquity Market Neutral Fund\nClass\nA\nSMNAX\nClass\nC *\nSMNCX\nClass\nR6 *\nSMNRX\nInstitutional\nClass\nSMNIX\nSteward\nGlobal Equity Income Fund\nClass\nA\nSGIDX\nClass\nC\nSGIFX\nClass\nR6\nSGIGX\nInstitutional\nClass\nSGISX\nSteward\nValues Enhanced International Fund\n(formerly,\nSteward International Enhanced Index Fund)\nClass\nA\nSNTKX\nClass\nC *\nSNTDX\nClass\nR6\nSNTFX\nInstitutional\nClass\nSNTCX\nSteward\nLarge Cap Core Fund\nClass\nA\nSJCAX\nClass\nC *\nSJCCX\nClass\nR6\nSJCRX\nInstitutional\nClass\nSJCIX\nSteward Large Cap Growth Fund\nClass A\nSJGAX\nClass C *\nSJGCX\nClass R6 *\nSJGRX\nInstitutional Class\nSJGIX\nSteward Large Cap Value Fund\nClass A\nSJVAX\nClass C *\nSJVCX\nClass R6 *\nSJVRX\nInstitutional Class\nSJVIX\nSteward Select Bond Fund\nClass A\nSEAKX\nClass C *\nSEAAX\nClass R6 *\nSEABX\nInstitutional Class\nSEACX\nSteward Values Enhanced Large Cap Fund\nClass A\nSEEKX\nClass C *\nSEEBX\nClass R6\nSEEHX\nInstitutional Class\nSEECX\nSteward Values Enhanced Small-Mid Cap Fund\nClass A\nTRDFX\nClass C *\nSSMEX\nClass R6\nSSMOX\nInstitutional Class\nSCECX\n( * These share classes of these Funds are not currently available for purchase.)\nThe SEC has not approved or disapproved the shares described in this Prospectus or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nSTEWARD FUNDS\nSteward Covered Call Income Fund\nSteward Equity Market Neutral Fund\nSteward Global Equity Income Fund\nSteward Values Enhanced International Fund\n(formerly, Steward International Enhanced Index Fund)\nSteward Large Cap Core Fund\nSteward Large Cap Growth Fund\nSteward Large Cap Value Fund\nSteward Select Bond Fund\nSteward Values Enhanced Large Cap Fund\nSteward Values Enhanced Small-Mid Cap Fund\nPROSPECTUS\nAugust 28, 2025\nA NOTE ABOUT THE STEWARD FUNDS MANAGEMENT COMPANIES\nThroughout this Prospectus, you will see references to the following companies that manage, distribute and service the Steward Funds:\nCrossmark Global Investments, Inc. (referred to as Crossmark or the Adviser ) is the Funds investment adviser and is responsible for executing each Fund s investment strategies. Crossmark also provides values-based portfolio screening services to the Funds for use in the management of the Funds investment portfolios, as well as administration and compliance services to the Funds.\nCrossmark Distributors, Inc. (referred to as Crossmark Distributors ) is the Funds distributor and is responsible for developing and maintaining relationships with brokers and other financial intermediaries who sell the Funds shares and service shareholder accounts.\nCrossmark and Crossmark Distributors are affiliated companies, each a wholly-owned subsidiary of Crossmark Global Holdings, Inc. The principal offices for these companies are located at 15375 Memorial Dr., Suite 200, Houston, TX 77079.\nTABLE OF CONTENTS\nINVESTMENT PROGRAMS, PERFORMANCE, AND FEES\nSteward Covered Call Income Fund\n1\nInvestment Objective\n1\nFees and Expenses of the Fund\n1\nPrincipal Investment Strategies\n3\nPrincipal Risks of Investing in the Fund\n5\nPerformance\n10\nManagement\n12\nMinimum Investment and Eligibility Requirements\n12\nSale of Fund Shares\n13\nFederal Income Tax Information\n13\nPayments to Financial Intermediaries (Not Applicable to Class R6)\n13\nSteward Equity Market Neutral Fund\n14\nInvestment Objective\n14\nFees and Expenses of the Fund\n14\nPrincipal Investment Strategies\n16\nPrincipal Risks of Investing in the Fund\n18\nPerformance\n23\nManagement\n25\nMinimum Investment and Eligibility Requirements\n25\nSale of Fund Shares\n25\nFederal Income Tax Information\n25\nPayments to Financial Intermediaries\n26\nSteward Global Equity Income Fund\n27\nInvestment Objective\n27\nFees and Expenses of the Fund\n27\nPrincipal Investment Strategies\n28\nPrincipal Risks of Investing in the Fund\n31\nPerformance\n36\nManagement\n38\nMinimum Investment and Eligibility Requirements\n39\nSale of Fund Shares\n39\nFederal Income Tax Information\n39\nPayments to Financial Intermediaries (Not Applicable to Class R6)\n39\nSteward Values Enhanced International Fund (formerly, Steward International Enhanced Index Fund)\n40\nInvestment Objective\n40\nFees and\n...\nment\nCrossmark is the Fund s investment adviser. Paul Townsen serves as lead portfolio manager of the Fund and Ryan Caylor serves as co-portfolio manager of the Fund. Mr. Townsen is a Managing Director of Crossmark and has served as a portfolio manager of the Fund since December 14, 2017, the Fund s inception date. Mr. Caylor is Head of Research and a Portfolio Manager of Crossmark and has served as a portfolio manager of the Fund since 2021.\nMinimum Investment and Eligibility Requirements\nClass A and Class C The minimum initial investment is $1,000 for regular accounts and for individual retirement accounts. The minimum initial investment is waived for continuous investment plans through which at least $50 is invested per transaction. There is no minimum for subsequent purchases.\nClass R6 There is no minimum investment. Class R6 shares are sold only through authorized dealers that have an omnibus account in place; they are not available for purchase directly through the Fund s distributor.\n12\nInstitutional Class The minimum initial investment is $100,000, except that for Charitable Trusts or Grantor Trusts for which a charitable organization serves as trustee, the minimum initial investment is $25,000. The minimum subsequent investment is $1,000.\nThe minimum investment requirements may be waived in the case of investments through authorized dealers that have an omnibus account in place and in certain other instances as determined by Crossmark Distributors in its discretion. The Directors of the Steward Funds may invest in Institutional Class shares without regard to the stated minimum investment requirements.\nSale of Fund Shares\nFund shares may be redeemed on any business day through authorized dealers, or by writing the Fund s Transfer Agent at Steward Funds, c/o The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766. Redemptions in the amount of at least $1,000 may be wired. You may also arrange for periodic withdrawals of at least $50 if you have invested at least $5,000 in the Fund.\nFederal Income Tax Information\nThe Fund intends to make distributions that may be taxed as ordinary income or capital gains (or a combination of both).\nPayments to Financial Intermediaries (Not Applicable to Class R6)\nIf you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n13\nSteward Equity Market Neutral Fund\nClass C Shares\nClass R6 Shares\nInstitutional Class Shares\nClass A Shares\nICE BofA 3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)\nInvestment Objective: Long-term capital appreciation independent of the U.S. equity market.\nFees and Expenses of the Fund\nThe following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.\nSHAREHOLDER FEES\n(Fees paid directly from your investment)\nClass A\nClass C\nClass R6\nInstitutional\nClass\nMaximum sales charge (load) imposed on purchases\n5.75 % 1\nNone\nNone\nNone\nMaximum deferred sales charge (CDSC) (as a percentage of redemption proceeds)\nNone\n1.00 % 2\nNone\nNo", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Steward_Covered_Call_Income_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Covered_Call_Income_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Covered_Call_Income_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Covered_Call_Income_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Covered_Call_Income_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Covered_Call_Income_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Equity_Market_Neutral_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Global_Equity_Income_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_International_Enhanced_Index_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Core_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Growth_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Large_Cap_Value_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Select_Bond_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Large_Cap_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "administrator", "o": "org:Crossmark_Global_Investments", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "advisedBy", "o": "org:Crossmark_Global_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "seriesOf", "o": "trust:STEWARD_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Steward_Values_Enhanced_Small_Mid_Cap_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:STEWARD_FUNDS_INC", "p": "underwrittenBy", "o": "org:Crossmark_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Steward Covered Call Income Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Equity Market Neutral Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Global Equity Income Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward International Enhanced Index Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Large Cap Core Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Large Cap Growth Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Large Cap Value Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Select Bond Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Values Enhanced Large Cap Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Steward Values Enhanced Small-Mid Cap Fund <predicate_marker> administrator <object_marker> Crossmark Global Investments <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Crossmark Global Investments, Inc. <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> STEWARD FUNDS, INC. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> STEWARD FUNDS, INC. <predicate_marker> underwrittenBy <object_marker> Crossmark Distributors, Inc. <triple_end>", "target_serialized_plain": "Steward Covered Call Income Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Equity Market Neutral Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Global Equity Income Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward International Enhanced Index Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Large Cap Core Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Large Cap Growth Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Large Cap Value Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Select Bond Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Values Enhanced Large Cap Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSteward Values Enhanced Small-Mid Cap Fund administrator Crossmark Global Investments , The Northern Trust Company ; advisedBy Crossmark Global Investments, Inc. ; custodian The Northern Trust Company ; seriesOf STEWARD FUNDS, INC. ; transferAgent The Northern Trust Company .\nSTEWARD FUNDS, INC. underwrittenBy Crossmark Distributors, Inc. .", "stats": {"input_chars": 7756, "n_triples": 61, "text_to_json_ratio": 1.5}}
{"sample_id": "0000104865:ALL", "cik": "0000104865", "trust_name": "WASHINGTON MUTUAL INVESTORS FUND", "input_text": "d broad diversification. In the selection of common stocks and other securities for investment, current\nand potential income as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average\nyield in its quarterly income distribution in relation to the S P 500 Index (a broad, unmanaged index). The fund strives to maintain\na fully invested, diversified portfolio, consisting primarily of high-quality common stocks.\nThe fund\nhas Investment Standards originally based upon criteria established by the United States District Court for the District of Columbia for\ndetermining eligibility under the Court s Legal List procedure, which was in effect for many years. The fund has an Eligible\nList based on the Investment Standards of securities considered appropriate for a prudent investor seeking opportunities\nfor income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible\nList in compliance with the fund s Investment Standards and selects the fund s investments exclusively from the securities\non the Eligible List.\nThe investment adviser uses a system\nof multiple portfolio managers in managing the fund s assets. Under this approach, the portfolio of the fund is divided into segments\nmanaged by individual managers.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment\nopportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment\nopportunities.\n3 Washington\nMutual Investors Fund / Prospectus\nPrincipal\nrisks This section describes the principal risks\nassociated with investing in the fund. You may lose money by investing\nin the fund. The likelihood of loss may be greater if you invest for a shorter period of time.\nMarket\nconditions The prices of, and the income generated by, the common stocks and other securities held by the fund may decline\nsometimes rapidly or unpredictably due to various factors, including events or conditions affecting the general economy\nor particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental,\ngovernmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates;\nand currency exchange rate, interest rate and commodity price fluctuations.\nEconomies\nand financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements,\nwars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures\nand other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response\nto any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities\nof issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund s investments\nmay be negatively affected by developments in other countries and regions.\nIssuer\nrisks The prices of, and the income generated by, securities held by the fund may decline in response to various factors\ndirectly related to the i\n...\n1/1952\n12.17 %\n10.75 %\n10.70 %\n11.81 %\nC\n3/15/2001\n17.12\n11.23\n10.67\n8.36\nF-1\n3/15/2001\n18.93\n12.00\n11.28\n8.60\nF-3\n1/27/2017\n19.35\n12.41\nN/A\n12.77\n529-A\n(with maximum sales charge)\n2/15/2002\n14.79\n11.23\n10.90\n8.72\n529-C\n2/15/2002\n17.05\n11.18\n10.87\n8.69\n529-E\n3/1/2002\n18.69\n11.76\n11.02\n8.46\n529-F-1\n9/16/2002\n19.15\n12.23\n11.52\n9.98\n529-F-2\n10/30/2020\n19.27\nN/A\nN/A\n16.67\n529-F-3\n10/30/2020\n19.28\nN/A\nN/A\n16.71\nR-1\n5/29/2002\n18.06\n11.20\n10.48\n8.05\nR-2\n5/31/2002\n18.06\n11.19\n10.48\n8.06\nR-2E\n8/29/2014\n18.42\n11.52\n10.83\n10.73\nR-3\n6/4/2002\n18.58\n11.68\n10.96\n8.66\nR-4\n5/20/2002\n18.96\n12.02\n11.30\n8.81\nR-5E\n11/20/2015\n19.18\n12.25\nN/A\n12.47\nR-5\n5/15/2002\n19.30\n12.36\n11.63\n9.12\nR-6\n5/1/2009\n19.33\n12.41\n11.69\n13.99\nIndexes\n1\nyear\n5\nyears\n10\nyears\nLifetime (from\nClass F-2 inception)\nS P\n500 Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)\n25.02 %\n14.53 %\n13.10 %\n11.90 %\nClass\nF-2 annualized 30-day yield at April 30, 2025 : 1.68 % (For\ncurrent yield information, please call American Funds Service Company at (800)\n421-4225 or visit capitalgroup.com.)\nAfter-tax\nreturns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your\nactual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax\nreturns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan, individual retirement\naccount (IRA) or 529 college savings plan.\nWashington\nMutual Investors Fund / Prospectus 6\nManagement\nInvestment\nadviser Capital Research and Management Company Portfolio managers The\nindividuals primarily responsible for the portfolio management of the fund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio manager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nAline\nAvzaradel\n2021\nPartner\nCapital International Investors\nAlan\nN. Berro Co-President and Trustee\n1998\nPartner\nCapital World Investors\nMark\nL. Casey\n2016\nPartner\nCapital International Investors\nIrfan\nM. Furniturewala\n2015\nPartner\nCapital International Investors\nEmme\nKozloff\n2016\nPartner\nCapital World Investors\nJin\nLee\n2014\nPartner\nCapital World Investors\nEric\nH. Stern Co-President and Trustee\n2014\nPartner\nCapital International Investors\nDiana\nWagner\n2014\nPartner\nCapital World Investors\nPurchase\nand sale of fund shares The minimum\namount to establish an account for all share classes is normally $250 and the minimum to add to an account is $50. For a payroll deduction\nretirement plan account, payroll deduction savings plan account or employer-sponsored 529 account, the minimum is $25 to establish or\nadd to an account. For accounts with Class F-3 shares held and serviced by the fund s transfer agent, the minimum investment amount\nis $1 million.\nIf\nyou are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing\nto American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American\nFunds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at\ncapitalgroup.com. Please contact your plan administrator or recordkeeper to sell (redeem) shares from your retirement plan.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund s\ndistributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict\nof interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over\nanother investment. Ask your individual financial professional or visit your financial intermediary s website for more information.\n7 Washington\nMutual Investors Fund / Prospectus\nInvestment\nobjective, strategies and risks The\nfund s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common\nstock investing. While it has no present intention to do so, the fund s board may change the fund s investment objective\nwithout shareholder approval upon 60 days prior written notice to shareholders.\nThe fund\nstrives to accomplish its objective through fundamental research, careful selectio\n...\ning the portfolio managers compensation, their ownership of securities in the fund and other accounts they manage is in\nthe statement of additional information.\nCertain privileges\nand/or services described on the following pages of this prospectus and in the statement of additional information may not be available\nto you, depending on your investment dealer or retirement plan recordkeeper. Please see your financial professional or retirement\nplan recordkeeper for more information.\n15 Washington\nMutual Investors Fund / Prospectus\nShareholder\ninformation\nShareholder\nservices American Funds Service Company, the fund s transfer agent, offers a wide range of\nservices that you can use to alter your investment program should your needs or circumstances change. These services may be terminated\nor modified at any time upon 60 days prior written notice.\nA more\ndetailed description of policies and services is included in the fund s statement of additional information and the owner s\nguide sent to new American Funds shareholders entitled Welcome . Class 529 shareholders should also refer to the applicable program\ndescription for information on policies and services relating specifically to their account(s). These\ndocuments are available by writing to or calling American Funds Service Company.\nWashington\nMutual Investors Fund / Prospectus 16\nUnless\notherwise noted or unless the context requires otherwise, references on the following pages to (i) Class A, C, T or F shares also refer\nto the corresponding Class 529-A, 529-C, 529-T or 529-F shares, (ii) Class F shares refer to Class F-1, F-2 and F-3 shares and\n(iii) Class R shares refer to Class R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 shares.\nPurchase,\nexchange and sale of shares The\nfund s transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund s distributor, is required by law\nto obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your identity or such\nother person s identity. If you do not provide the information, the transfer agent may not be able to open your account. If the\ntransfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified\npotentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action\nthey deem reasonable or required by law.\nWhen\npurchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated,\nyour money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper\ninstructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the\nnet asset value (plus any applicable sales charge, in the case of Class A or Class T shares) next determined after investment instructions\nare received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares\n(or, if you are investing through a financial intermediary who offers only Class T shares, in Class T shares) of American Funds\nU.S. Government Money Market Fund on the third business day after receipt of your investment.\nIf the amount\nof your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last\n16 months, your money will be invested in the same proportion and in th\n...\ne fund may lend portfolio securities to brokers, dealers or other institutions\nthat provide cash or U.S. Treasury securities as collateral in an amount at least equal to the value of the securities loaned. While portfolio\nsecurities are on loan, the fund will continue to receive the equivalent of the interest and the dividends or other distributions paid\nby the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Additionally, although the\nfund will not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a\nright to recall each loan to vote on proposals, including proposals involving material events affecting securities loaned. The fund has\ndelegated the decision to lend portfolio securities to the investment adviser. The adviser also has the discretion to consent on corporate\nactions and to recall securities on loan to vote. In the event the adviser deems a corporate action or proxy vote material, as determined\nby the adviser based on factors relevant to the fund, it will use reasonable efforts to recall the securities and consent to or vote on\nthe matter.\nSecurities\nlending involves risks, including the risk that the loaned securities may not be returned in a timely manner or at all, which would interfere\nwith the fund s ability to vote proxies or settle transactions, and/or the risk of a counterparty default. Additionally, the fund\nmay lose money from the reinvestment of collateral received on loaned securities in investments that decline in value, default or do not\nperform as expected. The fund will make loans only to parties deemed by the fund s adviser to be in good standing and when, in the\nadviser s judgment, the income earned would justify the risks.\nJPMorgan\nChase Bank, N.A. ( JPMorgan ) serves as securities lending agent for the fund. As the securities lending agent, JPMorgan administers\nthe fund s securities lending program pursuant to the terms of a securities lending agent agreement entered into between the fund\nand JPMorgan. Under the terms of the agreement, JPMorgan is responsible for making available to approved borrowers securities from the\nfund s portfolio. JPMorgan is also responsible for the administration and management of the fund s securities lending program,\nincluding the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan,\nensuring\nWashington\nMutual Investors Fund Page 11\nthat\nsecurities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the corresponding\nrequired collateral is delivered by the borrowers, arranging for the investment of collateral received from borrowers, and arranging for\nthe return of loaned securities to the fund in accordance with the fund s instructions or at loan termination. As compensation for\nits services, JPMorgan receives a portion of the amount earned by the fund for lending securities.\nThe\nfollowing table sets forth, for the fund s most recently completed fiscal year, the fund s dollar amount of income and fees\nand/or other compensation related to its securities lending activities. Net income from securities lending activities may differ from\nthe amount reported in the fund s Form N-CSR, which reflects estimated accruals.\nGross\nincome from securities lending activities\n$11,844,000\nFees\npaid to securities lending agent from a revenue split\n103,000\nFees\npaid for any cash collateral management service (including fees deducted from a pooled cash collatera", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:WASHINGTON_MUTUAL_INVESTORS_FUND", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:WASHINGTON_MUTUAL_INVESTORS_FUND", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:WASHINGTON_MUTUAL_INVESTORS_FUND", "p": "seriesOf", "o": "trust:WASHINGTON_MUTUAL_INVESTORS_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:WASHINGTON_MUTUAL_INVESTORS_FUND", "p": "transferAgent", "o": "org:American_Funds_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:WASHINGTON_MUTUAL_INVESTORS_FUND", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> WASHINGTON MUTUAL INVESTORS FUND <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> WASHINGTON MUTUAL INVESTORS FUND <predicate_marker> transferAgent <object_marker> American Funds Service Company <triple_end>\n<triple_start> WASHINGTON MUTUAL INVESTORS FUND <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "WASHINGTON MUTUAL INVESTORS FUND advisedBy Capital Research and Management Company ; custodian JPMorgan Chase Bank, N.A. ; seriesOf WASHINGTON MUTUAL INVESTORS FUND ; transferAgent American Funds Service Company .\nWASHINGTON MUTUAL INVESTORS FUND underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 15779, "n_triples": 5, "text_to_json_ratio": 30.9}}
{"sample_id": "0000110055:ALL", "cik": "0000110055", "trust_name": "BlackRock Balanced Fund, Inc.", "input_text": "KMember 2015-01-01 2024-12-31 0000110055 bbcfi:C000199764Member bbcfi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000110055 bbcfi:C000199764Member bbcfi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000110055 bbcfi:CustomBenchmarkMember bbcfi:ClassKMember 2015-01-01 2024-12-31 0000110055 bbcfi:InvestorACInstitutionalAndClassRMember bbcfi:BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 0000110055 bbcfi:InvestorACInstitutionalAndClassRMember bbcfi:CustomBenchmarkMember 2015-01-01 2024-12-31 0000110055 bbcfi:InvestorACInstitutionalAndClassRMember bbcfi:MSCIAllCountryWorldIndexNetMember 2015-01-01 2024-12-31 0000110055 bbcfi:MSCIAllCountryWorldIndexNetMember bbcfi:ClassKMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on September 23, 2025 Securities Act File No. 2-49007 Investment Company Act File No. 811-2405 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 89 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 77 (Check appropriate box or boxes) BlackRock Balanced Fund, Inc. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Balanced Fund, Inc. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On September 26, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock, par value $.10 per share. SEPTEMBER 26, 2025\nProspectus BlackRock Balanced Fund, Inc. | Investor, Institutional and Class R Shares Investor A: MDCPX Investor C: MCCPX Institutional: MACPX Class R: MRBPX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n10\nInvestment Manager\n11\nPortfolio Managers\n11\nPurchase and Sale of Fund Shares\n11\nTax Information\n12\nPayments to Broker/Dealers and Other Fi\n...\nsponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker- dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer- sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. 12 Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 13 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Balanced Fund, Inc. (the Fund ) (formerly known as BlackRock Sustainable Balanced Fund, Inc. ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek the highest total investment return through a fully managed investment policy utilizing equity, debt (including money market) and convertible securities. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process Fund management utilizes a top-down asset allocation strategy to determine the Fund s overall exposure to equities versus fixed-income securities, as well as identify investment opportunities within equities, fixed-income and currency markets at the country and/or sector level. Within the Fund s equity and fixed income allocations, Fund management primarily selects individual securities for the Fund by using methods that rely on proprietary quantitative models and investment insights. The Fund has no minimum holding period for i\n...\nhareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another 40 basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Ple\n...\nhe Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 For More Information Fund and Service Providers FUND BlackRock Balanced Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated September 26, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Serv\n...\nUBS Securities LLC Ultimus Fund Solutions, LLC\nUMB Bank, National Association United States Life Insurance\nCompany in the City of New York VALIC Retirement Services Company\nVanguard Group, Inc. Vanguard Marketing Corporation\n5\nVoya Financial Advisors, Inc.\nVoya Financial Partners, LLC Voya Institutional Plan Services,\nLLC Voya Insurance and Annuity Company Voya Investments\nDistributor, LLC Voya Retirement Insurance and Annuity Company\nWaddell Reed, Inc. Wells Fargo Advisors, LLC\nWells Fargo Advisors Financial Network, LLC\nWells Fargo Bank, N.A. Wells Fargo Clearing Services, LLC\nWells Fargo Investments, LLC Wells Fargo Securities, LLC\nWilmington Trust, National Association Woodbury Financial\nServices, Inc. ZB, National Association\nShareholders should\nretain this Supplement for future reference. SAI-GLOBAL-0326SUP\n6\n\n\f\n\n497K\n1\nd48964d497k.htm\nBLACKROCK BALANCED FUND, INC.\nBLACKROCK BALANCED FUND, INC.\nBLACKROCK BALANCED FUND, INC.\n(the Fund )\nSupplement dated December 3, 2025 to the Summary Prospectuses, Prospectuses and Statement of\nAdditional Information ( SAI ) of the Fund, each dated September 26, 2025\nOn November 18, 2025, the Board of Directors of the Fund approved the appointment of BlackRock International Limited ( BIL ) as a sub-adviser of the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC with respect to the Fund. The addition of BIL as a sub-adviser of the Fund is effective as of December 2, 2025. Effective immediately, the following\nchanges are made to the Fund s Summary Prospectuses, Prospectuses and SAI, as applicable: The section of each Summary Prospectus entitled\nSummary Prospectus Key Facts About BlackRock Balanced Fund, Inc. Investment Manager and the section of each Prospectus entitled Fund Overview Key Facts About BlackRock Balanced Fund, Inc. Investment\nManager are deleted in their entirety and replaced with the following: Investment Manager and\nSub-Adviser The Fund s investment manager is BlackRock Advisors, LLC (previously defined as\nBlackRock ). The Fund s sub-adviser is BlackRock International Limited. Where applicable when discussing the Fund s investment strategies and risks, BlackRock\nrefers to both BlackRock Advisors, LLC and BlackRock International Limited. The second paragraph of the section of each Prospectus entitled\nManagement of the Fund BlackRock is deleted in its entirety and replaced with the following: BlackRock, a registered investment\nadviser, was organized in 1994 to perform advisory services for investment companies. BlackRock International Limited, the Fund s sub-adviser\n(the Sub-Adviser ), is a registered investment adviser organized in 1995 and is an affiliate of BlackRock. BlackRock and its affiliates had approximately $13.5 trillion in investment\ncompany and other portfolio assets under management as of September 30, 2025. The following is added after the fourth paragraph of the section of\neach Prospectus entitled Management of the Fund BlackRock : BlackRock has entered into a\nsub-advisory agreement with the Sub-Adviser, an affiliate of BlackRock, with respect to the Fund. Under the sub-advisory\nagreement, BlackRock pays the Sub-Adviser for services it provides for that portion of the Fund for which the Sub-Adviser acts as\nsub-adviser a fee equal to a percentage of the management fee paid to BlackRock under the Management Agreement with respect to the Fund.\nThe third to last paragraph of the section of each Prospectus entitled Management of the Fund BlackRock is deleted in its entirety and\nreplaced with the following: A discussion of the basis for the", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Balanced_Fund_Inc", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Balanced_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Balanced_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Balanced_Fund_Inc", "p": "seriesOf", "o": "trust:BlackRock_Balanced_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Balanced_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Balanced_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Balanced Fund, Inc. <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BlackRock Balanced Fund, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Balanced Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Balanced Fund, Inc. administrator BNY Mellon Investment Servicing (US) Inc. ; advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Balanced Fund, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Balanced Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18017, "n_triples": 6, "text_to_json_ratio": 30.5}}
{"sample_id": "0000202741:ALL", "cik": "0000202741", "trust_name": "BLACKROCK FUNDS VII, INC.", "input_text": "estorAInstitutionalAndClassRMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000202741 badf:C000005808Member badf:InvestorAInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000202741 badf:C000005809Member badf:InvestorAInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000202741 badf:C000198217Member badf:ClassKMember 2015-01-01 2024-12-31 0000202741 badf:C000198217Member badf:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000202741 badf:C000198217Member badf:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000202741 badf:ClassKMember badf:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000202741 badf:InvestorAInstitutionalAndClassRMember badf:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 26, 2025 Securities Act File No. 2-56978 Investment Company Act File No. 811-2661 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 92 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 93 (Check appropriate box or boxes) BLACKROCK FUNDS VII, INC. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK FUNDS VII, INC. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock. AUGUST 28, 2025\nProspectus BlackRock Funds VII, Inc. | Investor A, Institutional and Class R Shares BlackRock Sustainable Emerging Markets Equity Fund Investor A: MDPCX Institutional: MAPCX Class R: MRPCX Important Notice Regarding Liquidation of the Fund BlackRock Sustainable Emerging Markets Equity Fund (the Fund ) will be liquidated on or about September 19, 2025 (the Liquidation Date ). Effective September 12, 2025, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On the Liquidation Date, all of the assets of the Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a series of BlackRock Funds VII, Inc. Shareholders may redeem their Fund shares or exchange their shares into shares of another mutual fund advised by BlackRock Advisors, LLC or its affiliates at any time prior to the Liquidation Date. In preparation for the liquidation, the Fund may deviate from its investment objective and principal investment strategies. Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund on their tax situation. This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n10\nInvestment Manager\n11\nPortfolio Managers\n11\nPurchase and Sale of Fund Shares\n12\nTax Information\n13\nPayments to Broker/Dealers and Other Financial Intermediaries\n13\nDetails About the Fund\nInformation about how the Fund invests, including investment objective, investment process, principal strategies and risk factors\nHow the Fund Invests\n14\nInvestment Risks\n17\nAccount Information\nInformation about account services, sales charges and waivers, shareholder\n...\nurn After Taxes on Distributions\n( 3.95 )%\n( 2.45 )%\n0.71 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n( 1.54 )%\n( 1.00 )%\n1.51 %\nBlackRock Sustainable Emerging Markets Equity Fund Institutional Shares\nReturn Before Taxes\n1.93 %\n( 0.22 )%\n2.67 %\nBlackRock Sustainable Emerging Markets Equity Fund Class R Shares\nReturn Before Taxes\n1.55 %\n( 0.77 )%\n2.05 %\nMSCI Emerging Markets Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n7.50 %\n1.70 %\n3.64 % 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund s applicable withholding tax rates, if any. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-advisers are BlackRock Asset Management North Asia Limited and BlackRock International Limited (the Sub-Advisers ). Where applicable, BlackRock refers also to the Sub-Advisers. Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nEgon Vavrek\n2025\nManaging Director of BlackRock, Inc. 11 Purchase and Sale of Fund Shares The Fund will be liquidated on or about September 19, 2025 (the Liquidation Date ). Effective September 12, 2025, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On the Liquidation Date, all of the assets of the Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a series of BlackRock Funds VII, Inc. Shareholders may redeem their Fund shares or exchange their shares into shares of another mutual fund advised by BlackRock Advisors, LLC or its affiliates at any time prior to the Liquidation Date. In preparation for the liquidation, the Fund may deviate from its investment objective and principal investment strategies. Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund on their tax situation.You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may red\n...\nthe program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction\n$100 for all accounts. 12\nInvestor A Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nbased sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 13 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Sustainable Emerging Markets Equity Fund (the Fund ), a series of BlackRock Funds VII, Inc. (the Corporation ), and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek to maximize total return. The investment objective is a non-fundamental policy of the Fund. However, the Corporation s Board of Directors (the Board ) has adopted a policy (the Policy ) whereby the Board has agreed to not change the Fund s investment objective in the future without obtaining the vote of a majority of the outstanding voting securities of the Fund, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). In addition, the Board has agreed not to change the Policy without the vote of a majority of the outstanding voting securities. Investment Process To determine the Fund s investable universe, Fund management will first seek to screen out certain issuers based on ESG criteria determined by BlackRock Advisors, LLC ( BlackRock ), subject to the considerations noted below. Such screening criteria principally includes: i. issuers that derive more than zero percent of revenue from the p\n...\nFund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. 39 In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Pleas\n...\nregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 For More Information Fund and Service Providers FUND BlackRock Funds VII, Inc. BlackRock Sustainable Emerging Markets Equity Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISERS BlackRock Asset Management North Asia Limited 16/F, 2 Queen s Road Central Cheung Kong Center Hong Kong BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN Brown Brothers Harriman Co. 40 Water Street Boston, Massachusetts 02109 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Serv", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "seriesOf", "o": "trust:BLACKROCK_FUNDS_VII_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_Asset_Management_North_Asia_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Emerging_Markets_Equity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BLACKROCK_FUNDS_VII_INC", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Sustainable Emerging Markets Equity Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> BLACKROCK FUNDS VII, INC. <predicate_marker> subAdvisedBy <object_marker> BlackRock Asset Management North Asia Limited <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BLACKROCK FUNDS VII, INC. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Sustainable Emerging Markets Equity Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf BLACKROCK FUNDS VII, INC. ; subAdvisedBy BlackRock Asset Management North Asia Limited , BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBLACKROCK FUNDS VII, INC. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 19691, "n_triples": 8, "text_to_json_ratio": 25.5}}
{"sample_id": "0000203142:ALL", "cik": "0000203142", "trust_name": "DEUTSCHE DWS MUNICIPAL TRUST", "input_text": ") (Class A)\nThese year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.\nReturns\nPeriod ending\nBest Quarter\n2.95 %\nDecember 31, 2023\nWorst Quarter\n- 2.75 %\nMarch 31, 2022\nAverage Annual Total Returns\n(For periods ended 12/31/2025 expressed as a %)\nAfter-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.\nClass\nInception\n1\nYear\n5\nYears\n10\nYears\nClass A before tax 1\n2/28/2003\n1.21\n0.99\n1.29\nAfter tax on distribu-\ntions\n1.21\n0.97\n1.26\nAfter tax on distribu-\ntions and sale of fund\nshares\n1.74\n1.21\n1.36\nClass C before tax\n2/28/2003\n1.87\n0.72\n0.76\nINST Class before tax\n3/6/1995\n3.79\n1.71\n1.77\nClass S before tax\n2/28/2005\n3.85\n1.65\n1.68\nBloomberg Municipal\nBond Index (reflects no\ndeduction for fees,\nexpenses or taxes)\n4.25\n0.80\n2.34\nBloomberg 1-Year\nGeneral Obligation\nIndex (reflects no deduc-\ntion for fees, expenses\nor taxes)\n3.28\n1.63\n1.53\nBloomberg 3-Year (2-4)\nMunicipal Bond Index\n(reflects no deduction for\nfees, expenses or taxes)\n4.11\n1.29\n1.64\n1\nPerformance data for Class A is calculated based on the current maximum sales load of 2.25%. From February 11, 2019 until July 14, 2020 the sales load was 0.00%. Prior to February 11, 2019 the sales load was 2.00%.\nThe Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2-4) Municipal Bond Index are more narrowly based indices that reflect the market sector in which the fund invests.\nManagement\nInvestment Advisor\nDWS Investment Management Americas, Inc.\nPortfolio Manager(s)\nMatthew J. Caggiano, CFA, Managing Director and Head of Investment Strategy Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2014.\nPatrick Gallagher, Vice President and Portfolio Manager Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2021.\nAllyson McCann, Vice President and Portfolio Manager Fixed Income. Portfolio Manager of the fund. Began managing the fund in 2022.\nPurchase and Sale of Fund Shares\nMinimum Initial Investment ($)\nNon-IRA\nIRAs\nUGMAs/\nUTMAs\nAutomatic\nInvestment\nPlans\nA, C\n1,000\n500\n1,000\n500\nINST\n1,000,000\nN/A\nN/A\nN/A\nS\n2,500\n1,000\n1,000\n1,000\nProspectus February 1, 2026\n6\nDWS Short-Term Municipal Bond Fund\nFor participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. The minimum initial investment for Class S shares may be waived for eligible intermediaries that have agreements with DDI to offer Class S shares in their brokerage platforms when such Class S shares are held in omnibus accounts on such brokerage platforms. In certain instances, the minimum initial investment may be waived for Institutional Class shares. For more information regarding available Institutional Class investment minimum waivers, see Institutional Class Shares Investment Minimum in the Choosing a Share Class section of the prospectus. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.\nTo Place Or\n...\nck cover tells you how to do this).\nKeep in mind that there is no assurance that the fund will achieve its investment objective.\nA complete list of the fund s portfolio holdings as of the month-end is posted on dws.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com . The posted portfolio holdings information is available by fund and generally remains accessible at least until the date on which the fund files its Form N-CSR or publicly available Form N-PORT with the SEC for the period that includes the date as of which the posted information is current. The fund s Statement of Additional Information includes a description of the fund s policies and procedures with respect to the disclosure of the fund s portfolio holdings.\nWho Manages and Oversees the Fund\nThe Investment Advisor\nDWS Investment Management Americas, Inc. ( DIMA or the Advisor ), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the fund. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH Co. KGaA ( DWS Group ), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.\nDWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ( DDI or the Distributor ). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.\nThe Advisor may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution, trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to both US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such\nProspectus February 1, 2026\n14\nFund Details\nservices may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.\nManagement Fee. The Advisor receives a management fee from the fund. Below is the actual rate paid by the fund for the most recent fiscal year, as a percentage of the fund s average daily net assets.\nFund Name\nFee Paid\nDWS Short-Term Municipal\nBond Fund\n0.192\n%*\n*\nReflecting the effect of expense limitations and/or fee waivers then in effect.\nThe following waivers are currently in effect:\nThe Advisor has contractually agreed through January 31, 2027 to waive its fees and/or reimburse fund expenses to the extent necess\n...\ncted fund performance during its last fiscal year. In Form N-CSR, you will find the fund s annual and semi-annual financial statements.\nStatement of Additional Information (SAI). This tells you more about the fund s features and policies, including additional risk information. The SAI is incorporated by reference into this document (meaning that it s legally part of this prospectus).\nFor a free copy of the SAI or a shareholder or other fund report or to request other information about the fund, contact DWS at the telephone number or address listed below. SAIs and shareholder reports are also available through the DWS Web site at dws.com. These documents and other information about the fund (such as fund financial statements) are available from the EDGAR Database on the SEC s Internet site at sec.gov. If you like, you may obtain copies of this information, after paying a duplicating fee, by e-mailing a request to publicinfo@sec.gov. The fund's recent shareholder reports and financial statements are also in the fund's annual and semi-annual filings with the SEC on Form N-CSR, which are available from the EDGAR Database on the SEC's Internet site at sec.gov.\nIn order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call the telephone number provided.\nContact Information\nDWS\nPO Box 219151\nKansas City, MO\n64121-9151\ndws.com\nShareholders:\n(800) 728-3337\nInvestment professionals:\n(800) 621-5027\nDistributor\nDWS Distributors, Inc.\n222 South Riverside Plaza\nChicago, IL 60606-5808\n(800) 621-1148\nSEC File Number\nDeutsche DWS Municipal Trust\nDWS Short-Term Municipal Bond Fund\n811-02671\n(02/01/26) DSTMBF-1\nStatement of Additional\nInformation\nFebruary 1, 2026\nDEUTSCHE\nDWS MUNICIPAL TRUST\nDWS\nShort-Term Municipal Bond Fund\nCLASS/TICKER\nA\nSRMAX\nC\nSRMCX\nINST\nMGSMX\nS\nSRMSX\nThis\nStatement of Additional Information ( SAI )\nis not a prospectus and should be read in conjunction\nwith the prospectus for the fund dated February\n1, 2026 ,\nas supplemented, a copy of which may be obtained\nwithout charge by calling (800) 728-3337; by\nvisiting dws.com\n(the Web site does not form a part of this SAI);\nor from the firm from which this SAI was obtained.\nThis SAI is incorporated by reference into the prospectus.\nPortions\nof the Annual Financial Statements and Other Information\nReport of the fund are incorporated herein by\nreference, and are hereby deemed to be part of this\nSAI. Such reports may also be obtained without charge\nby calling the number provided in the preceding paragraph.\nThis SAI is divided into\ntwo Parts Part\nI and Part II. Part I contains information that\nis specific to the fund, while Part II contains\ninformation that generally applies to each of the funds in the\nDWS funds.\nStatement of Additional Information\n(SAI) Part\nI\nPage\nPart\nI\nI - 1\nDefinitions\nI - 1\nFund\nOrganization\nI - 1\nManagement\nof the Fund\nI - 2\nSales\nCharges and Distribution Plan Payments\nI - 2\nPortfolio\nTransactions, Brokerage Commissions and Securities Lending Activities\nI - 2\nInvestments\nI - 3\nInvestment\nRestrictions\nI - 3\nTaxes\nI - 4\nIndependent\nRegistered Public Accounting Firm, Reports to Shareholders and Financial Statements\nI - 4\nAdditional\nInformation\nI - 5\nPart\nI: Appendix I-A Board\nMember Share Ownership and Control Persons\nI - 6\nPart\nI: Appendix I-B Board\nCommittees and Meetings\nI - 10\nPart\nI: Appendix I-C Board\nMember Compensation\nI - 13\nPart\nI: Appendix I-D Portfolio\nManagement\nI - 14\nPart\nI: Appendix I-E Service\nProvider Compensation\nI - 16\nPart\nI: Appendix I-F Sales\nCharges\nI - 17\nPart\nI: Appendix I-G Distribution\nPlan Payments\nI - 18\nPart\nI: Appendix I-H Portfolio\nTransactions and Brokerage Commissions\nI - 19\nPart\nI: Appendix I-I Investments,\nPractices and Techniques, and Risks\nI - 20\nPart\nI: Appendix I-J Securities\nLending Activities\nI - 21\nPart\nI: Appendix I-K Additional\nInformation\nI - 22\nPart\nII\nII-1\nDetailed\nPart II table of contents precedes page II-1\nPart I\nDefinitions\n1933\nAct\nthe Securities Act of 1933, as amended\n1934\nAct\nthe Securities Exchange Act of 1934, as amended\n1940\nAct\nthe Investment Company Act of 1940, as amended\nCode\nthe Internal Revenue Code of 1986, as amended\nSEC\nthe Securities and Exchange Commission\nDIMA\nor Advisor\nor Administrator\nDWS Investment Management Americas,\nInc., 875 Third Avenue, New York, New York 10022\nDDI\nor Distributor\nDWS Distributors, Inc., 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDSC\nor Transfer\nAgent\nDWS Service Company, 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDWS\nrefers to the asset management activities conducted\nby DWS Group GmbH Co. KGaA or any of its\nsubsidiaries, including the Advisor and other affiliated investment\nadvisors\nDWS\nfunds\nthe US registered investment companies advised by DIMA\nDWS\nGroup\nDWS Group GmbH Co. KGaA, a separate,\npublicly-listed financial services firm that is an indirect,\nmajority-owned subsidiary of Deutsche Bank AG\nBoard\nMembers\nMembers of the Board of Trustees of the Trust\nBoard\nBoard of Trustees of the Trust\nIndependent\nBoard Members\nBoard Members who are not interested persons\n(as defined in the 1940 Act) of the fund, the investment advisor\nor the distributor\nfund\nor series\nDWS Short-Term Municipal Bond Fund\nCustodian\nState Street Bank and Trust Company, One Congress\nStreet, Suite 1, Boston, Massachusetts 02114-2016\nFund\nLegal Counsel\nVedder Price P.C., 222 North LaSalle Street, Chicago,\nIllinois 60601\nTrustee/Director\nLegal Counsel\nRopes Gray LLP, Prudential Tower,\n800 Boylston Street, Boston, Massachusetts 02199\nTrust\nDeutsche DWS Municipal Trust\nBusiness\nDay\nMonday through Friday except holidays\nIndependent\nRegistered Public Accounting Firm\nErnst Young LLP, 200 Clarendon\nStreet, Boston, Massachusetts 02116\nNRSRO\na nationally recognized statistical rating organization\nMoody s\nMoody s Investors Service, Inc., a NRSRO\nFitch\nFitch Ratings, a NRSRO\nFund Organization\nDWS Short-Term Municipal\nBond Fund is a series of Deutsche DWS Municipal\nTrust, a Massachusetts business trust established\nunder a Declaration of Trust dated September\n24, 1976 as amended from time to time. On July\n10, 2006, the predecessor of DWS Short-Term Municipal\nBond Fund (the Predecessor\nFund )\ntransferred all of its assets and liabilities\nfrom DWS Investments Trust, a Delaware statutory\ntrust, to DWS Advisor Funds, while retaining\nthe same fund name. On February 1, 2011, the\npredecessor of the Predecessor Fund transferred\nall of its assets and liabilities from DWS Advisor Funds,\na Massachusetts business trust, to DWS Municipal Trust,\nwhile retaining the same fund name. On August 11,\n2014, DWS Municipal Trust was renamed Deutsche Municipal\nTrust and DWS Short-Term Municipal Bond Fund was\nrenamed Deutsche Short-Term Municipal Bond Fund. On\nJuly 2, 2018, Deutsche Municipal Trust was renamed Deutsche\nDWS Municipal Trust and Deutsche Short-Term Municipal\nBond Fund was renamed DWS Short-Term Municipal Bond Fund.\nI-1\nAll\nhistorical financial information and other information contained\nin the fund's prospectus and SAI for p\n...\nd. Pursuant to the Advisor s procedures,\napproved by the Board, proof of claim forms are\nroutinely filed on behalf of a fund by a third party service\nprovider, with certain limited exceptions. The Board receives\nperiodic reports regarding the implementation of\nthese procedures. Under some circumstances, the Advisor\nmay decide that a fund should not participate in a\nclass action, and instead cause the fund to pursue alternative\nlegal remedies. Where the rights and interests of funds\ndiffer, the Advisor might take different approaches to\nthe same class action claim. In addition, laws and processes\nrelated to class actions outside of the US differ from\nlaws and processes in the US, and the Board and the\nAdvisor will consider whether or not to join certain foreign\nclass actions based on the facts and circumstances of the class\naction.\nFund Accounting Agent.\nFor DWS CROCI\nEquity Dividend Fund and DWS Enhanced\nCore Equity Fund, DIMA, 100 Summer Street, Boston,\nMassachusetts 02110, is responsible for determining\nnet asset value per share and maintaining the\nportfolio and general accounting records for\na fund pursuant to a Fund Accounting Agreement.\nFor its services under a Fund Accounting Agreement,\nDIMA receives a fee at the rate set forth in Part\nII Appendix II-C .\nPursuant to an agreement\nbetween DIMA and SSB, DIMA has delegated certain\nfund accounting functions to SSB under the Fund Accounting Agreement.\nTransfer Agent and Shareholder Service\nAgent . DSC, 222\nSouth Riverside Plaza, Chicago, Illinois 60606, an affiliate\nof the Advisor, is each fund s transfer agent, dividend-paying\nagent and shareholder service agent\nII-6\npursuant\nto a transfer agency and service agreement (Transfer\nAgency and Services Agreement). Pursuant to a\nsub-transfer agency agreement between DSC and SS C GIDS,\nInc. (formerly known as DST Systems, Inc.) (SS C), DSC\nhas delegated certain transfer agent, dividend paying agent\nand shareholder servicing agent functions to SS C. The\ncosts and expenses of such delegation are borne by\nDSC, not by a fund. For its services under the Transfer Agency\nand Services Agreement, DSC receives a fee at the\nrate set forth in Part II Appendix\nII-C . Each fund, or\nthe Advisor (including any affiliate of the Advisor), or both,\nmay pay unaffiliated third parties for providing recordkeeping\nand other administrative services with respect\nto accounts of participants in retirement plans or\nother beneficial owners of shares whose interests are generally\nheld in an omnibus account.\nCustodian .\nUnder its custody agreement with a fund, the\nCustodian (i) maintains separate accounts in the name of\na fund, (ii) holds and transfers portfolio securities on account\nof a fund, (iii) accepts receipts and makes disbursements\nof money on behalf of a fund, and (iv) collects\nand receives all income and other payments and distributions\non account of a fund s portfolio securities. The\nCustodian has entered into agreements with foreign subcustodians\napproved by the Board pursuant to Rule 17f-5 under the 1940 Act.\nIn some instances, the\nCustodian may use Deutsche Bank AG or its affiliates,\nas subcustodian (DB Subcustodian) in certain\ncountries. To the extent a fund holds any securities\nin the countries in which the Custodian uses a\nDB Subcustodian as a subcustodian, those securities will\nbe held by DB Subcustodian as part of a larger omnibus\naccount in the name of the Custodian (Omnibus Account).\nFor its services, DB Subcustodian receives (1) an\nannual fee based on a percentage of the average daily net\nassets of the Omnibus Account and (2) transaction charges\nwi", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:DEUTSCHE_DWS_MUNICIPAL_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Managed_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "seriesOf", "o": "trust:DEUTSCHE_DWS_MUNICIPAL_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Strategic_High_Yield_Tax_Free_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:DEUTSCHE_DWS_MUNICIPAL_TRUST", "p": "underwrittenBy", "o": "org:DWS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DWS Managed Municipal Bond Fund <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> DEUTSCHE DWS MUNICIPAL TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> DWS Strategic High Yield Tax-Free Fund <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> DEUTSCHE DWS MUNICIPAL TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> DEUTSCHE DWS MUNICIPAL TRUST <predicate_marker> underwrittenBy <object_marker> DWS Distributors, Inc. <triple_end>", "target_serialized_plain": "DWS Managed Municipal Bond Fund administrator DWS Investment Management Americas, Inc. ; 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{"sample_id": "0000216557:ALL", "cik": "0000216557", "trust_name": "BlackRock Large Cap Focus Value Fund, Inc.", "input_text": "estorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000216557 bbvfi:C000152172Member bbvfi:ClassKMember 2015-01-01 2024-12-31 0000216557 bbvfi:C000152172Member bbvfi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000216557 bbvfi:C000152172Member bbvfi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000216557 bbvfi:ClassKMember bbvfi:Russell1000IndexMember 2015-01-01 2024-12-31 0000216557 bbvfi:ClassKMember bbvfi:Russell1000ValueIndexMember 2015-01-01 2024-12-31 0000216557 bbvfi:InvestorACInstitutionalAndClassRMember bbvfi:Russell1000IndexMember 2015-01-01 2024-12-31 0000216557 bbvfi:InvestorACInstitutionalAndClassRMember bbvfi:Russell1000ValueIndexMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on October 27, 2025 Securities Act File No. 002-58521 Investment Company Act File No. 811-02739 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 71 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 68 (Check appropriate box or boxes) BLACKROCK LARGE CAP FOCUS VALUE FUND, INC. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK LARGE CAP FOCUS VALUE FUND, INC. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On October 28, 2025 pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock, par value $0.10 per share. OCTOBER 28, 2025\nProspectus BlackRock Large Cap Focus Value Fund, Inc. | Investor, Institutional and Class R Shares Investor A: MDBAX Investor C: MCBAX Institutional: MABAX Class R: MRBVX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n6\nInvestment Manager\n7\nPortfolio Managers\n7\nPurchase and Sale of Fund Shares\n8\nTax Information\n9\nPayments to Broker/Dealers and Oth\n...\nrement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\n$100 for all accounts.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. 8 Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 9 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Large Cap Focus Value Fund, Inc. (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek capital appreciation and, secondarily, income by investing in securities, primarily equity securities, that management of the Fund believes are undervalued and therefore represent basic investment value. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process In selecting securities, Fund management emphasizes value securities, which are generally considered to be those with prices less than Fund management believes they are worth. The investment strategy of the Fund is based on the belief that the pricing mechanism of the securities market lacks total efficiency and has a tendency to inflate prices of securities in favorable market climates and depress prices of securities in unfavorable climates. Fund management believes that favorable changes in market prices are more likely to occur when: Securities are out of favor Company\n...\nder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. 30 Ple\n...\nounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Large Cap Focus Value Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated October 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Servic", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Large_Cap_Focus_Value_Fund_Inc", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Value_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Value_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Value_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Large_Cap_Focus_Value_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Large Cap Focus Value Fund, Inc. <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Large Cap Focus Value Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Large Cap Focus Value Fund, Inc. administrator BNY Mellon Investment Servicing (US) Inc. ; advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Large Cap Focus Value Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 14414, "n_triples": 5, "text_to_json_ratio": 26.6}}
{"sample_id": "0000225322:ALL", "cik": "0000225322", "trust_name": "Fidelity Summer Street Trust", "input_text": "t any time during the current fiscal year expenses for the fund fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through\nMay 31,\n2029\n. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.\nThis\nexample\nhelps compare the cost of investing in the fund with the cost of investing in other funds.\nLet's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:\n1 year\n$\n0\n3 years\n$\n0\n5 years\n$\n4\n10 years\n$\n19\nPortfolio Turnover\nThe fund pays transaction costs, such as commissions, when it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was\n28\n% of the average value of its portfolio.\nPrincipal Investment Strategies\nNormally investing at least 80% of assets in securities of issuers in the U.S. that Fidelity Management Research Company LLC (FMR) (the Adviser) believes have proven or improving sustainability practices, based on an evaluation of such companies' individual environmental, social and governance (ESG) profile.\nThe Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.\nDerivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.\nNormally investing primarily in equity securities.\nUsing a quantitative portfolio construction and optimization model to select securities for the fund and capitalize on the Adviser's proprietary and third-party ESG ratings and research.\nUsing the Adviser's proprietary ESG ratings process to evaluate the current state of an issuer's sustainability practices using a data-driven framework that includes both proprietary and third-party data, and also provide a qualitative forward-looking assessment of an issue\n...\n.S. Market Fund\nReturn Before Taxes\n18.78\n%\n22.69\n%\nA\nReturn After Taxes on Distributions\n18.41\n%\n22.16\n%\nA\nReturn After Taxes on Distributions and Sale of Fund Shares\n11.32\n%\n17.80\n%\nA\nMSCI USA IMI ESG Focus Dynamic Weighted Index\n(reflects no deduction for fees, expenses, or taxes)\n16.47\n%\n21.63\n%\nDow Jones U.S. Total Stock Market Index\n(reflects no deduction for fees, expenses, or taxes)\n17.05\n%\n22.28\n%\nA\nFrom\nMay 11, 2023\n.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.\nPortfolio Manager(s)\nMichael Robertson (Lead Portfolio Manager) has managed the fund since 2023.\nAnna Lester (Co-Portfolio Manager) has managed the fund since 2023.\nGeorge Liu (Co-Portfolio Manager) has managed the fund since 2023.\nShashi Naik (Co-Portfolio Manager) has managed the fund since 2023.\nPurchase and Sale of Shares\nShares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.\nThe price to sell one share is its net asset value per share (NAV). Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Basics\nInvestment Details\nInvestment Objective\nFidelity Series Sustainable U.S. Market Fund seeks long-term growth of capital.\nPrincipal Investment Strategies\nThe Adviser normally invests at least 80% of the fund's assets in securities of issuers in the U.S. that the Adviser believes have proven or improving sustainability practices, based on an evaluation of such companies' individual ESG profile.\nThe Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.\nDerivative instruments that provide investment exposure to the investments above or exposur\n...\nns you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.\nFor federal tax purposes, certain distributions, including dividends and distributions of short-term capital gains, are taxable to you as ordinary income, while certain distributions, including distributions of long-term capital gains, are taxable to you generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).\nIf you buy shares when a fund has realized but not yet distributed income or capital gains, you will be \"buying a dividend\" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.\nAny taxable distributions you receive from the fund will normally be taxable to you when you receive them.\nTaxes on Transactions\nYour redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.\nFund Services\nFund Management\nThe fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.\nAdviser\nFMR. The Adviser is the fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.\nAs of December 31, 2024, the Adviser had approximately $4.7 trillion in discretionary assets under management, and approximately $5.9 trillion when combined with all of its affiliates' assets under management.\nAs the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.\nSub-Adviser(s)\nFMR Investment Management (UK) Limited (FMR UK) , at\n25 Cannon Street , London,\nEC4M 5SB , United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2024, FMR UK had approximately $15.1 billion in discretionary assets under management. FMR UK is an affiliate of the Adviser.\nFMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2024, FMR H.K. had approximately $29.2 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.\nFMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. As of March 31, 2025, FMR Japan had approximately $2.8 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.\nFMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nPortfolio Manager(s)\nMichael Robertson is Lead Portfolio Manager of Fidelity Series Sustainable U.S. Market Fund, which he has managed since 2023. He also manages other funds. Since joining Fidelity Investments in 2016, Mr. Robertson has worked as quantitative analyst, Head of Quantitative Sustainable Investing, and portfolio manager.\nAnna Lester is Co-Portfolio Manager of Fidelity Series Sustainable U.S. Market Fund, which she has managed since 2023. She also manages other funds. Since joining FMR in 2022, Ms. Lester has worked as a portfolio manager. Prior to joining FMR, Ms. Lester worked at Geode Capital Management LLC (Geode) from 2019 to 2022, most recently as senior portfolio manager, and at State Street Global Advisors from 2005 to 2019, most recently as senior portfolio manager.\nGeorge Liu is Co-Portfolio Manager of Fidelity Series Sustainable U.S. Market Fund, which he has managed since 2023. He also manages other funds. Since joining FMR in 2022, Mr. Liu has worked as a portfolio manager. Prior to joining FMR, Mr. Liu worked at Geode Capital Management LLC (Geode) from 2004 to 2022, most recently as portfolio manager.\nShashi Naik is Co-Portfolio Manager of Fidelity Series Sustainable U.S. Market Fund, which he has managed since 2023. He also manages other funds. Since joining FMR in 2022,\n...\ne with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under \"Standing Committees of the Trustees.\"\nInterested Trustees*:\nCorrespondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.\nName, Year of Birth; Principal Occupations and Other Relevant Experience+\nBettina Doulton (1964)\nYear of Election or Appointment: 2020\nTrustee\nMs. Doulton also serves as Trustee of other Fidelity funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Cellardoor Winery. Previously, Ms. Doulton owned and operated Phi Builders + Architects (through 2023).\nRobert A. Lawrence (1952)\nYear of Election or Appointment: 2020\nTrustee\nChair of the Board of Trustees\nMr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).\n* Determined to be an \"Interested Trustee\" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.\n+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.\nIndependent Trustees:\nCorrespon\n...\nnce at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary. As permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, FDC or an affiliate may pay or allow other incentives or payments to intermediaries.\nThe fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries (who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see \"Transfer and Service Agent Services\" in this SAI for more information.\nFDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC) for distribution-related activities and/or shareholder services. If you have purchased shares of the fund through an investment professional, please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.\nAny of the payments described in this section may represent a premium over payments made by other fund families. Investment professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.\nTRANSFER AND SERVICE AGENT SERVICES\nThe fund has entered into a transfer agent agreement with Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210. Under the terms of the agreement, FIIOC (or an agent, including an affiliate) performs transfer agency services.\nFor providing transfer agency services, FIIOC receives no fees from the fund.\nFIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.\nFIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.\nThe fund has entered into a service agent agreement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate). Under the terms of the agreement, FSC calculates the NAV and dividends for shares, maintains the fund's portfolio and general accounting records, and administers the fund's securities lending program, if applicable.\nFor providing pricing and bookkeeping services, FSC receives no fee from the fund.\nFMR bears the cost of pricing and bookkeeping services under the terms of its management contract with the fund.\nSECURITIES LENDING\nDuring the fiscal year, the securities lending agent, or the investment adviser (where the fund does not use a securities lending agent) monitors loan opportunities for the fund, negotiates the terms of the loans with borrowers, monitors the value of securities on loan and the value of the corresponding collateral, communicates with borrowers and the fund's custodian regarding marking to market the collateral, sele\n...\nor omissions or for some other reason. The Declaration of Trust also provides that a fund shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a fund itself would be unable to meet its obligations. Fidelity Management Research Company LLC believes that, in view of the above, the risk of personal liability to shareholders is remote.\nVoting Rights. The fund's capital consists of shares of beneficial interest. Shareholders are entitled to one vote for each dollar of net asset value they own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate, by fund, and by class.\nThe shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading \"Shareholder Liability\" above.\nThe trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of a trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of a trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.\nCustodian(s).\nState Street Bank and Trust Company, One Congress Street, Boston, Massachusetts, is custodian of the assets of the fund.\nThe custodian is responsible for the safekeeping of the fund's assets and the appointment of any subcustodian banks and clearing agencies.\nThe Bank of New York Mellon, headquartered in New York, also may serve as special purpose custodian of certain assets in connection with repurchase agreement transactions.\nFrom time to time, subject to approval by a fund's Treasurer, a Fidelity fund may enter into escrow arrangements with other banks if necessary to participate in certain investment offerings.\nFMR, its officers and directors, its affiliated companies, Members of the Advisory Board (if any), and Members of the Board of Trustees may, from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR or an affiliate. Transactions that have occurred to date include mortgages and personal and general business loans. In the judgment of the fund's adviser, the terms and conditions of those transactions were not influenced by existing or potential custodial or other fund relationships.\nIndependent Registered Public Accounting Firm.\nPricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts, independent registered public accounting firm, audits financial statements for the fund and provides other audit, tax, and related services.\nFUND HOLDINGS INFORMATION\nThe fund views holdings information as sensitive and limits its dissemination. The Board authorized FMR to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Executive Holdings Policy Committee (comprising executive officers of FMR)\n...\nbetween Fidelity Series Sustainable U.S. Market Fund and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(28) of Post-Effective Amendment No. 214. (15) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Short Duration High Income Fund is incorporated herein by reference to Exhibit (d)(16) of Post-Effective Amendment No. 221. (16) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Sustainable U.S. Equity Fund is incorporated herein by reference to Exhibit (d)(17) of Post-Effective Amendment No. 221. (17) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity U.S. Low Volatility Equity Fund is incorporated herein by reference to Exhibit (d)(18) of Post-Effective Amendment No. 221. (18) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Water Sustainability Fund is incorporated herein by reference to Exhibit (d)(19) of Post-Effective Amendment No. 221. (19) Amended and Restated Management Contract, dated March 1, 2024, between Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., on behalf of Fidelity Women s Leadership Fund is incorporated herein by reference to Exhibit (d)(20) of Post-Effective Amendment No. 221. (20) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between FIL Investment Advisors and Fidelity Management Research Company LLC, on behalf of Fidelity New Markets Income Fund, is incorporated herein by reference to Exhibit (d)(23) of Post-Effective Amendment No. 221. (21) Amended and Restated Sub-Advisory Agreement, dated January 1, 2020, between FIL Investment Advisors (UK) Limited and FIL Investment Advisors, on behalf of Fidelity New Markets Income Fund, is incorporated herein by reference to Exhibit (d)(16) of Post-Effective Amendment No. 177 . (22) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Agricultural Productivity Fund, Fidelity Capital Income Fund, Fidelity Climate Action Fund, Fidelity Focused High Income Fund, Fidelity Healthy Future Fund, Fidelity High Income Fund, Fidelity New Markets Income Fund, Fidelity SAI High Income Fund, Fidelity SAI Real Estate Fund, Fidelity SAI Sustainable Sector Fund, Fidelity SAI Sustainable U.S. Equity Fund, Fidelity Short Duration High Income Fund, Fidelity Sustainable U.S. Equity Fund, Fidelity U.S. Low Volatility Equity Fund, Fidelity Water Sustainability Fund, and Fidelity Women s Leadership Fund is incorporated herein by reference to Exhibit (d)(25) of Post-Effective Amendment No. 221. (23) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fide\n...\nost-Effective Amendment No. 177 . (18) General Distribution Agreement, dated March 11, 2020, between Fidelity Summer Street Trust and Fidelity Distributors Company LLC, on behalf of Fidelity Water Sustainability Fund is incorporated herein by reference to Exhibit (e)(18) of Post-Effective Amendment No. 181 . (19) Amended and Restated General Distribution Agreement, dated January 1, 2020, between Fidelity Summer Street Trust and Fidelity Distributors Company LLC, on behalf of Fidelity Women s Leadership Fund, is incorporated herein by reference to Exhibit (e)(11) of Post-Effective Amendment No. 177 . (20) Form of Selling Dealer Agreement (most recently revised March 2024), is incorporated herein by reference to Exhibit (e)(27) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 171 . (21) Form of Bank Agency Agreement (most recently revised March 2024), is incorporated herein by reference to Exhibit (e)(28) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 171 . (f) Amended and Restated Fee Deferral Plan of the Non-Interested Person Trustees of the Fidelity Equity and High Income Funds effective as of September 15, 1995, as amended and restated as of March 1, 2018, is incorporated herein by reference to Exhibit (f) of Fidelity Commonwealth Trust s (File No. 002-52322) Post-Effective Amendment No. 150. (g) (1) Custodian Agreement, dated January 1, 2007, between The Bank of New York (currently known as The Bank of New York Mellon) and Fidelity Agricultural Productivity Fund and Fidelity Water Sustainability Fund is incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series IV s (File No. 002-83672) Post-Effective Amendment No. 88 . (2) Custodian Agreement, dated January 1, 2007, between Brown Brothers Harriman Company and Fidelity Climate Action Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund, Fidelity SAI Real Estate Fund, Fidelity Series Floating Rate High Income Fund, Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund, Fidelity Sustainable U.S. Equity Fund (formerly known as Fidelity Sustainability U.S. Equity Fund), and Fidelity Women s Leadership Fund is incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series I s (File No. 002-84776) Post-Effective Amendment No. 72 . (3) Custodian Agreement, dated May 23, 2019, between Citibank, N.A. and Fidelity Capital Income Fund and Fidelity New Markets Income Fund, is incorporated herein by reference to Exhibit (g)(3) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 482 . (4) Custodian Agreement, dated January 1, 2007, between State Street Bank and Trust Company and Fidelity Focused High Income Fund and Fidelity Series Sustainable U.S. Market Fund is incorporated herein by reference to Exhibit (g)(4) of Fidelity Advisor Series I s (File No. 002-84776) Post-Effective Amendment No. 72. (5) Custodian Agreement, dated January 1, 2007, between The Northern Trust Company and Fidelity Healthy Future Fund, Fidelity SAI Sustainable Sector Fund, Fidelity SAI Sustainable U.S. Equity Fund, and Fidelity U.S. Low Volatility Equity Fund is incorporated herein by reference to Exhibit (g)(9) of Fidelity Financial Trust s (File No. 002-79910) Post-Effective Amendment No. 45 . (h) (1) Securities Lending Agency Agreement, dated April 1, 2019, between National Financial Services LLC and Fidelity Agricultural Productivity Fund, Fidelity Capital Income Fund, Fidelity Focused High Income Fund, Fidelity High Income Fund, Fidelity New Markets Income Fund, Fidelity SAI High Income Fund, Fidelity SAI Real Estate Fund, Fidelity Series Floating Rate High Income Fund, Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund, and Fidelity U.S. Low Volatility Equity Fund, is incorporated herein by reference to Exhibit (h)(1) of Fidelity Devonshire Trust s (File No. 002-24389) Post-Effective Amendment No. 172. (2) Form of Fund of Funds Investment Agreement (Acquiring Fund) is incorporated herein by reference to Exhibit (h)(5) of Fidelity Salem Street Trust s (File No. 002-41839) Post-Effective Amendment No. 534 . (3) Form of Fun", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "custodian", "o": "org:CITIBANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Capital_and_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Focused_High_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Healthy_Future_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_High_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_SAI_High_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_High_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Short_Duration_High_Income_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_U_S_Low_Volatility_Equity_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "seriesOf", "o": "trust:Fidelity_Summer_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Women_s_Leadership_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Fidelity_Summer_Street_Trust", "p": "underwrittenBy", "o": "org:Fidelity_Distributors_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fidelity Capital and Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> CITIBANK, N.A. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Focused High Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Healthy Future Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity High Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity SAI High Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Series High Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Short Duration High Income Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity U.S. Low Volatility Equity Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Women's Leadership Fund <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> Fidelity Summer Street Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> Fidelity Investments Institutional Operations Company LLC <triple_end>\n<triple_start> Fidelity Summer Street Trust <predicate_marker> underwrittenBy <object_marker> Fidelity Distributors Company LLC <triple_end>", "target_serialized_plain": "Fidelity Capital and Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian CITIBANK, N.A. ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Focused High Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Healthy Future Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity High Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity SAI High Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Series High Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity Short Duration High Income Fund administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Fidelity Summer Street Trust ; subAdvisedBy Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent Fidelity Investments Institutional Operations Company LLC .\nFidelity U.S. Low Volatility Equity Fund administrator 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{"sample_id": "0000225635:ALL", "cik": "0000225635", "trust_name": "BlackRock Municipal Bond Fund, Inc.", "input_text": "filiates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the Corporation ) or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the Management of the Funds section of the Fund s prospectus beginning on page 37, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.31% of average daily net assets through June 30, 2027. The contractual agreement may be terminated upon 90 days notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The Short-Term Customized Reference Benchmark commenced in October 2017 and therefore the Short-Term Customized Reference Benchmark does not have 10-year returns. 0.31 0.06 1.01 1.59 2.45 1.31 0.02 2.44 4.53 2.94 As described in the Management of the Fund section of the Fund s prospectus beginning on page 29, BlackRock Advisors, LLC ( BlackRock ) has contractually agreed to waive the management fee with respect to any portion of the Fund s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds ( ETFs ) managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the Corporation ) or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the Management of the Fund section of the Fund s prospectus beginning on page 29, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.68% of average daily net assets through June 30, 2027. The contractual agreement may be terminated upon 90 days notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. 3.23 0.20 5.07 0.\n...\nrs only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. 10 Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. The Fund intends to make distributions most of which will be excludable from gross income for federal income tax purposes. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 11 Fund Overview Key Facts About BlackRock Short Duration Muni Fund Investment Objective The investment objective of BlackRock Short Duration Muni Fund (formerly, BlackRock Short -Term Municipal Fund ) (the Short Duration Fund or the Fund ) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ( BlackRock ) and its affiliates) (each, a Financial Intermediary ), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the Details About the Share Classes and the Intermediary-Defined Sales Charge Waiver Policies sections on pages 34 and A-1 , respectively, of the Fund s prospectus and in\n...\nservices to their customers who own Investor Shares of the Funds. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Funds. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. 39 In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of a Fund s shares. Because the fees paid by a Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Funds In addition to fees that a Fund may pay to a Financial Intermediary pursuant to the Plan and fees a Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of a Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Funds. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of a Fund to you. Please c\n...\nInvestor A Share front-end load discounts Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026 , SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026 , employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 For More Information Funds and Service Providers FUNDS BlackRock Municipal Bond Fund, Inc. BlackRock National Municipal Fund BlackRock Short Duration Muni Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Funds is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR Each Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes each Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find each Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ) for each Fund, dated October 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about each Fund, may be obtained free of charge, along with each Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence BlackRock Municipal Bond Fund, Inc. P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail BlackRock Municipal Bond Fund, Inc. P.O. Box 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of each Fund s policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about the Funds, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. BLACKROCK MUNICIPAL BOND FUND, INC. INVESTMENT COMPANY ACT FILE # 811-02688 BlackRock Advisors, LLC\nPRO-MUNIB-1025 OCTOBER 28, 2025\nProspectus BlackRock Municipal Bond Fund, Inc. | Class K Shares BlackRock National Municipal Fund Class K: BNMLX BlackRock Short Duration Muni Fund Class K: MPLMX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nKey Facts About BlackRock National Municipal Fund\n3\nKey Facts About BlackRock Short Duration Muni Fund\n11\nDetails About the Funds\nHow Each Fund Invests\n17\nInvestment Risks\n20\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distributions and other payments\nDetails About the Share Class\n29\nHow to Buy, Sell, Exchange and Transfer Shares\n30\nFunds Rights\n35\nShort-Term Trading Policy\n35\nManagement of the Funds\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n37\nPortfolio Manager Information\n38\nConflicts of Interest\n39\nValuation of Fund Investments\n40\nDividends, Distributions and Taxes\n42\nFinancial Highlights\nFinancial Performance of the Funds\n44\nGeneral Information\nShareholder Documents\n47\nCertain Fund Policies\n47\nStatement of Additional Information", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Impact_Municipal_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Impact_Municipal_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Impact_Municipal_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Impact_Municipal_Fund", "p": "seriesOf", "o": "trust:BlackRock_Municipal_Bond_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Impact_Municipal_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Municipal_Bond_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Impact Municipal Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Municipal Bond Fund, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Municipal Bond Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Impact Municipal Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock Municipal Bond Fund, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Municipal Bond Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18184, "n_triples": 6, "text_to_json_ratio": 30.0}}
{"sample_id": "0000311101:ALL", "cik": "0000311101", "trust_name": "Dupree Mutual Funds", "input_text": "Bar Chart and Table The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund s performance from year to year. The table shows the Fund s average annual returns for the 1-year, 5-year, and 10-year periods compared with those of a broad measure of market performance. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at www.dupree-funds.com or by calling (800) 866 0614 or (859) 254 7741 .\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.\nHighest Quarter Total Return:\n7.68 %\nDecember 31, 2023\nLowest Quarter Total Return:\n- 5.67 %\nMarch 31, 2022\n2025 Year-to-Date Total Return for the nine months ended September 30, 2025 :\n1.81 %\nAverage Annual Total Return\nFor the Periods Ended December 31, 2024\n1 year\n5 years\n10 years\nReturn Before Taxes (%)\n0.28 %\n0.48 %\n1.71 %\nReturn After Taxes on Distributions (%)\n0.28 %\n0.48 %\n1.71 %\nReturn After Taxes on Distributions Sale of Fund Shares (%)*\n1.27 %\n0.94 %\n1.94 %\nBloomberg Municipal Bond Index\n1.05 %\n0.99 %\n2.25 %\n(Index reflects no deduction for fees, expenses or taxes)\n*\nReturn after Taxes on Distributions Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund s shares. MANAGEMENT Investment Adviser Dupree Company, Inc. serves as the investment adviser and transfer agent for the Fund. 5 Portfolio Manager Vincent Harrison serves as the portfolio manager of the Fund. Mr. Harrison has been the portfolio manager of the Fund since 2004. The Statement of Additional Information provides additional information about the portfolio manager s compensation, other accounts managed by the portfolio manager, and the portfolio manager s ownership of securities in the Fund. For important information about the purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to Summary Shareholder Information on page 30 of this Prospectus. 6 Kentucky Tax-Free Income Series INVESTMENT OBJECTIVES The Fund seeks to provide a high and stable level of income exempt from federal and Kentucky personal income taxes derived from Kentucky municipal securities without incurring undue risk to principal. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. Shareholder fees (fees paid directly from your investment)\nMaximum Sales Charge (Load) Imposed on Purchases\nNONE\nMaximum Deferred Sales Charge (Load)\nNONE\nMaximum Sales Charge (Load)\nNONE\nRedemption Fee\nNONE\nRedemption Fee if by wire transfer\n$\n15.00\nExchange Fee\nNONE\nMaximum Account Fee\nNONE\nAnnual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n0.40 %\nDistribution (12b-1) Fees\n0.00 %\nOther Expenses\n0.21 %\nTotal Annual Fund Operating Expenses\n0.61 %\nExample This Example is intended to help you compare the cost\n...\npresent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen Company, Ltd. The most recent report, along with the Fund s financial statements, are available upon request.\nSelected data for a share outstanding:\nFor the years ended June 30,\n2025\n2024\n2023\n2022\n2021\nNet asset value, beginning of year\n$9.43\n$9.31\n$9.54\n$10.09\n$10.37\nIncome from investment operations:\nNet investment income\n0.33\n0.30\n0.27\n0.23\n0.23\nNet gains/(losses) on investments (b)\n0.12\n0.12\n(0.23\n)\n(0.55\n)\n(0.28\n)\nTotal from investment operations\n0.45\n0.42\n0.04\n(0.32\n)\n(0.05\n)\nLess distributions:\nDistributions from net investment income\n(0.33\n)\n(0.30\n)\n(0.27\n)\n(0.23\n)\n(0.23\n)\nNet asset value, end of year\n$9.55\n$9.43\n$9.31\n$9.54\n$10.09\nTotal return\n4.86\n%\n4.58\n%\n0.39\n%\n(3.25\n)%\n(0.49\n)%\nNet assets, end of year (in thousands)\n$8,482\n$9,699\n$9,776\n$10,732\n$12,044\nRatio of net expenses to average net assets (a)\n0.70\n%\n0.70\n%\n0.70\n%\n0.70\n%\n0.66\n%\nRatio of gross expenses to average net assets\n0.85\n%\n0.89\n%\n0.90\n%\n0.75\n%\n0.67\n%\nRatio of net investment income to average net assets\n3.49\n%\n3.21\n%\n2.83\n%\n2.30\n%\n2.25\n%\nPortfolio turnover\n80.78\n%\n26.47\n%\n39.69\n%\n17.50\n%\n3.35\n%\n(a)\nPercentages are after voluntary expense waivers and reductions by the Adviser, Transfer Agent, and Custodian. The Adviser, Transfer Agent, and Custodian have agreed not to seek recovery of these waivers and reductions.\n(b)\nRealized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the Fund s statement of operations due to share transactions for the period. 47 PRIVACY POLICY Dupree Mutual Funds is committed to preserving the security and confidentiality of your personal information. Your customer records are maintained exclusively by our transfer agent, Dupree Company, Inc. an affiliated company of Dupree Mutual Funds that services your account and keeps your personal information private. We understand how important privacy is to our customers, and therefore we do not sell or barter any part of your personal information or our own mailing lists to any person or organization. We are providing this notice to help explain to you the policies Dupree Mutual Funds and Dupree Company, Inc. have adopted to collect, use, and protect your private personal financial information. Our policies with respect to safeguarding this information extend to all current, prospective, or former customers. Therefore, even if you decide not to open an account with us or decide to close your account, we will continue to follow our privacy policies and practices with respect to any nonpublic financial information we may have received about you. Information We May Collect From time to time, we may collect personal information about customers or potential customers if you have inquired about or opened an account with us, made transactions in your account, or requested customer services or financial products from us. The information we collect about you and your account may be received from one or more of the following sources: information you provide to us on applications and forms, over the telephone, through regular or electronic mail, or during in-person consultations; information about your transaction history with us (such as your purchases, sales, or account balances) that we have obtained through processing your customer requests or providing other account servic\n...\nfrom the investment adviser, who will not seek to recover any fees waived or reimbursements.\n9\nYear Ended 6-30-25\nYear Ended 6-30-24\nYear Ended 6-30-23\nAlabama Tax-Free Income Series\nFees\n$\n102,481\n$\n103,780\n$\n116,896\nFees waived\n32,741\n42,465\n52,673\nKentucky Tax-Free Income Series\nFees\n2,907,238\n3,032,606\n3,204,857\nFees waived\n-0-\n-0-\n-0-\nMississippi Tax-Free Income Series\nFees\n25,941\n46,351\n44,375\nFees waived\n22,505\n23,704\n31,513\nNorth Carolina Tax-Free Income Series\nFees\n548,003\n575,582\n615,407\nFees waived\n43,023\n62,124\n56,316\nTennessee Tax-Free Income Series\nFees\n256,281\n283,321\n330,682\nFees waived\n35,896\n56,211\n51,495\nIntermediate Government Bond Series\nFees\n17,753\n19,341\n20,471\nFees waived\n11,980\n18,441\n16,202\nTaxable Municipal Bond Series\nFees\n17,505\n18,930\n22,179\nFees waived\n18,616\n18,956\n23,691\nPortfolio Manager Vincent Harrison is the portfolio manager and is responsible for the day-to-day management of all seven Funds offered by the Trust. Mr. Harrison served as assistant portfolio manager from 1999 to 2004 before becoming lead portfolio manager in 2004. Mr. Harrison does not provide portfolio management services to any other investment accounts. All portfolio management activities are overseen by Allen E. Grimes, III, who serves as the investment adviser s Chief Compliance Officer. Mr. Harrison is employed by the investment adviser for each of the Funds. The Portfolio manager , like all other employees of Dupree Company, Inc., are paid a fixed salary. All employees are eligible to receive discretionary bonuses. All employee benefits, i.e., insurance, retirement plans, etc., are the same for all employees of Dupree Company, Inc. Mr. Harrison owned shares in the Kentucky Tax-Free Income Series valued between $10,001-$50,000 as of June 30, 2025. OTHER SERVICES US Bank, 425 Walnut Street, ML 6118, PO Box 1118, Cincinnati, Ohio 45201-1118, serves as Custodian for the Trust. US Bank is responsible for the safekeeping of the assets of each Fund. US Bank presents for payment the coupons of the municipal bonds held by it or its sub-custodians and deposits payment to the Funds accounts. Cohen Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115, serves as the independent registered public accounting firm of the Trust. The financial statements and schedules audited by Cohen Company, Ltd. have been included in reliance on their report given on their authority as experts in accounting and auditing. Dupree Company, Inc. serves as the transfer agent and dividend paying agent of the Trust, collecting monies from shareholders and paying dividends and redemption proceeds to shareholders, in addition to maintaining books and accounts of shareholder transactions. The Trust has an agreement with Dupree Company Inc., as transfer agent, under of which a fee is paid computed on the average daily net asset value at the annual rate of 0.15 of 1% on the first $20,000,000 and 0.12 of 1% on all amounts in excess of $20,000,000. For the 2025, 2024, and 2023 fiscal years, Dupree Company, Inc. was paid $1,132,561, $1,265,243, and $1,361,966 respectively, for the services it performed as transfer agent and dividend paying agent of the Trust. Dupree Company, Inc., the Trust s transfer agent, has entered into a number of agreements with various financial intermediaries. For the 2025, 2024 and 2023 fiscal years, the aggregate compensation paid by Dupree Company, Inc. to all shareholder servicing agents was $-0-, $44,271 and $107,582 respectively. The compensation is inclusive of all\n10\nshareholder servicing agents, some of whom may not currently", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}}, "target_triples": [{"s": "fund:Alabama_Tax_Free_Income_Series", "p": "administrator", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Alabama_Tax_Free_Income_Series", "p": "advisedBy", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alabama_Tax_Free_Income_Series", "p": "custodian", "o": "org:US_BANK", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alabama_Tax_Free_Income_Series", "p": "seriesOf", "o": "trust:Dupree_Mutual_Funds", "alias_grounded": true, "grounded": true, 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Tax_Free_Income_Series", "p": "administrator", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:North_Carolina_Tax_Free_Income_Series", "p": "advisedBy", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Tax_Free_Income_Series", "p": "custodian", "o": "org:US_BANK", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Tax_Free_Income_Series", "p": "seriesOf", "o": "trust:Dupree_Mutual_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Tax_Free_Income_Series", "p": "transferAgent", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, 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"extractable": true}, {"s": "fund:Tennessee_Tax_Free_Income_Series", "p": "administrator", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Tennessee_Tax_Free_Income_Series", "p": "advisedBy", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Tennessee_Tax_Free_Income_Series", "p": "custodian", "o": "org:US_BANK", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Tennessee_Tax_Free_Income_Series", "p": "seriesOf", "o": "trust:Dupree_Mutual_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Tennessee_Tax_Free_Income_Series", "p": "transferAgent", "o": "org:Dupree_and_Company_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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{"sample_id": "0000311635:ALL", "cik": "0000311635", "trust_name": "Lord Abbett US Gov & Gov Sponsored Enterpr Money Market Fund", "input_text": "nsored Enterprises Money Market Fund 5\ninformation\nreflects the impact of the Fund s voluntary expense limitation in effect during a portion of the periods\nshown. If Lord Abbett had not agreed to limit expenses, returns would have been lower. Each assumes reinvestment\nof dividends and distributions. The Fund s past performance is not necessarily an indication of how\nthe Fund will perform in the future. The bar chart shows changes in the performance\nof the Fund s Class A shares from calendar year to calendar year. Performance for the Fund s other\nshare classes will vary due to the different expenses each class bears. Updated performance information\nis available at www.lordabbett.com or by calling 888-522-2388 . Bar\nChart (per calendar year) - Class A Shares * Best Quarter 4th Q 2023 + 1.30 % Worst\nQuarter 2nd Q 2021 + 0.00 % * The\nyear-to-date return for Class A shares as of September 30, 2025 was 3.07 %. For\nthe Fund s current 7-day yield, call toll-free 888-522-2388 . The table below shows the Fund s Class\nA, C, and I shares performance over time. The Fund s average annual total returns include applicable\nsales charges.\nPROSPECTUS\nU.S. Government Government Sponsored Enterprises Money Market Fund 6\nAverage Annual Total Returns (for the periods ended December 31, 2024) Class 1 Year 5 Years 10 Years Class A Shares 5.01 % 2.27 % 1.45 % Class C Shares (1) 5.01 % 2.27 % 1.45 % Class I\nShares 5.01 % 2.27 % 1.45 % Lipper Average Lipper U.S. Government Money Market Funds Average 4.97 % 2.26 % 1.52 % (reflects no deduction for fees, expenses,\nor taxes) (1) Class C shares convert to\nClass A shares eight years after purchase. Class C share performance does not reflect the impact of such\nconversion to Class A shares. MANAGEMENT Investment Adviser.\nThe Fund s investment adviser is Lord, Abbett Co. LLC ( Lord Abbett ). PURCHASE\nAND SALE OF FUND SHARES The minimum initial and additional amounts shown below vary\ndepending on the class of shares you buy and the type of account. Certain financial intermediaries may\nimpose different restrictions than those described below. Class I shares are only available for purchase\nby Lord Abbett and its affiliates, including Lord Abbett sponsored employee benefit plans. See Choosing\na Share Class Investment Minimums in the prospectus for more information. Investment Minimums Initial/Additional\nInvestments Class A and C I General and IRAs without Invest-A-Matic Investments Initial: $1,000 Additional: No minimum N/A Invest-A-Matic Accounts (1) Initial: $250 Additional: $50 N/A IRAs, SIMPLE and SEP Accounts with Payroll Deductions No minimum N/A (1) There\nis no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including Individual\nRetirement Accounts ( IRAs ).\nPROSPECTUS\nU.S. Government Government Sponsored Enterprises Money Market Fund 7\nInitial Investment Minimums by Exchange or Dividend Reinvestment Class A and C Regular Account $1,000 IRAs $250 You may sell (redeem)\nshares through your securities broker, financial professional or financial intermediary on any business\nday the Fund calculates its net asset value ( NAV ). If you have direct account access privileges,\nyou may redeem your shares by contacting the Fund in writing at Lord Abbett Funds Service Center, P.O.\nBox 534489, Pittsburgh, PA 15253-4489 (regular mail) or Attention: 534489, 500 Ross Street 154-0520,\nPittsburgh, PA 15262 (overnight mail), by calling 888-522-2388 or by accessing your account online at\nwww.lordabbett.com. TAX INFORMATION The Fund s distributions,\nif any, generally are taxable to you as ordinary incom\n...\na CDSC. CDSC. Regardless of share\nclass, the CDSC is not charged on shares acquired through reinvestment of dividends or capital gain distributions\nand is charged on the original purchase cost or the current market value of the shares at the time they\nare redeemed, whichever is lower. In addition, repayment of loans under certain retirement and benefit\nplans will constitute new sales for purposes of assessing the CDSC. To minimize the amount of any CDSC,\nthe Fund redeems shares in the following order: 1.\nshares acquired by reinvestment of dividends and capital gain distributions (always free of a CDSC); 2. shares held for one year or more (Class\nA and C); and 3. shares held before the first anniversary\nof their purchase (Class A and C). SALES CHARGE WAIVERS CDSC Waivers.\nThe CDSC generally will not be assessed on the redemption of Class A or C shares under the circumstances\nlisted in the table below. Documentation may be required and some limitations may apply. Certain other\ntypes of redemptions may qualify for a CDSC waiver.\nPROSPECTUS\nU.S. Government Government Sponsored Enterprises Money Market Fund 23\nCDSC Waivers Share Class(es) Benefit payments under retirement and benefit\nplans in connection with loans, hardship withdrawals, death, disability, retirement, separation from\nservice, or any excess distribution under retirement and benefit plans A, C Eligible mandatory distributions under the\nInternal Revenue Code of 1986, as amended (the Code ) A, C Redemptions by retirement and benefit plans\nmade through financial intermediaries, provided the plan has not redeemed all, or substantially all,\nof its assets from the Lord Abbett Funds A Redemptions\nby retirement and benefit plans made through financial intermediaries that have special arrangements\nwith the Fund and/or Lord Abbett Distributor LLC ( Lord Abbett Distributor ) that include the waiver\nof CDSCs and that initially were entered into before December 2002 A Class A and C shares that are subject to\na CDSC and held by certain 401(k) plans for which the Fund s transfer agent provides plan administration\nand recordkeeping services and which offer Lord Abbett Funds as the only investment options to the plan s\nparticipants no longer will be subject to the CDSC upon the 401(k) plan s transition to a financial\nintermediary that: (1) provides recordkeeping services to the plan; (2) offers other mutual funds in\naddition to the Lord Abbett Funds as investment options for the plan s participants; and (3) has entered\ninto a special arrangement with Lord Abbett to facilitate the 401(k) plan s transition to the financial\nintermediary A,\nC Death\nof the shareholder A,\nC Redemptions\nunder Systematic Withdrawal Plans (up to 12% per year) A, C Redemptions\nunder Div-Move C Concurrent\nSales. A broker-dealer may pay on behalf of an investor or reimburse an investor for\na CDSC otherwise applicable in the case of transactions involving purchases through such broker-dealer\nwhere the investor concurrently is selling his or her holdings in Class C shares of the Fund and buying\nClass A shares of the Fund, provided that the purchases are related to the requirements of a settlement\nagreement that the broker-dealer entered into with a regulatory body relating to share class suitability. Sales\nCharge Waivers on Transfers between Accounts. Class A shares can be purchased at NAV\nunder the following circumstances: Transfers\nof Lord Abbett Fund shares from an IRA or other qualified retirement plan account to a taxable account\nin connection with a required minimum distribution; or Transfers of Lord Abbett Fund sh\n...\nTENTS PAGE 1. GLOSSARY 1-1 2. ADDITIONAL\nINFORMATION ON PORTFOLIO INVESTMENTS, RISKS, AND TECHNIQUES 2-1 3. DISCLOSURE\nOF PORTFOLIO HOLDINGS 3-1 4. MANAGEMENT OF THE FUNDS 4-1 5. INVESTMENT\nADVISORY AND OTHER SERVICES, FEES, AND EXPENSES 5-1 6. PORTFOLIO\nMANAGERS 6-1 7. BROKERAGE ALLOCATION AND OTHER PRACTICES 7-1 8. CLASSES OF SHARES 8-1 9. PURCHASES,\nREDEMPTIONS, PRICING, AND PAYMENTS TO DEALERS 9-1 10. TAXATION\nOF THE FUNDS 10-1 APPENDIX A Disclosure of Portfolio\nHoldings A-1 APPENDIX B Fund Portfolio Information\nRecipients B-1 APPENDIX C Proxy Voting Policy C-1 APPENDIX D Description of Corporate\nBond Ratings D-1\n1. GLOSSARY For\npurposes of this Part II, Lord Abbett Funds are comprised of the following management investment companies: Lord Abbett Affiliated Fund, Inc.: Affiliated Fund Lord\nAbbett Bond Debenture Fund, Inc.: Bond Debenture Fund Lord Abbett Developing\nGrowth Fund, Inc.: Developing Growth Fund Lord Abbett Global Fund,\nInc.: Global\nFund Lord Abbett Investment Trust: Investment Trust Lord\nAbbett Mid Cap Stock Fund, Inc.: Mid Cap Stock Fund Lord Abbett Municipal\nIncome Fund, Inc.: Municipal Income Fund Lord Abbett Research\nFund, Inc.: Research Fund Lord Abbett Securities Trust: Securities\nTrust Lord Abbett Series Fund, Inc.: Series Fund Lord\nAbbett Trust I: Trust I Lord Abbett U.S. Government\nGovernment Sponsored Enterprises Money Market Fund, Inc.: Money Market Fund 1933\nAct Securities\nAct of 1933, as amended 1940\nAct Investment Company Act of 1940, as amended Board Board of Directors or Trustees Board Member(s) Director(s)\nor Trustee(s) of the Board CDSC Contingent deferred sales charge CEA Commodity Exchange Act, as amended Code Internal\nRevenue Code of 1986, as amended Convertible\nFund Lord Abbett Convertible Fund CPO Commodity pool operator Custodian State Street Bank and Trust Company Declaration Declaration and Agreement of Trust Distribution Agreement Distribution\nAgreement for each Fund, as described in this SAI Distribution\nFees Fees used to support the Fund s marketing\nand distribution efforts, such as compensating financial intermediaries, advertising and promotion Distributor Lord Abbett Distributor LLC Dividend\nGrowth Fund Lord Abbett Dividend Growth Fund Emerging Markets Corporate Debt Fund Lord Abbett Emerging Markets Corporate Debt\nFund Emerging\nMarkets Bond Fund Lord\nAbbett Emerging Markets Bond Fund Emerging\nMarkets Equity Fund Lord\nAbbett Emerging Markets Equity Fund Fitch Fitch Ratings, Inc. Focused Large Cap Value Fund Lord Abbett Focused Large Cap Value Fund Focused Small Cap Value Fund Lord\nAbbett Focused Small Cap Value Fund Fundamental\nEquity Fund Lord Abbett Fundamental Equity Fund Fund(s) Each separate investment portfolio of a Lord Abbett Fund or, if a Lord Abbett\nFund has only a single investment portfolio, the Lord Abbett Fund Fund(s)-of-Funds Collectively,\nLord Abbett Multi-Asset Balanced Opportunity Fund, Lord Abbett Multi-Asset Income Fund, and Lord Abbett\nAlpha Strategy Fund Global\nEquity Fund Lord Abbett Global Equity Fund Growth Leaders Fund Lord Abbett Growth Leaders\nFund\nPart\nII 1- 1\nGrowth\nOpportunities Fund Lord Abbett Growth Opportunities Fund Health Care Fund Lord\nAbbett Health Care Fund High\nIncome Municipal Bond Fund Lord\nAbbett High Income Municipal Bond Fund Independent\nBoard Member(s) Director(s)\nor Trustee(s) of the Board who are not interested persons (as defined in the 1940 Act),\nof each Fund Inflation\nFocused Fund Lord Abbett Inflation Focused Fund Interested Board Member(s) Director(s) or Trustee(s) of the Board who are not Independent Board Members International Equit\n...\nt Board Members is committed to the discretion of the Independent Board Members.\nPart\nII 5- 2\nMr.\nSieg is the Managing Member of Lord Abbett, which is the sole member of the Distributor, and as such\nis deemed to have a financial interest in the Rule 12b-1 Plan. Payments made pursuant to the Rule 12b-1\nPlan are subject to any applicable limitations imposed by rules of the Financial Industry Regulatory\nAuthority, Inc. The Rule 12b-1 Plan terminates automatically if it is assigned. In addition, the Rule\n12b-1 Plan may be terminated with respect to a class at any time by vote of a majority of the Independent\nBoard Members (excluding any Independent Board Member who has a direct or indirect financial interest\nin the operation of the Rule 12b-1 Plan or in any agreements related to the Rule 12b-1 Plan) or by vote\nof a majority of the outstanding voting securities of the applicable class Custodian and Accounting\nAgent State\nStreet Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114-2016, is each Fund s\ncustodian. The Custodian pays for and collects proceeds of securities bought and sold by the Funds and\nattends to the collection of principal and income. The Custodian may appoint domestic and foreign subcustodians\nfrom time to time to hold certain securities purchased by a Fund in foreign countries and to hold cash\nand currencies for each Fund. In accordance with the requirements of Rule 17f-5 under the 1940 Act, the\nBoard has approved arrangements permitting each Fund s foreign assets not held by the Custodian\nor its foreign branches to be held by certain qualified foreign banks and depositories. In addition,\nthe Custodian performs certain accounting and recordkeeping functions relating to portfolio transactions\nand calculates each Fund s NAV. Transfer Agent BNY Mellon Investment Servicing (US) Inc.,\n301 Bellevue Parkway, Wilmington, Delaware 19809, serves as the Funds Transfer Agent pursuant\nto a Transfer Agency and Shareholder Services Agreement. Independent Registered Public Accounting Firm Deloitte\nTouche LLP, 30 Rockefeller Plaza, New York, NY 10112, is the Independent Registered Public Accounting\nFirm of the Funds and must be approved at least annually by the Board to continue in such capacity. Deloitte\nTouche LLP performs audit services for the Funds, including the examination of financial statements\nincluded in the Funds annual reports to shareholders.\nPart\nII 5- 3\n6. PORTFOLIO\nMANAGERS The Funds are managed by experienced portfolio managers responsible for investment\ndecisions together with a team of investment professionals who provide issuer, industry, sector, and\nmacroeconomic research and analysis. Please see Portfolio Manager Information in Part I\nfor names of the portfolio managers, other accounts managed, and their holdings. The table in the Portfolio\nManagement Information Other Accounts Managed section of Part I sets forth the following\nfor each Fund as of the date indicated (1) the number of other accounts managed by each portfolio manager\nwho is identified in the prospectus within certain categories of investment vehicles; and (2) the total\nnet assets in such accounts managed within each category. For each of the categories, a footnote to the\ntable also provides the number of accounts and the total net assets in the accounts with respect to which\nthe management fee is based on the performance of the account, if applicable. Conflicts of Interest Conflicts\nof interest may arise in connection with the portfolio managers management of the investments\nof a Fund and the investments of the other funds and accou", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Lord_Abbett_U_S_Government_Government_Sponsored_Enterprises_Money_Market_Fund_Inc", "p": "advisedBy", "o": "org:Lord_Abbett_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Lord_Abbett_U_S_Government_Government_Sponsored_Enterprises_Money_Market_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Lord_Abbett_U_S_Government_Government_Sponsored_Enterprises_Money_Market_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Lord_Abbett_US_Gov_Gov_Sponsored_Enterpr_Money_Market_Fund", "p": "underwrittenBy", "o": "org:Lord_Abbett_Distributor_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. <predicate_marker> advisedBy <object_marker> Lord, Abbett & Co. LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Lord Abbett US Gov & Gov Sponsored Enterpr Money Market Fund <predicate_marker> underwrittenBy <object_marker> Lord Abbett Distributor LLC <triple_end>", "target_serialized_plain": "Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. advisedBy Lord, Abbett & Co. LLC ; custodian State Street Bank and Trust Company ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nLord Abbett US Gov & Gov Sponsored Enterpr Money Market Fund underwrittenBy Lord Abbett Distributor LLC .", "stats": {"input_chars": 14413, "n_triples": 4, "text_to_json_ratio": 27.7}}
{"sample_id": "0000315774:ALL", "cik": "0000315774", "trust_name": "Forum Funds", "input_text": "04556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsMember\n2016-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsMember\n1989-07-31\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsMember\n2026-05-01\n2026-05-01\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2025-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2021-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2016-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsAndSalesMember\n1989-07-31\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:C000012470Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2026-05-01\n2026-05-01\n0000315774\npgvfx:S000004556Member\npgvfx:Index1Member\n2025-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:Index1Member\n2021-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:Index1Member\n2016-01-01\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:Index1Member\n1989-07-31\n2025-12-31\n0000315774\npgvfx:S000004556Member\npgvfx:Index1Member\n2026-05-01\n2026-05-01\n0000315774\npgvfx:S000004556Member\noef:RiskLoseMoneyMember\n2026-05-01\n2026-05-01\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAs filed with the Securities\nand Exchange Commission on April 24, 2026\nFile Nos. 002-67052 and 811-03023\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, DC 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE\nSECURITIES ACT OF 1933\nPost-Effective Amendment\nNo. 746\nAND\nREGISTRATION STATEMENT UNDER THE\nINVESTMENT COMPANY ACT OF 1940\nAmendment No. 747\nFORUM FUNDS\n190 Middle Street, Suite 101\nPortland, Maine 04101\n207-347-2000\nFatima Sulaiman,\nEsq.\nK L Gates LLP\n1601 K Street, N.W.\nWashington, D.C. 20006\nCopies to:\nZachary R. Tackett\nAtlantic Fund Administration, LLC\n190 Middle Street, Suite 101\nPortland, ME 04101\nIt is proposed that this filing will become effective:\n[ ]\nimmediately upon filing pursuant to Rule 485, paragraph (b)(1)\n[X]\non May 1, 2026 , pursuant to Rule 485, paragraph (b)(1)\n[ ]\n60 days after filing pursuant to Rule 485, paragraph (a)(1)\n[ ]\non , pursuant to Rule 485, paragraph (a)(1)\n[ ]\n75 days after filing pursuant to Rule 485, paragraph (a)(2)\n[ ]\non , pursuant to Rule 485, paragraph (a)(2)\n[ ]\nthis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nTitle of series being registered: Polaris\nGlobal Value Fund\n(PGVFX)\nP ROSPECTUS\nMay 1, 2026\nThe Securities and Exchange Commission has not approved or disapproved\nof these securities or passed upon the accuracy or adequacy of the disclosure in this Prospectus. Any representation to the contrary is\na criminal offense.\nwww.polarisfunds.com\n(888) 263-5594\nTable of Contents\nSummary Section\n1\nInvestment Objective\n1\nFees and Expenses\n1\nPrincipal Investment Strategies\n1\nPrincipal Investment Risks\n2\nPerformance Information\n4\nManagement\n5\nPurchase and Sale of Fund Shares\n5\nTax Information\n6\nPayments to Broker-Dealers and Other Financial Intermediaries\n6\nDetails Regarding Principal Investment Strategies and Risks\n7\nAdditional Information Regarding Principal Investment Strategies\n7\nAdditional Information Regarding Principal Investment Risks\n8\nAdditional Performance Information\n12\nManagement\n13\nInvestment Adviser\n13\nPortfolio Managers\n13\nOther Service Providers\n14\nFund Expenses\n14\nYour Account\n15\nGeneral Info\n...\nCrawshaw who are jointly and primarily responsible for the day-to-day management of the Fund with assistance\nfrom a team of investment professionals. Mr. Horn retains final decision-making authority over the Fund s assets.\nBernard R. Horn, Jr. has been President\nand Chief Portfolio Manager of the Adviser since 1995. Mr. Horn has been a portfolio manager of the Fund, with assistance from a team\nof investment professionals, since its inception in 1998 and was portfolio manager of the predecessor limited partnership since 1989.\nMr. Horn has over 38 years of experience in the investment industry.\nBin Xiao has been a Portfolio Manager\nsince 2012. He joined the Adviser as an analyst in 2006 responsible for quantitative and fundamental analysis of potential investment\nopportunities. Mr. Xiao has over 20 years of experience in the investment industry.\nJason Crawshaw joined Polaris in January\n2014 as an analyst and also served as Excutive Vice President since 2023. Previously he was a portfolio manager with Liberty Square Asset\nMgmt., where he co-managed international long and long/short equity funds. At Brait Specialized Funds U.S., Mr. Crawshaw managed a U.S.\nlong/short small cap hedge fund. He served in a similar role at Equinox. Mr. Crawshaw was an equity analyst responsible for small and\nmid-cap research for a fund\n13\nat First Rand and Coronation Securities. Mr. Crawshaw\ngraduated from the University of Notre Dame with an MBA and from Middlebury College with a BA.\nThe SAI provides additional information about\nthe compensation of the portfolio managers, other accounts managed by the portfolio managers and the ownership of Fund shares by the portfolio\nmanagers.\nOther Service Providers\nAtlantic Fund Administration, LLC, a wholly owned\nsubsidiary of Apex US Holdings LLC (d/b/a Apex Fund Services) ( Apex ), provides fund accounting, fund administration and\ncompliance services to the Fund and the Trust and supplies certain officers of the Trust, including a Principal Executive Officer, a Principal\nFinancial Officer, a Chief Compliance Officer, an Anti-Money Laundering Compliance Officer and additional compliance support personnel.\nAtlantic Shareholder Services, LLC, a wholly owned subsidiary of Apex, provides transfer agency services to the Fund and the Trust.\nForeside Fund Services, LLC (the Distributor ),\na wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), acts as the agent of the Trust in connection with the continuous\noffering of Fund shares. The Distributor may enter into arrangements with banks, broker-dealers and other financial intermediaries through\nwhich investors may purchase or redeem shares. The Distributor is not affiliated with the Adviser or with Apex or their affiliates.\nFund Expenses\nThe Adviser or other service providers may waive\nall or any portion of their fees and may reimburse certain expenses of the Fund. Any agreement to waive fees or to reimburse expenses\nincreases the investment performance of the Fund for the period during which the waiver or reimbursement is in effect. Current contractual\nAdviser fee waiver and/or expense reimbursements are reflected in the section titled Fees and Expenses.\n14\nYour Account\nHow to Contact the Fund\nE-mail the Fund at:\npolarisglobalvalue.ta@apexgroup.com\nWebsite Address:\nwww.polarisfunds.com\nTelephone the Fund at:\n(888) 263-5594 (toll free)\nWrite the Fund:\nPolaris Global Value Fund\nP.O. Box 588\nPortland, Maine 04112\nOvernight Address:\nPolaris Global Value Fund\nc/o Apex Fund Services\n190 Middle Street, Suite 101\nPortland, Maine 04101\nWire investments (or ACH payments):\nPlease contact the transfer agent at (888) 263-5594 (toll free)\nto obtain the ABA routing number and account number for the Fund.\nGeneral Information\nYou may purchase or sell (redeem) shares of the\nFund on any day that the NYSE is open for business. Notwithstanding this fact, the Fund may, only in the case of an emergency, calculate\nits NAV and accept and process shareholder orders when the NYSE is closed.\nYou may purchase or sell shares of the Fund at\nthe next NAV calculated (\n...\niled as Exhibit (e)(2) in post-effective amendment No. 565 via EDGAR on April 19, 2017, accession number 0001435109-17-000209).\n(3)\nNovation dated September 30, 2021 to the Distribution Agreement between Registrant and Foreside Fund Services, LLC dated September 30, 2021 (Exhibit incorporated by reference as filed as Exhibit (e)(3) in post-effective amendment No. 697 via EDGAR on October 22, 2021, accession number 0001398344-21-020224).\n(3)(A)\nNovation dated December 16, 2024 of the Amended Appendix to the Distribution Agreement between Registrant and Foreside Fund Services, LLC (Exhibit incorporated by reference as filed as Exhibit (e)(3)(A) in post-effective amendment No. 737 via EDGAR on April 21, 2025, accession number 0001398344-25-007396).\n(f)\nNone.\n(g)\n(1)\nCustodian Agreement between Registrant and MUFG Union Bank, N.A., dated June 15, 2012 (Exhibit incorporated by reference as filed as Exhibit (g)(1) in post-effective amendment No. 697 via EDGAR on October 22, 2021, accession number 0001398344-21-020224).\n(1)(A)\nAmended Appendix dated July 16, 2021 to the Custodian Agreement between Registrant and MUFG Union Bank, N.A., dated June 15, 2012 (Exhibit incorporated by reference as filed as Exhibit (g)(2)(A) in post-effective amendment No. 691 via EDGAR on July 19, 2021, accession number 0001398344-21-014502).\n(1)(B)\nAssignment dated June 11, 2021 between Forum Funds, MUFG Unions Bank, N.A. and U.S. Bank, N.A., to the Custodian Agreement between Registrant and MUFG Union Bank, N.A. dated June 15, 2012 (Exhibit incorporated by reference as filed as Exhibit (g)(2)(B) in post-effective amendment No. 691 via EDGAR on July 19, 2021, accession number 0001398344-21-014502).\n(1)(B)(i)\nAmended Appendix dated December 16, 2024 to the Custodian Agreement between Registrant and US Bank National Association dated June 15, 2012 (Exhibit incorporated by reference as filed as Exhibit (g)(1)(B)(i) in post-effective amendment No. 737 via EDGAR on April 21, 2025, accession number 0001398344-25-007396).\n(3)\nCustodian Agreement between Registrant and Northern Trust, dated June 30, 2021 (Exhibit incorporated by reference as filed as Exhibit (g)(5) in post-effective amendment No. 691 via EDGAR on July 19, 2021, accession number 0001398344-21-014502).\n(h)\n(1)\nServices Agreement between Registrant and Atlantic Fund Administration, LLC (Exhibit incorporated by reference as filed as Exhibit (g)(5) in post-effective amendment No. 469 via EDGAR on December 23, 2014, accession number 0001435109-14-000890).\n(1)(A)\nAmendment to the Services Agreement between Registrant and Atlantic Fund Administration, LLC (d/b/a Apex Fund Services) (Exhibit incorporated by reference as filed as Exhibit (h)(1)(A) in post-effective amendment No. 729 via EDGAR on April 17, 2024, accession number 0001398344-24-007301).\n(1)(A)(i)\nAmended Appendix to the Services Agreement between Registrant and Atlantic Fund Administration, LLC (d/b/a Apex Fund Services) (Exhibit incorporated by reference as filed as Exhibit (h)(1)(A)(i) in post-effective amendment No. 737 via EDGAR on April 21, 2025, accession number 0001398344-25-007396).\n(1)(B)\nAmended Fee Waiver Agreement between Registrant and Atlantic Fund Administration, LLC (d/b/a Apex Fund Services) (Exhibit incorporated by reference as filed as Exhibit (h)(1)(B) in post-effective amendment No. 744 via EDGAR on December 19, 2025, accession number 0001398344-25-022714).\n(2)\nShareholder Service Plan of Registrant dated March 18, 1998 and amended February 12, 2009 and Form of Shareholder Service Agreement relating to Polaris Global Value Fund (\n...\nOliver LLC, the response\nto this Item will be incorporated by reference to the Advisor s Uniform Application for Investment Adviser Registration (Form ADV)\non file with the SEC\n(File No. 801-482). The Advisor s Form ADV may\nbe obtained, free of charge, at the SEC s website at www.adviserinfo.sec.gov.\n( d) D.F. Dent and Company, Inc.\nWith respect to D.F. Dent and Company, Inc., the response\nto this Item will be incorporated by reference to the Advisor s Uniform Application for Investment Adviser Registration (Form ADV)\non file with the SEC (File No. 801-11364). The Advisor s Form ADV may be obtained, free of charge, at the SEC s website at\nwww.adviserinfo.sec.gov.\n( e) H.M. Payson Co.\nWith respect to H.M. Payson Co., the response\nto this Item will be incorporated by reference to the Advisor s Uniform Application for Investment Adviser Registration (Form ADV)\non file with the SEC (File No. 801-3901). The Advisor s Form ADV may be obtained, free of charge, at the SEC s website at\nwww.adviserinfo.sec.gov.\n(f) MAI Capital Management, LLC\nWith respect to MAI Capital Management, LLC (f/k/a\nMAI Wealth Advisors, LLC), the response to this Item will be incorporated by reference to the Advisor s Uniform Application for\nInvestment Adviser Registration (Form ADV) on file with the SEC (File No. 801-58104). The Advisor s Form ADV may be obtained, free\nof charge, at the SEC s website at www.adviserinfo.sec.gov.\n(g) Polaris Capital Management, LLC\nWith respect to Polaris Capital Management, LLC, the\nresponse to this Item will be incorporated by reference to the Advisor s Uniform Application for Investment Adviser Registration\n(Form ADV) on file with the SEC (File No. 801-43216). The Advisor s Form ADV may be obtained, free of charge, at the SEC s\nwebsite at www.adviserinfo.sec.gov.\n(h) Rodgers Brothers, Inc. d/b/a/ Monongahela Capital\nManagement\nWith respect to Monongahela Capital Management, the\nresponse to this Item will be incorporated by reference to the Advisor s Uniform Application for Investment Adviser Registration\n(Form ADV) on file with the SEC (File No. 801-61034). The Advisor s Form ADV may be obtained, free of charge, at the SEC s\nwebsite at www.adviserinfo.sec.gov .\nITEM 32(a)\nForeside Fund Services, LLC (the Distributor ) serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:\n1.\nAB Active ETFs, Inc.\n101.\nMairs Power Small Cap Fund, Series of Trust for Professional Managers\n2.\nABS Long/Short Strategies Fund\n102.\nManor Investment Funds\n3.\nActivePassive Core Bond ETF, Series of Trust for Professional Managers\n103.\nMoA Funds Corporation\n4.\nActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers\n104.\nMoerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV\n5.\nActivePassive International Equity ETF, Series of Trust for Professional Managers\n105.\nMorgan Stanley ETF Trust\n6.\nActivePassive U.S. Equity ETF, Series of Trust for Professional Managers\n106.\nMorgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds\n7.\nAdvisorShares Trust\n107.\nMorgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds\n8.\nAFA Private Credit Fund\n108.\nMorningstar Funds Trust\n9.\nAGF Investments Trust\n109.\nNEOS ETF Trust\n10.\nAIM ETF Products Trust\n110.\nNiagara Income Opportunities Fund\n11.\nAlexis Practical Tactical ETF, Series of Listed Funds Trust\n111.\nNXG Cushing Midstream Energy Fund\n12.\nAlphaCentric Prime Meridian Income Fund\n112.\nNXG NextGen Infrastructure Income Fund\n13.\nAlternative Strate", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MONONGAHELA_ALL_CAP_VALUE_FUND", "p": "administrator", "o": "org:Apex_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MONONGAHELA_ALL_CAP_VALUE_FUND", "p": "advisedBy", "o": "org:Rodgers_Brothers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MONONGAHELA_ALL_CAP_VALUE_FUND", "p": "custodian", "o": "org:US_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MONONGAHELA_ALL_CAP_VALUE_FUND", "p": "seriesOf", "o": "trust:Forum_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MONONGAHELA_ALL_CAP_VALUE_FUND", "p": "transferAgent", "o": "org:Apex_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Forum_Funds", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MONONGAHELA ALL CAP VALUE FUND <predicate_marker> administrator <object_marker> Apex Fund Services <predicate_marker> advisedBy <object_marker> Rodgers Brothers, Inc. <predicate_marker> custodian <object_marker> US Bank, N.A. <predicate_marker> seriesOf <object_marker> Forum Funds <predicate_marker> transferAgent <object_marker> Apex Fund Services <triple_end>\n<triple_start> Forum Funds <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "MONONGAHELA ALL CAP VALUE FUND administrator Apex Fund Services ; advisedBy Rodgers Brothers, Inc. ; custodian US Bank, N.A. ; seriesOf Forum Funds ; transferAgent Apex Fund Services .\nForum Funds underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 14906, "n_triples": 6, "text_to_json_ratio": 30.1}}
{"sample_id": "0000353101:ALL", "cik": "0000353101", "trust_name": "Federated Hermes Short-Intermediate Duration Municipal Trust", "input_text": "ions and Sale of Fund Shares\n2.81 %\n1.21 %\n1.33 %\nSS:\nReturn Before Taxes\n2.66 %\n0.83 %\n1.01 %\nS P Municipal Bond Index 1\n(reflects no deduction for fees, expenses or taxes)\n1.90 %\n1.19 %\n2.34 %\nS P Municipal Bond Short Index 2\n(reflects no deduction for fees, expenses or taxes)\n2.62 %\n1.32 %\n1.39 %\nS P Municipal Bond 1-5 Years Investment\nGrade 5% Pre-Refunded Index 3\n(reflects no deduction for fees, expenses or taxes)\n2.16 %\n1.13 %\n1.42 %\nMorningstar U.S. Fund Muni National Short Funds Average 4\n2.62 %\n1.25 %\n1.28 %\n1\nThe Fund has designated the S P Municipal Bond Index as its broad-based securities market index in accordance with the SEC s revised requirements\nfor such an index. The S P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal\nbond market. It tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality from\nAAA to non-rated, including defaulted bonds from all sectors of the municipal bond market.\n2\nThe S P Municipal Bond Short Index consists of bonds in the S P Municipal Bond Index with a minimum maturity of six months and a maximum\nmaturity of four years.\n3\nThe S P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index represents the portion of the S P Municipal Bond Investment Grade Index\ncomposed solely of investment-grade bonds (those with ratings higher than BBB-/Baa3) with remaining maturities of between one and five years, 5% of\nwhich are pre-refunded.\n4\nMorningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective\ncategory indicated. They do not reflect sales charges.\nFUND MANAGEMENT\nThe Fund s Investment Adviser is Federated Investment Management Company.\nMary Jo Ochson, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since August of 2017.\nKyle Stewart, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since August of 2022.\nAnn Ferentino, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since February of 2025.\npurchase and sale of fund shares\nYou may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange is open. Shares may be purchased through a financial intermediary firm that has entered into a Fund selling and/or servicing agreement with the Distributor or an affiliate ( Financial Intermediary ) or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.\nA Class\nThe minimum investment amount for the Fund s A class is generally $1,500 for initial investments and $100 for subsequent investments. There is no minimum initial or subsequent investment amount required for employer-sponsored retirement plans. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.\nIS SS Classes\nThe minimum initial investment amount for the Fund s IS and SS classes is generally $1,000,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.\n6\nTax Information\nIt is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund s dividen\n...\nse of any relationship or other facts qualifying the investor for sales charge waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another financial intermediary to receive these waivers or discounts.\nCOMMISSIONS ON CERTAIN SHARES\nThe Fund does not charge any front-end load, deferred sales charge or other asset-based fee for sales or distribution of IS or SS Shares. However, if you purchase IS or SS Shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker in an amount determined and separately disclosed to you by the broker.\nBecause the Fund is not a party to any such commission arrangement between you and your broker, any purchases and redemptions of IS or SS Shares will be made at the applicable net asset value (before imposition of the sales commission). Any such commissions charged by a broker are not reflected in the fees and expenses listed in the Risk/Return Summary: Fees and Expenses section of the Fund s Prospectus and described above nor are they reflected in the Performance: Bar Chart and Table, because they are not charged by the Fund.\nShares of the Fund are available in other share classes that have different fees and expenses.\n21\nHow is the Fund Sold?\nThe Fund offers the following Share classes: Class A Shares (A), Institutional Shares (IS) and Service Shares (SS), each representing interests in a single portfolio of securities. All Share classes have different sales charges and/or other expenses which affect their performance. Please note that certain purchase restrictions may apply.\nUnder the Distributor s Contract with the Fund, the Distributor, Federated Securities Corp., offers Shares on a continuous, best-efforts basis. The Distributor is a subsidiary of Federated Hermes, Inc. ( Federated Hermes, formerly, Federated Investors, Inc.). The Fund may not be a suitable investment for retirement plans.\nA Class\nThe Fund s Distributor markets the A class to accounts for which financial institutions act in a fiduciary or agency capacity.\nIS SS Classes\nThe Fund s Distributor markets the IS and SS classes to Eligible Investors, as described below. In connection with a request to purchase an IS or SS class, you should provide documentation sufficient to verify your status as an Eligible Investor. As a general matter, IS and SS classes are not available for direct investment by natural persons.\nThe following categories of Eligible Investors are not subject to any minimum initial investment amount for the purchase of IS or SS classes (however, such accounts remain subject to the Fund s policy on Accounts with Low Balances as discussed later in this Prospectus):\nAn investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform where Federated Hermes has entered into an agreement with the intermediary;\nA trustee/director or former trustee/director (e.g., Trustee/Director Emeritus), employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;\nAn employer-sponsored retirement plan;\nA trust institution investing on behalf of its trust customers;\nAdditional sales to an investor (including a natural person) who owned IS and/or SS classes of the Fund as of December 31, 2008;\nA Federa\n...\non your New Account Form or form of payment (e.g., Federal Reserve wire or check), you automatically will receive the A class of the Fund.\nFor important account information, see the section Security and Privacy Protection.\nA Class\nYou may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund.\nIS SS Classes\nEligible investors may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund in the manner described above under How is the Fund Sold?\nWhere applicable, the required minimum initial investment for IS and SS classes is generally $1,000,000. There is no minimum subsequent investment amount.\nTHROUGH A FINANCIAL INTERMEDIARY\nEstablish an account with the financial intermediary; and\nSubmit your purchase order to the financial intermediary before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time).\nThe Fund has authorized certain intermediaries to accept Share purchase orders on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the Fund, and Shares will be bought at the NAV next calculated after such an order is received by the authorized intermediary. If your financial intermediary is not an authorized intermediary, the Fund or its agent must receive the purchase order in proper form from your financial intermediary by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) in order for your transaction to be priced at that day s NAV. In addition, your financial intermediary must forward your payment by the prescribed trade settlement date (typically within one to three business days) to the Fund s transfer agent, SS C GIDS, Inc. ( Transfer Agent ). You will become the owner of Shares and receive dividends when your payment is received in accordance with these time frames (provided that, if payment is received in the form of a check, the check clears). If your payment is not received in accordance with these time frames, or a check does not clear, your purchase will be canceled and you could be liable for any losses, fees or expenses incurred by the Fund or the Fund s Transfer Agent.\nFinancial intermediaries should send payments according to the instructions in the sections By Wire or By Check.\n24\nFinancial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.\nShareholders are encouraged to ask their financial intermediary if they are an authorized agent for the Fund and about any fees that may be charged by the financial intermediary.\nDIRECTLY FROM THE FUND\nEstablish your account with the Fund by submitting a completed New Account Form; and\nSend your payment to the Fund by Federal Reserve wire or check.\nYou will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or the Fund s Transfer Agent.\nBy Wire\nTo facilitate processing your order, please call the Fund before sending the wire. Send your wire to:\nState Street Bank and Trust Company\nBoston, MA\nDollar Amount of Wire\nABA Number 011000028\nBNF: 23026552\nAttention: Federated Hermes EDGEWIRE\nWire Order Number, Dealer Number or Grou\n...\nidentification of the Fund s top 10 holdings, portfolio profile statistics (such as weighted average effective maturity and weighted average effective duration) and a percentage breakdown of the portfolio by credit quality and sector.\n31\nYou may also access portfolio information as of the end of the Fund s fiscal quarters via the link to the Fund and share class name at FederatedHermes.com/us. The Fund s Form N-CSR contains complete listings of the Fund s portfolio holdings as of the end of the Fund s second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC s website at sec.gov.\nEach fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on Form N-PORT. The Fund s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedHermes.com/us.\nIn addition, from time to time (for example, during periods of unusual market conditions), additional information regarding the Fund s portfolio holdings and/or composition may be posted to FederatedHermes.com/us. If and when such information is posted, its availability will be noted on, and the information will be accessible from, the home page of the website.\nWho Manages the Fund?\nThe Board governs the Fund. The Board selects and oversees the Adviser, Federated Investment Management Company. The Adviser manages the Fund s assets, including buying and selling portfolio securities. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides certain support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund. The address of the Adviser and FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.\nThe Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 100 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes assets under management totaled approximately $829.6 billion as of December 31, 2024. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with more than 2,000 employees. Federated Hermes provides investment products to more than 10,000 investment professionals and institutions.\nThe Adviser advises approximately 69 registered investment companies and also manages sub-advised funds. The Adviser s assets under management totaled approximately $531.7 billion as of December 31, 2024.\nPORTFOLIO MANAGEMENT INFORMATION\nMary Jo Ochson\nMary Jo Ochson, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since August of 2017.\nMs. Ochson is Head of the Tax-Free Liquidity Investment Area and Short-Term Municipal Bonds.\nShe is responsible for overseeing the macro risk elements in the portfolio. She has been with the Adviser or an affiliate since 1982; has worked in investment management since 1982; has managed investment portfolios since 1982. Education: B.S., Pennsylvania State University; B.S., St. Francis College; M.B.A., University\n...\nNo. 811-3181\nCUSIP 313907305\nCUSIP 313907107\nCUSIP 313907206\n35584 (8/25)\n2025 Federated Hermes, Inc.\nStatement of Additional Information\nAugust 31, 2025\nShare Class | Ticker\nA | FMTAX\nInstitutional | FSHIX\nService | FSHSX\nFederated Hermes Short-Intermediate Municipal Fund\nA Portfolio of Federated Hermes Short-Intermediate Duration Municipal Trust\nThis Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Short-Intermediate Municipal Fund (the Fund ), dated August 31, 2025.\nThis SAI incorporates by reference the Fund s annual financial statements filed on Form N-CSR. Obtain the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge by calling 1-800-341-7400. You may also access the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund s website at FederatedHermes.com/us/FundInformation.\nContents\n1\nHow is the Fund Organized?\n1\nSecurities in Which the Fund Invests\n9\nInvestment Risks\n11\nInvestment Objective (and Policies) and Investment Limitations\n13\nWhat Do Shares Cost?\n15\nHow is the Fund Sold?\n19\nPurchases In-Kind\n19\nRedemption In-Kind\n19\nMassachusetts Partnership Law\n19\nAccount and Share Information\n20\nTax Information\n20\nWho Manages and Provides Services to the Fund?\n38\nFinancial Information\n38\nInvestment Ratings\n43\nAddresses\n44\nAppendix\nFederated Hermes Short-Intermediate Municipal Fund Federated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call 1-800-341-7400.\nFederated Securities Corp., Distributor\n8072507B (8/25)\n2025 Federated Hermes, Inc.\nHow is the Fund Organized?\nThe Fund is a diversified portfolio of Federated Hermes Short-Intermediate Duration Municipal Trust (the Trust ). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on May 8, 1981. The Trust may offer separate series of shares representing interests in separate portfolios of securities.\nEffective June 26, 2020, the Trust changed its name from Federated Short-Intermediate Duration Municipal Trust to Federated Hermes Short-Intermediate Duration Municipal Trust, and the Fund changed its name from Federated Short-Intermediate Duration Municipal Trust to Federated Hermes Short-Intermediate Municipal Fund.\nThe Board of Trustees (the Board ) has established the following classes of shares of the Fund, known as: Class A Shares, Institutional Shares and Service Shares (the Shares ). This SAI relates to all classes of shares. The Fund s investment adviser is Federated Investment Management Company (the Adviser ).\nSecurities in Which the Fund Invests\nThe principal securities or other investments in which the Fund invests are described in the Fund s Prospectus. The Fund also may invest in securities or other investments as non-principal investments for any purpose that is consistent with its investment objective. The following information is either additional information in respect of a principal security or other investment referenced in the Prospectus or information in respect of a non-principal security or other investment (in which case there is no related disclosure in the Prospectus).\nSecurities Descriptions and Techniques\nFixed-Income Securities\nFixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or may be adjusted periodically. In addition, the issuer\n...\nShares.\nqualifications of Independent Trustees\nIndividual Trustee qualifications are noted in the Independent Trustees Background and Compensation chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.\nOutstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.\nDesire and availability to serve for a substantial period of time, taking into account the Board s current mandatory retirement age of 75 years.\nNo conflicts which would interfere with qualifying as independent.\n20\nAppropriate interpersonal skills to work effectively with other Independent Trustees.\nUnderstanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.\nDiversity of background.\ninterested Trustees Background and Compensation\nName\nBirth Date\nPositions Held with Fund\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJ. Christopher Donahue*\nBirth Date: April 11, 1949\nTrustee\nIndefinite Term\nBegan serving: October 1999\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of the\nFunds in the Federated Hermes Complex; Chairman, President, Chief\nExecutive Officer and Director, Federated Hermes, Inc.; Trustee, Federated\nAdministrative Services and Director, Federated Administrative Services,\nInc.; Trustee and Chairman, Federated Advisory Services Company; Director\nor Trustee and Chairman, Federated Investment Management Company,\nFederated Global Investment Management Corp., Federated Equity\nManagement Company of Pennsylvania, and Federated MDTA LLC; Trustee,\nFederated Investment Counseling; Trustee, Federated Shareholder Services\nCompany; Director, Federated Services Company.\nPrevious Positions: President, Federated Investment Counseling; President\nand Chief Executive Officer, Federated Investment Management Company,\nFederated Global Investment Management Corp. and Passport Research,\nLtd.; Chairman, Passport Research, Ltd.\n$0\n$0\nThomas R. Donahue*\nBirth Date: October 20, 1958\nTrustee\nIndefinite Term\nBegan serving: May 2016\nPrincipal Occupations: Director or Trustee of certain of the Funds in the\nFederated Hermes Complex; Director, Chief Financial Officer, Treasurer,\nVice President and Assistant Secretary, Federated Hermes, Inc.; Chairman\nand Trustee, Federated Administrative Services; Chairman and Director,\nFederated Administrative Services, Inc.; Director or Trustee and Treasurer,\nAdvisory Services Company, Federated Equity Management Company of\nPennsylvania, Federated Global Investment Management Corp., Federated\nInvestment Counseling, and Federated Investment Management Company;\nDirector, MDTA LLC; Director, Executive Vice President and Assistant\nSecretary, Federated Securities Corp.; Director or Trustee and Chairman,\nFederated Services Company and Federated Shareholder Services\nCompany; and Director and President, FII Holdings, Inc.\nPrevious Positions: Assistant Secretary, Federated Investment\nManagement Company, Federated Global Investment Management\nCompany and Passpor\n...\nFund and one or more of those accounts invests in, or disposes of, the same security, available investments or opportunities for sales will be allocated among the Fund and the account(s) in a manner believed by the Adviser to be equitable. While the coordination and ability to participate in volume transactions may benefit the Fund, it is possible that this procedure could adversely impact the price paid or received and/or the position obtained or disposed of by the Fund. Investment decisions, and trading, for certain separately managed or wrap-fee accounts, and other accounts, of the Adviser and/or certain investment adviser affiliates of the Adviser are generally made, and conducted, independently from the Fund. It is possible that such independent trading activity could adversely impact the prices paid or received and/or positions obtained or disposed of by the Fund.\nAdministrator\nFederated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ( Administrative Services ), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, Investment Complex is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.\n36\nAdministrative Services\nFee Rate\nAverage Daily Net Assets\nof the Investment Complex\n0.100%\non assets up to $50 billion\n0.075%\non assets over $50 billion\nCustodian\nThe Bank of New York Mellon, New York, New York, is custodian for the securities and cash of the Fund.\nTransfer Agent And Dividend Disbursing Agent\nSS C GIDS, Inc., the Fund s registered transfer agent, maintains all necessary shareholder records.\nIndependent Registered Public Accounting Firm\nThe independent registered public accounting firm for the Fund, Ernst Young LLP, conducts its audits in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require it to plan and perform its audits to provide reasonable assurance about whether the Fund s financial statements and financial highlights are free of material misstatement.\nFees Paid by the Fund for Services\nFor the Period Ended June 30\n2025\n2024\n2023\nAdvisory Fee Earned\n$1,482,294\n$1,629,174\n$2,374,891\nAdvisory Fee Waived\n$ 707,030\n$ 529,463\n$ 670,184\nNet Administrative Fee\n$ 297,539\n$ 326,119\n$ 467,520\nNet 12b-1 Fee:\nClass A Shares\n$ 0\n$ 0\n$ 0\nClass A2 Shares*\n$ 0\n$ 5,768\n$ 4,162\nService Shares\n$ 0\n$ 0\n$ 0\nNet Shareholder Services Fee:\nClass A Shares\n$ 286,925\n$ 350,296\n$ 523,297\nClass A2 Shares*\n$ 0\n$ 0\n$ 0\nInstitutional Shares\n$ 0\n$ 0\n$ 0\nService Shares\n$ 15,634\n$ 16,353\n$ 17,616\n*On October 27, 2023, Class A2 Shares were converted to the Fund s Class A Shares.\nFees are allocated among classes based on their pro rata share of Fund assets, except for marketing ( Rule 12b-1 ) fees and shareholder services fees, which are borne only by the applicable class of Shares.\nIf the Fund s expenses are capped at a particular level, the cap does not include reimbursement to the Fund of any expenses incurred by shareholders who use the transfer agent s subaccounting facilities.\nSecurities Lending Activities\nThe services provided to the Fund by Citibank, N.A. as securities lending agen", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Short_Intermediate_Duration_Municipal_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Intermediate_Municipal_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Federated_Hermes_Short_Intermediate_Duration_Municipal_Trust", "p": "underwrittenBy", "o": "org:Federated_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Federated Hermes Short-Intermediate Municipal Fund <predicate_marker> administrator <object_marker> Federated Administrative Services <predicate_marker> advisedBy <object_marker> Federated Advisory Services Company <predicate_marker> advisedBy <object_marker> Federated Investment Management Company <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Federated Hermes Short-Intermediate Duration Municipal Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Short-Intermediate Duration Municipal Trust <predicate_marker> underwrittenBy <object_marker> Federated Securities Corp. <triple_end>", "target_serialized_plain": "Federated Hermes Short-Intermediate Municipal Fund administrator Federated Administrative Services ; advisedBy Federated Advisory Services Company , Federated Investment Management Company ; custodian The Bank of New York Mellon ; seriesOf Federated Hermes Short-Intermediate Duration Municipal Trust ; transferAgent SS&C GIDS, Inc. .\nFederated Hermes Short-Intermediate Duration Municipal Trust underwrittenBy Federated Securities Corp. .", "stats": {"input_chars": 25224, "n_triples": 7, "text_to_json_ratio": 34.3}}
{"sample_id": "0000353281:ALL", "cik": "0000353281", "trust_name": "BlackRock Financial Institutions Series Trust", "input_text": "01 2019-12-31 0000353281 bfist:S000004031Member bfist:C000011303Member 2020-01-01 2020-12-31 0000353281 bfist:S000004031Member bfist:C000011303Member 2021-01-01 2021-12-31 0000353281 bfist:S000004031Member bfist:C000011303Member 2022-01-01 2022-12-31 0000353281 bfist:S000004031Member bfist:C000011303Member 2023-01-01 2023-12-31 0000353281 bfist:C000011303Member 2024-01-01 2024-12-31 0000353281 bfist:C000199555Member 2024-01-01 2024-12-31 0000353281 bfist:C000213594Member 2024-01-01 2024-12-31 0000353281 bfist:S000004031Member bfist:C000011303Member 2024-01-01 2024-12-31 0000353281 bfist:C000011303Member 2015-01-01 2024-12-31 0000353281 bfist:C000199555Member 2015-01-01 2024-12-31 0000353281 bfist:C000213594Member 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 26, 2025 Securities Act File No. 002-78646 Investment Company Act File No. 811-03189 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 71 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 87 (Check appropriate box or boxes) BLACKROCK FINANCIAL INSTITUTIONS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK FINANCIAL INSTITUTIONS SERIES TRUST 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean Sidley Austin LLP 787 Seventh Avenue New York, New York 10019-6018\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $0.10 per share. AUGUST 28, 2025\nProspectus BlackRock Financial Institutions Series Trust | Investor and Institutional Shares BlackRock Summit Cash Reserves Fund Investor A: MSAXX Investor C: MCBXX Institutional: MSIXX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n6\nInvestment Manager\n6\nPurchase and Sale of Fund Shares\n7\nTax Information\n8\nPayments to Broker/Dealers and Othe\n...\n/31\nDuring the ten-year period shown in the bar chart, the highest return for a quarter was 1.26 % (quarter ended December 31, 2023 ) and the lowest return for a quarter was 0.00 % (quarter ended March 31, 2017 ). The year-to-date return as of June 30, 2025 was 1.98 %.\nFor the periods ended 12/31/24 Average Annual Total Returns\n1 Year\n5 Years\n10 Years\nBlackRock Summit Cash Reserves - Investor A Shares\n4.90 %\n2.22 %\n1.39 %\nBlackRock Summit Cash Reserves - Investor C Shares\n3.12 %\n1.79 %\n0.80 %\nBlackRock Summit Cash Reserves - Institutional Shares\n4.90 %\n2.22 %\n1.38 % To obtain the Fund s current 7-day yield, call (800) 441-7762 or visit the Fund s website at www.blackrock.com/cash. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). 6 Purchase and Sale of Fund Shares The Fund offers three different classes of shares in this prospectus. You may purchase Investor A and Institutional Shares of the Fund or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or redeem Investor A or Institutional Shares of the Fund you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com . You can acquire Investor C Shares only by exchange subject to certain eligibility requirements. You can acquire Investor C Shares of the Fund by exchange from Investor C Shares of a fund advised by BlackRock or an affiliate. For more information, please see Details About the Share Classes on page 16 of the prospectus. To redeem Investor C Shares of the Fund you should contact the Fund s transfer agent, BNY Mellon Investment Servicing (US) Inc., by phone at (800) 441-7762 or by mail c/o BlackRock P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429, or your financial intermediary or financial professional. The Fund s initial and subsequent investment minimums for Investor A and Institutional Shares generally are as follows, although the Fund may reduce or waive the minimums in some cases.\nInvestor A Shares\nInstitutional Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund s distributor to offer Institutional Shares through a no-load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer 7\nInvestor A Shares\nInstitutional Shares\nMinimum Initial Investment (continued)\nInstitutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 8 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Summit Cash Reserves Fund (the Fund ) of BlackRock Financial Institutions Series Trust (the Trust ) and your rights as a shareholder. How the Fund Invests The Fund is a government money market fund managed pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ). The Fund seeks to maintain a net asset value of $1.00 per share. The Fund will maintain a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. For a discussion of dollar-weighted average maturity and dollar-weighted average life, please see the Glossary on page 40 . Pursuant to Rule 2a-7, the Fund is subject to a general liquidity requirement that requires that the Fund hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under Section 22(e) of the Investment Company Act regarding share redemptions and any commitments the Fund has made to shareholders. To comply with this general liquidity requirement, BlackRock Advisors, LLC ( BlackRock ) must consider factors that could affect the Fund s liquidity needs, including characteristi\n...\nare front-end load discounts Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Financial Institutions Series Trust BlackRock Summit Cash Reserves Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019-6018 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus/cash. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence BlackRock Summit Cash Reserves Fund of BlackRock Financial Institutions Series Trust P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail BlackRock Summit Cash Reserves Fund of BlackRock Financial Institutions Series Trust Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of the Fund s policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about the Fund, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. INVESTMENT COMPANY ACT FILE # 811-03189\nPRO-SUMM-INST-0825\nSTATEMENT OF ADDITIONAL INFORMATION BlackRock Summit Cash Reserves Fund of BlackRock Financial Institutions Series Trust 100 Bellevue Parkway, Wilmington, Delaware 19809 Phone No. (800) 441-7762 This Statement of Additional Information of BlackRock Summit Cash Reserves Fund (the Fund ), a series of BlackRock Financial Institutions Series Trust (the Trust ), is not a prospectus and should be read in conjunction with the prospectus of the Fund, dated August 28, 2025, as it may be amended or supplemented from time to time (the Prospectus ), which has been filed with the Securities and Exchange Commission (the Commission or the SEC ) and can be obtained, without charge, by calling (800) 441-7762 or by writing to the Fund at the above address. The Fund s Prospectus is incorporated by reference into this Statement of Additional Information, and Part I of this Statement of Additional Information and the portions of Part II of this Statement of Additional Information that relate to the Fund have been incorporated by reference into the Fund s Prospectus. The portions of Part II of this Statement of Additional Information that do not relate to the Fund do not form a part of the Fund s Statement of Additional Information, have not been incorporated by reference into the Fund s Prospectus and should not be relied upon by investors in the Fund. The audited financial statements of the Fund are incorporated into this Statement of Additional Information by reference to its Annual Financial Statements and Additional Information for the fiscal year ended April 30, 2025, as filed with the SEC on Form N-CSR (the 2025 Annual Financial Statements ). You may request a copy of the 2025 Annual Financial Statements or the Prospectus at no charge by calling (800) 441-7762 between 8:00 a.m . and 6:00 p.m . Eastern time on any business day. References to the Investment Co", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Summit_Cash_Reserves_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Summit_Cash_Reserves_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Summit_Cash_Reserves_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Summit_Cash_Reserves_Fund", "p": "seriesOf", "o": "trust:BlackRock_Financial_Institutions_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Summit_Cash_Reserves_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Financial_Institutions_Series_Trust", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Summit Cash Reserves Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Financial Institutions Series Trust <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Financial Institutions Series Trust <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Summit Cash Reserves Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock Financial Institutions Series Trust ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Financial Institutions Series Trust underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 17895, "n_triples": 6, "text_to_json_ratio": 28.4}}
{"sample_id": "0000356786:ALL", "cik": "0000356786", "trust_name": "SIT LARGE CAP GROWTH FUND INC", "input_text": "hese assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$91\n$285\n$495\n$1,100 PORTFOLIO TURNOVER The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 35.11% of the average value of the portfolio. 4 Summary Sit Balanced Fund PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its objective by investing in a diversified portfolio of stocks and bonds. In seeking to achieve the Fund s long-term capital growth objective, the Fund invests in common stocks of growth companies. To provide shareholders with regular income, the Fund invests in fixed-income securities and/or common stocks selected primarily for their dividend payment potential. Between 35% and 65% of the Fund s assets will be invested in common stocks and between 35% and 65% of the Fund s assets will be invested in fixed-income securities. The Fund s allocation of assets will vary over time in response to the Adviser s evaluation of present and anticipated market and economic conditions. The Fund may invest in open end investment companies (mutual funds) and closed end investment companies which invest in the same types of securities in which the Fund may invest directly. The equity portion of the Fund s portfolio is invested primarily in the common stocks of U.S. growth companies with a capitalization of $5 billion or more at the time of purchase. In selecting equity securities for the Fund, Sit Investment Associates, Inc. (the Adviser ) invests in growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a company s earnings growth is the primary determinant of its potential long-term return and evaluates a company s potential for above average long-term earnings and revenue growth. Several factors are considered in the Adviser s evaluation of a company, including:\nunique product or service,\ngrowing product demand,\ndominant and growing market share,\nmanagement experience and capabilities, and\nstrong financial condition. When selling equity securities for the Fund, the Adviser considers several factors, including changes in a company s fundamentals and anticipated earnings. The fixed-income portion of the Fund s portfolio is invested primarily in a diversified portfolio of debt securities that may include the following securities:\nmortgage-backed securities (including collateralized mortgage obligations), such as securities issued by Government National Mortgage Association (GNMA securities are backed by the full faith and credit of the U.S. Government), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) (FHLMC and FNMA securities are backed by the credit of the issuing governmental agency),\nasset-backed securities collateralized by assets such as automobile and credit card receivables, utilities, home improvement loans and home equity loans,\nobligations of the U.S. Government, its agencies and instrumentalities,\ncorporate debt securities,\ntaxable municipal securities, and\nshort-term debt obligations, including commercial paper and bank instruments, such as certificates of deposit, time deposits, and bankers acceptances. The Fund invests primarily in debt securitie\n...\nndex that reflects the market sectors in which the Fund invests (each, an Index ). The table includes returns both before and after taxes. After tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown. After tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The performance information reflects Fund expenses, and assumes that all distributions have been reinvested. Each Index is an unmanaged index, has no expenses, and it is not possible to invest directly in an index. Updated performance information is available at the Fund s website at www.sitfunds.com or by calling 800 332 5580 . Annual Total Returns for calendar years ended December 31\nThe Fund s year to date return as of 9/30/25 (not annualized) was 11.75 %. Best Quarter: 27.91 % ( 2Q20 ) Worst Quarter: 19.30 % ( 2Q22 ) Average Annual Total Returns for periods ended December 31, 2024\nSit Large Cap Growth Fund\n1 Year\n5 Years\n10 Years\nReturn before taxes\n26.23 %\n16.87 %\n14.61 %\nReturn after taxes on distributions\n25.10 %\n15.76 %\n21.45 %\nReturn after taxes on distributions and sale of Fund shares*\n16.38 %\n13.45 %\n11.31 %\nRussell 3000 Index (1) (reflects no deduction for fees, expenses or taxes)\n23.81 %\n13.86 %\n12.55 %\nRussell 1000 Growth Index (2) (reflects no deduction for fees, expenses or taxes)\n33.36 %\n18.96 %\n16.78 %\n(1)\nA broad-based securities market index that represents the overall domestic equity markets.\n(2)\nA more narrowly-based index that reflects the market sectors in which the Fund invests. 20 Summary Sit Large Cap Growth Fund INVESTMENT ADVISER AND PORTFOLIO MANAGERS Sit Investment Associates, Inc. serves as the Fund s investment adviser. The Fund s investment decisions are made by a team of portfolio managers and analysts who are jointly responsible for the day to day management of the Fund. The primary portfolio managers of the Fund are: Roger J. Sit, Chairman and President. Mr. Sit has served as Chief Investment Officer of the Fund since 1997. Kent L. Johnson, Vice President Investments, has served as a Portfolio Manager of the Fund since May 1, 2025. PURCHASE AND SALE OF FUND SHARES The minimum initial investment for shares of the Fund is $5,000. The minimum subsequent investment is $100. The Fund s shares are redeemable. In general, you may buy or redeem shares of the Fund on any business day by mail (Sit Mutual Funds, P.O. Box 534459, Pittsburgh, PA 15253-4459) or by phone (1 800 332 5580). TAX INFORMATION The Fund s distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an individual retirement account, which may be taxable upon withdrawal from the tax deferred arrangement. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the Fund s shares through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the financial intermediary may impose account charges. The Fund and its related companies may also pay that intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. Ask your intermediary or visit your intermediar\n...\nMarkets Growth Fund\n2.00%\n1.05%\n0.95%\n(1)\nSit Investment Associates, Inc. (the Adviser ) agreed to the listed management fee waiver through June 30, 2026. Effective November 1, 2025, the Fund s Board of Directors approved a reduction to the Fund s contractual management fee by the amount of the existing fee waiver and the elimination of the fee waiver, such that the Fund s total management fee remained unchanged.\n(2)\nExcludes the 0.25% distribution fee paid to the Distributor under the Distribution Plan.\n(3)\nThe Total Management Fee Net of Waiver may not equal the Total Annual Fund Operating Expenses After Fee Waiver in the Table of Fees and Expenses found in each Fund s Summary Information section because such table includes Acquired Fund Fees and Expenses, if any. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies, if any. 57 Management of the Funds PORTFOLIO MANAGEMENT The Funds investment decisions are made by a team of portfolio managers and analysts who are jointly responsible for the day today management of the Funds. The portfolio management team is led by Roger J. Sit, Chairman, President, Chief Executive Officer, and Global Chief Investment Officer of the Adviser. The following table lists the individual team members that are primarily responsible for managing each Fund s investments.\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nBalanced Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nChairman, President, CEO and Global CIO of\nChairman and President\n27 yrs\n11 m\nthe Adviser; Chairman and CEO of Sit Investment\n35 yrs\n5 m\nFixed Income Advisors, Inc. ( SF ); Chairman\nof SIA Securities Corp. (the Distributor ).\nBryce A. Doty\nSenior Portfolio Manager\n29 yrs\n10 m\nSenior Vice President and Senior Portfolio\nVice President Investments\n29 yrs\n11 m\nManager of SF.\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSenior Vice President Equity Investments of\nVice President Investments\n36 yrs\n9 m\nthe Adviser.\n36 yrs\n9 m\nDividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n21 yrs\n10 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n21 yrs\n10 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nGlobal Dividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n1 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n17 yrs\n1 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRaymond E. Sit\nPortfolio Manager\n17 yrs\n1 m\nVice President Research and Investment\nVice President Research and\n31 yrs\n2 m\nManagement of the Adviser.\nInvestment Management of the Adviser\n33 yrs\n2 m\nLarge Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n27 yrs\n11 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\n58 Management of the Funds\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nMid Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n22 yrs\n0 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRobert W. Sit\nPortfolio Manager\n27 yrs\n10 m\nVice President Equity Investments of the\nVice President Investments\n34 yrs\n3 m\nAdviser.\n34 yrs\n3 m\nESG Growth Fund\n...\nets of a Fund consists of stocks and securities (including debt securities) of foreign corporations at the close of a taxable year, the Fund may elect, for federal income tax purposes, to treat certain foreign taxes paid by it, including generally any withholding and other foreign income taxes, as paid by its shareholders. If a Fund makes this election, the amount of those foreign taxes paid by the Fund will be included in its shareholders income pro rata (in addition to taxable distributions actually received by them), and each such shareholder will be entitled either (1) to credit that proportionate amount of taxes against U.S. federal income tax liability as a foreign tax credit or (2) to take that amount as an itemized deduction. If a Fund is not eligible or chooses not to make this election, the Fund will be entitled to deduct any such foreign taxes in computing the amounts it is required to distribute. Dividends paid by Developing Markets Growth Fund, International Growth Fund and Global Dividend Growth Fund will not be eligible for the 70% deduction for dividends received by corporations if, as expected, none of their income consists of dividends paid by U.S. corporations.\n52\nThe foregoing relates only to federal income taxation and is a general summary of the federal tax law in effect as of the date of this Statement of Additional Information. FINANCIAL STATEMENTS The financial statements of the Funds are incorporated into this Statement of Additional Information by reference to the Funds annual financial statements for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR. Click here to view the Funds Form N-CSR filing and scroll to Item 7 to view the Financial Statements. OTHER INFORMATION Custodian; Transfer Agent; Counsel; Accountants The Bank of New York Mellon, 111 Sanders Creek Parkway, Syracuse, NY 13057, acts as custodian of the Funds assets and portfolio securities; BNY Mellon Investment Servicing (US) Inc., P.O. Box 534459, Pittsburgh, PA 15253-4459, is the Transfer Agent for the Funds; Faegre Drinker Biddle Reath LLP, One Logan Square, Ste. 2000, Philadelphia, PA 19103, is the General Counsel for the Funds; and KPMG LLP, 191 West Nationwide Boulevard, Suite 500, Columbus, Ohio 43215, acts as the Funds independent registered public accounting firm. LIMITATION OF DIRECTOR LIABILITY Under Minnesota law, each director of the Funds owes certain fiduciary duties to the Funds and to their shareholders. Minnesota law provides that a director shall discharge the duties of the position of director in good faith, in a manner the director reasonably believes to be in the best interest of the corporation, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. Fiduciary duties of a director of a Minnesota corporation include, therefore, both a duty of loyalty (to act in good faith and act in a manner reasonably believed to be in the best interests of the corporation) and a duty of care (to act with the care an ordinarily prudent person in a like position would exercise under similar circumstances). Minnesota law authorizes corporations to eliminate or limit the personal liability of a director to the corporation or its shareholders for monetary damages for breach of the fiduciary duty of care . Minnesota law does not, however, permit a corporation to eliminate or limit the liability of a director (i) for any breach of the directors duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) for authorizing a dividend, stock repurchase or redemption or other distribution in v", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Sit_Large_Cap_Growth_Fund", "p": "advisedBy", "o": "org:Sit_Investment_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Large_Cap_Growth_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Large_Cap_Growth_Fund", "p": "seriesOf", "o": "trust:SIT_LARGE_CAP_GROWTH_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Large_Cap_Growth_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:SIT_LARGE_CAP_GROWTH_FUND_INC", "p": "underwrittenBy", "o": "org:SIA_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Sit Large Cap Growth Fund <predicate_marker> advisedBy <object_marker> Sit Investment Associates, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> SIT LARGE CAP GROWTH FUND INC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> SIT LARGE CAP GROWTH FUND INC <predicate_marker> underwrittenBy <object_marker> SIA Securities Corp. <triple_end>", "target_serialized_plain": "Sit Large Cap Growth Fund advisedBy Sit Investment Associates, Inc. ; custodian The Bank of New York Mellon ; seriesOf SIT LARGE CAP GROWTH FUND INC ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nSIT LARGE CAP GROWTH FUND INC underwrittenBy SIA Securities Corp. .", "stats": {"input_chars": 14551, "n_triples": 5, "text_to_json_ratio": 29.3}}
{"sample_id": "0000356787:ALL", "cik": "0000356787", "trust_name": "SIT MID CAP GROWTH FUND INC", "input_text": "hese assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$91\n$285\n$495\n$1,100 PORTFOLIO TURNOVER The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 35.11% of the average value of the portfolio. 4 Summary Sit Balanced Fund PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its objective by investing in a diversified portfolio of stocks and bonds. In seeking to achieve the Fund s long-term capital growth objective, the Fund invests in common stocks of growth companies. To provide shareholders with regular income, the Fund invests in fixed-income securities and/or common stocks selected primarily for their dividend payment potential. Between 35% and 65% of the Fund s assets will be invested in common stocks and between 35% and 65% of the Fund s assets will be invested in fixed-income securities. The Fund s allocation of assets will vary over time in response to the Adviser s evaluation of present and anticipated market and economic conditions. The Fund may invest in open end investment companies (mutual funds) and closed end investment companies which invest in the same types of securities in which the Fund may invest directly. The equity portion of the Fund s portfolio is invested primarily in the common stocks of U.S. growth companies with a capitalization of $5 billion or more at the time of purchase. In selecting equity securities for the Fund, Sit Investment Associates, Inc. (the Adviser ) invests in growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a company s earnings growth is the primary determinant of its potential long-term return and evaluates a company s potential for above average long-term earnings and revenue growth. Several factors are considered in the Adviser s evaluation of a company, including:\nunique product or service,\ngrowing product demand,\ndominant and growing market share,\nmanagement experience and capabilities, and\nstrong financial condition. When selling equity securities for the Fund, the Adviser considers several factors, including changes in a company s fundamentals and anticipated earnings. The fixed-income portion of the Fund s portfolio is invested primarily in a diversified portfolio of debt securities that may include the following securities:\nmortgage-backed securities (including collateralized mortgage obligations), such as securities issued by Government National Mortgage Association (GNMA securities are backed by the full faith and credit of the U.S. Government), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) (FHLMC and FNMA securities are backed by the credit of the issuing governmental agency),\nasset-backed securities collateralized by assets such as automobile and credit card receivables, utilities, home improvement loans and home equity loans,\nobligations of the U.S. Government, its agencies and instrumentalities,\ncorporate debt securities,\ntaxable municipal securities, and\nshort-term debt obligations, including commercial paper and bank instruments, such as certificates of deposit, time deposits, and bankers acceptances. The Fund invests primarily in debt securitie\n...\nes held for less than 30 days)\n2.00 %\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n1.25 %\nTotal Annual Fund Operating Expenses\n1.25 %\nExample This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Fund s operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 128\n$ 399\n$ 690\n$ 1,518 PORTFOLIO TURNOVER The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 6.67 % of the average value of the portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in common stocks that, at the time of purchase, have market capitalizations that fall within the range of companies included in the Russell Midcap Growth Index during the most recent 12 month period. The Russell Midcap Growth Index ranged from approximately $1.07 billion to $127 billion during the 12 month period ended September 30, 2025. 22 Summary Sit Mid Cap Growth Fund Sit Investment Associates, Inc. (the Adviser ) invests in domestic growth-oriented medium to small companies it believes exhibit the potential for superior growth. The Adviser believes that a company s earnings growth is the primary determinant of its potential long-term return and evaluates a company s potential for above average long-term earnings and revenue growth. Several factors are considered in the Adviser s evaluation of a company, including:\nunique product or service,\ngrowing product demand,\ndominant and growing market share,\nmanagement experience and capabilities, and\nstrong financial condition. The Fund may invest in open end investment companies (mutual funds) and closed end investment companies which invest in the same types of securities in which the Fund may invest directly. When selling equity securities for the Fund, the Adviser considers several factors, including changes in a company s fundamentals and anticipated earnings. PRINCIPAL INVESTMENT RISKS You could lose money by investing in the Fund. The principal risks of investing in the Fund are listed below. Different risks may be more significant at different times, depending on market conditions or other factors.\nMarket Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, other armed conflicts, tariffs, the spread of infectious illness, epidemics or other public health issues, recessions, market instability, or other events could have a significant impact on the Fund and its inve\n...\nMarkets Growth Fund\n2.00%\n1.05%\n0.95%\n(1)\nSit Investment Associates, Inc. (the Adviser ) agreed to the listed management fee waiver through June 30, 2026. Effective November 1, 2025, the Fund s Board of Directors approved a reduction to the Fund s contractual management fee by the amount of the existing fee waiver and the elimination of the fee waiver, such that the Fund s total management fee remained unchanged.\n(2)\nExcludes the 0.25% distribution fee paid to the Distributor under the Distribution Plan.\n(3)\nThe Total Management Fee Net of Waiver may not equal the Total Annual Fund Operating Expenses After Fee Waiver in the Table of Fees and Expenses found in each Fund s Summary Information section because such table includes Acquired Fund Fees and Expenses, if any. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies, if any. 57 Management of the Funds PORTFOLIO MANAGEMENT The Funds investment decisions are made by a team of portfolio managers and analysts who are jointly responsible for the day today management of the Funds. The portfolio management team is led by Roger J. Sit, Chairman, President, Chief Executive Officer, and Global Chief Investment Officer of the Adviser. The following table lists the individual team members that are primarily responsible for managing each Fund s investments.\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nBalanced Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nChairman, President, CEO and Global CIO of\nChairman and President\n27 yrs\n11 m\nthe Adviser; Chairman and CEO of Sit Investment\n35 yrs\n5 m\nFixed Income Advisors, Inc. ( SF ); Chairman\nof SIA Securities Corp. (the Distributor ).\nBryce A. Doty\nSenior Portfolio Manager\n29 yrs\n10 m\nSenior Vice President and Senior Portfolio\nVice President Investments\n29 yrs\n11 m\nManager of SF.\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSenior Vice President Equity Investments of\nVice President Investments\n36 yrs\n9 m\nthe Adviser.\n36 yrs\n9 m\nDividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n21 yrs\n10 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n21 yrs\n10 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nGlobal Dividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n1 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n17 yrs\n1 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRaymond E. Sit\nPortfolio Manager\n17 yrs\n1 m\nVice President Research and Investment\nVice President Research and\n31 yrs\n2 m\nManagement of the Adviser.\nInvestment Management of the Adviser\n33 yrs\n2 m\nLarge Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n27 yrs\n11 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\n58 Management of the Funds\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nMid Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n22 yrs\n0 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRobert W. Sit\nPortfolio Manager\n27 yrs\n10 m\nVice President Equity Investments of the\nVice President Investments\n34 yrs\n3 m\nAdviser.\n34 yrs\n3 m\nESG Growth Fund\n...\nets of a Fund consists of stocks and securities (including debt securities) of foreign corporations at the close of a taxable year, the Fund may elect, for federal income tax purposes, to treat certain foreign taxes paid by it, including generally any withholding and other foreign income taxes, as paid by its shareholders. If a Fund makes this election, the amount of those foreign taxes paid by the Fund will be included in its shareholders income pro rata (in addition to taxable distributions actually received by them), and each such shareholder will be entitled either (1) to credit that proportionate amount of taxes against U.S. federal income tax liability as a foreign tax credit or (2) to take that amount as an itemized deduction. If a Fund is not eligible or chooses not to make this election, the Fund will be entitled to deduct any such foreign taxes in computing the amounts it is required to distribute. Dividends paid by Developing Markets Growth Fund, International Growth Fund and Global Dividend Growth Fund will not be eligible for the 70% deduction for dividends received by corporations if, as expected, none of their income consists of dividends paid by U.S. corporations.\n52\nThe foregoing relates only to federal income taxation and is a general summary of the federal tax law in effect as of the date of this Statement of Additional Information. FINANCIAL STATEMENTS The financial statements of the Funds are incorporated into this Statement of Additional Information by reference to the Funds annual financial statements for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR. Click here to view the Funds Form N-CSR filing and scroll to Item 7 to view the Financial Statements. OTHER INFORMATION Custodian; Transfer Agent; Counsel; Accountants The Bank of New York Mellon, 111 Sanders Creek Parkway, Syracuse, NY 13057, acts as custodian of the Funds assets and portfolio securities; BNY Mellon Investment Servicing (US) Inc., P.O. Box 534459, Pittsburgh, PA 15253-4459, is the Transfer Agent for the Funds; Faegre Drinker Biddle Reath LLP, One Logan Square, Ste. 2000, Philadelphia, PA 19103, is the General Counsel for the Funds; and KPMG LLP, 191 West Nationwide Boulevard, Suite 500, Columbus, Ohio 43215, acts as the Funds independent registered public accounting firm. LIMITATION OF DIRECTOR LIABILITY Under Minnesota law, each director of the Funds owes certain fiduciary duties to the Funds and to their shareholders. Minnesota law provides that a director shall discharge the duties of the position of director in good faith, in a manner the director reasonably believes to be in the best interest of the corporation, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. Fiduciary duties of a director of a Minnesota corporation include, therefore, both a duty of loyalty (to act in good faith and act in a manner reasonably believed to be in the best interests of the corporation) and a duty of care (to act with the care an ordinarily prudent person in a like position would exercise under similar circumstances). Minnesota law authorizes corporations to eliminate or limit the personal liability of a director to the corporation or its shareholders for monetary damages for breach of the fiduciary duty of care . Minnesota law does not, however, permit a corporation to eliminate or limit the liability of a director (i) for any breach of the directors duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) for authorizing a dividend, stock repurchase or redemption or other distribution in v", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Sit_Mid_Cap_Growth_Fund", "p": "advisedBy", "o": "org:Sit_Investment_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Mid_Cap_Growth_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Mid_Cap_Growth_Fund", "p": "seriesOf", "o": "trust:SIT_MID_CAP_GROWTH_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Mid_Cap_Growth_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:SIT_MID_CAP_GROWTH_FUND_INC", "p": "underwrittenBy", "o": "org:SIA_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Sit Mid Cap Growth Fund <predicate_marker> advisedBy <object_marker> Sit Investment Associates, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> SIT MID CAP GROWTH FUND INC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> SIT MID CAP GROWTH FUND INC <predicate_marker> underwrittenBy <object_marker> SIA Securities Corp. <triple_end>", "target_serialized_plain": "Sit Mid Cap Growth Fund advisedBy Sit Investment Associates, Inc. ; custodian The Bank of New York Mellon ; seriesOf SIT MID CAP GROWTH FUND INC ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nSIT MID CAP GROWTH FUND INC underwrittenBy SIA Securities Corp. .", "stats": {"input_chars": 14551, "n_triples": 5, "text_to_json_ratio": 29.6}}
{"sample_id": "0000357310:ALL", "cik": "0000357310", "trust_name": "FRANKLIN FEDERAL TAX FREE INCOME FUND", "input_text": "As\nfiled with the Securities and Exchange Commission on August 26, 2025 File Nos. 002-75925 811-03395 SECURITIES AND\nEXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective\nAmendment No. Post-Effective\nAmendment No. 64 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT\nCOMPANY ACT OF 1940 Amendment No. 65 [X] FRANKLIN\nFEDERAL TAX FREE INCOME FUND (Exact Name of\nRegistrant as Specified in Charter) ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Address\nof Principal Executive Offices) (Zip Code) Registrant s Telephone Number, Including Area Code (650) 312-2000 ALISON E.\nBAUR, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Name and Address of Agent for Service of Process) Approximate Date of Proposed Public\nOffering: It\nis proposed that this filing will become effective (check appropriate box): [ ] immediately upon filing pursuant\nto paragraph (b) [X] on September\n1, 2025 pursuant to paragraph (b) [\n] 60 days after filing pursuant to paragraph (a)(1) [\n] on (date) pursuant to paragraph (a)(1) [ ] 75 days after\nfiling pursuant to paragraph (a)(2) [ ] on (date) pursuant\nto paragraph (a)(2) of Rule 485 If appropriate, check the following box: [ ] This\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nFRANKLIN FEDERAL TAX-FREE\nINCOME FUND Prospectus September\n1, 2025 Class\nA Class A1 Class\nC Class R6 Advisor\nClass FFQAX FKTIX FRFTX FFTQX FAFTX The U.S. Securities and\nExchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy\nof this prospectus. Any representation to the contrary is a criminal offense. 1116\nP 09/25\nContents Fund Summary Information about the Fund you should know before investing Investment Goal 4 Fees\nand Expenses of the Fund 4 Portfolio Turnover 5 Principal Investment Strategies 5 Principal Risks 6 Performance 10 Investment Manager 11 Portfolio Managers 11 Purchase and Sale of Fund Shares 12 Taxes 12 Payments to Broker-Dealers and Other Financial Intermediaries 12 Fund\nDetails More information on investment\npolicies, practices and risks/financial highlights Investment\nGoal 13 Principal Investment Policies and Practices 13 Principal\nRisks 15 Management 22 Distributions and Taxes 24 Financial Highlights 29 Your Account Information\nabout sales charges, qualified investors, account transactions and services Choosing a Share Class 35 Buying\nShares 48 Investor Services 51 Selling Shares 54 Exchanging Shares 56 Account Policies 60 Questions 71 For More Information Where to learn more about the Fund Back\nCover\nFRANKLIN\nFEDERAL TAX-FREE INCOME FUND FUND SUMMARY\nFund Summary\nInvestment Goal To provide investors with as high a level of income exempt\nfrom federal income taxes as is consistent with prudent investment management and the preservation of\nshareholders capital. Fees\nand Expenses of the Fund These tables describe the fees and expenses that you may pay\nif you buy, hold and sell shares of the Fund. You may pay other fees (including on Class\nR6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries,\nwhich are not reflected in the tables and examples below. You may qualify for sales charge discounts\nin Class A if you and your family invest, or agree to invest in the future, at least $ 100,000 in Franklin\nTempleton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund s\ndistributor. More information about these and other discounts is available from your financial professional\nand under Your Account on page 35 in the Fund s Prospectus and under Buying and Selling Shares\non page 44 of the Fund s Statement of Additional Information. In addition, more information about sales\ncharge discounts and waivers for purchases of shares through specific financial intermediaries is set\nforth in Appendix A Intermediary Sales Charge Discounts and Waivers to the Fund s prospectus. Shareholder\nFees (fees paid directly from your investment) Class A Class A1 Class C Class R6 Advisor\nClass Maximum Sales Charge\n(Load) Imposed on Purchases (as percentage of offering price) 3.75 % 3.75 % None None None Maximum Deferred Sales Charge\n(Load) (as percentage of the lower of original purchase price or sale proceeds) None 1 None 1 1.00 % None None 1. There\nis a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see \"Investments\nof $250,000 or More\" under \"Choosing a Share Class\") and purchases by certain retirement plans without\nan initial sales charge on shares sold within 18 months of purchase.\n4 Prospectus www.franklintempleton.com FRANKLIN\nFEDERAL TAX-FREE INCOME FUND FUND SUMMARY\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value\nof your investment) Class A Class A1 Class C Class R6 Advisor\nClass Management\nfees 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % Distribution and service (12b-1) fees 0.25 % 0.10 % 0.65 % None None Other expenses 0.07 % 0.07 % 0.07 % 0.03 % 0.07 % Total annual Fund operating expenses 0.77 % 0.62 % 1.17 % 0.48 % 0.52 % Example This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing\nin\n...\nss A Return before taxes - 0.90 % 0.17 %\n1.46 % Return after taxes on\ndistributions\n- 0.94 % 0.15 % 1.45 % Return\nafter taxes on distributions and sale of Fund shares\n0.81 % 0.80 % 1.86 % Franklin Federal Tax-Free Income Fund - Class A1 - 0.72 % 0.31 %\n1.56 % Franklin Federal Tax-Free\nIncome Fund - Class C\n1.65 % 0.55 % 1.40 % Franklin Federal Tax-Free Income Fund - Class R6 3.26 % 1.23 % 1.98 % 1 Franklin Federal Tax-Free Income Fund - Advisor Class 3.31 %\n1.20 % 2.06 % Bloomberg Municipal Bond\nIndex (index reflects no deduction for fees, expenses or taxes) 1.05 %\n0.99 % 2.25 % 1. Since inception August 1, 2017. The\nfigures in the average annual total returns table above reflect the Class A and Class A1 shares maximum\nfront-end sales charge of 3.75%. Prior to March 1, 2019, Class A and Class A1 shares were subject to\na maximum front-end sales charge of 4.25%. If the prior maximum front-end sales charge of 4.25% was reflected,\nperformance for Class A and Class A1 shares in the average annual total returns table would be lower. Historical\nperformance for Class A shares in the bar chart and table above prior to their inception is based on\nthe performance of Class A1 shares and has been adjusted to reflect differences in Rule 12b-1 fees between\nclasses. The\nafter-tax returns presented in the table are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns\ndepend on an investor's tax situation and may differ from those shown. After-tax returns are shown only\nfor Class A and after-tax returns for other classes will vary. Important data provider notices and terms\nare available at www.franklintempletondatasources.com. All data is subject to change.\nInvestment Manager Franklin\nAdvisers, Inc. (Advisers or investment manager)\nPortfolio Managers Ben Barber, CFA Senior Vice President\nof Advisers and portfolio manager of the Fund since 2020.\nwww.franklintempleton.com Prospectus 11 FRANKLIN\nFEDERAL TAX-FREE INCOME FUND FUND SUMMARY\nDaniel\nWorkman, CFA Vice\nPresident of Advisers and portfolio manager of the Fund since 2018. Francisco Rivera Vice President of Advisers\nand portfolio manager of the Fund since 1996. James Conn, CFA Senior Vice President of Advisers and portfolio\nmanager of the Fund since 2020. Garrett L. Hamilton Portfolio Manager of\nAdvisers and portfolio manager of the Fund since 2024.\nPurchase and Sale of Fund Shares You may purchase or redeem shares of the\nFund on any business day online through our website at www.franklintempleton.com, by mail (Franklin Templeton\nInvestor Services, P.O. Box 33030, St. Petersburg, FL 33733), or by telephone at (800) 632-2301. For\nClass A, A1 and C, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic\ninvestment plan). Class R6 and Advisor Class are only available to certain qualified investors and the\nminimum initial investment will vary depending on the type of qualified investor, as described under\n\"Your Account Choosing a Share Class Qualified Investors Class R6\" and \" Advisor Class\"\nin the Fund's prospectus. There is no minimum investment for subsequent purchases.\nTaxes The Fund's distributions are primarily exempt from regular\nfederal income tax. A portion of these distributions, however, may be subject to federal alternative\nminimum tax and state and local taxes. The Fund may also make distributions that are taxable to you as\nordinary income or capital gains.\nPayments to Broker-Dealers and Other Financial Intermediaries If you purchase shares\nof the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its\nrelated companies may pay the intermediary for the sale of Fund shares and related services. These payments\nmay create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson\nto recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's\nwebsite for more information.\n12 Prospectus www.franklintempleton.com FRANKLIN\nFEDERAL TAX-FREE INCOME FUND FUND DETAILS\nFund Details\nInvestment Goal The Fund's investment goal is to provide investors with as\nhigh a level of income exempt from federal income taxes as is consistent with prudent investment management\nand the preservation of shareholders' capital.\nPrincipal Inves\n...\nund\nhas a legitimate business purpose for releasing portfolio holdings information in advance of release\nto all shareholders shall be made by the Fund's Chief\n21\nCompliance Officer or his/her designee, following a request submitted in writing. The eligible third parties to whom portfolio holdings information may be released\nin advance of general release fall into the following categories: data consolidators (including rating\nagencies), fund rating/ranking services and other data providers; service providers to the Fund and\ninvestment manager; municipal securities brokers using the Investor Tools product which brings together\nbuyers and sellers of municipal securities in the normal operation of the municipal securities markets;\ncertain entities, in response to any regulatory requirements, approved by the investment manager s\nChief Compliance Officer in limited circumstances; and transition managers hired by Fund shareholders.\nIn addition, should the Fund process a shareholder s redemption request in-kind, the Fund may, under\ncertain circumstances, provide portfolio holdings information to such shareholder to the extent necessary\nto allow the shareholder to prepare for receipt of such portfolio securities. The\nspecific entities to whom the Fund may provide portfolio holdings in advance of their release to the\ngeneral public are: Bloomberg,\nCapital Access, CDA (Thomson Reuters), FactSet, Fidelity Advisors, S P Global Ratings, Vestek, and\nFidelity Trust Company, all of whom may receive portfolio holdings information 15 days after the quarter\nend. Service\nproviders to the Fund that receive portfolio holdings information from time to time in advance of general\nrelease in the course of performing, or to enable them to perform, services for the Fund, including:\nCustodian Bank: JPMorgan Chase Bank; Sub-Administrator: JPMorgan Chase Bank; Independent Registered Public\nAccounting Firm: PricewaterhouseCoopers LLP; Outside Fund Legal Counsel: Stradley Ronon Stevens\nYoung, LLP; Independent Directors'/Trustees' Counsel: Vedder Price P.C.; Proxy Voting Services: Glass,\nLewis Co., LLC and Institutional Shareholder Services, Inc.; Brokerage Analytical Services: Sanford\nBernstein, Brown Brothers Harriman, Royal Bank of Canada Capital Markets, JP Morgan Securities Inc.;\nFinancial Printers: Donnelley Financial Solutions, Inc. or GCOM Solutions, Inc. Eligible\nthird parties that do not otherwise have a duty of confidentiality or have not acknowledged such a duty\nare required to (a) execute a non-disclosure agreement that includes the following provisions or (b)\notherwise acknowledge and represent adherence to substantially similar provisions. Non-disclosure agreements\ninclude the following provisions: The recipient agrees to keep confidential until such information\neither is released to the public or the release is otherwise approved by the Chief Compliance Officer. The\nrecipient agrees not to trade on the non-public information received. The recipient agrees\nto refresh its representation as to confidentiality and abstention from trading upon request from Franklin\nTempleton. In no case does the Fund receive any compensation in connection\nwith the arrangements to release portfolio holdings information to any of the above-described recipients\nof the information. A fund other than a U.S. registered Franklin Templeton fund,\nsuch as an offshore fund or an unregistered private fund, with holdings that are not substantially similar\nto the holdings of a U.S. registered Franklin Templeton fund, is not subject to the restrictions imposed\nby the policy. Several invest", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Franklin_Federal_Tax_Free_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Federal_Tax_Free_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Federal_Tax_Free_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Federal_Tax_Free_Income_Fund", "p": "seriesOf", "o": "trust:FRANKLIN_FEDERAL_TAX_FREE_INCOME_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Federal_Tax_Free_Income_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:FRANKLIN_FEDERAL_TAX_FREE_INCOME_FUND", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Franklin Federal Tax-Free Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> FRANKLIN FEDERAL TAX FREE INCOME FUND <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services, LLC <triple_end>\n<triple_start> FRANKLIN FEDERAL TAX FREE INCOME FUND <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Franklin Federal Tax-Free Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC ; advisedBy Franklin Advisers, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf FRANKLIN FEDERAL TAX FREE INCOME FUND ; transferAgent Franklin Templeton Investor Services, LLC .\nFRANKLIN FEDERAL TAX FREE INCOME FUND underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 13258, "n_triples": 6, "text_to_json_ratio": 22.0}}
{"sample_id": "0000701275:ALL", "cik": "0000701275", "trust_name": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 11", "input_text": ", Greenwood Village, CO. 80111 or 13 by fax to Empower, Attn: Empower Care Center at (866) 633-5212. In order to process a withdrawal request or death benefit claim, it must be submitted to Empower in Good Order. In some cases, the Contractholder or a third-party may provide recordkeeping services for a Contract instead of Empower. In that case, withdrawal and transfer procedures may vary. Transaction requests (including death benefit claims) received directly by Empower in Good Order on a given business day before the established transaction cutoff time (4 PM Eastern Time or such earlier time that the New York Stock Exchange may close) will be effective for that business day. Note: Empower does not guarantee access to telephonic, fax, internet or any other electronic information or that it will be able to accept transaction instructions via such means at all times. Nor, due to circumstances beyond our control, can Empower provide any assurances as to the delivery of transaction instructions submitted by regular and/or express mail. Regular and/or express mail (if operational) will be the only means by which Empower will accept transaction instructions when telephonic, fax, Internet or any other electronic means are unavailable or delayed. Empower reserves the right to limit, restrict or terminate telephonic, fax, Internet or any other electronic transaction privileges at any time. Empower and/or the Contractholder will notify a Participant of any such limitations or restrictions. About Prudential The Investment Options Prudential Prudential is a New Jersey stock life insurance company that has been doing business since 1875, and has its principal place of business at 751 Broad Street, Newark, New Jersey 07102. Prudential s financial statements are included in the SAI. Empower Financial Services, Inc. ( EFSI ) is the principal underwriter of the Contracts. That means it is responsible for certain sales and distribution functions for the Contracts. EFSI is registered as a broker-dealer under the Securities Exchange Act of 1934. Its principal place of business is located at 8515 East Orchard Road, Greenwood Village, CO 80111. On July 21, 2021, Great-West Life Annuity Insurance Company ( Great-West ) and Prudential Financial, Inc. ( PFI ), Prudential s parent company, announced a strategic transaction, whereby, Great-West would, among other things, administer and reinsure the MEDLEY Contracts (the Transaction ). The Transaction closed April 1, 2022. On or about October 1, 2022, Great-West changed its name to Empower Annuity Insurance Company of America. The Investment Options Each of VCA 10 and VCA 11, and VCA 24 are a separate account of Prudential. This means the assets of each are the property of Prudential but are kept separate from Prudential s general assets and cannot be used to meet liabilities from Prudential s other businesses. Prudential is obligated to pay all amounts promised to investors under the Contracts. The income, gains, and losses credited to, or charged against, the Investment Options reflect each Separate Account s own investment experience and not the investment experience of Prudential s other assets. For more information about the Investment Options and their investment objectives, please refer to the section of this prospectus titled Investment Options. Each of VCA 10, VCA 11, and VCA 24 are registered with the SEC as unit investment trusts, which is a type of investment company. If VCA 10 is available under your Program, you may invest in the Fidelity Fund. If VCA 11 is available under your Program, you may in", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:PRUDENTIAL_VARIABLE_CONTRACT_ACCOUNT_11", "p": "underwrittenBy", "o": "org:Empower_Financial_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PRUDENTIAL VARIABLE CONTRACT ACCOUNT 11 <predicate_marker> underwrittenBy <object_marker> Empower Financial Services, Inc. <triple_end>", "target_serialized_plain": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 11 underwrittenBy Empower Financial Services, Inc. .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 24.0}}
{"sample_id": "0000701276:ALL", "cik": "0000701276", "trust_name": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 10", "input_text": ", Greenwood Village, CO. 80111 or 13 by fax to Empower, Attn: Empower Care Center at (866) 633-5212. In order to process a withdrawal request or death benefit claim, it must be submitted to Empower in Good Order. In some cases, the Contractholder or a third-party may provide recordkeeping services for a Contract instead of Empower. In that case, withdrawal and transfer procedures may vary. Transaction requests (including death benefit claims) received directly by Empower in Good Order on a given business day before the established transaction cutoff time (4 PM Eastern Time or such earlier time that the New York Stock Exchange may close) will be effective for that business day. Note: Empower does not guarantee access to telephonic, fax, internet or any other electronic information or that it will be able to accept transaction instructions via such means at all times. Nor, due to circumstances beyond our control, can Empower provide any assurances as to the delivery of transaction instructions submitted by regular and/or express mail. Regular and/or express mail (if operational) will be the only means by which Empower will accept transaction instructions when telephonic, fax, Internet or any other electronic means are unavailable or delayed. Empower reserves the right to limit, restrict or terminate telephonic, fax, Internet or any other electronic transaction privileges at any time. Empower and/or the Contractholder will notify a Participant of any such limitations or restrictions. About Prudential The Investment Options Prudential Prudential is a New Jersey stock life insurance company that has been doing business since 1875, and has its principal place of business at 751 Broad Street, Newark, New Jersey 07102. Prudential s financial statements are included in the SAI. Empower Financial Services, Inc. ( EFSI ) is the principal underwriter of the Contracts. That means it is responsible for certain sales and distribution functions for the Contracts. EFSI is registered as a broker-dealer under the Securities Exchange Act of 1934. Its principal place of business is located at 8515 East Orchard Road, Greenwood Village, CO 80111. On July 21, 2021, Great-West Life Annuity Insurance Company ( Great-West ) and Prudential Financial, Inc. ( PFI ), Prudential s parent company, announced a strategic transaction, whereby, Great-West would, among other things, administer and reinsure the MEDLEY Contracts (the Transaction ). The Transaction closed April 1, 2022. On or about October 1, 2022, Great-West changed its name to Empower Annuity Insurance Company of America. The Investment Options Each of VCA 10 and VCA 11, and VCA 24 are a separate account of Prudential. This means the assets of each are the property of Prudential but are kept separate from Prudential s general assets and cannot be used to meet liabilities from Prudential s other businesses. Prudential is obligated to pay all amounts promised to investors under the Contracts. The income, gains, and losses credited to, or charged against, the Investment Options reflect each Separate Account s own investment experience and not the investment experience of Prudential s other assets. For more information about the Investment Options and their investment objectives, please refer to the section of this prospectus titled Investment Options. Each of VCA 10, VCA 11, and VCA 24 are registered with the SEC as unit investment trusts, which is a type of investment company. If VCA 10 is available under your Program, you may invest in the Fidelity Fund. If VCA 11 is available under your Program, you may in", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:PRUDENTIAL_VARIABLE_CONTRACT_ACCOUNT_10", "p": "underwrittenBy", "o": "org:Empower_Financial_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PRUDENTIAL VARIABLE CONTRACT ACCOUNT 10 <predicate_marker> underwrittenBy <object_marker> Empower Financial Services, Inc. <triple_end>", "target_serialized_plain": "PRUDENTIAL VARIABLE CONTRACT ACCOUNT 10 underwrittenBy Empower Financial Services, Inc. .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 24.0}}
{"sample_id": "0000705318:ALL", "cik": "0000705318", "trust_name": "ASSET MANAGEMENT FUND", "input_text": "he cost of investing\nin shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in shares of the Fund\nfor the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment\nhas a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower,\nbased on these assumptions your costs would be:\nOne Year\n$ 120\nThree Years\n$ 375\nFive Years\n$ 649\nTen Years\n$ 1,432\n2\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys\nand sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs\nand may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating\nexpenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover\nrate was 1 % of the average value of its portfolio.\nPrincipal Investment Strategy\nThe Fund, under normal market circumstances, will invest at least 80%\nof its net assets (including the amount of any borrowings for investment purposes) in equity securities of any size capitalization. The\nFund invests primarily in common stocks and exchange-traded funds ( ETFs ) but may also invest in other types of equity securities\nincluding, preferred stock, investments in foreign equity securities through U.S. stock exchange listed American Depositary Receipts ( ADRs ),\nreal estate investment trusts ( REITs ), or mutual funds that invest in the types of securities in which the Fund would normally\ninvest, and securities convertible into such securities.\nIn managing the Fund, the Advanced Asset Management Advisors, Inc.,\nthe Fund s investment adviser (the Adviser ) employs a multi-step process that combines research, valuation, and stock\nselection. The Adviser takes an in-depth look at economic sectors and compares their current valuation relative to their historical valuation,\nhistorical earnings growth rates, and forecasted growth rates. The research process results in a ranking of economic sectors by their\nrelative attractiveness and ultimately their relative weighting within the Fund.\nThe Adviser then screens the companies within each sector for various\nfinancial factors that it believes are most important in the current market environment. These factors may include earnings growth, dividend\nyield, balance sheet quality, or other specific financial ratio analysis. The Adviser then buys and sells equity securities, ETFs, or\nmutual funds that, when combined, provide the targeted economic sector allocations and capitalization ranges. In general, the Adviser\nbuys equity securities that are identified as most attractive for relative performance and sells such securities when they appear less\nattractive.\nAlthough the Fund can invest in stocks of any economic sector (which\nis comprised of two or more industries), at times it may emphasize certain sectors, even investing more than 25% of total assets in any\none sector.\nThe Fund may also invest in cash, money market instruments (high quality\nincome securities with maturities of less than one year), securities of money market funds or US Government securities at any time to\nmaintain liquidity or pending selection of investments in accordance with its principal investment strategies and the Adviser s\ninvestment process.\nPrincipal Investment Risks\nAll mutual funds carry risk. Accordingly, loss of money is a risk of\ninvesting in the Fund. The Fund s shares are not bank deposits and are not guaranteed, endorsed, or insured by any financial institution,\ngovernment authority or the FDIC. Among the principal risks of investing in the Fund, which may adversely affect the Fund s performance\nand ability to meet its investment objective, are:\nMarket Risk . The value of portfolio investments may decline.\nAs a result, your investment in the Fund may decline in value and you could lose money.\nEquity Securities Risk . Since it primarily purchases equity\nsecurities, the Fund is subject to the risk that events negatively affecting issuers, industries, or financial markets in which the Fund\ninvests will impact the value of the equity securities held by the Fund and thus, the value of the Fund s shares over short or extended\nperiods. A decline in value could result from, among other things, a negative development concerning the issuer of the security, an industry,\na sector of the economy, or the overall securities market.\nManagement Risk . The Fund is subject to management risk due\nto the active nature of its management. Portfolio management will apply investment techniques, experience, and risk analyses in making\ninvestment decisions for the Fund. However, there is no guarantee that the techniques and analyses applied by portfolio management will\nachieve the investment objectives.\nSmall-Cap and Mid-Cap Company Risk . The small and mid-capitalization\ncompanies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In\nparticular, these small and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend\nupon relatively small management groups. Therefore, small and mid-capitalization stocks may be more volatile than those of large\n...\nthe average daily net assets of the Fund. For the fiscal year ended June 30, 2025, the annual advisory fees paid to\nthe Adviser were 1.00%.\nDisclosure regarding the basis for the Board\nof Trustees approval of the Investment Advisory Agreement between the Adviser and the Fund is contained in the Fund s Form\nN-CSR for the period ended June 30, 2025 posted to the Fund s website at www.aamafunds.com .\nPortfolio Managers\nThe portfolio managers responsible for the day-to-day management of\nthe Fund s investments are Robert Baker and Philip Voelker. Each portfolio manager plays an equal role with respect to the management\nof the Fund.\nRobert D. Baker, President. Mr. Baker founded the Adviser in\n1999 and since that time has overseen the management of the company and served on its investment committee. Mr. Baker received a Bachelor\nof Science degree in finance from The Ohio State University. With over 40 years in the industry, Mr. Baker has a wealth of experience\nin asset management.\n11\nPhilip A. Voelker, Chief Investment Officer.\nMr. Voelker joined the Adviser in 2001 and since that time has directed and managed the Adviser s investment strategy and policy.\nWith nearly 50 years of experience managing securities portfolios, Mr. Voelker has pursued and secured a broad spectrum of objectives\nfrom short-term cash management to long- term steady returns to aggressive growth of investments. He is a cum laude graduate of The Ohio\nState University.\nAdditional information regarding the portfolio manager s compensation,\nother accounts managed by the portfolio manager and the portfolio manager s ownership of securities in the Fund is available in\nthe Statement of Additional Information (see Investment Adviser in the Statement of Additional Information).\nBusiness Manager and Administrator\nForeside Management Services, LLC, a wholly owned subsidiary of Foreside\nFinancial Group, LLC (dba ACA Group)( Foreside ), serves as business manager and administrator for the Asset Management Fund\n(the Trust ) on behalf of the Fund, which is a series of the Trust. Foreside, as business manager and administrator for the\nTrust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust s\nservice providers. Services provided include, but are not limited to, coordinating and monitoring activities of the third party service\nproviders to the Fund; serving as officers of the Trust, including but not limited to President, Secretary, Chief Compliance Officer,\nAnti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust,\nincluding maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust s\nregistration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings\nand filing with the Securities and Exchange Commission; and maintaining books and records in accordance with applicable laws and regulations.\nDistributor\nPursuant to a Distribution Agreement, Foreside Financial Services,\nLLC (the Distributor ), a wholly owned subsidiary of Foreside (dba ACA Group), as the principal underwriter of the Fund s\nshares, may enter into agreements with banks, broker-dealers, or other financial intermediaries through which investors may purchase or\nredeem shares.\nCustodian, Transfer Agent, Financial Administrator and Fund Accountant\nU.S. Bank National Association serves as the Trust s custodian\nwith respect to the Fund. Ultimus Fund Solutions, LLC serves as the Fund s transfer agent, financial administrator, and fund accountant.\nYour Account\nPricing Your Shares\nYour order to purchase or redeem shares is priced at the net asset\nvalue ( NAV ) next calculated after your order is received in proper form by the Fund or financial intermediary. An order\nis considered to be in proper form if it includes all necessary information and documentation related to a purchase or redemption,\nand payment in full of the purchase amount. The NAV of the Fund may fluctuate every day.\nA purchase, redemption or exchange request is considered to be in\nproper form when all necessary information is provided and all required documents are properly completed, signed and delivered.\nRequests must include the following:\nThe account number (if issued) and Fund name;\nThe amount of the transaction, in dollar amount or number of shares;\nFor redemptions and exchanges (other than telephone or wire redemptions), the signature of all account owners exactly as they are\nregistered on the account;\nRequired signature guarantees, if applicable; and\nOther supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and\nother entities or forms of ownership. Call 1-800-701-9502 (toll free) for more information about documentation that may be required of\nthese entities.\n12\nAdditionally, a purchase order initiating the opening of an account\nis not considered to be in proper form unless you have provided all information required under the Customer Identification\nand Verification section as described below.\nNet Asset Value\nThe NAV of the Fund is calculated as of the close of regular trading\non the New York Stock Exchange ( NYSE ) (generally 4:00 p.m., Eastern Time) on each day\n...\nhich are speculative in a high degree; and C represents the lowest rated class of bonds). Caa, Ca\nand C bonds may be in default.\nCon. ( )\nBonds for which the security depends upon the completion of some act or the fulfillment of some conditions are rated conditionally. These\nare bonds secured by: (a) earnings of projects under construction; (b) earnings of projects unseasoned in operation experience; (c) rentals\nwhich begin when facilities are completed; or (d) payments to which some other limiting condition attaches. Parenthetical rating denotes\nprobable credit stature upon completion of construction or elimination of basis of condition.\nMoody s applies numerical\nmodifiers 1, 2 and 3 in each generic classification from Aa to B in its bond rating system. The modifier 1\nindicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and\nthe modifier 3 indicates that the issue ranks at the lower end of its generic rating category.\n37\nASSET MANAGEMENT FUND\nPART C\nOTHER INFORMATION\nItem 28.\nExhibits\n(a)\n(1)\nCertificate of Trust filed July 23, 1999. (1)/\n(2)\nSecond Amended and Restated Declaration of Trust dated November 27, 2018. (6)/\n(3)\nWritten Instrument Amending the Second Amended and Restated Declaration of Trust dated June 5, 2020. (7)/\n(4)\nWritten Instrument Amending the Second Amended and Restated Declaration of Trust dated May 5, 2023. (10)/\n(b)\nAmended and Restated By-Laws dated July 22, 1999, as amended through May 31, 2018. (4)/\n(c)\nNot applicable.\n(d)\n(1)\nInvestment Advisory Agreement dated June 30, 2017 between Registrant and Advanced Asset Management Advisers, Inc. (5)/\n(2)\nAmendment to Investment Advisory Agreement dated May 20, 2020. (7)/\n(e)\n(1)\nDistribution Agreement between Registrant and BHIL Distributors, LLC dated June 6, 2017. (3)/\n(2)\nNovation to Distribution Agreement effective September 30, 2021.(8)/\n(3)\nForm of Dealer Agreement. (3)/\n(4)\nForm of Selling Group Member Agreement.(3)/\n(f)\nNot applicable.\n(g)\n(1)\nCustody Agreement dated as of January 9, 2020 by and between Asset Management Fund, on behalf of the Funds, and U.S. Bank National Association. (7)/\n(2)\nAmendment to the Custody Agreement dated June 23, 2025.*\n(h)\n(1)\nMaster Services Agreement re: Transfer Agent and Shareholder Services dated June 6, 2017 between the Registrant and Ultimus Fund Solutions, LLC. (3)/\n(2)\nRevised Transfer Agent and Shareholder Services Fee Letter for the AAMA Funds dated May 20, 2025.*\n(3)\nMaster Services Agreement re: Fund Accounting and Financial Administration dated July 1, 2022 between the Registrant and Ultimus Fund Solutions, LLC. (9)/\n(4)\nRevised Fund Accounting and Financial Administration Fee Letter for the AAMA Funds dated May 20, 2025.*\n(5)\nTailored Shareholder Report Addendum between the Registrant and Ultimus Fund Solutions, LLC. (12)/\n(6)\nManagement and Administration Agreement dated April 30, 2017 between the Registrant and Foreside Management Services, LLC. (3)/\n(7)\nFirst Amendment to Management and Administration Agreement (9)/\n(8)\nThird Amended Schedule C to the Management and Administration Agreement. (9)/\n(i)\nOpinion and Consent of Vedder Price P.C. (8)/\n(j)\nConsent of Cohen Company, Ltd. *\n(k)\nNone.\n(l)\n(1)\nSubscription Agreement between the Trust and the Investors on behalf of the AAMA Equity Fund. (5)/\n(2)\nSubscription Agreement between the Trust and the Investors on behalf of the AAMA Income Fund. (5)/\n(m)\n(1)\n12b-1 Plan. None.\n(n)\n(1)\nMulti-Class Plan. None.\n(o)\n(1)\nPower of Attorney for David J. Gruber effective October 1, 2025*\n(2)\nPow", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AAMA_Equity_Fund", "p": "administrator", "o": "org:Foreside_Management_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Equity_Fund", "p": "advisedBy", "o": "org:Advanced_Asset_Management_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Equity_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AAMA_Equity_Fund", "p": "seriesOf", "o": "trust:ASSET_MANAGEMENT_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Equity_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Income_Fund", "p": "administrator", "o": "org:Foreside_Management_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Income_Fund", "p": "advisedBy", "o": "org:Advanced_Asset_Management_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Income_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AAMA_Income_Fund", "p": "seriesOf", "o": "trust:ASSET_MANAGEMENT_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AAMA_Income_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Large_Cap_Equity_Fund", "p": "administrator", "o": "org:Foreside_Management_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Large_Cap_Equity_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Large_Cap_Equity_Fund", "p": "seriesOf", "o": "trust:ASSET_MANAGEMENT_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Large_Cap_Equity_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:ASSET_MANAGEMENT_FUND", "p": "underwrittenBy", "o": "org:BHIL_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AAMA Equity Fund <predicate_marker> administrator <object_marker> Foreside Management Services, LLC <predicate_marker> advisedBy <object_marker> Advanced Asset Management Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> ASSET MANAGEMENT FUND <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> AAMA Income Fund <predicate_marker> administrator <object_marker> Foreside Management Services, LLC <predicate_marker> advisedBy <object_marker> Advanced Asset Management Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> ASSET MANAGEMENT FUND <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Large Cap Equity Fund <predicate_marker> administrator <object_marker> Foreside Management Services, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> ASSET MANAGEMENT FUND <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> ASSET MANAGEMENT FUND <predicate_marker> underwrittenBy <object_marker> BHIL Distributors, LLC <triple_end>", "target_serialized_plain": "AAMA Equity Fund administrator Foreside Management Services, LLC ; 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{"sample_id": "0000711080:ALL", "cik": "0000711080", "trust_name": "Touchstone Strategic Trust", "input_text": "s prospectus and Statement of Additional Information on\npages 18 and 40, respectively, and in Appendix A Intermediary-Specific Sales\nCharge Waivers and Discounts to the Fund's prospectus. An\ninvestor transacting in Class R6 shares, which do not have any front-end sales charge, contingent deferred sales charge, or other\nasset-based fee for sales or distribution, may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such\ncommissions are not reflected in the table or in the Example below.\nClass A\nClass C\nClass Y\nInstitutional\nClass\nClass R6\nShareholder Fees (fees paid directly from your investment)\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n5.00%\nNone\nNone\nNone\nNone\nMaximum Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less)\nNone\n1.00%\nNone\nNone\nNone\nWire Redemption Fee\n$15\n$15\n$15\n$15\n$15\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n[0.65]%\n[0.65]%\n[0.65]%\n[0.65]%\n[0.65]%\nDistribution and/or Shareholder Service (12b-1) Fees\n[0.24]%\n[1.00]%\n[None]\n[None]\nNone\nOther Expenses\n[0.26]%\n[0.87]%\n[0.31]%\n[0.25]%\n[0.25]% (1)\nTotal Annual Fund Operating Expenses\n[1.15]%\n[2.52]%\n[0.96]%\n[0.90]%\n[0.90]%\nFee Waiver and/or Expense\nReimbursement (2)\n[0.00]%\n[-0.60]%\n[-0.06]%\n[-0.04]%\n[-0.15]%\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (2)\n[1.15]%\n[1.92]% (3)\n[0.90]%\n[0.86]% (3)\n[0.75]%\n(1)\nOther Expenses for Class R6 shares are estimated based on fees\nand expenses incurred by Institutional Class shares of the Fund and expenses of similar Touchstone Funds. Class R6 shares commenced operations on July [\n], 2026. (2) Touchstone Advisors, Inc. (the Adviser or Touchstone Advisors ) and Touchstone Strategic Trust (the Trust ) have entered into\na contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding\ndividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and\ninvestment related expenses, including expenses associated with the Fund s liquidity providers; other expenditures which are capitalized in\naccordance with U.S. generally accepted accounting principles; the cost of Acquired Fund Fees and Expenses , if any; and other extraordinary\nexpenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.17%, 1.92%, 0.85% and 0.75% of average\ndaily net assets for Classes A, C, Y, Institutional Class and Class R6 shares, respectively. This contractual expense limitation is effective through\nJuly 29, 2027 , but can be terminated by a vote of the\nBoard of Trustees of the Trust (the Board ) if it deems the termination to be beneficial to the Fund s shareholders. The terms of the\ncontractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or\nreimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will\nmake repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to\nexceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund s current expense limitation.\n3\n(3) Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbu\n...\npplicable to the Fund.\nThe Fund s Management\nInvestment Adviser\nTouchstone Advisors, Inc. serves as the Fund s investment adviser.\nSub-Adviser\nPortfolio Managers\nInvestment Experience with the Fund\nPrimary Title with\nSub-Adviser\nRockefeller Co., LLC\nMichael Seo, CFA\nSince December 2020\nManaging Director, Portfolio Manager\nMatthew Josephs, CFA\nSince July 2025\nVice President, Associate Portfolio Manager Buying and Selling Fund Shares\nMinimum Investment Requirements\nClasses A, C, and Y\nInitial Investment\nAdditional Investment\nRegular Account\n$ 2,500\n$ 50\nRetirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act\n$ 1,000\n$ 50\nInvestments through the Automatic Investment Plan\n$ 100\n$ 50\nInstitutional Class\nInitial\nInvestment\nAdditional Investment\nRegular Account\n$ 500,000\n$ 50\n7\nClass R6\nInitial\nInvestment\nAdditional Investment\nRegular Account\n$ 50,000\n$ 50 Class R6 shares held through Touchstone Securities require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Touchstone does not impose a minimum investment requirement on accounts held through a financial intermediary for Class R6 shares. However, financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services. Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C, Class R6 and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial institutions and financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the Investing with Touchstone section of the Fund s prospectus or call 1.800.543.0407.\nTax\nInformation The Fund intends to make\ndistributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA.\nWithdrawals from a tax-advantaged account, however, may be taxable. Financial Intermediary Compensation\nIf you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related\ncompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n8\nPrincipal Investment Strategies and Risks\nThis prospectus applies to the Touchstone Non-US Equity Fund ( Non-US Equity\nFund or the Fund ).\nHow Does the Fund Implement Its Investment Goal?\nThe investment objective(s) and principal investm\n...\n23\n24.07\n0.42\n(1.31\n)\n(0.89\n)\n(0.30\n)\n(1.12\n)\n(1.42\n)\n21.76\n(3.27\n)\n109,722\n0.92\n0.95\n1.71\n110 (4)\n03/31/24\n21.76\n0.46\n(3)\n3.93\n4.39\n(0.40\n)\n(0.40\n)\n25.75\n20.28\n159,646\n0.90\n0.94\n2.00\n16 (4)\n03/31/25\n25.75\n0.49\n(3)\n2.52\n3.01\n(0.44\n)\n(0.49\n)\n(0.93\n)\n27.83\n11.89\n229,588\n0.90\n0.96\n1.83\n22\nInstitutional Class\n03/31/21\n$ 17.50\n$ 0.19\n(3)\n$ 9.64\n$ 9.83\n$ (0.13 )\n$\n$ (0.13 )\n$ 27.20\n56.21\n%\n$ 13,271\n0.89\n%\n0.97\n%\n0.86\n%\n62 %\n03/31/22\n27.20\n0.29\n(0.32\n)\n(0.03\n)\n(0.28\n)\n(2.78\n)\n(3.06\n)\n24.11\n(0.74\n)\n9,747\n0.89\n0.94\n0.94\n32\n03/31/23\n24.11\n0.24\n(1.14\n)\n(0.90\n)\n(0.31\n)\n(1.12\n)\n(1.43\n)\n21.78\n(3.31\n)\n8,018\n0.91\n1.01\n1.72\n110 (4)\n03/31/24\n21.78\n0.46\n(3)\n3.93\n4.39\n(0.40\n)\n(0.40\n)\n25.77\n20.27\n26,204\n0.89\n0.92\n2.01\n16 (4)\n03/31/25\n25.77\n0.50\n(3)\n2.53\n3.03\n(0.45\n)\n(0.49\n)\n(0.94\n)\n27.86\n11.94\n36,587\n0.87\n0.90\n1.86\n22\n^\nUpdated to reflect the effect of a 1 for 0.801806 reverse stock split for Class C shares on October 14, 2022. All historical per share information has\nbeen retroactively adjusted to reflect this reverse stock\nsplit.\n(1)\nTotal returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.\n(2)\nThe ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02% for the year ended March\n31, 2023.\n(3)\nThe net investment income (loss) per share was based on average shares outstanding for the period.\n(4)\nPortfolio turnover excludes securities delivered from processing redemptions-in-kind.\n36\nTOUCHSTONE INVESTMENTS*\nDISTRIBUTOR Touchstone Securities, LLC*\n303 Broadway, Suite 1100 Cincinnati, Ohio 45202-4203 1.800.638.8194 TouchstoneInvestments.com INVESTMENT ADVISER Touchstone Advisors, Inc.* 303 Broadway, Suite 1100 Cincinnati, Ohio 45202-4203 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. P.O. Box 534467 Pittsburgh, PA 15253-4467 SHAREHOLDER SERVICES 1.800.543.0407\n*\nA Member of Western Southern Financial Group\nThe following are federal trademark registrations and applications owned by either IFS Financial Services, Inc. or Touchstone\nAdvisors, Inc., each a member of Western Southern Financial Group: Touchstone, Touchstone Funds, Touchstone Investments, the Touchstone Family of Funds and Distinctively Active.\n37\n303 Broadway, Suite 1100 Cincinnati, Ohio 45202-4203 Go paperless, sign up today at:\nTouchstoneInvestments.com/Resources/Edelivery\nFor investors who want more information about the Funds, the following documents are available free upon request:\nAppendix A: Appendix A Intermediary-Specific Sales Charge Waivers\nand Discounts is a separate document that provides additional information\nabout the availability of certain sales charge waivers and discounts and is incorporated into this prospectus, which means it is legally a part of this\nprospectus. Statement of\nAdditional Information ( SAI ): The SAI provides more detailed information about the Funds and is incorporated herein by reference and is legally a part of this prospectus. Annual/Semiannual Reports and Form N-CSR ( Financial\nReports ): The Funds Financial Reports provide additional information about the Funds investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Fund s performance during its last fiscal year.\nYou can get free copies of Appendix A, the SAI, the Financial Reports, other information and answers to your questions about the\nFunds by contacting your financial adviser or by contacting Touchstone Investments at 1.800.543.0407. Appendix A, the SAI and Financ\n...\nbe obtained without charge by writing to the Trust at P.O. Box 534467, Pittsburgh, PA 15253-4467, by calling 1.800.543.0407, or by downloading a copy at TouchstoneInvestments.com/Resources.\nTable of\nContents\nPage\nTHE TRUST\n3\nPERMITTED INVESTMENTS AND RISK FACTORS\n4\nINVESTMENT LIMITATIONS\n21\nTRUSTEES AND OFFICERS OF THE TRUST\n23\nTHE ADVISER\n30\nTHE SUB-ADVISeRS AND PORTFOLIO MANAGERS\n32\nTHE ADMINISTRATOR\n33\nTOUCHSTONE SECURITIES\n33\nDistribution Plans and Shareholder Service Arrangements\n35\nBROKERAGE TRANSACTIONS\n36\nPROXY VOTING\n37\nCODE OF ETHICS\n37\nPortfolio Turnover\n38\nDISCLOSURE OF PORTFOLIO HOLDINGS\n38\nDETERMINATION OF NET ASSET VALUE\n39\nDESCRIPTION OF SHARES\n39\nCERTAIN PROVISIONS OF THE TRUST'S BY-LAWS\n40\nCHOOSING A CLASS OF SHARES\n40\nOTHER PURCHASE AND REDEMPTION INFORMATION\n43\nDISTRIBUTIONS\n45\nFEDERAL INCOME TAXES\n46\nCONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS\n54\nCUSTODIAN\n56\nLEGAL COUNSEL\n57\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n57\nTRANSFER AND SUB-ADMINISTRATIVE AGENT\n57\nFINANCIAL STATEMENTS\n57\nAPPENDIX A DESCRIPTION OF SECURITIES RATINGS\n58\nAPPENDIX B\n63\n2\nTHE TRUST\nTouchstone Strategic Trust (the Trust ), an open-end\nmanagement investment company, was organized as a Massachusetts business trust on November 18, 1982. This SAI relates to the following separate series of\nthe Trust: Touchstone Non-US Equity Fund (the Non-US Equity Fund ) (formerly, Touchstone Non-US ESG Equity Fund) (the Fund ). The\nFund is a diversified open-end management investment company.\nTouchstone Advisors, Inc. (the\nAdviser ) is the investment adviser and administrator for the Fund. The Adviser has selected a sub-adviser to manage, on a daily basis, the\nassets of the Fund. The Adviser has sub-contracted certain of the Trust complex s administrative and accounting services to The Bank of New York\nMellon and the Trust complex s transfer agent services to BNY Mellon Investment Servicing (US) Inc. (collectively referred to herein as BNY\nMellon ). Touchstone Securities, LLC. ( Touchstone Securities or the Distributor ) is the principal distributor of the Fund s\nshares. The Distributor is an affiliate of the Adviser. The Fund offers five separate classes of shares: Classes A, C, Y, R6 and Institutional Class. The shares of a Fund represent an interest in the same assets of the Fund. The shares have the same rights and are identical in all material respects except that (i) each class of shares may bear different (or no) distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees incurred by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees fees or expenses incurred as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares; (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements; and (v) certain classes offer different features and services to shareholders and may have different investment minimums. The Board of Trustees of the Trust (the Board ) may classify and reclassify the shares of a Fund i\n...\nStatement on Form N-14 (File\nNo. 333-182177), filed with the SEC on October 12, 2012.\n(d)(1)(iv)\nAmended Schedule 1 dated May 9, 2025 to the Investment Advisory Agreement between the Registrant and Touchstone\nAdvisors, Inc. dated May 1, 2000, is herein incorporated by reference to Exhibit (d)(1)(iv) of Post-Effective Amendment\nNo. 241 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC\non May 8, 2025.\n(d)(2)\nSub-Advisory Agreement dated May 15, 2008 between Touchstone Advisors, Inc. and Westfield Capital Management\nCompany, L.P. with respect to the Touchstone Growth Opportunities Fund is herein incorporated by reference to Exhibit\n(d)(11) of Post-Effective Amendment No. 68 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859\nand 811-03651), filed with the SEC on August 1, 2008.\n(d)(3)\nSub-Advisory Agreement dated April 12, 2010 between Touchstone Advisors, Inc. and Westfield Capital Management\nCompany, L.P. with respect to the Touchstone Mid Cap Growth Fund is herein incorporated by reference to Exhibit (d)(3)\nof Post-Effective Amendment No. 73 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on July 29, 2010.\n(d)(3)(i)\nAmendment dated January 1, 2021 to the Sub-Advisory Agreement dated April 12, 2010 between Touchstone Advisors,\nInc. and Westfield Capital Management Company, L.P. with respect to the Touchstone Mid Cap Growth Fund is herein\nincorporated by reference to Exhibit (d)(3)(i) of Post-Effective Amendment No. 224 to Registrant's Registration\nStatement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 28, 2021.\n(d)(4)\nSub-Advisory Agreement dated November 17, 2020 between Touchstone Advisors, Inc. and Barrow, Hanley, Mewhinney\nStrauss, LLC with respect to the Touchstone Value Fund is herein incorporated by reference to Exhibit (d)(4) of\nPost-Effective Amendment No. 227 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on October 28, 2021.\n(d)(4)(i)\nAmendment dated September 1, 2021 to the Sub-Advisory Agreement dated November 17, 2020 between Touchstone\nAdvisors, Inc. and Barrow, Hanley, Mewhinney Strauss, LLC with respect to the Touchstone Value Fund is herein\nincorporated by reference to Exhibit (d)(4)(i) of Post-Effective Amendment No. 227 to Registrant's Registration\nStatement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.\n(d)(5)\nSub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone Focused Fund is herein incorporated by reference to Exhibit (6)(s) of\nPost-Effective Amendment No. 2 to Registrant s Registration Statement on Form N-14 (File No. 333-177597), filed with\nthe SEC on April 27, 2012.\n(d)(6)\nSub-Advisory Agreement dated November 30, 2018 between Touchstone Advisors, Inc. and Bramshill Investments LLC\nwith respect to the Touchstone Flexible Income Fund is herein incorporated by reference to Exhibit (d)(7) of\nPost-Effective Amendment No. 197 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on April 29, 2019.\n(d)(7)\nSub-Advisory Agreement dated April 23, 2014 between Touchstone Advisors, Inc. and Sands Capital Management, LLC\nwith respect to the Touchstone Sands Capital Emerging Markets Growth Fund is herein incorporated by reference to\nExhibit (d)(17) of Post-Effective Amendment No. 104 to Registrant s Registration Statement on Form N-1A (File Nos.\n002-80859 and 811-03651), filed with the SEC on April 23, 2014.\n(d)(8)\nSub-Advisory Agreement dated July 9, 2014 between Touchstone Advisors, Inc. and London Company of Virginia d/b/a\nThe London Company with respect to the Touchstone Large Cap Fund is herein incorporated by reference to Exhibit\n(d)(16) of Post-Effective Amendment No. 108 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859\nand 811-03651), filed with the SEC on July 9, 2014.\n(d)(9)\nSub-Advisory Agreement dated March 7, 2018 between Touchstone Advisors, Inc. and Rockefeller Co. LLC with\nrespect to the Touchstone Sustainability and Impact Equity Fund (formerly the Touchstone Large Cap Growth Fund) is\nherein incorporated by reference to Exhibit (d)(12)(ii) of Post-Effective Amendment No. 193 to Registrant's Registration\nStatement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 29, 2018.\n(d)(10)\nAmendment dated July 29, 2022 to Sub-Advisory Agreement dated March 1, 2018 between Touchstone Advisors, Inc.\nand Rockefeller Co. LLC with respect to the name change of the Touchstone Global ESG Equity Fund to the\nTouchstone Non-US ESG Equity Fund is\nherein incorporated by reference to Exhibit (\nd )( 10 ) of Post-Effective\nAmendment No. 231 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651),\nfiled\nwith the SEC on July 29, 2022.\n(d)(11)\nSub-Advisory Agreement dated January 8, 2021 between Touchstone Advisors, Inc. and Wilshire Associates Incorporated\nwith respect to the Touchstone Dynamic Diversified Income Fund and Touchstone Dynamic Global Allocation Fund is\nherein incorporated by reference to Exhibit (d)(11) of Post-Effective Amendment No. 227 to Registrant's Registration\nStatement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.\n(d)(12)\nSub-Advisory Agreement dated August 15, 2016 between Touchstone Advisors, Inc. and DSM Capital Partners LLC with\nrespect to the Touchstone Large Company Growth Fund is herein incorporated by reference to Exhibit (d)(19) of\nPost-Effective Amendment No. 139 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), both filed with the SEC on August 15, 2016.\n(d)(13)\nAmendment to Sub-Advisory Agreement dated September 1, 2019 between Touchstone Advisors, Inc. and DSM Capital\nPartners LLC with respect to the Touchstone Large Company Growth Fund is herein incorporated by reference to Exhibit\n(d)(16) of Post-Effective Amendment No. 202 to Registrant's Registration Statement on Form N-1A (File Nos.\n002-80859 and 811-03651), both filed with the SEC on October 25, 2019.\n(d)(14)\nSub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone Balanced Fund is herein incorporated by reference to Exhibit (d)(21) of\nPost-Effective Amendment No. 178 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on March 28, 2018.\n(d)(15)\nSub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone International Equity Fund is herein incorporated by reference to Exhibit\n(d)(22) of Post-Effective Amendment No. 178 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859\nand 811-03651), filed with the SEC on March 28, 2018.\n(d)(16)\nSub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone Large Cap Focused Fund is herein incorporated by reference to Exhibit\n(d)(23) of Post-Effective Amendment No. 178 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859\nand 811-03651), filed with the SEC on March 28, 2018.\n(d)(17)\nSub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone Small Company Fund is herein incorporated by reference to Exhibit (d)(24)\nof Post-Effective Amendment No. 178 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on March 28, 2018.\n(d)(18)\nSub-Advisory Agreement dated September 12, 2020 between Touchstone Advisors, Inc. and DSM Capital Partners LLC\nwith respect to the Touchstone International Growth Fund (formerly, the Touchstone International Small Cap Fund) is\nherein incorporated by reference to Exhibit (d)(20) of Post-Effective Amendment No. 213 to Registrant's Registration\nStatement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on September 14, 2020.\n(d)(19)\nSub-Advisory Agreement dated October 3, 2020 between Touchstone Advisors, Inc. and TOBAM S.A.S. with respect to\nthe Touchstone Anti-Benchmark US Core Equity Fund is herein incorporated by reference to Exhibit (d)(22) of\nPost-Effective Amendment No. 215 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on October 5, 2020.\n(d)(20)\nSub-Advisory Agreement dated July 15, 2021 between Touchstone Advisors, Inc. and Fort Washington Investment\nAdvisors, Inc. with respect to the Touchstone Strategic Income Opportunities Fund is herein incorporated by reference to\nExhibit (d)(21) of Post-Effective Amendment No. 224 to Registrant's Registration Statement on Form N-1A (File Nos.\n002-80859 and 811-03651), filed with the SEC on July 28, 2021.\n(d)(21)\nSub-Advisory Agreement dated October 28, 2021 between Touchstone Advisors, Inc. and Sage Advisory Services, Ltd.\nCo. with respect to the Touchstone Core Municipal Bond Fund is herein incorporated by reference to Exhibit (d)(21) of\nPost-Effective Amendment No. 229 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on April 27, 2022.\n(d)(22)\nSub-Advisory Agreement dated April 30, 2024 between Touchstone Advisors, Inc. and LSV Asset Management with\nrespect to the Touchstone International Value Fund is herein incorporated by reference to Exhibit (d)(22) of Post-Effective\nAmendment No. 237 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed\nwith the SEC on April 29, 2024.\n(d)(23)\nSub-Advisory Agreement dated May 9, 2025 between Touchstone Advisors, Inc. and Los Angeles Capital Management\nLLC with respect to the Touchstone Dynamic Large Cap Growth Fund is herein incorporated by reference to Exhibit\n(d)(23) of Post-Effective Amendment No. 241 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859\nand 811-03651), filed with the SEC on May 8, 2025.\n(e)(1)\nDistribution Agreement with Touchstone Securities, Inc. dated May 1, 2000, is herein incorporated by reference to\nExhibit (e)(i) of Post-Effective Amendment No. 45 to Registrant s Registration Statement on Form N-1A (File Nos.\n002-80859 and 811-03651), filed with the SEC on August 1, 2001.\n(e)(2)\nForm of Underwriter s Dealer Agreement is herein incorporated by reference to Exhibit (e) of Post-Effective Amendment\nNo. 56 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC\non September 10, 2004.\n(f)\nTouchstone Trustee Deferred Compensation Plan is herein incorporated by reference to Exhibit (f) of Post-Effective\nAmendment No. 71 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed\nwith the SEC on July 29, 2009.\n(g)(1)(i)\nCustodian Agreement with Brown Brothers Harriman Co. is herein incorporated by reference to Exhibit (g)(1) of\nPost-Effective Amendment No. 68 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on August 1, 2008.\n(g)(1)(ii)\nCustodian Agreement with JPMorgan Chase Bank, N.A. is herein incorporated by reference to Exhibit (g)(1)(ii) of\nPost-Effective Amendment No. 243 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and\n811-03651), filed with the SEC on October 27, 2025.\n(g)(2)\nAmended Schedule of Global Services Charges to the Custodian Agreement dated February 1, 2013 between the\nRegistrant and Brown Brothers Harriman Co. is herein incorporated by reference to Exhibit (g)(1)(i) of Post-Effective\nAmendment No. 100 to Registrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed\nwith the SEC on October 25, 2013.\n(g)(3)\nAmendment #2 to the Custodian Agreement effective January 1, 2024 to the Custodian Agreement with Brown Brothers\nHarriman Co. dated February 25, 2008 is herein incorporated by reference to Exhibit (g)(3) of Post-Effective\nAmendment No. 66 to Touchstone Variable Series Trust's Registration Statement on Form N-1A (File Nos. 033-76566\nand 811-8416), filed with the SEC on April 24, 2024.\n(h)(1)\nRecordkeeping Agreement is herein incorporated by reference to Exhibit (h)(vii) of Post-Effective Amendment No. 51 to\nRegistrant s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on\nMarch 5, 2004.\n(h)(1)(i)\nAmendment dated January 1, 2024 to the Fund Sub-Administration and Accounting Agreement dated July 20, 2022\nbetween the Registrant and The Bank of New York Mellon is herein incorporated by reference to Exhibit (h)(1)(i) of\nPost-Effective Ame", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Touchstone_Balanced_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "administrator", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "advisedBy", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "seriesOf", "o": "trust:Touchstone_Strategic_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "subAdvisedBy", "o": "org:Fort_Washington_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Balanced_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_U_S_Inc", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Core_Municipal_Bond_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Core_Municipal_Bond_Fund", "p": "administrator", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Core_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Core_Municipal_Bond_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Core_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Touchstone_Strategic_Trust", 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"org:Fort_Washington_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Focused_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_U_S_Inc", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "administrator", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "advisedBy", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "seriesOf", "o": "trust:Touchstone_Strategic_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "subAdvisedBy", "o": "org:The_London_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Large_Cap_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_U_S_Inc", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Large_Company_Growth_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Large_Company_Growth_Fund", "p": "administrator", "o": 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"org:BNY_Mellon_Investment_Servicing_U_S_Inc", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Small_Company_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Small_Company_Fund", "p": "administrator", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Small_Company_Fund", "p": "advisedBy", "o": "org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Small_Company_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Small_Company_Fund", "p": "seriesOf", "o": 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"org:Touchstone_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Value_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Touchstone_Value_Fund", "p": "seriesOf", "o": "trust:Touchstone_Strategic_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Value_Fund", "p": "subAdvisedBy", "o": "org:Barrow_Hanley_Mewhinney_Strauss_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Touchstone_Value_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_U_S_Inc", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "trust:Touchstone_Strategic_Trust", "p": "underwrittenBy", "o": "org:Touchstone_Securities_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Touchstone Balanced Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> Fort Washington Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone Core Municipal Bond Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> Sage Advisory Services, Ltd Co. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone International Value Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> LSV Asset Management <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone Large Cap Focused Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> Fort Washington Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone Large Cap Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> The London Company <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone Large Company Growth Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone Advisors, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Touchstone Strategic Trust <predicate_marker> subAdvisedBy <object_marker> DSM Capital Partners LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (U.S.) Inc. <triple_end>\n<triple_start> Touchstone Small Company Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Touchstone Advisors, Inc. <predicate_marker> advisedBy <object_marker> Touchstone 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Trust <predicate_marker> underwrittenBy <object_marker> Touchstone Securities, Inc. <triple_end>", "target_serialized_plain": "Touchstone Balanced Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy Fort Washington Investment Advisors, Inc. ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Core Municipal Bond Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy Sage Advisory Services, Ltd Co. ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone International Value Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy LSV Asset Management ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Large Cap Focused Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy Fort Washington Investment Advisors, Inc. ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Large Cap Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy The London Company ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Large Company Growth Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy DSM Capital Partners LLC ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Small Company Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy Fort Washington Investment Advisors, Inc. ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Value Fund administrator The Bank of New York Mellon , Touchstone Advisors, Inc. ; advisedBy Touchstone Advisors, Inc. ; custodian Brown Brothers Harriman & Co. ; seriesOf Touchstone Strategic Trust ; subAdvisedBy Barrow, Hanley, Mewhinney & Strauss, LLC ; transferAgent BNY Mellon Investment Servicing (U.S.) Inc. .\nTouchstone Strategic Trust underwrittenBy Touchstone Securities, Inc. .", "stats": {"input_chars": 27499, "n_triples": 57, "text_to_json_ratio": 5.6}}
{"sample_id": "0000718935:ALL", "cik": "0000718935", "trust_name": "BNY Mellon Intermediate Municipal Bond Fund, Inc.", "input_text": "File\nNo .\n2-83357 811-03721 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 59 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 59 [X] (Check appropriate box\nor boxes.) BNY Mellon Intermediate Municipal Bond Fund, Inc. (Exact\nName of Registrant as Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286 (Address\nof Principal Executive Offices) (Zip Code) Registrant's\nTelephone Number, including Area Code: (212) 922-6400 Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286 (Name\nand Address of Agent for Service) It is proposed that this filing will become\neffective (check appropriate box) __ immediately\nupon filing pursuant to paragraph (b) X\non September 30, 2025\npursuant to paragraph (b) ____\ndays after filing pursuant to paragraph (a)(1) __ on\n(date) pursuant to paragraph (a)(1) ____\ndays after filing pursuant to paragraph (a)(2) __ on\n(date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: __ this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nBNY Mellon\nIntermediate Municipal Bond Fund, Inc. Prospectus\n| September 30, 2025 DITEX As\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 5 Investment Risks 6 Management 8 Shareholder Guide Buying and Selling Shares 11 General Policies 13 Distributions and Taxes 15 Services for Fund Investors 15 Financial Highlights Financial Highlights 18 For More Information See back cover.\nFund\nSummary Investment\nObjective The fund seeks the maximum amount of current\nincome exempt from federal income tax as is consistent with the preservation of capital. Fees\nand Expenses This table describes the fees and expenses\nthat you may pay if you buy, hold and sell shares of the fund. You may\npay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not\nreflected in the table and examples below. Annual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value\nof your investment) Management fees .45 Other expenses: Shareholder services fees .07\nMiscellaneous other expenses .11 Total other expenses .18 Total annual fund operating expenses .63 Example The Example is intended to help you compare the cost of investing in the fund\nwith the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the\nfund for the time periods indicated and then hold or redeem all of your shares at the end of those periods.\nThe Example also assumes that your investment has a 5% return each year and that the fund's operating\nexpenses remain the same. Although your actual costs may be higher or lower, based on these assumptions\nyour costs would be: 1 Year 3 Years 5 Years 10 Years $ 64 $ 202 $ 351 $ 786 Portfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover may indicate\nhigher transaction costs and may result in higher taxes when fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the\nfund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25.19 %\nof the average value of its portfolio. Principal\nInvestment Strategy To pursue its goal, the fund\nnormally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal\nbonds that provide income exempt from federal personal income tax. Typically, the fund invests substantially\nall of its assets in such municipal bonds. Municipal bonds are debt securities or other obligations\nissued by states, territories and possessions of the United States and the District of Columbia and their\npolitical subdivisions, agencies and instrumentalities, or multistate agencies and authorities. The fund invests at least 80% of its net assets in municipal bonds rated, at the\ntime of purchase, A or higher or the unrated equivalent as determined by Insight North America LLC, the\nfund's sub-adviser. The fund may invest up to 20% of its net assets in municipal bonds rated, at the\ntime of purchase, below A, including bonds rated below investment grade (\"high yield\" or \"junk\" bonds)\nor the unrated equivalent as determined by the fund's sub-adviser. The dollar-weighted average maturity\nof the fund's portfolio generally is between three and ten years. A bond's maturity is 1 the length of time until the principal must be fully repaid with interest. Dollar-weighted\naverage maturity is an average of the stated maturities of the bonds held by the fund, based on their\ndollar-weighted proportions in the fund. The fund's sub-adviser focuses\non identifying undervalued sectors and securities. To select municipal bonds for the fund, the sub-adviser\nuses fundamental credit analysis to estimate the relative value and attractiveness of various sectors\nand securities and actively trades among various sectors and securities based on their apparent relative\nvalues. The fund seeks to invest in several different sectors, and does not seek to overweight any particular\nsector but may do so depending on each sector's relative value at a given time. A\nrigorous sell discipline is employed to continuously evaluate all fund holdings. Current holdings may\nbecome sell candidates if creditworthiness is deteriorating, if bonds with better risk and return characteristics\nbecome available, or if the holding no longer meets the sub-adviser's strategic or portfolio construction\nobjectives. Although the fund seeks to provide income exempt from federal\nincome tax, income from some of the fund's holdings may be subject to the federal alternative minimum\ntax.\nPrincipal\nRisks An investment in the fund is not a bank deposit.\nIt is not insured or guaranteed b\n...\nthe issuer files\nfor bankruptcy. Temporary investment risk: Under\nadverse market conditions, the fund could invest some or all of its assets in U.S. Treasury securities\nor money market securities, or hold cash. Although the fund would do this for temporary defensive purposes,\nit could reduce the benefit from any upswing in the market. During such periods, the fund's investments\nmay not be consistent with its principal investment strategy and the fund may not achieve its investment\nobjective. Management Investment\nAdviser The investment adviser for\nthe fund is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York, New York 10286. BNYIA\nmanages approximately $378 billion in 83 mutual fund portfolios. For the past fiscal year, the fund\npaid BNYIA a management fee at the annual rate of .45% of the value of the fund's average daily net assets.\nA discussion regarding the basis for the board approving the fund's management agreement with BNYIA\nis available in the fund's Form N-CSR for the six-month period ended November 30, 2024. BNYIA is the\nprimary mutual fund business of The Bank of New York Mellon Corporation (BNY), a global investments company\ndedicated to helping its clients manage and service their financial assets throughout the investment\nlifecycle. Whether providing financial services for institutions, corporations or individual investors,\nBNY delivers informed investment management and investment\n8\nservices in 35 countries. BNY is a leading investment management\nand investment services company, uniquely focused to help clients manage and move their financial assets\nin the rapidly changing global marketplace. BNY has $55.8 trillion in assets under custody and administration\nand $2.1 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon\nCorporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.\nBNY Investments is one of the world's leading investment management organizations, and one of the top\nU.S. wealth managers, encompassing BNY's affiliated investment management firms, wealth management services\nand global distribution companies. Additional information is available at www.bny.com/investments.\nThe asset management philosophy of BNYIA is based on the belief\nthat discipline and consistency are important to investment success. For each fund, BNYIA seeks to establish\nclear guidelines for portfolio management and to be systematic in making decisions. This approach is\ndesigned to provide each fund with a distinct, stable identity. Sub-Adviser BNYIA\nhas engaged its affiliate, Insight North America LLC, to serve as the fund's sub-adviser, pursuant to\na sub-investment advisory agreement between BNYIA and INA. INA, subject to BNYIA's supervision and approval,\nprovides day-to-day management of the fund's assets. INA is an indirect wholly-owned subsidiary of BNY\nregistered in the United States with the Securities and Exchange Commission as an investment adviser.\nINA's principal office is located at 200 Park Avenue, New York, New York 10166 .\nAs of June 30, 2025, INA had approximately $130.0 billion of assets under management. (Assets under\nmanagement (AUM) is represented by the value of a client's assets or liabilities managed by INA. These\nwill primarily be the mark-to-market value of investments managed by INA, including collateral if applicable.\nWhere a client mandate requires INA to manage some or all of a client's liabilities, AUM will be equal\nto the value of the client's specific liability benchmark and/or the notional value of other risk exposure\nthrough the use of derivatives.) A discussion regarding the basis for the board approving the sub-investment\nadvisory agreement between BNYIA and INA is available in the fund's Form N-CSR for the six-month period\nended November 30, 2024. Thomas Casey and Daniel Rabasco,\nCFA are the fund's primary portfolio managers, positions they have held since November 2011 and February\n2018, respectively. Messrs. Casey and Rabasco are jointly and primarily responsible for managing the\nfund's portfolio. Mr. Casey is a senior portfolio manager for tax-sensitive strategies at INA. He has\nbeen employed by INA or a predecessor company of INA since 1993. Mr. Rabasco is the head of municipal\nbond strategies at INA. He has been employed by INA or a predecessor company of INA since 1998. The fund's Statement of Additional Information (SAI) provides additional portfolio\nmanager information, including compensation, other accounts managed and ownership of fund shares. Distributor BNY Mellon Securities Corporation (BNYSC), a wholly-owned subsidiary of BNYIA,\nserves as distributor of the fund and of the other funds in the BNY Mellon Family of Funds. Any Rule\n12b-1 fees and shareholder services fees, as applicable, are paid to BNYSC for financing the sale and\ndistribution of fund shares and for providing shareholder account service and maintenance, respectively.\nBNYIA or BNYSC may provide cash payments out of its own resources to financial intermediaries that sell\nshares of funds in the BNY Mellon Family of Funds or provide other services. Such payments are separate\nfrom any sales charges, 12b-1 fees and/or shareholder services fees or other expenses that may be paid\nby a fund to those financial intermediaries. Because those payments are not made by fund shareholders\nor the fund, the fund's total expense ratio will not be affected by any such payments. These payments\nmay be made to financial intermediaries, including affiliates, that provide shareholder servicing, sub-administration,\nrecordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings,\nsales representatives and management representatives of the financial intermediary. Cash compensation\nalso may be paid from BNYIA's or BNYSC's own resources to financial intermediaries for inclusion of a\nfund on a sales list, including a preferred or select sales list or in other sales programs. These payments\nsometimes are referred to as \"revenue sharing.\" From time to time, BNYIA or BNYSC also may provide cash\nor non-cash compensation to financial intermediaries or their representatives in the form of occasional\ngifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational\nconference sponsorships; support for recognition progra\n...\ncial\nservice organization whose business consists primarily of providing investment management services as\nthe investment adviser, manager and distributor for sponsored investment companies registered under the\nInvestment Company Act of 1940 and as an investment adviser to institutional and individual accounts.\nBNYM Investment Adviser also serves as sub-investment adviser to and/or administrator of other investment\ncompanies. BNY Mellon Securities Corporation, a wholly-owned subsidiary of BNYM Investment Adviser,\nserves primarily as a registered broker-dealer of shares of investment companies sponsored by BNYM Investment\nAdviser and of other investment companies for which BNYM Investment Adviser acts as investment adviser,\nsub-investment adviser or administrator. (b) The\nRegistrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors\nof Insight North America LLC, the sub-investment adviser of the Fund, together with information as to\nany other business, profession, vocation or employment of a substantial nature engaged in by Insight\nNorth America LLC, or those of its officers and directors during the past two years, by incorporating\nby reference the information contained in the Form ADV filed with the SEC pursuant to the Investment\nAdvisers Act of 1940 by Insight North America LLC (SEC File No. 801-69964).\nItem 31. Business\nand Other Connections of Investment Adviser (continued) Officers and Directors of Investment\nAdviser Name and Position With BNY Mellon\nInvestment Adviser, Inc. Other\nBusinesses Position Held Dates Kenneth Bradle Vice President and Director BNY Mellon Investment Adviser, Inc. ++ Director Vice President 10/20\nPresent 6/19 Present BNY\nMellon Securities Corporation ++ Director President 10/20 Present 5/09 Present BNY Mellon Transfer, Inc. ++ Chairman Director 6/19\nPresent 10/20 Present The\nBank of New York Mellon ++ Vice\nPresident 2/21 Present David DiPetrillo Vice President and Director BNY Mellon Advisors, Inc. Director 12/23\nPresent BNY Mellon Asset Management Canada Ltd.\n******** Director 3/23 Present BNY\nMellon ETF Investment Adviser, LLC ++ Chief\nExecutive Officer Manager 12/23 Present 10/20\nPresent BNY Mellon ETF Trust ++ President 3/20\nPresent BNY Mellon ETF Trust II ++ President 6/24\nPresent BNY Mellon Family of Funds ++ President 1/21\nPresent BNY Mellon Investment Adviser, Inc. ++ Director and Vice President 2/21\nPresent BNY Mellon Investor Solutions, LLC * Manager 1/20\n1/24 BNY Mellon Securities Corporation ++ Director and Executive Vice President 1/21 Present DTR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 GRR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 The\nBank of New York Mellon ++ Vice\nPresident 1/20 Present Bushra Mannan Vice President and Director Alternative Holdings II,\nLLC ** Manager President 3/23 Present 7/23 Present BNY Mellon Investment Adviser,\nInc. ++ Director Vice\nPresident 8/23 Present 12/21\nPresent\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates CenterSquare\nInvestment Management Holdings, Inc. +++ Director 3/23 2/25 DTR Commodity Fund Ltd.\n######### Director 2/23 Present GRR Commodity Fund Ltd.\n######### Director 2/23 Present Mellon Global Investing Corp. + Chair, Chief Executive Officer, and President Director 11/23 Present 6/23 Present The Bank of New York Mellon ++ Director 1/22\nPresent Irene Papadoulis Director BNY Mellon Investment Adviser,\nInc. ++ Director 8/23 Present BNY Mellon Securities Corporation ++ Director Executive Vice President\n...\nant\nTreasurer 5/21 4/23 Asset Recovery XIX, LLC ** Assistant Treasurer 5/21\n4/23 Asset Recovery XX, LLC ** Assistant Treasurer 5/21 Present Asset Recovery XXII, LLC ** Assistant Treasurer 5/21\n4/23 B.N.Y. Holdings (Delaware) Corporation # Assistant Vice President 7/21 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates Tax BNY Administrative Services\nLLC ** Assistant Treasurer Tax 5/21 Present BNY Alcentra Group Holdings, Inc. Assistant Treasurer Tax 5/21 11/22 BNY Aurora Holding Corp.\n++ Vice President 5/21 Present BNY\nCapital Corporation ** Vice\nPresident Tax 7/21 Present BNY\nCapital Funding LLC ++ Assistant Treasurer\nTax Manager 4/21 3/24 3/22\nPresent BNY\nCapital Markets Holdings, Inc. ++ Assistant\nTreasurer Tax 3/22 Present BNY Capital Resources Corporation ++ Assistant Treasurer Tax 5/21 Present BNY\nForeign Holdings, Inc. ++ Vice\nPresident Tax 1/22 8/23 Assistant\nTreasurer Tax 8/23 Present BNY\nInternational Financing Corporation ++ Vice\nPresident 1/25 Present BNY Investment Management Services LLC # Assistant Treasurer Tax 5/21 Present BNY Lease Equities (Cap Funding) LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Advisors, Inc. Assistant\nTreasurer Tax 5/21 Present BNY Mellon Asset Management Operations LLC &#x5E;&#x5E; Assistant Treasurer 5/21 12/22 BNY\nMellon Capital Markets, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon ETF Investment Adviser, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Government Securities Services Corp. ++ Vice President Tax 5/21 Present BNY\nMellon Insurance Agency, Inc. ++ Vice\nPresident Tax 5/21 Present BNY Mellon Investment\nAdviser, Inc. ++ Vice\nPresident Tax 5/21 Present BNY Mellon Investment\nManagement Holdings LLC # Assistant\nVice President Tax 5/21\nPresent BNY\nMellon Investment Servicing (US) Assistant\nTreasurer Tax 8/21 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates Inc.\n********** BNY Mellon Investment\nServicing Trust Company # Assistant\nTreasurer Tax 8/21 Present BNY Mellon Investor\nSolutions, LLC * Assistant\nTreasurer Tax 7/21 1/24 BNY Mellon Performance Risk Analytics, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Securities Corporation ++ Vice President - Tax 5/21 Present BNY Mellon Trust Company of Illinois Assistant Treasurer Tax 5/21 Present BNY Mellon Trust of Delaware # Assistant Treasurer 5/21\nPresent BNY\nMellon US Services Holdings LLC ++ Assistant\nTreasurer - Tax 6/21 Present BNY Mellon, National\nAssociation ++ Vice\nPresident Tax 10/23 Present BNY Partnership Funding LLC ++ Assistant Treasurer Tax 5/21 Present BNY Real Estate Holdings LLC ++ Assistant Treasurer Tax 4/21 Present BNY Salvage Inc. ++ Assistant Treasurer Tax 5/21 Present BNY-N.J. II Corp. ++ Assistant Treasurer Tax 8/21 9/24 CenterSquare Investment Management Holdings, Inc. +++ Assistant Treasurer Tax 5/21 2/25 ClearSky Subsidiary, LLC ++ Assistant Treasurer Tax 11/24 8/25 Colson Services Corp. ++ Assistant Treasurer Tax 6/21 Present Eagle Access LLC ++ Assistant\nTreasurer Tax 6/21 Present Eagle Investment Systems LLC ++ Assistant Treasurer Tax 6/21 Present ECM DE, LLC ++ Assistant\nTreasurer Tax 5/21 Present iNautix (USA) LLC ### Assistant Treasurer Tax 5/21 7/25 Insight North America\nLLC ++ Assistant Treasurer - Tax 5/21 Present Madison Pershing LLC ### Assistant Treasurer Tax 8/21 Present MBC Investments Corporation # Assistant Treasurer Tax 5/21 Present Mellon Financial Services Corporation #1 + Assistant Treasurer Tax 5/21 Present\nName\nand Position With BNY Mellon Investment A", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "seriesOf", "o": "trust:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "subAdvisedBy", "o": "org:Insight_North_America_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_Mellon_Intermediate_Municipal_Bond_Fund_Inc", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon Intermediate Municipal Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BNY Mellon Intermediate Municipal Bond Fund, Inc. <predicate_marker> subAdvisedBy <object_marker> Insight North America LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> BNY Mellon Intermediate Municipal Bond Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon Intermediate Municipal Bond Fund, Inc. advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; seriesOf BNY Mellon Intermediate Municipal Bond Fund, Inc. ; subAdvisedBy Insight North America LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , BNY Mellon Transfer, Inc. .\nBNY Mellon Intermediate Municipal Bond Fund, Inc. underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 19888, "n_triples": 7, "text_to_json_ratio": 27.4}}
{"sample_id": "0000720064:ALL", "cik": "0000720064", "trust_name": "BNY MELLON CALIFORNIA AMT-FREE MUNICIPAL BOND FUND, INC.", "input_text": "File\nNo .\n2-84105 811-03757 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 75 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 75 [X] (Check appropriate box\nor boxes.) BNY Mellon California AMT-Free Municipal Bond Fund, Inc. (Exact\nName of Registrant as Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286 (Address\nof Principal Executive Offices) (Zip Code) Registrant's\nTelephone Number, including Area Code: (212) 922-6400 Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286 (Name\nand Address of Agent for Service) It is proposed that this filing will become\neffective (check appropriate box) __ immediately\nupon filing pursuant to paragraph (b) X\non September 30, 2025\npursuant to paragraph (b) ____\ndays after filing pursuant to paragraph (a)(1) __ on\n(date) pursuant to paragraph (a)(1) ____\ndays after filing pursuant to paragraph (a)(2) __ on\n(date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: __ this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nBNY Mellon\nCalifornia AMT-Free Municipal Bond Fund, Inc. Prospectus\n| September 30, 2025 Class Ticker A DCAAX C DCACX I DCMIX Y DCAYX Z DRCAX As\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 6 Investment Risks 7 Management 10 Shareholder Guide Choosing a Share Class 12 Buying and Selling Shares 16 General Policies 18 Distributions and Taxes 20 Services for Fund Investors 20 Financial Highlights Financial Highlights 23 Appendix Appendix A- 1 For More Information See back cover.\nFund\nSummary Investment\nObjective The fund seeks as high a level of current income,\nexempt from federal and California state income taxes, as is consistent with the preservation of capital. Fees and Expenses This\ntable describes the\n...\nsed on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class\nA (with or without redemption at end of period) $ 534 $ 712 $ 905 $ 1,463 Class\nC (with redemption at end of period) $ 268 $ 520 $ 897 $ 1,955 Class C (without redemption at end of period) $ 168 $ 520 $ 897 $ 1,955 Class I (with or without redemption at\nend of period) $ 64 $ 202 $ 351 $ 786 Class Y (with or without redemption at\nend of period) $ 59 $ 186 $ 324 $ 726 Class\nZ (with or without redemption at end of period) $ 68 $ 214 $ 373 $ 835\n1\nPortfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover may indicate\nhigher transaction costs and may result in higher taxes when fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the\nfund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 12.39 %\nof the average value of its portfolio. Principal Investment Strategy To pursue its goal, the fund normally invests at least 80% of its net assets,\nplus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal\nand California state personal income taxes and the federal alternative minimum tax. Municipal bonds\nare debt securities or other obligations issued by states, territories and possessions of the United\nStates and the District of Columbia and their political subdivisions, agencies and instrumentalities,\nor multistate agencies and authorities. The fund invests at least\n80% of its net assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB\nor higher) or the unrated equivalent as determined by Insight North America LLC, the fund's sub-adviser.\nFor additional yield, the fund may invest up to 20% of its net assets in municipal bonds rated, at the\ntime of purchase, below investment grade (\"high yield\" or \"junk\" bonds) or the unrated equivalent as\ndetermined by the fund's sub-adviser. The dollar-weighted average maturity of the fund's portfolio normally\nexceeds ten years, but the fund may invest without regard to maturity. A bond's maturity is the length\nof time until the principal must be fully repaid with interest. Dollar-weighted average maturity is\nan average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions\nin the fund. The fund's sub-adviser focuses on identifying undervalued\nsectors and securities. To select municipal bonds for the fund, the sub-adviser uses fundamental credit\nanalysis to estimate the relative value and attractiveness of various sectors and securities and actively\ntrades among various sectors and securities based on their apparent relative values. The fund seeks\nto invest in several different sectors, and does not seek to overweight any particular sector but may\ndo so depending on each sector's relative value at a given time. A rigorous\nsell discipline is employed to continuously evaluate all fund holdings. Current holdings may become\nsell candidates if creditworthiness is deteriorating, if bonds with better risk and return characteristics\nbecome available, or if the holding no longer meets the sub-adviser's strategic or portfolio construction\nobjectives. Although the fund seeks to provide income exempt from federal\nand California state income taxes and the federal alternative minimum tax, income from some of the fund's\nholdings may be subject to these taxes. Principal Risks An investment in\n...\nthe issuer files\nfor bankruptcy. Temporary investment risk: Under\nadverse market conditions, the fund could invest some or all of its assets in U.S. Treasury securities\nor money market securities, or hold cash. Although the fund would do this for temporary defensive purposes,\nit could reduce the benefit from any upswing in the market. During such periods, the fund's investments\nmay not be consistent with its principal investment strategy and the fund may not achieve its investment\nobjective.\n9\nManagement\nInvestment Adviser The\ninvestment adviser for the fund is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York,\nNew York 10286. BNYIA manages approximately $378 billion in 83 mutual fund portfolios. For the past\nfiscal year, the fund paid BNYIA a management fee at the annual rate of .45% of the value of the fund's\naverage daily net assets. A discussion regarding the basis for the board approving the fund's management\nagreement with BNYIA is available in the fund's Form N-CSR for the six-month period ended November 30,\n2024. BNYIA is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY), a\nglobal investments company dedicated to helping its clients manage and service their financial assets\nthroughout the investment lifecycle. Whether providing financial services for institutions, corporations\nor individual investors, BNY delivers informed investment management and investment services in 35 countries.\nBNY is a leading investment management and investment services company, uniquely focused to help clients\nmanage and move their financial assets in the rapidly changing global marketplace. BNY has $55.8 trillion\nin assets under custody and administration and $2.1 trillion in assets under management. BNY is the\ncorporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation\nas a whole and/or its various subsidiaries generally. BNY Investments is one of the world's leading\ninvestment management organizations, and one of the top U.S. wealth managers, encompassing BNY's affiliated\ninvestment management firms, wealth management services and global distribution companies. Additional\ninformation is available at www.bny.com/investments. The asset\nmanagement philosophy of BNYIA is based on the belief that discipline and consistency are important to\ninvestment success. For each fund, BNYIA seeks to establish clear guidelines for portfolio management\nand to be systematic in making decisions. This approach is designed to provide each fund with a distinct,\nstable identity. Sub-Adviser BNYIA\nhas engaged its affiliate, Insight North America LLC, to serve as the fund's sub-adviser, pursuant to\na sub-investment advisory agreement between BNYIA and INA. INA, subject to BNYIA's supervision and approval,\nprovides day-to-day management of the fund's assets. INA is an indirect wholly-owned subsidiary of BNY\nregistered in the United States with the Securities and Exchange Commission as an investment adviser.\nINA's principal office is located at 200 Park Avenue, New York, New York 10166. As of June 30, 2025,\nINA had approximately $130.0 billion of assets under management. (Assets under management ( AUM)\nis represented by the value of a client's assets or liabilities managed by INA. These will primarily\nbe the mark-to-market value of investments managed by INA, including collateral if applicable. Where\na client mandate requires INA to manage some or all of a client's liabilities, AUM will be equal to the\nvalue of the client's specific liability benchmark and/or the notional value of other risk exposure through\nthe use of derivatives.) A discussion regarding the basis for the board\napproving the sub-investment advisory agreement between BNYIA and INA is available in the fund's Form\nN-CSR for the six-month period ended November 30, 2024. Jeffrey\nBurger, CFA and Thomas Casey are the fund's primary portfolio managers, positions they have held since\nDecember 2009 and February 2012, respectively. Messrs. Burger and Casey are jointly and primarily responsible\nfor managing the fund's portfolio. Mr. Burger is a senior portfolio manager for tax-sensitive strategies\nat INA. He has been employed by INA or a predecessor company of INA since July 2009. Mr. Casey also\nis a senior portfolio manager for tax-sensitive strategies at INA. He has been employed by INA or a\npredecessor company of INA since 1993. The fund's Statement of Additional\nInformation (SAI) provides additional portfolio manager information, including compensation, other accounts\nmanaged and ownership of fund shares. Distributor BNY\nMellon Securities Corporation (BNYSC), a wholly-owned subsidiary of BNYIA, serves as distributor of the\nfund and of the other funds in the BNY Mellon Family of Funds. Any Rule 12b-1 fees and shareholder services\nfees, as applicable, are paid to BNYSC for financing the sale and distribution of fund shares and for\nproviding shareholder account service and maintenance, respectively. BNYIA or BNYSC may provide cash\npayments out of its own resources to financial intermediaries that sell shares of funds in the BNY Mellon\nFamily of Funds or provide other services. Such payments are separate from any sales charges, 12b-1\nfees and/or shareholder services fees or other expenses that may be paid by a fund to those financial\nintermediaries. Because those payments are not made by fund shareholders or the fund, the fund's total\nexpense ratio will not be affected by any such payments. These payments may be made to financial intermediaries,\nincluding affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer\nagency services, marketing support and/or access to sales meetings, sales representatives and management\nrepresentatives of the financial intermediary. Cash compensation also may be paid from BNYIA's or BNYSC's\nown resources to financial intermediaries for inclusion of a fund on a sales list, including a preferred\nor select sales list or in other sales programs. These payments sometimes are referred to as \"revenue\nsharing.\" From time to time, BNYIA or\n10\nBNYSC also may provide cash or non-cash compensation to financial\nintermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or\nother entertainment; support for due diligence trips; educational conference sponsorships; support for\nrecognition pro\n...\nd investment companies registered under the\nInvestment Company Act of 1940 and as an investment adviser to institutional and individual accounts.\nBNYM Investment Adviser also serves as sub-investment adviser to and/or administrator of other investment\ncompanies. BNY Mellon Securities Corporation, a wholly-owned subsidiary of BNYM Investment Adviser,\nserves primarily as a registered broker-dealer of shares of investment companies sponsored by BNYM Investment\nAdviser and of other investment companies for which BNYM Investment Adviser acts as investment adviser,\nsub-investment adviser or administrator. Item 31(b). Business\nand Other Connections of Sub-Investment Adviser. Registrant\nis fulfilling the requirement of this Item 31(b) to provide a list of the officers and directors of Insight\nNorth America LLC, the sub-investment adviser of the Registrant, together with information as to any\nother business, profession, vocation or employment of a substantial nature engaged in by Insight North\nAmerica LLC, or those of its officers and directors during the past two years, by incorporating by reference\nthe information contained in the Form ADV filed with the SEC pursuant to the Investment Advisers Act\nof 1940 by Insight North America LLC (SEC File No. 801-69964). Item 31. Business\nand Other Connections of Investment Adviser (continued) Officers and Directors of Investment\nAdviser Name\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates Kenneth\nBradle Vice President and Director BNY\nMellon Investment Adviser, Inc. ++ Director Vice\nPresident 10/20 Present 6/19 Present\nName and Position With BNY Mellon\nInvestment Adviser, Inc. Other\nBusinesses Position Held Dates BNY\nMellon Securities Corporation ++ Director President 10/20 Present 5/09 Present BNY Mellon Transfer, Inc. ++ Chairman Director 6/19\nPresent 10/20 Present The\nBank of New York Mellon ++ Vice\nPresident 2/21 Present David DiPetrillo Vice President and Director BNY Mellon Advisors, Inc. Director 12/23\nPresent BNY Mellon Asset Management Canada Ltd.\n******** Director 3/23 Present BNY\nMellon ETF Investment Adviser, LLC ++ Chief\nExecutive Officer Manager 12/23 Present 10/20\nPresent BNY Mellon ETF Trust ++ President 3/20\nPresent BNY Mellon ETF Trust II ++ President 6/24\nPresent BNY Mellon Family of Funds ++ President 1/21\nPresent BNY Mellon Investment Adviser, Inc. ++ Director and Vice President 2/21\nPresent BNY Mellon Investor Solutions, LLC * Manager 1/20\n1/24 BNY Mellon Securities Corporation ++ Director and Executive Vice President 1/21 Present DTR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 GRR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 The\nBank of New York Mellon ++ Vice\nPresident 1/20 Present Bushra Mannan Vice President and Director Alternative Holdings II,\nLLC ** Manager President 3/23 Present 7/23 Present BNY Mellon Investment Adviser,\nInc. ++ Director Vice\nPresident 8/23 Present 12/21\nPresent CenterSquare\nInvestment Management Holdings, Inc. +++ Director 3/23 2/25 DTR\nCommodity Fund Ltd. ######### Director 2/23 Present GRR\nCommodity Fund Ltd. ######### Director 2/23 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates Mellon\nGlobal Investing Corp. + Chair, Chief Executive\nOfficer, and President Director 11/23\nPresent 6/23 Present The Bank of New York Mellon ++ Director 1/22\nPresent Irene Papadoulis Director BNY Mellon Investment Adviser,\nInc. ++ Director 8/23 Present BNY Mellon Securities Corporation ++ Director Executive Vice President\n...\nant\nTreasurer 5/21 4/23 Asset Recovery XIX, LLC ** Assistant Treasurer 5/21\n4/23 Asset Recovery XX, LLC ** Assistant Treasurer 5/21 Present Asset Recovery XXII, LLC ** Assistant Treasurer 5/21\n4/23 B.N.Y. Holdings (Delaware) Corporation # Assistant Vice President Tax 7/21 Present BNY Administrative Services LLC ** Assistant Treasurer Tax 5/21 Present BNY Alcentra Group Holdings, Inc. Assistant Treasurer Tax 5/21 11/22\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates BNY Aurora Holding Corp. ++ Vice President 5/21\nPresent BNY Capital Corporation ** Vice President Tax 7/21 Present BNY Capital Funding LLC ++ Assistant Treasurer Tax Manager 4/21 3/24 3/22 Present BNY Capital Markets\nHoldings, Inc. ++ Assistant\nTreasurer Tax 3/22 Present BNY Capital Resources Corporation ++ Assistant Treasurer Tax 5/21 Present BNY\nForeign Holdings, Inc. ++ Vice\nPresident Tax 1/22 8/23 Assistant\nTreasurer Tax 8/23 Present BNY\nInternational Financing Corporation ++ Vice\nPresident 1/25 Present BNY Investment Management Services LLC # Assistant Treasurer Tax 5/21 Present BNY Lease Equities (Cap Funding) LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Advisors, Inc. Assistant\nTreasurer Tax 5/21 Present BNY Mellon Asset Management Operations LLC &#x5E;&#x5E; Assistant Treasurer 5/21 12/22 BNY\nMellon Capital Markets, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon ETF Investment Adviser, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Government Securities Services Corp. ++ Vice President Tax 5/21 Present BNY\nMellon Insurance Agency, Inc. ++ Vice\nPresident Tax 5/21 Present BNY Mellon Investment\nAdviser, Inc. ++ Vice\nPresident Tax 5/21 Present BNY Mellon Investment\nManagement Holdings LLC # Assistant\nVice President Tax 5/21\nPresent BNY\nMellon Investment Servicing (US) Inc. ********** Assistant Treasurer Tax 8/21 Present BNY\nMellon Investment Servicing Trust Company # Assistant\nTreasurer Tax 8/21 Present BNY Mellon Investor\nSolutions, LLC * Assistant\nTreasurer Tax 7/21 1/24\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates BNY Mellon Performance Risk Analytics, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Securities Corporation ++ Vice President - Tax 5/21 Present BNY Mellon Trust Company of Illinois Assistant Treasurer Tax 5/21 Present BNY Mellon Trust of Delaware # Assistant Treasurer 5/21\nPresent BNY\nMellon US Services Holdings LLC ++ Assistant\nTreasurer - Tax 6/21 Present BNY Mellon, National\nAssociation ++ Vice\nPresident Tax 10/23 Present BNY Partnership Funding LLC ++ Assistant Treasurer Tax 5/21 Present BNY Real Estate Holdings LLC ++ Assistant Treasurer Tax 4/21 Present BNY Salvage Inc. ++ Assistant Treasurer Tax 5/21 Present BNY-N.J. II Corp. ++ Assistant Treasurer Tax 8/21 9/24 CenterSquare Investment Management Holdings, Inc. +++ Assistant Treasurer Tax 5/21 2/25 ClearSky Subsidiary, LLC ++ Assistant Treasurer Tax 11/24 8/25 Colson Services Corp. ++ Assistant Treasurer Tax 6/21 Present Eagle Access LLC ++ Assistant\nTreasurer Tax 6/21 Present Eagle Investment Systems LLC ++ Assistant Treasurer Tax 6/21 Present ECM DE, LLC ++ Assistant\nTreasurer Tax 5/21 Present iNautix (USA) LLC ### Assistant Treasurer Tax 5/21 7/25 Insight North America\nLLC ++ Assistant Treasurer - Tax 5/21 Present Madison Pershing LLC ### Assistant Treasurer Tax 8/21 Present MBC Investments Corporation # Assistant Treasurer Tax 5/21 Present Mellon Financial Services Corporation #1 + Assistant Treasurer Tax 5/21 Present Mellon Global Investing Corp. + Assistant Trea", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_California_AMT_Free_Municipal_Bond_Fund_Inc", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_California_AMT_Free_Municipal_Bond_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_California_AMT_Free_Municipal_Bond_Fund_Inc", "p": "subAdvisedBy", "o": "org:Insight_North_America_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_California_AMT_Free_Municipal_Bond_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_California_AMT_Free_Municipal_Bond_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_MELLON_CALIFORNIA_AMT_FREE_MUNICIPAL_BOND_FUND_INC", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon California AMT-Free Municipal Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> subAdvisedBy <object_marker> Insight North America LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> BNY MELLON CALIFORNIA AMT-FREE MUNICIPAL BOND FUND, INC. <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon California AMT-Free Municipal Bond Fund, Inc. advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; subAdvisedBy Insight North America LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , BNY Mellon Transfer, Inc. .\nBNY MELLON CALIFORNIA AMT-FREE MUNICIPAL BOND FUND, INC. underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 19501, "n_triples": 6, "text_to_json_ratio": 30.1}}
{"sample_id": "0000720309:ALL", "cik": "0000720309", "trust_name": "AMG Funds III", "input_text": "Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000720309 afiii:C000027306Member 2016-01-01 2025-12-31 0000720309 afiii:C000027310Member 2016-01-01 2025-12-31 0000720309 afiii:C000027310Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000720309 afiii:C000027310Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000720309 afiii:C000125498Member 2016-01-01 2025-12-31 0000720309 afiii:MSCIACAsiaPacificExJapanIndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on April 30, 2026 1933 Act Registration No. 002-84012 1940 Act Registration No. 811-03752 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 146\nREGISTRATION STATEMENT UNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 147\nAMG FUNDS III (Exact name of registrant as specified in charter) 680 Washington Boulevard, Suite 500 Stamford, Connecticut 06901 (Address of principal executive offices) Registrant s telephone number, including area code: (800) 548-4539 Gregory C. Davis Ropes Gray LLP Three Embarcadero Center San Francisco, CA 94111-4006 (Name and address of agent for service) It is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b)\non May 1, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to (a)(2) of rule 485 If appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment. The Amendment relates solely to AMG Veritas Asia Pacific Fund and AMG GW K ESG Bond Fund, each a series of AMG Funds III (the Trust ). The Amendment does not supersede or amend any disclosure in the Trust s Registration Statement relating to any other series of the Trust. AMG Funds Prospectus May 1, 2026 AMG GW K ESG Bond Fund\nClass N: MGFIX\nClass I: MGBIX AMG Veritas Asia Pacific Fund\nClass N: MGSEX\nClass I: MSEIX\nwealth.amg.com As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. P006- 0526 THIS PAGE INTENTIONALLY LEFT BLANK TABLE OF CONTENTS\nSummary of The Funds\n3\nAMG GW K ESG Bond Fund\n3\nAMG Veritas Asia Pacific Fund\n8\nAdditional Information About the Funds\n12\nAMG GW K ESG Bond Fund\n12\nAMG Veritas Asia Pacific Fund\n14\nSummary of the Funds Principal Risks\n16\nOther Important Information About the Funds and their Investment Strategies and Risks\n22\nFund Management\n23\nShareholder Guide\n25\nYour Account\n25\nChoosing a Share Class\n26\nInvesting Through an Intermediary\n26\nTransaction Policies\n27\nHow to Buy or Sell Shares\n28\nInvestor Services\n30\nCertain U.S. Federal Income Tax Information\n31\nFinancial Highlights\n33\nAMG GW K ESG Bond Fund\n33\nAMG Veritas Asia Pacific Fund\n35\nHow To Contact Us\n37 AMG Funds 1 THIS PAGE INTENTIONALLY LEFT BLANK Summary of The Funds AMG GW K ESG Bond Fund Investment Objective AMG GW K ESG Bond Fund s (the Fund ) investment objective is to generate income and capital appreciation. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fu\n...\ndeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund s operating expenses remain the same. The first year of each amount shown in the Example reflects the Fund s contractual expense limitation through May 1, 2027 . Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nClass N\n$ 69\n$ 226\n$ 397\n$ 891\nClass I\n$ 49\n$ 163\n$ 287\n$ 649 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 35 % of the average value of its portfolio. Principal Investment Strategies The Fund seeks to achieve its objective by investing in a diversified portfolio of fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). The term bond includes any debt or fixed income securities. Up to 30% of the Fund s assets may be invested in below investment grade securities (commonly known as junk bonds or high yield securities ). Below investment grade securities are rated below Baa3 by Moody s Investors Service, Inc. ( Moody s ) or below BBB- by S P Global Ratings ( S P ) or similarly rated by another nationally recognized statistical rating organization ( NRSRO ) , or unrated but determined by GW K Investment Management, LLC, the subadviser to the Fund ( GW K or the Subadviser ), to be of comparable credit quality. In cases where the credit ratings agencies have assigned different credit ratings to the same security, the Fund will use the median rating when three NRSROs provide ratings (split-to-middle) . When ratings are available from only two NRSROs, the Fund will assign the lower of the two ratings (split-to-low). The Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if GW K believes it would be advantageous to do so. While the Fund may purchase debt securities of any duration, the Fund currently intends to primarily invest in debt securities so that the average effective duration of the Fund s portfolio will remain +/- 20% of the average effective duration of its benchmark, the Bloomberg U.S. Aggregate Bond Index , which was 5.88 years as of February 28, 2026 . The average effective duration of debt securities in the Fund s portfolio may, however, be shorter or longer depending on market conditions. The Fund may invest in debt securities issued by any of the following: public and private U.S. and non-U.S. companies; the U.S. government and its agencies, such as the Federal Home Loan Bank; state and local governments issuing taxable municipal securities; and governments, government agencies, AMG Funds 3 Summary of The Funds authorities or instrumentalities and supra-national organizations in foreign countries, including emerging markets. The Fund may also invest in asset-backed and mortgage-backed debt securities. The Fund may invest in exchange-traded funds ( ETFs ) to gain exposure to certain bond sectors such as bank loans. The Fund may also invest in Treasury Inflation Protected Securities ( TIPS )\n...\nl retire from GW K and no longer serve as a portfolio manager of the Fund. Brett Kozlowski, CFA Partner and Portfolio Manager of GW K; Portfolio Manager of the Fund since July 2025. Brian P. McArdle, CFA Principal and Portfolio Manager of GW K; Portfolio Manager of the Fund since May 2026. Buying and Selling Fund Shares Initial Investment Minimum Class N Regular Account: $2,000 Individual Retirement Account: $1,000 Class I Regular Account: $100,000 Individual Retirement Account: $25,000 Additional Investment Minimum Class N and Class I (all accounts): $100 TRANSACTION POLICIES You may purchase or sell your shares of the Fund any day that the New York Stock Exchange is open for business, either through your registered investment professional or directly from or to the Fund. Shares may be purchased, sold or exchanged by mail at the address listed below, by phone at 800.548.4539, online at wealth.amg.com, or by bank wire (if bank wire instructions are on file for your account). AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. P.O. Box 534426 Pittsburgh, PA 15253-4426 Tax Information The Fund intends to make distributions that are taxable to you as ordinary income or capital gains, except when your investment is through an IRA, 401(k), or other tax-advantaged investment plan. By investing in the Fund through such a plan, you will not be subject to tax on distributions from the Fund so long as the 6 AMG Funds Summary of The Funds amounts distributed remain in the plan, but you will generally be taxed upon withdrawal of monies from the plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Investment Manager, AMG Distributors, Inc. (the Distributor ) and the Subadviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. AMG Funds 7 Summary of The Funds AMG Veritas Asia Pacific Fund Investment Objective AMG Veritas Asia Pacific Fund (the Fund ) seeks to provide long-term capital appreciation. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass N\nClass I\nManagement Fee\n0.71 %\n0.71 %\nDistribution and Service (12b-1) Fees\nNone\nNone\nOther Expenses 1\n0.63 %\n0.39 %\nTotal Annual Fund Operating Expenses\n1.34 %\n1.10 %\nFee Waiver and Expense Reimbursements 2\n( 0.17 )%\n( 0.17 )%\nTotal Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements 2\n1.17 %\n0.93 % 1 Expense information has been restated to reflect current fees. 2 AMG Funds LLC (the Investment Manager ) has contractually agreed, through at least May 1, 2027 , to waive management fees and/or pay or reimburse the Fund s expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short),\n...\nt may be available from time to time. A Fund may pay all or a portion of redemption proceeds with in-kind distributions of portfolio securities when such action is in the best interest of the Fund. For example, a shareholder may request a redemption in-kind to avoid any disruption in market exposure, or a redemption may be so relatively large that a redemption in-kind is most appropriate. The securities received as payment remain subject to market and other risks until they are sold and such sales may result in transaction costs, such as brokerage fees and taxes. A redeeming shareholder may receive less for them than the price at which they were valued for purposes of the redemption. In addition, a redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in-kind. During periods of deteriorating or stressed market conditions, when an increased portion of a Fund s portfolio may be comprised of less-liquid investments, or during extraordinary or emergency circumstances, the Fund may be more likely to pay redemption proceeds with cash obtained through short-term borrowing arrangements (if available) or by giving you securities. AMG Funds 27 Shareholder Guide How to Buy or Sell Shares\nIf you wish to open an account and buy shares*...\nIf you wish to add shares to your account*...\nIf you wish to sell shares* ...\nThrough your registered investment professional:\nContact your investment advisor or other investment professional\nSend any additional monies to your investment professional to the address on your account statement\nContact your investment advisor or other investment professional\nOn your own: By mail\nComplete the account application, then mail the application and a check payable to AMG Funds to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 534426 Pittsburgh, PA 15253-4426\nSend a letter of instruction and a check payable to AMG Funds to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 534426 Pittsburgh, PA 15253-4426 (Include your account number and Fund name on your check)\nWrite a letter of instruction containing: Name of the Fund Dollar amount or number of shares you wish to sell Your name Your account number Signatures of all account owners Mail your letter to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 534426 Pittsburgh, PA 15253-4426\nBy telephone\nNot available\nIf your account has already been established, call the transfer agent at 800.548.4539\nIf you elected telephone redemption privileges on your account application, call us at 800.548.4539. Telephone redemptions are available only for redemptions of less than $100,000 for Class N and Class I shares\nOver the Internet\nNot available\nIf your account has already been established and ACH banking instructions are on file, go to our website at wealth.amg.com\nGo to our website at wealth.amg.com. Internet redemptions are available only for redemptions of less than $100,000 for Class N and Class I shares\nBy bank wire\nCall us at 800.548.4539 for instructions\nCall us at 800.548.4539 for instructions\nAvailable if bank wire instructions are on file for your account * Please indicate which class of shares you are buying or selling when you place your order. Redemptions of $100,000 and over for Class N and Class I shares require a medallion signature guarantee. A medallion guarantee is a signature guarantee by a guarantor institution such as a bank, broker-dealer, credit union, national securities exchange, or savings association that is a recognized participant of the Securities Tr\n...\n56.87 )\nPaid in capital\n(0.01 )\n(12.17 )\nTotal distributions to shareholders\n(0.30 )\n(0.44 )\n(0.22 )\n(69.04 )\nNet Asset Value, End of Year\n$93.55\n$66.16\n$61.94\n$65.15\n$90.15\nTotal Return 2,3\n41.90 %\n7.49 %\n(4.58 )%\n(27.73 )%\n3.43 %\nRatio of net expenses to average net assets\n0.93 % 4\n0.94 % 4\n0.93 %\n0.93 %\n1.02 % 5\nRatio of gross expenses to average net assets 6\n1.10 %\n1.14 %\n1.05 %\n1.04 %\n1.06 %\nRatio of net investment income (loss) to average net assets 2\n0.30 %\n0.43 %\n0.37 %\n0.18 %\n(0.44 )%\nPortfolio turnover\n132 %\n89 %\n44 %\n54 %\n222 %\nNet assets end of Year (000's) omitted\n$11,073\n$9,192\n$7,188\n$12,339\n$22,066\n1\nPer share numbers have been calculated using average shares.\n2\nTotal returns and net investment income (loss) would have been lower had certain expenses not been offset.\n3\nThe total return is calculated using the published Net Asset Value as of fiscal year end.\n4\nIncludes interest expense of less than 0.01% and 0.01% for the fiscal years ended December 31, 2025 and 2024, respectively, related to participation in the interfund lending program.\n5\nIncludes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2021.\n6\nExcludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. AMG Funds 35 THIS PAGE INTENTIONALLY LEFT BLANK How To Contact Us AMG GW K ESG BOND FUND AMG VERITAS ASIA PACIFIC FUND INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 680 Washington Boulevard, Suite 500 Stamford, Connecticut 06901 203.299.3500 or 800.548.4539 DISTRIBUTOR AMG Distributors, Inc. 680 Washington Boulevard, Suite 500 Stamford, Connecticut 06901 CUSTODIAN The Bank of New York Mellon Mutual Funds Custody 240 Greenwich Street New York, New York 10286 LEGAL COUNSEL Ropes Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. P.O. Box 534426 Pittsburgh, Pennsylvania 15253-4426 800.548.4539 TRUSTEES Jill R. Cuniff Kurt A. Keilhacker Peter W. MacEwen Eric Rakowski Victoria L. Sassine Garret W. Weston AMG Funds 37 AMG Funds Prospectus May 1, 2026 Where to find additional information The Funds' Statement of Additional Information (the SAI ) contains additional information about the Funds and their investments. Additional information about the Funds' investments is available in the Funds' Annual and Semi-Annual Reports to shareholders and in Form N-CSR. In each Fund s Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund s performance during its last fiscal year. In Form N-CSR, you will find the Funds annual and semi-annual financial statements. To request free copies of the Funds SAI, the Funds Annual and Semi-Annual Reports, and other information such as Fund financial statements or to make other inquiries, please contact the Funds: By telephone: 800.548.4539 By mail: AMG Funds 680 Washington Boulevard, Suite 500 Stamford, Connecticut 06901 On the Internet: Electronic copies are available free of charge on our website at wealth.amg.com Information about the Funds, including the Funds' current SAI and Annual and Semi-Annual Reports and other information such as Fund financial statements, is on file with the Securities and Exchange Commission (the SEC ). The Funds' SAI is incorporated by reference into (is legally part of) this Prospectus. Reports and other information about the", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "administrator", "o": "org:AMG_Funds_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "advisedBy", "o": "org:AMG_Funds_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "seriesOf", "o": "trust:AMG_Funds_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "subAdvisedBy", "o": "org:GW_K_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AMG_GW_K_International_Small_Cap_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AMG_Funds_III", "p": "underwrittenBy", "o": "org:AMG_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AMG GW&K International Small Cap Fund <predicate_marker> administrator <object_marker> AMG Funds LLC <predicate_marker> advisedBy <object_marker> AMG Funds LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> AMG Funds III <predicate_marker> subAdvisedBy <object_marker> GW&K Investment Management, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> AMG Funds III <predicate_marker> underwrittenBy <object_marker> AMG Distributors, Inc. <triple_end>", "target_serialized_plain": "AMG GW&K International Small Cap Fund administrator AMG Funds LLC ; advisedBy AMG Funds LLC ; custodian The Bank of New York Mellon ; seriesOf AMG Funds III ; subAdvisedBy GW&K Investment Management, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nAMG Funds III underwrittenBy AMG Distributors, Inc. .", "stats": {"input_chars": 18093, "n_triples": 7, "text_to_json_ratio": 30.0}}
{"sample_id": "0000725781:ALL", "cik": "0000725781", "trust_name": "AIM Sector Funds (Invesco Sector Funds)", "input_text": "EDGAR HTML\nAs Filed with the United States Securities and Exchange Commission on August 27, 2025 .\n1933 Act Registration No. 002-85905\n1940 Act Registration No. 811-03826\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 124\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 124\nAIM SECTOR FUNDS (INVESCO SECTOR FUNDS)\n(Exact Name of Registrant as Specified in Charter)\n11 Greenway Plaza, Houston, TX 77046-1173\n(Address of Principal Executive Office)\nRegistrant s Telephone Number, including Area Code: (713) 626-1919\nMelanie Ringold, Esquire\n11 Greenway Plaza, Houston, TX 77046\n(Name and Address of Agent for Service)\nCopy to:\nTaylor V. Edwards, Esquire\nInvesco Advisers, Inc.\n225 Liberty Street, 15th FL\nNew York, NY 10281-1087\nMatthew R. DiClemente, Esquire\nMena M. Larmour, Esquire\nStradley Ronon Stevens Young, LLP\n2005 Market Street, Suite 2600\nPhiladelphia, Pennsylvania 19103-7018\nApproximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Amendment.\nIt is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\nX\non August 28, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed\npost-effective amendment.\nProspectus\nAugust 28, 2025\nClass: A (ACSTX), C (ACSYX), R (ACSRX), Y (ACSDX), R5 (ACSHX), R6 (ICSFX)\nInvesco Comstock Fund\nClass R5 shares of the Fund are offered only to grandfathered investors.\nAs with all other mutual fund securities, the U.S. Securities and Exchange Commission\n(SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation\nto the contrary is a criminal offense.\nAn investment in the Fund:\nis not FDIC insured;\nmay lose value; and\nis not guaranteed by a bank.\nTable of Contents\nFund Summary\n1\nInvestment Objective(s), Strategies,\nRisks and Portfolio Holdings\n4\nFund Management\n8\nThe Adviser(s)\n8\nAdviser Compensation\n8\nPortfolio Managers\n8\nOther Information\n8\nSales Charges\n8\nDividends and Distributions\n8\nFinancial Highlights\n10\nHypothetical Investment and Expense\nInformation\n11\nShareholder Account Information\nA-1\nChoosing a Share Class\nA-1\nShare Class Eligib\n...\nlass C 10/26/1993 13.16 10.66 8.83 Class R 10/1/2002 14.72 11.20 9.20 Class Y 10/29/2004 15.32 11.76 9.75 Class R5 6/1/2010 15.34 11.82 9.82 Class R6 9/24/2012 15.47 11.90 9.91 Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) 14.37 8.68 8.49 S P 500 Index (reflects no deduction for fees, expenses or taxes) 25.02 14.53 13.10\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary.\nManagement of the Fund\nInvestment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)\nPortfolio Managers\nTitle\nLength of Service on the Fund\nKevin Holt, CFA\nPortfolio Manager (Co-lead)\n2010 (predecessor fund 1999)*\nDevin Armstrong, CFA\nPortfolio Manager (Co-lead)\n2010 (predecessor fund 2007)*\nJames Warwick\nPortfolio Manager\n2010 (predecessor fund 2007)*\n*Predecessor fund refers to the Van Kampen Comstock Fund, which was reorganized into the Fund after the close of business on June 1, 2010.\nPurchase and Sale of Fund Shares\nYou may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-959-4246. Shares of the Fund, other than Class R5 and Class R6 shares, may also be\n3 Invesco Comstock Fund\npurchased, redeemed or exchanged on any business day through our website at www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.\nThe minimum investments for Class A, C, R and Y shares for fund accounts are as follows:\nType of Account\nInitial\nInvestment\nPer Fund\nAdditional\nInvestments\nPer Fund\nAsset or fee-based accounts managed by your financial adviser\nNone\nNone\nEmployer Sponsored Retirement and Benefit Plans and\nEmployer Sponsored IRAs\nNone\nNone\nIRAs and Coverdell ESAs if the new investor is purchasing\nshares through a systematic purchase plan\n$25\n$25\nAll other types of accounts if the investor is purchasing shares\nthrough a systematic purchase plan\n50\n50\nIRAs and Coverdell ESAs\n250\n25\nAll other accounts\n1,000\n50\nClass R5 shares of the Fund are offered only to grandfathered investors. With respect to Class R5 and Class R6 shares, there is no minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a retirement platform that administers at least $2.5 billion in retirement plan assets. All other Employer Sponsored Retirement and Benefit Plans must meet a minimum initial investment of at least $1 million in each Fund in which it invests.\nFor all other institutional investors purchasing Class R5 or Class R6 shares, the minimum initial investment in each share class is $1 million, unless such investment is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is part of a family of investment companies which own in the aggregate at least $100 million in securities, or (ii) an account established with a 529 college savings plan managed by Invesco, in which case there is no minimum initial investment.\nThere are no minimum investment amounts for Class R6 shares held through retail omnibus accounts maintained by an intermedi\n...\nase Class P shares and only until the total of their combined investments in the Summit Plans and in Class P shares directly equals the face amount of their former Plan under the 30 year extended investment option. The face amount of a Plan is the combined total of all scheduled monthly investments under the Plan. For a Plan with a scheduled monthly investment of $100.00, the face amount would have been $36,000.00 under the 30 year extended investment option.\nClass R Shares\nClass R shares are intended for Retirement and Benefit Plans. Certain financial intermediaries have additional eligibility criteria regarding Class R shares. If you received Class R shares as a result of a merger or reorganization of a predecessor fund into any of the Funds, you will be permitted to make additional Class R shares purchases.\nClass R5 and R6 Shares\nClass R5 and R6 shares of the Funds are available for use by Employer Sponsored Retirement and Benefit Plans, held either at the plan level or through omnibus accounts, that generally process no more than one net redemption and one net purchase transaction each day.\nClass R5 and R6 shares of the Funds are also available to institutional investors. Institutional investors are: banks, trust companies, collective trust funds, entities acting for the account of a public entity (e.g., Taft-Hartley\nA-2 The Invesco Funds\nfunds, states, cities or government agencies), funds of funds or other pooled investment vehicles, 529 college savings plans, financial intermediaries and corporations investing for their own accounts, endowments and foundations. For information regarding investment minimums for Class R5 and R6 shares, please see Minimum Investments below.\nClass R6 shares of the Funds are also available through an intermediary that has agreed with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts that generally process no more than one net redemption and one net purchase transaction each day.\nShareholders eligible to purchase Class R6 Shares must meet the requirements specified by their intermediary. Not all intermediaries offer Class R6 Shares to their customers.\nClosure of Class R5 shares\nThe Fund discontinued sales of its Class R5 shares to new investors after the close of business on September 30, 2024. Existing investors who were invested in Class R5 shares of the Fund on September 30, 2024, and who remain invested in Class R5 shares of the Fund after that date, may continue to make additional purchases of Class R5 shares of the Fund. Any Employer Sponsored Retirement and Benefit Plan or its affiliated plans may continue to make additional purchases of Class R5 shares of the Fund and may add new participant accounts at the plan level that may purchase Class R5 shares of the Fund if the Employer Sponsored Retirement and Benefit Plan or its affiliated plan were invested in Class R5 shares of the Fund as of September 30, 2024 and remain invested in Class R5 shares of the Fund after that date.\nClass S Shares\nClass S shares are limited to investors who purchase shares with the proceeds received from a systematic contractual investment plan redemption within the 12 months prior to purchasing Class S shares, and who purchase through an approved financial intermediary that has an agreement with the distributor to sell Class S shares. Class S shares are not otherwise sold to members of the general public. An investor purchasing Class S shares will not pay an initial sales charge. The investor will no longer be eligible to purchase additional Class S shares at that point where\n...\nCode of Ethics\n94\nProxy Voting Policies\n95\nCONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n95\nINVESTMENT ADVISORY AND OTHER SERVICES\n95\nInvestment Adviser\n95\ni\nPage\nInvestment Sub-Advisers\n98\nServices to the Subsidiary\n99\nService Agreements\n99\nOther Service Providers\n99\nSecurities Lending Arrangements\n101\nPortfolio Managers\n103\nBROKERAGE ALLOCATION AND OTHER PRACTICES\n103\nBrokerage Transactions\n103\nCommissions\n104\nBroker Selection\n104\nAffiliated Transactions\n107\nRegular Brokers\n107\nAllocation of Portfolio Transactions\n107\nAllocation of Initial Public Offering (IPO) Transactions\n108\nPURCHASE, REDEMPTION, EXCHANGE AND PRICING OF SHARES\n108\nDIVIDENDS, DISTRIBUTIONS AND TAX MATTERS\n108\nDividends and Distributions\n108\nTax Matters\n108\nDISTRIBUTION OF SECURITIES\n126\nDistributor\n126\nDistribution Plans\n127\nFINANCIAL STATEMENTS\n129\nAPPENDIX A - RATINGS OF DEBT SECURITIES\nA-1\nAPPENDIX B - PERSONS TO WHOM INVESCO PROVIDES NON-PUBLIC PORTFOLIO HOLDINGS\nON AN ONGOING BASIS\nB-1\nAPPENDIX C - TRUSTEES AND OFFICERS\nC-1\nAPPENDIX D - TRUSTEE COMPENSATION TABLE\nD-1\nAPPENDIX E - PROXY POLICY AND PROCEDURES\nE-1\nAPPENDIX F - CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\nF-1\nAPPENDIX G - MANAGEMENT FEES\nG-1\nAPPENDIX H - PORTFOLIO MANAGER(S)\nH-1\nAPPENDIX I - ADMINISTRATIVE SERVICES FEES\nI-1\nAPPENDIX J - BROKERAGE COMMISSIONS AND COMMISSIONS ON AFFILIATED\nTRANSACTIONS\nJ-1\nAPPENDIX K - RESEARCH SERVICES AND PURCHASES OF SECURITIES OF REGULAR\nBROKERS OR DEALERS\nK-1\nAPPENDIX L - PURCHASE, REDEMPTION, EXCHANGE AND PRICING OF SHARES\nL-1\nAPPENDIX M - AMOUNTS PAID TO INVESCO DISTRIBUTORS, INC. PURSUANT TO DISTRIBUTION\nPLANS\nM-1\nAPPENDIX N - ALLOCATION OF ACTUAL FEES PAID PURSUANT TO DISTRIBUTION PLANS\nN-1\nAPPENDIX O - TOTAL SALES CHARGES\nO-1\nii\nGENERAL INFORMATION ABOUT THE TRUST\nFund History\nAIM Sector Funds (Invesco Sector Funds) (the Trust) is a Delaware statutory trust\nregistered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end series management\ninvestment company. The Trust was organized as a Delaware statutory trust on July\n24, 2003. Under the Trust's Agreement and Declaration of Trust, as amended, (the Trust Agreement), the\nBoard of Trustees of the Trust (the Board) is authorized to create new series of shares without the necessity\nof a vote of shareholders of the Trust.\nPrior to April 30, 2010, the Trust was known as AIM Sector Funds.\nThe following table shows each Fund s current name and Fund history:\nFund Name\nFund History\nInvesco Comstock Fund\nPrior to September 24, 2012, Invesco Comstock Fund was known as Invesco Van Kampen\nComstock Fund.\nOn June 1, 2010, Invesco Van Kampen Comstock Fund assumed the assets and liabilities\nof\nVan Kampen Comstock Fund.\nInvesco Comstock Select Fund\nPrior to February 28, 2020, Invesco Comstock Select Fund was known as Invesco\nOppenheimer Value Fund.\nOn May 24, 2019, Invesco Comstock Select Fund assumed the assets and liabilities of\nits\npredecessor fund Oppenheimer Value Fund.\nInvesco Dividend Income Fund\nPrior to February 6, 2013, Invesco Dividend Income Fund was known as Invesco Utilities\nFund.\nPrior to April 30, 2010, Invesco Utilities Fund was known as AIM Utilities Fund.\nInvesco Energy Fund\nPrior to April 30, 2010, Invesco Energy Fund was known as AIM Energy Fund.\nInvesco Gold Special Minerals\nFund\nPrior to September 30, 2020, Invesco Gold Special Minerals Fund was known as Invesco\nOppenheimer Gold Special Minerals Fund.\nOn May 24, 2019, Invesco Oppenheimer Gold Special Minerals Fund assumed the assets\nand liabilities of its predecessor fund Oppenheimer Gold Special Minerals Fun", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Invesco_Comstock_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Comstock_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Comstock_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Comstock_Select_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Comstock_Select_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Comstock_Select_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dividend_Income_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dividend_Income_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dividend_Income_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Energy_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Energy_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Energy_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Gold_Special_Minerals_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Gold_Special_Minerals_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Gold_Special_Minerals_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Small_Cap_Value_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Technology_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Technology_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Technology_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Value_Opportunities_Fund", "p": "advisedBy", "o": "org:Invesco_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Value_Opportunities_Fund", "p": "seriesOf", "o": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Value_Opportunities_Fund", "p": "transferAgent", "o": "org:Invesco_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AIM_Sector_Funds_Invesco_Sector_Funds", "p": "underwrittenBy", "o": "org:Invesco_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Invesco Comstock Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Comstock Select Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Dividend Income Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Energy Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Gold & Special Minerals Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Small Cap Value Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Technology Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> Invesco Value Opportunities Fund <predicate_marker> advisedBy <object_marker> Invesco Advisers, Inc. <predicate_marker> seriesOf <object_marker> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> transferAgent <object_marker> Invesco Investment Services, Inc. <triple_end>\n<triple_start> AIM Sector Funds (Invesco Sector Funds) <predicate_marker> underwrittenBy <object_marker> Invesco Distributors, Inc. <triple_end>", "target_serialized_plain": "Invesco Comstock Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Comstock Select Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Dividend Income Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Energy Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Gold & Special Minerals Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Small Cap Value Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Technology Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nInvesco Value Opportunities Fund advisedBy Invesco Advisers, Inc. ; seriesOf AIM Sector Funds (Invesco Sector Funds) ; transferAgent Invesco Investment Services, Inc. .\nAIM Sector Funds (Invesco Sector Funds) underwrittenBy Invesco Distributors, Inc. .", "stats": {"input_chars": 13452, "n_triples": 25, "text_to_json_ratio": 5.4}}
{"sample_id": "0000731890:ALL", "cik": "0000731890", "trust_name": "T. ROWE PRICE SHORT-TERM BOND FUND, INC.", "input_text": "more closely aligns to the\nfund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state\nand local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax\nreturns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or\nan IRA. After-tax\nreturns are shown only for the Investor Class and will differ for other share classes.\nSUMMARY\n7\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1 Year\n5 Years\n10 Years\ninception\ndate\nInvestor Class\n03/02/1984\nReturns before taxes\n5.06\n%\n1.91\n%\n1.87\n%\nReturns after taxes on distributions\n3.33\n0.90\n0.97\nReturns after taxes on distributions\nand sale\nof fund shares\n2.97\n1.03\n1.04\nI Class\n12/17/2015\nReturns\nbefore taxes\n5.20\n2.02\n2.12\nAdvisor Class\n12/31/2004\nReturns before taxes\n4.73\n1.61\n1.59\nZ Class\n02/22/2021\nReturns before taxes\n5.55\n1.72\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects\nno deduction for fees, expenses, or taxes)\n1.42\na\n1.25\n- 0.33\n1.35\n- 1.75\nb\nStrategy\nBenchmark(s)\nBloomberg\n1-3 Year U.S. Government/Credit Bond Index (reflects\nno deduction for fees, expenses, or taxes)\n1.73\na\n4.36\n1.58\n1.63\n1.17\nb\nLipper\nShort Investment Grade Debt Funds Average\n2.21\nc\n5.24\n2.03\n2.00\n1.66\nd\na\nReturn since 12/17/15.\nb\nReturn since 2/22/21.\nc\nReturn since 12/31/15.\nd\nReturn since 2/28/21.\nUpdated\nperformance information is available through troweprice.com .\nT. Rowe Price\n8\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment Adviser\nSteven\nM. Kohlenstein\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2023\n2010\nMichael\nF. Reinartz\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2015\n1996\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an\nIRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum.\nThese investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting\norders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement\nplan.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally\nis waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price or its affiliates\nhave discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that\nare subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional\npurchases.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone\n(1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business re\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). In addition,\nfinancial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of the T. Rowe Price\nFunds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or providing preferential or enhanced\nopportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments are not paid by a fund directly, these\narrangements do not increase fund expenses and will not change the price that an investor pays for shares of the T. Rowe Price Funds\nor the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may ask your financial intermediary for more\ninformation about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class based\non its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI Class\nNone\nNone\nAdvisor\nClass\nUp to\n0.25% per year\nUp\nto 0.15% per year\nR Class\nUp to\n0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts that\nare held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe Price\nServices, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The determination\nof whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of\nthe last business day of August of each calendar year. The fee may be charged to an account with a balance below $10,000 for any reason,\nincluding market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares,\nis typically charged to accounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.\nInformation About Accounts in T. Rowe Price\nFunds\n35\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in\nemployer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held\nthrough the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service , or money market funds\nthat are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically waived for accounts that satisfy\nany of the following conditions as of the last business day in August:\nAny accounts for which the shareholder has elected to receive\nelectronic delivery of all of the following: account statements, transaction confirmations, prospectuses, and shareholder reports (paper\ncopies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected\nelectronic delivery);\nAny accounts of a shareholder with at least $50,000 in total\nassets with T. Rowe Price (for this purpose, total assets include investments through T. Rowe Price Brokerage and investments\nin T. Rowe Price Funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides\nrecordkeeping services); or\nCertain accounts enrolled in the T. Rowe Price Summit Program\n(visit troweprice.com or call 1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of\nthe account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account, or small\nbusiness retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject\nto additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be pu\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nlying fund are voted by other shareholders.\n(c)\nT.\nRowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares\nowned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception\nthat provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership\nindicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders\nfor vote.\n(d)\nT.\nRowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly\nowned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is\nnot the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and\nare normally voted by various retirement plans and retirement plan participants.\n199\ninvestment\nadviser and INVESTMENT MANAGEMENT AGREEMENTS\nT.\nRowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each\nfund.\nFor\ncertain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price\nInternational, Price Australia, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management,\nPrice International, Price Australia, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively\nas Price Advisers . T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. Price Investment\nManagement and Price International are wholly owned subsidiaries of T. Rowe Price. Price Australia, Price Hong Kong, Price Japan,\nand Price Singapore are wholly owned subsidiaries of Price International.\nInvestment\nManagement Services\nUnder\nthe Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of\nthe funds in accordance with the funds investment objectives, programs, and restrictions as provided in the funds\nprospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including\nmaintaining the funds corporate existence and corporate records; registering and qualifying fund shares under federal laws;\nmonitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed\nby the funds such as the funds custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination\nof such agents activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee\nmembers of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory\nagreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally\nresponsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business\nand portfolio brokerage.\nT.\nRowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the\ntable below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate\nthe trading of securities and make discretionary investment decisions with respect\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Duration_Income_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Short_Term_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_SHORT_TERM_BOND_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Short Duration Income Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Short-Term Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Ultra Short-Term Bond Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE SHORT-TERM BOND FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Short Duration Income Fund advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Short-Term Bond Fund, Inc. advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Ultra Short-Term Bond Fund advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE SHORT-TERM BOND FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 22548, "n_triples": 19, "text_to_json_ratio": 12.6}}
{"sample_id": "0000746458:ALL", "cik": "0000746458", "trust_name": "AMERICAN CENTURY MUNICIPAL TRUST", "input_text": "tal Returns Highest Performance Quarter ( 4Q 2023 ): 7.86 % Lowest Performance Quarter ( 1Q 2022 ): - 6.50 % As of June 30, 2025 , the most recent calendar quarter end, the fund s Investor Class year-to-date return was - 1.50 %. Average Annual Total Returns For the calendar year ended December 31, 2024 1 year 5 years 10 years Since Inception Inception Date Investor Class Return Before Taxes 5.39 % 1.44 % 3.23 % 03/31/1998 Return After Taxes on Distributions 5.39 % 1.41 % 3.20 % 03/31/1998 Return After Taxes on Distributions and Sale of Fund Shares 4.97 % 1.94 % 3.35 % 03/31/1998 I Class Return Before Taxes 5.60 % 1.65 % 3.44 % 03/01/2010 Y Class Return Before Taxes 5.63 % 1.68 % 3.32 % 04/10/2017 A Class Return Before Taxes 0.39 % 0.26 % 2.50 % 01/31/2003 C Class 1 Return Before Taxes 4.34 % 0.44 % 2.35 % 07/24/2002 S P National AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses or taxes) 1.32 % 1.07 % 2.23 % S P Municipal Bond 50% Investment Grade/50% High Yield Index (reflects no deduction for fees, expenses or taxes) 4.40 % 1.87 % 3.41 % 1 C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion. 4 The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Portfolio Management Investment Advisor American Century Investment Management, Inc. Portfolio Managers Joseph Gotelli , Vice President and Senior Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 2008. Alan Kruss , Vice President and Portfolio Manager, has served on teams managing fixed-income investments for American Century Investments since joining the advisor in 1997. Purchase and Sale of Fund Shares You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers), by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire. Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs). However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250 for Investor, A and C Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations. The minimum initial investment amount\n...\nment parameters based on economic and market conditions. All portfolio managers listed below are responsible for security selection and portfolio construction for the fund within these parameters, as well as compliance with stated investment objectives and cash flow monitoring. Other members of the investment team provide research and analytical support but generally do not make day-to-day investment decisions for the fund. The individuals listed below are jointly and primarily responsible for the day-to-day management of the fund. Joseph Gotelli (Global Fixed Income Investment Committee Representative) Mr. Gotelli, Vice President and Senior Portfolio Manager, has served on teams managing fixed-income investments since joining the advisor in 2008. He has a bachelor s degree in business economics from the University of California, Santa Barbara and an MBA from Santa Clara University. Alan Kruss Mr. Kruss, Vice President and Portfolio Manager, has served on teams managing fixed-income investments since joining the advisor in 1997. He has a bachelor s degree in finance from San Francisco State University. The statement of additional information provides additional information about the accounts managed by the portfolio managers, the structure of their compensation, and their ownership of fund securities. Fundamental Investment Policies Shareholders must approve any change to the fundamental investment policies contained in the statement of additional information, as well as any change to the investment objective of the fund. The Board of Trustees and/or the advisor may change any other policies or investment strategies described in this prospectus or otherwise used in the operation of the fund at any time, subject to applicable notice provisions. 9 Investing Directly with American Century Investments Services Automatically Available to You Most accounts automatically have access to the services listed under Ways to Manage Your Account when the account is opened. If you have questions about the services that apply to your account type, please call us. Generally, once your account is established, any registered owner (including those on jointly owned accounts) or any trustee (including those on trust accounts with multiple trustees), or any authorized signer on business accounts with multiple authorized signers, may transact business by any of the methods described below. American Century reserves the right to require all owners or trustees or authorized signers to act together, at our discretion. Account Maintenance Fee If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), we may charge you a $25 annual account maintenance fee if the value of those shares is less than $25,000. We will determine the amount of your total eligible investments once per year, generally the last Friday in October. If the value of those investments is less than $25,000 at that time, we will automatically redeem shares in one of your accounts to pay the $25 fee as soon as administratively possible. Please note that you may incur tax liability as a result of the redemption. In determining your total eligible investment amount, we will include your investments in all personal accounts registered under your Social Security number (including directly held American Century Investments mutual fund accounts, as well as certain retirement, Americ\n...\nmation that appears in the funds financial statements, which are included in the fund s Form N-CSR. You may obtain a free copy of the funds annual reports, as well as financial statements and other information by calling 1-800-345-2021. 2025 American Century Proprietary Holdings, Inc. All rights reserved. Table of Contents The Funds History 2 Fund Investment Guidelines 2 High-Yield Municipal Fund 3 Intermediate-Term Tax-Free Bond Fund 3 Tax-Free Money Market Fund 3 Credit Quality and Maturity Guidelines 4 Fund Investments and Risks 5 Investment Strategies and Risks 5 Investment Policies 16 Temporary Defensive Measures 18 Portfolio Turnover 18 Disclosure of Portfolio Holdings 19 Management 23 Board of Trustees 23 Officers 27 Code of Ethics 28 Proxy Voting Policies 28 The Funds Principal Shareholders 28 Service Providers 28 Investment Advisor 28 Portfolio Managers 31 Transfer Agent and Administrator 33 Sub-Administrator 34 Distributor 34 Custodian Bank 34 Independent Registered Public Accounting Firm 34 Brokerage Allocation 34 Regular Broker-Dealers 35 Information About Fund Shares 35 Multiple Class Structure 36 Valuation of a Fund s Securities 38 Taxes 40 Federal Income Tax 40 Alternative Minimum Tax 41 Financial Statements 41 Appendix A Principal Shareholders A-1 Appendix B Sales Charges and Payments to Dealers B-1 Appendix C Buying and Selling Fund Shares C-1 Appendix D Explanation of Fixed-Income Securities Ratings D-1 Appendix E Proxy Voting Policies E-1 1 The Funds History American Century Municipal Trust is a registered open-end management investment company that was organized as a Massachusetts business trust on May 1, 1984. From then until January 1997, it was known as Benham Municipal Income Trust. Throughout this statement of additional information we refer to American Century Municipal Trust as the trust. Each fund described in this statement of additional information is a separate series of the trust and operates for many purposes as if it were an independent company. Each fund has its own investment objective, strategy, management team, assets, and tax identification and stock registration number. Effective November 1, 2010, the Tax-Free Bond Fund was renamed the Intermediate-Term Tax-Free Bond Fund. Fund Ticker Symbol Inception Date High-Yield Municipal Investor Class ABHYX 03/31/1998 I Class AYMIX 03/01/2010 Y Class AYMYX 04/10/2017 A Class AYMAX 01/31/2003 C Class AYMCX 07/24/2002 Intermediate-Term Tax-Free Bond Investor Class TWTIX 03/02/1987 I Class AXBIX 04/15/2003 Y Class ATBYX 04/10/2017 A Class TWWOX 03/01/2010 C Class TWTCX 03/01/2010 Tax-Free Money Market Investor Class BNTXX 07/31/1984 Fund Investment Guidelines This section explains the extent to which the funds advisor, American Century Investment Management, Inc. (ACIM), can use various investment vehicles and strategies in managing a fund s assets. Descriptions of the investment techniques and risks associated with each appear in the section Investment Strategies and Risks, which begins on page 5. In the case of the funds principal investment strategies, these descriptions elaborate upon the discussion contained in the prospectuses. High-Yield Municipal and Intermediate-Term Tax-Free Bond are diversified as defined in the Investment Company Act of 1940 (the Investment Company Act). Diversified means that, with respect to 75% of its total assets, each fund will not invest more than 5% of its total assets in the securities of a single issuer or own more than 10% of the outstanding voting securities of a single issuer (other than U.S. government securities and\n...\namericancentury.com/docs or may be requested free of charge by calling toll-free at 1-800-345-2021. The advisor s proxy voting record also is available on the SEC s website at sec.gov. The Funds Principal Shareholders A list of the funds principal shareholders appears in Appendix A . Service Providers The funds have no employees. To conduct the funds day-to-day activities, the trust has hired a number of service providers. Each service provider has a specific function to fill on behalf of the funds that is described below. ACIM, ACS and ACIS are wholly owned, directly or indirectly, by ACC. The Stowers Institute for Medical Research (SIMR) controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease. Investment Advisor American Century Investment Management, Inc. (ACIM) serves as the investment advisor for each of the funds. A description of the responsibilities of the advisor appears in the prospectuses under the heading Management. Each class of each fund is subject to a contractual unified management fee based on a percentage of the daily net assets of such class. For more information about the unified management fee, see The Investment Advisor under the heading Management in each fund s prospectus. 28 High-Yield Municipal, Intermediate-Term Tax-Free Bond, and Tax-Free Money Market The annual rate at which this fee is assessed is determined daily in a multi-step process. First, each fund is categorized according to the broad asset class in which it invests (e.g., money market, bond or equity), and the assets of all funds for which ACIM serves as the investment advisor and for which American Century Investment Services, Inc. (ACIS) serves as the distributor are totaled for each category (Fund Category Assets). Second, the assets are totaled for certain other accounts managed by the advisor (Other Account Category Assets). To be included, these accounts must have the same management team and investment objective as a fund in the same category with the same Board of Trustees as the trust. Together, the Fund Category Assets and the Other Account Category Assets comprise the Investment Category Assets. The Investment Category Fee Rate is then calculated by applying a fund s Investment Category Fee Schedule to the Investment Category Assets and dividing the result by the Investment Category Assets. Finally, a separate Complex Fee Schedule is applied to the assets of all funds for which ACIM serves as the investment advisor and for which ACIS serves as the distributor (the Complex Assets), and the Complex Fee Rate is calculated based on the resulting total. The Investment Category Fee Rate and the Complex Fee Rate are then added to determine the Management Fee Rate payable by a class of the fund to the advisor. For purposes of determining the assets that comprise the Fund Category Assets, Other Account Category Assets and Complex Assets, the assets of registered investment companies managed by the advisor that invest exclusively in the shares of other registered investment companies shall not be included. The schedules by which the unified management fee is determined are shown below. Investment Category Fee Schedule for High-Yield Municipal Category Assets Fee Rate First $1 billion 0.4100% Next $1 billion 0.3580% Next $3 billion 0.3280% Next $5 billion 0.3080% Next $15 billion 0.2950% Next $25 billion 0.2930% Thereafter 0.2925% Investment Category Fee S\n...\non teams that oversee a number of funds in the same broad investment strategy and are not expected to invest in each fund. Ownership of Securities Aggregate Dollar Range of Securities in Fund High-Yield Municipal Joseph Gotelli A Alan Kruss B Intermediate-Term Tax-Free Bond Joseph Gotelli A Alan Kruss A Ranges: A none; B $1-$10,000; C $10,001-$50,000; D $50,001-$100,000; E $100,001-$500,000; F $500,001-$1,000,000; G More than $1,000,000. Transfer Agent and Administrator American Century Services, LLC (ACS), 4500 Main Street, Kansas City, Missouri 64111, serves as transfer agent and dividend-paying agent for the funds. It provides physical facilities, computer hardware and software, and personnel for the day-to-day administration of the funds and the advisor. The advisor pays ACS s costs for serving as transfer agent and dividend-paying agent for the funds out of the advisor s unified management fee. For a description of this fee and the terms of its payment, see the above discussion under the caption Investment Advisor , on page 28. 33 Proceeds from purchases of fund shares may pass through accounts maintained by the transfer agent at Commerce Bank, N.A. or UMB Bank, n.a. before being held at the fund s custodian. Redemption proceeds also may pass from the custodian to the shareholder through such bank accounts. From time to time, special services may be offered to shareholders who maintain higher share balances in our family of funds. These services may include the waiver of minimum investment requirements, expedited confirmation of shareholder transactions, newsletters and a team of personal representatives. Any expenses associated with these special services will be paid by the advisor. Sub-Administrator The advisor has entered into an Administration Agreement with State Street Bank and Trust Company (SSB) to provide certain fund accounting, fund financial reporting, tax and treasury/tax compliance services for the funds, including striking the daily net asset value for each fund. The advisor pays SSB a monthly fee as compensation for these services that is based on the total net assets of accounts in the American Century complex serviced by SSB. ACS does pay SSB for some additional services on a per fund basis. While ACS continues to serve as the administrator of the funds, SSB provides sub-administrative services that were previously undertaken by ACS. Distributor The funds shares are distributed by American Century Investment Services, Inc. (ACIS), a registered broker-dealer. The distributor is a wholly owned subsidiary of ACC and its principal business address is 4500 Main Street, Kansas City, Missouri 64111. The distributor is the principal underwriter of the funds shares. The distributor makes a continuous, best-efforts underwriting of the funds shares. This means that the distributor has no liability for unsold shares. The advisor pays ACIS s costs for serving as principal underwriter of the funds shares out of the advisor s unified management fee. For a description of this fee and the terms of its payment, see the above discussion under the caption Investment Advisor on page 28. ACIS does not earn commissions for distributing the funds shares. Certain financial intermediaries unaffiliated with the distributor or the funds may perform various administrative and shareholder services for their clients who are invested in the funds. 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{"sample_id": "0000754915:ALL", "cik": "0000754915", "trust_name": "T. ROWE PRICE HIGH YIELD FUND, INC.", "input_text": "sMember\n2017-05-19\n2024-12-31\n0000754915\nhyf:ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember\n2024-01-01\n2024-12-31\n0000754915\nhyf:ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember\n2020-01-01\n2024-12-31\n0000754915\nhyf:ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember\n2015-01-01\n2024-12-31\n0000754915\nhyf:ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember\n2017-05-19\n2024-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nRegistration Nos. 002-93707/811-4119\nUNITED\nSTATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, D.C. 20549\nFORM\nN-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPost-Effective Amendment No. 69\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 66\nT. Rowe Price High\nYield Fund, Inc.\nExact Name of Registrant as Specified in Charter\n1307 Point Street, Baltimore, Maryland 21231\nAddress of Principal Executive Offices\n410-345-2000\nRegistrant s Telephone Number, Including Area Code\nDavid Oestreicher\n1307 Point Street, Baltimore, Maryland 21231\nName and Address of Agent for Service\nApproximate Date of Proposed Public Offering\nAugust 1, 2025\nIt is proposed that this filing\nwill become effective (check appropriate box):\nImmediately upon filing pursuant to paragraph (b)\nOn August 1, 2025\npursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\nOn (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn (date) pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date\nfor a previously filed post-effective amendment.\nProspectus\nAugust\n1, 2025\nT.\nROWE PRICE\nHigh\nYield Fund\nPRHYX\nPRHIX\nPAHIX\nTRKZX\nInvestor\nClass\nI\nClass\nAdvisor\nClass\nZ\nClass\nThe\nSecurities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this\nprospectus. Any representation to the contrary is a criminal offense.\nTable\nof Contents\n1\nSummary\nHigh\nYield Fund\n1\n2\nMore\nAbout the Fund\nManagement\nof the Fund\n9\nMore\nInformation About the Fund s Investment Objective(s), Strategies, and Risks\n11\nPortfolio\nTurnover\n20\nFinancial\nHighlights\n21\nDisclosure\nof Fund Portfolio Information\n26\n3\nInformation\nAbout Accounts in T. Rowe Price Funds\nInvesting\nwith T. Rowe Price\n27\nAvailable\nShare Classes\n27\nDistribution\nand Shareholder Servicing Fees\n29\nAccount\nService Fee\n31\nPolicies\nfor Opening an Account\n32\nPricing\nof Shares and Transactions\n34\nInvesting\nDirectly with T. Rowe Price\n36\nInvesting\nThrough a Financial Intermediary\n44\nGeneral\nPolicies Relating to Transactions\n46\nContacting\nT. Rowe Price\n53\nInformation\non Distributions and Taxes\n55\nRights\nReserved by the Funds\n65\nSUMMARY\n1\nInvestment\nObjective(s)\nThe\nfund seeks high current income and, secondarily, capital appreciation.\nFees\nand Expenses\nThis\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage\ncommissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.\nFees\nand Expenses of the Fund\nInvestor\nClass\nI\nClass\nAdvisor\nClass\nZ\nClass\nShareholder\nfees (fees paid directly from your investment)\nMaximum\naccount fee\n$ 20\na\nAnnual\nfund operating expenses\n(expenses that you pay each year as a\npercentage of the value of your investment)\nManagement\nfees\n0.58\n%\n0.58\n%\n0.58\n%\n0.58\n%\nDistribution\nand service (12b-1) fees\n0.\n...\none or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nSUMMARY\n7\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n12/31/1984\nReturns\nbefore taxes\n6.59\n%\n3.51\n%\n4.59\n%\n%\nReturns\nafter taxes on distributions\n3.79\n1.06\n2.09\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n3.85\n1.60\n2.38\nI\nClass\n08/28/2015\nReturns\nbefore taxes\n6.67\n3.61\n4.97\nAdvisor\nClass\n03/31/2000\nReturns\nbefore taxes\n6.24\n3.18\n4.30\nZ\nClass\n03/16/2020\nReturns\nbefore taxes\n7.34\n7.42\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.39\na\n1.25\n- 0.33\n1.35\n- 1.00\nb\nStrategy\nBenchmark(s)\nBloomberg\nU.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)\n5.53\na\n8.19\n4.20\n5.16\n7.09\nb\nLipper\nGlobal High Yield Funds Average\n4.46\nc\n7.81\n3.28\n4.08\n7.06\nd\na\nReturn since 8/28/15.\nb\nReturn since 3/16/20.\nc\nReturn since 8/31/15.\nd\nReturn since 3/31/20.\nUpdated\nperformance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nRodney\nM. Rayburn\nPortfolio\nManager and Chair of Investment Advisory\nCommittee\n2019\n2014\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening\nan IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require\na $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement\nplans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial\nintermediary or retirement plan.\nT. ROWE PRICE\n8\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates\nthat are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum\nfor additional purchases.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor institutional investors and financial intermediari\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nT. ROWE PRICE\n32\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price\n(for this purpose, total assets include investments through T. Rowe Price Brokerage\nand investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services);\nor\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call\n1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be p\n...\n, would have been higher since the\nInvestor Class has had lower expenses than the Advisor Class for the periods presented.\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Advisor Class and will differ for other share classes.\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nAdvisor\nClass\n04/30/2013\nReturns\nbefore taxes\n8.11\n%\n3.23\n%\n4.90\n%\n%\nReturns\nafter taxes on distributions\n5.00\n0.51\n2.26\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n4.75\n1.27\n2.58\nInvestor\nClass\n05/19/2017\nReturns\nbefore taxes\n8.27\n3.39\n4.22\nI\nClass\n04/30/2013\nReturns\nbefore taxes\n8.44\n3.53\n5.19\na\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.35\n1.08\nb\nStrategy\nBenchmark(s)\nICE\nBofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)\n8.20\n4.03\n5.08\n4.55\nb\na\nReflects the performance information from the inception\ndate of the Predecessor Fund (April 30, 2013).\nb\nReturn since 5/19/17.\nUpdated\nperformance information is available through troweprice.com.\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nT. ROWE PRICE\n8\nInvestment\nSubadviser T. Rowe Price Investment Management, Inc. (Price Investment Management)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment\nAdviser\nKevin\nPatrick Loome\nPortfolio\nManager\n2017*\n2017\n* Managed\nthe Predecessor Fund since its inception in 2013.\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening\nan IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require\na $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement\nplans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial\nintermediary or retirement plan.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through\ntroweprice.com.\nIf\nyou hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund\nthrough your intermediary or retirement plan.\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_HIGH_YIELD_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_High_Yield_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_HIGH_YIELD_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "subAdvisedBy", "o": "org:T_Rowe_Price_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_HIGH_YIELD_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. 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Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE HIGH YIELD FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 26116, "n_triples": 14, "text_to_json_ratio": 19.6}}
{"sample_id": "0000763852:ALL", "cik": "0000763852", "trust_name": "JPMorgan Trust II", "input_text": "th higher coupons, resulting in an unexpected capital loss. State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.\nInvestments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund s Capital Shares (which are not offered in this prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. Returns for Digital Shares would be similar to the returns shown because the Shares are invested in the same portfolio of securities and the returns would differ only to the extent that the classes do not have the same expenses. To obtain current yield information call 1-800-766-7722. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-766-7722 .\nYEAR-BY-YEAR RETURNS\nBest Quarter\n4Q, 2023\n1.32 %\nWorst Quarter\n1Q, 2Q and\n3Q 2015\n0.00 %\nThe Fund s year-to-date total return\nthrough\n6/30/25\nwas\n2.12 %\n.\nAVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2024)\nPast 1 Year\nPast 5 Years\nPast 10 Years\nCAPITAL SHARES\n5.16 %\n2.39 %\n1.68 % Management J.P. Morgan Investment Management Inc. (the adviser) Purchase and Sale of Fund Shares Generally, the Fund s Digital Shares may only be purchased through certain financial intermediaries that have a relationship with JPMorgan Distribution Services, Inc., the Fund s distributor and shareholder servicing agent. Digital Shares may also be purchased by institutional investors through an electronic-trading platform sponsored by JPMorgan or its affiliates if such shares are available on the platform. Although the Fund does not currently employ blockchain technology or invest in crypto assets, Digital Shares are expected to be purchased and held primarily through financial intermediaries that intend to use blockchain technology to maintain a record or a mirror record of share ownership for their customers. Purchase minimums\nFor Digital Shares\nTo establish a regular account\n$50,000,000\nTo add to an account\nNo minimum You may purchase or redeem shares on any business day that the Fund is open through such financial intermediary as described above. For more information on Digital Shares availability on electronic-trading platform sponsored by JPMorgan or its affiliates, institutional investors can contact the J.P. Morgan Institutional Funds Service Center at 1-800-766-7722. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or 4 | J.P. Morgan Money Market Funds\nfina\n...\nexpenses resulting from the Fund s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. Additional Fee Waiver and/or Expense Reimbursement Service providers to a Fund including the Fund s adviser and/or its affiliates may, from time to time, voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. A Fund s service providers may discontinue or modify these voluntary actions at any time without notice. Performance for the Funds reflects the voluntary waiver of fees and/or the reimbursement of expenses, if any. Without these voluntary waivers and/or expense reimbursements, performance would have been less favorable. Additional Historical Performance Information Some of the companies that provide services to the Funds have in the past agreed not to collect some expenses and to reimburse others. Without these agreements, the performance figures would have been lower than those shown. Each Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality, and maturity requirements on all money market funds. Effective October 14, 2014, Rule 2a-7 was amended to reflect various other changes. Effective July 12, 2023, Rule 2a-7 was further amended to reflect various other changes. Fund performance shown prior to the effective date of such changes is based on SEC rules then in-effect and is not an indication of future returns. 12 | J.P. Morgan Money Market Funds\nThe Fund s Management and Administration The Fund is a series of JPMorgan Trust II (JPMT II), a Delaware statutory trust. JPMT II is governed by the Board of Trustees which is responsible for overseeing all business activities of the Fund. In addition to the Fund, the Trust consists of other series representing separate investment funds (each, a J.P. Morgan Fund ). The Fund operates in a multiple class structure. A multiple class fund is an open-end investment company that issues two or more classes of shares representing interests in the same investment portfolio. Each class in a multiple class fund can set its own transaction minimums and may vary with respect to expenses for distribution, administration and shareholder services. This means that one class could offer access to the Fund on different terms than another class. Certain classes may be more appropriate for a particular investor. The Fund may issue other classes of shares that have different expense levels and performance and different requirements for who may invest. Call 1-800-766-7722 to obtain more information concerning the Fund s other share classes. A Financial Intermediary (as described below) who receives compensation for selling Fund shares may receive a different amount of compensation for sales of different classes of shares. The Fund's Investment Adviser J.P. Morgan Investment Management Inc. (JPMIM) acts as investment adviser to the Fund and makes the day-to-day investment decisions for the Fund. In rendering investment advisory services to certain Funds, JPMIM uses the portfolio management, research and other resources of a foreign (non-U.S.) affiliate of JPMIM and may provide services to the Fund through a participating affiliate arrangement, as that term is used in relief granted by the staff of the SEC. Under this relief, U.S. registered investment advisers are allowed to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase Co. (JPMorgan Chase), a bank holding company. JPMIM is located at 383 Madison Avenue, New York, NY 10179. During the most recent fiscal period ended February 28, 2025, JPMIM was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:\nU.S. Government Money Market Fund\n0.08% A discussion of the basis the Board of Trustees of the Trust used in reapproving the investment advisory agreements for the Fund is available in the financial statements and other information filed with the SEC on Form N-CSR ( Financial Statements and Other Information ) for the period ended August 31 which is available online at www.jpmorganfunds.com. The Fund's Administrator JPMIM (the Administrator) provides administration services and oversees the other service providers of the Fund. The Administrator receives a pro-rata portion of the following annual fee on behalf of each money market fund in the J.P. Morgan Funds Complex (Money Market Funds) for administration services: 0.070% of the first $150 billion of average daily net assets of all Money Market Funds, plus 0.050% of average daily net assets of such Money Market Funds between $150 billion and $300 billion, plus 0.030% of average daily net assets of such Money Market Funds between $300 billion and $400 billion, plus 0.010% of the average daily net assets of such Money Market Funds over $400 billion. The Fund's Shareholder Servicing Agent JPMT II, on behalf of the Fund, has entered into a shareholder servicing agreement with JPMorgan Distribution Services, Inc. (JPMDS) under which JPMDS has agreed to provide certain support services to the Fund s shareholders. For performing these services, JPMDS, as shareholder servicing agent, receives an annual fee of 0.05% of the average daily net assets of\n...\nwo\n$100 billion to $175 billion\n0.0030%\nTier Three\n$175 billion to $600 billion\n0.0020%\nTier Four\nOver $600 billion\n0.0015%\nOther Fees:\nAdditional Share Classes (this additional class expense applies after the tenth class)\n$2,000 per Class\nDaily Market-based Net Asset Value Calculation for Money Market Funds\n$15,000 per Fund\nHourly Net Asset Value Calculation for Money Market Funds\n$5,000 per Fund\nFloating NAV Support for Money Market Funds\n$100,000 per Fund 1 A cap on fund accounting fees for each Money Market Fund will be set at $1,400,000 per year. This cap may be reviewed annually for possible adjustment.\nAnnual Minimums:\nMoney Market Funds\n$15,000 per Fund\nAll Other Funds\n$20,000 per Fund In addition, JPMorgan Chase Bank provides additional servicing for certain types of more complex assets. The fees for these services include monthly transaction fee of $12 for processing each Contract for Difference position, a transaction fee of $50 for each manual trade and an annual fee of $500 for each bank loan position held by a Fund. In addition, JPMorgan Chase Bank will be paid fees of $1.00 to $4.50 per position per day for the valuation and processing of certain asset positions covered by these services. If agreed-upon by the Funds and JPMorgan Chase Bank, custodian fees may, from time to time, be reduced by amounts calculated as a percentage of uninvested balances for certain Funds. A Fund and/or its Cayman subsidiary, as applicable, may at times hold some of their assets in cash, which may subject the Fund and/or the Cayman subsidiary, as applicable, to additional risks and costs, such as increased credit exposure to the custodian bank and fees imposed for cash balances. Cash positions may also hurt the Fund s and/or the Cayman subsidiary s performance. TRANSFER AGENT SS C GIDS, Inc. (formerly DST Asset Manager Solutions, Inc.) ( SS C or Transfer Agent ), 30 Braintree Hill Office Park, Suite 400, Braintree, MA 02184, serves as each Fund s transfer and dividend disbursing agent. As transfer agent and dividend disbursing agent, SS C is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts. SECURITIES LENDING AGENT To generate additional income, certain Funds may lend up to 33 1 3 % of their total assets pursuant to agreements ( Borrower Agreements ) requiring that the loan be continuously secured by cash. Citibank serves as securities lending agent pursuant to the Securities Lending Agency Agreement effective October 4, 2018. To the extent that the Funds have engaged in securities lending during the most recently completed fiscal year, information concerning the amounts of income and fees/compensation related to securities lending activities is included in Part I of the applicable Funds SAI in the Fund s next annual update to its registration statement. Under the Securities Lending Agency Agreement, Citibank acting as agent for the Funds, loans securities to approved borrowers pursuant to Borrower Agreements substantially in the form approved by the Board of Trustees in exchange for collateral. During the term of the loan, a Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral in accordance with investment guidelines contained in the Securities Lending Agency Agreement. The Fund retains the interest on cash collateral investments but is required to pay the", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:JPMorgan_Equity_Income_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Income_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Income_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Income_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Index_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Index_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Index_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Index_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, 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"fund:JPMorgan_Large_Cap_Value_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Mid_Cap_Growth_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Mid_Cap_Growth_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Mid_Cap_Growth_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Mid_Cap_Growth_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Mid_Cap_Growth_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SMID_Cap_Equity_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SMID_Cap_Equity_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SMID_Cap_Equity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SMID_Cap_Equity_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SMID_Cap_Equity_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Growth_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Growth_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Growth_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Growth_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Growth_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Value_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Value_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Value_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JPMorgan_Trust_II", "p": "underwrittenBy", "o": "org:JPMorgan_Distribution_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> JPMorgan Equity Income Fund <predicate_marker> administrator <object_marker> J.P. 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{"sample_id": "0000764624:ALL", "cik": "0000764624", "trust_name": "Legg Mason Partners Income Trust", "input_text": "d.\nWESTERN ASSET CORPORATE BOND FUND\nProspectus\nMay 1, 2026 Share class (Symbol): A (SIGAX), C (LWBOX), C1 (SBILX), R ( ), I (SIGYX), IS ( ), P (LCBPX)\nThe Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime.\nINVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE\nContents\nInvestment objective\n2\nFees and expenses of the fund\n2\nPrincipal investment strategies\n3\nPrincipal risks\n4\nPerformance\n8\nManagement\n9\nPurchase and sale of fund shares\n9\nTax information\n10\nPayments to broker/dealers and other financial intermediaries\n10\nMore on the fund s investment strategies, investments and risks\n11\nMore on fund management\n24\nChoosing a share class\n26\nShare class features summary\n26\nShare class availability\n28\nAdditional information about each share class\n29\nBuying shares\n34\nExchanging shares\n36\nRedeeming shares\n38\nOther things to know about transactions\n40\nDividends, other distributions and taxes\n44\nShare price\n46\nFinancial highlights\n47\nAppendix: Waivers and Discounts Available from Certain Service Agents\nA-1\nInvestment objective The fund seeks to maximize total return, consistent with prudent investment management. Total return consists of income and capital appreciation. Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 100,000 in certain funds distributed through Franklin Distributors, LLC ( Franklin Distributors or the Distributor ), the fund s distributor. More information about these and other discounts is available from your Service Agent, in the fund s Prospectus on page 29 under the heading Additional information about each share class, in the appendix titled Appendix: Waivers and Discounts Available from Certain Service Agents on page A 1 of the fund s Prospectus and in the fund s Statement of Additional Information ( SAI ) on page 96 under the heading Sales Charge Waivers and Reductions for Class A Shares. Service Agents include banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the Distributor to sell shares of the fund. If you purchase Class I shares or Class IS shares through a Service Agent acting solely as an agent on behalf of its customers, that Service Agent may charge you a commission. Such commissions, if any, are not charged by the fund and are not reflected in the fee table or expense example below.\nShareholder fees\n(fees paid directly from your investment)\nClass A\nClass C\nClass C1\nClass R\nClass I\nClass IS\nClass P\nMaximum sales charge (load) imposed on purchases (as a % of offering price)\n3.75 1,2\nNone\nNone\nNone\nNone\nNone\nNone\nMaximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) 3\nNone 4\n1.00\n1.00\nNone\nNone\nNone\nNone\nSmall account fee 5\n$ 15\n$ 15\n$ 15\nNone\nNone\nNone\n$ 15\nAnnual fund operating expenses (%)\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A\nClass C\nClass C1\nClass R\nClass I\nClass IS\nClass P\nManagement fees\n0.45\n0.45\n0.45\n0.45\n0.45\n0.45\n0.45\nDistribution and/\n...\nading volumes may result in a lack of liquidity and in extreme price volatility. Financial services sector risk. The fund is more susceptible to any economic, business, political, regulatory or other developments that adversely affect issuers in the financial services sector, including the commercial banking and insurance industries, than a fund that does not focus its investments in the financial services sector. Economic downturns, credit losses, data breaches and severe price competition, among other things, can negatively affect this sector. The profitability of financial services companies is dependent on the availability and cost of capital and can be significantly affected by changes in interest rates and monetary policy. Financial services companies are also subject to extensive government regulation, and policy and legislative changes in the United States and other countries are changing many aspects of financial regulation. Financial services companies will be particularly affected by these changes in regulation, and the impact of these changes on any individual company or on the sector as a whole may not be fully known for some time. Interconnectedness or interdependence among financial services companies increases the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the fund. Transactions by affiliated funds and by other significant investors. The fund may be an investment option for mutual funds and exchange-traded funds ( ETFs ) that are managed by Franklin Templeton Fund Adviser, LLC and its affiliates, unaffiliated mutual funds and ETFs and other investors with substantial investments in the fund. As a result, from time to time, the fund may experience relatively large redemptions. In addition, a large number of shareholders collectively may purchase or redeem fund shares in large amounts rapidly or unexpectedly. In the event of such redemptions, the fund could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Large redemptions of fund shares may indirectly result in required distributions to non redeeming shareholders, and those distributions would generally be taxable to shareholders who do not hold their fund shares in an IRA, 401(k) plan or other tax advantaged plan. Redemptions may result in the recognition of short-term capital gains by the fund, and distributions of short-term capital gains will generally be taxed at ordinary income tax rates for shareholders who hold fund shares in a taxable account. These transactions may also increase transaction costs. Similarly, large fund share purchases may adversely affect the fund s performance to the extent that the fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. Prepayment or call risk. Many issuers have a right to prepay their fixed income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the fund may not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the\n...\nd s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.\nBest Quarter ( 06/30/2020 ): 12.35 Worst Quarter ( 06/30/2022 ): ( 8.56 )\nAverage annual total returns (%)\n(for periods ended December 31, 2025)\nClass A\n1 year\n5 years\n10 years\nReturn before taxes\n4.06\n( 1.32 )\n2.84\nReturn after taxes on distributions\n2.01\n( 2.99 )\n1.15\nReturn after taxes on distributions and sale of fund shares\n2.37\n( 1.70 )\n1.45\nOther Classes (Return before taxes only)\nClass C\n6.52\n( 1.12 )\n2.60\nClass C1\n6.73\n( 0.94 )\n2.81\nClass I\n8.65\n( 0.11 )\n3.64\nClass P\n8.03\n( 0.66 )\n3.10\nBloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes)\n7.30\n( 0.36 )\n2.01\nBloomberg U.S. Credit Index (reflects no deduction for fees, expenses or taxes)\n7.83\n( 0.05 )\n3.15\nThe after tax returns are shown only for Class A shares, are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and the after tax returns shown are not relevant to investors who hold their fund shares through tax advantaged arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for classes other than Class A will vary from returns shown for Class A. Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.\n8\nWestern Asset Corporate Bond Fund Management Investment manager: Franklin Templeton Fund Adviser, LLC ( FTFA ) Subadviser: Western Asset Management Company, LLC ( Western Asset ) Investment professionals: Primary responsibility for the day to day management of the fund lies with the following investment professionals. These investment professionals, all of whom are employed by Western Asset, work together with a broader investment management team.\nInvestment professional\nTitle\nInvestment professional of the fund since\nMichael C. Buchanan\nChief Investment Officer\n2012\nRyan K. Brist\nDeputy CIO, Head of Global Investment Grade Credit and Portfolio Manager\n2010\nDan Alexander\nPortfolio Manager\n2021\nMolly Schwartz\nPortfolio Manager\n2024 Purchase and sale of fund shares You may purchase, redeem or exchange shares of the fund each day the New York Stock Exchange is open, at the fund s net asset value determined after receipt of your request in good order, subject to any applicable sales charge. The fund s initial and subsequent investment minimums generally are set forth in the accompanying table:\nInvestment minimum initial/additional investment ($)\nClass A\nClass C 1\nClass C1 2\nClass R\nClass I\nClass IS\nClass P\nGeneral\n1,000/50\n1,000/50\n1,000/50\nN/A\n1 million/None 3\nN/A\nN/A/50\nUniform Gifts or Transfers to Minor Accounts\n1,000/50\n1,000/50\n1,000/50\nN/A\n1 million/None 3\nN/A\nN/A/50\nIRAs\n250/50\n250/50\n250/50\nN/A\n1 million/None 3,4\nN/A 4\nN/A/50\nSIMPLE IRAs\nNone/None\nNone/None\nNone/None\nN/A\n1 million/None 3\nN/A\nNone/None\nSystematic Investment Plans\n25/25\n25/25\n25/25\nN/A\n1 million/None 3,5\nN/A 5\nN/A/50\nClients of Eligible Financial Intermediaries\nNone/None\nN/A\nN/A\nNone/None\nNone/None 6\nNone/None 6\nN/A\nEligible Investment Programs\nNone/None\nN/A\nN/A\nNone/None\nNone/None\nNone/None\nN/A\nOmnibus Retirement Plans\nNone/None\nNone/None\nN/A\nNone/None\nNone/None\nNone/None\nN/A\nIndividual Retirement Plans except as noted\n...\nn 18 months of purchase, you will pay a contingent deferred sales charge of 1.00%. Please see Contingent deferred sales charges Class A, Class C and Class C1 shares below. Letter of intent and accumulation privilege There are several ways you can combine Eligible Purchases (as defined below) within Eligible Accounts (as defined below) to take advantage of the breakpoints in the Class A sales charge schedule. In order to take advantage of reductions in sales charges that may be available to you when you purchase fund shares, you must inform your Service Agent or the fund if you believe you are eligible for a letter of intent or a right of accumulation. Whether you made Eligible Purchases through one or more Service Agents, directly from the fund or through a combination of the foregoing, it is your responsibility to inform your Service Agent or the fund if you own Eligible Purchases that you believe are eligible to be aggregated with your purchases. If you do not do so, you may not receive all sales charge reductions for which you are eligible. Account statements may be necessary in order to verify your eligibility for a reduced sales charge. Eligible Purchases include: (i) any class of shares of any other Legg Mason or Franklin Templeton fund other than shares of such funds offered through separately managed accounts that are managed by a Franklin Templeton affiliate; and (ii) units of a Section 529 Plan managed by a Franklin Templeton affiliate. For purposes of a letter of intent and the accumulation privilege, Legg Mason and Franklin Templeton funds include BrandywineGLOBAL funds, ClearBridge Investments funds, and Western Asset funds. They do not include the funds in the Franklin Templeton Variable Insurance Products Trust, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust or Legg Mason Partners Money Market Trust (except for shares held in Distributor Accounts). Please contact your Service Agent or the fund for more information. Eligible Accounts include shares of Legg Mason and Franklin Templeton funds registered to (or held by a financial intermediary for):\nYou, individually;\nYour family member, defined as your spouse or domestic partner, as recognized by applicable state law, or your children under the age of 21;\nYou jointly with one or more family members;\nYou jointly with one or more persons who are not family members if that other person has not included the value of the jointly-owned shares for purposes of the accumulation privilege (as described below) for that person s separate investments in Legg Mason or Franklin Templeton fund shares;\nA Coverdell Education Savings account for which you or a family member is the identified responsible person;\nA trustee/custodian of an IRA (which includes a Roth IRA and an employer sponsored IRA such as a SIMPLE IRA) or your non ERISA covered 403(b) plan account, if the shares are registered/recorded under your or a family member s Social Security number;\nA 529 college savings plan over which you or a family member has investment discretion and control;\nAny entity over which you or a family member has individual or shared authority, as principal, has investment discretion and control (for example, an UGMA/UTMA account for a child on which you or a family member is the custodian, a trust on which you or a family member is the trustee, a business account (not to include retirement plans) for your solely owned business (or the solely owned business of a family member) on which you or a family member is the authorized signer); or\nA trust established by you", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Western_Asset_Ultra_Short_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Western_Asset_Ultra_Short_Income_Fund", "p": "advisedBy", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Ultra_Short_Income_Fund", "p": "seriesOf", "o": "trust:Legg_Mason_Partners_Income_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Ultra_Short_Income_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Legg_Mason_Partners_Income_Trust", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Western Asset Ultra-Short Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON FUND ADVISER, LLC <predicate_marker> advisedBy <object_marker> FRANKLIN TEMPLETON FUND ADVISER, LLC <predicate_marker> seriesOf <object_marker> Legg Mason Partners Income Trust <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <triple_end>\n<triple_start> Legg Mason Partners Income Trust <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Western Asset Ultra-Short Income Fund administrator FRANKLIN TEMPLETON FUND ADVISER, LLC ; advisedBy FRANKLIN TEMPLETON FUND ADVISER, LLC ; seriesOf Legg Mason Partners Income Trust ; subAdvisedBy Western Asset Management Company, LLC .\nLegg Mason Partners Income Trust underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 14412, "n_triples": 5, "text_to_json_ratio": 27.0}}
{"sample_id": "0000765199:ALL", "cik": "0000765199", "trust_name": "BlackRock California Municipal Series Trust", "input_text": "0765199 bcmst:ClassKMember bcmst:CaliforniaCustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000765199 bcmst:InvestorA1Member bcmst:BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000765199 bcmst:InvestorA1Member bcmst:CaliforniaCustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000765199 bcmst:InvestorACAndInstitutionalMember bcmst:BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000765199 bcmst:InvestorACAndInstitutionalMember bcmst:C000038561Member 2015-01-01 2024-12-31 0000765199 bcmst:InvestorACAndInstitutionalMember bcmst:C000038562Member 2015-01-01 2024-12-31 0000765199 bcmst:InvestorACAndInstitutionalMember bcmst:CaliforniaCustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on September 25, 2025 Securities Act File No. 002-96581 Investment Company Act File No. 811-04264 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 61 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 74 (Check appropriate box or boxes) BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nMargery K. Neale, Esq. Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On October 01, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $.10 per share. This filing relates solely to the BlackRock California Municipal Opportunities Fund. SEPTEMBER 25, 2025\nProspectus BlackRock California Municipal Series Trust | Investor and Institutional Shares BlackRock California Municipal Opportunities Fund Investor A: MECMX Investor C: MFCMX Institutional: MACMX BlackRock Multi-State Municipal Series Trust | Investor and Institutional Shares BlackRock New Jersey Municipal Bond Fund Investor A: MENJX Investor C: MFNJX Institutional: MANJX BlackRock Pennsylvania Municipal Bond Fund Investor A: MEPYX Investor C: MFPYX Institutional: MAPYX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Funds listed in this prospectus, including investment objectiv\n...\nmaintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. 11 The Fund intends to make distributions most of which will be excludable from gross income for federal income tax purposes and exempt from California personal income taxes. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 12 Fund Overview Key Facts About BlackRock New Jersey Municipal Bond Fund Investment Objective The investment objective of BlackRock New Jersey Municipal Bond Fund (the New Jersey Fund or the Fund ) is to provide shareholders with income exempt from Federal income tax and New Jersey personal income taxes. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ( BlackRock ) and its affiliates) (each, a Financial Intermediary ), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the Details About the Share Classes and the Intermediary-Defined Sales Charge Waiver Policies sections on pages 50 and A-1 , respectively, of the Fund s prospectus and in the Purchase of Shares section on page II-95 of Part II of the Fund s Statement of A\n...\nupport services to their customers who own Investor Shares of a Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of a Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of a Fund s shares. Because the fees paid by a Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. 55 Other Payments by each Fund In addition to fees that a Fund may pay to a Financial Intermediary pursuant to the Plan and fees a Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of a Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of each Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of a Fund to you. Please co\n...\nts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Funds and Service Providers FUNDS BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock Pennsylvania Municipal Bond Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Funds is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected a Fund s performance for the last fiscal year. In Form N-CSR, you will find each Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated September 25, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about each Fund, may be obtained free of charge, along with each Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence BlackRock California Municipal Series Trust or BlackRock Multi-State Municipal Series Trust P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail BlackRock California Municipal Series Trust or BlackRock Multi-State Municipal Series Trust Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of the Fund s policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about each Fund, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST INVESTMENT COMPANY ACT FILE # 811-04264 BLACKROCK MULTI-STATE MUNICIPAL SERIES TRUST INVESTMENT COMPANY ACT FILE # 811-04375 BlackRock Advisors, LLC\nPRO-10327-0925 SEPTEMBER 25, 2025\nProspectus BlackRock California Municipal Series Trust | Investor A1 Shares BlackRock California Municipal Opportunities Fund Investor A1: MDCMX BlackRock Multi-State Municipal Series Trust | Investor A1 Shares BlackRock New Jersey Municipal Bond Fund Investor A1: MDNJX BlackRock Pennsylvania Municipal Bond Fund Investor A1: MDPYX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nKey Facts About BlackRock California Municipal Opportunities Fund\n3\nKey Facts About BlackRock New Jersey Municipal Bond Fund\n12\nKey Facts About BlackRock Pennsylvania Municipal Bond Fund\n18\nDetails About the Funds\nHow Each Fund Invests\n24\nInvestment Risks\n29\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distributions and other payments\nHow to Choose the Share Class that Best Suits Your Needs\n44\nDetails About the Share Class\n44\nDistribution and Shareholder Servicing Payments\n44\nHow to Buy, Sell, E", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_California_Municipal_Opportunities_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_California_Municipal_Opportunities_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_California_Municipal_Opportunities_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_California_Municipal_Opportunities_Fund", "p": "seriesOf", "o": "trust:BlackRock_California_Municipal_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_California_Municipal_Opportunities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_California_Municipal_Series_Trust", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock California Municipal Opportunities Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock California Municipal Series Trust <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock California Municipal Series Trust <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock California Municipal Opportunities Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock California Municipal Series Trust ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock California Municipal Series Trust underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18284, "n_triples": 6, "text_to_json_ratio": 28.6}}
{"sample_id": "0000765485:ALL", "cik": "0000765485", "trust_name": "Institutional Fiduciary Trust", "input_text": "result in financial losses to the Fund and its shareholders, and substantial costs may\nbe incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities\nin which the Fund invests are also subject to cybersecurity risks, and the value of these securities\ncould decline if the issuers experience cybersecurity incidents. Because technology is\nfrequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a\nchance that some risks have not been identified or prepared for, or that an attack may not be detected,\nwhich puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds\nand business enterprises, the Fund, the investment manager, and their service providers are subject to\nthe risk of cyber incidents occurring from time to time.\nPerformance The following bar chart and table provide some indication\nof the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year\nto year. The table shows the Fund's average annual returns for 1 year, 5 years, 10 years or since inception,\nas applicable. The Fund's past performance is not necessarily an indication of how the Fund will perform\nin the future. You can obtain updated performance information at www. ftinstitutional.com or by calling\n(800) 321-8563 .\n6 Prospectus www.ftinstitutional.com\nFRANKLIN\nINSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND FUND SUMMARY\nAnnual Total Returns Best Quarter : 2023, Q4 1.28 % Worst Quarter : 2020, Q4 0.00 % As of September 30, 2025 ,\nthe Fund s year-to-date return was 3.07 %. Average Annual Total Returns For periods ended December\n31, 2024 1\nYear 5\nYears 10\nYears Franklin\nInstitutional U.S. Government Money Market Fund 4.94%\n2.24% 1.50% Investment\nManager Franklin Advisers, Inc. (Advisers or investment manager) (Master Portfolio's investment\nmanager) Purchase\nand Sale of Fund Shares You may purchase or redeem shares of the Fund on any business\nday by mail (Franklin Templeton Institutional Services, P.O. Box 33030, St. Petersburg, FL 33733-8030),\nor by telephone at (800) 321-8563. The minimum initial purchase for most accounts is $1,000,000. There\nis no minimum investment for subsequent purchases.\nTaxes The Fund s distributions are generally taxable to you as\nordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan\nor an individual retirement account, in which case your distributions would generally be taxed when withdrawn\nfrom the tax-advantaged account.\nwww.ftinstitutional.com Prospectus 7\nFRANKLIN\nINSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND FUND SUMMARY\nPayments to Broker-Dealers\nand Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer\nor other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary\nfor the sale of Fund shares and related services. These payments may create a conflict of interest by\ninfluencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another\ninvestment. Ask your financial advisor or visit your financial intermediary's website for more information.\n8 Prospectus www.ftinstitutional.com\nFRANKLIN\nINSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND FUND DETAILS\nFund\nDetails Investment\nGoal The\nFund's investment goal is to provide investors with as high a level of current income as is consistent\nwith the preservation of shareholders' capital and liquidity. The Fund also tries to maintain a stable\n$1.00 share price. Principal\nInvestment Policies and Practices The Fund is a \"feeder fund\" that invests, through The U.S.\nGovernment Money Market Portfolio (Master Portfolio), at least 99.5% of its total assets in Government\nsecurities, cash and\n...\nthe Fund has a legitimate business\npurpose for releasing portfolio holdings information in advance of release to all shareholders shall\nbe made by the Fund's Chief Compliance Officer or his/her designee, following a request submitted in\nwriting. The eligible third parties to whom portfolio holdings information may be released\nin advance of general release fall into the following categories: data consolidators (including rating\nagencies), fund rating/ranking services and other data providers; service providers to the Fund, investment\nmanager; municipal securities brokers using the Investor Tools product which brings together buyers and\nsellers of municipal securities in the normal operation of the municipal securities markets; certain\nentities, in response to any regulatory requirements, approved by the investment manager s Chief Compliance\nOfficer in limited circumstances; and transition managers hired by Fund shareholders. In addition, should\nthe Fund process a shareholder s redemption request in-kind, the Fund may, under certain circumstances,\nprovide portfolio holdings information to such shareholder to the extent necessary to allow the shareholder\nto prepare for receipt of such portfolio securities. The specific entities\nto whom the Fund may provide portfolio holdings in advance of their release to the general public are: Bloomberg,\nCapital Access, CDA (Thomson Reuters), FactSet, Fidelity Advisors, S P Global Ratings, Vestek, and\nFidelity Trust Company, all of whom may receive portfolio holdings information 15 days after the quarter\nend. Service\nproviders to the Fund that receive portfolio holdings information from time to time in advance of general\nrelease in the course of performing, or to enable them to perform, services for the Fund, including:\nCustodian Bank: JPMorgan Chase Bank; Sub-Administrator: JPMorgan Chase Bank; Independent Registered Public\nAccounting Firm: PricewaterhouseCoopers LLP; Outside Fund Legal Counsel: Stradley Ronon Stevens\nYoung, LLP; Independent Directors'/Trustees' Counsel: Vedder Price P.C; Proxy Voting Services: Glass,\nLewis Co., LLC and Institutional Shareholder Services, Inc.; Brokerage Analytical Services: Sanford\nBernstein, Brown Brothers Harriman, Royal Bank of Canada Capital Markets, JP Morgan Securities Inc.;\nFinancial Printers: Donnelley Financial Solutions, Inc. or GCOM Solutions, Inc. Eligible\nthird parties that do not otherwise have a duty of confidentiality or have not acknowledged such a duty\nare required to (a) execute a non-disclosure agreement that includes the following provisions or (b)\notherwise acknowledge and represent adherence to substantially similar provisions. Non-disclosure agreements\ninclude the following provisions: The recipient agrees to keep confidential until such information\neither is released to the public or the release is otherwise approved by the Chief Compliance Officer. The\nrecipient agrees not to trade on the non-public information received. The recipient agrees\nto refresh its representation as to confidentiality and abstention from trading upon request from Franklin\nTempleton. In no case does the Fund receive any compensation in connection\nwith the arrangements to release portfolio holdings information to any of the above-described recipients\nof the information. A fund other than a U.S. registered Franklin Templeton fund,\nsuch as an offshore fund or an unregistered private fund, with holdings that are not substantially similar\nto the holdings of a U.S. registered Franklin Templeton fund, is not subject to the restrictions imposed\nby the policy. Several invest\n...\nincipal underwriter will be governed by the code of ethics. The\ncode of ethics is on file with, and available from, the SEC. Management fees The Master Portfolio\npays the investment manager a fee equal to an annual rate of 0.15% of the value of the Master Portfolio s\naverage daily net assets. The fee is calculated at the close of business\neach day according to the terms of the management agreement. For the last three fiscal years ended June\n30, the Master Portfolio paid the following management fees: Fiscal Year Management Fees Earned ($) Management\nFees Waived / Expenses Reimbursed ($) Management Fee Paid (After\nWaivers / Expenses Reimbursed) ($) 2025 15,112,199 15,112,199 2024 15,854,804 15,854,804 2023 17,230,798 17,230,798 Administrator\nand services provided Franklin Templeton Services, LLC (FT Services) has an agreement\nwith the Fund to provide various administrative, statistical and other services to the Fund. FT Services\nis an indirect, wholly owned subsidiary of Resources and is an affiliate of the Fund's investment manager\nand principal underwriter. The administrative services FT Services provides\ninclude preparing and maintaining books, records, and tax and financial reports, and monitoring compliance\nwith regulatory requirements. Administration fees The Fund pays FT Services a fee equal\nto an annual rate of 0.20 of 1% of the value of the Fund's average daily net assets. For\nthe last three fiscal years ended June 30, FT Services was paid the following administration fees: Fiscal\nYear Administration Fees Earned ($) Administration Fees Waived / Expenses Reimbursed ($) Administration Fees Paid (After Waivers / Expenses Reimbursed)\n($) 2025 9,716,919 1,259,166 8,457,753 2024 11,052,465 11,052,465 2023 13,431,404 13,431,404 Shareholder servicing and transfer agent\nFranklin Templeton Investor Services, LLC (Investor Services) is the Fund's shareholder servicing agent\nand acts as the Fund's transfer agent and dividend-paying agent. Investor Services is located at 100\nFountain Parkway, St. Petersburg, FL 33716. Please send all correspondence to Institutional Services,\nat P.O. Box 33030, St. Petersburg, FL 33733. Investor Services receives\na fee for servicing Fund shareholder accounts. The Fund also will reimburse Investor Services for certain\nout-of-pocket expenses necessarily incurred in servicing the shareholder accounts in accordance with\nthe terms of its servicing contract with the Fund. In addition, Investor\nServices may make payments to financial intermediaries that provide administrative services to defined\nbenefit plans. Investor Services does not seek reimbursement by the Fund for such payments. Investor\nServices may also pay servicing fees, that will be reimbursed by the Fund, in varying amounts to certain\nfinancial institutions (to help offset their costs associated with client account maintenance support,\nstatement preparation\n22\nand transaction processing) that (i) maintain omnibus accounts with the Fund in\nthe institution's name on behalf of numerous beneficial owners of Fund shares who are either direct clients\nof the institution or are participants in an IRS-recognized tax-deferred savings plan (including Employer\nSponsored Retirement Plans and Section 529 Plans) for which the institution, or its affiliate, provides\nparticipant level recordkeeping services (called \"Beneficial Owners\"); or (ii) provide support for Fund\nshareholder accounts by sharing account data with Investor Services through the National Securities Clearing\nCorporation (NSCC) networking system. In addition to servicing fees received from the Fund, t\n...\no a U.S. tax compliance\nagreement with the IRS under section 1471(b) of the Code (FFI agreement) under which it agrees to verify,\nreport and disclose certain of its U.S. accountholders and provided that such entity meets certain other\nspecified requirements. The FFI will report to the IRS, or, depending on the FFI s country of residence,\nto the government of that country (pursuant to the terms and conditions of an applicable IGA and applicable\nlaw), which will, in turn, report to the IRS. An FFI that is resident in a country that has entered into\nan IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder\nand the applicable foreign government comply with the terms of such agreement. An\nNFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally\nby certifying that it does not have any substantial U.S. owners or by providing the name, address and\ntaxpayer identification number of each substantial U.S. owner. The NFFE will report information either\n(i) to the Fund, or other applicable withholding agent, which will, in turn, report information to the\nIRS, or (ii) directly to the IRS. Such foreign shareholders also may fall into\ncertain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations,\nIGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide\nthe Fund with documentation properly certifying the entity s status under FATCA in order to avoid FATCA\nwithholding. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification\nrules to avoid backup withholding described above. Organization, Voting\nRights and Principal Holders The Fund is a diversified series of Institutional\nFiduciary Trust (Trust), an open-end management investment company, commonly called a mutual fund. The\nTrust was originally organized as a Massachusetts business trust on January 15, 1985, was reorganized\neffective November 1, 2007, as a Delaware statutory trust and is registered with the SEC. Certain\nFranklin Templeton funds offer multiple classes of shares. The different classes have proportionate interests\nin the same portfolio of investment securities. They differ, however, primarily in their sales charge\nstructures and Rule 12b-1 plans. Please note that for selling or exchanging your shares, or for other\npurposes, the Fund s shares are considered Class A shares. The Trust has noncumulative\nvoting rights. For board member elections, this gives holders of more than 50% of the shares voting the\nability to elect all of the members of the board. If this happens, holders of the remaining shares voting\nwill not be able to elect anyone to the board.\n28\nThe Trust does not intend to hold annual shareholder meetings. The Trust or a\nseries of the Trust may hold special meetings, however, for matters requiring shareholder approval. As of October 1, 2025, the principal shareholders of the Fund, beneficial or of\nrecord, were: Name\nand Address Share Class Percentage (%) TEMPLETON INCOME TRUST A 10.06 TEMPLETON\nGLOBAL BOND FUND ATTN US PROD FTL 500/13 300\nSE 2ND ST FL 8 FORT LAUDERDALE FL 333011965 FRANKLIN\nMUTUAL SERIES FUNDS A 6.65 FRANKLIN MUTUAL SHARES FUND 1\nFRANKLIN PKWY SAN MATEO CA 944031906 FRANKLIN\nMUTUAL SERIES FUNDS A 6.41 FRANKLIN MUTUAL GLOBAL DISCOVERY FUND 1 FRANKLIN PKWY SAN MATEO CA 944031906 FRANKLIN\nRISING DIVIDENDS FUND A 6.28 FRANKLIN MANAGED TRUST C/O\nFUND ACCOUNTING DEPT RC Q10/2 3310 QUALITY DR RANCHO\nCORDOVA CA 956707342 To the best knowledge", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}}, "target_triples": [{"s": "fund:Money_Market_Portfolio", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Money_Market_Portfolio", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Money_Market_Portfolio", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Money_Market_Portfolio", "p": "seriesOf", "o": "trust:Institutional_Fiduciary_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Money_Market_Portfolio", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Money Market Portfolio <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Institutional Fiduciary Trust <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services, LLC <triple_end>", "target_serialized_plain": "Money Market Portfolio administrator Franklin Templeton Services, LLC ; advisedBy Franklin Advisers, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Institutional Fiduciary Trust ; transferAgent Franklin Templeton Investor Services, LLC .", "stats": {"input_chars": 14617, "n_triples": 5, "text_to_json_ratio": 33.4}}
{"sample_id": "0000766555:ALL", "cik": "0000766555", "trust_name": "BlackRock Natural Resources Trust", "input_text": "BLACKROCK NATURAL RESOURCES TRUST\n0000766555 false 485BPOS 2025-04-30 A contingent deferred sales charge ( CDSC ) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. As described in the Management of the Fund section of the Fund s prospectus beginning on page 44, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund s applicable withholding tax rates, if any. 1.64 3.56 24.52 26.33 7.\n...\n6Member 2024-01-01 2024-12-31 0000766555 brnrt:MSCIAllCountryWorldIndexNetMember 2024-01-01 2024-12-31 0000766555 brnrt:S000002176Member brnrt:C000005583Member 2024-01-01 2024-12-31 0000766555 brnrt:SPGlobalNaturalResourcesIndexNetMember 2024-01-01 2024-12-31 0000766555 brnrt:C000005583Member 2015-01-01 2024-12-31 0000766555 brnrt:C000005583Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000766555 brnrt:C000005583Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000766555 brnrt:C000005585Member 2015-01-01 2024-12-31 0000766555 brnrt:C000005586Member 2015-01-01 2024-12-31 0000766555 brnrt:MSCIAllCountryWorldIndexNetMember 2015-01-01 2024-12-31 0000766555 brnrt:SPGlobalNaturalResourcesIndexNetMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 25, 2025 Securities Act File No. 2-97095 Investment Company Act File No. 811-4282 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 53 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 55 (Check appropriate box or boxes) BlackRock Natural Resources Trust (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Natural Resources Trust 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $0.10 per share. AUGUST 28, 2025\nProspectus BlackRock Natural Resources Trust | Investor and Institutional Shares Investor A: MDGRX Investor C: MCGRX Institutional: MAGRX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n8\nInvestment Manager\n9\nPortfolio Managers\n9\nPurchase and Sale of Fund Shares\n9\nTax Information\n10\nPayments to Broker/Dealers and Other Financial Intermediaries\n...\nlackRock Natural Resources Trust Investor C Shares\nReturn Before Taxes\n( 5.12 )%\n7.52 %\n3.12 %\nBlackRock Natural Resources Trust Institutional Shares\nReturn Before Taxes\n( 3.30 )%\n8.63 %\n4.06 %\nMSCI All Country World Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n17.49 %\n10.06 %\n9.23 %\nS P Global Natural Resources Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n( 8.86 )%\n5.13 %\n4.63 % 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through 8 tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund s sub-adviser. Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nAlastair Bishop\n2017\nManaging Director of BlackRock, Inc.\nThomas Holl, CFA\n2017\nManaging Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429) or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund s distributor to offer Institutional Shares through a no-load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges 9\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment (continued)\na transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 10 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Natural Resources Trust (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek long-term growth of capital and to protect the purchasing power of shareholders capital by investing in a portfolio of equity securities of domestic and foreign companies with substantial natural resource assets. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process The Fund chooses securities using a combination of top down and bottom up investment styles. Top down means that the Fund seeks to allocate its investments to natural resource-related economic sectors the Fund s management believes have more favorable pricing power than other natural resource related sectors. Bottom up means that the Fund also selects investments based on management s assessment of the earning prospects of individual companies. When assessing individual companies, the Fund seeks to invest in companies that th\n...\nices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. 33 The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\ncounts will follow the following aggregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Natural Resources Trust 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISER BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL, United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literatur", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Natural_Resources_Trust", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Natural_Resources_Trust", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Natural_Resources_Trust", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Natural_Resources_Trust", "p": "seriesOf", "o": "trust:BlackRock_Natural_Resources_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Natural_Resources_Trust", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Natural_Resources_Trust", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Natural_Resources_Trust", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Natural Resources Trust <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Natural Resources Trust <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Natural Resources Trust <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Natural Resources Trust administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock Natural Resources Trust ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Natural Resources Trust underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 20161, "n_triples": 7, "text_to_json_ratio": 29.5}}
{"sample_id": "0000770116:ALL", "cik": "0000770116", "trust_name": "Federated Hermes Intermediate Municipal Trust", "input_text": "ecember 31, 2024)\nShare Class\n1 Year\n5 Years\n10 Years\nA:\nReturn Before Taxes 1\n( 3.19 )%\n0.09 %\n1.52 %\nReturn After Taxes on Distributions 1\n( 3.19 )%\n0.04 %\n1.42 %\nReturn After Taxes on Distributions and Sale of Fund Shares 1\n( 0.76 )%\n0.55 %\n1.63 %\nIS:\nReturn Before Taxes 1\n1.58 %\n1.28 %\n2.22 %\nS P Municipal Bond Index 2 (reflects no deduction for fees, expenses or taxes)\n1.90 %\n1.19 %\n2.34 %\nS P Municipal Bond Intermediate Index 3\n(reflects no deduction for fees, expenses or taxes)\n1.09 %\n1.11 %\n2.20 %\nMorningstar Municipal National Intermediate Funds Average 4\n1.83 %\n0.92 %\n1.88 %\n1\nPrior to December 29, 2017, Institutional Shares (IS) were designated as Class Y Shares and Service Shares (SS) were designated as Institutional Shares.\n2\nThe S P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. It\ntracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality from AAA to non-\nrated, including defaulted bonds from all sectors of the municipal bond market.\n3\nThe S P Municipal Bond Intermediate Index consists of bonds in the S P Municipal Bond Index with a minimum maturity of 3 years and a maximum\nmaturity of 15 years. The S P Municipal Bond Index is designed to track fixed-rate tax-free bonds and bonds subject to the alternative minimum tax\n(AMT). The S P Municipal Bond Index includes bonds of all quality from AAA to non-rated, including defaulted bonds and from all sectors of the\nmunicipal bond market.\n4\nMorningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective\ncategory indicated.\nFUND MANAGEMENT\nThe Fund s Investment Adviser is Federated Investment Management Company.\nR.J. Gallo, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since July of 2017.\nAnn Ferentino, CFA, Senior Portfolio Manager, has been the Fund s portfolio manager since April of 2022.\nDerek Plaski, CFA, Associate Portfolio Manager, has been the Fund s portfolio manager since July of 2025.\npurchase and sale of fund shares\nYou may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange is open. Shares may be purchased through a financial intermediary firm that has entered into a Fund selling and/or servicing agreement with the Distributor or an affiliate ( Financial Intermediary ) or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.\nA Class\nThe minimum investment amount for the Fund s Class A Shares is generally $1,500 for initial investments and $100 for subsequent investments. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.\nIS Class\nThe minimum initial investment amount for the Fund s IS class is generally $1,000,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.\nTax Information\nIt is anticipated that Fund distributions will be primarily dividends that are exempt from federal regular income tax, although a portion of the Fund s dividends may not be tax-exempt. Dividends may be subject to state and local taxes. Although the Fund does not seek to realize capital\n...\nntermediary at the time of purchase of any relationship or other facts qualifying the investor for sales charge waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another financial intermediary to receive these waivers or discounts.\nCOMMISSIONS ON CERTAIN SHARES\nThe Fund does not charge any front-end load, deferred sales charge or other asset-based fee for sales or distribution of Institutional Shares. However, if you purchase Institutional Shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker in an amount determined and separately disclosed to you by the broker.\n23\nBecause the Fund is not a party to any such commission arrangement between you and your broker, any purchases and redemptions of Institutional Shares will be made at the applicable net asset value (before imposition of the sales commission). Any such commissions charged by a broker are not reflected in the fees and expenses listed in the Risk/Return Summary: Fees and Expenses section of the Fund s Prospectus and described above nor are they reflected in the Performance: Bar Chart and Table, because they are not charged by the Fund.\nShares of the Fund are available in other share classes that have different fees and expenses.\nHow is the Fund Sold?\nThe Fund offers the following Share classes: Class A Shares (A) and Institutional Shares (IS), each representing interests in a single portfolio of securities. All Share classes have different expenses which affect their performance. Please note that certain purchase restrictions may apply.\nUnder the Distributor s Contract with the Fund, the Distributor, Federated Securities Corp., offers Shares on a continuous, best-efforts basis. The Distributor is a subsidiary of Federated Hermes, Inc. ( Federated Hermes, formerly, Federated Investors, Inc.).\nA Class\nThe Fund s Distributor markets the A class to retail and private banking customers of financial institutions and to accounts for which financial institutions act in a fiduciary, advisory, agency, custodial or similar capacity or to individuals, directly or through financial intermediaries.\nIS Class\nThe Fund s Distributor markets the IS class to Eligible Investors, as described below. In connection with a request to purchase the IS class, you should provide documentation sufficient to verify your status as an Eligible Investor. As a general matter, the IS class is not available for direct investment by natural persons.\nThe following categories of Eligible Investors are not subject to any minimum initial investment amount for the purchase of the IS class (however, such accounts remain subject to the Fund s policy on Accounts with Low Balances as discussed later in this Prospectus):\nAn investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform where Federated Hermes has entered into an agreement with the intermediary;\nA trustee/director or former trustee/director (e.g., Trustee/Director Emeritus), employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;\nAn employer-sponsored retirement plan;\nA trust institution investing on behalf of its trust customers;\nAdditional sales to an investor (including a natural person) who o\n...\nss choice on your New Account Form or form of payment (e.g., Federal Reserve wire or check), you automatically will receive the A class of the Fund.\nFor important account information, see the section Security and Privacy Protection.\nIS Class\nEligible investors may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund in the manner described above under How is the Fund Sold?\nWhere applicable, the required minimum initial investment for IS class is generally $1,000,000. There is no minimum subsequent investment amount.\n26\nA Class\nYou may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund.\nTHROUGH A FINANCIAL INTERMEDIARY\nEstablish an account with the financial intermediary; and\nSubmit your purchase order to the financial intermediary before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time).\nThe Fund has authorized certain intermediaries to accept share purchase orders on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the Fund, and shares will be bought at the NAV next calculated after such an order is received by the authorized intermediary. If your financial intermediary is not an authorized intermediary, the Fund or its agent must receive the purchase order in proper form from your financial intermediary by the end of regular trading on the NYSE (normally, 4:00 p.m. Eastern time) in order for your transaction to be priced at that day s NAV. In addition, your financial intermediary must forward your payment by the prescribed trade settlement date (typically within one to three business days) to the Fund s transfer agent, SS C GIDS, Inc. ( Transfer Agent ). You will become the owner of Shares and receive dividends when your payment is received in accordance with these time frames (provided that, if payment is received in the form of a check, the check clears). If your payment is not received in accordance with these time frames, or a check does not clear, your purchase will be canceled and you could be liable for any losses, fees or expenses incurred by the Fund or the Fund s Transfer Agent.\nFinancial intermediaries should send payments according to the instructions in the sections By Wire or By Check.\nFinancial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.\nShareholders are encouraged to ask their financial intermediary if they are an authorized agent for the Fund and about any fees that may be charged by the financial intermediary.\nDIRECTLY FROM THE FUND\nEstablish your account with the Fund by submitting a completed New Account Form; and\nSend your payment to the Fund by Federal Reserve wire or check.\nYou will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or the Fund s Transfer Agent.\nBy Wire\nTo facilitate processing your order, please call the Fund before sending the wire. Send your wire to:\nState Street Bank and Trust Company\nBoston, MA\nDollar Amount of Wire\nABA Number 011000028\nBNF: 23026552\nAttention: Federated Hermes EDGEWIRE\nWire Order Number, Dealer Number or Group N\n...\nevel-load) shares that are no longer subject to a contingent deferred sales charge are systematically converted to the Class A shares of the same fund pursuant to USBI s intra-fund share class policy. No front-end sales charge will apply to such conversions.\n47\nAn SAI dated July 31, 2025, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund s SAI, Annual and Semi-Annual Reports to shareholders and in Form N-CSR as they become available. In Form N-CSR, you will find, among other information, the Fund s annual and semi-annual financial statements. The Annual Report s Management s Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund s performance during its last fiscal year. The SAI contains a description of the Fund s policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge, to make inquiries or request e-delivery, call your financial intermediary or the Fund at 1-800-341-7400. You may also access the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund s website at FederatedHermes.com/us/FundInformation.\nThese documents, as well as additional information about the Fund (including portfolio holdings, performance and distributions), are also available on FederatedHermes.com/us.\nYou can obtain information about the Fund (including the SAI) by accessing Fund information from the EDGAR Database on the SEC s website at sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov.\nFederated Hermes Intermediate Municipal Fund\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call 1-800-341-7400.\nFederated Securities Corp., Distributor\nInvestment Company Act File No. 811-4314\nCUSIP 458810108\nCUSIP 458810603\n43502 (7/25)\n2025 Federated Hermes, Inc.\nStatement of Additional Information\nJuly 31, 2025\nShare Class | Ticker\nA | FIMTX\nInstitutional | FIMYX\nFederated Hermes Intermediate Municipal Fund\nA Portfolio of Federated Hermes Intermediate Municipal Trust\nThis Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Intermediate Municipal Fund (the Fund ), dated July 31, 2025.\nThis SAI incorporates by reference the Fund s annual financial statements filed on Form N-CSR. Obtain the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge by calling 1-800-341-7400. You may also access the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund s website at FederatedHermes.com/us/FundInformation.\nContents\n1\nHow is the Fund Organized?\n1\nSecurities in Which the Fund Invests\n8\nInvestment Risks\n11\nInvestment Objective (and Policies) and Investment Limitations\n13\nWhat Do Shares Cost?\n15\nHow is the Fund Sold?\n18\nPurchases In-Kind\n18\nRedemption In-Kind\n19\nMassachusetts Partnership Law\n19\nAccount and Share Information\n19\nTax Information\n20\nWho Manages and Provides Services to the Fund?\n37\nFinancial Information\n37\nInvestment Ratings\n42\nAddresses\n43\nAppendix\nFederated Hermes Intermediate Municipal Fund Federated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\n...\nlifications of Independent Trustees\nIndividual Trustee qualifications are noted in the Independent Trustees Background and Compensation chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.\nOutstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.\nDesire and availability to serve for a substantial period of time, taking into account the Board s current mandatory retirement age of 75 years.\nNo conflicts which would interfere with qualifying as independent.\nAppropriate interpersonal skills to work effectively with other Independent Trustees.\nUnderstanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.\nDiversity of background.\nInterested Trustees Background and Compensation\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJ. Christopher Donahue*\nBirth Date: April 11, 1949\nPresident and Trustee\nIndefinite Term\nBegan serving: October 1999\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of the\nFunds in the Federated Hermes Complex; Chairman, President, Chief\nExecutive Officer and Director, Federated Hermes, Inc.; Trustee, Federated\nAdministrative Services and Director, Federated Administrative Services,\nInc.; Trustee and Chairman, Federated Advisory Services Company; Director\nor Trustee and Chairman, Federated Investment Management Company,\nFederated Global Investment Management Corp., Federated Equity\nManagement Company of Pennsylvania, and Federated MDTA LLC; Trustee,\nFederated Investment Counseling; Trustee, Federated Shareholder Services\nCompany; Director, Federated Services Company.\nPrevious Positions: President, Federated Investment Counseling; President\nand Chief Executive Officer, Federated Investment Management Company,\nFederated Global Investment Management Corp. and Passport Research,\nLtd.; Chairman, Passport Research, Ltd.\n$0\n$0\n20\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJohn B. Fisher*\nBirth Date: May 16, 1956\nTrustee\nIndefinite Term\nBegan serving: May 2016\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of\ncertain of the Funds in the Federated Hermes Complex; Director and Vice\nPresident, Federated Hermes, Inc.; President, Director/Trustee and CEO,\nFederated Advisory Services Company, Federated Equity Management\nCompany of Pennsylvania, Federated Global Investment Management\nCorp., Federated Investment Counseling, Federated Investment\nManagement Company and Federated MDTA LLC; Director, Federated\nInvestors Trust Company.\nPrevious Positions: President and Director of the Institutional Sales\nDivision of Federated Securities Corp.; President a\n...\nthe Fund and one or more of those accounts invests in, or disposes of, the same security, available investments or opportunities for sales will be allocated among the Fund and the account(s) in a manner believed by the Adviser to be equitable. While the coordination and ability to participate in volume transactions may benefit the Fund, it is possible that this procedure could adversely impact the price paid or received and/or the position obtained or disposed of by the Fund. Investment decisions, and trading, for certain separately managed or wrap-fee accounts, and other accounts, of the Adviser and/or certain investment adviser affiliates of the Adviser are generally made, and conducted, independently from the Fund. It is possible that such independent trading activity could adversely impact the prices paid or received and/or positions obtained or disposed of by the Fund.\nAdministrator\nFederated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ( Administrative Services ), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, Investment Complex is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.\nAdministrative Services\nFee Rate\nAverage Daily Net Assets\nof the Investment Complex\n0.100%\non assets up to $50 billion\n0.075%\non assets over $50 billion\nCustodian\nThe Bank of New York Mellon, New York, New York, is custodian for the securities and cash of the Fund.\nTransfer Agent And Dividend Disbursing Agent\nSS C GIDS, Inc., the Fund s registered transfer agent, maintains all necessary shareholder records.\nIndependent Registered Public Accounting Firm\nThe independent registered public accounting firm for the Fund, Ernst Young LLP, conducts its audits in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require it to plan and perform its audits to provide reasonable assurance about whether the Fund s financial statements and financial highlights are free of material misstatement.\n36\nFees Paid by the Fund for Services\nFor the Year Ended May 31,\n2025\n2024\n2023\nAdvisory Fee Earned\n$749,032\n$620,628\n$492,283\nAdvisory Fee Waived\n$470,579\n$423,166\n$379,361\nNet Administrative Fee\n$148,848\n$123,561\n$ 99,040\nNet Shareholder Services Fee:\nClass A Shares 1\n$ 80,402\n$ 65,922\n$ 46,685\nService Shares\n$\n$\n$ 11,097\n1\nEffective at the start of business on July 28, 2022, the former Service Shares were redesignated as new Class A Shares.\nFees are allocated among classes based on their pro rata share of Fund assets, except for shareholder services fees, which are borne only by the applicable class of Shares.\nSecurities Lending Activities\nThe services provided to the Fund by Citibank, N.A. as securities lending agent may include the following: selecting securities previously identified by the Fund as available for loan to be loaned; locating borrowers identified in the securities lending agency agreement; negotiating loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; marking to market non-cash collateral; instructing the Fund s c", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Intermediate_Municipal_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Municipal_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Municipal_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Municipal_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Intermediate_Municipal_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Municipal_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Federated_Hermes_Intermediate_Municipal_Trust", "p": "underwrittenBy", "o": "org:Federated_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Federated Hermes Intermediate Municipal Fund <predicate_marker> administrator <object_marker> Federated Administrative Services <predicate_marker> advisedBy <object_marker> Federated Investment Management Company <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Federated Hermes Intermediate Municipal Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Intermediate Municipal Trust <predicate_marker> underwrittenBy <object_marker> Federated Securities Corp. <triple_end>", "target_serialized_plain": "Federated Hermes Intermediate Municipal Fund administrator Federated Administrative Services ; advisedBy Federated Investment Management Company ; custodian The Bank of New York Mellon ; seriesOf Federated Hermes Intermediate Municipal Trust ; transferAgent SS&C GIDS, Inc. .\nFederated Hermes Intermediate Municipal Trust underwrittenBy Federated Securities Corp. .", "stats": {"input_chars": 21624, "n_triples": 6, "text_to_json_ratio": 34.9}}
{"sample_id": "0000773478:ALL", "cik": "0000773478", "trust_name": "Franklin California Tax Free Trust", "input_text": "As filed with the Securities and Exchange Commission on October\n23, 2025 File Nos. 002-99112 811-04356 SECURITIES AND\nEXCHANGE COMMISSION WASHINGTON, D.C.\n20549 FORM N-1A REGISTRATION STATEMENT\nUNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. Post-Effective\nAmendment No. 73 [X] and/or REGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 73 [X] FRANKLIN\nCALIFORNIA TAX FREE TRUST (Exact Name of\nRegistrant as Specified in Charter) ONE FRANKLIN PARKWAY, SAN MATEO, CALIFORNIA 94403-1906 (Address of Principal Executive Offices) (Zip Code) Registrant's\nTelephone Number, Including Area Code (650) 312-2000 Alison\nBaur, One Franklin Parkway, San Mateo, CA 94403-1906\n(Name and Address of Agent for Service of Process) Approximate Date of Proposed Public Offering: It\nis proposed that this filing will become effective (check appropriate box) [ ] immediately upon filing pursuant to paragraph (b) [X] on November\n1, 2025 pursuant to paragraph (b) [\n] 60 days after filing pursuant to paragraph\n(a)(1) [ ] on (date) pursuant to paragraph (a)(1) [\n] 75 days after filing pursuant to paragraph\n(a)(2) [ ] on (date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: [ ] This post-effective\namendment designates a new effective date for a previously filed post-effective amendment.\nFRANKLIN CALIFORNIA INTERMEDIATE-TERM\nTAX-FREE INCOME FUND FRANKLIN CALIFORNIA TAX-FREE\nTRUST Prospectus November\n1, 2025 Class\nA Class A1 Class\nC Class R6 Advisor\nClass FCCQX FKCIX FCCIX FCCRX FRCZX The U.S. Securities and\nExchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy\nof this prospectus. Any representation to the contrary is a criminal offense. CAT\nP 11/25\nContents Fund Summary Information about the Fund you should know before investing Investment Goal 4 Fees\nand Expenses of the Fund 4 Portfolio Turnover 5 Principal Investment Strategies 6 Principal Risks 6 Performance 10 Investment Manager 12 Portfolio Managers 12 Purchase and Sale of Fund Shares 13 Taxes 13 Payments to Broker-Dealers and Other Financial Intermediaries 13 Fund\nDetails More information on investment\npolicies, practices and risks/financial highlights Investment\nGoal 14 Principal Investment Policies and Practices 14 Principal\nRisks 15 Management 22 Distributions and Taxes 24 Financial Highlights 28 Your Account Information\nabout sales charges, qualified investors, account transactions and services Choosing a Share Class 34 Buying\nShares 47 Investor Services 50 Selling Shares 53 Exchanging Shares 55 Account Policies 59 Questions 70 For More Information Where to learn more about the Fund Back\nCover\nFRANKLIN\nCALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND FUND SUMMARY\nFund Summary\nInvestment Goal To provide investors with as high a level of income exempt\nfrom federal income taxes and California personal income taxes as is consistent with prudent investment\nmanagement and the preservation of shareholders capital.\nFees and Expenses of the Fund These tables describe the fees and expenses\nthat you may pay if you buy, hold and sell shares of the Fund. You may pay other fees (including on Class\nR6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries,\nwhich are not reflected in the tables and examples below. You may qualify for sales charge discounts\nin Class A if you and your family invest, or agree to invest in the future, at least $ 100,000 in Franklin\nTempleton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund s\ndistributor. More information about these and other discounts is available from your financial professional\nand under Your Account on page 34 in the Fund s Prospectus and under Buying and Selling Shares\non page 43 of the Fund s Statement of Additional Information. In addition, more information about sales\ncharge discounts and waivers for purchases of shares through specific financial intermediaries is set\nforth in Appendix A Intermediary Sales Charge Discounts and Waivers to the Fund s prospectus. Shareholder\nFees (fees paid directly from your investment) Class A Class A1 Class C Class R6 Advisor\nClass Maximum Sales Charge\n(Load) Imposed on Purchases (as percentage of offering price) 2.25 % 2.25 % None None None Maximum Deferred Sales Charge\n(Load) (as percentage of the lower of original purchase price or sale proceeds) None 1 None 1 1.00 % None None 1. There\nis a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see \"Investments\nof $250,000 or More\" under \"Choosing a Share Class\") and purchases by certain retirement plans without\nan initial sales charge on shares sold within 18 months of purchase.\n4 Prospectus www.franklintempleton.com FRANKLIN\nCALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND FUND SUMMARY\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value\nof your investment) Class A Class A1 Class C Class R6 Advisor\nClass Management\nfees 0.47 % 0.47 % 0.47 % 0.47 % 0.47 % Distribution and service (12b-1) fees 0.25 % 0.10 % 0.65 % None None Other expenses 0.09 % 0.09 % 0.09 % 0.04 % 0.09 % Total annual Fund operating\nexpenses 0.81 % 0.66 % 1.21 % 0.51 % 0.56 % Fee waiver and/or expense reimbursement 1 - 0.07 % - 0.07 % - 0.07 % - 0.05 % - 0.07 % Total ann\n...\nharges) For periods ended December\n31, 2024 1 Year 5\nYears 10\nYears Since\nInception Franklin\nCalifornia Intermediate-Term Tax-Free Income Fund - Class A Return before taxes - 0.59 % 0.04 %\n1.27 % Return after taxes on\ndistributions\n- 0.63 % 0.03 % 1.27 % Return\nafter taxes on distributions and sale of Fund shares\n0.79 % 0.58 % 1.56 % Franklin California Intermediate-Term Tax-Free Income Fund - Class A1 - 0.39 % 0.21 %\n1.37 % Franklin California Intermediate-Term\nTax-Free Income Fund - Class C\n0.30 % 0.10 % 1.04 % Franklin California Intermediate-Term Tax-Free Income Fund - Class R6 1.98 % 0.78 % 1.43 % 1 Franklin California Intermediate-Term Tax-Free Income Fund - Advisor Class 2.04 % 0.75 %\n1.71 % Bloomberg Municipal Bond\nIndex (index reflects no deduction for fees, expenses or taxes) 1.05 %\n0.99 % 2.25 % Bloomberg Municipal M.F.\nCA Intermediate Index (index reflects no deduction for fees, expenses or taxes) 0.20 %\n0.75 % 1.85 % 1. Since inception August 1, 2017. No\none index is representative of the Fund's portfolio. Historical performance for Class A shares\nin the bar chart and table above prior to their inception is based on the performance of Class A1 shares\nand has been adjusted to reflect differences in Rule 12b-1 fees between classes. The after-tax returns\npresented in the table are calculated using the historical highest individual federal marginal income\ntax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on\nan investor's tax situation and may differ from those shown. After-tax returns are shown only for Class\nA and after-tax returns for other classes will vary. Important data provider notices and terms\nare available at www.franklintempletondatasources.com. Such information is subject to change.\nInvestment Manager Franklin\nAdvisers, Inc. (Advisers or investment manager)\nPortfolio Managers John Wiley Senior Vice President of Advisers and portfolio\nmanager of the Fund since 1992.\n12 Prospectus www.franklintempleton.com FRANKLIN\nCALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND FUND SUMMARY\nChristopher\nSperry, CFA Vice\nPresident of Advisers and portfolio manager of the Fund since 2000. John Bonelli Vice President of Advisers\nand portfolio manager of the Fund since 2020. Michael Conn Vice President of Advisers and portfolio\nmanager of the Fund since 2020. Purchase\nand Sale of Fund Shares You may purchase or redeem shares of the Fund on any business day online through\nour website at www.franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 33030,\nSt. Petersburg, FL 33733), or by telephone at (800) 632-2301. For Class A, A1 and C, the minimum initial\npurchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor\nClass are only available to certain qualified investors and the minimum initial investment will vary\ndepending on the type of qualified investor, as described under \"Your Account Choosing a Share Class\nQualified Investors Class R6\" and \" Advisor Class\" in the Fund's prospectus. There is no minimum\ninvestment for subsequent purchases.\nTaxes The Fund s distributions are primarily exempt from regular\nfederal and state income tax for individual residents of California. A portion of these distributions,\nhowever, may be subject to the federal alternative minimum tax. The Fund may also make distributions\nthat are taxable to you as ordinary income or capital gains.\nPayments to Broker-Dealers and Other Financial Intermediaries If you purchase shares\nof the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its\nrelated companies may pay the intermediary for the sale of Fund shares and related services. These payments\nmay create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson\nto recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's\nwebsite for more information.\nwww.franklintempleton.com Prospectus 13 FRANKLIN\nCALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND FUND DETAILS\nFund Details\nInvestment Goal The Fund's investment goal is to provide investors with as\nhigh a level of income exempt from federal income taxes and California personal income taxes as is consistent\nwith prudent\n...\ne Fund has a legitimate business purpose for releasing portfolio holdings\ninformation in advance of release to all shareholders shall be made by the Fund's Chief Compliance Officer\nor his/her designee, following a request submitted in writing. The eligible third parties\nto whom portfolio holdings information may be released in advance of general release fall into the following\ncategories: data consolidators (including rating agencies), fund rating/ranking services and other data\nproviders; service providers to the Fund and investment manager; municipal securities brokers using the\nInvestor Tools product which brings together buyers and sellers of municipal securities in the normal\noperation of the municipal securities markets; certain entities, in response to any regulatory requirements,\napproved by the investment manager s Chief Compliance Officer in limited circumstances; and transition\nmanagers hired by Fund shareholders. In addition, should the Fund process a shareholder s redemption\nrequest in-kind, the Fund may, under certain circumstances, provide portfolio holdings information to\nsuch shareholder to the extent necessary to allow the shareholder to prepare for receipt of such portfolio\nsecurities. The specific entities to whom the Fund may provide portfolio\nholdings in advance of their release to the general public are: Bloomberg, Capital Access, CDA (Thomson Reuters), FactSet,\nFidelity Advisors, S P Global Ratings, Vestek, and Fidelity Trust Company, all of whom may receive\nportfolio holdings information 15 days after the quarter end. Service providers to the Fund that receive portfolio holdings\ninformation from time to time in advance of general release in the course of performing, or to enable\nthem to perform, services for the Fund, including: Custodian Bank: JPMorgan Chase Bank; Sub-Administrator:\nJPMorgan Chase Bank; Independent Registered Public Accounting Firm: PricewaterhouseCoopers LLP; Outside\nFund Legal Counsel: Stradley Ronon Stevens Young, LLP; Independent Directors'/Trustees' Counsel:\nVedder Price P.C.; Proxy Voting Services: Glass, Lewis Co., LLC and Institutional Shareholder Services,\nInc.; Brokerage Analytical Services: Sanford Bernstein, Brown Brothers Harriman, Royal Bank of Canada\nCapital Markets, JP Morgan Securities Inc.; Financial Printers: Donnelley Financial Solutions, Inc. or\nGCOM Solutions, Inc. Eligible third parties that do not otherwise\nhave a duty of confidentiality or have not acknowledged such a duty are required to (a) execute a non-disclosure\nagreement that includes the following provisions or (b) otherwise acknowledge and represent adherence\nto substantially similar provisions. Non-disclosure agreements include the following provisions: The\nrecipient agrees to keep confidential until such information either is released to the public or the\nrelease is otherwise approved by the Chief Compliance Officer. The recipient agrees\nnot to trade on the non-public information received. The recipient agrees to refresh its representation as to confidentiality\nand abstention from trading upon request from Franklin Templeton. In\nno case does the Fund receive any compensation in connection with the arrangements to release portfolio\nholdings information to any of the above-described recipients of the information. A\nfund other than a U.S. registered Franklin Templeton fund, such as an offshore fund or an unregistered\nprivate fund, with holdings that are not substantially similar to the holdings of a U.S. registered Franklin\nTempleton fund, is not subject to the restrictions imposed by the policy. Several invest", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Franklin_California_Intermediate_Term_Tax_Free_Income_Fund", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Franklin_California_Intermediate_Term_Tax_Free_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_California_Intermediate_Term_Tax_Free_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_California_Intermediate_Term_Tax_Free_Income_Fund", "p": "seriesOf", "o": "trust:Franklin_California_Tax_Free_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_California_Intermediate_Term_Tax_Free_Income_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Franklin_California_Tax_Free_Trust", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Franklin California Intermediate-Term Tax-Free Income Fund <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Franklin California Tax Free Trust <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services, LLC <triple_end>\n<triple_start> Franklin California Tax Free Trust <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Franklin California Intermediate-Term Tax-Free Income Fund administrator Franklin Templeton Services, LLC ; advisedBy Franklin Advisers, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Franklin California Tax Free Trust ; transferAgent Franklin Templeton Investor Services, LLC .\nFranklin California Tax Free Trust underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 13286, "n_triples": 6, "text_to_json_ratio": 21.5}}
{"sample_id": "0000773757:ALL", "cik": "0000773757", "trust_name": "Columbia Funds Series Trust I", "input_text": "485APOS\n1\nd61533d485apos.htm\nCOLUMBIA FUNDS SERIES TRUST I\nCOLUMBIA FUNDS SERIES TRUST I\nAs filed with\nthe Securities and Exchange Commission on May 28, 2026. Registration Nos. 2-99356 811-04367\nUNITED STATES SECURITIES AND\nEXCHANGE COMMISSION WASHINGTON, DC\n20549\nForm N-1A REGISTRATION STATEMENT UNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No.\n436\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE\nINVESTMENT COMPANY ACT OF 1940\nAmendment No. 440 (Check Appropriate Box or Boxes)\nCOLUMBIA FUNDS SERIES TRUST I (Exact Name of Registrant as Specified in Charter)\n290 Congress Street, Boston, Massachusetts 02210 (Address of\nPrincipal Executive Offices) (Zip Code) Registrant s Telephone Number, Including\nArea Code: (800) 345-6611\nMichael G. Clarke c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210\nRyan C. Larrenaga, Esq. c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210 (Name and Address of Agents for Service)\nApproximate Date of Proposed Public Offering: It is proposed that this filing will become effective (check appropriate box)\nImmediately upon filing pursuant to paragraph (b) On (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On August 1, 2026 pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn (date) pursuant to paragraph (a)(2) of rule 485.\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a\npreviously filed post-effective amendment. This Post-Effective\nAmendment relates solely to the Registrant s Columbia Integrated Large Cap Growth Fund II ( formerly known as Multi-Manager\nGrowth Strategies Fund) series. Information contained in the Registrant s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.\nColumbia Integrated Large Cap Growth Fund II (formerly known as Multi-Manager Growth Strategies Fund )\nProspectus\nAugust 1, 2026\nClass\nTicker Symbol\nInstitutional (Class Inst)\nCZMGX The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. The Fund, together with the other funds managed by Columbia Management Investment Advisers, LLC that also share this same eligibility criteria, are referred to herein as the Multi-Manager Strategies Funds. As with all mutual funds, the Securities and Exchange\nCommission (SEC) has not approved or disapproved these securities or passed upo\n...\nole with Fund\nManaged Fund Since\nJason Hans, CFA\nSenior Portfolio Manager\nCo-Portfolio Manager\n2025\nOleg Nusinzon, CFA\nSenior Portfolio Manager\nCo-Portfolio Manager\n2025\nRaghavendran Sivaraman, Ph.D., CFA\nSenior Portfolio Manager\nCo-Portfolio Manager\n2025 Purchase and Sale of Fund Shares Fund shares are offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its\naffiliates. Fund shares are sold in accordance with the terms of the account through which you invested in the Fund and redeemed in accordance with the terms of the Fund s\nprospectus. There is a $100 minimum initial investment and no minimum additional investment.\nGenerally, you may only exchange a share class of a Multi-Manager\nStrategies Fund for the same class of shares, if available, of another Multi-Manager Strategies Fund. Please refer to the Buying, Selling and Exchanging Shares Exchanging Shares section of the prospectus for more information on exchangeability.\nProspectus 2026\n7\nColumbia Integrated Large Cap Growth Fund II\nSummary of the Fund (continued)\nTax Information\nThe Fund normally distributes net investment income and net realized capital gains, if any,\nto shareholders. These distributions are generally taxable to you as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an IRA. If you are investing through a\ntax-advantaged account, you may be taxed upon withdrawals from that account.\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase the Fund through a broker-dealer or other financial intermediary (such as a\nbank), the Fund and its related companies including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. (the Distributor) and Columbia Management Investment Services Corp. (the\nTransfer Agent) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer\nor other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information.\n8 Prospectus 2026\nColumbia Integrated Large Cap Growth Fund II\nMore Information About the Fund\nInvestment\nObjective Columbia Integrated Large Cap Growth\nFund II (the Fund) seeks long-term capital appreciation.\nThe Fund s investment objective is not a fundamental policy and may be changed by the Fund s Board\nof Trustees without shareholder approval as long as shareholders are given 60 days advance written notice of the change. Because any investment involves\nrisk, there is no assurance the Fund s investment objective will be achieved. Principal Investment Strategies Under normal circumstances, the Fund invests at least\n80% of its net assets ( plus the amount of any borrowings\nfor investment purposes) in equity securities of large capitalization companies . These companies have market\ncapitalizations in the range of companies in the Russell 1000 Growth Index (the Capitalization Index), which ranged between $[___ million] and $[__ trillion] as of June 30,\n2026. The market capitalization range and composition of companies in the Capitalization Index are subject to change. As such, the size of the companies in\nwhich the Fund invests\nmay change . The Fund may continue to hold a security even if the company s market capitalization is no longer within the range of the Capitalization Index . Under normal circumstances , the Fund also invests at least 80% of its net asset\n...\necember 2021. He previously served as a Director and Portfolio\nManager at BMO Asset Management Corp., which he joined in 2008. Mr. Hans began his investment career in 1998\nand earned a B.S. from Miami University and an M.B.A. from the University of Notre Dame.\nMr. Nusinzon joined the Investment Manager in 2020. Mr. Nusinzon\nbegan his investment career in 1997 and earned a B.S.E. from the University of Pennsylvania and an M.B.A. from\nthe Chicago Booth School of Business. Dr.\nSivaraman joined one of the Columbia Management legacy firms or acquired business lines in 2007. Dr.\nSivaraman began his investment career in 2007 and earned a B.Tech. in Computer Science Engineering from the\nIndian Institute of Technology, Madras and a Ph.D. in Operations Research from the Massachusetts Institute of\nTechnology. The Distributor Shares of the Fund are distributed by Columbia Management Investment Distributors, Inc., which is located at 290 Congress\nStreet, Boston, MA 02210. The Distributor is a registered broker-dealer and an indirect, wholly-owned subsidiary of Ameriprise Financial. The Distributor and its affiliates may pay\ncommissions, distribution and service fees and/or other compensation to entities, including Ameriprise Financial affiliates, for selling shares and providing services to investors. The Transfer Agent Columbia Management Investment Services Corp. is a registered transfer agent and wholly-owned subsidiary of Ameriprise\nFinancial. The Transfer Agent is located at 290 Congress Street, Boston, MA 02210, and its responsibilities include processing purchases, redemptions and exchanges of Fund shares,\ncalculating and paying distributions, maintaining shareholder records, preparing account statements and providing general customer services. The Transfer Agent has engaged SS C GIDS, Inc. to provide various shareholder or sub-transfer agency services. In addition, the Transfer Agent enters into agreements with various financial intermediaries through which you may\nhold Fund shares, pursuant to which the Transfer Agent pays these financial intermediaries for providing certain shareholder services. Depending on the type of account, the Fund\npays the Transfer Agent a per account fee or a fee based on the assets invested through omnibus accounts, and reimburses the Transfer Agent for certain out-of-pocket expenses, including certain payments to financial intermediaries through which shares are held.\nOther Roles and Relationships of Ameriprise Financial and its Affiliates\nCertain Conflicts of Interest The Investment Manager, Distributor and Transfer Agent, all affiliates of Ameriprise Financial, provide various services to\nthe Fund and other Columbia Funds for which they are compensated. Ameriprise Financial and its other affiliates may also provide other services to these funds and be compensated\nfor them. The Investment Manager and its affiliates may provide investment advisory and other services to other clients and customers\nsubstantially similar to those provided to the Columbia Funds. These activities, and other financial services activities of Ameriprise Financial and its affiliates, may present\nactual and potential conflicts of interest and introduce certain investment constraints.\nAmeriprise Financial is a major financial services company, engaged\nin a broad range of financial activities beyond the fund-related activities of the Investment Manager, including, among others, insurance, broker-dealer (sales and trading), asset management, banking and other financial activities. These additional activities may involve multiple\nadvisory, f\n...\ns Limited\nBank of America\nBank of America Corporation\nBoard\nA Trust s Board of Trustees\nBoston Partners\nBoston Partners Global Investors, Inc.\nStatement of Additional Information\n[ August 1, 2026 ] 2\nBusiness Day\nAny day on which the NYSE is open for business. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of the regularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as the Fund s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open.\nCapital Allocation Portfolios\nCollectively, Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio\nCAT\nColumbia Acorn Trust\nCauseway\nCauseway Capital Management LLC\nCEA\nCommodity Exchange Act\nCFST\nColumbia Funds Series Trust\nCFST I\nColumbia Funds Series Trust I\nCFST II\nColumbia Funds Series Trust II\nCFTC\nThe United States Commodity Futures Trading Commission\nCode\nInternal Revenue Code of 1986, as amended\nCodes of Ethics\nThe codes of ethics adopted by the Funds, Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. and/or any subadviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act\nColumbia Funds or Columbia Funds Complex\nThe fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates\nColumbia Management\nColumbia Management Investment Advisers, LLC\nColumbia Threadneedle Investments\nThe global brand name of the Columbia and Threadneedle group of companies\nConestoga\nConestoga Capital Advisors, LLC\nCrabel\nCrabel Capital Management, LLC\nCustodian(s)\nJPMorgan Chase Bank, N.A. or State Street Bank and Trust Company serves as custodian to the respective Funds, as described in this SAI. During 2026, custody of the Funds is transitioning from JPMorgan Chase Bank, N.A. to State Street Bank and Trust Company using a phased approach.\nDBRS\nMorningstar DBRS\nDFA\nDimensional Fund Advisors LP\nDiamond Hill\nDiamond Hill Capital Management, Inc.\nDistribution Agreement\nThe Distribution Agreement between a Trust, on behalf of its Funds, and the Distributor\nDistribution Plan(s)\nOne or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds shares\nDistributor\nColumbia Management Investment Distributors, Inc.\nFDIC\nFederal Deposit Insurance Corporation\nStatement of Additional Information\n[ August 1, 2026 ] 3\nFHLMC\nThe Federal Home Loan Mortgage Corporation\nFINRA\nFinancial Industry Regulatory Authority\nFitch\nFitch Ratings, Inc.\nFNMA\nFederal National Mortgage Association\nThe Fund(s) or a Fund\nOne or more of the open-end management investment companies listed on the front cover of this SAI\nGICS\nThe Global Industry Classification Standard\n(GICS ). GICS was developed\nby and/or is the exclusive property of MSCI, Inc. (MSCI ) and S P Global\nMarket Intelligence Inc. (S P Global Market Intelligence). GICS is a\nservice mark of MSCI and S P Global Market Intelligence and has\nbeen licensed for use by the Investment Manager. Neither GICS, MSCI,\nnor S P Global Market Intelligence are affiliated with the Funds,\nthe Investment Manager or any Columbia entity.\nGNMA\nGovernment National Mortgage Association\nGSAL\nGoldman Sachs Agency Lending, the securities lending agent for the Funds in CAT, except for Columbia Thermostat Fund SM , prior to November 30, 2025\nHotchkis Wiley\nHotchkis Wiley Capital M\n...\nNational Association of Securities Dealers Automated Quotations system\nNAV\nNet asset value per share of a Fund\nNRSRO\nNationally recognized statistical ratings organization (such as, for example, Moody s Ratings, Fitch or S P Global Ratings)\nNSCC\nNational Securities Clearing Corporation\nNYSE\nNew York Stock Exchange\nPGIM Fixed Income\nPGIM, Inc., the asset management arm of Prudential Financial, Inc.\nPGIM Quantitative Solutions\nPGIM Quantitative Solutions LLC (formerly, QMA LLC)\nStatement of Additional Information\n[ August 1, 2026 ] 4\nPortfolio Funds\nThe underlying funds in which Columbia Thermostat\nFund SM invests\n[___]\n[_______________________]\nPyrford\nPyrford International Ltd\nREIT\nReal estate investment trust\nREMIC\nReal estate mortgage investment conduit\nRIC\nA regulated investment company, as such term is used in the Code\nS P\nS P Global Ratings, a division of S P Global Inc. ( Standard Poor s\nand S P are trademarks of S P Global Inc. and have been\nlicensed for use by the Investment Manager. The Columbia Funds are not\nsponsored, endorsed, sold or promoted by S P Global Ratings, and\nS P Global Ratings makes no representation regarding the\nadvisability of investing in the Columbia Funds.)\nSAI\nThis Statement of Additional Information, as amended and supplemented from time-to-time\nSEC\nUnited States Securities and Exchange Commission\nShares\nShares of a Fund\nSOFR\nSecured Overnight Financing Rate\nSolution Series Funds\nMultisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio\nState Street\nState Street Bank and Trust Company\nSubadvisory Agreement\nThe Subadvisory Agreement among a Trust on behalf of the Fund(s), the Investment Manager and a Fund s investment subadviser(s), as the context may require\nSubsidiary\nOne or more wholly-owned subsidiaries of a Fund\nSummit Partners\nSummit Partners Public Asset Management, LLC\nTCW\nTCW Investment Management Company LLC\nThames River Capital\nThames River Capital LLP\nThreadneedle\nThreadneedle Asset Management Limited\nTransfer Agency Agreement\nThe Transfer and Dividend Disbursing Agent Agreement between a Trust, on behalf of its Funds, and the Transfer Agent\nTransfer Agent\nColumbia Management Investment Services Corp.\nTrustee(s)\nOne or more members of the Board\nTrusts\nCAT, CFST, CFST I and CFST II, which are the registered investment companies in the Columbia Funds Complex to which this SAI relates\nVoya\nVoya Investment Management Co. LLC\nWalter Scott\nWalter Scott Partners Limited\nThroughout this SAI, the Funds are referred to as follows:\nFund Name:\nReferred to as:\nColumbia Acorn European Fund SM\nAcorn European Fund\nColumbia Acorn Fund\nAcorn Fund\nColumbia Acorn\nInternational\nAcorn International Fund\nColumbia Acorn International\nSelect SM\nAcorn International Select Fund\nColumbia Adaptive Risk Allocation Fund\nAdaptive Risk Allocation Fund\nColumbia Balanced Fund\nBalanced Fund\nColumbia California Intermediate Municipal Bond Fund\nCA Intermediate Municipal Bond Fund\nColumbia Capital Allocation Aggressive Portfolio\nCapital Allocation Aggressive Portfolio\nColumbia Capital Allocation Conservative Portfolio\nCapital Allocation Conservative Portfolio\nColumbia Capital Allocation Moderate Aggressive Portfolio\nCapital Allocation Moderate Aggressive Portfolio\nStatement of Additional Information\n[ August 1, 2026 ] 5\nFund Name:\nReferred to as:\nColumbia Capital Allocation Moderate Conservative Portfolio\nCapital Allocation Moderate Conservative Portfolio\nColumbia Capital Allocation Moderate Portfolio\nCapital Allocation Moderate Portfolio\nColumbia Contrarian Core Fund\nContrarian Core Fund\nColumbia Commodity S\n...\nncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#360 on Form\nN-1A\n(d)(3)(iv)\n9/24/2019\n(d)(4)(ii)\nAddendum, dated June 12, 2019, to the\nAmended and Restated Subadvisory\nAgreement dated December 13, 2018,\nbetween Columbia Management\nInvestment Advisers, LLC and AQR\nCapital Management, LLC with respect\nto CMSAF2 Offshore Fund, Ltd\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#360 on Form\nN-1A\n(d)(3)(vi)\n9/24/2019\n(d)(5)\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Arrowstreet Capital,\nLimited Partnership., dated March 7,\n2018\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#324 on Form\nN-1A\n(d)(18)\n5/4/2018\n(d)(6)\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Baillie Gifford\nOverseas Limited, effective March 7,\n2018\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#324 on Form\nN-1A\n(d)(19)\n5/4/2018\n(d)(6)(i)\nAmendment\nNo. 1, dated March 11, 2020, to the Subadvisory Agreement\nbetween Columbia Management\nInvestment Advisers, LLC and Baillie\nGifford Overseas Limited, effective May\n14, 2018\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#374 on Form\nN-1A\n(d)(16)(i)\n4/27/2020\n(d)(6)(ii)\nAmendment No. 2, dated September 27,\n2024, to the Subadvisory Agreement\nbetween Columbia Management\nInvestment Advisers, LLC and Baillie\nGifford Overseas Limited, effective May\n14, 2018, as amended, March 11, 2020\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#421 on Form\nN-1A\n(d)(7)(ii)\n11/25/2024\n(d)(7)\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Boston Partners\nGlobal Investors Inc., dated August 18,\n2016\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#276 on Form\nN-1A\n(d)(15)\n9/30/2016\n(d)(7)(i)\nAmendment No. 1, dated June 26, 2018,\nto the Subadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Boston Partners\nGlobal Investors Inc., dated August 18,\n2016\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#338 on Form\nN-1A\n(d)(14)(i)\n11/27/2018\n(d)(8)\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Causeway Capital\nManagement LLC, effective March 7,\n2018\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#324 on Form\nN-1A\n(d)(20)\n5/4/2018\n(d)(8)(i)\nAmendment 1, dated March 10, 2023, to\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Causeway Capital\nManagement LLC, effective March 7,\n2018\nIncorporated by Reference\nColumbia Funds Series Trust I\n2-99356\nPost-Effective Amendment #404 on Form N-1A\n(d)(16)(i)\n4/27/2023\nExhibit\nNumber\nExhibit Description\nFiled Herewith or\nIncorporated by\nReference\nInformation About the Filing that Includes the Document Incorporated by Reference\nRegistrant\nthat Made\nthe Filing\nFile No.\nof Such\nRegistrant\nType of\nFiling\nExhibit of\nDocument\nin that\nFiling\nFiling\nDate\n(d)(9)\nSubadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Conestoga Capital\nAdvisors, LLC, dated June 11, 2014\nIncorporated by\nReference\nColumbia Funds\nSeries Trust I\n2-99356\nPost-Effective\nAmendment\n#205 on Form\nN-1A\n(d)(11)\n8/28/2014\n(d)(9)(i)\nAmendment No. 1, dated June 1, 2018,\nto the Subadvisory Agreement between\nColumbia Management Investment\nAdvisers, LLC and Conestoga Capital\nAdvisors, LLC", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Columbia_Bond_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Bond_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Bond_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Bond_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Bond_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Corporate_Income_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Small_Cap_Value_Fund_I", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Total_Return_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_U_S_Treasury_Index_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Boston_Partners_Global_Investors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Summit_Partners_Public_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Multi_Manager_Directional_Alternative_Strategies_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Columbia_Funds_Series_Trust_I", "p": "underwrittenBy", "o": "org:Columbia_Management_Investment_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Columbia Bond Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Columbia Corporate Income Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Columbia Small Cap Value Fund I <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Columbia Total Return Bond Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Columbia U.S. Treasury Index Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Multi-Manager Directional Alternative Strategies Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust I <predicate_marker> subAdvisedBy <object_marker> Boston Partners Global Investors, Inc. <predicate_marker> subAdvisedBy <object_marker> Summit Partners Public Asset Management, LLC <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Columbia Funds Series Trust I <predicate_marker> underwrittenBy <object_marker> Columbia Management Investment Distributors, Inc. <triple_end>", "target_serialized_plain": "Columbia Bond Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nColumbia Corporate Income Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nColumbia Small Cap Value Fund I administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nColumbia Total Return Bond Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nColumbia U.S. Treasury Index Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nMulti-Manager Directional Alternative Strategies Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust I ; subAdvisedBy Boston Partners Global Investors, Inc. , Summit Partners Public Asset Management, LLC ; transferAgent Columbia Management Investment Services Corp. , SS&C GIDS, Inc. .\nColumbia Funds Series Trust I underwrittenBy Columbia Management Investment Distributors, Inc. .", "stats": {"input_chars": 21598, "n_triples": 39, "text_to_json_ratio": 5.9}}
{"sample_id": "0000774013:ALL", "cik": "0000774013", "trust_name": "BlackRock Multi State Municipal Series Trust", "input_text": "erTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000774013 bmsmst:ClassKMember bmsmst:S000004034BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000774013 bmsmst:ClassKMember bmsmst:S000004034CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000774013 bmsmst:InvestorA1Member bmsmst:S000004034BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000774013 bmsmst:InvestorA1Member bmsmst:S000004034CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000774013 bmsmst:InvestorACAndInstitutionalMember bmsmst:S000004034BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000774013 bmsmst:InvestorACAndInstitutionalMember bmsmst:S000004034CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on October 23, 2025 Securities Act File No. 002-99473 Investment Company Act File No. 811-04375 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 112 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 331 (Check appropriate box or boxes) BLACKROCK MULTI-STATE MUNICIPAL SERIES TRUST (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK MULTI-STATE MUNICIPAL SERIES TRUST 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nMargery K. Neale, Esq. Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On October 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $.10 per share. This filing solely relates to BlackRock New York Municipal Opportunities Fund. OCTOBER 28, 2025\nProspectus BlackRock Multi-State Municipal Series Trust | Investor and Institutional Shares BlackRock New York Municipal Opportunities Fund Investor A: MENKX Investor C: MFNKX Institutional: MANKX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Infor\n...\ngram maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. 11 Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. The Fund intends to make distributions most of which will be excludable from gross income for federal income tax purposes and exempt from New York state income taxes. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 12 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock New York Municipal Opportunities Fund (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process With respect to the Fund, the investment process begins with bottom-up, fundamental analysis focused on sector and security selection, and then incorporates a macroeconomic framework for evaluating and managing risk, including geographic, technical and economic risk. The Fund s investment process is generally expected to place greater emphasis on duration management and capital structure compared to that of a more traditional municipal fixed-income fund. Fund management may, but is not required to, employ hedging techniques in the Fund. BlackRock considers a variety of factors when choosing investments, such\n...\nices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. 33 Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\nisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Multi-State Municipal Series Trust BlackRock New York Municipal Opportunities Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated October 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust Attention 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of the Fund s policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about the Fund, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. INVESTMENT COMPANY ACT FILE # 811-04375 BlackRock Advisors, LLC\nPRO-NYMB-1025 OCTOBER 28, 2025\nProspectus BlackRock Multi-State Municipal Series Trust | Class K Shares BlackRock New York Municipal Opportunities Fund Class K: MKNKX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n9\nInvestment Manager\n10\nPortfolio Managers\n10\nPurchase and Sale of Fund Shares\n10\nTax Information\n10\nPayments to Broker/Dealers and Other Financial Intermediaries\n10\nDetails About the Fund\nHow the Fund Invests\n12\nInvestment Risks\n14\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distributions and other payments\nDetails About the Share Class\n24\nHow to Buy, Sell, Exchange and Transfer Shares\n25\nFund s Rights\n31\nShort-Term Trading Policy\n31\nManagement of the Fund\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n33\nPortfolio Manager Information\n34\nConflicts of Interest\n35\nValuation of Fund Investments\n36\nDividends, Distributions and Taxes\n37\nFinancial Highlights\nFinancial Performance of the Fund\n40\nGeneral Information\nShareholder Documents\n41\nCertai", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_New_Jersey_Municipal_Bond_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_New_Jersey_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_New_Jersey_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_New_Jersey_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:BlackRock_Multi_State_Municipal_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_New_Jersey_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Pennsylvania_Municipal_Bond_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Pennsylvania_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Pennsylvania_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Pennsylvania_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:BlackRock_Multi_State_Municipal_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Pennsylvania_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Multi_State_Municipal_Series_Trust", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock New Jersey Municipal Bond Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Multi State Municipal Series Trust <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Pennsylvania Municipal Bond Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Multi State Municipal Series Trust <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. 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{"sample_id": "0000783740:ALL", "cik": "0000783740", "trust_name": "MFS SERIES TRUST X", "input_text": "t of investing in other mutual funds. The example\nassumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares\nat the end of the time periods (unless otherwise indicated); your investment has a 5% return each year;\nand the fund s operating expenses remain the same. Although\nyour actual costs will likely be higher or lower, under these assumptions your costs would be: 1 YEAR 3\nYEARS 5 YEARS 10\nYEARS Class A Shares $ 517 $ 714 $ 927 $ 1,541 Class\nB Shares assuming 1 redemption at end of period $ 572 $ 835\n$ 1,122 $ 1,809 no redemption at end of period $ 172 $ 535 $ 922 $ 1,809 Class\nC Shares assuming 1 redemption at end of period $ 272 $ 535\n$ 922 $ 1,809 no redemption at end of period $ 172 $ 535 $ 922 $ 1,809 Class I\nShares $ 70\n$ 223\n$ 389\n$ 870\nClass\nR1 Shares $ 172 $ 535 $ 922 $ 2,008 Class R2\nShares $ 121\n$ 380\n$ 659\n$ 1,454\nClass\nR3 Shares $ 96 $ 302 $ 525 $ 1,165 Class R4\nShares $ 70\n$ 223\n$ 389\n$ 870\nClass\nR6 Shares $ 62\n$ 198\n$ 345\n$ 773\n1 Shares automatically convert to Class A shares approximately eight years after\npurchase; therefore, the expense examples reflect Class A share expenses after eight years. Portfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate\nmay indicate higher transaction costs and may result in higher taxes when shares are held in a taxable\naccount. These transaction costs, which are not reflected in Annual Fund Operating Expenses or\nin the Example, affect the fund s performance. During the most recent fiscal year, the fund s\nportfolio turnover rate was 133 % of the average value of its portfolio (119% excluding to be announced\n(TBA) transactions). Principal Investment Strategies MFS\n(Massachusetts Financial Services Company, the fund's investment adviser) normally invests at least 80%\nof the fund s net assets in debt instruments of U.S. and foreign issuers, including emerging markets\nissuers. Debt instruments include U.S. Government securities, corporate debt instruments, foreign government\nsecurities, securitized instruments (including mortgage-backed securities and other asset-backed securities),\nand other obligations to repay money borrowed. While MFS\nmay invest the fund s assets in debt instruments of any type, MFS generally focuses on debt instruments\nof issuers located in developed markets. MFS generally focuses on investment\ngrade quality debt instruments, but may also invest the fund s assets in below investment grade quality\ndebt instruments. MFS normally enters into currency hedging transactions\nusing derivatives to reduce the fund s foreign currency exposure such that the fund is primarily exposed\nto the U.S. dollar. MFS normally invests the fund's assets across\ndifferent industries, sectors, countries, and regions, but MFS may invest a significant percentage of\nthe fund s assets in issuers in a single industry, sector, country, or region. MFS generally invests\nthe fund's assets in at least three different countries and invests a percentage of the fund's net assets\nin securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers\nin the Bloomberg Global Aggregate Index (USD Hedged) less 15%. MFS may\ninvest up to 35% of the fund s assets in any industry that accounts for more than 20% of the global\nbond market as measured by an index determined by MFS to be an appropriate measure of the global bond\nmarket, currently the Bloomberg Global Aggregate Index (USD Hedged). While MFS\nmay use derivatives for\n...\ndate as of which the mfs.com information is current. Portfolio Manager(s) Information\nregarding the portfolio manager(s) of the fund is set forth below. Further information regarding the\nportfolio manager(s), including other accounts managed, compensation, ownership of fund shares, and possible\nconflicts of interest, is available in the fund s SAI. Portfolio Manager Primary Role Five Year History Pilar Gomez-Bravo Co-Lead\nPortfolio Manager Employed in the investment area of MFS since 2013 Robert\nSpector Co-Lead\nPortfolio Manager Employed in the investment area of MFS since 2011 Neeraj\nArora Emerging\nMarkets Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2011 Ward\nBrown Emerging\nMarkets Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2005 Philipp\nBurgener Structured\nSecurities Portfolio Manager Employed in the investment area of MFS since 2003 David\nCole Below\nInvestment Grade Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2004 Andy\nLi Investment\nGrade Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2018 John\nMitchell Investment\nGrade Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2003 Michael\nSkatrud Below\nInvestment Grade Debt Instruments Portfolio Manager Employed in the investment area of MFS since 2013 Erik\nWeisman Sovereign\nDebt Instruments Portfolio Manager Employed in the investment area of MFS since 2002\n10 MFS\nGlobal Opportunistic Bond Fund\nAdministrator MFS provides the fund with certain financial, legal, and other administrative\nservices under a Master Administrative Services Agreement between the fund and MFS. Under the Agreement,\nMFS is paid an annual fee for providing these services. Distributor MFS\nFund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the\nfund. Shareholder Servicing Agent MFS Service\nCenter, Inc. (MFSC), a wholly-owned subsidiary of MFS, provides dividend and distribution disbursing\nand transfer agent and recordkeeping functions in connection with the issuance, transfer, and redemption\nof each class of shares of the fund under a Shareholder Servicing Agent Agreement. MFSC receives a fee\nbased on the costs it incurs in providing these services and a target profit margin. In addition, MFSC\nis reimbursed for payments made to service providers that provide certain sub-accounting and other shareholder\nservices (shareholder servicing payments) and its out-of-pocket expenses. No shareholder servicing payments\nare made for Class R6 shares. Description\nof Share Classes The fund offers Class A, Class B, Class C,\nClass I, Class R1, Class R2, Class R3, Class R4, and Class R6 shares through this prospectus. All classes\nof the fund have the same investment objective and investments, but each class has its own sales charge\nand expense structure. Your financial intermediary may also charge you additional fees, commissions,\nor other charges. You should consult with your financial intermediary to help you determine which class\nis most appropriate for you. Purchases of Class B shares are closed to new\nand existing investors except through reinvestment of dividends and capital gain distributions. Existing\ninvestors may continue to exchange their Class B shares for the same share class of another MFS fund. Purchases of Class R1 and Class R2 shares are closed to new eligible investors.\nExisting eligible investors can make additional purchases and reinvest distributions in Class R1 and\nClass R2 shares in any account open. Existing eligible investors may also exchange their Class R1 and\nClass R2 shares for the same share class of another MFS fund, open new Cla\n...\ninformation may be obtained, upon payment of a duplicating fee, by electronic request\nat the following e-mail address: publicinfo@sec.gov . The fund s Investment Company Act file number is 811-4492. HOW TO CONTACT US Website mfs.com MFS\nTALK 1-800-637-8255 24 hours\na day Account service and literature Shareholders 1-800-225-2606 Investment professionals 1-800-343-2829 Retirement plan services 1-800-637-1255 Mailing\naddress MFS Service Center, Inc. P.O. Box\n219341 Kansas City, MO 64121-9341 Overnight\nmail MFS Service Center, Inc. Suite 219341 801 Pennsylvania Avenue Kansas City, MO 64105-1307\nStatement of Additional Information March\n30, 2026 Fund Ticker Symbol Class A Class B Class C Class I Class R1 Class R2 Class R3 Class R4 Class R6 Massachusetts Investors Growth Stock Fund MIGFX MIGBX MIGDX MGTIX MIGMX MIRGX MIGHX MIGKX MIGNX MFS\nSeries Trust II: MFS\nGrowth Fund MFEGX MEGBX MFECX MFEIX MFELX MEGRX MFEHX MFEJX MFEKX MFS\nSeries Trust X: MFS\nGlobal Opportunistic Bond Fund MGBAX MGBBX MGBDX MGBJX MGBKX MGBLX MGBMX MGBNX MGBOX This\nStatement of Additional Information (\"SAI\") contains additional information about each fund listed above\n(references to \"a Fund\" or \"the Fund\" mean each Fund listed on the cover page, unless otherwise noted) ,\nand should be read in conjunction with the Fund's Prospectus dated March 30, 2026,\nas may be amended or supplemented from time to time. The Fund's financial statements are incorporated\ninto this SAI by reference to the Fund's most recent annual Form N-CSR (\"Form N-CSR\") filed with the\nU.S. Securities and Exchange Commission (the \"SEC\"). The Fund's financial statements are set forth in\nItem 7 of the Fund s annual Form N-CSR, which is available at the hyperlinks noted below for the relevant\nTrust. Massachusetts\nInvestors Growth Stock Fund MFS\nSeries Trust II (MFS Growth Fund) MFS\nSeries Trust X (MFS Global Opportunistic Bond Fund) You may obtain a copy of the\nFund's Prospectus and Annual Report without charge by contacting the Fund's transfer agent, MFS Service\nCenter, Inc. (please see back cover for address and telephone number). This\nSAI is NOT a prospectus and is authorized for distribution to prospective investors only if preceded\nor accompanied by a current prospectus. MARCH-SAI-COMBINED-033026\nTable of Contents: DEFINITIONS 1 MANAGEMENT OF THE FUND 1 SALES CHARGES 5 DISTRIBUTION PLAN 5 FINANCIAL INTERMEDIARY COMPENSATION 7 INVESTMENT STRATEGIES, RISKS,\nAND RESTRICTIONS 7 NET INCOME AND DISTRIBUTIONS 7 TAX CONSIDERATIONS 7 PORTFOLIO TRANSACTIONS AND\nBROKERAGE COMMISSIONS 13 DISCLOSURE OF PORTFOLIO\nHOLDINGS AND OTHER FUND INFORMATION 15 DETERMINATION OF NET ASSET\nVALUE 16 DESCRIPTION OF SHARES, VOTING\nRIGHTS, AND LIABILITIES 17 INDEPENDENT REGISTERED PUBLIC\nACCOUNTING FIRM(S) AND FINANCIAL STATEMENTS 18 APPENDIX A -- TRUSTEES AND\nOFFICERS -- IDENTIFICATION AND BACKGROUND A- 1 APPENDIX B -- TRUSTEE COMPENSATION\nAND COMMITTEES B- 1 APPENDIX C -- SHARE OWNERSHIP C- 1 APPENDIX D -- PORTFOLIO\nMANAGER(S) D- 1 APPENDIX E -- PROXY VOTING\nPOLICIES AND PROCEDURES E- 1 APPENDIX F -- CERTAIN SERVICE\nPROVIDER COMPENSATION F- 1 APPENDIX G -- SALES CHARGES G- 1 APPENDIX H -- DISTRIBUTION\nPLAN PAYMENTS H- 1 APPENDIX I -- FINANCIAL\nINTERMEDIARY COMPENSATION I- 1 APPENDIX J -- INVESTMENT\nSTRATEGIES AND RISKS J- 1 APPENDIX K -- INVESTMENT\nRESTRICTIONS K- 1 APPENDIX L -- PORTFOLIO\nTRANSACTIONS AND BROKERAGE COMMISSIONS L- 1 APPENDIX M -- RECIPIENTS\nOF NON-PUBLIC PORTFOLIO HOLDINGS ON AN ONGOING BASIS M- 1 APPENDIX N -- DESCRIPTION\nOF RATINGS N- 1 APPENDIX O -- INCOME AND\nFEES RELATED TO SECURITIES LENDING ACTIVITIES O-\n...\nyments made under agreements with service\nproviders that provide sub-accounting, transaction processing, and/or other shareholder services (\"Shareholder\nServicing Payments\"), that may include receiving instructions for the purchase, exchange or redemption\nof shares; preparing and transmitting periodic statements; providing or causing to be provided prospectuses,\nannual reports, semiannual reports, shareholder notices, and other shareholder communications; providing\nrequired tax services and documents; calculating and assessing sales charges; and calculating and recording\nor distributing distributions to shareholders. Service providers receive an annualized fee based on\nthe Fund s average daily net assets serviced by the service provider and/or a fee for each year, or\nportion thereof, for the Fund account serviced by the service provider. Payments vary by service provider\nand may be significant to the service provider. Proceeds from Fund purchases,\nredemptions, and distribution payments may be held in one or more demand deposit bank accounts registered\nto MFSC, who acts as agent for the Fund when opening, closing, and conducting business in the bank account(s).\nMFSC may invest overnight balances in money market instruments, including money market funds. Any balances\nnot invested remain in the bank account(s) overnight. Pursuant to the Shareholder Servicing Agent Agreement,\nif MFSC has acted in good faith and with reasonable care, investment risks associated with such bank\naccount(s) are risks of the Fund. Distributor MFD, a\nwholly-owned subsidiary of MFS, serves as distributor for the continuous offering of shares of the Fund\npursuant to a Distribution Agreement. Under the Agreement, MFD agrees to use its best efforts to find\npurchasers for shares of the Fund. Custodian JPMorgan\nChase Bank (\"JPMorgan ), with a place of business at 270 Park Avenue, New York, NY 10017, serves as\nthe custodian of the assets of the Fund. JPMorgan is responsible for safekeeping cash and securities,\nhandling the receipt and delivery of securities, collecting interest and dividends on investments, serving\nas the foreign custody manager, and providing reports on foreign securities depositaries. JPMorgan Chase\nBank, N.A., as successor in interest to an affiliate of JPMorgan, J.P. Morgan Investor Services Co.,\nwith a place of business at One Beacon Street, Boston, MA 02108, is responsible for maintaining books\nof original entry and other required books and accounts and calculating the daily net asset value of\neach class of shares. There is an expense offset arrangement that\nreduces the Fund s custodian fees based upon the amount of U.S. Dollars deposited by the Fund with\nJPMorgan. Certain Service Provider Compensation Compensation\npaid by the Fund to certain of its service providers for advisory services, administrative services,\nand transfer agency-related services, for certain specified periods, is set forth in APPENDIX F. Code\nof Ethics The Fund, MFS, its subadvisor (if applicable), and MFD have\nadopted separate codes of ethics (\"Codes of Ethics\") as required under the 1940 Act. The Codes of Ethics\ncontain provisions and requirements designed to identify and address certain conflicts of interest between\npersonal investment activities of MFS employees and the interests of the Fund. Subject to certain conditions\nand restrictions, each code permits personnel subject to the code to invest in securities for their own\naccounts, including securities that may be purchased, held, or sold by the Fund. SALES\nCHARGES Sales charges (as applicable) paid for certain specifi\n...\nHIGH ST DES MOINES IA 50392-0001 MFS GROWTH FUND CLASS\nR2 31.50 EMPOWER TRUST 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 30.67 TALCOTT RESOLUTION LIFE INSURANCE PO BOX 5051\nHARTFORD CT 06102-5051 7.19 DCGT 711 HIGH ST DES MOINES IA 50392-0001 5.97 MID ATLANTIC TRUST COMPANY 1251 WATERFRONT\nPL STE 525 PITTSBURGH PA 15222-4228 MFS\nGROWTH FUND CLASS R3 21.55 DCGT 711 HIGH ST DES MOINES IA 50392-0001 15.36 NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON\nBLVD JERSEY CITY NJ 07310-1995 13.74 EMPOWER TRUST 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 9.77 MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT\nSTREET NORTH SAINT PAUL MN 55101-2037 6.91 JOHN HANCOCK LIFE INSURANCE COMPANY USA 200 BERKELEY ST BOSTON MA 02116-5023 6.35 LINCOLN RETIREMENT SERVICES COMPANY PO BOX\n7876 FORT WAYNE IN 46801-7876 5.77 CHARLES SCHWAB CO INC 211 MAIN ST SAN FRANCISCO CA 94105-1901\nC - 7\nFUND and CLASS NAME PERCENTAGE CLASS OWNERSHIP NAME and\nADDRESS of INVESTOR MFS\nGROWTH FUND CLASS R4 22.52 NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON\nBLVD JERSEY CITY NJ 07310-1995 20.98 WELLS FARGO BANK 8515 E ORCHARD RD # 2T2 GREENWOOD VILLAGE CO 80111-5002 20.98 NEW JERSEY TRANSIT 8515 E\nORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 12.10 EMPOWER TRUST 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 8.95 FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS\nCO INC 100 MAGELLAN WAY COVINGTON KY 41015-1999 6.16 MERRILL LYNCH PIERCE FENNER SMITH INC 4800 DEER LAKE DR E JACKSONVILLE FL\n32246-6484 5.56 CHARLES\nSCHWAB CO INC 211 MAIN ST SAN FRANCISCO CA 94105-1901 MFS GROWTH FUND CLASS R6 40.64 EDWARD\nD JONES CO 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 11.40 NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON\nBLVD JERSEY CITY NJ 07310-1995 7.22 EMPOWER TRUST 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 1 State Street Bank is the record owner of shares\nof the Fund on behalf of certain investment companies advised by MFS.\nC - 8\nAPPENDIX\nD - PORTFOLIO MANAGER(S) Compensation MFS philosophy is to align portfolio\nmanager compensation with the goal to provide shareholders with long-term value through a collaborative\ninvestment process. Therefore, MFS uses long-term investment performance as well as contribution to\nthe overall investment process and collaborative culture as key factors in determining portfolio manager\ncompensation. In addition, MFS seeks to maintain total compensation programs that are competitive in\nthe asset management industry in each geographic market where it has employees. MFS uses competitive\ncompensation data to ensure that compensation practices are aligned with its goals of attracting, retaining,\nand motivating the highest-quality professionals. MFS reviews\nportfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative\nmeans and qualitative means to help ensure a durable investment process. As of\nDecember 31, 2025, portfolio manager total cash compensation is a combination of base salary and performance\nbonus: Base Salary\nBase salary generally represents a smaller percentage of portfolio manager total cash compensation than\nperformance bonus. Performance Bonus\nGenerally, the performance bonus represents more than a majority of portfolio manager total cash compensation.\nWith respect to each portfolio manager except Ms. Pilar Gomez-Bravo,\nthe performance bonus is based on a combination of quantitative and qualitative factors, generally with\nmore weight given to the former and less weight given to the latter. The quantitative portion is primarily\nbased on the pre-tax performance of accounts managed by the p", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MFS_Aggressive_Growth_Allocation_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Aggressive_Growth_Allocation_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Aggressive_Growth_Allocation_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": 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"context_grounded": true, "extractable": true}, {"s": "fund:MFS_Blended_Research_Value_Equity_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Blended_Research_Value_Equity_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_X", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Blended_Research_Value_Equity_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Conservative_Allocation_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Conservative_Allocation_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": 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"fund:MFS_International_Large_Cap_Value_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_International_Large_Cap_Value_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_International_Large_Cap_Value_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_X", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_International_Large_Cap_Value_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Managed_Wealth_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Managed_Wealth_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Managed_Wealth_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Managed_Wealth_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_X", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Managed_Wealth_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Moderate_Allocation_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Moderate_Allocation_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Moderate_Allocation_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Moderate_Allocation_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_X", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Moderate_Allocation_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:MFS_SERIES_TRUST_X", "p": "underwrittenBy", "o": "org:MFS_Fund_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MFS Aggressive Growth Allocation Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Blended Research Growth Equity Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Blended Research Mid Cap Equity Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Blended Research Small Cap Equity Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Blended Research Value Equity Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Conservative Allocation Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Emerging Markets Equity Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Growth Allocation Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST X <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS International Diversification Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company 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{"sample_id": "0000790525:ALL", "cik": "0000790525", "trust_name": "BlackRock International Select Equity Fund", "input_text": "tionalandClassRMember 2015-01-01 2024-12-31 0000790525 bref:C000199787Member bref:ClassKMember 2015-01-01 2024-12-31 0000790525 bref:C000199787Member bref:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000790525 bref:C000199787Member bref:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000790525 bref:S000002177MSCIEAFEIndexNetMember bref:ClassKMember 2015-01-01 2024-12-31 0000790525 bref:S000002177MSCIEAFEIndexNetMember bref:InvestorACInstitutionalandClassRMember 2015-01-01 2024-12-31 0000790525 bref:S000002177MSCIEMUIndexNetMember bref:ClassKMember 2015-01-01 2024-12-31 0000790525 bref:S000002177MSCIEMUIndexNetMember bref:InvestorACInstitutionalandClassRMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on October 23, 2025 Securities Act File No. 033-04026 Investment Company Act File No. 811-04612 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 60 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 62 (Check appropriate box or boxes) BLACKROCK INTERNATIONAL SELECT EQUITY FUND (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK INTERNATIONAL SELECT EQUITY FUND 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On October 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value, $0.10 per share. OCTOBER 28, 2025\nProspectus BlackRock International Select Equity Fund | Investor, Institutional and Class R Shares Investor A: MDEFX Investor C: MCEFX Institutional: MAEFX Class R: MREFX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n7\nInvestment Manager\n8\nPortfolio Managers\n9\nPurchase and Sale of Fund Shares\n9\nTax Information\n10\nPayments to Broker/Dealer\n...\n5.17 %\n6.02 %\n3.91 %\nBlackRock International Select Equity Fund Institutional Shares\nReturn Before Taxes\n7.22 %\n7.05 %\n4.79 %\nBlackRock International Select Equity Fund Class R Shares\nReturn Before Taxes\n6.71 %\n6.46 %\n4.13 %\nMSCI EAFE Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n3.82 %\n4.73 %\n5.20 %\nMSCI EMU Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n2.64 %\n4.89 %\n5.22 % 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund s applicable withholding tax rates, if any. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund s sub-adviser. 8 Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nGiles Rothbarth\n2025\nManaging Director of BlackRock, Inc.\nStefan Gries\n2025\nManaging Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund s distributor to offer Institutional Shares through a no- load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record- keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction\n$100 for all accounts. 9\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nbased sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 10 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock International Select Equity Fund (the Fund , formerly known as BlackRock EuroFund) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek capital appreciation primarily through investment in equities of corporations domiciled in European countries. This investment objective, as just stated, is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). As an international fund, the Fund also invests in companies in other regions (generally in developed markets) around the world. Investment Process Investment decisions will be based on fundamental, company-specific research to identify and select equity and equity-related securities in a focused portfolio that, in the opinion of Fund management, have the potential to produce attractive long-term capital growth. Fund management research looks at a range of factors when selecting companies in which to invest including but not limited to an analysis of their competitive advantages, the i\n...\nder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. 31 Ple\n...\nnvestor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock International Select Equity Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISER BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated October 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available.\n...\ninformation. Statement of Additional Information If you would like further information about the Fund, including how it invests, please see the SAI. For a discussion of the Fund s policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally within 5 business days after the end of the month to which the information applies. 37 Glossary This glossary contains an explanation of some of the common terms used in this prospectus. For additional information about the Fund, please see the SAI. Annual Fund Operating Expenses expenses that cover the costs of operating the Fund. Distribution Fees fees used to support the Fund s marketing and distribution efforts, such as compensating Financial Intermediaries, advertising and promotion. Management Fee a fee paid to BlackRock for managing the Fund. MSCI EAFE Index an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the United States and Canada. With 695 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI EMU Index an index that captures large- and mid-cap representation across the 10 developed markets countries in the European Economic and Monetary Union ( EMU ). With 219 constituents, the MSCI EMU Index covers approximately 85% of the free float-adjusted market capitalization of the EMU. Other Expenses includes accounting, transfer agency, custody, professional fees and registration fees. Service Fees fees used to compensate Financial Intermediaries for certain shareholder servicing activities. 38 For More Information Fund and Service Providers FUND BlackRock International Select Equity Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 537-4942 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISER BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "seriesOf", "o": "trust:BlackRock_International_Select_Equity_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Select_Equity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_International_Select_Equity_Fund", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock International Select Equity Fund <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> BlackRock International Select Equity Fund <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock International Select Equity Fund <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock International Select Equity Fund administrator JPMorgan Chase Bank, N.A. ; advisedBy BlackRock Advisors, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf BlackRock International Select Equity Fund ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock International Select Equity Fund underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 22038, "n_triples": 7, "text_to_json_ratio": 31.9}}
{"sample_id": "0000792288:ALL", "cik": "0000792288", "trust_name": "Putnam Massachusetts Tax Exempt Income Fund/MA/", "input_text": "Putnam Massachusetts Tax Exempt Income Fund\n0000792288 false 485BPOS 2025-05-31 PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/ 2.11 1.50 0.38 4.65 0.21 6.96 4.77 1.48 10.07 6.34 0000792288 pmteif:S000006210Member pmteif:FixedIncomeInvestmentsRiskMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member pmteif:LargeShareholderTransactionRiskMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member pmteif:ManagementAndOperationalRiskMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member pmteif:MarketRiskMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member us-gaap:PrepaymentRiskMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member oef:RiskLoseMoneyMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member oef:RiskNotInsuredMember 2025-05-31 2025-05-31 0000792288 pmteif:S000006210Member pmteif:TaxExemptInvestmentsMember 2025-05-31 2025-05-31 0000792288 2025-05-31 2025-05-31 0000792288 pmteif:BloombergMunicipalBondIndexMember 2020-01-01 2024-12-31 0000792288 pmteif:C000017118Member 2020-01-01 2024-12-31 0000792288 pmteif:C000017120Member 2020-01-01 2024-12-31 0000792288 pmteif:C000017120Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000792288 pmteif:C000017120Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000792288 pmteif:C000060571Member 2020-01-01 2024-12-31 0000792288 pmteif:C000202927Member 2020-01-01 2024-12-31 0000792288 pmteif:S000006210Member pmteif:C000017120Member 2015-01-01 2015-12-31 0000792288 pmteif:S000006210Member pmteif:C000017120Member 2016-01-01 2016-12-31 0000792288 pmteif:S000006210Member pmteif:C000017120Member 2017-01-01 2017-12-31 0000792288 pmteif:S000006210Member pmteif:C000017120Member 2018-01-01 2018-12-31 0000792288 pmteif:S000006210Member pmteif:C000017120Member 2019-01-01 2019-12-31 0000792288 pmteif:S000006210Member pmteif:C00001\n...\ns were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nProspectus\n5\nBest Quarter:\nQ4 2023\n7.94 %\nWorst Quarter:\nQ1 2022\n- 6.08 %\nAs of June 30, 2025 , the fund s year-to-date return was - 1.29 %.\nAverage annual total returns after sales charges (for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n- 2.56 %\n- 0.19 %\n1.31 %\nClass A after taxes on distributions\n- 2.60 %\n- 0.20 %\n1.29 %\nClass A after taxes on distributions and sale of fund shares\n- 0.44 %\n0.37 %\n1.58 %\nClass C before taxes\n- 0.14 %\n- 0.12 %\n1.11 %\nClass R6 before taxes *\n1.89 %\n0.91 %\n1.98 %\nClass Y before taxes\n1.76 %\n0.89 %\n1.97 %\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n1.05 %\n0.99 %\n2.25 %\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change.\n6\nProspectus Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n7\nTax information The fund intends to distribute income that is exempt from federal income tax and Massachusetts personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including inc\n...\nain cases, records verifying that the class C shares have been held for at least eight years may not be available (for example, participant level share lot aging may not be tracked by group retirement plan recordkeeping platforms through which class C shares of the fund are held in an omnibus account). If such records are unavailable, Putnam Investor Services or the relevant financial intermediary may not effect the conversion or may effect the conversion on a different schedule determined by Putnam Investor Services or the financial intermediary, which may be shorter or longer than eight years. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n52\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A or C shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\nProspectus\n53\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that\n...\nf employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n58\nProspectus\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nHE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n9.05%\nC\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n8.21%\nC\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n7.14%\nC\nJ.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT BROOKLYN NY 11245-0003\n5.51%\nR6\nPERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052\n44.83%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n40.34%\nR6\nNATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n8.41%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n27.14%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n15.40%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS\n14.98%\n19\n499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\nY\nWELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n8.79%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n8.49%\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n7.32%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.08%\nAs of August 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended May 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nFund name\nClass A\nClass B*\nClass C\nMassachusetts Tax Exempt Income Fund\n$310,856\n$22\n$28,077\nMinnesota Tax Exempt Income Fund\n$132,969\n$41\n$28,575\nNew Jersey Tax Exempt Income Fund\n$275,440\n$64\n$54,252\nOhio Tax Exempt Income Fund\n$136,500\n$202\n$10,132\nPennsylvania Tax Exempt Income Fund\n$216,974\n$26\n$32,012\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\n20\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nMassachusetts Tax Exempt Income Fund\n2025\n$5,728\n$1,111\n2024\n$13,908\n$4,205\n2023\n$22,914\n$5,195\nMinnesota Tax Exempt Income Fund\n2025\n$20,917\n$3,802\n2024\n$15,483\n$2,506\n2023\n$17,831\n$2,807\nNew Jersey Tax Exempt Income Fund\n2025\n$10,340\n$2,066\n2024\n$16,210\n$3,272\n2023\n$32,832\n$4,489\nOhio Tax Exempt Income Fund\n2025\n$16,576\n$2,858\n2024\n$11,195\n$1,989\n2023\n$13,147\n$2,224\nPennsylvania Tax Exempt Income Fund\n2025\n$8,205\n$1,412\n2024\n$13,344\n$2,439\n2023\n$13,947\n$452\nContingent deferred sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares received and retained by the Distributor or Putnam Retail Management were as follows:\n21\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nMassachusetts Tax Exempt Income Fund\n2025\n$258\n2024\n$0\n2023\n$0\nMinnesota Tax Exempt Income Fund\n2025\n$0\n2024\n$0\n2023\n$0\nNew J\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n136\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n137\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser", "SubAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "seriesOf", "o": "trust:Putnam_Massachusetts_Tax_Exempt_Income_Fund_MA", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Massachusetts_Tax_Exempt_Income_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Massachusetts_Tax_Exempt_Income_Fund_MA", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Massachusetts_Tax_Exempt_Income_Fund_MA", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Massachusetts Tax Exempt Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Massachusetts Tax Exempt Income Fund/MA/ <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Massachusetts Tax Exempt Income Fund/MA/ <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Massachusetts Tax Exempt Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. , Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Massachusetts Tax Exempt Income Fund/MA/ ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC ; transferAgent Putnam Investor Services, Inc. .\nPutnam Massachusetts Tax Exempt Income Fund/MA/ underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 23649, "n_triples": 11, "text_to_json_ratio": 22.6}}
{"sample_id": "0000794458:ALL", "cik": "0000794458", "trust_name": "EMERGING MARKETS EQUITIES FUND INC", "input_text": "of business. Equity securities are securities that exhibit ownership\ncharacteristics, including common and preferred stock, securities convertible into common and preferred stock and depository receipts\nrepresenting ownership in common and preferred stock. The fund's investments are not limited to a particular capitalization size and\nmay include investments in smaller companies. Under normal market conditions, the fund invests at least 90% of its net assets in developing\ncountry equity securities. These securities are discussed more fully under Investment objective, strategies and risks.\nThe fund\nmay have significant exposure to one or more developing countries. For example, as of December 31, 2024, the fund held more than 30%\nof its assets in securities of issuers domiciled in China. See the paragraphs captioned Investing outside the United States,\nInvesting in developing countries and Exposure to country, region, industry or sector under Principal\nrisks below for a description of risks associated with such investments. More current portfolio holdings information for the fund\nis available on our website at capitalgroup.com.\nThe investment adviser uses a system\nof multiple portfolio managers in managing the fund s assets. Under this approach, the portfolio of the fund is divided into segments\nmanaged by individual managers.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment\nopportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment\nopportunities.\nEmerging\nMarkets Equities Fund / Prospectus 2\nPrincipal\nrisks This section describes the principal risks\nassociated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest\nfor a shorter period of time.\nMarket conditions\nThe prices of, and the income generated by, the common stocks and other securities held by the fund may decline sometimes\nrapidly or unpredictably due to various factors, including events or conditions affecting the general economy or particular industries\nor companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental\nagency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency\nexchange rate, interest rate and commodity price fluctuations.\nEconomies\nand financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements,\nwars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank\nfailures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities\nin response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests\nin securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund s\ninvestments may be negatively affected by developments in other countries and regions.\nIssuer\nrisks The prices of, and the income generated by, securities held by the fund may decline in response to various factors\ndirectly related to the\n...\nno deductions for expenses or U.S. federal income taxes) 7.50 % 1.70 % 3.64 % N/A Emerging Markets Equity Historical Benchmark Index (reflects no deductions for expenses or U.S. federal income taxes) 7.09 2.51 3.90 9.01 MSCI Emerging Markets Investable Market Index (IMI) (reflects no deductions for expenses or U.S. federal income taxes) 7.09 2.51 3.90 N/A\n* Effective\nJune 2, 2025, the fund s primary benchmark changed from the Emerging Markets Equity Historical Benchmark Index (formerly known\nas the MSCI Emerging Markets Investable Market Index (IMI) (linked index)) (the Previous Primary Benchmark ) to the MSCI\nEmerging Markets Index, a broad-based index that represents the overall applicable securities market, as required by the U.S. Securities\nand Exchange Commission ( SEC ). The Previous Primary Benchmark provides a means to compare the fund s results to a\nbenchmark that the investment adviser believes is more representative of the fund s investment universe over the fund s lifetime.\nThere is no change in the fund s investment strategies as a result of the benchmark change.\nAfter-tax returns are shown only\nfor Class M shares; after-tax returns for other share classes will vary. After-tax returns applicable to U.S. taxable investors are calculated\nusing the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of\nstate and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results\nshown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as\na 401(k) plan or individual retirement account (IRA).\n5 Emerging\nMarkets Equities Fund / Prospectus\nManagement\nInvestment\nadviser Capital International, Inc.\nPortfolio\nmanagers The individuals primarily responsible for the portfolio management of the fund are:\nPortfolio\nmanager/ Fund title (if applicable)\nPortfolio\nmanager in\nthis fund since:\nPrimary\ntitle with investment adviser\nArthur\nCaye President\n2017\nPartner\nCapital International Investors\nPatricio\nCiarfaglia\n2024\nPartner\nCapital International Investors\nSaurav\nJain\n2025\nPartner\nCapital International Investors\nSamir\nParekh\n2019\nPartner\nCapital International Investors\nPurchase\nand sale of fund shares The minimum\namount to establish an account for all share classes is normally $250 and the minimum to add to an account is $50. For a payroll deduction\nretirement plan account or payroll deduction savings plan account, the minimum is $25 to establish or add to an account. For accounts\nwith Class F-3 shares held and serviced by the fund s transfer agent, the minimum investment amount is $1 million.\nIf\nyou are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing\nto American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American\nFunds Service Company at (800) 421-4225 or faxing American Funds Service Company at (888) 421-4351. Please contact your plan\nadministrator or recordkeeper to sell (redeem) shares from your retirement plan.\nTax\ninformation Dividends and capital\ngain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes, unless\nyou are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment from such\naccount).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund s\ndistributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a\nconflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the\nfund over another investment. Ask your individual financial professional or visit your financial intermediary s website for more\ninformation.\nEmerging\nMarkets Equities Fund / Prospectus 6\nInvestment\nobjective, strategies and risks The\nfund s investment objective is to seek long-term capital growth. While it has no present intention to do so, the fund s board\nmay change the fund s investment objective without shareholder approval upon 60 days prior written notice to shareholders.\nThe fund invests primarily in common stock and other equity securities of issuers in developing countries. Developing countries are also\nknown as emerging markets. Equity securities are securities that exhibit ownership ch\n...\nportfolio of the fund is divided into segments managed by individual managers. In addition,\ninvestment analysts may make investment decisions with respect to a portion of the fund s portfolio. Investment decisions are subject\nto the fund s investment objective(s), policies and restrictions as well as the oversight of the investment adviser s investment\ncommittee. The table below shows the investment experience and role in management of the fund's portfolio for each of the fund s\nprimary portfolio managers.\nPortfolio\nmanager\nInvestment\nexperience\nPortfolio\nmanager in\nthis fund since:\nRole\nin management of the fund\nA rthur\nCaye\nInvestment\nprofessional since 1997 (with Capital International, Inc. or an affiliate since [2004])\n2017,\nand previously an\ninvestment analyst for the fund since\n2014\nServes\nas an equity portfolio manager\nP atricio\nCiarfaglia\nInvestment\nprofessional since 2008 (all with Capital International, Inc. or an affiliate)\n2024,\nand previously an\ninvestment analyst for the fund since\n2013\nServes\nas an equity portfolio manager\nS aurav\nJain\nInvestment\nprofessional since 2007 (all with Capital International, Inc. or an affiliate)\n2025,\nand previously an\ninvestment analyst for the fund since\n2013\nServes\nas an equity portfolio manager\nSamir\nParekh\nInvestment\nprofessional since 2001 (with Capital International, Inc. or an affiliate since 2006)\n2019,\nand previously an\ninvestment analyst for the fund since\n2018\nServes\nas an equity portfolio manager\nInformation regarding the portfolio\nmanagers compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional\ninformation.\n11 Emerging\nMarkets Equities Fund / Prospectus\nPurchase,\nexchange and sale of fund shares The\nfund s transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund s distributor, is required by law to\nobtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person s\nidentity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable\nto verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal\nactivity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action they deem reasonable\nor required by law.\nWhen purchasing\nshares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated,\nyour money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper\ninstructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the\nnet asset value next determined after investment instructions are received and accepted by the transfer agent. If investment instructions\nare not received, your money will be invested in shares of American Funds U.S. Government Money Market Fund on the third\nbusiness day after receipt of your investment.\nIf the amount\nof your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last\n16 months, your money will be invested in the same proportion and in the same fund or funds and in the same class of shares in which\nyour last cash investment was made. If you only have one open fund, the money will be invested into such fund on the day received if\nthe investmen\n...\nbrokers, dealers or other institutions\nthat provide cash or U.S. Treasury securities as collateral in an amount at least equal to the value of the securities loaned. While portfolio\nsecurities are on loan, the fund will continue to receive the equivalent of the interest and the dividends or other distributions paid\nby the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Additionally, although the\nfund will not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a\nright to recall each loan to vote on proposals, including proposals involving material events affecting securities loaned. The fund has\ndelegated the decision to lend\nEmerging\nMarkets Equities Fund Page 18\nportfolio\nsecurities to the investment adviser. The adviser also has the discretion to consent on corporate actions and to recall securities on\nloan to vote. In the event the adviser deems a corporate action or proxy vote material, as determined by the adviser based on factors\nrelevant to the fund, it will use reasonable efforts to recall the securities and consent to or vote on the matter.\nSecurities\nlending involves risks, including the risk that the loaned securities may not be returned in a timely manner or at all, which would interfere\nwith the fund s ability to vote proxies or settle transactions, and/or the risk of a counterparty default. Additionally, the fund\nmay lose money from the reinvestment of collateral received on loaned securities in investments that decline in value, default or do not\nperform as expected. The fund will make loans only to parties deemed by the fund s adviser to be in good standing and when, in the\nadviser s judgment, the income earned would justify the risks.\nJPMorgan\nChase Bank, N.A. ( JPMorgan ) serves as securities lending agent for the fund. As the securities lending agent, JPMorgan administers\nthe fund s securities lending program pursuant to the terms of a securities lending agent agreement entered into between the fund\nand JPMorgan. Under the terms of the agreement, JPMorgan is responsible for making available to approved borrowers securities from the\nfund s portfolio. JPMorgan is also responsible for the administration and management of the fund s securities lending program,\nincluding the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan,\nensuring that securities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the\ncorresponding required collateral is delivered by the borrowers, arranging for the investment of collateral received from borrowers, and\narranging for the return of loaned securities to the fund in accordance with the fund s instructions or at loan termination. As\ncompensation for its services, JPMorgan receives a portion of the amount earned by the fund for lending securities.\nEmerging\nMarkets Equities Fund Page 19\nThe\nfollowing table sets forth, for the fund s most recently completed fiscal year, the fund s dollar amount of income and fees\nand/or other compensation related to its securities lending activities. Net income from securities lending activities may differ from\nthe amount reported in the fund s Form N-CSR, which reflects estimated accruals.\nGross\nincome from securities lending activities\n$119,000\nFees\npaid to securities lending agent from a revenue split\n0\nFees\npaid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvest", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:EMERGING_MARKETS_EQUITIES_FUND_INC", "p": "advisedBy", "o": "org:Capital_International_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:EMERGING_MARKETS_EQUITIES_FUND_INC", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:EMERGING_MARKETS_EQUITIES_FUND_INC", "p": "seriesOf", "o": "trust:EMERGING_MARKETS_EQUITIES_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:EMERGING_MARKETS_EQUITIES_FUND_INC", "p": "transferAgent", "o": "org:American_Funds_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:EMERGING_MARKETS_EQUITIES_FUND_INC", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> EMERGING MARKETS EQUITIES FUND INC <predicate_marker> advisedBy <object_marker> Capital International, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> EMERGING MARKETS EQUITIES FUND INC <predicate_marker> transferAgent <object_marker> American Funds Service Company <triple_end>\n<triple_start> EMERGING MARKETS EQUITIES FUND INC <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "EMERGING MARKETS EQUITIES FUND INC advisedBy Capital International, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf EMERGING MARKETS EQUITIES FUND INC ; transferAgent American Funds Service Company .\nEMERGING MARKETS EQUITIES FUND INC underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 15482, "n_triples": 5, "text_to_json_ratio": 30.7}}
{"sample_id": "0000794612:ALL", "cik": "0000794612", "trust_name": "Putnam Minnesota Tax Exempt Income Fund", "input_text": "ing bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nProspectus\n5\nBest Quarter:\nQ4 2023\n7.94%\nWorst Quarter:\nQ1 2022\n-6.08%\nAs of June 30, 2025, the fund s year-to-date return was -1.29%.\nAverage annual total returns after sales charges (for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n-2.56%\n-0.19%\n1.31%\nClass A after taxes on distributions\n-2.60%\n-0.20%\n1.29%\nClass A after taxes on distributions and sale of fund shares\n-0.44%\n0.37%\n1.58%\nClass C before taxes\n-0.14%\n-0.12%\n1.11%\nClass R6 before taxes *\n1.89%\n0.91%\n1.98%\nClass Y before taxes\n1.76%\n0.89%\n1.97%\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n1.05%\n0.99%\n2.25%\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change.\n6\nProspectus Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n7\nTax information The fund intends to distribute income that is exempt from federal income tax and Massachusetts personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including income earned by the fund on investments in taxable securities or capital gains realized on the disposition of its investments. Financial intermediary compensation If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor s website for more information.\n8\nProspectus Fund summary Putnam Minnesota Tax Exempt Income Fund Goal The fund seeks as high a level of current income exempt from federal income tax and Minnesota personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 50 of the fund s prospectus, in the Appendix to the fund s prospectus, and in How to buy shares beginning on page 43 of the fund s Statement of Additional Information ( SAI ). Shareholder Fees (fees paid directly from your investment)\nShare class\nMaximum sales charge (load) imposed on purchases (as a percentage of offering price)\nMaximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nClass A\n4.00 %\n1.00 % 1\nClass C\nNone\n1.00 % 2\nClass R6\nNone\nNone\nClass Y\nNone\nNone\n1\nApplies only to certain redemptions of shares bought with no initial sales charge.\n2\nThis charge is eliminated after one year. Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)\nShare class\nManagement fees\nDistribution and service (12b 1) fees\nOther expenses\nTotal annual fund operating expenses\nClass A\n0.42 %\n0.25 %\n0.17 %\n0.84 %\nClass C\n0.42 %\n1.00 %\n0.17 %\n1.59 %\nCla\n...\nain cases, records verifying that the class C shares have been held for at least eight years may not be available (for example, participant level share lot aging may not be tracked by group retirement plan recordkeeping platforms through which class C shares of the fund are held in an omnibus account). If such records are unavailable, Putnam Investor Services or the relevant financial intermediary may not effect the conversion or may effect the conversion on a different schedule determined by Putnam Investor Services or the financial intermediary, which may be shorter or longer than eight years. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n52\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A or C shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\nProspectus\n53\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that\n...\nf employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n58\nProspectus\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nHE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n9.05%\nC\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n8.21%\nC\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n7.14%\nC\nJ.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT BROOKLYN NY 11245-0003\n5.51%\nR6\nPERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052\n44.83%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n40.34%\nR6\nNATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n8.41%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n27.14%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n15.40%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS\n14.98%\n19\n499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\nY\nWELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n8.79%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n8.49%\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n7.32%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.08%\nAs of August 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended May 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nFund name\nClass A\nClass B*\nClass C\nMassachusetts Tax Exempt Income Fund\n$310,856\n$22\n$28,077\nMinnesota Tax Exempt Income Fund\n$132,969\n$41\n$28,575\nNew Jersey Tax Exempt Income Fund\n$275,440\n$64\n$54,252\nOhio Tax Exempt Income Fund\n$136,500\n$202\n$10,132\nPennsylvania Tax Exempt Income Fund\n$216,974\n$26\n$32,012\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\n20\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nMassachusetts Tax Exempt Income Fund\n2025\n$5,728\n$1,111\n2024\n$13,908\n$4,205\n2023\n$22,914\n$5,195\nMinnesota Tax Exempt Income Fund\n2025\n$20,917\n$3,802\n2024\n$15,483\n$2,506\n2023\n$17,831\n$2,807\nNew Jersey Tax Exempt Income Fund\n2025\n$10,340\n$2,066\n2024\n$16,210\n$3,272\n2023\n$32,832\n$4,489\nOhio Tax Exempt Income Fund\n2025\n$16,576\n$2,858\n2024\n$11,195\n$1,989\n2023\n$13,147\n$2,224\nPennsylvania Tax Exempt Income Fund\n2025\n$8,205\n$1,412\n2024\n$13,344\n$2,439\n2023\n$13,947\n$452\nContingent deferred sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares received and retained by the Distributor or Putnam Retail Management were as follows:\n21\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nMassachusetts Tax Exempt Income Fund\n2025\n$258\n2024\n$0\n2023\n$0\nMinnesota Tax Exempt Income Fund\n2025\n$0\n2024\n$0\n2023\n$0\nNew J\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n136\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n137\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser", "SubAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "seriesOf", "o": "trust:Putnam_Minnesota_Tax_Exempt_Income_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Minnesota_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Minnesota Tax Exempt Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Minnesota Tax Exempt Income Fund <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Minnesota Tax Exempt Income Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Minnesota Tax Exempt Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. , Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Minnesota Tax Exempt Income Fund ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC ; transferAgent Putnam Investor Services, Inc. .\nPutnam Minnesota Tax Exempt Income Fund underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 24234, "n_triples": 11, "text_to_json_ratio": 23.6}}
{"sample_id": "0000794615:ALL", "cik": "0000794615", "trust_name": "Putnam Pennsylvania Tax Exempt Income Fund", "input_text": "ing bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nProspectus\n5\nBest Quarter:\nQ4 2023\n7.94%\nWorst Quarter:\nQ1 2022\n-6.08%\nAs of June 30, 2025, the fund s year-to-date return was -1.29%.\nAverage annual total returns after sales charges (for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n-2.56%\n-0.19%\n1.31%\nClass A after taxes on distributions\n-2.60%\n-0.20%\n1.29%\nClass A after taxes on distributions and sale of fund shares\n-0.44%\n0.37%\n1.58%\nClass C before taxes\n-0.14%\n-0.12%\n1.11%\nClass R6 before taxes *\n1.89%\n0.91%\n1.98%\nClass Y before taxes\n1.76%\n0.89%\n1.97%\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n1.05%\n0.99%\n2.25%\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change.\n6\nProspectus Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n7\nTax information The fund intends to distribute income that is exempt from federal income tax and Massachusetts personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including inc\n...\nsell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\n28\nProspectus Tax information The fund intends to distribute income that is exempt from federal income tax and Ohio personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including income earned by the fund on investments in taxable securities or capital gains realized on the disposition of its investments. Financial intermediary compensation If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor s website for more information.\nProspectus\n29\nFund summary Putnam Pennsylvania Tax Exempt Income Fund Goal The fund seeks as high a level of current income exempt from federal income tax and Pennsylvania personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below . You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 50 of the fund s prospectus, in the Appendix to the fund s prospectus, and in How to buy shares beginning on page 43 of the fund s Statement of Additional Information ( SAI ). Shareholder Fees (fees paid directly from your investment)\nShare class\nMaximum sales charge (load) imposed on purchases (as a percentage of offering price)\nMaximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nClass A\n4.00 %\n1.00 % 1\nClass C\nNone\n1.00 % 2\nClass R6\nNone\nNone\nClass Y\nNone\nNone\n1\nApplies only to certain redemptions of shares bought with no initial sales charge.\n2\nThis charge is eliminated after one year. Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)\nShare class\nManagement fees\nDistribution and service (12b-1) fees\nOther expenses\nTotal annual fund operating expenses\nClass A\n0.42 %\n0.25 %\n0.19 %\n0.86 %\nClass C\n0.42 %\n1.00 %\n0.19 %\n1.6\n...\nain cases, records verifying that the class C shares have been held for at least eight years may not be available (for example, participant level share lot aging may not be tracked by group retirement plan recordkeeping platforms through which class C shares of the fund are held in an omnibus account). If such records are unavailable, Putnam Investor Services or the relevant financial intermediary may not effect the conversion or may effect the conversion on a different schedule determined by Putnam Investor Services or the financial intermediary, which may be shorter or longer than eight years. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n52\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A or C shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\nProspectus\n53\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that\n...\nf employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n58\nProspectus\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nHE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n9.05%\nC\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n8.21%\nC\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n7.14%\nC\nJ.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT BROOKLYN NY 11245-0003\n5.51%\nR6\nPERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052\n44.83%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n40.34%\nR6\nNATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n8.41%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n27.14%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n15.40%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS\n14.98%\n19\n499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\nY\nWELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n8.79%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n8.49%\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n7.32%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.08%\nAs of August 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended May 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nFund name\nClass A\nClass B*\nClass C\nMassachusetts Tax Exempt Income Fund\n$310,856\n$22\n$28,077\nMinnesota Tax Exempt Income Fund\n$132,969\n$41\n$28,575\nNew Jersey Tax Exempt Income Fund\n$275,440\n$64\n$54,252\nOhio Tax Exempt Income Fund\n$136,500\n$202\n$10,132\nPennsylvania Tax Exempt Income Fund\n$216,974\n$26\n$32,012\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\n20\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nMassachusetts Tax Exempt Income Fund\n2025\n$5,728\n$1,111\n2024\n$13,908\n$4,205\n2023\n$22,914\n$5,195\nMinnesota Tax Exempt Income Fund\n2025\n$20,917\n$3,802\n2024\n$15,483\n$2,506\n2023\n$17,831\n$2,807\nNew Jersey Tax Exempt Income Fund\n2025\n$10,340\n$2,066\n2024\n$16,210\n$3,272\n2023\n$32,832\n$4,489\nOhio Tax Exempt Income Fund\n2025\n$16,576\n$2,858\n2024\n$11,195\n$1,989\n2023\n$13,147\n$2,224\nPennsylvania Tax Exempt Income Fund\n2025\n$8,205\n$1,412\n2024\n$13,344\n$2,439\n2023\n$13,947\n$452\nContingent deferred sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares received and retained by the Distributor or Putnam Retail Management were as follows:\n21\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nMassachusetts Tax Exempt Income Fund\n2025\n$258\n2024\n$0\n2023\n$0\nMinnesota Tax Exempt Income Fund\n2025\n$0\n2024\n$0\n2023\n$0\nNew J\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n136\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n137\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser", "SubAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "seriesOf", "o": "trust:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Pennsylvania_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Pennsylvania Tax Exempt Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Pennsylvania Tax Exempt Income Fund <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Pennsylvania Tax Exempt Income Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Pennsylvania Tax Exempt Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. , Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Pennsylvania Tax Exempt Income Fund ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC ; transferAgent Putnam Investor Services, Inc. .\nPutnam Pennsylvania Tax Exempt Income Fund underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25369, "n_triples": 11, "text_to_json_ratio": 24.5}}
{"sample_id": "0000794616:ALL", "cik": "0000794616", "trust_name": "Putnam Ohio Tax Exempt Income Fund", "input_text": "ing bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nProspectus\n5\nBest Quarter:\nQ4 2023\n7.94%\nWorst Quarter:\nQ1 2022\n-6.08%\nAs of June 30, 2025, the fund s year-to-date return was -1.29%.\nAverage annual total returns after sales charges (for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n-2.56%\n-0.19%\n1.31%\nClass A after taxes on distributions\n-2.60%\n-0.20%\n1.29%\nClass A after taxes on distributions and sale of fund shares\n-0.44%\n0.37%\n1.58%\nClass C before taxes\n-0.14%\n-0.12%\n1.11%\nClass R6 before taxes *\n1.89%\n0.91%\n1.98%\nClass Y before taxes\n1.76%\n0.89%\n1.97%\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n1.05%\n0.99%\n2.25%\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change.\n6\nProspectus Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n7\nTax information The fund intends to distribute income that is exempt from federal income tax and Massachusetts personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including inc\n...\nund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n21\nTax information The fund intends to distribute income that is exempt from federal income tax and New Jersey personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including income earned by the fund on investments in taxable securities or capital gains realized on the disposition of its investments. Financial intermediary compensation If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor s website for more information.\n22\nProspectus Fund summary Putnam Ohio Tax Exempt Income Fund Goal The fund seeks as high a level of current income exempt from federal income tax and Ohio personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 50 of the fund s prospectus, in the Appendix to the fund s prospectus, and in How to buy shares beginning on page 43 of the fund s Statement of Additional Information ( SAI ). Shareholder Fees (fees paid directly from your investment)\nShare class\nMaximum sales charge (load) imposed on purchases (as a percentage of offering price)\nMaximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nClass A\n4.00 %\n1.00 % 1\nClass C\nNone\n1.00 % 2\nClass R6\nNone\nNone\nClass Y\nNone\nNone\n1\nApplies only to certain redemptions of shares bought with no initial sales charge.\n2\nThis charge is eliminated after one year. Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)\nShare class\nManagement fees\nDistribution and service (12b-1) fees\nOther expenses\nTotal annual fund operating expenses\nClass A\n0.42 %\n0.25 %\n0.21 %\n0.88 %\nClass C\n0.42 %\n1.00 %\n0.21 %\n1.63 %\nClass R6\n0.42\n...\nain cases, records verifying that the class C shares have been held for at least eight years may not be available (for example, participant level share lot aging may not be tracked by group retirement plan recordkeeping platforms through which class C shares of the fund are held in an omnibus account). If such records are unavailable, Putnam Investor Services or the relevant financial intermediary may not effect the conversion or may effect the conversion on a different schedule determined by Putnam Investor Services or the financial intermediary, which may be shorter or longer than eight years. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n52\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A or C shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\nProspectus\n53\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that\n...\nf employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n58\nProspectus\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nHE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n9.05%\nC\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n8.21%\nC\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n7.14%\nC\nJ.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT BROOKLYN NY 11245-0003\n5.51%\nR6\nPERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052\n44.83%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n40.34%\nR6\nNATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n8.41%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n27.14%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n15.40%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS\n14.98%\n19\n499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\nY\nWELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n8.79%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n8.49%\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n7.32%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.08%\nAs of August 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended May 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nFund name\nClass A\nClass B*\nClass C\nMassachusetts Tax Exempt Income Fund\n$310,856\n$22\n$28,077\nMinnesota Tax Exempt Income Fund\n$132,969\n$41\n$28,575\nNew Jersey Tax Exempt Income Fund\n$275,440\n$64\n$54,252\nOhio Tax Exempt Income Fund\n$136,500\n$202\n$10,132\nPennsylvania Tax Exempt Income Fund\n$216,974\n$26\n$32,012\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\n20\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nMassachusetts Tax Exempt Income Fund\n2025\n$5,728\n$1,111\n2024\n$13,908\n$4,205\n2023\n$22,914\n$5,195\nMinnesota Tax Exempt Income Fund\n2025\n$20,917\n$3,802\n2024\n$15,483\n$2,506\n2023\n$17,831\n$2,807\nNew Jersey Tax Exempt Income Fund\n2025\n$10,340\n$2,066\n2024\n$16,210\n$3,272\n2023\n$32,832\n$4,489\nOhio Tax Exempt Income Fund\n2025\n$16,576\n$2,858\n2024\n$11,195\n$1,989\n2023\n$13,147\n$2,224\nPennsylvania Tax Exempt Income Fund\n2025\n$8,205\n$1,412\n2024\n$13,344\n$2,439\n2023\n$13,947\n$452\nContingent deferred sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares received and retained by the Distributor or Putnam Retail Management were as follows:\n21\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nMassachusetts Tax Exempt Income Fund\n2025\n$258\n2024\n$0\n2023\n$0\nMinnesota Tax Exempt Income Fund\n2025\n$0\n2024\n$0\n2023\n$0\nNew J\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n136\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n137\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser", "SubAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "seriesOf", "o": "trust:Putnam_Ohio_Tax_Exempt_Income_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Ohio_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Ohio Tax Exempt Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Ohio Tax Exempt Income Fund <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Ohio Tax Exempt Income Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Ohio Tax Exempt Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. , Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Ohio Tax Exempt Income Fund ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC ; transferAgent Putnam Investor Services, Inc. .\nPutnam Ohio Tax Exempt Income Fund underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25369, "n_triples": 11, "text_to_json_ratio": 25.1}}
{"sample_id": "0000797923:ALL", "cik": "0000797923", "trust_name": "BNY Mellon Opportunistic Municipal Securities Fund", "input_text": "File\nNo .\n33-07496 811-04764 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 69 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 69 [X] (Check appropriate box\nor boxes.) BNY Mellon Opportunistic Municipal Securities Fund (Exact\nName of Registrant as Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286 (Address\nof Principal Executive Offices) (Zip Code) Registrant's\nTelephone Number, including Area Code: (212) 922-6400 Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286 (Name\nand Address of Agent for Service) It is proposed that this filing will become\neffective (check appropriate box) __ immediately\nupon filing pursuant to paragraph (b) X\non August 29, 2025\npursuant to paragraph (b) ____\ndays after filing pursuant to paragraph (a)(1) __ on\npursuant to paragraph (a)(1) ____\ndays after filing pursuant to paragraph (a)(2) __ on\npursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: __ this post-effective amendment designates a new effective date\nfor a previously filed post-effective amendment.\nBNY Mellon\nOpportunistic Municipal Securities Fund Prospectus\n| August 29, 2025 Class Ticker A PTEBX C DMBCX I DMBVX Y DMBYX Z DMBZX As with\nall mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 6 Investment Risks 7 Management 10 Shareholder Guide Choosing a Share Class 12 Buying and Selling Shares 16 General Policies 18 Distributions and Taxes 20 Services for Fund Investors 20 Financial Highlights Financial Highlights 23 Appendix Appendix A- 1 For More Information See back cover.\nFund\nSummary Investment\nObjective The fund seeks to maximize current income exempt\nfrom federal income tax to the extent consistent with the preservation of capital. Fees\nand Expenses This table describes the fees and expenses\nthat you may pay if you buy, hol\n...\nns your costs would be: 1 Year 3 Years 5 Years 10 Years Class A (with or without redemption at end of period) $ 526 $ 688 $ 864 $ 1,373 Class\nC (with redemption at end of period) $ 261 $ 499 $ 860 $ 1,878 Class C (without redemption at end of period) $ 161 $ 499 $ 860 $ 1,878 Class I (with or without redemption at\nend of period) $ 55 $ 173 $ 302 $ 677 Class Y (with or without redemption at\nend of period) $ 50 $ 157 $ 274 $ 616 Class\nZ (with or without redemption at end of period) $ 76 $ 237 $ 411 $ 918\n1\nPortfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover may indicate\nhigher transaction costs and may result in higher taxes when fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the\nfund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 18.17 %\nof the average value of its portfolio. Principal Investment Strategy To pursue its goal, the fund normally invests at least 80% of its net assets,\nplus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal\npersonal income tax. Typically, the fund invests substantially all of its assets in such municipal bonds.\nMunicipal bonds are debt securities or other obligations issued by states, territories and possessions\nof the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities,\nor multistate agencies and authorities. The fund invests at least\n70% of its net assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB\nor higher) or the unrated equivalent as determined by Insight North America LLC, the fund's sub-adviser.\nFor additional yield, the fund may invest up to 30% of its net assets in municipal bonds rated, at the\ntime of purchase, below investment grade (\"high yield\" or \"junk\" bonds) or the unrated equivalent as\ndetermined by the fund's sub-adviser. The dollar-weighted average maturity of the fund's portfolio normally\nexceeds ten years, but the fund may invest without regard to maturity or duration. A bond's maturity\nis the length of time until the principal must be fully repaid with interest. Dollar-weighted average\nmaturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted\nproportions in the fund. Duration is an indication of an investment's \"interest rate risk,\" or how sensitive\na bond or the fund's portfolio may be to changes in interest rates. The fund's\nsub-adviser focuses on identifying undervalued sectors and securities. To select municipal bonds for\nthe fund, the sub-adviser uses fundamental credit analysis to estimate the relative value and attractiveness\nof various sectors and securities and actively trades among various sectors and securities based on their\napparent relative values. The fund seeks to invest in several different sectors, and does not seek to\noverweight any particular sector but may do so depending on each sector's relative value at a given time. A rigorous sell discipline is employed to continuously evaluate all fund holdings.\nCurrent holdings may become sell candidates if creditworthiness is deteriorating, if bonds with better\nrisk and return characteristics become available, or if the holding no longer meets the sub-adviser's\nstrategic or portfolio construction objectives. Although the fund seeks to\nprovide income exempt from federal income tax, in\n...\nevent the issuer files for bankruptcy. Temporary\ninvestment risk: Under adverse market conditions, the fund could invest some\nor all of its assets in U.S. Treasury securities or money market securities, or hold cash. Although\nthe fund would do this for temporary defensive purposes, it could reduce the benefit from any upswing\nin the market. During such periods, the fund's investments may not be consistent with its principal\ninvestment strategy and the fund may not achieve its investment objective.\n9\nManagement\nInvestment Adviser The\ninvestment adviser for the fund is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York,\nNew York 10286. BNYIA manages approximately $368 billion in 87 mutual fund portfolios. For the past\nfiscal year, the fund paid BNYIA a management fee at the annual rate of .35% of the value of the fund's\naverage daily net assets. A discussion regarding the basis for the board's approving the fund's management\nagreement with BNYIA is available in the fund's Form N-CSR for the fiscal year ended April 30, 2025.\nBNYIA is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY), a global\ninvestments company dedicated to helping its clients manage and service their financial assets throughout\nthe investment lifecycle. Whether providing financial services for institutions, corporations or individual\ninvestors, BNY delivers informed investment management and investment services in 35 countries. BNY\nis a leading investment management and investment services company, uniquely focused to help clients\nmanage and move their financial assets in the rapidly changing global marketplace. BNY has $55.8 trillion\nin assets under custody and administration and $2.1 trillion in assets under management. BNY is the\ncorporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation\nas a whole and/or its various subsidiaries generally. BNY Investments is one of the world's leading\ninvestment management organizations, and one of the top U.S. wealth managers, encompassing BNY's affiliated\ninvestment management firms, wealth management services and global distribution companies. Additional\ninformation is available at www.bny.com/investments. The asset\nmanagement philosophy of BNYIA is based on the belief that discipline and consistency are important to\ninvestment success. For each fund, BNYIA seeks to establish clear guidelines for portfolio management\nand to be systematic in making decisions. This approach is designed to provide each fund with a distinct,\nstable identity. Sub-Adviser BNYIA has\nengaged its affiliate, Insight North America LLC, to serve as the fund's sub-adviser, pursuant to a sub-investment\nadvisory agreement between BNYIA and INA. INA, subject to BNYIA's supervision and approval, provides\nday-to-day management of the fund's assets. INA is an indirect wholly-owned subsidiary of BNY registered\nin the United States with the Securities and Exchange Commission as an investment adviser. INA's principal\noffice is located at 200 Park Avenue, New York, New York 10166. As of June 30, 2025, INA had approximately\n$130.0 billion of assets under management. (Assets under management (AUM) is represented by the value\nof a client's assets or liabilities managed by INA. These will primarily be the mark-to-market value\nof investments managed by INA, including collateral if applicable. Where a client mandate requires INA\nto manage some or all of a client's liabilities, AUM will be equal to the value of the client's specific\nliability benchmark and/or the notional value of o\n...\nmprise a financial\nservice organization whose business consists primarily of providing investment management services as\nthe investment adviser, manager and distributor for sponsored investment companies registered under the\nInvestment Company Act of 1940 and as an investment adviser to institutional and individual accounts.\nBNYM Investment Adviser also serves as sub-investment adviser to and/or administrator of other investment\ncompanies. BNY Mellon Adviser, a wholly-owned subsidiary of BNYM Investment Adviser, serves primarily\nas a registered broker-dealer of shares of investment companies sponsored by BNYM Investment Adviser\nand of other investment companies for which BNYM Investment Adviser acts as investment adviser, sub-investment\nadviser or administrator. Item 31(b) Business and Other\nConnections of Sub-Investment Advisers. The Registrant is fulfilling\nthe requirement of this Item 31 to provide a list of the officers and directors of Insight North America,\nLLC (\"Insight\"), together with information as to any other business, profession, vocation or employment\nof a substantial nature engaged in by Insight or that firm's officers and directors during the past two\nyears, by incorporating by reference the information contained in the Form ADV filed with the SEC pursuant\nto the Investment Advisers Act of 1940 by Insight (SEC File No. 801-69964).\nItem 31. Business\nand Other Connections of Investment Adviser (continued) Officers and Directors of Investment\nAdviser Name\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates\nKenneth Bradle Vice President and Director BNY Mellon Investment Adviser, Inc. ++ Director Vice President 10/20\nPresent 6/19 Present BNY Mellon Securities Corporation ++ Director President 10/20\nPresent 5/09 Present BNY Mellon Transfer, Inc. ++ Chairman Director 6/19\nPresent 10/20 Present The Bank of New York Mellon ++ Vice President 2/21\nPresent David DiPetrillo Vice President and Director BNY Mellon Advisors, Inc. Director 12/23\nPresent BNY Mellon Asset Management Canada Ltd.\n******** Director 3/23 Present BNY Mellon ETF Investment Adviser, LLC ++ Chief Executive Officer Manager 12/23 Present 10/20 Present BNY\nMellon ETF Trust ++ President 3/20 Present BNY\nMellon ETF Trust II ++ President 6/24 Present BNY\nMellon Family of Funds ++ President 1/21 Present BNY Mellon Investment Adviser, Inc.\n++ Director and Vice President 2/21 Present BNY\nMellon Investor Solutions, LLC * Manager 1/20 1/24 BNY\nMellon Securities Corporation ++ Director\nand Executive Vice President 1/21 Present DTR Commodity Fund Ltd.\n######### President Director 8/21 Present 10/21 2/23 GRR Commodity Fund Ltd.\n######### President Director 8/21 Present 10/21 2/23 The Bank of New York\nMellon ++ Vice\nPresident 1/20 Present Bushra Mannan Vice President and Director Alternative Holdings II, LLC ** Manager President 3/23\nPresent 7/23 Present BNY\nMellon Investment Adviser, Inc. ++ Director Vice\nPresident 8/23 Present 12/21\nPresent CenterSquare\nInvestment Management Holdings, Inc. +++ Director 3/23 2/25 DTR\nCommodity Fund Ltd. ######### Director 2/23 Present GRR\nCommodity Fund Ltd. ######### Director 2/23 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates Mellon Global Investing Corp.\n+ Chair, Chief Executive Officer, and President\nDirector 11/23 Present 6/23 Present The Bank of New York Mellon ++ Director 1/22\nPresent Irene Papadoulis Director BNY Mellon Investment Adviser,\nInc. ++ Director 8/23 Present BNY Mellon Securities Corporation ++ Director Executive Vice President\n...\n5/21 4/23 Asset Recovery XX, LLC ** Assistant Treasurer 5/21\nPresent Asset Recovery XXII, LLC ** Assistant Treasurer 5/21 4/23 B.N.Y. Holdings (Delaware)\nCorporation # Assistant\nVice President Tax 7/21\nPresent BNY Administrative Services LLC ** Assistant Treasurer Tax 5/21 Present BNY Alcentra Group Holdings, Inc. Assistant Treasurer Tax 5/21 11/22 BNY Aurora Holding Corp. ++ Vice President 5/21 Present BNY Capital Corporation ** Vice President Tax 7/21 Present BNY Capital Funding LLC ++ Assistant Treasurer Tax Manager 4/21 3/24 3/22 Present BNY Capital Markets\nHoldings, Inc. ++ Assistant\nTreasurer Tax 3/22 Present BNY Capital Resources Corporation ++ Assistant Treasurer Tax 5/21 Present BNY Foreign Holdings, Inc. ++ Vice President Tax 1/22 8/23 Assistant Treasurer Tax 8/23 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates BNY\nInternational Financing Corporation ++ Vice\nPresident 1/25 Present BNY Investment Management\nServices LLC # Assistant\nTreasurer Tax 5/21 Present BNY Lease Equities (Cap Funding) LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Advisors, Inc. Assistant\nTreasurer Tax 5/21 Present BNY Mellon Asset Management Operations LLC &#x5E;&#x5E; Assistant Treasurer 5/21 12/22 BNY\nMellon Capital Markets, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon ETF Investment Adviser, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Government Securities Services Corp. ++ Vice President Tax 5/21 Present BNY\nMellon Insurance Agency, Inc. ++ Vice\nPresident Tax 5/21 Present BNY International Financing Corporation ++ Vice President 1/25 Present BNY Mellon Investment Adviser, Inc. ++ Vice President Tax 5/21 Present BNY Mellon Investment Management Holdings LLC # Assistant Vice President Tax 5/21 Present BNY\nMellon Investment Servicing (US) Inc. ********** Assistant Treasurer Tax 8/21 Present BNY Mellon Investment Servicing Trust Company # Assistant Treasurer Tax 8/21 Present BNY Mellon Investor Solutions, LLC * Assistant Treasurer Tax 7/21 1/24 BNY Mellon Performance Risk Analytics, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Securities Corporation ++ Vice\nPresident - Tax 5/21 Present BNY Mellon Trust Company of Illinois Assistant Treasurer Tax 5/21 Present BNY Mellon Trust of Delaware # Assistant Treasurer 5/21 Present BNY Mellon US Services Holdings LLC ++ Assistant Treasurer - Tax 6/21 Present BNY Mellon, National Association ++ Vice President Tax 10/23 Present BNY Partnership Funding LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nReal Estate Holdings LLC ++ Assistant\nTreasurer Tax 4/21 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates BNY Salvage Inc.\n++ Assistant Treasurer Tax 5/21 Present BNY-N.J. II Corp. ++ Assistant Treasurer Tax 8/21 9/24 CenterSquare Investment Management Holdings, Inc. +++ Assistant Treasurer Tax 5/21 2/25 ClearSky Subsidiary,\nLLC ++ Assistant Treasurer Tax 11/24 Present Colson Services Corp. ++ Assistant Treasurer Tax 6/21 Present Eagle Access LLC ++ Assistant\nTreasurer Tax 6/21 Present Eagle Investment Systems LLC ++ Assistant Treasurer Tax 6/21 Present ECM DE, LLC ++ Assistant\nTreasurer Tax 5/21 Present iNautix\n(USA) LLC ### Assistant\nTreasurer Tax 5/21 7/25 Insight North America\nLLC ++ Assistant Treasurer - Tax 5/21 Present Madison Pershing LLC ### Assistant Treasurer Tax 8/21 Present MBC Investments Corporation # Assistant Treasurer Tax 5/21 Present Mellon Financial Services Corporation #1 + Assistant Treasurer Tax 5/21 Present Mellon Global Investing Corp. + Assistant T", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "subAdvisedBy", "o": "org:Insight_North_America_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_Mellon_Opportunistic_Municipal_Securities_Fund", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon Opportunistic Municipal Securities Fund <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> subAdvisedBy <object_marker> Insight North America LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> BNY Mellon Opportunistic Municipal Securities Fund <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon Opportunistic Municipal Securities Fund advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; subAdvisedBy Insight North America LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , BNY Mellon Transfer, Inc. .\nBNY Mellon Opportunistic Municipal Securities Fund underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 16681, "n_triples": 6, "text_to_json_ratio": 26.3}}
{"sample_id": "0000798737:ALL", "cik": "0000798737", "trust_name": "AB MUNICIPAL INCOME FUND, INC.", "input_text": "C. 20549\nFORM N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 69\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 71\nAB MUNICIPAL INCOME FUND, INC.\n(Exact Name of Registrant as Specified in Charter)\n66 Hudson Boulevard East, 26th Floor, New York, New York 10001\n(Address of Principal Executive Office) (Zip Code)\nRegistrant s Telephone Number, including Area Code:\n(800) 221 5672\nNancy E. Hay\nAllianceBernstein L.P.\n66 Hudson Boulevard East, 26th Floor\nNew York, New York 10001\n(Name and address of agent for service)\nCopies of communications to:\nPaul M. Miller\nSeward Kissel LLP\n901 K Street, N.W.\nSuite 800\nWashington, DC 20001\nApproximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\non September 30, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nTitle of Securities Being Registered: Shares of beneficial interest.\nThis Post-Effective Amendment No. 69 relates solely to the Class A, Class C, Advisor Class and Class Z shares, as applicable, of the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio. No information in the Registrant s Registration Statement relating to the other series or classes of the Registrant not included herein is amended or superseded.\nPROSPECTUS | SEPTEMBER 30, 2025\nAB Municipal Income Portfolios\n(Shares Offered Exchange Ticker Symbol)\nAB National Portfolio\n(Class A ALTHX; Class C ALNCX; Advisor Class ALTVX)\nAB High Income Municipal Portfolio\n(Class A ABTHX; Class C ABTFX; Advisor Class ABTYX; Class Z ABTZX)\nAB California Portfolio\n(Class A ALCAX; Class C ACACX; Advisor Class ALCVX)\nAB Massachusetts Portfolio\n(Class A AMAAX; Class C AMACX; Advisor Class AMAYX)\nAB New York Portfolio\n(Class A ALNYX; Class C ANYCX; Advisor Class ALNVX)\nAB Virginia Portfolio\n(Class A AVAAX; Class C AVACX; Advisor Class AVAYX)\nThe Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nInvestment Products Offered\nAre Not FDIC Insured\nMay Lose Value\nAre Not Bank Guaranteed\nTABLE OF CONTENTS\nPage\nSUMMARY INFORMATION\n4\nAB National Portfolio\n4\nAB High Income Municipal Portfolio\n9\nAB California Portfolio\n14\nAB Massachusetts Portfolio\n19\nAB New York Portfolio\n24\nAB Virginia Portfolio\n29\nADDITIONAL INFORMATION ABOUT THE PORTFOLIOS STRATEGIES, RISKS AND INVESTMENTS\n35\nINVESTING IN THE PORTFOLIOS\n44\nHow to Buy Shares\n44\nThe Different Share Class Expenses\n46\nSales Charge Reduction Programs for Class A Shares\n47\nCDSC Waivers and Other Programs\n48\nChoosing a Share Class\n49\nPayments to Financial Advisors and Their Firms\n49\nHow to Exchange Shares\n51\nHow to Sell or Redeem Shares\n51\nFrequent Purchases and Redemptions of Portfolio Shares\n52\nHow the Portfolios Value Their Shares\n53\nMANAGEMENT OF THE PORTFOLIOS\n54\nDIVIDENDS, DISTRIBUTIONS AND TAXES\n56\nGENERAL INFORMATION\n58\nGLOSSARY\n59\nFINANCIAL HIGHLIGHTS\n60\nAPPENDIX A HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION\nA-1\nAPPENDIX B FINANCIAL INTERMEDIARY WAIVERS\nB-1\nSUMMARY INFORMATION\nAB N\n...\nformance information on the Portfolio s website at www.abfunds.com (click on Investments Mutual Funds ).\nThe Portfolio s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.\nBar Chart\nThe annual returns in the bar chart are for the Portfolio s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through June 30, 2025 , the year-to-date unannualized return for Class A shares was 0.50 %.\nDuring the period shown in the bar chart, the Portfolio s:\nBest Quarter was up 6.98 %, 4th quarter, 2023 ; and Worst Quarter was down - 5.86 %, 1st quarter, 2022 .\nPerformance Table Average Annual Total Returns\n(For the periods ended December 31, 2024)\n1 Year\n5 Years\n10 Years\nClass A*\nReturn Before Taxes\n- 0.76 %\n0.38 %\n1.78 %\nReturn After Taxes on Distributions\n- 0.80 %\n0.34 %\n1.76 %\nReturn After Taxes on Distributions and Sale of Portfolio Shares\n0.79 %\n0.85 %\n1.98 %\nClass C\nReturn Before Taxes\n0.45 %\n0.21 %\n1.32 %\nAdvisor Class\nReturn Before Taxes\n2.56 %\n1.24 %\n2.35 %\nBloomberg Municipal Bond Index\n(reflects no deduction for fees, expenses or taxes)\n1.05 %\n0.99 %\n2.25 %\n*\nAfter-tax Returns:\nAre shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;\nAre an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor s tax situation and are likely to differ from those shown; and\nAre not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.\nINVESTMENT ADVISER:\nAllianceBernstein L.P. is the investment adviser for the Portfolio.\n7\nPORTFOLIO MANAGERS:\nThe following table lists the persons responsible for day-to-day management of the Portfolio s portfolio:\nEmployee\nLength of Service\nTitle\nDaryl Clements\nSince 2022\nSenior Vice President of the Adviser\nMatthew J. Norton\nSince 2016\nSenior Vice President of the Adviser\nAndrew D. Potter\nSince 2018\nSenior Vice President of the Adviser\nADDITIONAL INFORMATION\nFor important information about the purchase and sale of Portfolio shares, tax information and financial intermediary compensation, please turn to Additional Information About Purchase and Sale of Portfolio Shares, Taxes and Financial Intermediaries, page 34 in this Prospectus.\n8\nAB High Income Municipal Portfolio\nINVESTMENT OBJECTIVE:\nThe investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available consistent with what the Adviser considers to be an appropriate level of risk.\nFEES AND EXPENSES OF THE PORTFOLIO:\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $ 100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios Sales Charge Reduction Programs for Class A Shares on page 47 of this Prospectus, in Appendix B Financial Intermediary Waivers of this Prospectus and in Purchase of Shares\n...\nugh this Prospectus.\nEach share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses. For additional information on the differences between the different classes of shares and factors to consider when choosing among them, please see The Different Share Class Expenses and Choosing a Share Class below. Only Class A shares offer Quantity Discounts on sales charges, as described below.\nTo effect an order for the purchase, exchange or redemption of a Portfolio s shares, the Portfolio must receive the order in proper form. Proper form generally means that your instructions:\nAre signed and dated by the person(s) authorized in accordance with the Portfolio s policies and procedures to access the account and request transactions;\nInclude the fund and account number; and\nInclude the amount of the transaction (stated in dollars, shares, or percentage).\nWritten instructions also must include:\nMedallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)\nAny supporting documentation that may be required.\nThe Portfolios reserve the right, without notice, to revise the requirements for proper form.\nHOW TO BUY SHARES\nThe purchase of a Portfolio s shares is priced at the next-determined NAV after your order is received in proper form by ABIS.\nClass A and Class C Shares Shares Available to Retail Investors\nYou may purchase a Portfolio s Class A or Class C shares through financial intermediaries, such as broker-dealers or banks. You also may purchase shares directly from the Portfolios principal underwriter, AllianceBernstein Investments, Inc., or ABI, if you are (i) an initial investor and the Portfolio has received and accepted a completed Mutual Fund Application identifying a financial intermediary with which ABI has an agreement; (ii) an existing Portfolio shareholder with an account held directly with a Portfolio; or (iii) an employee of the Adviser or any of its affiliates. These purchases may be subject to an initial sales charge, an asset-based sales charge or CDSC, as described below.\nPurchase Minimums and Maximums\nMinimums:*\nInitial:\n$\n2,500\nSubsequent:\n$\n50\n*\nPurchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee based program or Mutual Fund Only brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or network level account arrangements with the Portfolio.\nMaximums:\nClass A shares\nNone\nClass C shares\n$\n500,000\nClass Z Shares Shares Available to Persons Participating in Certain Fee Based Programs\nClass Z shares are available to persons in certain fee based programs sponsored and maintained by registered broker-dealers or other financial intermediaries with omnibus account arrangements with the Portfolio. Only the AB High Income Municipal Portfolio offers Class Z shares.\nOther Purchase Information\nYour broker or financial intermediary must receive your purchase request by the Portfolio Closing Time, which is the close of regular trading on any day the Exchange is open (ordinarily 4:00 p.m., Eastern time, but sometimes earlier, as in the case of scheduled half day trading or unscheduled suspensions of\n...\n) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR SEPs or Keogh plans.\nGifts of shares will not be considered when determining breakpoint discounts.\nB-10\nFor more information about the Portfolios, the following documents are available upon request:\nANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N CSR FILINGS\nThe Portfolios annual and semi-annual reports to shareholders and filings on Form N CSR contain additional information on the Portfolios investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Portfolio s performance during its last fiscal year. In the Portfolios filings on Form N CSR, you will find the Portfolios annual and semi-annual financial statements.\nSTATEMENT OF ADDITIONAL INFORMATION (SAI)\nThe Portfolios have an SAI, which contains more detailed information about each Portfolio, including its operations and investment policies. The Portfolios SAI and independent registered public accounting firm s report and financial statements in each Portfolio s Form N CSR for its most recent fiscal year are incorporated by reference into (and are legally part of) this Prospectus.\nYou may request a free copy of the current annual/semi-annual report, the SAI or other information such as Portfolio financial statements, or make inquiries concerning the Portfolios by contacting your broker or other financial intermediary, or by contacting the Adviser:\nBy Mail:\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003\nSan Antonio, TX 78278-6003\nBy Phone:\nFor Information: (800) 221 5672\nFor Literature: (800) 227 4618\nOn the Internet:\nwww.abfunds.com\nYou may also view reports and other information about the Portfolios, including the SAI, by visiting the EDGAR database on the Securities and Exchange Commission s website ( https://www.sec.gov/ ). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e mail address: publicinfo@sec.gov.\nYou also may find more information about the Adviser and other AB Mutual Funds on the Internet at: www.abfunds.com .\nThe [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.\nFund\nSEC File No.\nAB Municipal Income Fund, Inc.\n811 04791\nAB Municipal Income Fund II\n811 07618\nPRO-0116-0925\nAB Municipal Income Portfolios\n(Shares\nOffered Exchange Ticker Symbol)\nAB\nNational Portfolio\n(Class\nA ALTHX; Class C ALNCX; Advisor Class ALTVX)\nAB\nHigh Income Municipal Portfolio\n(Class\nA ABTHX; Class C ABTFX; Advisor Class ABTYX; Class Z ABTZX)\nAB\nCalifornia Portfolio\n(Class\nA ALCAX; Class C ACACX; Advisor Class ALCVX)\nAB\nMassachusetts Portfolio\n(Class\nA AMAAX; Class C AMACX; Advisor Class AMAYX)\nAB\nNew York Portfolio\n(Class\nA ALNYX; Class C ANYCX; Advisor Class ALNVX)\nAB\nVirginia Portfolio\n(Class\nA AVAAX; Class C AVACX; Advisor Class AVAYX)\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003, San Antonio, Texas 78278-6003\nToll Free: (800) 221-5672\nFor Literature: Toll Free (800) 227-4618\nSTATEMENT\nOF ADDITIONAL INFORMATION September 30, 2025\nThis\nStatement of Additional Information ( SAI ) is not a prospectus but supplements and should be read in conjunction\n...\nrill Lynch, Pierce, Fenner Smith Incorporated making available\nshares of the Registrant effective April 30, 2009 - Incorporated by reference to Exhibit (e)(8) to Post-Effective Amendment No. 39 of\nthe Registration Statement on Form N-1A of AllianceBernstein Large Cap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with\nthe Securities and Exchange Commission on October 15, 2009.\nC- 2\n(4)\nLoad\nFund Operating Agreement between AllianceBernstein Investments, Inc. and Charles Schwab Co., Inc. making available shares of the\nRegistrant, dated as of June 1, 2007 - Incorporated by reference to Exhibit (e)(9) to Post-Effective Amendment No. 39 of the Registration\nStatement on Form N-1A of AllianceBernstein Large Cap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with the Securities\nand Exchange Commission on October 15, 2009.\n(5)\nCooperation\nAgreement between AllianceBernstein Investments, Inc. (formerly known as AllianceBernstein Research and Management, Inc.) and UBS AG,\ndated November 1, 2005 - Incorporated by reference to Exhibit (e)(10) to Post-Effective Amendment No. 39 of the Registration Statement\non Form N-1A of AllianceBernstein Large Cap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with the Securities and Exchange\nCommission on October 15, 2009.\n(6)\nForm\nof Selected Agreement for Broker-Dealers between AllianceBernstein Investments, Inc. and selected dealers offering shares of the Registrant\n- Incorporated by reference to Exhibit (e)(10) to Post-Effective Amendment No. 166 of the Registration Statement on Form N-1A of AB Discovery\nGrowth Fund, Inc. (File Nos. 2-10768 and 811-00204), filed with the Securities and Exchange Commission on October 29, 2019.\n(f)\nNot applicable.\n(g)\nMaster\nCustodian Agreement between the Registrant and State Street Bank and Trust Company, effective August 3, 2009 - Incorporated by reference\nto Exhibit (g) to Post-Effective Amendment No. 51 of the Registration Statement on Form N-1A of AllianceBernstein Variable Products Series\nFund, Inc. (File Nos. 33-18647 and 811-05398), filed with the Securities and Exchange Commission on April 29, 2010.\n(h)\n(1)\nTransfer\nAgency Agreement between Registrant and AllianceBernstein Investor Services, Inc. - Incorporated by reference to Exhibit 9 to Post-Effective\nAmendment No. 24 of the Registrant's Registration Statement on Form N-1A (File Nos. 33-07812 and 811-04791), filed with the Securities\nand Exchange Commission on January 30, 1998.\nC- 3\n(2)\nAmendment\nto Transfer Agency Agreement between Registrant and AllianceBernstein Investor Services, Inc. (formerly known as Alliance Fund Services,\nInc.) Incorporated by reference to Exhibit (h)(2) to Post-Effective Amendment No. 57 of the Registrant's Registration Statement\non Form N-1A (File Nos. 33-07812 and 811-04791), filed with the Securities and Exchange Commission on September 28, 2016.\n(3)\nExpense\nLimitation Undertaking by AllianceBernstein L.P. with respect to AB Municipal Income Fund, Inc. - AB California Portfolio, dated August\n2, 2018 Incorporated by reference to Exhibit (h)(4) to Post-Effective Amendment No. 61 to Registrant's Registration Statement\non Form N-1A (File Nos. 33-07812 and 811-04791), filed with the Securities and Exchange Commission on September 28, 2018.\n(4)\nExpense\nLimitation Undertaking by AllianceBernstein L.P. with respect to AB Municipal Income Fund, Inc. - AB High Income Municipal Portfolio,\ndated August 2, 2018 Incorporated by reference to Exhibit (h)(5) to Post-Effective Amendment No. 61 to Registrant's Registration\nStatement on Form N-1A (File Nos. 33-078", "ontology": {"Fund": 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L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB MUNICIPAL INCOME FUND, INC. <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB National Portfolio <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB MUNICIPAL INCOME FUND, INC. <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB New York Portfolio <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB MUNICIPAL INCOME FUND, INC. <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB MUNICIPAL INCOME FUND, INC. <predicate_marker> underwrittenBy <object_marker> AllianceBernstein Investments, Inc. <triple_end>", "target_serialized_plain": "AB California Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND, INC. ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB High Income Municipal Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND, INC. ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB National Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND, INC. ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB New York Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND, INC. ; transferAgent AllianceBernstein 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{"sample_id": "0000799113:ALL", "cik": "0000799113", "trust_name": "BlackRock Municipal Series Trust", "input_text": "r 2015-01-01 2024-12-31 0000799113 bmst:ClassKMember bmst:C000199785Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000799113 bmst:ClassKMember bmst:C000199785Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000799113 bmst:ClassKMember bmst:CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000799113 bmst:InvestorA1Member bmst:BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000799113 bmst:InvestorA1Member bmst:CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 0000799113 bmst:InvestorACAndInstitutionalMember bmst:BloombergMunicipalBondIndexMember 2015-01-01 2024-12-31 0000799113 bmst:InvestorACAndInstitutionalMember bmst:CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on September 23, 2025 Securities Act File No. 33-08058 Investment Company Act File No. 811-04802 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 60 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 61 (Check appropriate box or boxes) BlackRock Municipal Series Trust (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Municipal Series Trust 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nMargery K. Neale, Esq. Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On September 26, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $.10 per share. SEPTEMBER 26, 2025\nProspectus BlackRock Municipal Series Trust | Investor and Institutional Shares BlackRock Strategic Municipal Opportunities Fund Investor A: MEMTX Investor C: MFMTX Institutional: MAMTX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n9\nInvestment Manager\n10\nPortfolio Managers\n10\nPurchase and Sale of Fund Shares\n10\nTax Information\n11\nPayme\n...\nibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. 10\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment (continued)\nTax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. The Fund intends to make distributions most of which will be excludable from gross income for federal income tax purposes. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 11 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Strategic Municipal Opportunities Fund (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to provide shareholders with a high level of income exempt from Federal income taxes. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process The Fund s investment process begins with bottom-up, fundamental analysis focused on sector and security selection, and then incorporates a macroeconomic framework for evaluating and managing risk, including geographic, technical and economic risk. The Fund s investment process is generally expected to place greater emphasis on duration management and capital structure compared to that of a more traditional municipal fixed income fund. Fund management may, but is not required to, regularly employ hedging techniques in the Fund. Credit Quality of Issuers based on bottom up credit research combined with relative value analysis. Yield Analysis ta\n...\nervices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting 32 and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Ple\n...\nstor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s annual and semi-annual investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s annual and semi-annual performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated September 26, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence BlackRock Strategic Municipal Opportunities Fund P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail BlackRock Strategic Municipal Opportunities Fund Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of the Fund s annual and semi-annual policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about the Fund, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. INVESTMENT COMPANY ACT FILE # 811-04802 BlackRock Advisors, LLC\nPRO-SMO-0925 SEPTEMBER 26, 2025\nProspectus BlackRock Municipal Series Trust | Class K Shares BlackRock Strategic Municipal Opportunities Fund Class K: MKMTX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n8\nInvestment Manager\n9\nPortfolio Managers\n9\nPurchase and Sale of Fund Shares\n10\nTax Information\n10\nPayments to Broker/Dealers and Other Financial Intermediaries\n10\nDetails About the Fund\nHow the Fund Invests\n11\nInvestment Risks\n13\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distributions and other payments\nDetails About the Share Class\n23\nHow to Buy, Sell, Exchange and Transfer Shares\n24\nFund s Rights\n29\nShort-Term Trading Policy\n29\nManagement of the Fund\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n31\nPortfolio Manager Information\n32\nConflicts of Interest\n32\nValuation of Fund Investments\n33\nDividends, Distributions and Taxes\n34\nFinancial Highlights\nFinancial Performance of the Fund\n36\nGeneral Information\nShareholder Documents\n37\nCertain Fund Policies\n37\nStatement of Addition", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Strategic_Municipal_Opportunities_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Strategic_Municipal_Opportunities_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Strategic_Municipal_Opportunities_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Strategic_Municipal_Opportunities_Fund", "p": "seriesOf", "o": "trust:BlackRock_Municipal_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Strategic_Municipal_Opportunities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Municipal_Series_Trust", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Strategic Municipal Opportunities Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Municipal Series Trust <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Municipal Series Trust <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Strategic Municipal Opportunities Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock Municipal Series Trust ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Municipal Series Trust underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18395, "n_triples": 6, "text_to_json_ratio": 29.8}}
{"sample_id": "0000802716:ALL", "cik": "0000802716", "trust_name": "Victory Portfolios", "input_text": "is a criminal offense.\nvcm.com\n800-539-FUND (800-539-3863)\nTable of Contents\nFund Summary\n1\nInvestment Objective\n1\nFund Fees and Expenses\n1\nPrincipal Investment Strategy\n2\nPrincipal Risks\n3\nInvestment Performance\n5\nManagement of the Fund\n5\nPurchase and Sale of Fund Shares\n5\nTax Information\n6\nPayments to Broker-Dealers and Other Financial\nIntermediaries\n6\nAdditional Fund Information\n7\nInvestments\n9\nRisk Factors\n10\nOrganization and Management of the Fund\n15\nInvesting with the Victory Funds\n16\nShare Price\n17\nChoosing a Share Class\n18\nHow to Buy Shares\n21\nHow to Exchange Shares\n24\nHow to Sell Shares\n26\nDistributions and Taxes\n28\nImportant Fund Policies\n31\nFinancial Highlights\n34\nVictory Trivalent Emerging Markets Small-Cap Fund Summary\nInvestment Objective\nThe Victory Trivalent Emerging Markets Small-Cap Fund (the Fund ) seeks to provide long-term growth of capital.\nFund Fees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below .\nClass Y\nMaximum Sales Charge (Load) Imposed on Purchases\n(as a percentage of offering price)\nNone\nMaximum Deferred Sales Charge (Load)\n(as a percentage of the lower of purchase or sale price)\nNone\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\nClass Y\nManagement Fees\n0.99 %\nDistribution and/or Service (12b-1) Fees\n0.00 %\nOther Expenses 1\n0.94 %\nTotal Annual Fund Operating Expenses\n1.93 %\nFee Waiver/Expense Reimbursements 2\n( 0.83 )%\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursements 2\n1.10 %\n1\nEstimated for the current fiscal year.\n2\nVictory Capital Management Inc., (the Adviser ) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.10% through at least October 31, 2027 . The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund s Board of Trustees.\nExample:\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n$ 112\n$ 469\nPortfolio Turnover:\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected\n1\nVictory Trivalent Emerging Markets Small-Cap Fund Summary\nin annual Fund operating expenses\n...\nindividual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;\nClients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;\nBrokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;\nPension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;\nInvestors who purchase through Advisory Programs with an approved financial intermediary;\nInvestment advisory clients of the Adviser; or\nInvestment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.\nThe Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.\nEligibility of Individuals Associated with the Victory Funds and Fund Service Providers\nCurrent and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by the Fund. In the case of Class A shares, such purchases are not subject\n19\nChoosing a Share Class\nto a front-end sales charge. Affiliated Providers are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the Trust ).\nThe Fund reserves the right to change the criteria for eligible investors and\nthe investment minimums.\n20\nHow to Buy Shares\nOpening an Account\nIf you would like to open an account, you will first need to complete an Account Application.\nYou can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:\nVictory Funds\nP.O. Box 182593\nColumbus, OH 43218-2593\nYou can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of the Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Fund.\nMutual funds must obtain and verify information that identifies investors opening new accounts. If the Fund are unable to collect the required information, you may not be able to open your account. Additional details about the Fund's Customer Identification Program are available in the section Important Fund Policies.\nThe Fund are generally available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise\n...\na\nLLC, a strategic\nTrust, and 28 portfolios\nMining\nconsultant (since\nin Victory Portfolios II\nCorporation\nOctober 2017)\n(since May\n2012)\nDavid L. Meyer*,\nTrustee\nDecember 2008\nRetired\n60 portfolios comprised\nNone\n(1957)\nof 32 portfolios in the\nTrust, and 28 portfolios\ni Vi\nP f li II\nGloria S. Nelund,\nTrustee\nJuly 2016\nChair, CEO, and Co-\n60 portfolios comprised\nTriLinc Global\n(1961)\nFounder of TriLinc\nof 32 portfolios in the\nImpact Fund,\nGlobal, LLC, an\nTrust, and 28 portfolios\nLLC (since\ninvestment firm\nin Victory Portfolios II\n2012)\nTimothy Pettee,\nTrustee\nJanuary 2023\nChief Investment\n60 portfolios comprised\nNone\n(1958)\nOfficer, Hoya Capital\nof 32 portfolios in the\nReal Estate LLC (since\nTrust, and 28 portfolios\nFebruary 2022); Chief\nin Victory Portfolios II\nInvestment Officer, Sun\nAmerica Asset\nManagement Corp.\n(January 2003-July\n2021)\n24\nInterested Trustee\nOther\nDirectorships\nPosition\nDate\nNumber of Portfolios\nHeld During\nName and\nHeld with\nCommenced\nPrincipal Occupation\nin Fund Complex\nthe\nYear of Birth\nthe Trust\nService\nDuring Past 5 Years\nOverseen by Trustee\nPast 5 Years\nDavid C.\nTrustee\nMay 2008\nChief Executive Officer\nBrown**,\nand Chairman (2013-\n(1972)\npresent), Victory Capital\nManagement Inc.; Chief\nExecutive Officer and\nChairman (2013- present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013- present); Director, Victory Capital Transfer Agency, Inc. (2019- present)\n138 portfolios comprised\nTrustee, Victory\nof 32 portfolios in the\nPortfolios II,\nTrust, 28 portfolios in\nVictory\nVictory Portfolios II, 45\nPortfolios III,\nPortfolios in Victory\nVictory\nPortfolios III, 26\nPortfolios IV\nportfolios in Victory\nand Victory\nPortfolios IV, and 7\nVariable\nportfolios in Victory\nInsurance Funds\nVariable Insurance Funds\nII; Board\nII.\nMember,\nVictory Capital\nServices, Inc.\n* The Board has designated Ms. Beard and Mr. Meyer as its Audit Committee Financial Experts.\n** Mr. Brown is an Interested Person by reason of his relationship with the Adviser.\nTrustee Qualifications\nThe following summarizes the experience and qualifications of the Trustees.\nDavid Brooks Adcock. Mr. Adcock served for many years as general counsel to Duke University and Duke University Health System, where he provided oversight to complex business transactions such as mergers and acquisitions and dispositions. He has served for more than 20 years as a public interest arbitrator for, among others, the New York Stock Exchange, the American Stock Exchange, the National Futures Association, FINRA, and the American Arbitration Association. The Board believes that Mr. Adcock s knowledge of complex business transactions and the securities industry combined with his previous service on the boards of other mutual funds qualifies him to serve on the Board.\nNigel D.T. Andrews. Mr. Andrews served for many years as a management consultant for a nationally recognized consulting company and as a senior executive at GE, including Vice President of Corporate Business Development, reporting to the Chairman, and as Executive Vice President of GE Capital. He also served as a Director and member of the Audit and Risk Committee of Old Mutual plc, a large publicly traded company whose shares are traded on the London Stock Exchange. Mr. Andrews also formerly served as the non-executive chairman of Old Mutual s U.S. asset management business, where he also served on the audit and risk committee. Mr. Andrews also served as a Governor of the London Business School. He serves as a director of Carlyle Secured Lending, Inc. (formerly TCG BDC I, Inc.) and Carlyle Credit\n...\ned and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Board. From time to time, the Adviser may also voluntarily waive its management fee and/or reimburse expenses for the Fund. These voluntary reductions are not reflected in the fee and expense table in the Fund s Prospectus.\nFrom time to time, the Manager may, without prior notice to shareholders, waive all or any portion of fees or agree to reimburse expenses incurred by the Fund.\nNo information is provided for the Fund as the Fund had not yet commenced operations prior to the date of this SAI.\nCompliance Services\nThe Trust and the Adviser are parties to the Agreement to Provide Compliance Services (the Compliance Agreement ) pursuant to which the Adviser furnishes its compliance personnel, including the services of the CCO, and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under 1940 Act. The funds in Victory Portfolio Trust, in the aggregate, compensate the Adviser for these services.\nNo compliance fees have been paid by the Fund to Victory Capital under the Compliance Agreement as the Fund had not yet commenced operations prior to the date of this SAI.\nAdministrator and Fund Accountant\nVictory Capital serves as the administrator and fund accountant to the Trust pursuant to an agreement dated July 1, 2006, as amended (the Administration and Fund Accounting Agreement ). Citi Fund Services Ohio, Inc. ( Citi ) serves as sub-administrator and sub- fund accountant to the Trust pursuant to an agreement with Victory Capital dated October 1, 2015, as amended (the Sub-Administration and Sub-Fund Accounting Agreement ). As administrator, Victory Capital supervises the Trust s operations, including the services that Citi provides to the Fund as sub-administrator and sub-fund accountant, but excluding those that Victory Capital supervises as investment adviser, subject to the supervision of the Board.\nUnder the Administration and Fund Accounting Agreement, for the administration and fund accounting services that Victory Capital renders to the Fund, the Trust, and Victory Portfolios II ( VP II ) pays Victory Capital an annual fee, accrued daily and paid monthly, at the following annual rates based on the aggregate average daily net assets of the Trust, VP II: 0.08% of the first $15 billion in aggregate Trust, VP II net assets, plus 0.05% of aggregate Trust, VP II net assets in excess of $15 billion to $30 billion, plus 0.04% of aggregate Trust, VP II net assets in excess of $30 billion. Victory Capital may periodically waive all or a portion of the amount of its fee that is allocated to any Fund in order to increase the Fund s net income available for distribution to shareholders. In addition, the Trust, VP II reimburse Victory Capital for all of its reasonable out-of-pocket expenses incurred as a result of providing the services under the Administration and Fund Accounting Agreement, including costs associated with implementing new reports required by the new RIC Modernization rules adopted by the SEC under the 1940 Act.\nExcept as otherwise provided in the Administration and Fund Accounting Agreement, Victory Capital pays all expenses that it inc\n...\nration and Sub-Fund Accounting Agreement. Citi assists in supervising all operations of the Fund (other than those performed by Victory Capital either as investment adviser or administrator), subject to the supervision of the Board.\nUnless sooner terminated, the Sub-Administration and Sub-Fund Accounting Agreement continues in effect as to the Fund for a period of three years and for consecutive one-year terms thereafter. The Sub-Administration and Sub-Fund Accounting Agreement provides that Citi shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters to which the Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence, or reckless disregard of its obligations and duties under the Agreement.\nUnder the Sub-Administration and Sub-Fund Accounting Agreement, Citi calculates Trust expenses and make disbursements; calculates capital gain and distribution information; registers the Fund s shares with the states; prepares shareholder reports, financial statements, and reports to the SEC on Forms N-CEN and N-PORT; coordinates dividend payments; calculates the Fund s performance information; files the Trust s tax returns; supplies individuals to serve as Trust officers; monitors the Fund s status as regulated investment companies under the Code; assists in developing portfolio compliance procedures; reports to the Board amounts paid under shareholder service agreements; assists with regulatory compliance; obtains, maintains and files fidelity bonds and trustees and officers /errors and omissions insurance policies for the Trust; assists with liquidity and derivatives risk management services; and assists in the annual audit of the Fund, among other services.\nTransfer Agent\nFIS Investor Services LLC ( FIS ), 4249 Easton Way, Suite 400, Columbus, Ohio 43219, serves as transfer agent and dividend disbursing agent for the Fund. Under its agreement with the Fund, FIS has agreed to (1) issue and redeem shares of the Funds; (2) address and mail all communications by the Fund to its shareholders, including reports to shareholders, dividend and distribution notices, and proxy material for its meetings of shareholders; (3) respond to correspondence or inquiries by shareholders and others relating to its duties; (4) maintain shareholder accounts and certain sub-accounts; and (5) make periodic reports to the Board concerning the Fund s operations.\nCustodian\nGeneral. Citibank, 388 Greenwich St., New York, New York 10013, ( Citibank or the Custodian ) serves as the custodian of the assets of the Fund pursuant to the Global Custodial Services Agreement dated August 5, 2008, as amended (the Custody Agreement ). The Custodian s responsibilities include safeguarding and controlling The Fund s cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on The Fund s investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Custodian may, with the approval of the Fund and at its own expense, open and maintain a sub-custody account or accounts on behalf of the Fund, provided that it shall remain liable for the performance of all of its duties under the Custody Agreement.\nForeign Custody. Rule 17f-5 under the 1940 Act, which governs the custody of investment company assets outside the United States, allows a mutual fund s board of directors to delegate to a Foreign Custody Manager the selection and monitoring of foreign sub- custodian arrangements for the Trust s assets. Accordingly, the Board delegated these responsibilities to the Custodian pursuant to the Custody Agreement. As Foreign Custody Manager, the Custodian must (a) determine that the assets of the Fund held by a foreign sub- custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market; (b) determine that the Trust s foreign custody arrangements are governed by written contracts in compliance with Rule 17f-5 (or, in the case of a compulsory\n33\ndepository, by such a contract and", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Victory_Core_Bond_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Core_Bond_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Core_Bond_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Core_Bond_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Core_Bond_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Diversified_Stock_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Diversified_Stock_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Diversified_Stock_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Diversified_Stock_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Diversified_Stock_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Fund_for_Income", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Fund_for_Income", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Fund_for_Income", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Fund_for_Income", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Fund_for_Income", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Discovery_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Discovery_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Discovery_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Discovery_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Discovery_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Mid_Cap_Value_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Mid_Cap_Value_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Mid_Cap_Value_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Mid_Cap_Value_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Mid_Cap_Value_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Cap_Value_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Cap_Value_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Cap_Value_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Mid_Cap_Value_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Mid_Cap_Value_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Mid_Cap_Value_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Mid_Cap_Value_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Integrity_Small_Mid_Cap_Value_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Investment_Grade_Convertible_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Investment_Grade_Convertible_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Investment_Grade_Convertible_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Investment_Grade_Convertible_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Investment_Grade_Convertible_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Mid_Cap_Core_Growth_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Mid_Cap_Core_Growth_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Mid_Cap_Core_Growth_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Mid_Cap_Core_Growth_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Mid_Cap_Core_Growth_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Multi_Cap_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Multi_Cap_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Multi_Cap_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Multi_Cap_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Munder_Multi_Cap_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_S_P_500_Index_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_S_P_500_Index_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_S_P_500_Index_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_S_P_500_Index_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_S_P_500_Index_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Established_Value_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Established_Value_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Established_Value_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Established_Value_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Established_Value_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Small_Company_Opportunity_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Small_Company_Opportunity_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Small_Company_Opportunity_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Small_Company_Opportunity_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Sycamore_Small_Company_Opportunity_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Fund_Core_Equity", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Fund_Core_Equity", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Fund_Core_Equity", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Fund_Core_Equity", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Fund_Core_Equity", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Small_Cap_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Small_Cap_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Small_Cap_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Small_Cap_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Victory_Trivalent_International_Small_Cap_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Victory_Portfolios", "p": "underwrittenBy", "o": "org:Victory_Capital_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Victory Core Bond Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Diversified Stock Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Fund for Income <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Integrity Discovery Fund 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<predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Integrity Small/Mid-Cap Value Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Investment Grade Convertible Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Munder Mid-Cap Core Growth Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory Munder Multi-Cap Fund <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Victory Capital Management Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Victory Portfolios <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> Victory S&P 500 Index Fund <predicate_marker> administrator <object_marker> 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{"sample_id": "0000803747:ALL", "cik": "0000803747", "trust_name": "JP Morgan Mutual Fund Investment Trust", "input_text": "021-01-01 2021-12-31 0000803747 jpm:ACISharesMember jpm:S000004474Member jpm:C000012318Member 2022-01-01 2022-12-31 0000803747 jpm:ACISharesMember jpm:S000004474Member jpm:C000012318Member 2023-01-01 2023-12-31 0000803747 jpm:ACISharesMember jpm:S000004474Member jpm:C000012318Member 2024-01-01 2024-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2015-01-01 2015-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2016-01-01 2016-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2017-01-01 2017-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2018-01-01 2018-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2019-01-01 2019-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2020-01-01 2020-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2021-01-01 2021-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2022-01-01 2022-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2023-01-01 2023-12-31 0000803747 jpm:R2R3R4R5R6SharesMember jpm:S000004474Member jpm:C000073572Member 2024-01-01 2024-12-31 xbrli:pure iso4217:USD As filed with the Securities and Exchange Commission on October 22, 2025 Securities Act File No. 33-9421 Investment Company Act File No. 811-5526 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT\nUNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 97\nand/o REGISTRATION STATEMENT\nUNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 101\n(Check appropriate box or boxes) JP Morgan Mutual Fund Investment Trust (Exact Name of Registrant Specified in Charter) 277 Park Avenue New York, New York, 10172 (Address of Principal Executive Offices) Registrant s Telephone Number, Including Area Code: (800) 480-4111 Gregory S. Samuels, Esq. J.P. Morgan Investment Management Inc. 277 Park Avenue New York, New York, 10172 (Name and Address of Agent for Service) With copies to:\nKiesha T. Astwood-Smith, Esq. JPMorgan Chase Co. 277 Park Avenue New York, NY 10172\nAllison M. Fumai, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036\nStephen T. Cohen, Esq. Dechert LLP 1900 K Street NW Washington, DC 20006 It is proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\non November 1, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) If appropriate, check the following box:\nThe post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nProspectus J.P. Morgan U.S. Equity Funds Class A, Class C, Class I Class L* Shares November 1, 2025 JPMorgan Growth Advantage Fund Class/Ticker: A/VHIAX; C/JGACX; I/JGASX JPMorgan Mid Cap Equity Fund Class/Ticker: A/JCMAX; C/JMCCX; I/VSNGX JPMorgan Mid Cap Growth Fund Class/Ticker: A/OSGIX; C/OMGCX; I/HLGEX JPMorgan Mid Cap Value Fund Class/Ticker: A/JAMCX; C/JCMVX; I/JMVSX; L/FLMVX JPMorgan Small Cap Blend Fund Class/Ticker: A/VSCOX; C/VSCCX; I/JDSCX JPMorgan Small Cap Equity Fund Class/Ticker: A/VSEAX; C/JSECX; I/VSEIX JPMorgan Small Cap Growth Fund* Class/Ticker: A/PGSGX; C/OSGCX; I/OGGFX; L/JISGX JPMorgan Small Cap Value Fund Class/Ticker: A/PSOA\n...\nect any deduction for the front-end sales load, which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser s presentation thereof.\nYEAR-BY-YEAR RETURNS CLASS A SHARES\nBest Quarter\n2nd quarter, 2020\n32.72 %\nWorst Quarter\n2nd quarter, 2022\n- 22.13 %\nThe Fund s year-to-date total return\nthrough\n9/30/25\nwas\n15.70 %\n.\nAVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2024)\nPast 1 Year\nPast 5 Years\nPast 10 Years\nCLASS A SHARES\nReturn Before Taxes\n23.92 %\n17.69 %\n16.16 %\nReturn After Taxes on Distributions\n22.22\n15.88\n14.57\nReturn After Taxes on Distributions and Sale of Fund Shares\n15.45\n13.94\n13.16\nCLASS C SHARES\nReturn Before Taxes\n29.16\n18.37\n16.33\nCLASS I SHARES\nReturn Before Taxes\n31.10\n19.26\n17.06\nRUSSELL 3000 INDEX (Reflects No Deduction for Fees, Expenses, or Taxes)\n23.81\n13.86\n12.55\nRUSSELL 3000 GROWTH INDEX (Reflects No Deduction for Fees, Expenses, or Taxes)\n32.46\n18.25\n16.22 After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Management J.P. Morgan Investment Management Inc. (the adviser)\nPortfolio Manager\nManaged the Fund Since\nPrimary Title with Investment Adviser\nFelise Agranoff\n2020\nManaging Director\nLarry H. Lee\n2022\nManaging Director Purchase and Sale of Fund Shares Purchase minimums\nFor Class A and Class C Shares\nTo establish an account\n$1,000\nTo add to an account\n$50\nFor Class I Shares\nTo establish an account\n$1,000,000\nTo add to an account\nNo minimum levels In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary 4 | J.P. Morgan U.S. Equity Funds\nBy writing to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9143 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. November 1, 2025 | 5\nJPMorgan Mid Cap Equity Fund Class/Ticker: A/JCMAX; C/JMCCX; I/VSNGX What is the goal of the Fund? The Fund s objective is long-term capital growth. Fees and Expenses\n...\nes of shares not included in this prospectus that have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. In addition, each Fund may have a similar name, investment objective and policies as other funds and ETFs advised by the adviser or its affiliates that may have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. Please visit www.jpmorganfunds.com to obtain more information concerning these or other share classes, funds or ETFs. A Financial Intermediary may receive different compensation based on the share class sold. Additional Information that Applies to All Accounts: If your identity or the identity of any other person(s) authorized to act on your behalf cannot be verified, or if potentially criminal activity is identified, the J.P. Morgan Funds and the Distributor reserve the right to reject opening an account for you, close your account, or take such other action they deem reasonable or required by law. Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States. November 1, 2025 | 93\nInvesting with J.P. Morgan Funds (continued)\nClass A\nClass C\nClass I\nClass L\nEligibility 1,2,3\nMay be purchased by the general public 4\nMay be purchased by the general public 5\nMay be purchased by: Institutional Investors who meet the minimum investment requirements; Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the Distributor ) and meeting the investment minimum requirements; Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares ( Eligible Brokerage Program ); and Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. 6\nLimited to certain investors, including: 11 Purchases directly from the Fund through the Distributor by institutional investors such as corporations, pension and profit sharing plans and foundations that meet the minimum investment requirements; and Purchases through your Financial Intermediary or any other organization, including affiliates of JPMorgan Chase authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers. 94 | J.P. Morgan U.S. Equity Funds\nClass A\nClass C\nClass I\nClass L\nMinimum Investment 1, 7, 8\n$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000,000 An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for each Fund or $50 if establishing a monthly $50 Systematic Investment Plan 9 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. 6\n$3,000,000 An investor can", "ontology": {"Fund": {"advisedBy": ["Administrator"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:JPMorgan_Growth_Advantage_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Growth_Advantage_Fund", "p": "seriesOf", "o": "trust:JP_Morgan_Mutual_Fund_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JP_Morgan_Mutual_Fund_Investment_Trust", "p": "underwrittenBy", "o": "org:JPMorgan_Distribution_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> JPMorgan Growth Advantage Fund <predicate_marker> advisedBy <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> seriesOf <object_marker> JP Morgan Mutual Fund Investment Trust <triple_end>\n<triple_start> JP Morgan Mutual Fund Investment Trust <predicate_marker> underwrittenBy <object_marker> JPMorgan Distribution Services, Inc. <triple_end>", "target_serialized_plain": "JPMorgan Growth Advantage Fund advisedBy J.P. Morgan Investment Management Inc. ; seriesOf JP Morgan Mutual Fund Investment Trust .\nJP Morgan Mutual Fund Investment Trust underwrittenBy JPMorgan Distribution Services, Inc. .", "stats": {"input_chars": 10809, "n_triples": 3, "text_to_json_ratio": 28.5}}
{"sample_id": "0000809593:ALL", "cik": "0000809593", "trust_name": "AMERICAN BEACON FUNDS", "input_text": "all classes of the American Beacon Funds on an aggregated basis. More information about these and other discounts is available from your financial professional and in Choosing Your Share Class on page 23 of the Prospectus and Additional Purchase and Sale Information for A Class Shares on page 37 of the Statement of Additional Information ( SAI ). With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in Appendix A to the Fund s Prospectus entitled Intermediary Sales Charge Discounts, Waivers and Other Information.\nShareholder Fees (fees paid directly from your investment)\nShare Class\nA\nC\nY\nR6\nMaximum sales charge imposed on purchases (as a percentage of offering price)\n3.75 %\nNone\nNone\nNone\nMaximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds)\n1.00 % 1\n1.00 %\nNone\nNone\nAnnual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)\nShare Class\nA\nC\nY\nR6\nManagement Fees\n0.55 %\n0.55 %\n0.55 %\n0.55 %\nDistribution and/or Service (12b-1) Fees\n0.25 %\n1.00 %\n0.00 %\n0.00 %\nOther Expenses\n3.10 %\n3.10 %\n3.12 %\n3.06 %\nTotal Annual Fund Operating Expenses\n3.90 %\n4.65 %\n3.67 %\n3.61 %\nFee Waiver and/or expense reimbursement 2\n( 3.12 %)\n( 3.12 %)\n( 3.14 %)\n( 3.18 %)\nTotal Annual Fund Operating Expenses after fee waiver and/or expense reimbursement\n0.78 %\n1.53 %\n0.53 %\n0.43 %\n1\nCurrently, the Fund does not assess a front-end sales load on purchases of A Class shares of $500,000 or more. However, the Fund assesses a contingent deferred sales charge ( CDSC ) of 1.00% on certain purchases of $500,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.\n2\nAmerican Beacon Advisors, Inc. (the Manager ) has contractually agreed to waive fees and/or reimburse expenses of the Fund s A Class, C Class, Y Class, and R6 Class shares, as applicable, through May 31, 2027 to the extent that Total Annual Fund Operating Expenses exceed 0.78% for the A Class, 1.53% for the C Class, 0.53% for the Y Class, and 0.43% for the R6 Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund s Board of Trustees. The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.\nExample\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same, except th\n...\non any day the New York Stock Exchange ( NYSE ) is open, at the Fund s net asset value ( NAV ) per share next calculated after your order is received in proper form, subject to any applicable sales charge. The Manager may, in its sole discretion, allow certain individuals to invest directly in the Fund. For more information regarding eligibility to invest directly please see About Your Investment - Purchase and Redemption of Shares. Direct mutual fund account shareholders may buy subsequent shares or sell shares in various ways:\nInternet\nwww.americanbeaconfunds.com\nPhone\nTo reach an American Beacon representative call 1-800-658-5811, option 1\nMail\nAmerican Beacon Funds\nPO Box 219643\nKansas City, MO 64121-9643\nOvernight Delivery:\nAmerican Beacon Funds\n801 Pennsylvania Ave., Suite 219643\nKansas City, MO 64105-1307\nNew Account\nExisting Account\nShare Class\nMinimum Initial Investment Amount\nPurchase/Redemption Minimum by Check/ACH/Exchange\nPurchase/Redemption Minimum by Wire\nC\n$1,000\n$50\n$250\nA\n$2,500\n$50\n$250\nY\n$100,000\n$50\nNone\nR6\nNone\n$50\nNone\nTax Information\nDividends , capital gains distributions , and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ( IRA ) or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).\nProspectus Fund Summary 7\nBack to Table of Contents\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund s distributor, Resolute Investment Distributors, Inc., or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary s website for more information.\nAdditional Information About the Fund\nTo help you better understand the Fund, this section provides a detailed discussion of the Fund s investment policies, its principal strategies, principal risks, and performance index. However, this Prospectus does not describe all of the Fund s investment practices. Capitalized terms that are not otherwise defined are defined in Appendix B . For additional information, please see the Fund s SAI, which is available at www.americanbeaconfunds.com or by contacting us via telephone at 1-800-658-5811, by U.S. mail at P.O. Box 219643, Kansas City, MO 64121-9643, or by e-mail at americanbeaconfunds@ambeacon.com.\nAdditional Information About Investment Policies and Strategies\nInvestment Objectives\nThe Fund s investment objectives are to seek high current income and, secondarily, capital appreciation.\nThe Fund s investment objectives are non-fundamental, which means that they may be changed by the Fund s Board without the approval of Fund shareholders.\n80% Investment Policy\nThe American Beacon NIS Core Plus Bond Fund has a non-fundamental policy to invest under normal circumstances at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities, and investments that provide exposure to fixed income securities.\nIf the Fund changes its 80% investment policy, a n\n...\nshares, the Distributor receives commission revenue consisting of the portion of the A Class and C Class sales charge remaining after the allowances by the Distributor to the broker-dealers. The Distributor retains any portion of the commission fees that are not paid to the broker-dealers for use solely to pay distribution related expenses.\nThere were no underwriting discounts and commissions, compensation on redemptions and repurchases, brokerage commissions or other compensation paid to, or retained by, RID from the Fund s shares for the three most recent fiscal years ended January 31.\nRID does not receive compensation on redemptions and repurchases, brokerage commissions, or other compensation. However, as shown in a separate chart, RID may receive distribution fees (i.e., Rule 12b-1 fees) from certain share classes of the Fund.\nOTHER SERVICE PROVIDERS\nState Street, located at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, serves as custodian ( Custodian ) for the Fund. State Street also serves as the Fund s Foreign Custody Manager pursuant to rules adopted under the Investment Company Act, whereby it selects and monitors eligible foreign sub-custodians. The Manager also has entered into a sub-administration agreement with State Street. Under the sub-administration agreement, State Street provides the Fund with certain financial reporting and tax services.\nPursuant to an administrative services agreement among the Manager, the Trust, American Beacon Institutional Funds Trust, and Parametric Portfolio Associates LLC ( Parametric ), located at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, Parametric provides certain administrative services related to the equitization of cash balances for certain series of the American Beacon Funds Complex.\nSS C GIDS, Inc., located at 2000 Crown Colony Drive, Quincy, Massachusetts 02169 is the transfer agent and dividend paying agent for the Trust and provides these services to Fund shareholders.\nThe Fund s independent registered public accounting firm is PricewaterhouseCoopers LLP, which is located at 101 Seaport Blvd., Suite 500, Boston, Massachusetts 02210.\nK L Gates LLP, 1601 K Street, NW, Washington, D.C. 20006, serves as legal counsel to the Fund.\nPORTFOLIO MANAGERS\nThe portfolio managers to the Fund (the Portfolio Managers ) have responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts has been provided by the sub-advisor and is set forth below. The number of accounts and assets is shown as of January 31, 2026 .\n34\nBack to Table of Contents\nNumber of Other Accounts Managed and Assets by Account Type\nNumber of Accounts and Assets for Which Advisory Fee is Performance-Based\nName of Investment Advisor and Portfolio Manager\nRegistered Investment Companies\nOther Pooled Investment Vehicles\nOther Accounts\nRegistered Investment Companies\nOther Pooled Investment Vehicles\nOther Accounts\nNational Investment Services of America, LLC ( NIS )\nMark R. Anderson\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\n2 ($422 mil)\nNone\nLesly M. Barnes\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\nNone\nNone\nJason C. Berrie\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\n2 ($422 mil)\nNone\nJay T. Dirienzo\nNone\nNone\nNone\nNone\n2 ($422 mil)\nNone\nMichael D. Fohr\nNone\n10 ($7.3 bil)\nNone\nNone\nNone\nNone\nJames S. Kaplan\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\nNone\nNone\nStefan T. Martin\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\nNone\nNone\nKyle R. Olson\nNone\n10 ($7.3 bil)\n338 ($8.4 bil)\nNone\nNone\nNone\nThomas M. Price\nNone\n10 ($7.3 bil)\nNone\nNone\nNone\nNone\nBarbara A. Sch\n...\non a selective basis only when it is determined that: (i) there is a legitimate business purpose for the information; (ii) recipients are subject to a duty of confidentiality, including a duty not to trade on the nonpublic information; and (iii) disclosure is in the best interests of Fund shareholders. The Holdings Policy does not restrict the Fund from disclosing that a particular security is not a holding of the Fund. The Holdings Policy is summarized below.\nA variety of third-party service providers require access to Fund holdings to provide services to the Fund or to assist the Manager and the sub-advisors in managing the Fund ( service providers ). The service providers have a duty to keep the Fund s nonpublic information confidential either through written contractual arrangements with the Fund (or another Fund service provider) or by the nature of their role with respect to the Fund (or the service provider). The Fund has determined that disclosure of nonpublic holdings information to service providers fulfills a legitimate business purpose and is in the best interest of shareholders. In addition, the Fund has determined that disclosure of nonpublic holdings information to members of the Board fulfills a legitimate business purpose, is in the best interest of Fund shareholders, and each Trustee is subject to a duty of confidentiality.\n27\nBack to Table of Contents\nThe Fund has ongoing arrangements to provide nonpublic holdings information to the following service providers whose affiliates may also have access to such information:\nService Provider\nService\nHoldings Access\nManager\nInvestment management and administrator\nComplete list on intraday basis with no lag\nSub-Advisor\nInvestment management\nHoldings under sub-advisor s management on intraday basis with no lag\nState Street Bank and Trust Co. ( State Street ) and its designated foreign sub-custodians\nSecurities lending agent for Funds that participate in securities lending, Fund s Custodian and foreign custody manager, sub-administrator, Fund administration service provider\nComplete list on intraday basis with no lag\nPricewaterhouseCoopers LLP\nFund s independent registered public accounting firm\nComplete list on annual basis with no lag\nBloomberg, L.P.\nPerformance and portfolio analytics reporting\nComplete list on daily basis with no lag\nBNP Paribas Security Services\nMiddle Office provider to sub-advisor\nComplete list on monthly basis with no lag\nCitibank NA and its affiliates\nMiddle Office provider to sub-advisor\nComplete list on monthly basis with no lag\nFactSet Research Systems, Inc.\nPerformance and portfolio analytics reporting for the Manager and sub-advisor\nComplete list on daily basis with no lag\nKPMG International\nService provider to State Street\nComplete list on annual basis with lag\nCertain third parties are provided with nonpublic holdings information (either complete or partial lists) by the Manager or another service provider on an ad hoc basis in the ordinary course of business. These third parties include: broker-dealers, prospective sub-advisors, borrowers of the Fund s portfolio securities, pricing services, legal counsel, and issuers (or their agents). Broker-dealers utilized by the Fund in the process of purchasing and selling portfolio securities or providing market quotations receive limited holdings information on a current basis with no lag. The Manager provides current holdings to investment managers being considered for appointment as a sub-advisor to the Fund. If the Fund participates in securities lending activities, potential borrowers of the Fund s", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_ARK_Transformational_Innovation_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_SSI_Alternative_Income_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_Equity_Opportunities_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Shapiro_SMID_Cap_Equity_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Strategic_Income_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_TwentyFour_Sustainable_Short_Term_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AMERICAN_BEACON_FUNDS", "p": "underwrittenBy", "o": "org:Resolute_Investment_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> American Beacon ARK Transformational Innovation Fund <predicate_marker> administrator <object_marker> American Beacon Advisors, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> American Beacon Advisors, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AMERICAN BEACON FUNDS <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> American Beacon SSI Alternative Income Fund <predicate_marker> administrator <object_marker> American Beacon 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<predicate_marker> administrator <object_marker> American Beacon Advisors, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> American Beacon Advisors, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AMERICAN BEACON FUNDS <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> American Beacon TwentyFour Strategic Income Fund <predicate_marker> administrator <object_marker> American Beacon Advisors, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> American Beacon Advisors, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AMERICAN BEACON FUNDS <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> American Beacon TwentyFour Sustainable Short Term Bond Fund <predicate_marker> administrator <object_marker> American Beacon Advisors, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> American Beacon Advisors, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AMERICAN BEACON FUNDS <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> AMERICAN BEACON FUNDS <predicate_marker> underwrittenBy <object_marker> Resolute Investment Distributors, Inc. <triple_end>", "target_serialized_plain": "American Beacon ARK Transformational Innovation Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAmerican Beacon SSI Alternative Income Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAmerican Beacon Shapiro Equity Opportunities Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAmerican Beacon Shapiro SMID Cap Equity Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAmerican Beacon TwentyFour Strategic Income Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAmerican Beacon TwentyFour Sustainable Short Term Bond Fund administrator American Beacon Advisors, Inc. , State Street Bank and Trust Company ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON FUNDS ; transferAgent SS&C GIDS, Inc. .\nAMERICAN BEACON FUNDS underwrittenBy Resolute Investment Distributors, Inc. .", "stats": {"input_chars": 14411, "n_triples": 37, "text_to_json_ratio": 4.3}}
{"sample_id": "0000811030:ALL", "cik": "0000811030", "trust_name": "Professionally Managed Portfolios", "input_text": "-01 2023-12-31 0000811030 ck0000811030:S000054438Member ck0000811030:C000170964Member 2024-01-01 2024-12-31 0000811030 ck0000811030:S000054438Member ck0000811030:C000170964Member 2025-01-01 2025-12-31 Filed with the U.S. Securities and Exchange Commission on April 30, 2026 1933 Act Registration File No. 033-12213 1940 Act File No. 811-05037 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 905 [ X ] and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] Amendment No. 906 [ X ] (Check appropriate box or boxes.) PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) Registrant s Telephone Number, Including Area Code: (414) 765-4324 Craig A. Benton Professionally Managed Portfolios 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 (Name and Address of Agent for Service) Copy to: Rachael Schwartz, Esq. Sullivan Worcester LLP 1251 Avenue of the Americas, 19th Floor New York, New York 10020 It is proposed that this filing will become effective immediately upon filing pursuant to paragraph (b) on April 30, 2026 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) on __________ pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) on __________ pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box [ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note: This Post-Effective Amendment No. 905 to the Registration Statement of Professionally Managed Portfolios (the Trust ) is being filed to add the audited financial statements and certain related financial information for the fiscal year ended December 31, 2025 for the following series of the Trust: Muzinich Dynamic Income Fund, Muzinich Flexible U.S. High Yield Income Fund, and Muzinich Low Duration Fund. Prospectus April 30, 2026 MUZINICH DYNAMIC INCOME FUND Institutional Shares (Ticker: MZCIX) Supra Institutional Shares (Ticker: MZCSX) MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND Institutional Shares (Ticker: MZHIX) Supra Institutional Shares (Ticker: MZHSX) MUZINICH LOW DURATION FUND Institutional Shares (Ticker: MZLNX) Supra Institutional Shares (Ticker: MZLSX) The U.S. Securities and Exchange Commission has not approved or disapproved any Fund s shares or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Table of Contents Summary Section 1 Muzinich Dynamic Income Fund 1 Muzinich Fle xible U.S. High Yield Income Fund 12 Muzinich Low Duration Fund 22 Additional Information about the Fund s Principal Investment Strategies 31 Key Fund Information 31 Muzinich Dynamic Income Fund 31 Muzinich Flexible U.S. High Yield Income Fund 35 Muzinich Low Duration Fund 37 Principal Risks 40 Management 50 The Advisor 50 Portfolio Managers 50 Other Service Providers 54 Fund Expenses 54 Choosing a Share Class 56 Institutional Class Shares 56 Supra Institutional Class Shares 57 Shareholder Service Fees 57 Additional Payments to Dealers 58 Your Account 59 How to Contact the Fund 59 General Information 59 How to Buy Shares 62 How to Sell Shares 66 Exchange Privileges 68 Account and Transaction Policies 70 Distributions and Taxes 75 Distributions 75 Taxes 75 Index Descriptions 78 Financial Hig\n...\nrom swap transactions, the Fund will only enter into swap transactions with highly rated financial institutions specializing in this type of transaction and in accordance with the standard terms laid down by the International Securities Dealers Association. Although the Advisor will consider ratings assigned by ratings agencies in selecting investments, it relies principally on its own research and investment analysis. As applicable, the Advisor considers company-specific quantitative and qualitative factors such as: a company s managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; legislation, regulation, litigation, 3 Summary Section Muzinich Dynamic Income Fund transparency, market perspective, or other environmental, social and governance (ESG) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance. The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, physical or transitional climate impacts, litigation risks, efficiency, brand value, innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. As a result of considering ESG factors in the Advisor s investment decision process, an investment may be excluded or rejected where Muzinich believes those factors imply heightened risk of decreased liquidity of an investment and/or other negative financial impacts. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund. The Advisor does not manage the Fund to any particular duration. Rather, depending on the mix of securities within the Fund s portfolio and market conditions, the portfolio s average duration may change. The average duration-to-worst is anticipated to fall most often between zero and five years, with a concentration toward the middle of that range, but could be shortened or extended. (Duration-to-worst is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security s price to changes in interest rates.) In general, the longer the duration of the Fund s bonds and/or loans, the greater the likelihood that an increase in interest rates would cause a decline in the price of the Fund s shares. In constructing the Fund s portfolio, the Advisor pays close attention to the overall liquidity of the Fund s portfolio. The Advisor seeks to maintain a liquid portfolio. Under certain circumstances, particularly in difficult market environments, this may cause the Advisor to avoid certain investments whose liquidity might be challenged in those markets. The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers expectations. Trading securities frequently may lead to high portfolio turnover. Tax consequences are not a primary consideration in the Fund s investment decisions. The Fund may also sell holdings as a result of a change in the tactical asset allocation. Although the Fund will typically not purchase bonds or loans that are already in de\n...\nniversity of Warwick. Corentin Tarlier Dynamic Income Fund Low Duration Fund Corentin Tarlier joined Muzinich in 2016, initially focusing on Emerging Market and European bonds. Corentin has 12 years of corporate credit trading experience. Prior to joining Muzinich, Corentin was on the Research Team of Mariana Capital Markets and more recently a Trader on the convertible bond desk of MUFG Securities. Corentin graduated with a Bachelor and a Master of Finance from the cole Sup rieur de Gestion et Finance of Paris and a Master in Global Banking and Finance from the European Business School of London. Corentin holds the Chartered Financial Analyst designation. 53 Management Other Service Providers/ Fund Expenses Portfolio Manager/Fund Biography Richard Smith, CPA Low Duration Fund Richard Smith joined Muzinich in 2017. Richard is a Portfolio Manager focused on European investment grade corporate credit. Prior to joining Muzinich, Richard was at Citi for five years as a Credit Sector Specialist covering a wide range of investment grade corporate issuers but specializing in the Autos, Utilities, Energy and Retail sectors. Prior to that, he worked as a desk Analyst at UBS for two years focused on European investment grade Industrials. Previously, Richard spent 10 years at RBS in a range of credit research roles including mid and large cap counterparty research, publishing research, desk research and credit strategy. Richard is a qualified chartered accountant and earned an honours degree in Economics from the University of Warwick. The Funds SAI provides additional information about Muzinich s methods of portfolio manager compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers ownership of securities in the Funds. Other Service Providers U.S. Bancorp Fund Services, LLC doing business as U.S Bank Global Fund Services (the Transfer Agent ) provides certain administration, fund and transfer agency services to the Funds. Quasar Distributors, LLC (the Distributor ) serves as the Funds Distributor and principal underwriter in connection with the offering of the Funds shares. The Distributor may enter into arrangements with banks, broker-dealers and other financial institutions through which investors may purchase or redeem Fund shares. Fund Expenses In addition to the advisory fees discussed above, the Funds may incur other expenses such as custodian fees, transfer agency fees, interest, acquired fund fees and expenses and other customary Fund expenses. (Acquired fund fees and expenses are indirect fees that the Funds incur from investing in the shares of other investment companies.) The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, shareholder servicing fees and any other class specific expenses) to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement to the percentages shown below of each Fund s average net assets ( Expense Cap ). Fund Expense Caps Expense Cap Dynamic Income Fund 0.60% Flexible U.S. High Yield Income Fund 0.58% Low Duration Fund 0.50% Any reduction in advisory fees or payment of expenses made by the Advisor is subject to reimbursement by the Fund if requested by the Advisor, and the Board approves such reimbursement in subsequent fiscal years. This reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such year (taking into account any reimbursements) does not exceed the Expense Cap. The Advisor is permitted to be reimbursed for fee reductions and expense payments it made in the pr", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Pabrai_Wagons_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Pabrai_Wagons_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Pabrai_Wagons_Fund", "p": "seriesOf", "o": "trust:Professionally_Managed_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Pabrai_Wagons_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Professionally_Managed_Portfolios", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Pabrai Wagons Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A. <predicate_marker> seriesOf <object_marker> Professionally Managed Portfolios <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Professionally Managed Portfolios <predicate_marker> underwrittenBy <object_marker> Quasar Distributors LLC <triple_end>", "target_serialized_plain": "Pabrai Wagons Fund administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank N.A. ; seriesOf Professionally Managed Portfolios ; transferAgent U.S. Bancorp Fund Services LLC .\nProfessionally Managed Portfolios underwrittenBy Quasar Distributors LLC .", "stats": {"input_chars": 10988, "n_triples": 5, "text_to_json_ratio": 22.9}}
{"sample_id": "0000814507:ALL", "cik": "0000814507", "trust_name": "BlackRock Equity Dividend Fund", "input_text": "01 2024-12-31 0000814507 bedf:C000166015Member bedf:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000814507 bedf:C000166015Member bedf:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000814507 bedf:InvestorACInstitutionalAndClassRMember bedf:Russell1000ValueIndexMember 2015-01-01 2024-12-31 0000814507 bedf:InvestorACInstitutionalAndClassRMember bedf:SAndP500IndexMember 2015-01-01 2024-12-31 0000814507 bedf:Russell1000ValueIndexMember bedf:ClassKMember 2015-01-01 2024-12-31 0000814507 bedf:Russell1000ValueIndexMember bedf:ServicesMember 2015-01-01 2024-12-31 0000814507 bedf:SAndP500IndexMember bedf:ClassKMember 2015-01-01 2024-12-31 0000814507 bedf:SAndP500IndexMember bedf:ServicesMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 28, 2025 Securities Act File No. 33-14517 Investment Company Act File No. 811-5178 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 64 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 66 (Check appropriate box or boxes) BLACKROCK EQUITY DIVIDEND FUND (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK EQUITY DIVIDEND FUND 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $.10 per share. AUGUST 28, 2025\nProspectus BlackRock Equity Dividend Fund | Investor, Institutional and Class R Shares Investor A: MDDVX Investor C: MCDVX Institutional: MADVX Class R: MRDVX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n6\nInvestment Manager\n7\nPortfolio Managers\n7\nPurchase and Sale of Fund Shares\n7\nTax Information\n8\nPayments to Broker/Dealers and Other Financial Inte\n...\nram sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker- dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer- sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 8 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Equity Dividend Fund (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek long-term total return and current income. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process BlackRock Advisors, LLC ( BlackRock ) chooses investments for the Fund that it believes will both increase in value over the long term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. Total return consists of increases in value from both capital appreciation and income. The Fund will focus on issuers that have good prospects for capital appreciation. In selecting portfolio securities, the Fund will generally employ a value-oriented analysis, but may purchase equity securities based on a growth-oriented analysis when such securities pay dividends or Fund management believes such securities have particularly\n...\nhareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\nInvestor A Share front-end load discounts Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Equity Dividend Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literatu", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Equity_Dividend_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Equity_Dividend_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Equity_Dividend_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Equity_Dividend_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Equity_Dividend_Fund", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Equity Dividend Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Equity Dividend Fund <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Equity Dividend Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Equity Dividend Fund underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 14413, "n_triples": 5, "text_to_json_ratio": 27.7}}
{"sample_id": "0000819118:ALL", "cik": "0000819118", "trust_name": "Fidelity Concord Street Trust", "input_text": "index description appears in the \"Additional Index Information\" section of the prospectus.\nPast performance (before and after taxes) is not an indication of future performance.\nThe performance shown does not reflect the impact of any fees paid at the fee-based account or plan level, if applicable.\nVisit\nwww.fidelity.com\nfor more recent performance information.\nYear-by-Year Returns\n2020\n2021\n2022\n2023\n2024\n2025\n20.79\n%\n25.63\n%\n-\n19.53\n%\n26.14\n%\n23.91\n%\n17.05\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n22.08\n%\nJune 30, 2020\nLowest Quarter Return\n-\n20.99\n%\nMarch 31, 2020\nYear-to-Date Return\n-\n4.01\n%\nMarch 31, 2026\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.\nActual after-tax returns may differ depending on your individual circumstances.\nThe after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).\nReturn After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\nFor the periods ended December 31, 2025\nPast 1\nyear\nPast 5\nyears\nLife of\nfund\nFidelity Series Total Market Index Fund\nReturn Before Taxes\n17.05\n%\n13.09\n%\n14.49\n%\nA\nReturn After Taxes on Distributions\n16.69\n%\n12.67\n%\n14.01\n%\nA\nReturn After Taxes on Distributions and Sale of Fund Shares\n10.29\n%\n10.38\n%\n11.72\n%\nA\nDow Jones U.S. Total Stock Market Index\n(reflects no deduction for fees, expenses, or taxes)\n17.05\n%\n13.07\n%\n14.47\n%\nA\nFrom\nApril 26, 2019\n.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. Geode Capital Management, LLC serves as a sub-adviser for the fund.\nPortfolio Manager(s)\nLouis Bottari (Senior Portfolio Manager) has managed the fund since 2019.\nPeter Matthew (Senior Portfolio Manager) has managed the fund since 2019.\nNavid Sohrabi (Senior Portfolio Manager) has managed the fund since 2019.\nRobert Regan (Portfolio Manager) has managed the fund since 2019.\nPayal Gupta (Portfolio Manager) has managed the fund since 2019.\nPurchase and Sale of Shares\nShares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.\nThe price to sell one share is its net asset value per share (NAV). Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Basics\nInvestment Details\nInvestment Objective\nFidelity Series Total Market Index Fund seeks to provide investment results that correspond to the total return of a broad range of U.S. stocks.\nPrincipal Investment Strategies\nGeode Capital Management, LLC (Geode) normally invests at least 80% of the fund's assets in equity securities included in the Dow Jones U.S. Total Stock Market Index SM .\nThe Dow Jones U.S. Total Stock Market Index SM is a float-adjusted market capitalization-weighted index of approximately 5,000 common stocks of companies headquartered in the United States\nand listed on a primary U.S. exchange. The index represents the performance of a broad range of U.S.\nstocks .\nDerivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.\nThe fund primarily utilizes replication; however, the fund may not always hold all of the same securities as the Dow Jones U.S. Total Stock Market Index . Geode may use statistical sampling techniques to attempt to replicate the returns of the ind\n...\noard of certain Fidelity funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).\nOscar Munoz (1959)\nYear of Election or Appointment: 2021\nTrustee\nMr. Munoz also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity funds (2021).\nKaren B. Peetz (1955)\nYear of Election or Appointment: 2024\nTrustee\nMs. Peetz also serves as Trustee of other Fidelity funds. Previously, Ms. Peetz served as a member of the Advisory Board of certain Fidelity funds (2023-2024). Prior to her retirement, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).\nSabra R. Purtill (1962 )\nYear of Election or Appointment:\n2026\nTrustee\nMs. Purtill also serves as Trustee of other Fidelity funds.\nMs. Purtill previously served as a member of the Advisory Board\n...\nTE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nIndependent Trustees\nDOLLAR RANGE OF\nFUND SHARES\nVIJAY ADVANI\nTHOMAS P BOSTICK\nDONALD F DONAHUE\nVICKI L FULLER\nFidelity Series Total Market Index Fund\nnone\nnone\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nover $100,000\nover $100,000\nDOLLAR RANGE OF\nFUND SHARES\nPATRICIA L KAMPLING\nTHOMAS A KENNEDY\nOSCAR MUNOZ\nKAREN PEETZ\nFidelity Series Total Market Index Fund\nnone\nnone\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nnone\nnone\nDOLLAR RANGE OF\nFUND SHARES\nSABRA PURTILL\nSUSAN TOMASKY\nFidelity Series Total Market Index Fund\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nThe following tables set forth information describing the compensation of each Trustee and Member of the Advisory Board (if any) for his or her services for the fiscal year ended February 28,\n2026 , or calendar year ended December 31,\n2025 , as applicable.\nCompensation Table (A)\nAGGREGATE\nCOMPENSATION\nFROM A FUND\nACCRUED\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM A FUND\nFidelity Series Total Market Index Fund\nVIJAY ADVANI\n$\n17,180\n$\n14,227\nTHOMAS P BOSTICK\n$\n17,453\n$\n6,714\nDONALD F DONAHUE\n$\n18,492\n$\n18,492\nVICKI L FULLER\n$\n17,955\n$\n1,186\nPATRICIA L KAMPLING\n$\n17,453\n$\n2,953\nTHOMAS A KENNEDY\n$\n17,453\n$\n7,250\nOSCAR MUNOZ\n$\n17,180\n$\n12,123\nKAREN PEETZ\n$\n17,402\n$\n17,402\nSABRA PURTILL\n(B)\n$\n14,375\n$\n12,937\nSUSAN TOMASKY\n$\n17,453\n$\n8,392\n(A)\nBettina Doulton, Robert A. Lawrence, and Peter S. Lynch are interested persons and are compensated by Fidelity.\n(\nB ) Ms.\nPurtill served as a Member of the Advisory Board of Fidelity Concord Street Trust from\nMay 14, 2025 through\nDecember 31, 2025 . Ms.\nPurtill serves as a Trustee of Fidelity Concord Street Trust effective\nJanuary 1, 2026 .\nTOTAL\nCOMPENSATION\nFROM THE\nFUND COMPLEX\n(A)\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM THE FUND\nCOMPLEX\nVIJAY ADVANI\n$\n520,000\n$\n367,622\nTHOMAS P BOSTICK\n$\n530,000\n$\n144,000\nDONALD F DONAHUE\n$\n570,000\n$\n402,970\nVICKI L FULLER\n$\n530,000\n$\n0\nPATRICIA L KAMPLING\n$\n530,000\n$\n0\nTHOMAS A KENNEDY\n$\n530,000\n$\n187,346\nOSCAR MUNOZ\n$\n520,000\n$\n260,004\nKAREN PEETZ\n$\n520,000\n$\n367,622\nSABRA PURTILL\n$\n346,667\n$\n214,554\nSUSAN TOMASKY\n$\n530,000\n$\n180,000\n(A) Reflects compensation received for the calendar year ended December 31,\n2025 , for\n306 funds of 30 trusts (including Fidelity\nBeacon Street Trust, Fidelity Commonwealth Trust II, Fidelity Congress Street Fund, and Fidelity Exchange Fund, which do not contain any assets ). Compensation figures include cash and may include amounts elected to be deferred.\nAs of February 28,\n2026 , 100% of the fund's total outstanding shares was held by Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts, as applicable. As of February 28,\n2026 , the Trustees, Members of the Advisory Board (if any), and officers of the fund owned, in the aggregate, less than 1% of\nthe class's total outstanding shares, with respect to the fund.\nCONTROL OF INVESTMENT ADVISERS\nFMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR. The voting common shares of FMR LLC are divided into two series. Series B is held predominantly by members of the Johnson family, including Abigail P. Johnson, directly or through trusts, and is entitled to 49% of the vote on any matter acted upon by the voting common shares. Series A is held predominantly by non-J\n...\nnce at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary. As permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, FDC or an affiliate may pay or allow other incentives or payments to intermediaries.\nThe fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries (who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see \"Transfer and Service Agent Services\" in this SAI for more information.\nFDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC) for distribution-related activities and/or shareholder services. If you have purchased shares of the fund through an investment professional, please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.\nAny of the payments described in this section may represent a premium over payments made by other fund families. Investment professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.\nTRANSFER AND SERVICE AGENT SERVICES\nThe fund has entered into a transfer agent agreement with Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210. Under the terms of the agreement, FIIOC (or an agent, including an affiliate) performs transfer agency services.\nFor providing transfer agency services, FIIOC receives no fees from the fund.\nFIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.\nFIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.\nThe fund has entered into a service agent agreement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate). Under the terms of the agreement, FSC calculates the NAV and dividends for shares, maintains the fund's portfolio and general accounting records, and administers the fund's securities lending program, if applicable.\nFor providing pricing and bookkeeping services, FSC receives no fee from the fund.\nFMR bears the cost of pricing and bookkeeping services under the terms of its management contract with the fund.\nSECURITIES LENDING\nDuring the fiscal year, the securities lending agent, or the investment adviser (where the fund does not use a securities lending agent) monitors loan opportunities for the fund, negotiates the terms of the loans with borrowers, monitors the value of securities on loan and the value of the corresponding collateral, communicates with borrowers and the fund's custodian regarding marking to market the collateral, sele\n...\nor omissions or for some other reason. The Declaration of Trust also provides that a fund shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a fund itself would be unable to meet its obligations. Fidelity Management Research Company LLC believes that, in view of the above, the risk of personal liability to shareholders is remote.\nVoting Rights. The fund's capital consists of shares of beneficial interest. Shareholders are entitled to one vote for each dollar of net asset value they own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate, by fund, and by class.\nThe shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading \"Shareholder Liability\" above.\nThe trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of a trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of a trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.\nCustodian(s).\nBrown Brothers Harriman Co., 50 Post Office Square, Boston, Massachusetts, is custodian of the assets of the fund.\nThe custodian is responsible for the safekeeping of the fund's assets and the appointment of any subcustodian banks and clearing agencies.\nThe Bank of New York Mellon, headquartered in New York, also may serve as special purpose custodian of certain assets in connection with repurchase agreement transactions.\nFrom time to time, subject to approval by a fund's Treasurer, a Fidelity fund may enter into escrow arrangements with other banks if necessary to participate in certain investment offerings.\nFMR, its officers and directors, its affiliated companies, Members of the Advisory Board (if any), and Members of the Board of Trustees may, from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR or an affiliate. Transactions that have occurred to date include mortgages and personal and general business loans. In the judgment of the fund's adviser, the terms and conditions of those transactions were not influenced by existing or potential custodial or other fund relationships.\nIndependent Registered Public Accounting Firm.\nPricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts, independent registered public accounting firm, audits financial statements for the fund and provides other audit, tax, and related services.\nFUND HOLDINGS INFORMATION\nThe fund views holdings information as sensitive and limits its dissemination. The Board authorized FMR to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Executive Holdings Policy Committee (comprising executive officers of FMR) evalua\n...\no. 145. (43) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity ZERO Extended Market Index Fund is incorporated herein by reference to Exhibit (m)(32) of Post-Effective Amendment No. 145. (44) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity ZERO International Index Fund is incorporated herein by reference to Exhibit (m)(33) of Post-Effective Amendment No. 145. (45) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity ZERO Large Cap Index Fund is incorporated herein by reference to Exhibit (m)(34) of Post-Effective Amendment No. 145. (46) Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity ZERO Total Market Index Fund is incorporated herein by reference to Exhibit (m)(35) of Post-Effective Amendment No. 145. (n) (1) Amended and Restated Multiple Class of Shares Plan (Equity) pursuant to Rule 18f-3 for Fidelity Funds with Retail, Retirement and/or Advisor Classes, dated March 1, 2024, on behalf of Fidelity Founders Fund, Fidelity Mid-Cap Stock Fund, and Fidelity Large Cap Stock Fund is incorporated herein by reference to Exhibit (n)(1) of Fidelity Summer Street Trust s (File No. 002-58542) Post-Effective Amendment No. 221 . (2) Schedule I (Equity), dated April 15, 2026, to the Amended and Restated Multiple Class of Shares Plan pursuant to Rule 18f-3 for Fidelity Funds with Retail, Retirement and/or Advisor Classes, dated March 1, 2024, on behalf of Fidelity Founders Fund, Fidelity Mid-Cap Stock Fund, and Fidelity Large Cap Stock Fund, is filed herein as Exhibit (n)(2). (p) (1) The 2026 Code of Ethics, adopted by each fund, and Fidelity Management Research Company LLC, Fidelity Investments Institutional Operations Company LLC, and Fidelity Service Company, Inc., Fidelity Management Research (Hong Kong) Limited, Fidelity Management Research (Japan) Limited, FMR Investment Management (UK) Limited, and Fidelity Distributors Company LLC pursuant to Rule 17j-1, is incorporated herein by reference to Exhibit (p)(1) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 189. (2) Code of Ethics, dated February 2026, adopted by Geode Capital Management, LLC and Geode Capital Management LP pursuant to Rule 17j-1 is incorporated herein by reference to Exhibit (p)(2) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 189. Item 29. Persons Controlled by or under Common Control with the Trust The Board of Trustees of the Trust is the same as the board of other Fidelity funds, each of which has Fidelity Management Research Company LLC, or an affiliate, or Geode Capital Management LLC, as its investment adviser. In addition, the officers of the Trust are substantially identical to those of the other Fidelity funds. Nonetheless, the Trust takes the position that it is not under common control with other Fidelity funds because the power residing in the respective boards and officers arises as the result of an official position with the respective trusts. Item 30. Indemnification Article XI, Section 2 of the Declaration of Trust sets forth the reasonable and fair means for determining whether indemnification shall be provided to any past or present Trustee or officer. It states that the Trust shall indemnify any present or past trustee or officer to the fullest extent permitted by law against liability, and all expenses reasonably incurred by him or her in connection with any claim, action, suit or proceeding in which he or she is involved by virtue of", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "custodian": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Founders_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Founders_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Founders_Fund", "p": "seriesOf", "o": "trust:Fidelity_Concord_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Founders_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_Fund", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Concord_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_K6_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_K6_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_K6_Fund", "p": "seriesOf", "o": "trust:Fidelity_Concord_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Large_Cap_Stock_K6_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Stock_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Stock_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Concord_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Mid_Cap_Stock_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, 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{"sample_id": "0000820892:ALL", "cik": "0000820892", "trust_name": "NUVEEN INVESTMENT FUNDS INC", "input_text": "e Manage Your Money Who Manages the Fund 9 More About Our Investment Strategies 11 How We Select Investments 14 What the Risks Are 15 Section 3 How You Can Buy and Sell Shares Multi-Class ETF Fund Structure 28 Purchase and Sale of ETF Class Shares 29 Purchase and Redemption of Creation Units 30 Conversions 31 Section 4 General Information Dividends, Distributions and Taxes 33 Distributor 37 Distribution and Service Payments 37 Net Asset Value 38 Frequent Trading 39 Premium/Discount Information 40 Fund Service Providers 40 Listing Exchange 40 Section 5 Financial Highlights Nuveen Global Infrastructure Fund 41\nNOT FDIC OR GOVERNMENT INSURED MAY LOSE VALUE NO BANK GUARANTEE Section 1 Fund Summary Nuveen Global Infrastructure Fund ETF Class Shares Investment Objective The investment objective of the Fund is long-term growth of capital and income. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy, hold and sell ETF Class shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the example that follows: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nETF Class\nManagement Fees\n0.89\n%\nDistribution and/or Service (12b-1) Fees\n0.00\n%\nOther Expenses 1\n0.24\n%\nTotal Annual Fund Operating Expenses\n1.13\n%\nFee Waivers and/or Expense Reimbursements 2\n( 0.25\n)%\nTotal Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements\n0.88\n%\n1 The ETF Class shares of the Fund are new, so the Other Expenses shown for the class are based on estimated fees and expenses for the ETF Class s first fiscal year. 2 Nuveen Fund Advisors, LLC, the Fund s investment adviser, has agreed to waive fees and/or reimburse expenses through July 31, 2028, so that the total annual operating expenses of the ETF Class (excluding interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.00% of the average daily net assets of the ETF Class of Fund shares. However, because the ETF Class shares are not subject to sub-transfer agent and similar fees, the total annual operating expenses for the ETF Class shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to July 31, 2028 only with the approval of the Board of Directors of the Fund. Example The following example is intended to help you compare the cost of investing in the ETF Class of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the ETF Class of the Fund for the time periods indicated and then sell all of your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the ETF Class of the Fund's operating expenses remain the same and that the fee waivers currently in place are not renewed beyond July 31, 2028. The example does not reflect brokerage commissions that you may pay when you purchase and sell Fund shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\nETF Class\n1 Year\n$\n90\n3 Years\n$\n304\n5 Years\n$\n568\n10 Years\n$\n1,325\nPortfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs a\n...\nhares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.\nAverage Annual Total Returns\nfor the Periods Ended\nDecember 31, 2025\nInception Date\n1 Year\n5 Years\nSince Inception\nClass R6 (return before taxes)\n6/30/16\n18.16\n%\n9.04\n%\n7.87\n%\nClass R6 (return after taxes on distributions)\n15.29\n%\n7.26\n%\n6.03\n%\nClass R6 (return after taxes on distributions and sale of Fund shares)\n12.46\n%\n6.84\n%\n5.81\n%\nMSCI ACWI Index (Net Return) 1\n(reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes)\n22.34\n%\n11.19\n%\n12.23\n%\nS P Global Infrastructure Index (Net Return) 2\n(reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes)\n21.54\n%\n10.02\n%\n7.48\n%\nLipper Global Infrastructure Funds Classification Average 3\n(reflects no deduction for taxes or sales loads)\n19.19\n%\n7.35\n%\n7.15\n%\n1\nAn index designed to measure the performance of large and mid-cap stocks across 23 developed and 24 emerging markets.\n2\nAn index designed to measure the performance of listed infrastructure companies from around the world. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy.\n3\nRepresents the average annualized total return for all reporting funds in the Lipper Global Infrastructure Funds Classification.\nSection 1 Fund Summary\n7 Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Nuveen Asset Management, LLC Portfolio Managers\nName\nTitle\nPortfolio Manager of Fund Since\nBenjamin T. Kerl\nSenior Managing Director\nFebruary 2024\nTryg T. Sarsland\nManaging Director\nDecember 2012\nJagdeep S. Ghuman\nManaging Director\nOctober 2019\nNoah Pierce Hauser, CFA\nManaging Director\nOctober 2021 Purchase and Sale of ETF Class Shares Same as a standalone ETF, shares of the ETF Class are listed on a national securities exchange and can only be bought and sold in the secondary market through a broker-dealer at market prices; unlike other share classes of the Fund, individual ETF Class shares are not redeemable. Because ETF Class shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (at a premium ) or less than NAV (at a discount ). An investor may also incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Class shares (bid) and the lowest price a seller is willing to accept for ETF Class shares (ask) when buying and selling shares in the secondary market (the bid/ask spread ). Recent information regarding the ETF Class shares, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the ETF Class share s website at www.nuveen.com/etf. Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your investment from such account). Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the ETF Class through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund s investment adviser or its affiliates may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the ETF Class over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n8\nSection 1 Fund Summary Section 2 How We Manage Your Money To help you better understand the Fund, this section includes a detailed discussion of the Fund's investment and risk management strategies. For a more complete discussion of these matters, please see the statement of additional information, which is available by calling Nuveen Investor Services at (888) 290-9881 or by visiting Nuveen s website at www.nuveen.com/etf.\nWho Manages the Fund Nuveen Fund Advisors, LLC ( Nuveen Fund Advisors ), the Fund s investment adviser, offers advisory and investment management services to a broad range of clients, including investment companies and other pooled investment vehicles. Nuveen Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund s portfolio, manages the Fund s business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ( TIAA ). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of March 31, 2026, Nuveen, LLC managed approximately $1.4 trillion in assets, of which approximately $157.2 billion was managed by Nuveen Fund Advisors. Nuveen Fund Advisors has selected its affiliate, Nuveen Asset Management, LLC ( Nuveen Asset Management ), located at 333 West Wacker Drive, Chicago, Illinois 60606, to serve as sub-adviser to the Fund. Nuveen Asset Management manages the investment of the Fund's assets on a discretionary basis, subject to the supervision of Nuveen Fund Advisors. In rendering investment advisory services to the Fund, Nuveen Asset Management uses the portfolio management, research and other resources of Nuveen Hong Kong Limited ( NHK ) and Nuveen Investment Management International Limited ( NIMIL ), foreign affiliates of Nuveen Asset Management that are not registered under the Investment Advisers Act of 1940, as amended. NHK and NIMIL provide services to the Fund through a participating affiliate arrangement, as that term is used in relief granted by the staff of the Securities and Exchange Commission permitting U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. The Fund is managed by multiple portfolio managers, who are responsible for the day-to-day management of the Fund, with expertise in the area applicable to the Fund s investments. Each portfolio manager may be responsible for different aspects of the Fund s ma\n...\nrocedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or street name form. Share Trading Prices The trading prices of the Fund s ETF Class shares on the Listing Exchange generally differ from the Fund s NAV and are affected by market forces such as the supply of and demand for the ETF Class s shares as well as the securities held by the Fund, economic conditions and other factors. The price you pay or receive when you buy or sell your shares in the secondary market is based on the market price of the ETF Class s shares, which may be more or less than the NAV of such shares. Householding Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status. Investments by Registered Investment Companies Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including shares of the Fund. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Rule 12d1-4 under the 1940 Act, including that such investment companies enter into an agreement with the Fund.\nPurchase and Redemption of Creation Units Only certain institutional investors (typically market makers or other broker-dealers) who have entered into agreements with the Nuveen Securities, LLC, the Fund s distributor (the Distributor ), ( Authorized Participants ) may purchase and redeem ETF Class shares directly from the Fund at the ETF Class NAV and only in large blocks of shares or multiples thereof ( Creation Units ). Except when aggregated in Creation Units, ETF Class shares are not redeemable. An Authorized Participant must be either a DTC participant or a member of the Continuous Net Settlement System of the National Securities Clearing Corporation ( NSCC ). The ETF Class generally issues and redeems Creation Units in exchange for a designated in-kind basket of securities and/or a designated amount of cash (together, the Basket ). Each day the Listing Exchange is open for trading (a Business Day ), prior to the opening of trading, the ETF Class publishes that day s Basket through NSCC or another method of public dissemination. Orders from Authorized Participants to create or redeem Creation Units may only be placed on a Business Day and are subject to approval by the Distributor. The prices at which creations and redemptions occur are based on the next calculation of ETF Class NAV after an order is received and deemed acceptable by the Distributor.\n30\nSection 3 How You Can Buy and Sell Shares Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is included in the Fund s statement of additional information.\nConversions A shareholder holding a mutual fund class of the Fund may convert those shares to ETF Class shares issued by the Fund to the extent supported by the shareholder's financial intermediary. Shareholders should contact their financial intermediary to determine the eligibility of their account for such a conversion\n...\noccurs on the secondary market. Because secondary market trades do not involve the Fund directly, the Board concluded that such trades were unlikely to cause many of the harmful effects of frequent trading, including dilution, disruption of portfolio management, increases in the Fund s trading costs and the realization of capital gains. With respect to purchases and redemptions by Authorized Participants directly from the ETF Class shares that are effected in-kind (i.e., for securities), the Board concluded that those trades do not have the potential to cause the harmful effects that may result from frequent cash trades. To the extent that the ETF Class shares may effect the purchase or redemption of Creation Units in exchange wholly or partially for cash, the Board recognized that such trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund s ability to achieve its investment objective. However, the Board noted that direct trading by Authorized Participants is critical to ensuring that the ETF Class s shares trade at or close to NAV. In addition, the Board recognized that the Fund s ETF Class imposes fixed and variable transaction fees\nSection 4 General Information\n39 on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund s ETF Class in effecting trades.\nPremium/Discount Information Information showing the number of days the market price of the ETF Class s shares was greater than the ETF Class s NAV per share (i.e., at a premium) and the number of days it was less than the ETF Class s NAV per share (i.e., at a discount) are made available on the Fund s ETF Class website at www.nuveen.com/etf.\nFund Service Providers The custodian of the assets of the Fund is State Street Bank and Trust Company ( State Street ), One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian also provides certain accounting services to the Fund. The transfer, shareholder services and dividend paying agent of the Fund's ETF Class of shares is also State Street, and they perform bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.\nListing Exchange The ETF Class shares of the Fund are not sponsored, endorsed or promoted by the Listing Exchange. The Listing Exchange makes no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the ability of the Fund to achieve its investment objective. The Listing Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of or quantities of shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. The Listing Exchange has no obligation or liability to owners of shares of the Fund in connection with the administration, marketing or trading of shares of the Fund. Without limiting any of the foregoing, in no event shall the Listing Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.\n40\nSection 4 General Information Section 5 Financial Highlights The financial highlights table is intended to help you understand the Fund s financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. Because the ETF Class shares of the Fund have not commenced operations as of the date of this pros", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_Minnesota_Intermediate_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Intermediate_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Intermediate_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_INVESTMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Intermediate_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_INVESTMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Nebraska_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Nebraska_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Nebraska_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_INVESTMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Nebraska_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Oregon_Intermediate_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Oregon_Intermediate_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Oregon_Intermediate_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_INVESTMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Oregon_Intermediate_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NUVEEN_INVESTMENT_FUNDS_INC", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuveen Minnesota Intermediate Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN INVESTMENT FUNDS INC <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <triple_end>\n<triple_start> Nuveen Minnesota Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN INVESTMENT FUNDS INC <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <triple_end>\n<triple_start> Nuveen Nebraska Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN INVESTMENT FUNDS INC <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <triple_end>\n<triple_start> Nuveen Oregon Intermediate Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN INVESTMENT FUNDS INC <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <triple_end>\n<triple_start> NUVEEN INVESTMENT FUNDS INC <predicate_marker> underwrittenBy <object_marker> Nuveen Securities, LLC <triple_end>", "target_serialized_plain": "Nuveen Minnesota Intermediate Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN INVESTMENT FUNDS INC ; subAdvisedBy Nuveen Asset Management, LLC .\nNuveen Minnesota Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN INVESTMENT FUNDS INC ; subAdvisedBy Nuveen Asset Management, LLC .\nNuveen Nebraska Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN INVESTMENT FUNDS INC ; subAdvisedBy Nuveen Asset Management, LLC .\nNuveen Oregon Intermediate Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN INVESTMENT FUNDS INC ; subAdvisedBy Nuveen Asset Management, LLC .\nNUVEEN INVESTMENT FUNDS INC underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 17799, "n_triples": 17, "text_to_json_ratio": 11.0}}
{"sample_id": "0000822977:ALL", "cik": "0000822977", "trust_name": "Goldman Sachs Trust", "input_text": "le fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A Shares\n$ 645\n$ 874\n$ 1,121\n$ 1,827\nClass C Shares\n$ 277\n$ 575\n$ 999\n$ 2,180\nInstitutional Shares\n$ 64\n$ 230\n$ 410\n$ 930\nService Shares\n$ 115\n$ 387\n$ 679\n$ 1,511\nInvestor Shares\n$ 76\n$ 265\n$ 469\n$ 1,061\nClass R Shares\n$ 126\n$ 421\n$ 738\n$ 1,635\nClass R6 Shares\n$ 63\n$ 227\n$ 404\n$ 918\nClass C Shares Assuming no redemption\n$ 177\n$ 575\n$ 999\n$ 2,180\nPortfolio Turnover The Fund pays transaction costs when it buys and sells securities or instruments ( i.e ., turns over its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund s performance. The Fund s portfolio turnover rate for the fiscal year ended December 31, 2025 was 36 % of the average value of its portfolio.\nPrincipal Strategies The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ( Net Assets ) in a diversified portfolio of global equity asset classes. Such investments may include underlying funds (including exchange-traded funds ( ETFs )) ( Underlying Funds ), futures, forwards, options and other instruments with similar economic exposures. The Fund may invest in Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management, L.P. ( GSAM or the Investment Adviser ) or an affiliate now or in the future acts as investment adviser or principal underwriter. The Fund uses derivatives for both hedging and non-hedging purposes. The Fund s use of derivatives may include: (i) futures contracts, including futures based on equity indices; (ii) options, including long and short positions in call options and put options on indices, individual securities or currencies, and options on futures contracts; (iii) currency forwards and non-deliverable forwards; (iv) swaps, including equity, currency, interest rate, total return, and credit default swaps; and (v) interest rate derivatives (for hedging or when risk assets decline in value) to gain exposure to securities in the global asset classes. Given the dynamic nature of the Investment Adviser s process and the underlying exposures within the Fund, the Fund s overall exposure to derivative instruments will vary over time. As a result of the Fund s use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments, including money market funds, repurchase agreements, cash and time deposits. The Fund may use leverage (e.g., by borrowing or through derivatives). As a result, the sum of the Fund s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. The Fund intends to have investments economically tied to at least three countries, including the United States, and may invest in the securities of issuers economically tied to emerging market countries. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap is\n...\n1-C\nGOLDMAN SACHS ASSET MANAGEMENT, L.P . Investment Adviser 200 West Street New York, New York 10282 GOLDMAN SACHS CO. LLC Distributor 200 West Street New York, New York 10282 GOLDMAN SACHS CO. LLC Transfer Agent 71 South Wacker Drive, Suite 1200 Chicago, Illinois 60606 Toll-free (in U.S.) 800-621-2550 (for Class R6, Institutional, Service and Class P Shareholders) or 800-526-7384 (for Class A, Class C, Class R and Investor Shareholders). iii\nINTRODUCTION Goldman Sachs Trust (the Trust ) is an open-end management investment company. The Trust is organized as a Delaware statutory trust and was established by a Declaration of Trust dated January 28, 1997. The Trust is a successor to a Massachusetts business trust that was combined with the Trust on April 30, 1997. The following series of the Trust is described in this SAI: Goldman Sachs Dynamic Global Equity Fund. The Trustees of the Trust have authority under the Declaration of Trust to create and classify shares into separate series and to classify and reclassify any series or portfolio of shares into one or more classes without further action by shareholders. Pursuant thereto, the Trustees have created the Fund and other series. Additional series may be added in the future from time to time. The Fund currently offers eight classes of Shares: Class A Shares, Class C Shares, Institutional Shares, Service Shares, Investor Shares, Class R Shares, Class R6 Shares and Class P Shares. See SHARES OF THE TRUST. Goldman Sachs Asset Management, L.P. ( GSAM or the Investment Adviser ), an affiliate of Goldman Sachs Co. LLC ( Goldman Sachs ), serves as the investment adviser to the Fund. In addition, Goldman Sachs serves as the Fund s distributor (the Distributor ) and transfer agent (the Transfer Agent ). The Fund s custodian is State Street Bank and Trust Company ( State Street ). The following information relates to and supplements the description of the Fund s investment objective and policies contained in the Prospectuses. See the Prospectuses for a more complete description of the Fund s investment objective and policies. Investing in the Fund entails certain risks, and there is no assurance that the Fund will achieve its objective. Capitalized terms used but not defined herein have the same meaning as in the Prospectuses. INVESTMENT OBJECTIVE AND POLICIES The Fund has a distinct investment objective and policies. There can be no assurance that the Fund s investment objective will be achieved. The Fund is a diversified series of an open-end management investment company as defined in the Investment Company Act of 1940, as amended (the Act ). The investment objective and policies of the Fund, and the associated risks of the Fund, are discussed in the Fund s Prospectuses, which should be read carefully before an investment is made. All investment objectives and investment policies not specifically designated as fundamental may be changed without shareholder approval. However, shareholders will be provided with sixty days notice in the manner prescribed by the Securities and Exchange Commission ( SEC ) before any change in the Fund s policy to invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ( Net Assets ) in a diversified portfolio of global equity asset classes. Additional information about the Fund, its policies, and the investment instruments it may hold is provided below. The Fund s share price will fluctuate with market, economic and, to the extent applicable, foreign exchange conditions, so tha", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["TransferAgent"]}}, "target_triples": [{"s": "fund:Goldman_Sachs_Clean_Energy_Income_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Clean_Energy_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Clean_Energy_Income_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Clean_Energy_Income_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Energy_Infrastructure_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Energy_Infrastructure_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Energy_Infrastructure_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Energy_Infrastructure_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Federal_Instruments_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Federal_Instruments_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Federal_Instruments_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Government_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Government_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Government_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Instruments_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Instruments_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Instruments_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Obligations_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Obligations_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Obligations_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Solutions_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Solutions_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Financial_Square_Treasury_Solutions_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Money_Market_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Money_Market_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Money_Market_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_California_Money_Market_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_California_Money_Market_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_California_Money_Market_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_Money_Market_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_Money_Market_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_Money_Market_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_New_York_Money_Market_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_New_York_Money_Market_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_Investor_Tax_Exempt_New_York_Money_Market_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_MLP_Energy_Infrastructure_Fund", "p": "advisedBy", "o": "org:Goldman_Sachs_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_MLP_Energy_Infrastructure_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_MLP_Energy_Infrastructure_Fund", "p": "seriesOf", "o": "trust:Goldman_Sachs_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Goldman_Sachs_MLP_Energy_Infrastructure_Fund", "p": "transferAgent", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Goldman_Sachs_Trust", "p": "underwrittenBy", "o": "org:Goldman_Sachs_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Goldman Sachs Clean Energy Income Fund <predicate_marker> advisedBy <object_marker> Goldman Sachs Asset Management, L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Goldman Sachs Trust <predicate_marker> transferAgent <object_marker> Goldman Sachs & Co. 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{"sample_id": "0000830744:ALL", "cik": "0000830744", "trust_name": "Wilmington Funds", "input_text": "R THE SECURITIES ACT OF 1933\nPre Effective Amendment No.\nPost-Effective Amendment No. 167\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 168\nWILMINGTON FUNDS (Exact Name of Registrant as Specified in Charter) 1100 North Market Street, 9 th floor Wilmington, Delaware 19890 (Address of Principal Executive Offices) 1 800 836 2211 (Registrant s Telephone Number) at John McDonnell Wilmington Funds Management Corporation 1100 North Market Street, 9 th Floor Wilmington, Delaware 19890 (Name and Address of Agent for Service) Notices should be sent to the Agent for Service With a copy to: Alison Fuller, Esq. Stradley Ronon Stevens Young, LLP 2000 K Street, N.W., Suite 700 Washington, DC 20006 It is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b)\non (August 31, 2025) pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a) (i)\non (date) pursuant to paragraph (a) (i)\n75 days after filing pursuant to paragraph (a)(ii)\non (date) pursuant to paragraph (a)(ii) of Rule 485. If appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nAugust 31, 2025\nWILMINGTON FUNDS Equity Funds Wilmington Large-Cap Strategy Fund Class I (WMLIX) Wilmington International Fund Class A (WINAX) / Class I (WINIX) Wilmington Enhanced Dividend Income Strategy Fund Class A (WDIAX) / Class I (WDIIX) Alternatives Fund Wilmington Global Alpha Equities Fund Class A (WRAAX) / Class I (WRAIX) Asset Allocation Fund Wilmington Real Asset Fund Class A (WMMRX) / Class I (WMRIX)\nFixed Income Funds Wilmington Broad Market Bond Fund Class A (WABMX) / Class I (WIBMX) Wilmington Municipal Bond Fund Class A (WTABX) / Class I (WTAIX) Wilmington New York Municipal Bond Fund Class A (WNYAX) / Class I (WNYIX) Money Market Funds Wilmington U.S. Government Money Market Fund Preferred Institutional Class (WGQXX) Institutional Class (WGOXX) / Select Class (WGEXX) Administrative Class (WAGXX) / Service Class (WGSXX) Wilmington U.S. Treasury Money Market Fund Preferred Institutional Class (WTQXX) Institutional Class (WTIXX) / Select Class (WTEXX) Administrative Class (WTAXX) / Service Class (WTSXX)\nManaged by Wilmington Funds Management Corporation ( WFMC or the Advisor ). These securities have not been approved or disapproved by the Securities and Exchange Commission, nor has the Securities and Exchange Commission determined whether this prospectus is accurate and complete. Any representation to the contrary is a criminal offense. Table of Contents\nWilmington Large-Cap Strategy Fund Summary\n1\nInvestment Goal\n1\nFees and Expenses\n1\nPrincipal Investment Strategies of the Fund\n1\nPrincipal Risks of Investing in the Fund\n2\nPerformance Information\n2\nManagement of the Fund\n3\nPurchase and Sale of Fund Shares\n3\nTax Information\n3\nAdditional Payments to Other Financial Intermediaries\n3\nWilmington International Fund Summary\n4\nInvestment Goal\n4\nFees and Expenses\n4\nPrincipal Investment Strategies of the Fund\n5\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n7\nManagement of the Fund\n8\nPurchase and Sale of Fund Shares\n8\nTax Information\n8\nAdditional Payments to Other Financial Intermediaries\n8\nWilmington Enhanced Dividend Income Strategy Fund Summary\n9\nInvestment Goal\n9\nFees and Expenses\n9\nPrincipal Investment Strategies of the Fund\n9\nPrincipal Risks of Investing in the Fund\n10\nPerformance Information\n10\nManagement of the Fund\n11\nPurchase and Sale of Fund Shares\n11\nTax Information\n11\nAdditional Payments to Other Financial Intermediaries\n12\nWilmington Global Alpha Equities Fund Summary\n13\nInvestment Goal\n13\nFees and Expenses\n13\nPrincipal Investment Strategies of the Fund\n13\nPrincipal Risks of Investing in the Fund\n14\nPerformance Information\n17\nManagement of the Fund\n18\nPurchase and Sale of Fund Shares\n18\nTax Information\n18\nAdditional Payments to Other Financial Intermediaries\n18\nWilmington Real Asset Fund Summary\n19\nInvestment Goal\n19\nFees and Expenses\n19\nPrincipal Investme\n...\nchanges in the Fund s performance from year to year, with respect to its Class I Shares, and by showing how the Fund s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund s past performance (before and after taxes) is\n2\nAugust 31, 2025 / PROSPECTUS WILMINGTON LARGE-CAP STRATEGY FUND not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.wilmingtonfunds.com . Annual Total Returns Class I Shares\nBest Quarter 21.67 % 6/30/2020 Worst Quarter ( 19.91 )% 3/31/2020\nThe Fund s Class I Shares total return for the six-month period from January 1, 2025 to June 30, 2025 was 5.96 %. Average Annual Total Returns (For the periods ended December 31, 2024)\n1 Year\n5 Years\n10 Years\nClass I Shares\nReturn Before Taxes\n24.21 %\n14.15 %\n12.78 %\nReturn After Taxes on Distributions*\n22.15 %\n12.04 %\n11.09 %\nReturn After Taxes on Distributions and Sale of Fund Shares*\n15.85 %\n10.93 %\n10.14 %\nRussell 1000 Index (reflects no deduction for fees, expenses or taxes)\n24.51 %\n14.27 %\n12.87 %\n*\nAfter-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds Fund shares in a tax-advantaged account, such as an individual retirement account or a 401(k) plan. Management of the Fund Investment Advisor Wilmington Funds Management Corporation ( WFMC ) Investment Sub-Advisor Wilmington Trust Investment Advisors, Inc. ( WTIA )\nPortfolio Managers\nTitle\nService Date (with the Fund)\nMatthew D. Glaser\nExecutive Vice President and Head of Equity and Non-Traditional Investments at WTIA\n2016\nAndrew H. Hopkins, CFA, CPA\nSenior Vice President and Head of Equity Research at WTIA\n2011\nKaren Purzitsky, CFA\nVice President and Senior Quantitative Research Analyst at WTIA\n2015 Purchase and Sale of Fund Shares Requests to purchase or redeem Fund Shares are processed on each day that the New York Stock Exchange ( NYSE ) is open for business. You may purchase or redeem Shares by contacting the Fund at 1-800-836-2211. If you invest through a financial intermediary, please contact that intermediary regarding purchase and redemption procedures.\nMinimum Initial Investment Amount (Class I):*\n$\n100,000\nMinimum Subsequent Investment Amount:\n$\n25\n*\nOther restrictions may apply. See Purchasing Shares in the Prospectus for further information. The minimum initial and subsequent investment amounts may be waived or lowered from time to time. Tax Information The distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. Additional Payments to Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies (such as the Advisor) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influe\n...\nain the same and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A\nExpenses assuming redemption\n$\n657\n$\n960\n$\n1,284\n$\n2,201\nClass I\nExpenses assuming redemption\n$\n88\n$\n302\n$\n534\n$\n1,201\nPortfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,\n4\nAugust 31, 2025 / PROSPECTUS WILMINGTON INTERNATIONAL FUND which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 34 % of the average value of the portfolio. Principal Investment Strategies of the Fund The Fund seeks to achieve its investment goal by investing, under normal circumstances, at least 80% of the value of its net assets in a diversified portfolio of foreign securities including those domiciled in emerging markets. The Fund may invest in common stocks, preferred shares, depositary receipts, equity-linked instruments of all capitalizations, and exchange-traded funds ( ETFs ). The Fund invests primarily in the equity markets listed in the Morgan Stanley Capital International All Country World Index ex US ( MSCI ACWI ex-US Net ) Index, the benchmark against which the Fund measures the performance of its portfolio. Subject to the oversight of the Board, Wilmington Funds Management Corporation ( WFMC or the Advisor ) seeks to achieve the Fund s investment goal by retaining Wellington Management Company LLP ( Wellington ) to manage the Fund s assets. The Advisor also engages Wilmington Trust Investment Advisors, Inc. ( WTIA ) to oversee Wellington, to monitor portfolio risk and, on a discretionary basis, to develop strategic exposure objectives and risk parameters for the Fund based on considerations such as macroeconomic outlook, relative valuation levels and volatility in the markets, market flows and market liquidity, and information relating to business cycles, as well as input from Wellington. Based on the strategic exposure objectives and risk parameters established by WTIA, Wellington constructs an actively managed, diversified portfolio of foreign equity securities. Based on the objectives and parameters developed by WTIA, Wellington will allocate and reallocate the portfolio among a selection of independent equity management teams within Wellington. Each team pursues its own investment strategy or style, such as geography/region, growth/value, market capitalization, event-driven, economic sector, industry, or valuation measure. In combining equity management teams and strategies, Wellington uses a number of proprietary analytical tools, including market environments analysis, extreme events analysis, stress testing, and simulation analysis. Through the strategy selection process, Wellington seeks to construct a portfolio comprised of a diversified group of long-only equity strategies with differing investment approaches that provides an overall exposure, consistent with WTIA s exposure objectives and risk parameters, comparable to the broader equity market and that reduces exposure to the risks typically associated with any single investment approach. The underlying Wellington equity management teams have complete discretion and r\n...\ner 31, 2024)\n1 Year\n5 Years\n10 Years\nClass I Shares\nReturn Before Taxes\n4.45 %\n2.90 %\n3.20 %\nReturn After Taxes on Distributions*\n3.34 %\n1.05 %\n1.73 %\nReturn After Taxes on Distributions and Sale of Fund Shares*\n2.71 %\n1.48 %\n1.86 %\nClass A Shares\nReturn Before Taxes\n( 1.63 )%\n1.48 %\n2.37 %\nMSCI ACWI Index (Net) (reflects no deductions for fees, expenses or taxes)\n17.49 %\n10.06 %\n9.23 %\nBloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)\n1.25 %\n( 0.33 )%\n1.35 %\nReal Asset Blended Index (reflects no deductions for fees, expenses or taxes)**\n3.95 %\n3.33 %\n3.52 %\nBloomberg Commodity Index (reflects no deductions for fees, expenses or taxes)\n5.38 %\n6.77 %\n1.28 %\n*\nAfter-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes\n24\nAugust 31, 2025 / PROSPECTUS WILMINGTON REAL ASSET FUND\nare not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds Fund shares in a tax-advantaged account, such as an individual retirement account or a 401(k) plan.\n**\nThe Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 50.0% S P Developed Property Index, 50.0% Bloomberg Commodity Index (Total Return) and 0% Bloomberg Barclays U.S. Tips Index. Management of the Fund Investment Advisor Wilmington Funds Management Corporation Investment Sub-Advisors Principal Sub-Advisor - Wilmington Trust Investment Advisors, Inc. ( WTIA ) Other Sub-Advisor - Parametric Portfolio Associates LLC ( Parametric )\nPortfolio Managers\nTitle\nService Date (with the Fund)\nMatthew D. Glaser\nExecutive Vice President and Head of Equity and Non-Traditional Investments at WTIA\n2017\nJordan Strauss, CFA\nSenior Vice President and Portfolio Manager at WTIA\n2015\nJennifer Mihara\nManaging Director, Head of Equity Fund Management at Parametric\n2024\nXiaozhen Li\nExecutive Director, Large Case Custom Core Portfolio Mangement at Parametric\n2024\nBen Davis\nManaging Director, Global Head of Research at Parametric\n2025 Purchase and Sale of Fund Shares Requests to purchase or redeem Fund Shares are processed on each day that the New York Stock Exchange ( NYSE ) is open for business. You may purchase or redeem Shares by contacting the Fund at 1-800-836-2211. If you invest through a financial intermediary, please contact that intermediary regarding purchase and redemption procedures.\nMinimum Initial Investment Amount (Class A):*\n$\n1,000\nMinimum Initial Investment Amount (Class I):*\n$\n100,000\nMinimum Subsequent Investment Amount (all classes):\n$\n25\n*\nOther restrictions may apply. See Purchasing Shares in the Prospectus for further information. The minimum initial and subsequent investment amounts may be waived or lowered from time to time. Tax Information The distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. Additional Payments to Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermed\n...\nommitting to purchase a certain dollar amount of the same class of Shares within a 13 month period to combine such purchases in calculating the sales charge. The Fund s custodian will hold Shares in escrow equal to the maximum applicable sales charge. If you complete the LOI, the custodian will release the Shares in escrow to your account. If you do not fulfill the LOI, the custodian will redeem the appropriate amount from the Shares held in escrow to pay the sales charges that were not applied to your purchases. The sales charge may be eliminated when you purchase Shares:\nby exchanging Shares from the same share class of another Wilmington Fund (other than a money market fund);\nthrough wrap accounts or other investment programs where you pay the investment professional directly for services, or through a health savings account offered by M T Bank or one of its banking affiliates;\nthrough investment professionals that receive no portion of the sales charge;\nas a current or retired/former Trustee, Director or employee of the Fund, the Advisor, the Distributor, the Sub-advisor and their affiliates, M T Bank Corporation and their subsidiaries and the immediate family members of these individuals. (Immediate family member is defined as any parent, spouse of a parent, child, spouse of a child, spouse, brother or sister, and includes step and adoptive relationships of these people) because there are nominal sales efforts associated with their purchases;\nas an employee of a dealer which has a selling group agreement with the Distributor and consents to such purchases; or\nas an investor referred by any sub-advisor to the Funds. If your investment qualifies for a reduction or elimination of the sales charge, you or your financial intermediary must notify the Fund s Distributor, ALPS Distributors, Inc. ( Distributor ), or Shareholder Services at time of purchase. If the Distributor or Shareholder Services is not notified at the time of purchase, you may receive the reduced sales charge only on additional purchases, and not retroactively on previous purchases. How to Purchase, Redeem and Exchange Shares To help the government fight the funding of terrorism and money laundering activities and to verify your identity, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. If you do not provide this information, or if the Funds are unable to verify your identity or that of any other person(s) authorized to act on your account, the Funds reserve the right to close your account using the then-current net asset value. The Funds will only accept purchases from investors residing in the United States (including Guam, Puerto Rico, and the US Virgin Islands) who have a U.S. mailing address. The Wilmington Funds is unable to accept an account for a non-resident alien (a person who is not a permanent resident or citizen of the U.S.) or for a foreign legal entity (any business or other entity that is organized under the laws of, or located in, a country other than the U.S.). The Funds do not issue share certificates and they reserve the right to reject any purchase request for any reason. The Funds also reserve the right to close an account for any reason. When the NYSE is open for business, you may purchase, redeem, or exchange Shares by phone, mail, or wire through your financial intermediary or the Trust, subject to daily cutoff times. Your order will be processed at the next calculated NAV, plus any sales charges or less any CDSC as applicable, after your order request i\n...\nlass I 83.17%\nLPL Financial, 4707 Executive Drive, San Diego, CA 92121-3091\nEnhanced Dividend Income Strategy Fund, Class A 87.25% Enhanced Dividend Income Strategy Fund, Class I 29.13% Global Alpha Equities Fund, Class A 74.03% Broad Market Bond Fund, Class I 30.38% International Fund, Class A 25.50% Broad Market Bond, Class A 72.78% Municipal Bond Fund, Class A 38.52% New York Municipal Bond Fund, Class A 76.55% New York Municipal Bond Fund, Class I 77.00% Real Asset Fund, Class A 87.38%\nManufacturers Traders Trust Co. TICE Co., PO Box 1377, Buffalo, NY 14240\nU.S. Government Money Market Fund, Administrative Class 99.59% U.S. Government Money Market Fund, Service Class 34.96% U.S. Government Money Market Fund, Select Class 67.45% U.S. Government Money Market Fund, Institutional Class 99.57% U.S. Government Money Market Fund, Preferred Institutional Class 99.98% U.S. Treasury Money Market Fund, Select Class 42.13% U.S. Treasury Money Market Fund, Institutional Class 100.00% U.S. Treasury Money Market Fund, Preferred Institutional Class 99.69%\nArthur P. Herman, San Francisco, CA 94118-1204\nU.S. Treasury Money Market Fund, Service Class 80.56%\nM T Bank Commercial Sweep Accounts Attn: Sweep Operations, 626 Commerce Drive Amherst, NY 14228-2307\nU.S. Treasury Money Market Fund, Select Class 41.02%\nM T Bank Commercial Sweep Accounts Attn: Sweep Operations 626 Commerce Drive Amherst NY 14228-2307\nU.S. Government Money Market Fund, Select Class 30.98%\nCBNA as Custodian FBO Mackenzie Hughes Retirement Plan, Utica, NY 13502-6374\nU.S. Treasury Money Market Fund, Administrative Class 69.87%\nDisclosures Pershing Pershing LLC is a single member Delaware Limited Liability Company and a wholly owned subsidiary of Pershing Group LLS ( parent ) which is a wholly owned subsidiary of The Bank of New York Mellon Corporation ( BNYM ). Manufacturers Traders Manufacturers and Traders Trust Company ( M T Bank ). TAX INFORMATION The following is a summary of certain additional tax considerations generally affecting a Fund (sometimes referred to as the Fund ) and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of\n50\nthe tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. This Tax Information section is based on the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect. This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them. TAXATION OF THE FUND The Funds have elected and intend to qualify each year as a regulated investment company (sometimes referred to as a RIC or fund ) under Subchapter M of the Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to sharehol\n...\nRegistrant and Wilmington Funds Management Corporation dated October 1, 2012, incorporated by reference to Registrant s Post-Effective Amendment No. 107 on Form N-1A filed August 27, 2013.\n(h)(ii)(2)\nAmendment No. 1 to Agreement for Administrative Services between Registrant and Wilmington Funds Management Corporation dated October 1, 2013, incorporated by reference to Registrant s Post-Effective Amendment No. 109 on Form N-1A filed August 22, 2014.\n(h)(iii)\nFund Administration and Accounting Agreement between Registrant and The Bank of New York, dated September 10, 2007, incorporated by reference to Registrant s Post-Effective Amendment No. 83 on Form N-1A filed April 27, 2010.\n(h)(iv)\nForm of Exhibit A to the Fund Administration and Accounting Agreement between Registrant and The Bank of New York, incorporated by reference to Registrant s Post-Effective Amendment No. 105 on Form N-1A filed August 28, 2012.\n2\n(h)(v)\nForm of Intermediary Servicing Agreement of the Registrant, incorporated by reference to Exhibit 7(c) to Registrant s Registration Statement on Form N-14, No. 333-199580, filed October 24, 2014.\n(h)(vi)\nConformed copy of Shareholder Services Plan dated December 7, 2020, incorporated by reference to Registrant s Post-Effective Amendment No. 158 on Form N-1A filed August 27, 2021.\n(h)(vii)\nConformed copy of Indemnification Agreement of the Registrant; dated December 13, 2001, incorporated by reference to Registrant s Post-Effective Amendment No. 54 on Form N-1A filed June 27, 2002.\n(h)(viii)\nConformed copy of Service Mark License Agreement, dated September 22, 2003, incorporated by reference to Registrant s Post-Effective Amendment No. 59 on Form N-1A filed April 28, 2004.\n(h)(ix)\nTransfer Agency and Shareholder Services Agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc., dated February 17, 2012, incorporated by reference to Registrant s Post-Effective Amendment No. 102 on Form N-1A filed April 17, 2012.\n(h)(x)\nConformed copy of June 1, 2007 Letter Agreement (Administrative Services Agreement), incorporated by reference to Registrant s Post-Effective Amendment No. 74 on Form N-1A filed August 28, 2007.\n(h)(xi)\nConformed copy of August 1, 2007 Letter Agreement (Administrative Services Agreement), incorporated by reference to Registrant s Post-Effective Amendment No. 74 on Form N-1A filed August 28, 2007.\n(h)(xii)\nConformed copy of Fax-in Processing Instructions, incorporated by reference to Registrant s Post-Effective Amendment No. 74 on Form N-1A filed August 28, 2007.\n(h)(xiii)\nExpense Limitation Agreement between the Trust and Wilmington Funds Management Corporation, amended December 29, 2023, incorporated by reference to Registrant s Post-Effective Amendment No. 165 on Form N-1A filed December 29, 2023 .\n(i)\nOpinion and Consent of Counsel as to legality of shares being registered (filed herewith).\n(j)\nConsent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (filed herewith).\n(k)\nNot applicable.\n(l)\nConformed copy of Initial Capital Understanding, incorporated by reference to Registrant s Post-Effective Amendment No. 19 on Form N-1A filed June 27, 1994.\n(m)(i)\nConformed copy of Rule 12b-1 Plan of the Registrant dated September 15, 2016, incorporated by reference to Registrant s Post-Effective Amendment No. 132 on Form N-1A filed August 22, 2017.\n(m)(ii)\nForm of Broker-Dealer Selling Agreement of the Registrant, incorporated by reference to Exhibit 7(b) to Registrant s Registration Statement on Form N-14, No. 333-199580, filed October 24, 2014.\n(m)(iii)\nConformed co", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Broad_Market_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Enhanced_Dividend_Income_Strategy_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "subAdvisedBy", "o": "org:Wellington_Management_Company_LLP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Global_Alpha_Equities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "subAdvisedBy", "o": "org:Wellington_Management_Company_LLP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_International_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Large_Cap_Strategy_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_New_York_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_Real_Asset_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Government_Money_Market_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "administrator", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "advisedBy", "o": "org:Wilmington_Funds_Management_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "seriesOf", "o": "trust:Wilmington_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Wilmington_Trust_Investment_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wilmington_U_S_Treasury_Money_Market_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Wilmington_Funds", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Wilmington Broad Market Bond Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington Enhanced Dividend Income Strategy Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington Global Alpha Equities Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wellington Management Company LLP <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington International Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wellington Management Company LLP <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington Large-Cap Strategy Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington Municipal Bond Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington New York Municipal Bond Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington Real Asset Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Parametric Portfolio Associates LLC <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington U.S. Government Money Market Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator <object_marker> Wilmington Funds Management Corporation <predicate_marker> advisedBy <object_marker> Wilmington Funds Management Corporation <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Wilmington Funds <predicate_marker> subAdvisedBy <object_marker> Wilmington Trust Investment Advisors, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Wilmington U.S. Treasury Money Market Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> administrator 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{"sample_id": "0000834237:ALL", "cik": "0000834237", "trust_name": "BlackRock Global Allocation Fund, Inc.", "input_text": "vestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000834237 brgafi:C000172904Member brgafi:ClassKMember 2015-01-01 2024-12-31 0000834237 brgafi:C000172904Member brgafi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000834237 brgafi:C000172904Member brgafi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000834237 brgafi:FTSEWorldIndexMember brgafi:ClassKMember 2015-01-01 2024-12-31 0000834237 brgafi:FTSEWorldIndexMember brgafi:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000834237 brgafi:ReferenceBenchmarkMember brgafi:ClassKMember 2015-01-01 2024-12-31 0000834237 brgafi:ReferenceBenchmarkMember brgafi:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 26, 2025 Securities Act File No. 033-22462 Investment Company Act File No. 811-5576 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 58 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 60 (Check appropriate box or boxes) BlackRock Global Allocation Fund, Inc. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Global Allocation Fund, Inc. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019-6018\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock, par value $.10 per share. BlackRock Cayman Global Allocation Fund I, Ltd. has also executed this registration statement. AUGUST 28, 2025\nProspectus BlackRock Global Allocation Fund, Inc. | Investor, Institutional and Class R Shares BlackRock Global Allocation Fund Investor A: MDLOX Investor C: MCLOX Institutional: MALOX Class R: MRLOX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n10\nInvestm\n...\nRock Global Allocation Fund As of 12/31\nDuring the ten-year period shown in the bar chart, the highest return for a quarter was 14.63 % (quarter ended June 30, 2020 ) and the lowest return for a quarter was - 12.44 % (quarter ended March 31, 2020 ). The year-to-date return as of June 30, 2025 was 10.74 %.\nFor the periods ended 12/31/24 Average Annual Total Returns\n1 Year\n5 Years\n10 Years\nBlackRock Global Allocation Fund Investor A Shares\nReturn Before Taxes\n3.28 %\n4.61 %\n4.66 %\nReturn After Taxes on Distributions\n0.51 %\n2.44 %\n2.89 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n2.15 %\n2.85 %\n3.11 %\nBlackRock Global Allocation Fund Investor C Shares\nReturn Before Taxes\n7.08 %\n4.91 %\n4.60 %\nBlackRock Global Allocation Fund Institutional Shares\nReturn Before Taxes\n9.24 %\n6.01 %\n5.51 %\nBlackRock Global Allocation Fund Class R Shares\nReturn Before Taxes\n8.58 %\n5.36 %\n4.87 %\nFTSE World Index (Reflects no deduction for fees, expenses or taxes)\n17.96 %\n11.19 %\n10.17 %\nReference Benchmark (Reflects no deduction for fees, expenses or taxes)\n9.09 %\n5.87 %\n6.25 % After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-advisers are BlackRock (Singapore) Limited and BlackRock International Limited. Where applicable, BlackRock refers also to the Fund s sub-advisers. 11 Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nRick Rieder\n2019\nManaging Director of BlackRock, Inc., Chief Investment Officer of Global Fixed Income, Head of Global Allocation Investment Team, member of the Global Executive Committee, Global Executive Committee Investments Sub-Committee, Global Operating Committee and Chairman of the BlackRock, Inc. firmwide Investment Council.\nRuss Koesterich, CFA, JD\n2017\nManaging Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investm\n...\nthat the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that\n$100 for all accounts. 12\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nhas entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 13 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Global Allocation Fund, Inc. (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to provide high total investment return through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. In other words, the Fund seeks to achieve a combination of capital growth and income. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process In making investment decisions, Fund management tries to identify the long term trends and changes that could benefit particular markets and/or industries relative to other markets and industries. Fund management will consider a variety of factors when selecting the markets, such as the rate of economic growth, natural resou\n...\nder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\nstrained Equity Fund and BlackRock Systematic Multi-Strategy Fund (each of whose portfolio holdings may be disclosed 60 calendar days after month- end). BlackRock generally discloses portfolio holdings information on the lag times established herein on its public website. If Portfolio Holdings are disclosed to one party, they must also be disclosed to all other parties requesting the same information.\nTime Periods for Portfolio Characteristics\nPortfolio Characteristics (Excluding Liquidity Metrics)\nPrior to 5 Calendar Days After Month-End\n5 Calendar Days After Month-End\nCannot disclose without non-disclosure or confidentiality agreement and CCO approval. 1 , 2\nMay disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (e.g., Lipper, Morningstar and Bloomberg). If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information.\nPortfolio Characteristics Liquidity Metrics\nPrior to 60 Calendar Days After Calendar Quarter-End\n60 Calendar Days After Calendar Quarter- End\nCannot disclose without non-disclosure or confidentiality agreement and CCO approval.\nMay disclose to shareholders, prospective shareholders, intermediaries and consultants; provided portfolio management has approved. If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. 1 Global Allocation Exception: For purposes of portfolio holdings, Global Allocation funds include BlackRock Global Allocation Fund, Inc., BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc. Information on certain Portfolio Characteristics of BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund is available, upon request, to insurance companies that use these funds as underlying investments (and to advisers and sub-advisers of funds invested in BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund) in their variable annuity contracts and variable life insurance policies on a weekly basis (or such other period as may be determined to be appropriate). Disclosure of such characteristics of these two funds constitutes a disclosure of Confidential Information and is being made for reasons deemed appropriate by BlackRock and in accordance with the requirements set forth in these guidelines. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. 2 Strategic Income Opportunities Exception: Information on certain Portfolio Characteristics of BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V may be made available to shareholders, prospective shareholders, intermediaries, consultants and third party data providers, upon request on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. II-85\nOpen-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)\nTime Periods for Portfolio Characteristics: Liquidity Metrics\nPrior to 60 Calendar Days After Calendar Quarter-End\n60 Calendar Days After Calendar Quarter- End\nPortfolio Characteristics Liquidity Metrics\nCannot disclose without non-disclosure or confidentiality agreement and Chief Compliance Officer ( CCO ) approval.\nMay disclose to", "ontology": {"Fund": {"advisedBy": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Global_Allocation_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Allocation_Fund_Inc", "p": "seriesOf", "o": "trust:BlackRock_Global_Allocation_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Allocation_Fund_Inc", "p": "subAdvisedBy", "o": "org:BlackRock_Singapore_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Allocation_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Global_Allocation_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Global Allocation Fund, Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Global Allocation Fund, Inc. <predicate_marker> subAdvisedBy <object_marker> BlackRock (Singapore) Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Global Allocation Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Global Allocation Fund, Inc. advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Global Allocation Fund, Inc. ; subAdvisedBy BlackRock (Singapore) Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Global Allocation Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18017, "n_triples": 5, "text_to_json_ratio": 33.9}}
{"sample_id": "0000849402:ALL", "cik": "0000849402", "trust_name": "BlackRock Emerging Markets Fund, Inc.", "input_text": "f:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000849402 bemfi:C000005816Member bemfi:InvestorACAndInstitutionalMember 2015-01-01 2024-12-31 0000849402 bemfi:C000198223Member bemfi:ClassKMember 2015-01-01 2024-12-31 0000849402 bemfi:C000198223Member bemfi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000849402 bemfi:C000198223Member bemfi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000849402 bemfi:ClassKMember bemfi:S000002250MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000849402 bemfi:InvestorACAndInstitutionalMember bemfi:C000005817Member 2015-01-01 2024-12-31 0000849402 bemfi:InvestorACAndInstitutionalMember bemfi:MSCIEmergingMarketsIndexNetMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 25, 2025 Securities Act File No. 33-28248 Investment Company Act File No. 811-5723 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 58 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 60 (Check appropriate box or boxes) BLACKROCK EMERGING MARKETS FUND, INC. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK EMERGING MARKETS FUND, INC. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock, par value $0.10 per share. AUGUST 28, 2025\nProspectus BlackRock Emerging Markets Fund, Inc. | Investor and Institutional Shares Investor A: MDDCX Investor C: MCDCX Institutional: MADCX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n9\nInvestment Manager\n9\nPortfolio Managers\n10\nPurchase and Sale of Fund Shares\n10\nTax Information\n11\nPayments to Broker/Dealers and Other Financial Intermediaries\n...\n6.49 )%\n( 0.85 )%\n2.91 %\nReturn After Taxes on Distributions\n( 6.52 )%\n( 1.31 )%\n2.67 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n( 3.23 )%\n( 0.53 )%\n2.43 %\nBlackRock Emerging Markets Fund Investor C Shares\nReturn Before Taxes\n( 3.03 )%\n( 0.52 )%\n2.82 %\nBlackRock Emerging Markets Fund Institutional Shares\nReturn Before Taxes\n( 1.06 )%\n0.47 %\n3.78 %\nMSCI Emerging Markets Index (Net) 1 (Reflects no deduction for fees, expenses or taxes), except for withholding taxes on reinvested dividends\n7.50 %\n1.70 %\n3.64 % 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund s applicable withholding tax rates, if any. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-advisers are BlackRock Asset Management North Asia Limited and BlackRock International Limited (the Sub-Advisers ). Where applicable, BlackRock refers also to the Sub-Advisers. 9 Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nEgon Vavrek\n2025\nManaging Director of BlackRock, Inc.\nGordon Fraser, CFA\n2017\nManaging Director of BlackRock, Inc.\nKevin Jia\n2020\nDirector of BlackRock, Inc.\nEmily Fletcher, CFA\n2024\nManaging Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund s distributor to offer Institutional Shares through a no-load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons. 10\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 11 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Emerging Markets Fund, Inc. ( Emerging Markets Fund or the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of Emerging Markets Fund is to seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries having smaller capital markets. The Fund s investment objective is a fundamental policy of the Fund and may not be changed without the approval of the holders of a majority of the Fund s outstanding voting securities as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process Fund management chooses securities using a fundamental, bottom-up research focused approach. BlackRock Advisors, LLC ( BlackRock ), the Fund s investment manager, considers a variety of factors when choosing the Fund s investments, including, but not limited to: Understanding and tracking the key drivers of growth; Evaluating the rate of acceleration and the visibility of each driver; Assessing the quality of governance in terms of management, balance sheet and cash flow; and Appraising the valuation in absolute terms and relativ\n...\nvestor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor A and Investor C Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor A and Investor C Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. 40 Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\no the proper storage and disposal of such information. Statement of Additional Information If you would like further information about the Fund, including how the Fund invests, please see the SAI. For a discussion of the Fund s policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally within 5 business days after the end of the month to which the information applies. 48 Glossary This glossary contains an explanation of some of the common terms used in this prospectus. For additional information about the Fund, please see the SAI. Acquired Fund Fees and Expenses the Fund s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. Annual Fund Operating Expenses expenses that cover the costs of operating the Fund. Distribution Fees fees used to support the Fund s marketing and distribution efforts, such as compensating Financial Intermediaries, advertising and promotion. Interest Expense the cost of borrowing money to buy additional securities. Management Fee a fee paid to BlackRock for managing the Fund. MSCI Emerging Markets Index an index that captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 1,202 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Other Expenses includes accounting, administration, transfer agency, custody, professional and registration fees. Service Fees fees used to compensate Financial Intermediaries for certain shareholder servicing activities. 49 [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Emerging Markets Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 537-4942 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISER BlackRock Asset Management North Asia Limited 16/F, 2 Queen s Road Central Cheung Kong Center Hong Kong BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly", "ontology": {"Fund": {"advisedBy": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Emerging_Markets_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_Fund_Inc", "p": "seriesOf", "o": "trust:BlackRock_Emerging_Markets_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_Fund_Inc", "p": "subAdvisedBy", "o": "org:BlackRock_Asset_Management_North_Asia_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_Fund_Inc", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Emerging_Markets_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Emerging Markets Fund, Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Emerging Markets Fund, Inc. <predicate_marker> subAdvisedBy <object_marker> BlackRock Asset Management North Asia Limited <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Emerging Markets Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Emerging Markets Fund, Inc. advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Emerging Markets Fund, Inc. ; subAdvisedBy BlackRock Asset Management North Asia Limited , BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Emerging Markets Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18466, "n_triples": 6, "text_to_json_ratio": 29.6}}
{"sample_id": "0000853437:ALL", "cik": "0000853437", "trust_name": "T. ROWE PRICE U.S. TREASURY FUNDS, INC.", "input_text": "table may also include one or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nT. ROWE PRICE\n8\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n09/29/1989\nReturns\nbefore taxes\n0.63\n%\n- 0.97\n%\n0.55\n%\n%\nReturns\nafter taxes on distributions\n- 0.92\n- 1.94\n- 0.34\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n0.37\n- 1.11\n0.07\nI\nClass\n05/03/2017\nReturns\nbefore taxes\n0.81\n- 0.82\n0.48\nZ\nClass\n02/22/2021\nReturns\nbefore taxes\n0.93\n- 2.57\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.14\na\n1.25\n- 0.33\n1.35\n- 1.75\nb\nStrategy\nBenchmark(s)\nBloomberg\nU.S. 4-10 Year Treasury Bond Index (reflects no deduction for fees, expenses, or taxes)\n0.80\na\n0.79\n- 0.41\n1.06\n- 2.15\nb\nLipper\nGeneral U.S. Treasury Funds Average\n- 0.50\nc\n- 1.97\n- 3.21\n- 0.06\n- 5.27\nd\na Return\nsince 5/3/17.\nb Return\nsince 2/22/21.\nc Return\nsince 4/30/17.\nd Return\nsince 2/28/21.\nUpdated\nperformance information is available through troweprice.com .\nSUMMARY\n9\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment\nAdviser\nAmit\nDeshpande\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2017\nRobert\nM. Larkins\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2003\nYongheon\nLee\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2010\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a\ncustodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum.\nThese investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting\norders on behalf of their customers.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates\nthat are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum\nfor additional purchases.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor inst\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nINFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS\n33\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction\nconfirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include\ninvestments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a\nretirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be pu\n...\nice Mid-Cap Growth Fund Z Class\nTRQZX\nT.\nROWE PRICE MID-CAP VALUE FUND, INC.\nT.\nRowe Price Mid-Cap Value Fund\nTRMCX\nT.\nRowe Price Mid-Cap Value Fund Advisor Class\nTAMVX\nT.\nRowe Price Mid-Cap Value Fund I Class\nTRMIX\nT.\nRowe Price Mid-Cap Value Fund R Class\nRRMVX\nT.\nRowe Price Mid-Cap Value Fund Z Class\nTRTZX\nT.\nROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.\nT.\nRowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio\nT.\nROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.\nT.\nRowe Price Multi-Strategy Total Return Fund\nTMSRX\nT.\nRowe Price Multi-Strategy Total Return Fund I Class\nTMSSX\nT.\nROWE PRICE NEW ERA FUND, INC.\nT.\nRowe Price New Era Fund\nPRNEX\nT.\nRowe Price New Era Fund I Class\nTRNEX\nT.\nROWE PRICE NEW HORIZONS FUND, INC.\nT.\nRowe Price New Horizons Fund\nPRNHX\nT.\nRowe Price New Horizons Fund I Class\nPRJIX\nT.\nRowe Price New Horizons Fund Z Class\nTRUZX\nT.\nROWE PRICE NEW INCOME FUND, INC.\nT.\nRowe Price New Income Fund\nPRCIX\nT.\nRowe Price New Income Fund Advisor Class\nPANIX\nT.\nRowe Price New Income Fund I Class\nPRXEX\nT.\nRowe Price New Income Fund R Class\nRRNIX\nT.\nRowe Price New Income Fund Z Class\nTRVZX\n5\nT.\nROWE PRICE QM U.S. BOND INDEX FUND, INC.\nT.\nRowe Price QM U.S. Bond Index Fund\nPBDIX\nT.\nRowe Price QM U.S. Bond Index Fund I Class\nTSBLX\nT.\nRowe Price QM U.S. Bond Index Fund Z Class\nTSBZX\nT.\nROWE PRICE REAL ASSETS FUND, INC.\nT.\nRowe Price Real Assets Fund\nPRAFX\nT.\nRowe Price Real Assets Fund I Class\nPRIKX\nT.\nRowe Price Real Assets Fund Z Class\nTRZRX\nT.\nROWE PRICE REAL ESTATE FUND, INC.\nT.\nRowe Price Real Estate Fund\nTRREX\nT.\nRowe Price Real Estate Fund Advisor Class\nPAREX\nT.\nRowe Price Real Estate Fund I Class\nTIRRX\nT.\nROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP Reserve Funds)\nT.\nRowe Price Government Reserve Fund\nT.\nRowe Price Transition Fund\nTTNFX\nT.\nRowe Price Treasury Reserve Fund\nT.\nROWE PRICE RETIREMENT FUNDS, INC. (Retirement Funds)\nT.\nRowe Price Retirement 2005 Fund\nTRRFX\nT.\nRowe Price Retirement 2005 Fund Advisor Class\nPARGX\nT.\nRowe Price Retirement 2005 Fund I Class\nTRAJX\nT.\nRowe Price Retirement 2005 Fund R Class\nRRTLX\nT.\nRowe Price Retirement 2010 Fund\nTRRAX\nT.\nRowe Price Retirement 2010 Fund Advisor Class\nPARAX\nT.\nRowe Price Retirement 2010 Fund I Class\nTRPUX\nT.\nRowe Price Retirement 2010 Fund R Class\nRRTAX\nT.\nRowe Price Retirement 2015 Fund\nTRRGX\nT.\nRowe Price Retirement 2015 Fund Advisor Class\nPARHX\nT.\nRowe Price Retirement 2015 Fund I Class\nTRUBX\nT.\nRowe Price Retirement 2015 Fund R Class\nRRTMX\nT.\nRowe Price Retirement 2020 Fund\nTRRBX\nT.\nRowe Price Retirement 2020 Fund Advisor Class\nPARBX\nT.\nRowe Price Retirement 2020 Fund I Class\nTRDBX\nT.\nRowe Price Retirement 2020 Fund R Class\nRRTBX\nT.\nRowe Price Retirement 2025 Fund\nTRRHX\nT.\nRowe Price Retirement 2025 Fund Advisor Class\nPARJX\nT.\nRowe Price Retirement 2025 Fund I Class\nTREHX\nT.\nRowe Price Retirement 2025 Fund R Class\nRRTNX\nT.\nRowe Price Retirement 2030 Fund\nTRRCX\nT.\nRowe Price Retirement 2030 Fund Advisor Class\nPARCX\nT.\nRowe Price Retirement 2030 Fund I Class\nTRFHX\nT.\nRowe Price Retirement 2030 Fund R Class\nRRTCX\nT.\nRowe Price Retirement 2035 Fund\nTRRJX\nT.\nRowe Price Retirement 2035 Fund Advisor Class\nPARKX\nT.\nRowe Price Retirement 2035 Fund I Class\nTRFJX\nT.\nRowe Price Retirement 2035 Fund R Class\nRRTPX\nT.\nRowe Price Retirement 2040 Fund\nTRRDX\nT.\nRowe Price Retirement 2040 Fund Advisor Class\nPARDX\nT.\nRowe Price Retirement 2040 Fund I Class\nTRHDX\nT.\nRowe Price Retirement 2040 Fund R Class\nRRTDX\nT.\nRowe Price Retirement 2045 Fund\nTRRKX\nT.\nRowe Price Retirement 2045 Fund Advisor Class\nPARLX\nT.\nRowe Price Retirement 2045 Fund I Class\nTRIKX\nT.\nRowe Price\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_London", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_U_S_TREASURY_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Intermediate_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_London", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_U_S_TREASURY_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Long_Term_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_London", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_U_S_TREASURY_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Treasury_Money_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_U_S_TREASURY_FUNDS_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. 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Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, London , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE U.S. TREASURY FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price U.S. Treasury Long-Term Index Fund advisedBy T. Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, London , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE U.S. TREASURY FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price U.S. Treasury Money Fund advisedBy T. Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, London , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE U.S. TREASURY FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE U.S. TREASURY FUNDS, INC. underwrittenBy T. 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{"sample_id": "0000856517:ALL", "cik": "0000856517", "trust_name": "Federated Hermes Money Market Obligations Trust", "input_text": "onal Factors Affecting Yield. There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund s yield will vary. Periods of very low or negative interest rates impact, in a negative way, the Fund s ability to maintain a positive return, or yield, or pay dividends to Fund shareholders.\nTechnology Risk. The Adviser uses various technologies in managing the Fund, consistent with its investment objective(s) and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.\nYou could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.\nPerformance: Bar Chart and Table\nA performance bar chart and total return information for the Fund will be provided after the Fund has been in operation for a full calendar year. Updated performance information for the Fund is available under the Products section at FederatedHermes.com/us or by calling toll free at (+1) 866-858-2195 or at (+1) 508-871-3572. .\nFUND MANAGEMENT\nThe Fund s Investment Adviser is Federated Investment Management Company.\nPurchase and Sale of Fund Shares\nShares are offered to certain banks, trust institutions and other institutional investors investing for their own accounts or for accounts of their customers. Although the Fund does not currently employ blockchain technology or invest in crypto assets, Fund Shares are expected to be used primarily by participants in the broader blockchain ecosystem, and Fund Shares may be purchased and held through intermediaries that use blockchain technology to maintain a record of share ownership for their customers. The Fund offers a single Share class, Reserve Shares, that do not currently employ blockchain technology to maintain a record of share ownership. However, in the future, the Fund may seek to employ blockchain technology to maintain a record of share ownership with respect to the Reserve Shares or additional share classes.\nYou may purchase or redeem Shares of the Fund on any day the New York Stock Exchange (NYSE) is open. Shares may be purchased through a financial intermediary or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone toll free at (+1) 866-858-2195, at (+1) 508-871-3572, or by mail.\nThe minimum initial investment amount for the Fund s RS class is generally $ 10,000 and there is no minimum subsequent investment amount. There is no minimum initial or subsequent investment amount required for employer-sponsored retirement plans; however, such accounts remain subject to the Fund s policy on Accounts with Low Balances as discussed later in this Prospectus. Certain types of accounts are eligible for lower minimum investments.\nFinancial intermedi\n...\noard that implementing an RDM is in the best interests of the Fund and its shareholders. Alternatively, if the Fund has a negative interest rate event and/or the Board determines that it is no longer in the best interests of the Fund and its shareholders to maintain a stable price of $1.00 per share, the Board has the right to discontinue the use of a stable NAV of $1.00 per share and establish a fluctuating NAV per share rounded to four decimal places. If the Fund uses an RDM, the Fund will maintain a stable price per share, despite losing value, by reducing the number of its outstanding shares. Investors in the Fund would observe a stable share price but a declining number of shares for their investment. If the Fund converts to a fluctuating NAV under these circumstances, the Fund s losses will be reflected through a declining share price. The Fund will notify shareholders of any such change. Shareholders should discuss any tax implications of implementing an RDM or converting to a fluctuating NAV with their tax adviser.\nHow is the Fund Sold?\nAlthough the Fund does not currently employ blockchain technology or invest in crypto assets, Fund Shares are expected to be used primarily by participants in the broader blockchain ecosystem, and Fund Shares may be purchased and held through intermediaries that use blockchain technology to maintain a record of share ownership for their customers. The Fund offers a single Share class, Reserve Shares, that do not currently employ blockchain technology to maintain a record of share ownership. However, in the future, the Fund may seek to employ blockchain technology to maintain a record of share ownership with respect to the Reserve Shares or additional share classes.\nUnder the Distributor s Contract with the Fund, the Distributor, Federated Securities Corp., offers Shares on a continuous, best-efforts basis. The Distributor is a subsidiary of Federated Hermes, Inc. ( Federated Hermes ).\nThe Fund s Distributor markets the Shares described in this Prospectus to entities holding Shares in an agency or fiduciary capacity, financial institutions, financial intermediaries and institutional investors or to individuals, directly or through financial intermediaries.\nPayments to Financial Intermediaries\nThe Fund and its affiliated service providers may pay fees as described below to financial intermediaries (such as broker-dealers, banks, investment advisers or third-party administrators) whose customers are shareholders of the Fund, with the actual fee payment terms subject to an agreement with the financial intermediary.\nSERVICE FEES\nThe Fund may pay Service Fees of up to 0.25% of average net assets to financial intermediaries or to Federated Shareholder Services Company (FSSC), a subsidiary of Federated Hermes, for providing services to shareholders and maintaining shareholder accounts. Intermediaries that receive Service Fees may include a company affiliated with management of Federated Hermes. If a financial intermediary receives Service Fees on an account, it is not eligible to also receive Account Administration Fees on that same account. The Fund has no present intention of paying, accruing or incurring any such Service Fees on the RS class until such time as approved by the Fund s Board of Trustees.\n8\nACCOUNT ADMINISTRATION FEES\nThe Fund may pay Account Administration Fees of up to 0.25% of average net assets to banks that are not registered as broker-dealers or investment advisers for providing administrative services to the Fund and its shareholders. If a financial intermediary receives Account\n...\nose of each month is posted on the website 15 days (or the next business day) after month-end and remains until replaced by the information for the succeeding month. The summary portfolio composition information may include effective average maturity of the Fund s portfolio and/or percentage breakdowns of the portfolio by credit quality tier, effective maturity range and type of security. The Fund s WAM and WAL, Shadow NAV (market-based value of the Fund s portfolio), Daily and Weekly Liquid Assets and Daily Flows are posted every business day and remain posted on the website for six months thereafter.\nYou may also access portfolio information via the link to the Fund and share class name at FederatedHermes.com/us. The Fund s Form N-CSR contains complete listings of the Fund s portfolio holdings as of the end of the Fund s second and fourth fiscal quarters. These reports are also available on the SEC s website at sec.gov.\nThe Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on Form N-MFP. Form N-MFP is available on the SEC s website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedHermes.com/us.\nIn addition, from time to time (for example, during periods of unusual market conditions), additional information regarding the Fund s portfolio holdings and/or composition may be posted to FederatedHermes.com/us. If and when such information is posted, its availability will be noted on, and the information will be accessible from, the home page of the website.\nWho Manages the Fund?\nThe Board governs the Fund. The Board selects and oversees the Adviser, Federated Investment Management Company. The Adviser manages the Fund s assets, including buying and selling portfolio securities. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides certain support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund.\nThe address of the Adviser and FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.\n15\nThe Fund has received and can rely upon an order from the Securities and Exchange Commission (SEC) that permits the Adviser, subject to approval by the Board of Trustees, to appoint a sub-adviser or change the terms of a sub-advisory agreement without obtaining shareholder approval. The Fund is permitted to rely upon the SEC order to change sub-advisers, or the fees paid to a sub-adviser, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the Adviser to increase the aggregate advisory fee rate of the Fund without the approval of the shareholders.\nThe Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 99 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes assets under management totaled approximately $902.6 billion as of December 31, 2025. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with more than 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.\nThe Adviser advises approximately 66 registered investment companies and also manages sub-advised funds. The Adviser s assets under managemen\n...\nc.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov.\nFederated Hermes Money Market Management Digital Treasury Fund\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call toll free at (+1) 866-858-2195 or at (+1) 508-871-3572.\nFederated Securities Corp., Distributor\nInvestment Company Act File No. 811-5950\nCUSIP 31423R831\nQ457105 (3/26)\n2026 Federated Hermes, Inc.\nStatement of Additional Information\nMarch 5, 2026\nShare Class | Ticker\nReserve Shares | OFFXX\nFederated Hermes Money Market Management Digital Treasury Fund\nA Portfolio of Federated Hermes Money Market Obligations Trust\nThis Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Money Market Management Digital Treasury Fund (the Fund ), dated March 5, 2026.\nObtain the Prospectus without charge by calling toll free at (+1) 866-858-2195 or at (+1) 508-871-3572.\nContents\n1\nHow is the Fund Organized?\n1\nSecurities in Which the Fund Invests\n2\nInvestment Risks\n4\nInvestment Objective and Investment Limitations\n6\nWhat Do Shares Cost?\n6\nHow is the Fund Sold?\n9\nIn-Kind Purchase and Redemption\n9\nMassachusetts Partnership Law\n9\nShare Information\n10\nTax Information\n10\nWho Manages and Provides Services to the Fund?\n24\nFinancial Information\n25\nAddresses\n26\nAppendix\nFederated Hermes Money Market Management Digital Treasury Fund\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call toll free at (+1) 866-858-2195 or at (+1) 508-871-3572.\nFederated Securities Corp., Distributor\nQ457104 (3/26)\n2026 Federated Hermes, Inc.\nHow is the Fund Organized?\nThe Fund is a diversified portfolio of Federated Hermes Money Market Obligations Trust ( Trust ). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on October 3, 1988. The Trust may offer separate series of shares representing interests in separate portfolios of securities. Effective June 26, 2020, the Trust changed its name from Money Market Obligations Trust to Federated Hermes Money Market Obligations Trust.\nThe Board of Trustees ( Board ) has established the class of shares of the Fund, known as Reserve Shares ( Shares ), which is a non-tokenized share class. Although the Fund does not currently employ blockchain technology or invest in crypto assets, Fund Shares are expected to be used primarily by participants in the broader blockchain ecosystem, and Fund Shares are expected to be purchased and held by stablecoin issuers, certain banks, individuals, trust institutions and other institutional investors investing for their own accounts or for accounts of their customers. Additionally, some intermediaries may use blockchain technology to maintain a record of share ownership. At a future date, the Board may convert its Reserve Shares to a tokenized share class and launch additional tokenized share class(es).\nThe Fund s investment adviser is Federated Investment Management Company ( Adviser ).\nSecurities in Which the Fund Invests\nThe Fund invests, under normal circumstances, primarily in U.S. dollar-denominated cash, U.S. Treasury bills, notes and bonds with 93 days or less to maturity and overnight repurchase agreements fully collateralized by U.S. Treasury securities. The principal securities or other investments in which the Fund invests are described in the Fund s Prospectus. The Fund also may invest in securities or other in\n...\nifications of Independent Trustees\nIndividual Trustee qualifications are noted in the Independent Trustees Background and Compensation chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.\nOutstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.\nDesire and availability to serve for a substantial period of time, taking into account the Board s current mandatory retirement age of 75 years.\nNo conflicts which would interfere with qualifying as independent.\n10\nAppropriate interpersonal skills to work effectively with other Independent Trustees.\nUnderstanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.\nDiversity of background.\nInterested Trustees Background and Compensation\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJ. Christopher Donahue*\nBirth Date: April 11, 1949\nPresident and Trustee\nIndefinite Term\nBegan serving: April 1989\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of the\nFunds in the Federated Hermes Complex; Chairman, President, Chief\nExecutive Officer and Director, Federated Hermes, Inc.; Trustee, Federated\nAdministrative Services and Director, Federated Administrative Services,\nInc.; Trustee and Chairman, Federated Advisory Services Company; Director\nor Trustee and Chairman, Federated Investment Management Company,\nFederated Global Investment Management Corp., Federated Equity\nManagement Company of Pennsylvania, and Federated MDTA LLC; Trustee,\nFederated Investment Counseling; Trustee, Federated Shareholder Services\nCompany; Director, Federated Services Company.\nPrevious Positions: President, Federated Investment Counseling; President\nand Chief Executive Officer, Federated Investment Management Company,\nFederated Global Investment Management Corp. and Passport Research,\nLtd.; Chairman, Passport Research, Ltd.\n$0\n$0\nThomas R. Donahue*\nBirth Date: October 20, 1958\nTrustee\nIndefinite Term\nBegan serving: May 2016\nPrincipal Occupations: Director or Trustee of certain of the Funds in the\nFederated Hermes Complex; Director, Chief Financial Officer, Treasurer,\nVice President and Assistant Secretary, Federated Hermes, Inc.; Chairman\nand Trustee, Federated Administrative Services; Chairman and Director,\nFederated Administrative Services, Inc.; Director or Trustee and Treasurer,\nAdvisory Services Company, Federated Equity Management Company of\nPennsylvania, Federated Global Investment Management Corp., Federated\nInvestment Counseling, and Federated Investment Management Company;\nDirector, MDTA LLC; Director, Executive Vice President and Assistant\nSecretary, Federated Securities Corp.; Director or Trustee and Chairman,\nFederated Services Company and Federated Shareholder Services\nCompany; and Director and President, FII Holdings, Inc.\nPrevious Positions: Assistant Secretary, Federated Investment\nManagement Company, Federated Global Investment Management\nCompany and Passport\n...\nos. 33-31602 and 811-5950)\n4\nCopy\nof Specimen Certificate for Shares of Beneficial Interest for Trust for U.S. Treasury Obligations as filed via EDGAR in Post-Effective\nAmendment No. 27 on November 25, 1994 on Form N-1A (File Nos. 2-65505 and 811-2951)\n5\nCopy\nof Specimen Certificate for Shares of Beneficial Interest for Institutional Shares of Pennsylvania Municipal Cash Trust as filed via EDGAR\nin Post-Effective Amendment No. 35 on May 19, 1995 on Form N-1A (File Nos. 33-31259 and 811-5911)\n6\nCopy\nof Specimen Certificate for Shares of Beneficial Interest for Institutional Capital Shares of Treasury Obligations Fund as filed via EDGAR\nin Post-Effective Amendment No. 22 on September 23, 1997 on Form N-1A (File Nos. 33-31602 and 811-5950)\n7\nCopy\nof Specimen Certificate for Shares of Beneficial Interest for Institutional Shares and Institutional Service Shares of California Municipal\nCash Trust as filed on September 23, 1997 via EDGAR in Post-Effective Amendment No. 22 on Form N-1A (File Nos. 33-31259 and 811-5911)\nAs\nof September 1, 1997, Federated Securities Corp. stopped issuing share certificates\n(d)\nInvestment\nAdvisory Contracts\n1\nConformed\ncopy of the Investment Advisory Contract of the Registrant dated December 11, 1989, including Exhibits, Amendment and Limited Power of\nAttorney\n+\n2\nConformed\ncopy of the Investment Advisory Contract of the Registrant dated March 1, 1995, including Exhibit, Assignment, Amendment and Limited Power\nof Attorney\n+\n(e)\nUnderwriting\nContracts\nConformed\ncopy of the Distributor s Contract of the Registrant dated March 1, 1994, including Exhibits and Amendments\n+\n(f)\nBonus\nor Profit Sharing Contracts\nNot\napplicable\n(g)\nCustodian\nAgreements\n1\nConformed\ncopy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the\nRegistrant, including Appendix A\n+\n2\nConformed\ncopy of Amended and Restated Custodian Agreement dated June 7, 2005 by and between The Bank of New York and the Registrant, including\nAmendments and Exhibits\n+\n(h)\nOther\nMaterial Contracts\n1\nServices\nAgreement\n(a)\nConformed\ncopy of Services Agreement between Federated Advisory Services Company and Federated Investment Management Company dated January 1, 2004,\nincluding Schedule 1\n+\n(b)\nConformed\ncopy of the Second Amended and Restated Services Agreement, amended and restated as of December 1, 2001, between Federated Shareholder\nServices Company and the Registrant, including Schedule 1\n+\n2\nTransfer\nAgency Agreement\n(a)\nConformed\ncopy of the Transfer Agency Services Agreement between the Federated Hermes Funds and DST Asset Manager Solutions, Inc. dated June 1,\n2022, including Schedule A\n+\n(b)\nForm\nof the Transfer Agency Services Agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc., dated _________________\n+\n3\nAdministrative\nServices Agreement\nConformed\ncopy of the Fifth Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative\nServices dated September 1, 2025, including Exhibit A\n+\n4\nFinancial\nAdministration and Accounting Agreement\n(a)\nConformed\ncopy of the Financial Administration and Accounting Services Agreement between the Federated Funds and The Bank of New York Mellon dated\nMarch 1, 2011, as amended, including Schedule 1\n+\n(b)\nConformed\ncopy of the Financial Administration and Accounting Services Agreement between the Federated Funds and State Street Bank and Trust Company\ndated March 1, 2011, as amended, including Exhibit A\n+\n(i)\nLegal\nOpinion\n1\nConformed\ncopy of Opinion and Consent of Couns\n...\nJ. Murphy\nMarcus Persichetti\nLuke Anthony Raffa\nMax E. Recker\nEmory Redd\nIonnis (Yiannis) Repoulis\nKaitlyn Ross\nJohn R. Rush\nMelissa R. Ryan\nJohn Shrewsbury\nJustin J. Slomkowski\nDerrick Stancick\nJason Straker\nGregory Tzanoukakis\nScott A. Vallina\nJames M. Wagner\nDavid Wasik\nJennifer M. Weaver\nLittell Wilson Jr.\nAssistant\nVice Presidents:\nDebbie Adams-Marshall\nMatthew Alan Cichowicz\nCourtney Comstock\nAdina Davis\nKatlyn Alexis Davis\nChristopher DiBartolomeo\nMadison Dischinger\nRebecca R. Donahue\nMichelle Ausefski Doyle\nAndrew Druckenbroad\nLucie Gordon\nElizabeth Krah Graner\nKristen C. Kiesling\nKaterina Alexandra Kotulak\nLeah Kaitlin Leitzel\nClara L. Matvey\nJennifer M. McSorley\nPatrick Joseph O Reilly\nDavid J. Pallof, Jr.\nCarol Anne Sheppard\nLaura Vickerman\nRita L. Willis\nSecretary:\nKary\nA. Moore\nAssistant\nSecretaries:\nThomas\nR. Donahue\nGeorge\nF. Magera\nTreasurer:\nRichard\nA. Novak\nAssistant\nTreasurer:\nAutumn\nL. Favero\nChief\nCompliance Officer:\nStephen\nVan Meter\n(c)\nNot\nApplicable\nItem 33. Location of Accounts and Records:\nAll\naccounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated\nthereunder are maintained at one of the following locations:\nRegistrant\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\n(Notices should be sent to the Agent for Service at the address listed\non the facing page of this filing.)\nFederated Administrative Services\n(Administrator)\n1001 Liberty Avenue\nPittsburgh, PA 15222-3779\nFederated Securities Corp.\n(Distributor)\n1001 Liberty Avenue\nPittsburgh, PA 15222-3779\nFederated Investment Management Company\n(Adviser)\n1001 Liberty Avenue\nPittsburgh, PA 15222-3779\nFederated Advisory Services Company\n(Adviser)\n1001 Liberty Avenue\nPittsburgh, PA 15222-3779\nSS C GIDS, Inc.\n(Transfer Agent and Dividend Disbursing Agent)\nP.O. Box 219318\nKansas City, MO 64121-9318\nState\nStreet Bank and Trust Company (Custodian)\n1 Iron Street\nBoston, MA 02110\nThe\nBank of New York Mellon ( Transfer Agent and Dividend Disbursing Agent)\n240\nGreenwich Street New York, NY 10286\nItem\n34. Management Services: Not applicable.\nItem\n35. Undertakings:\nRegistrant\nhereby undertakes to comply with the provisions of Section 16(c) of the 1940 Act with respect to the removal of Trustees and the calling\nof special shareholder meetings by shareholders.\nSIGNATURES\nPursuant to the requirements of the Securities Act of 1933 and the\nInvestment Company Act of 1940, the Registrant, Federated Hermes Money Market Obligations Trust certifies that it meets all of the\nrequirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933\nand has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in\nthe City of Pittsburgh and Commonwealth of Pennsylvania, on the 5 th day of March, 2026.\nFEDERATED\nHERMES MONEY MARKET OBLIGATIONS TRUST\nBY: /s/ George F. Magera\nGeorge F. Magera, Assistant Secretary\nPursuant\nto the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following\nperson in the capacity and on the date indicated:\nNAME\nTITLE\nDATE\nBY: /s/ George F. Magera\nGeorge F. Magera, Assistant Secretary\nAttorney\nIn Fact For the Persons Listed Below\nMarch\n5, 2026\nJ. Christopher Donahue*\nPresident\nand Trustee (Principal Executive Officer)\nThomas\nR. Donahue*\nTrustee\nJeremy\nD. Boughton*\nTreasurer\n(Principal Financial Officer/Principal Accounting Officer)\nJohn\nG. Carson*\nTrustee\nG.\nTho", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Money_Market_Obligations_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Municipal_Obligations_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Money_Market_Obligations_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Tax_Free_Obligations_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Federated_Hermes_Money_Market_Obligations_Trust", "p": "underwrittenBy", "o": "org:Federated_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Federated Hermes Municipal Obligations Fund <predicate_marker> administrator <object_marker> Federated Administrative Services <predicate_marker> advisedBy <object_marker> Federated Advisory Services Company <predicate_marker> advisedBy <object_marker> Federated Investment Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Federated Hermes Money Market Obligations Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Tax-Free Obligations Fund <predicate_marker> administrator <object_marker> Federated Administrative Services <predicate_marker> advisedBy <object_marker> Federated Advisory Services Company <predicate_marker> advisedBy <object_marker> Federated Investment Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Federated Hermes Money Market Obligations Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Money Market Obligations Trust <predicate_marker> underwrittenBy <object_marker> Federated Securities Corp. <triple_end>", "target_serialized_plain": "Federated Hermes Municipal Obligations Fund administrator Federated Administrative Services ; 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{"sample_id": "0000857463:ALL", "cik": "0000857463", "trust_name": "Putnam New Jersey Tax Exempt Income Fund", "input_text": "ing bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nProspectus\n5\nBest Quarter:\nQ4 2023\n7.94%\nWorst Quarter:\nQ1 2022\n-6.08%\nAs of June 30, 2025, the fund s year-to-date return was -1.29%.\nAverage annual total returns after sales charges (for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n-2.56%\n-0.19%\n1.31%\nClass A after taxes on distributions\n-2.60%\n-0.20%\n1.29%\nClass A after taxes on distributions and sale of fund shares\n-0.44%\n0.37%\n1.58%\nClass C before taxes\n-0.14%\n-0.12%\n1.11%\nClass R6 before taxes *\n1.89%\n0.91%\n1.98%\nClass Y before taxes\n1.76%\n0.89%\n1.97%\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n1.05%\n0.99%\n2.25%\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change.\n6\nProspectus Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\nProspectus\n7\nTax information The fund intends to distribute income that is exempt from federal income tax and Massachusetts personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including inc\n...\nfund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply.\n14\nProspectus Tax information The fund intends to distribute income that is exempt from federal income tax and Minnesota personal income tax, as applicable, but distributions will be subject to federal income tax to the extent attributable to other income, including income earned by the fund on investments in taxable securities or capital gains realized on the disposition of its investments. Financial intermediary compensation If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor s website for more information.\nProspectus\n15\nFund summary Putnam New Jersey Tax Exempt Income Fund Goal The fund seeks as high a level of current income exempt from federal income tax and New Jersey personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 50 of the fund s prospectus, in the Appendix to the fund s prospectus, and in How to buy shares beginning on page 43 of the fund s Statement of Additional Information ( SAI ). Shareholder Fees (fees paid directly from your investment)\nShare class\nMaximum sales charge (load) imposed on purchases (as a percentage of offering price)\nMaximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nClass A\n4.00 %\n1.00 % 1\nClass C\nNone\n1.00 % 2\nClass R6\nNone\nNone\nClass Y\nNone\nNone\n1\nApplies only to certain redemptions of shares bought with no initial sales charge.\n2\nThis charge is eliminated after one year. Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)\nShare class\nManagement fees\nDistribution and service (12b-1) fees\nOther expenses\nTotal annual fund operating expenses\nClass A\n0.42 %\n0.25 %\n0.15 %\n0.82 %\nClass C\n0.42 %\n1.00 %\n0.15 %\n1.57 %\nC\n...\nain cases, records verifying that the class C shares have been held for at least eight years may not be available (for example, participant level share lot aging may not be tracked by group retirement plan recordkeeping platforms through which class C shares of the fund are held in an omnibus account). If such records are unavailable, Putnam Investor Services or the relevant financial intermediary may not effect the conversion or may effect the conversion on a different schedule determined by Putnam Investor Services or the financial intermediary, which may be shorter or longer than eight years. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n52\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A or C shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\nProspectus\n53\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that\n...\nf employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n58\nProspectus\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nHE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n9.05%\nC\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n8.21%\nC\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n7.14%\nC\nJ.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT BROOKLYN NY 11245-0003\n5.51%\nR6\nPERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052\n44.83%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n40.34%\nR6\nNATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n8.41%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n27.14%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n15.40%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS\n14.98%\n19\n499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\nY\nWELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523\n8.79%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n8.49%\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n7.32%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.08%\nAs of August 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended May 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nFund name\nClass A\nClass B*\nClass C\nMassachusetts Tax Exempt Income Fund\n$310,856\n$22\n$28,077\nMinnesota Tax Exempt Income Fund\n$132,969\n$41\n$28,575\nNew Jersey Tax Exempt Income Fund\n$275,440\n$64\n$54,252\nOhio Tax Exempt Income Fund\n$136,500\n$202\n$10,132\nPennsylvania Tax Exempt Income Fund\n$216,974\n$26\n$32,012\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\n20\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nMassachusetts Tax Exempt Income Fund\n2025\n$5,728\n$1,111\n2024\n$13,908\n$4,205\n2023\n$22,914\n$5,195\nMinnesota Tax Exempt Income Fund\n2025\n$20,917\n$3,802\n2024\n$15,483\n$2,506\n2023\n$17,831\n$2,807\nNew Jersey Tax Exempt Income Fund\n2025\n$10,340\n$2,066\n2024\n$16,210\n$3,272\n2023\n$32,832\n$4,489\nOhio Tax Exempt Income Fund\n2025\n$16,576\n$2,858\n2024\n$11,195\n$1,989\n2023\n$13,147\n$2,224\nPennsylvania Tax Exempt Income Fund\n2025\n$8,205\n$1,412\n2024\n$13,344\n$2,439\n2023\n$13,947\n$452\nContingent deferred sales charges For the past three fiscal years ended May 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares received and retained by the Distributor or Putnam Retail Management were as follows:\n21\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nMassachusetts Tax Exempt Income Fund\n2025\n$258\n2024\n$0\n2023\n$0\nMinnesota Tax Exempt Income Fund\n2025\n$0\n2024\n$0\n2023\n$0\nNew J\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n136\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n137\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser", "SubAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "seriesOf", "o": "trust:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_New_Jersey_Tax_Exempt_Income_Fund", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam New Jersey Tax Exempt Income Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam New Jersey Tax Exempt Income Fund <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam New Jersey Tax Exempt Income Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam New Jersey Tax Exempt Income Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. , Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam New Jersey Tax Exempt Income Fund ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC ; transferAgent Putnam Investor Services, Inc. .\nPutnam New Jersey Tax Exempt Income Fund underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25369, "n_triples": 11, "text_to_json_ratio": 24.7}}
{"sample_id": "0000858372:ALL", "cik": "0000858372", "trust_name": "CASH ACCOUNT TRUST", "input_text": "(for example, pandemics or health crises) that cause prolonged periods of remote work or significant employee absences at the fund s service providers could impact the ability to conduct the fund s operations. In addition, the fund cannot directly control any cybersecurity plans and systems put in place by its service providers, fund counterparties, issuers of securities held by the fund or other market participants.\nPast Performance\nHow a fund's returns vary from year to year can give an idea of its risk. Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. The 7-day yield , which is often referred to as the current yield, is the income generated by the fund over a seven-day period. This amount is then annualized, which means that we assume the fund generates the same income every week for a year. For more recent performance figures and the current yield, go to dws.com (the Web site does not form a part of this prospectus) or call the telephone number included in this prospectus.\nProspectus August 1, 2025\n4\nDWS Government Agency Securities Portfolio\nCALENDAR YEAR TOTAL RETURNS (%) (DWS Government Agency Money Fund)\nReturns for other classes were different and are not shown here.\nReturns\nPeriod ending\nBest Quarter\n1.34 %\nDecember 31, 2023\nWorst Quarter\n0.00 %\nMarch 31, 2015\nYear-to-Date\n2.11 %\nJune 30, 2025\nAverage Annual Total Returns\n(For periods ended 12/31/2024 expressed as a %) (DWS Government Agency Money Fund)\nClass\nInception\n1\nYear\n5\nYears\n10\nYears\n3/19/2007\n5.19\n2.38\n1.65\nTotal returns would have been lower if operating expenses had not been reduced.\nFor more recent performance information, contact the financial services firm from which you obtained this prospectus.\nManagement\nInvestment Advisor\nDWS Investment Management Americas, Inc.\nPurchase and Sale of Fund Shares\nMinimum Initial Investment ($)\nNon-IRA\nIRAs\nAutomatic\nInvestment\nPlans\n1,000\n500\n500\nThe minimum additional investment is $50.\nTo Place Orders\nMail\nAll Requests\nDWS\nPO Box 219151\nKansas City, MO 64121-9151\nExpedited Mail\nDWS\n801 Pennsylvania Ave\nSuite 219151\nKansas City, MO 64105-1307\nWeb Site\ndws.com\nTelephone\n(800) 728-3337, M F 8 a.m. 7 p.m. ET\nHearing Impaired\nFor hearing impaired assistance, please\ncall us using a relay service\nThe fund is generally open on days when the New York Stock Exchange is open for regular trading. If you invest with the fund directly through the transfer agent, you can open a new fund account and make an initial investment on the Internet at dws.com , by using the mobile app or by mail. You can make additional investments or sell shares of the fund on any business day by visiting the fund s Web site, by using the mobile app, by mail, or by telephone; however you may have to elect certain privileges on your initial account application. The ability to open new fund accounts and to transact online or using the mobile app varies depending on share class and account type. If you are working with a financial representative, contact your financial representative for assistance with buying or selling fund shares. A financial representative separately may impose its own policies and procedures for buying and selling fund shares.\nTax Information\nThe fund's distributions are generally taxable to you as ordinary income or capital gains, except when you are tax-exempt or when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.\nPayments to Broker-Dealers a\n...\nonth-end are posted to the Web site within five business days of the date of the applicable portfolio holdings information. More frequent posting of portfolio holdings information may be made from time to time on dws.com . The posted portfolio holdings information is available by fund and generally remains accessible for a period of not less than six months. The fund also may post on the Web site, on the same or a more frequent basis, various depictions of portfolio characteristics such as the allocation of the portfolio across various security types, market sectors and sub-sectors and maturities, liquidity and risk characteristics of the portfolio. The fund s Statement of Additional Information includes a description of the fund s policies and procedures with respect to the disclosure of the fund s portfolio holdings.\nWho Manages and Oversees the Fund\nThe Investment Advisor\nDWS Investment Management Americas, Inc. ( DIMA or the Advisor ), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the fund. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH Co. KGaA ( DWS Group ), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.\nDWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ( DDI or the Distributor ). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.\nManagement Fee. The Advisor receives a management fee from the fund. Below is the actual rate paid by the fund for the most recent fiscal year, as a percentage of the fund s average daily net assets.\nFund Name\nFee Paid\nDWS Government Agency\nSecurities Portfolio\n0.032\n% *\n*\nReflecting the effect of expense limitations and/or fee waivers then in effect.\nThe management fee for the fund is computed based on the combined average daily net assets of DWS Government Agency Securities Portfolio and DWS Tax-Exempt Portfolio, each a series of Cash Account Trust, and is allocated to the fund based upon the fund's relative net assets.\nThe Advisor has contractually agreed to reduce its management fee such that after allocation of the fee to each series of Cash Account Trust, the amount payable by Cash Account Trust DWS Government Agency Securities Portfolio will be limited to 0.05% of the average daily net assets of Cash Account Trust DWS Government Agency Securities Portfolio.\nThe Advisor has contractually agreed through September 30, 2025, to waive its fees and/or reimburse certain operating expenses of the DWS Government Agency Money Fund of the DWS Government Agency Securities Portfolio to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) at 0.45%. The agreement may only be terminated with the consent of the fund's Board.\nFrom time to time, the Advisor may voluntarily waive a portion of its fees and/or reimburse certain operating expenses of the fund. These voluntary waivers and/or reimbursements may be terminated at any time at the option of the Advisor. These voluntary waivers and/or reimbursements are in addition to any existing contractual expense limitations.\nThe Advisor and its affiliates may voluntarily waive a portion of their fees and/or reimburse certain expenses to the extent necessary to assist the fund in attempting to avoid a negative yield. There is no guarantee that the fund will avoid a negative yield. These voluntary waivers and/or reimbursements may be amended or terminated at any\nProspectus August 1, 2025\n11\nFund Details\ntime at the option of the Advisor. These voluntary waivers and/or reimbursements are in addition to any existing contractual expense limitations.\nA disc\n...\nelling shares you bought recently by check or ACH (the funds will be placed under a 10 calendar day hold to ensure good funds) or when unusual circumstances prompt the SEC to allow further delays. Certain expedited redemption processes (e.g., redemption proceeds by wire) may also be delayed or unavailable when you are selling shares recently purchased or in the event of a non-routine closure of the Federal Reserve wire payment system.\nRedemptions will generally be in the form of cash and the fund typically expects to satisfy redemption requests by using available cash or by selling portfolio securities if available cash is not sufficient to meet redemptions. The fund may also utilize inter-fund lending, though such use is expected to be rare. The fund may use any of these methods of satisfying redemption requests under normal or stressed market conditions.\nThe fund reserves the right to suspend or postpone redemptions as permitted pursuant to Section 22(e) of the 1940 Act. Those circumstances are when 1) the Exchange is closed other than customary weekend or holiday closings; 2) the SEC determines that trading on the Exchange is restricted; 3) the SEC determines that an emergency exists which makes the disposal of securities owned by the fund or the fair determination of the value of the fund s net assets not reasonably practicable; or 4) the SEC, by order or rule, permits the suspension of the right of redemption. Redemption payments by wire may also be delayed in the event of a non-routine closure of the Federal Reserve wire payment system. For additional rights reserved by the fund, please see Other Rights We Reserve.\nIf your shares are registered directly with the fund s transfer agent, you can sell them by sending a written request (with a signature guarantee) to:\nDWS Service Company\nAttn: Institutional Trading Desk\nP.O. Box 219151\nKansas City, MO 64121-9151\nShort-Term Trading. Since money market funds hold short-term instruments and are intended to provide liquidity to shareholders, the Advisor does not monitor or limit short-term or excessive trading activity in the fund and, accordingly, the Board of the fund has not approved any policies and procedures designed to limit this activity.\nHowever, the fund reserves the right to and may reject or cancel a purchase or exchange order into the fund for any reason, including if, in the opinion of the Advisor, there appears to be a pattern of short-term or excessive trading by an investor in another DWS fund.\nHow the Fund Calculates Share Price\nTo calculate net asset value, or NAV, the fund uses the following equation:\n(\nTotal\nAssets\nTotal\nLiabilities\n)\nTotal Number of\nShares Outstanding\n=\nNAV\nThe price at which you buy and sell shares is based on the NAV per share next calculated after the order is received and accepted by the transfer agent.\nIn valuing securities, we typically use amortized cost to account for any premiums or discounts above or below the face value of any securities the fund buys, and round the per share NAV to the nearest whole cent.\nThe fund is open for business each day the Exchange is open. Normally, the fund calculates its share price once every business day at 5:00 p.m. Eastern time. The close of regular trading on the Exchange is typically 4:00 p.m. Eastern time, but sometimes earlier, as in the case of scheduled half-day trading, shortened trading hours due to emergency circumstances or unscheduled suspensions of trading. In the event of scheduled partial day trading, shortened trading hours due to emergency circumstances or unscheduled suspensions of trading\n...\n: Appendix I-F Sales\nCharges\nI - 16\nPart\nI: Appendix I-G Distribution\nand Service Agreements and Plan Payments\nI - 17\nPart\nI: Appendix I-H Portfolio\nTransactions and Brokerage Commissions\nI - 18\nPart\nI: Appendix I-I Investments,\nPractices and Techniques, and Risks\nI - 20\nPart\nI: Appendix I-J Securities\nLending Activities\nI - 22\nPart\nI: Appendix I-K Additional\nInformation\nI - 23\nPart\nII\nII-1\nDetailed\nPart II table of contents precedes page II-1\nPart I\nDefinitions\n1933\nAct\nthe Securities Act of 1933, as amended\n1934\nAct\nthe Securities Exchange Act of 1934, as amended\n1940\nAct\nthe Investment Company Act of 1940, as amended\nCode\nthe Internal Revenue Code of 1986, as amended\nSEC\nthe Securities and Exchange Commission\nDIMA\nor Advisor\nor Administrator\nDWS Investment Management Americas,\nInc., 875 Third Avenue, New York, New York 10022\nDDI\nor Distributor\nDWS Distributors, Inc., 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDSC\nor Transfer\nAgent\nDWS Service Company, 222 South Riverside Plaza, Chicago,\nIllinois 60606\nDWS\nrefers to the asset management activities conducted\nby DWS Group GmbH Co. KGaA or any of its\nsubsidiaries, including the Advisor and other affiliated investment\nadvisors\nDWS\nfunds\nthe US registered investment companies advised by DIMA\nDWS\nGroup\nDWS Group GmbH Co. KGaA, a separate,\npublicly-listed financial services firm that is an indirect,\nmajority-owned subsidiary of Deutsche Bank AG\nBoard\nMembers\nMembers of the Board of Trustees of the Trust\nBoard\nBoard of Trustees of the Trust\nIndependent\nBoard Members\nBoard Members who are not interested persons\n(as defined in the 1940 Act) of the fund, the investment advisor\nor the distributor\nfund\nor series\nDWS Government Agency Securities\nPortfolio and/or DWS Tax-Exempt Portfolio as the context may\nrequire\nCustodian\nState Street Bank and Trust Company, One Congress\nStreet, Suite 1, Boston, Massachusetts 02114-2016\nFund\nLegal Counsel\nVedder Price P.C., 222 North LaSalle Street, Chicago,\nIllinois 60601\nTrustee/Director\nLegal Counsel\nRopes Gray LLP, Prudential Tower,\n800 Boylston Street, Boston, Massachusetts 02199\nTrust\nCash Account Trust\nBusiness\nDay\nMonday through Friday except holidays\nIndependent\nRegistered Public Accounting Firm\nErnst Young LLP, 200 Clarendon\nStreet, Boston, Massachusetts 02116\nNRSRO\na nationally recognized statistical rating organization\nMoody s\nMoody s Investors Service, Inc., a NRSRO\nFitch\nFitch Ratings, a NRSRO\nFund Organization\nDWS Government Agency\nSecurities Portfolio and DWS Tax-Exempt Portfolio\nare each a series of Cash Account Trust, a registered\nopen-end management investment company, organized\nas a business trust under the laws of Massachusetts\non March 2, 1990. The Trust is governed by an\nAmended and Restated Declaration of Trust dated March\n17, 1990, as may be further amended from time to\ntime (the Declaration\nof Trust ).\nThe Trust may issue an unlimited number of shares\nof beneficial interest in one or more series\nor funds,\nall having no par value, which may be divided\nby the Board of Trustees into classes of shares,\nsubject to compliance with the SEC regulations\npermitting the creation of separate classes of shares. The\nTrust is currently divided into two series: DWS Government\nAgency Securities Portfolio and DWS Tax-Exempt\nPortfolio. Additional information for the Trust is\nfurther described in Part II under\nFund\nOrganization.\nOn February 15, 2017,\nGovernment Agency Securities Portfolio\nwas renamed Deutsche Government Agency Securities\nPortfolio and Tax-Exempt Portfolio was renamed Deutsche\nTax-Exempt Portfolio. On July 2, 2018, Deutsche Governme", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DWS_Government_Agency_Securities_Portfolio", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Government_Agency_Securities_Portfolio", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Government_Agency_Securities_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Government_Agency_Securities_Portfolio", "p": "seriesOf", "o": "trust:CASH_ACCOUNT_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Government_Agency_Securities_Portfolio", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Tax_Exempt_Portfolio", "p": "administrator", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Tax_Exempt_Portfolio", "p": "advisedBy", "o": "org:DWS_Investment_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Tax_Exempt_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DWS_Tax_Exempt_Portfolio", "p": "seriesOf", "o": "trust:CASH_ACCOUNT_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DWS_Tax_Exempt_Portfolio", "p": "transferAgent", "o": "org:DWS_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:CASH_ACCOUNT_TRUST", "p": "underwrittenBy", "o": "org:DWS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DWS Government & Agency Securities Portfolio <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> CASH ACCOUNT TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <triple_end>\n<triple_start> DWS Tax-Exempt Portfolio <predicate_marker> administrator <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> advisedBy <object_marker> DWS Investment Management Americas, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> CASH ACCOUNT TRUST <predicate_marker> transferAgent <object_marker> DWS Service Company <triple_end>\n<triple_start> CASH ACCOUNT TRUST <predicate_marker> underwrittenBy <object_marker> DWS Distributors, Inc. <triple_end>", "target_serialized_plain": "DWS Government & Agency Securities Portfolio administrator DWS Investment Management Americas, Inc. ; advisedBy DWS Investment Management Americas, Inc. ; custodian State Street Bank and Trust Company ; seriesOf CASH ACCOUNT TRUST ; transferAgent DWS Service Company .\nDWS Tax-Exempt Portfolio administrator DWS Investment Management Americas, Inc. ; advisedBy DWS Investment Management Americas, Inc. ; custodian State Street Bank and Trust Company ; seriesOf CASH ACCOUNT TRUST ; transferAgent DWS Service Company .\nCASH ACCOUNT TRUST underwrittenBy DWS Distributors, Inc. .", "stats": {"input_chars": 15402, "n_triples": 11, "text_to_json_ratio": 15.1}}
{"sample_id": "0000858581:ALL", "cik": "0000858581", "trust_name": "T. ROWE PRICE INDEX TRUST, INC.", "input_text": "/31/20\n- 25.98 %\nThe\nfollowing table shows the average annual total returns for each class of the fund that has been in operation for at least one\nfull calendar year. The fund s performance information included in the table is compared with a regulatory required index\nthat represents an overall securities market (Russell 3000 Index). In addition, the table may also include one\nor more indexes that align to the fund s investment strategy.\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nT. ROWE PRICE\n6\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2025\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n12/09/2015\nReturns\nbefore taxes\n12.54\n%\n6.67\n%\n12.25\n%\n%\nReturns\nafter taxes on distributions\n10.78\n5.83\n11.15\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n8.37\n5.01\n9.80\nI\nClass\n12/09/2015\nReturns\nbefore taxes\n12.57\n6.78\n12.37\nZ\nClass\n03/16/2020\nReturns\nbefore taxes\n12.75\n6.94\n20.51\nRussell\n3000 Index (reflects no deduction for fees, expenses, or taxes)\n17.15\n13.15\n14.29\n21.42\na\nRussell\nSelect Mid Cap Index (reflects no deduction for fees, expenses, or taxes)\n12.73\n6.93\n12.47\n20.49\na\na Return\nsince 3/16/20.\nSUMMARY\n7\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nInvestment\nSubadviser T. Rowe Price International Ltd (Price International)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nEvan\nScheiner\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2025\n2017\nNeil\nSmith\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2022\n1994\nPurchase\nand Sale of Fund Shares\nThe\nfund is not available for direct purchase by members of the public. All investments in the fund must be made by T. Rowe Price\nor one of its affiliated investment advisers on behalf of mutual funds, 529 plans, or other institutional client accounts for\nwhich T. Rowe Price or its affiliate has discretionary investment authority.\nThere\nis no minimum amount required for initial or subsequent purchases. Shares of the fund may be purchased, redeemed, or exchanged\non any day the New York Stock Exchange is open for business.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that\nare subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for\nadditional purchases.\nTax\nInformation\nAny\ndividends or capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions\nby the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or\ncapital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).\nT. ROWE PRICE\n8\nPayments\nto Broker-Dealers and Other Financial Intermediaries\nThe\nfund is not publicly available or held through intermediaries. As a result, the fund and\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or providing\npreferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments are\nnot paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor pays\nfor shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may\nask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nT. ROWE PRICE\n26\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service , or\nmoney market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically waived for\naccounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for\nthis purpose, total assets include investments through T. Rowe Price Brokerage and investments\nin T. Rowe Price Funds, except for those held through a retirement plan for which T.\nRowe Price Retirement Plan Services, Inc. provides recordkeeping services); or\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161\nfor more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and\nmay be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class sha\n...\nss\nPAFGX\nT.\nRowe Price Global Allocation Fund I Class\nTGAFX\nT.\nROWE PRICE GLOBAL FUNDS, INC.\nT.\nRowe Price Global Value Equity Fund\nTRGVX\nT.\nRowe Price Global Value Equity Fund I Class\nPRIGX\nT.\nRowe Price Institutional Emerging Markets Equity Fund\nIEMFX\nT.\nROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.\nT.\nRowe Price Global Multi-Sector Bond Fund\nPRSNX\nT.\nRowe Price Global Multi-Sector Bond Fund Advisor Class\nPRSAX\nT.\nRowe Price Global Multi-Sector Bond Fund I Class\nPGMSX\nT.\nROWE PRICE GLOBAL REAL ESTATE FUND, INC.\nT.\nRowe Price Global Real Estate Fund\nTRGRX\nT.\nRowe Price Global Real Estate Fund Advisor Class\nPAGEX\nT.\nRowe Price Global Real Estate Fund I Class\nTIRGX\nT.\nROWE PRICE GLOBAL TECHNOLOGY FUND, INC.\nT.\nRowe Price Global Technology Fund\nPRGTX\nT.\nRowe Price Global Technology Fund I Class\nPGTIX\nT.\nROWE PRICE GNMA FUND, INC.\nT.\nRowe Price GNMA Fund\nPRGMX\nT.\nRowe Price GNMA Fund I Class\nPRXAX\nT.\nROWE PRICE GOVERNMENT MONEY FUND, INC.\nT.\nRowe Price Government Money Fund\nPRRXX\nT.\nRowe Price Government Money Fund I Class\nTTGXX\nT.\nROWE PRICE GROWTH STOCK FUND, INC.\nT.\nRowe Price Growth Stock Fund\nPRGFX\nT.\nRowe Price Growth Stock Fund Advisor Class\nTRSAX\nT.\nRowe Price Growth Stock Fund I Class\nPRUFX\nT.\nRowe Price Growth Stock Fund R Class\nRRGSX\nT.\nRowe Price Growth Stock Fund Z Class\nTRJZX\nT.\nROWE PRICE HEALTH SCIENCES FUND, INC.\nT.\nRowe Price Health Sciences Fund\nPRHSX\nT.\nRowe Price Health Sciences Fund I Class\nTHISX\n2\nT.\nROWE PRICE HIGH YIELD FUND, INC.\nT.\nRowe Price High Yield Fund\nPRHYX\nT.\nRowe Price High Yield Fund Advisor Class\nPAHIX\nT.\nRowe Price High Yield Fund I Class\nPRHIX\nT.\nRowe Price High Yield Fund Z Class\nTRKZX\nT.\nRowe Price U.S. High Yield Fund\nTUHYX\nT.\nRowe Price U.S. High Yield Fund Advisor Class\nTUHAX\nT.\nRowe Price U.S. High Yield Fund I Class\nTUHIX\nT.\nROWE PRICE INDEX TRUST, INC.\nT.\nRowe Price Equity Index 500 Fund\nPREIX\nT.\nRowe Price Equity Index 500 Fund I Class\nPRUIX\nT.\nRowe Price Equity Index 500 Fund Z Class\nTRHZX\nT.\nRowe Price Extended Equity Market Index Fund\nPEXMX\nT.\nRowe Price Mid-Cap Index Fund\nTRMNX\nT.\nRowe Price Mid-Cap Index Fund I Class\nTRMSX\nT.\nRowe Price Mid-Cap Index Fund Z Class\nTRSZX\nT.\nRowe Price Small-Cap Index Fund\nTRSYX\nT.\nRowe Price Small-Cap Index Fund I Class\nTRCSX\nT.\nRowe Price Small-Cap Index Fund Z Class\nTRZIX\nT.\nRowe Price Total Equity Market Index Fund\nPOMIX\nT.\nRowe Price U.S. Limited Duration TIPS Index Fund\nTLDTX\nT.\nRowe Price U.S. Limited Duration TIPS Index Fund I Class\nTLDUX\nT.\nRowe Price U.S. Limited Duration TIPS Index Fund Z Class\nTLDZX\nT.\nROWE PRICE INFLATION PROTECTED BOND FUND, INC.\nT.\nRowe Price Inflation Protected Bond Fund\nPRIPX\nT.\nRowe Price Inflation Protected Bond Fund I Class\nTIIPX\nT.\nRowe Price Inflation Protected Bond Fund Z Class\nTRZHX\nT.\nROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.\nT.\nRowe Price Institutional Floating Rate Fund\nRPIFX\nT.\nRowe Price Institutional Floating Rate Fund F Class\nPFFRX\nT.\nRowe Price Institutional Floating Rate Fund Z Class\nTRAZX\nT.\nRowe Price Institutional High Yield Fund\nTRHYX\nT.\nRowe Price Institutional Long Duration Credit Fund\nRPLCX\nT.\nROWE PRICE INTEGRATED EQUITY FUNDS, INC.\nT.\nRowe Price Integrated Global Equity Fund\nTQGEX\nT.\nRowe Price Integrated Global Equity Fund I Class\nTQGIX\nT.\nRowe Price Integrated U.S. Large-Cap Value Equity Fund\nTQMVX\nT.\nRowe Price Integrated U.S. Large-Cap Value Equity Fund Advisor Class\nTQVAX\nT.\nRowe Price Integrated U.S. Large-Cap Value Equity Fund I Class\nTQVIX\nT.\nRowe Price Integrated U.S. Small-Cap Growth Equity Fund\nPRDSX\nT.\nRowe Price Integrated U.S. Small-Cap Growth Equity Fund Advisor Class\nTQAAX\nT.\nR\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\n9\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund may be revised from time to time. Capitalized terms used herein that are not defined have the same meaning\nas in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n69\nInvestment Adviser and Investment Management Agreements\n210\nThird-Party Arrangements\n252\nDistributor for the Funds\n257\nPage\nPortfolio Transactions\n261\nPortfolio Turnover\n273\nSecurities Lending Activities\n276\nIndependent Registered Public Accounting Firm\n281\nPart II\n282\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act )\nS P\nGlobal Ratings ( S P )\nT.\nRowe Price\n...\nREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES SCHWAB CO INC\n16.01\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nLPL FINANCIAL\n10.32\nOMNIBUS CUSTOMER ACCOUNT\nATTN MUTUAL FUND TRADING\nMLPF S FOR THE SOLE BENEFIT OF\n5.66\nITS CUSTOMERS\nMORGAN STANLEY SMITH BARNEY LLC\n6.57\nFOR THE EXCL BENEFIT OF ITS CUST\nNATIONAL FINANCIAL SERVICES\n20.21\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nUBS WM USA\n6.64\nSPEC CDY A/C EXL BEN CUSTOMERS\nOF UBSFI\n1000 HARBOR BLVD\nWEEHAWKEN NJ 07086-6761\nWELLS FARGO CLEARING SERVICES LLC\n8.06\nSPECIAL CUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n78\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS LIFE INSURANCE CORP\n7.90\nSEPARATE ACCOUNT G-2\nATTN VARIABLE TRADES\n5900 O ST\nLINCOLN NE 68510-2234\nCHARLES SCHWAB CO INC\n6.63\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nCHARLES SCHWAB CO INC\n27.97(b)\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nMLPF S FOR THE SOLE BENEFIT OF\n7.38\nITS CUSTOMERS\nNATIONAL FINANCIAL SERVICES\n32.08(b)\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nPERSHING LLC\n5.32\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n25.88(b)\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nNATIONAL FINANCIAL SERVICES\n7.45\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nATTN MUTUAL FUNDS DEPT\nPERSHING\nLLC\n6.52\n79\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT PORTFOLIO 2020\n8.00\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\n1307 POINT ST\nBALTIMORE MD 21231-3827\nRETIREMENT PORTFOLIO 2025\n9.59\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nRETIREMENT PORTFOLIO 2030\n12.81\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nRETIREMENT PORTFOLIO 2035\n6.92\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nSPECTRUM INCOME FUND\n47.60(c)\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n80\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES SCHWAB CO INC\n8.93\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nLPL FINANCIAL\n9.91\nOMNIBUS CUSTOMER ACCOUNT\nATTN MUTUAL FUND TRADING\nMORGAN STANLEY SMITH BARNEY LLC\n8.38\nFOR THE EXCL BENEFIT OF ITS CUST\nNATIONAL FINANCIAL SERVICES\n15.05\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nPERSHING LLC\n6.06\nRAYMOND JAMES\n11.70\nOMNIBUS FOR MUTUAL FUNDS\nHOUSE ACCT FIRM\nATTN MF RECON 14G\nWELLS FARGO CLEARING SERVICES LLC\n8.64\nSPECIAL CUSTODY ACCT FOR THE\nEXCLUSIVE BENEFIT OF CUSTOMERS\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n13.03\nADVISOR\nCLASS\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nNATIONAL FINANCIAL SERVICES\n60.73(b)\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.58\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nPERSHING LLC\n36.61(b)\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.58\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n9.54\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT ROWE\nPRICE ASSOCIATES INC\n18.94\nATTN\nFINANCIAL REPORTING DEPT\n81\nFUND\nSHAREHOLDER\n%\nGOVERNMENT\nRESERVE FUND\nBARNACLESAIL\n5.58\nC/O T ROWE PRICE ASSOCIATES INC\nATTN MID CAP GROWTH FUND\nCUST STATE STREET BANK TRUST CO\n70JBSALTBLUFF CO\n5.10\nCUST STATE STREET BANK TRUST CO\nC/O T ROWE PRICE ASSOCIATES INC\nATTN INTERNATIONAL BOND(USD HEDGED)\nSEAMILE CO\n16.76\nC/O T ROWE PRICE ASSOCIATES INC\nATTN CAPITAL APPREC FUND\nCUST STATE STREET BANK TRUST CO\nTUNA CO\n7.75\nC/O T ROWE PRICE ASSOCIATES INC\nATTN NEW INCOME FUND\nCUST STATE STREET BANK TRUST CO\nHIGH\nYIELD FUND\nCHARLES\nSCHWA\n...\nes on behalf of a number of Feeder\nfunds.\nForeign\nInvestments\nIn\naddition to the fundamental restrictions and operating policies previously described, some foreign countries limit or prohibit\nall direct foreign investment in the securities of their companies. However, P-notes may sometimes be used to gain access to these\nmarkets. In addition, the governments of some countries have authorized the organization of investment funds to permit indirect\nforeign investment in such securities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere\nis no limit on the amount the Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other\nPrice Funds.\nCUSTODIAN\nAND FUND ACCOUNTING\nState\nStreet Bank and Trust Company ( State Street Bank ) is the custodian for the funds U.S. securities and cash, but it\ndoes not participate in the funds investment decisions. Portfolio securities purchased in the United States are maintained\nin the custody of the bank and may be entered into the Federal Reserve Book Entry System, the security depository system of the\nDepository Trust Corporation, or any central depository system allowed by federal law. In addition, funds investing in municipal\nsecurities are authorized to maintain certain of their securities, in particular, variable rate demand notes, in uncertificated\nform, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s main office is\nat One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the funds-of-funds in the book entry\nsystem of the funds transfer agent, T. Rowe Price Services, Inc.\nAll\nfunds that can invest in foreign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant\nto which portfolio securities that are purchased outside the United States are maintained in the custody of various foreign branches\nof JPMorgan and such other custodians, including foreign banks and foreign securities depositories as are approved in accordance\nwith regulations under the 1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe\nPrice and BNY Mellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price\nFunds.\n356\nCODE\nOF ETHICS\nThe\nfunds; their investment adviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price\nAustralia, Price Hong Kong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe\nPrice Investment Services) have adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act,\nwhich requires persons with access to investment information ( Access Persons ) to obtain prior clearance before engaging\nin most personal securities transactions. Transactions must be executed within three business days of their clearance. In addition,\nall Access Persons must report their personal securities transactions within 30 days after the end of the calendar quarter.\nAside from certain limited transactions involving securities in certain issuers with high trading volumes, Access Persons typically\nare not permitted to effect transactions in a security if: there are pending client orders in the security, the security has been\npurchased or sold by a client within seven calendar days, the security is being considered for purchase for a client, a change\nhas occurred in T. Rowe Price s rating of the security within seven calend", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_INDEX_TRUST_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_Limited_Duration_TIPS_Index_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_INDEX_TRUST_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. 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Rowe Price Services, Inc. .\nT. ROWE PRICE INDEX TRUST, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 22514, "n_triples": 7, "text_to_json_ratio": 31.9}}
{"sample_id": "0000862021:ALL", "cik": "0000862021", "trust_name": "AB FIXED INCOME SHARES INC", "input_text": "06068\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre Effective Amendment No.\nPost-Effective Amendment No. 62\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 62\nAB FIXED-INCOME SHARES, INC.\n(Exact Name of Registrant as Specified in Charter)\n66 Hudson Boulevard East, 26th Floor\nNew York, New York 10001\n(Address of Principal Executive Office) (Zip Code)\nRegistrant s Telephone Number, including Area Code:\n(800) 221 5672\nNancy E. Hay\nAllianceBernstein L.P.\n66 Hudson Boulevard East, 26th Floor\nNew York, New York 10001\n(Name and address of agent for service)\nCopies of Communications to:\nPaul M. Miller\nSeward Kissel LLP\n901 K Street, N.W.\nSuite 800\nWashington, D.C. 20001\nApproximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\non August 29, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nTitle of Securities Being Registered: Shares of beneficial interest.\nThis Post-Effective Amendment No. 62 relates solely to the Class A, Class C, Advisor Class, Class I, Class 1, Class AB and Institutional Class shares of the AB Government Money Market Portfolio. No information in the Registrant s Registration Statement relating to the other Series or Classes of the Registrant not included herein is amended or superseded.\nPROSPECTUS | AUGUST 29, 2025\nAB Fixed-Income Shares\nAB Government Money Market Portfolio\n(Shares Offered Exchange Ticker Symbol)\n(Class A AEAXX; Class C AECXX; Advisor Class AEYXX; Class I AIEXX; Class 1 AGRXX; Class AB MYMXX; Institutional Class GMOXX)\nThe Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nInvestment Products Offered\nAre Not FDIC Insured\nMay Lose Value\nAre Not Bank Guaranteed\nTABLE OF CONTENTS\nPage\nSUMMARY INFORMATION\n4\nINVESTING IN THE PORTFOLIO\n9\nHow to Buy Shares\n9\nThe Different Share Class Expenses\n11\nSales Charge Reduction Programs for Class A Shares\n12\nCDSC Waivers and Other Programs\n13\nChoosing a Share Class\n14\nPayments to Financial Advisors and Their Firms\n14\nHow to Exchange Shares\n16\nHow to Sell or Redeem Shares\n16\nFrequent Purchases and Redemptions of Portfolio Shares\n17\nHow the Portfolio Values Its Shares\n17\nMANAGEMENT OF THE PORTFOLIO\n18\nDIVIDENDS, DISTRIBUTIONS AND TAXES\n19\nADDITIONAL INFORMATION\n20\nFINANCIAL HIGHLIGHTS\n21\nAPPENDIX A HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION\nA 1\nAPPENDIX B FINANCIAL INTERMEDIARY WAIVERS\nB 1\nSUMMARY INFORMATION\nAB Government Money Market Portfolio\nINVESTMENT OBJECTIVE:\nThe Portfolio s investment objective is maximum current income to the extent consistent with safety of principal and liquidity.\nFEES AND EXPENSES OF THE PORTFOLIO:\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in the family of AB Mutual Funds sponsored by AllianceBernstein L.P., the Portfolio s investment adviser (the Adviser ). More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolio Sales Charge Reduction Programs for Class A shares on page 12 of this Prospectus, in Appendix B Financial Intermediary Waivers to this Prospectus and in Purchase of Shares Sales Charge Reduction Programs for Class A shares on page 40 of the Portfolio s Statement of Additional Information ( SAI ).\nShareholder Fees (fees paid directly from your investment)\nClass A\nShares\nClass C\nShares\nAdvisor Class,\nClass I, Class 1, Class AB\nand Institutional Class\nShares\nMaximum Sales Charge (Load) Imposed on Purchases\n(as a percentage of offering price)\nNone (a)\nNone\nNone\nMaximum Deferred Sales Charge (Load)\n(as a percentage of offering price or redemption proceeds, whichever is lower)\nNone (b)\n1.00 %(c)\nNone\nAnnual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass A\nClass C\nAdvisor Class\nClass I\nClass 1\nClass AB\nInstitutional Class\nManagement Fees\n.20 %\n.20 %\n.20 %\n.20 %\n.20 %\n.20 %\n.20 %\nDistribution and/or Service (12b 1) Fees\n.25 %\n.75 %\nNone\nNone\n.10 %\nNone\nNone\nOther Expenses:\nTransfer Agent\n.03 %\n.03 %\n.03 %\n.02 %\n.00 %\n(d)\n.00 %\n(d)\n.00 %\n(d)\nOther Expenses\n.01 %\n.01 %\n.01 %\n.01 %\n.01 %\n.01 %\n.01 %\nTotal Other Expenses\n.04 %\n.04 %\n.04 %\n.03 %\n.01 %\n.01 %\n.01 %\nTotal Annual Portfolio Operating Expenses(e)(f)\n.49 %\n.99 %\n.24 %\n.23 %\n.31 %\n.21 %\n.21 %\n(a)\nA sales charge of up to 4.25% may be imposed upon an exchange of Class A shares for the Class A shares of other AB Mutual Funds with sales charges. See Investing in the Portfolio The Different Share Class Expenses Sales Charges Class A Shares on page 11 of this P\n...\nus.\nEach share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses. For additional information on the differences between the different classes of shares and factors to consider when choosing among them, please see The Different Share Class Expenses and Choosing A Share Class below. Only Class A shares offer Quantity Discounts on sales charges, as described below.\nTo effect an order for the purchase, exchange or redemption of the Portfolio s shares, the Portfolio must receive the order in proper form. Proper form generally means that your instructions:\nAre signed and dated by the person(s) authorized in accordance with the Portfolio s policies and procedures to access the account and request transactions;\nInclude the fund and account number; and\nInclude the amount of the transaction (stated in dollars, shares, or percentage).\nWritten instructions also must include:\nMedallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)\nAny supporting documentation that may be required.\nThe Portfolio reserves the right, without notice, to revise the requirements for proper form.\nHOW TO BUY SHARES\nThe purchase of the Portfolio s shares is priced at the next-determined NAV after your order is received in proper form by ABIS.\nClass A and Class C Shares Shares Available to Retail Investors\nYou may purchase the Portfolio s Class A and Class C shares for cash through financial intermediaries, such as broker-dealers or banks. You may also purchase shares directly from the Portfolio s principal underwriter, AllianceBernstein Investments, Inc., or ABI, only if you have a financial intermediary of record. You may also purchase the Portfolio s shares through exchange if you hold shares of other AB Mutual Funds.\nUnder the AllianceBernstein Dollar Cost Averaging Program, exchanges may be made automatically each month, thus producing a dollar cost averaging effect.\nPurchases Minimums and Maximums\nMinimums:*\nInitial:\n$\n2,500\nSubsequent:\n$\n50\n*\nPurchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee based program or Mutual Fund Only brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or network level account arrangements with the Portfolio.\nMaximum Individual Purchase Amount:\nClass A shares\nNone\nClass C shares\n$\n1,000,000\nClass 1 Shares\nClass 1 shares are generally sold only to the private clients ( Clients ) of Bernstein by Bernstein registered representatives ( Bernstein Advisors ) and to certain institutional clients of the Adviser. The Adviser may permit certain larger investors who are not Clients or institutional clients of the Adviser to invest in Class 1 shares. The minimum initial investment for Class 1 shares is $100,000. The Adviser reserves the right to waive the investment minimum on Class 1 shares. There is no minimum amount for subsequent investments in the Portfolio although the Portfolio reserves the right to impose a minimum subsequent investment amount. There is no minimum amount for reinvestment of dividends and distributions declared by the Portfolio in the shares of the Portfolio.\nGenerally, to\n...\nthe client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.\nEffective April 1, 2026, employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR SEPs or Keogh plans.\nGifts of shares will not be considered when determining breakpoint discounts.\nB-10\nFor more information about the Portfolio, the following documents are available upon request:\nANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N CSR FILINGS\nThe Portfolio s annual and semi-annual reports to shareholders and filings on Form N CSR contain additional information on the Portfolio s investments. In the Portfolio s filings on Form N CSR, you will find the Portfolio s annual and semi annual financial statements.\nSTATEMENT OF ADDITIONAL INFORMATION (SAI)\nThe Portfolio has an SAI, which contains more detailed information about the Portfolio, including its operations and investment policies. The Portfolio s SAI and the independent public accounting firm s report and financial statements in the Portfolio s most recent annual report are incorporated by reference into (and are legally part of) this Prospectus.\nYou may request a free copy of the current annual/semi-annual report or the SAI, or make inquiries concerning the Portfolio, by contacting your broker or other financial intermediary, or by contacting the Adviser:\nBy Mail:\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003\nSan Antonio, TX 78278-6003\nBy Phone:\nFor Information: (800) 221 5672 (or (877) 241 7645 with respect to\nClass AB and Institutional Class shares)\nFor Literature: (800) 227 4618\nOn the Internet:\nwww.abfunds.com\nYou may also view reports and other information about the Portfolio, including the SAI, by visiting the EDGAR database on the Securities and Exchange Commission s website ( http://www.sec.gov ). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e mail address: publicinfo@sec.gov.\nYou may find more information about the Adviser and the Portfolio on the Internet at: www.abfunds.com .\nThe [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.\nFile No. 811 06068\nPRO 0110 0825\nAB FIXED-INCOME SHARES, INC.\nAB Government Money Market Portfolio\n(Class A AEAXX; Class C AECXX; Advisor\nClass AEYXX;\nClass I AIEXX; Class 1 AGRXX; Class\nAB MYMXX; Institutional Class GMOXX)\n_____________________________________________\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003, San Antonio, Texas 78278-6003\nToll Free: (800) 221-5672\n((877) 241-7645 with respect to Class AB and Institutional\nClass shares)\n_____________________________________________\nSTATEMENT OF ADDITIONAL INFORMATION\nAugust 29, 2025\n_____________________________________________\nThis Statement\nof Additional Information ( SAI ) is not a prospectus, but supplements and should be read in conjunction with the current\nprospectus, dated August 29, 2025, for the AB Government Money Market Portfolio (the Portfolio ) of AB Fixed-Income Shares,\nInc. (the Fund ) (the Prospectus ). The Portfolio is not currently\n...\nreholders.\nThe Portfolio s investments may include\nthe following:\n1. U.S.\nGovernment Securities. Marketable obligations of, or guaranteed by, the United States Government, its agencies or instrumentalities. These\ninclude issues of the United States Treasury,\n2\nTable of Contents\nsuch as bills, certificates of indebtedness, notes\nand bonds, and issues of agencies and instrumentalities established under the authority of an act of Congress. The latter issues include,\nbut are not limited to, obligations of the Bank for Cooperatives, Federal Farm Credit Banks Funding Corporation, Federal Financing Bank,\nFederal Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal Intermediate Credit Banks, Federal Land Banks, Federal National\nMortgage Association and Tennessee Valley Authority. Some of the securities are supported by the full faith and credit of the U.S. Treasury\nand others are supported by the right of the issuer to borrow from the Treasury. These securities are considered U.S. Government securities\nfor the purposes of Rule 2a-7 under the 1940 Act.\n2. Repurchase\nagreements related to U.S. Government securities that are collateralized fully. A repurchase agreement is collateralized fully if, among\nother things, the collateral consists entirely of U.S. Government securities. A repurchase agreement arises when a buyer purchases a security\nand simultaneously agrees to resell it to the vendor on an agreed-upon future date, normally one day or a week later. The resale price\nis greater than the purchase price, reflecting an agreed-upon market rate that is effective for the period of time the buyer s money\nis invested in the security and which is not related to the coupon rate on the purchased security. Repurchase agreements may be entered\ninto only with banks (including State Street Bank and Trust Company, the Fund s Custodian), broker-dealers and the Fixed Income\nClearing Corporation, a securities clearing agency registered with the SEC, each determined to be creditworthy by the Adviser. For each\nrepurchase agreement, the Portfolio requires continual maintenance of the market value of underlying collateral in amounts equal to, or\nin excess of, the agreement amount. While the maturities of the underlying collateral may exceed 397 days, the term of the repurchase\nagreement may not be greater than 397 days as currently required by Rule 2a-7. If a counterparty defaulted on its repurchase obligation,\nthe Portfolio might suffer a loss to the extent that the proceeds from the sale of the collateral were less than the repurchase price.\nIf the counterparty became bankrupt, the Portfolio might be delayed in selling the collateral. Repurchase agreements often are for short\nperiods such as one day or a week, but may be longer. The Portfolio may enter into agreements with a limited number of counterparties,\nwhich may increase the Portfolio s exposure to counterparty credit risk. A repurchase agreement is deemed to be an acquisition of\nthe underlying securities, provided that the obligation of the seller to repurchase the securities from the money market fund is collateralized\nfully. The Portfolio may only invest in repurchase agreements pertaining to the marketable obligations of, or marketable obligations guaranteed\nby, the U.S. Government, its agencies or instrumentalities.\nAdditional Investment Policies\nThe following investment policies supplement\nthose set forth above for the Portfolio.\nFloating and Variable Rate Obligations\nThe Portfolio may also purchase floating- and\nvariable-rate obligations, including floating and variable rate demand not", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AB_Government_Money_Market_Portfolio", "p": "advisedBy", "o": "org:AllianceBernstein_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Government_Money_Market_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Government_Money_Market_Portfolio", "p": "seriesOf", "o": "trust:AB_FIXED_INCOME_SHARES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Government_Money_Market_Portfolio", "p": "transferAgent", "o": "org:AllianceBernstein_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:AB_FIXED_INCOME_SHARES_INC", "p": "underwrittenBy", "o": "org:AllianceBernstein_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AB Government Money Market Portfolio <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB FIXED INCOME SHARES INC <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB FIXED INCOME SHARES INC <predicate_marker> underwrittenBy <object_marker> AllianceBernstein Investments, Inc. <triple_end>", "target_serialized_plain": "AB Government Money Market Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB FIXED INCOME SHARES INC ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB FIXED INCOME SHARES INC underwrittenBy AllianceBernstein Investments, Inc. .", "stats": {"input_chars": 16324, "n_triples": 5, "text_to_json_ratio": 31.6}}
{"sample_id": "0000864230:ALL", "cik": "0000864230", "trust_name": "Caldwell & Orkin Funds Inc", "input_text": "tifying companies that we believe\nare experiencing negative changes that may cause their stock prices to fall. We evaluate factors similar to those evaluated for our long\npositions. Factors considered may include: deceleration of earnings, profits or acceleration of losses; negative changes in management\npersonnel or structure or failure to address management problems; new product developments by a company s competitors; and/or negative\nchanges in variables that indicate weakening in a company s industry\nHow\ndo we pick positions for the Cash/Bond Portfolio? We primarily invest this Portfolio sleeve in money market and cash-equivalent\ninvestments, such as U.S. government-backed securities, or agency securities. However, we may also invest in municipal or corporate bonds\nof issuers that we believe offer the opportunity for income at an appropriate level of risk. In this regard, we may invest in corporate\nbonds of any maturity, rating or quality.\nIn\nselecting investments, we may invest in companies of any size. We may also invest in securities that are issued by foreign issuers, including,\nwithout limitation, those in emerging markets. Foreign investments may be made through direct investments on foreign exchanges or through\nAmerican Depository Receipts or other securities that give the owner rights in equities issued by foreign issuers. While the Fund may\ninvest in companies in any sector and the Fund does not concentrate its investments in any industry or group of industries, the Fund\nmay from time to time invest a significant portion of its assets in issuers within the financial or real estate sectors, or in technology\ncompanies that service, in particular, financial and/or real estate industry companies. Such investments may include, without limitation,\ninvestments in banks and other depository institutions, insurance firms, credit and payment processing companies, investment banks and\ninvestment advisory firms, real estate investment trusts ( REITs ), real estate brokers, developers and lenders, companies\nwith substantial real estate holdings (which may include, without limitation, companies whose businesses focus on lumber, hospitality,\nentertainment or other areas, but own substantial real estate related to their business focus) and companies in the information technology\nindustries that are primarily engaged in providing products or services to the types of companies listed above.\nIn\nmanaging the Fund for risk as well as return, our goal is to make money over a full market cycle, which includes both bull market (rising)\nand bear market (falling) cycles, but with less volatility.\n4\n1-800-467-7903\n| https://gatorcapital.com/mutual-funds/\nPrincipal\nRisks of Investing in the Fund\nAn\ninvestment in the Fund is subject to investment risks, including the possible loss of some or all of the principal invested. The principal\nrisks of investing in the Fund are:\nEquity\nSecurities Risk An equity security can fluctuate in price based upon many different factors, including among others,\nchanges in the issuing company s financial condition or prospects, or changes in market or economic conditions affecting a company s\nindustry generally. Equity security prices also fluctuate based on investors perceptions of a security s value, regardless\nof the accuracy of those perceptions.\nFinancial\nSector Risk To the extent that the Fund makes significant investments within\nthe financial sector, the Fund will be more susceptible to factors adversely affecting issuers\nwithin that sector than would a fund investing in a more diversified portfolio of securities\n...\nrelevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual\nretirement accounts (IRAs). In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares\nmay be higher (more favorable) than the other return figures for the same period. A higher after-tax return results when a capital loss\noccurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.\n8\n1-800-467-7903\n| https://gatorcapital.com/mutual-funds/\n1\nYear\n5\nYears\n10\nYears\nGator\nCapital Long/Short Fund\nReturn Before Taxes\n35.58 %\n18.59 %\n8.90 %\nReturn After Taxes on Distributions\n35.33 %\n18.55 %\n8.66 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n21.25 %\n15.16 %\n7.17 %\nS P\n500 Total Return Index\n( reflects no deduction for fees, expenses or taxes )\n25.02 %\n14.53 %\n13.10 %\nEurekahedge\nLong Short Equities Hedge Fund Index\n( reflects no deduction for fees, expenses or taxes )\n9.76 %\n7.07 %\n6.34 %\nThe\nS P 500 Total Return Index is a capitalization-weighted, unmanaged index of 500 large U.S. companies chosen for market capitalization,\nliquidity and industry group representation and includes reinvested dividends. You cannot invest directly in an index.\nThe\nEurekahedge Long Short Equities Hedge Fund Index ( Eurekahedge Index ) is an unmanaged index comprised of long/short equity\nhedge funds. According to its sponsor, Eurekahedge Pte. Ltd., the Eurekahedge Index is an equally weighted index of 1042 constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers. The returns\nof the Eurekahedge Index do not include sales charges or fees, which would lower performance. You cannot invest directly in an index.\nManagement\nInvestment\nAdviser\nGator\nCapital Management, LLC is the investment adviser for the Fund. Mr. Derek Pilecki is the President and Chief Investment Officer of the\nManager and has been a portfolio manager of the Fund since November 1, 2017. Mr. Christopher Pilecki is a Trader and Quantitative Analyst\nat the Manager, and he has served as the co-portfolio manager of the Fund since May 2018. Mr. Derek Pilecki and Mr. Christopher Pilecki\n(the Portfolio Managers ) are jointly responsible for the day-to-day management of the Fund s portfolio.\nPurchase\nand Sale of Fund Shares\nYour\npurchase of Fund shares is subject to the following minimum investment amounts:\nType\nof Account\nMinimum\nInvestment to\nOpen an Account\nMinimum\nSubsequent\nInvestments\nRegular\nAccount\n$5,000\n$100\nIndividual\nRetirement Account (IRA), Uniform\nGift to Minors Act (UGMA) Account, or other Tax Deferred Account\n$5,000\n$100\nNote\nthat some broker-dealers may impose different minimums.\nYou\ngenerally may redeem shares of the Fund on any day the New York Stock Exchange (the NYSE ) is open for trading by telephone\nat (800) 467-7903 for amounts up to $50,000, or by regular mail at Gator Capital Long/ Short Fund c/o Ultimus Fund Solutions, LLC, P.O.\nBox 46707, Cincinnati, OH 45246-0707, or by a systematic withdrawal plan (must be multiples of $100). Systematic withdrawal plans can\nbe put in place to redeem shares bi-monthly, monthly, quarterly, semi-annually or annually.\nProspectus\n| August 28, 2025\n9\nTax\nInformation\nThe\nFund s distributions will generally be taxable to you as ordinary income and/or capital gains, unless you are investing through\na tax-deferred arrangement, such as a 401(k) plan or an IRA.\nFinancial\nIntermediary Compensation\nPayments\nto Broker-Dealers and Other Financial Intermediaries\nIf\nyou purchase the Fund through a bro\n...\nhave fewer shares outstanding\nthan larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing\nprices (i.e., shares of small and mid-cap companies may be less liquid relative to shares of large-cap companies). Another risk factor\nis that small and mid-cap companies often have limited product lines, markets, or financial resources and may lack management depth.\nAdditionally, small and mid-cap companies are typically subject to greater changes in earnings and business prospects than are larger,\nmore established companies. Small and mid-cap companies may not be well-known to the investing public, may not be followed by the financial\npress or industry analysts, and may not have institutional ownership. These factors affect the Manager s access to information\nabout the companies and the stability of the markets for the companies securities. Small and mid-cap companies may be more vulnerable\nthan larger companies to adverse business or economic developments. If the companies do not succeed, the prices of the companies\nshares could dramatically decline in value.\nIn\naddition to the strategies and risks described above, the Fund may invest in other types of securities whose risks are described below\nand/or in the Fund s Statement of Additional Information ( SAI ).\n16\n1-800-467-7903\n| https://gatorcapital.com/mutual-funds/\nDISCLOSURE\nOF PORTFOLIO HOLDINGS\nThe\nFund s policies and procedures with respect to the disclosure of the Fund s portfolio securities are described in the Fund s\nSAI.\nMANAGEMENT\nOF THE FUND\nThe\nFund s investment adviser is Gator Capital Management, LLC, 2502 N. Rocky Point Drive, Suite 665, Tampa, Florida 33607. The Manager\nserves in that capacity pursuant to an advisory contract with Caldwell Orkin Funds, Inc. (the Company ) on behalf\nof the Fund. Subject to the authority of the Board of Directors of the Company (the Board ), the Manager provides guidance\nand policy direction in connection with its daily management of the Fund s assets. The Manager manages the investment and reinvestment\nof the Fund s assets. The Manager is also responsible for the selection of broker-dealers through which the Fund executes portfolio\ntransactions, subject to the brokerage policies established by the Board, and it provides certain executive personnel to the Fund.\nThe\nManager, organized as a Delaware limited liability company in 2008, is controlled by its President, Chief Investment Officer, and sole\nmember, Derek Pilecki. Mr. Pilecki has been affiliated with the Manager since its inception in 2008.\nFor\nits services to the Fund, the Manager receives monthly compensation at annual rates which vary in accordance with the following schedule:\nAnnualized\nPercentage of\nAverage Daily Net Assets\nFund\nAsset Level\n1.00%\n$0\n- $250,000,000\n0.90%\n$250,000,001-$500,000,000\n0.80%\nover\n$500,000,001\nThe\nFund paid the Manager an aggregate fee of 1.00% of average daily net assets for the fiscal year ended April 30, 2025. A\ndiscussion regarding the basis for the Board s approval of the advisory agreement with the Manager is available in the Fund s\nSemi-Annual Report to shareholders dated October 31, 2024.\nExpense\nReimbursement Arrangements. The Manager has contractually agreed, through August 30, 2026, to reimburse the Fund to the\nextent necessary to prevent its annual ordinary operating expenses (excluding taxes, expenses related to the execution of portfolio transactions\nand the investment activities of the Fund (such as, for example, interest, dividend expenses on securities sold shor\n...\nce the cost of account turnover to shareholders, we will assess a redemption fee of\n2.00% of the value of the shares being redeemed if the shares have been held for less than 90 days. The redemption fee will be retained\nby the Fund for the benefit of the remaining shareholders and will not be paid to the Manager. If the shares being redeemed were purchased\non different days, the shares held the longest will be redeemed first in determining whether the redemption fee applies.\n20\n1-800-467-7903\n| https://gatorcapital.com/mutual-funds/\nThe\nredemption fee will not apply to shares purchased through reinvested distributions (dividends and capital gains) or held in employer-sponsored\nretirement plans, such as 401(k) plans. The fee will, however, apply to shares held through financial intermediaries (such as broker-dealer\nOmnibus accounts), IRAs, and shares sold through a Systematic Withdrawal Plan.\nIf\nyou purchased shares through a financial intermediary, you should contact the intermediary for information about how a redemption fee\nwould be applied to your shares. Note that your intermediary may charge additional or different fees for redeeming shares not described\nin this Prospectus. Those fees are not imposed by the Fund and are not paid to the Fund.\nThe\nFund reserves the right to waive, modify or discontinue the redemption fee at any time or from time to time, provided that such action\nwill not materially harm the Fund and is consistent with the Fund s efforts to deter short-term trading and market timing.\nYou\nmay redeem your shares by mail by sending a letter of instruction signed by all beneficial owners of the account to the Transfer Agent\nwith your name, account number and the amount you wish to redeem. Mail the redemption request to:\nGator\nCapital Long/Short Fund\nc/o Ultimus Fund Solutions, LLC\nP.O. Box 46707\nCincinnati, OH 45246\nOvernight\nDelivery:\nGator Capital Long/ Short Fund\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nA\ncheck for the redemption proceeds will be sent to you at the address of record. If you request that the proceeds from the redemption\nbe mailed to an address or a person that is not the address or person of record, or if you request, in writing, a redemption of $50,000\nor more from your account, please note that an original Medallion signature guarantee is required for all signatures on\nrequest.\nA\nMedallion signature guarantee can be obtained from most banks or securities dealers.\nIn\nlieu of a check, you also may request that the redemption proceeds be wired to your bank account, provided that wiring instructions have\nbeen previously provided to the Transfer Agent. If wire instructions have not been previously provided, please include them in your written\nrequest, and obtain a Medallion signature guarantee. Please note that a $15 fee for the wiring service will be deducted\nfrom your redemption proceeds. Your bank may also impose a fee for the incoming wire.\nYou\nmay also redeem your shares by telephone for amounts up to $50,000 if you have established telephone redemption privileges for your account\n(see Regular Account Application or Accounts Options Form, both available on the Fund s website at https://gatorcapital.com/mutual-funds/).\nTo redeem shares, please call the Transfer Agent at (800) 467-7903 before 4:00 p.m. Eastern Time on any day the NYSE is open for business.\nTelephone redemption proceeds may be wired only if wiring instructions have been provided on your initial Regular Account Application,\nAccounts Options Form, or if wiring instructions are provided, Medallio\n...\nreholder has engaged in more than one roundtrip transaction\nin the Fund within any rolling 60-day period.\nIn\ndetermining the frequency of roundtrip transactions, we will not include purchases pursuant to dollar cost averaging or other similar\nprograms, and we will not count systematic withdrawals and/or automatic purchases, mandatory retirement distributions, and transactions\ninitiated by a plan sponsor. We will calculate roundtrip transactions at the shareholder level, and may contact a shareholder to request\nan explanation of any activity that we suspect as disruptive trading.\nWe\nmay also take action if we determine that a shareholder s trading activity (measured by roundtrip trading or otherwise) is determined\nto be disruptive trading, even if applicable shares are held longer than 60 days. In addition, we may, without prior notice, take whatever\naction we deem appropriate to comply with or take advantage of any state or federal regulatory requirement. In this regard, we impose\na redemption fee of 2.00% of the value of the shares being redeemed if the shares have been held for less than 90 days as described in\nRedeeming Your Shares . In addition, the Fund s ability to monitor trades that are placed by individual shareholders\nwithin group, or omnibus, accounts maintained by financial intermediaries is severely limited because the Fund does not have simultaneous\naccess to the underlying shareholder account information. The Fund and financial intermediaries, however, attempt to monitor aggregate\ntrades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing\nor disruptive trading and to impose restrictions on such activities.\nIn\ncompliance with Rule 22c-2 of the 1940 Act, the Fund s distributor, Ultimus Fund Distributors, LLC (the Distributor ),\non behalf of the Fund, will enter into written agreements with each of the Fund s financial intermediaries, under which the intermediary\nmust, upon request, provide the Fund with certain shareholder and identity trading information so that the Fund can enforce its market\ntiming and disruptive trading policies. The Fund cannot guarantee that its policies and procedures regarding market timing will be effective\nin detecting and deterring all disruptive trading.\nMiscellaneous. We\nreserve the right to:\nterminate\nor modify any of the procedures for purchasing or redeeming shares at any time;\nrefuse\nto accept any request to purchase shares of the Fund for any reason;\nProspectus\n| August 28, 2025\n25\ndelay\nsending the proceeds pursuant to any redemption request involving recently purchased shares until the check clears, which may take up\nto fifteen (15) days.;\ndelay\nmailing redemption proceeds for up to seven days (most redemption proceeds are mailed within three days after receipt of a request);\nin\nits sole discretion, process any redemption request by paying the redemption proceeds in portfolio securities rather than cash (typically\nreferred to as redemption in kind ); or\nrequire\na Medallion signature guarantee for any redemption transactions made within 30 days of a change in the account name, address\nor banking instructions.\n26\n1-800-467-7903\n| https://gatorcapital.com/mutual-funds/\nDISTRIBUTIONS\nThe\nFund distributes its net investment income and net realized long and short-term capital gains to its shareholders at least annually,\nusually in December. Absent instructions to pay distributions in cash, distributions will be reinvested automatically in additional shares\n(or fractions thereof) of the Fund.\nU.S.\nFEDERAL TAXES\nTh", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Gator_Capital_Long_Short_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Gator_Capital_Long_Short_Fund", "p": "advisedBy", "o": "org:Gator_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Gator_Capital_Long_Short_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Gator_Capital_Long_Short_Fund", "p": "seriesOf", "o": "trust:Caldwell_Orkin_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Gator_Capital_Long_Short_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Caldwell_Orkin_Funds_Inc", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Gator Capital Long/Short Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions LLC <predicate_marker> advisedBy <object_marker> Gator Capital Management LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Caldwell & Orkin Funds Inc <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions LLC <triple_end>\n<triple_start> Caldwell & Orkin Funds Inc <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "Gator Capital Long/Short Fund administrator Ultimus Fund Solutions LLC ; advisedBy Gator Capital Management LLC ; custodian U.S. Bank National Association ; seriesOf Caldwell & Orkin Funds Inc ; transferAgent Ultimus Fund Solutions LLC .\nCaldwell & Orkin Funds Inc underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 18020, "n_triples": 6, "text_to_json_ratio": 31.8}}
{"sample_id": "0000865177:ALL", "cik": "0000865177", "trust_name": "Putnam Sustainable Leaders Fund", "input_text": "ar to date return was 6.62 %.\nProspectus\n7\nAverage annual total returns after sales charges\n(for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n15.93 %\n12.35 %\n12.80 %\nClass A after taxes on distributions\n13.70 %\n10.37 %\n10.72 %\nClass A after taxes on distributions and sale of fund shares\n11.18 %\n9.54 %\n9.97 %\nClass C before taxes\n21.08 %\n12.84 %\n12.79 %\nClass R before taxes\n22.70 %\n13.41 %\n13.18 %\nClass R6 before taxes *\n23.41 %\n14.08 %\n13.82 %\nClass Y before taxes\n23.33 %\n13.97 %\n13.75 %\nRussell 3000 Index (no deduction for fees, expenses or taxes)\n23.81 %\n13.86 %\n12.55 %\nS P 500 Index (no deduction for fees, expenses or taxes)\n25.02 %\n14.53 %\n13.10 %\nPutnam Sustainable Leaders Linked Benchmark (no deduction for fees, expenses or taxes)\n25.02 %\n14.53 %\n14.36 %\n*\nPerformance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. After tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown. After tax returns are shown for class A shares only and will vary for other classes. These after tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. Your fund s management Investment Manager Putnam Investment Management, LLC ( Putnam Management or the Investment Manager ) Sub advisors Franklin Advisers, Inc. ( Franklin Advisers ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers Katherine Collins, CFA, MTS* Head of Sustainable Investing and Portfolio Manager of Putnam Management and portfolio manager of the fund since 2018.\n8\nProspectus\nStephanie Dobson Portfolio Manager of Putnam Management and portfolio manager of the fund since 2018. Rob Forker Portfolio Manager of Putnam Management and portfolio manager of the fund since January 2025.\n*It\nis anticipated that Ms. Collins will retire and step down as a member of the fund s portfolio management team effective December 31, 2025. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1 800 225 1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply. Tax information The fund s distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement. Fin\n...\nrs. Investors should consult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $1,000,000 or more. Investors considering cumulative purchases of $1,000,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\n22\nProspectus\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R shares\nThe following investors may purchase class R shares:\n-\nEmployer-sponsored retirement plans; and\n-\nIndividual retirement accounts ( IRAs ) purchasing shares through a registered broker-dealer or other financial institutions.\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class C shares because of lower 12b 1 fees\nHigher annual expenses, and lower dividends, than class A shares because of higher 12b 1 fees\nNo conversion to class A shares, so no reduction in future 12b 1 fees. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\nProspectus\n23\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A, C or R shares because of no 12b 1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies th\n...\nsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self- directed brokerage account with or without the imposition of a transaction fee;\n28\nProspectus\n(vi)\ncollege savings plans that qualify for tax exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance.\nProspectus\n29 How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nDUCT 1 LINCOLN ST BOSTON MA 02111-2901\n11.56%\nR\nEMPOWER TRUST FBO EMPOWER BENEFIT GRAND FATHERED PLAN 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002\n5.79%\nR6\nEDWARD D JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n30.94%\nR6\nEMPOWER TRUST FBO RECORDKEEPING FOR VARIOUS BENEFIT P C/O MUTUAL FUND TRADING 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002\n17.32%\nR6\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n6.69%\nR6\nGREAT-WEST TRUST COMPANY LLC TTEE EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002\n5.87%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n29.50%\nY\nEMPOWER TRUST FBO RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD C/O MUTUAL FUND TRADING GREENWOOD VILLAGE CO 80111-5002\n16.06%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\n8.54%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n7.41%\n10\nClass\nShareholder name and address\nPercentage owned\nY\nCHARLES SCHWAB CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141\n5.76%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n5.60%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n5.03%\nAs of September 30, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended June 30, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nClass A\nClass B*\nClass C\nClass R\n$14,507,166\n$942\n$305,517\n$8,214\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended June 30, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\n2025\n$693,272\n$187,895\n2024\n$725,998\n$191,164\n2023\n$714,096\n$174,917\nContingent deferred sales charges For the past three fiscal years ended June 30, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares of the Fund received and retained by the Distributor or Putnam Retail Management were as follows:\n11\nClass A shares\nFiscal year\nContingent deferred sales charges\n2025\n$587\n2024\n$440\n2023\n$233\nClass B shares*\nFiscal year\nContingent deferred sales charges\n2025\n$428\n2024\n$226\n2023\n$229\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Class C shares\nFiscal year\nContingent deferred sales charges\n2025\n$3,476\n2024\n$2,274\n2023\n$1,208\nPORTFOLIO MANAGERS Other Accounts Managed by the Portfolio Managers The table below identifies the portfolio managers, the number of accounts (other than the Fund) for which the portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n110\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n111\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment\n...\neach director and officer of Franklin Distributors is listed below:\nNAME AND PRINCIPAL BUSINESS ADDRESS\nPOSITION AND OFFICES WITH UNDERWRITER FRANKLIN DISTRIBUTORS\nPOSITIONS AND OFFICES WITH REGISTRANT\nAdam Spector 1735 Market Street, Suite 1800 Philadelphia, PA 19103\nChief Executive Officer\nNone\nJeffrey Masom 100 International Drive Baltimore, MD 21202\nPresident\nNone\nKenneth Cieprisz 280 Park Avenue New York, NY 10017\nVice President and Chief Compliance Officer\nNone\nDavid Paterson 47 West 200 South, 2nd Floor Salt Lake City, UT 84101\nChief Financial Officer and Designated Financial Principal\nNone\n(c)\nNot applicable. Item 33. Location of Accounts and Records Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are the Registrant s Clerk, Michael J. Higgins; the Registrant s investment adviser, Franklin Advisers; the Registrant s principal underwriter, Franklin Distributors; the Registrant s custodian, JPMorgan Chase Bank, N.A. (which, in addition to its duties as custodian, also provides certain administrative, pricing and bookkeeping services); and the Registrant s transfer and dividend disbursing agent, Putnam Investor Services, Inc. The address of the Clerk, Putnam Management and Putnam Investor Services, Inc. is 100 Federal Street, Boston, Massachusetts 02110. JPMorgan Chase Bank, N.A.is located at 270 Park Avenue, New York, NY 10017-2070. Franklin Advisers and Franklin Distributors are located at One Franklin Parkway, San Mateo, California 94405-1906. Item 34. Management Services Not Applicable Item 35. Undertakings Not Applicable\nNOTICE A copy of the Amended and Restated Agreement and Declaration of Trust of Putnam Sustainable Leaders Fund is on file with the Secretary of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Registrant.\nSIGNATURES Pursuant to the requirements of the Securities Act of 1933, as amended (the Securities Act ), and the Investment Company Act of 1940, as amended, the Registrant, Putnam Sustainable Leaders Fund, hereby certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and The Commonwealth of Massachusetts on this 27th day of October, 2025.\nPUTNAM SUSTAINABLE LEADERS FUND\nBy:\n/s/ Jonathan S. Horwitz\nJonathan S. Horwitz\nExecutive Vice President, Principal Executive Officer and Compliance Liaison\nPursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on this 27th day of October, 2025:\nSignature\nTitle\n/s/ Barbara M. Baumann*\nBarbara M. Baumann\nChair, Board of Trustees\n/s/ Robert L. Reynolds*\nRobert L. Reynolds\nPresident and Trustee\n/s/ Jonathan S. Horwitz*\nExecutive Vice President, Principal Executive\nJonathan S. Horwitz\nOfficer and Compliance Liaison\n/s/ Michael J. Higgins*\nMichael J. Higgins\nVice President, Treasurer, and Clerk\n/s/ Jef", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "seriesOf", "o": "trust:Putnam_Sustainable_Leaders_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Leaders_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Sustainable_Leaders_Fund", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Sustainable_Leaders_Fund", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Sustainable Leaders Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Sustainable Leaders Fund <predicate_marker> subAdvisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Sustainable Leaders Fund <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Sustainable Leaders Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Putnam Investment Management, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Sustainable Leaders Fund ; subAdvisedBy Franklin Advisers, Inc. , Franklin Templeton Investment Management Limited ; transferAgent Putnam Investor Services, Inc. .\nPutnam Sustainable Leaders Fund underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25348, "n_triples": 10, "text_to_json_ratio": 27.5}}
{"sample_id": "0000867297:ALL", "cik": "0000867297", "trust_name": "Virtus Investment Trust", "input_text": "ibutions and Sale of Fund Shares 15.36 % 8.96 % 15.82 % Class A Shares Return Before Taxes 17.90 % 11.20 % 19.56 % Class C Shares Return Before Taxes 23.86 % 11.64 % 19.35 % Index Wilshire 5000 Total\nMarket Index (reflects no deduction for fees, expenses or taxes) 17.13 % 13.40 % 14.45 % S P North American Technology Index (reflects no deduction for fees, expenses\nor taxes)\n27.82 %\n18.02 %\n22.54 % Nasdaq Composite Index (reflects\nno deduction for fees, expenses or taxes) 21.14 % 13.35 % 17.66 % The Wilshire 5000 Total Market\nIndex (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted\nindex that aims to capture 100% of the U.S. investable market capitalization. The index is calculated\non a total return basis with dividends reinvested. The index is unmanaged and not available for direct\ninvestment. The S P North American Technology Sector Index is a modified\ncapitalization-weighted index of selected technology and internet-related stocks. The Nasdaq Composite\nIndex is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market.\nThe indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct\ninvestment. After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are\nshown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax\nreturns depend on the investor s tax situation and may differ from those shown. After-tax returns are\nnot relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable\nentities. Management The fund s investment adviser\nis Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ( VIA ). The\nfund s subadviser is Zevenbergen Capital Investments LLC ( Zevenbergen ) (since 2022).\nVirtus Zevenbergen Technology Fund 3\nPortfolio Management The following individuals are jointly and primarily\nresponsible for the day-to-day management of the fund s portfolio. Joseph\nDennison, CFA, Principal, a\nPortfolio Manager and Analyst of Zevenbergen, has co-managed the fund since 2022. Anthony Zackery, CFA, Principal, a Portfolio Manager\nand Analyst of Zevenbergen, has co-managed the fund since 2022. Nancy Zevenbergen, CFA, President, Chief Investment\nOfficer and Analyst of Zevenbergen, has co-managed the fund since 2022. Purchase\nand Sale of Fund Shares Minimum initial investments applicable to Class\nA and Class C Shares: $2,500, generally $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange\naccounts No minimum for defined contribution plans,\nasset-based fee programs, profit-sharing plans or employee benefit plans. Minimum\nadditional investments applicable to Class A and Class C Shares: $100,\ngenerally No minimum for defined contribution plans,\nasset-based fee programs, profit-sharing plans or employee benefit plans. For\nInstitutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is\nneeded to add to an existing account, though minimums may be modified for certain financial intermediaries\nthat aggregate trades on behalf of investors. Class R6 Shares are offered\nwithout a minimum initial investment to the following investors in plan level or omnibus accounts only\n(provided that they do not require or receive any compensation, administrative payments, sub-transfer\nagency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans,\nincluding, but not limited to, 401(k) plans, 457 plans, employer sponso\n...\neligibility and\nmay be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum\ninitial investment requirement, Class R6 Shares are available to any trustee of the Virtus Funds and\ntrustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus\nand its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying\nindividual (in each case either individually or jointly with other investors), provided in each case\nthat those shares are held directly with the Transfer Agent or in an eligible account. The minimum initial\ninvestment amount may be waived subject to the fund s discretion. If you are eligible to purchase and\ndo purchase Class R6 Shares, you will pay no sales charge at any time. There are no distribution and\nservice fees applicable to Class R6 Shares. If you transact in Class R6 Shares through a financial intermediary,\nyour financial intermediary may charge you a fee outside of the fund, such as brokerage commission or\nan investment advisory fee. You should consult your financial intermediary regarding the different share\nclasses available to you, how their fees and expenses differ, and whether the fees charged by your financial\nintermediary differ depending upon which share class you choose. Initial\nSales Charge Alternative Class A Shares. The public offering price\nof Class A Shares is the NAV plus a sales charge that varies depending on the size of your purchase.\n(See Class A Shares Reduced Initial Sales Charges in the SAI.) Shares purchased based on the\nautomatic reinvestment of income dividends or capital gain distributions are not subject to any sales\ncharges. The sales charge is divided between your investment dealer and the fund s underwriter, VP\nDistributors, LLC ( VP Distributors or the Distributor ). Sales\nCharge you may pay to purchase Class A Shares Amount\nof Transaction at Offering Price Sales Charge as a percentage of\nOffering Price Sales Charge as a percentage of\nAmount Invested Under $50,000 5.50% 5.82% $50,000 but under $100,000 4.50 4.71 $100,000 but under $250,000 3.50 3.63 $250,000 but under $500,000 2.50 2.56 $500,000 but under $1,000,000 2.00 2.04 $1,000,000 or more None None Class\nA Sales Charge Reductions and Waivers Investors may qualify for reduced or no initial\n(front-end) sales charges, as shown in the table above, through utilization of Combination Purchase Privilege,\nLetter of Intent, Right of Accumulation, Gifting of Shares, Purchase by Associations or the Account Reinstatement\nPrivilege. These programs are summarized below and are described in greater detail in the SAI. These\nreductions and waivers do not apply to any CDSC that may be applied to certain Class A Share redemptions. Combination Purchase Privilege. Your purchase of any class\nof shares of this fund or any other Virtus Mutual Fund (other than Class A Shares of the Virtus Seix\nU.S. Government Securities Ultra-Short Bond Fund), if made at the same time by the same person, will\nbe added together with any existing Virtus Mutual Fund account values to determine whether the combined\nsum entitles you to an immediate reduction in sales charges. A person is defined in this and the\nfollowing sections as either: (a) any individual, his or her spouse or domestic partner, children and\nminor grandchildren purchasing shares for his, her or their own account (including an IRA account) including\nhis, her or their own sole proprietorship or trust where any of the above is a named beneficiary; (b)\na trustee or other fiduciary purchasing for\n...\nithin\none year of the death. The availability of certain sales charge waivers and discounts\nmay depend on whether you purchase your shares through a financial intermediary offering them. Different\nintermediaries may impose different sales charges (including partial reduction in or waivers of sales\ncharges) other than those listed in this section, provided that they do not exceed the maximum sales\ncharge listed. Such intermediary-specific sales charge variations are described in Appendix A to this\nprospectus, entitled Intermediary Sales Charge Discounts and Waivers. Appendix A is incorporated\nherein by reference and is legally part of this prospectus. Compensation to Dealers Class\nA Shares, Class C Shares and Institutional Class Shares Only Dealers with whom the Distributor\nhas entered into sales agreements receive a discount or commission on Class A Shares as described below. Amount\nof Transaction at Offering Price Sales Charge as a Percentage of Offering\nPrice Sales Charge as a Percentage of Amount\nInvested Dealer Discount as a Percentage of Offering\nPrice Under $50,000 5.50% 5.82% 4.75% $50,000 but under $100,000 4.50 4.71 4.00 $100,000\nbut under $250,000 3.50 3.63 3.00 $250,000 but under $500,000 2.50 2.56 2.00 $500,000\nbut under $1,000,000 2.00 2.04 1.75 $1,000,000 or more None None None With respect to Class C Shares, the Distributor\nintends to pay investment dealers a sales commission of 1% of the sale price of Class C Shares sold by\nsuch dealers. Your broker, dealer or financial professional may also charge you additional commissions\nor fees for their services in selling shares to you provided they notify the Distributor of their intention\nto do so. Dealers and other entities that enter into special arrangements with the Distributor\nor the fund s transfer agent, Virtus Fund Services, LLC (the Transfer Agent ), may receive compensation\nfor the sale and promotion of shares of this fund. Such fees are in addition to the sales commissions\nreferenced above and may be based upon the amount of sales of fund shares by a dealer; the provision\nof assistance in marketing of fund shares; access to sales personnel and information dissemination services;\nand other criteria as established by the Distributor. Depending on the nature of the services, these\nfees may be paid either from the fund through distribution fees, service fees or, in some cases, the\nDistributor may pay certain fees from its own profits and resources. Dealers and other entities\nthat enter into special arrangements with the Distributor or the Transfer Agent may receive compensation\nfrom or on behalf of the fund for providing certain recordkeeping and related services to this fund or\nits shareholders. These fees may also be referred to as shareholder accounting fees, administrative services\nfees, sub-transfer agent fees or networking fees. They are not for the sale, promotion or marketing of\nfund shares. From its own profits and resources, the Distributor may, from time to time, make\npayments to qualified wholesalers, registered financial institutions and third party marketers for marketing\nsupport services and/or retention of assets. These payments are sometimes referred to as revenue sharing.\nAmong others, the Distributor has agreed to make such payments for marketing support services to Equitable\nAdvisors, LLC. For all Virtus Mutual Funds in this prospectus, the Distributor may pay broker-dealers\na finder s fee in an amount equal to 1.00% of eligible Class A Share purchases from $1,000,000 to $3,000,000,\n0.50% on amounts of $3,000,001 to $10,000,000, and 0.25% on amounts\n...\n53 MANAGEMENT OF THE TRUST 57 CONTROL PERSONS AND PRINCIPAL\nHOLDERS OF SECURITIES 70 INVESTMENT ADVISORY AND OTHER SERVICES 70 DISTRIBUTION PLANS 79 PORTFOLIO MANAGERS 81 BROKERAGE ALLOCATION AND OTHER PRACTICES 88 PURCHASE, REDEMPTION AND PRICING OF SHARES 90 INVESTOR ACCOUNT SERVICES AND POLICIES 93 DIVIDENDS, DISTRIBUTIONS AND TAXES 94 PERFORMANCE INFORMATION 101 FINANCIAL STATEMENTS 102 APPENDIX A DESCRIPTION OF RATINGS A- 1 APPENDIX B CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS B- 1 No person has been authorized\nto give any information or to make any representations not contained in this SAI or in the Prospectuses\nin connection with the offering made by the Prospectuses, and, if given or made, such information or\nrepresentations must not be relied upon as having been authorized by the Funds. The Prospectuses do not\nconstitute an offering by the Funds in any jurisdiction in which such offering may not lawfully be made.\nGLOSSARY 1933\nAct The Securities Act of 1933,\nas amended 1940 Act The Investment Company Act of 1940, as amended ACH Automated Clearing House, a nationwide electronic money transfer system that provides\nfor the inter-bank clearing of credit and debit transactions and for the exchange of information among\nparticipating financial institutions Administrator The Trust s administrative agent, Virtus\nFund Services, LLC ADRs American Depositary Receipts ADSs American Depositary Shares Adviser The investment adviser\nto the Funds, Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) AllianzGI\nU.S. Allianz Global Investors U.S. LLC, former subadviser\nto Emerging Markets Opportunities Fund, Focused Growth Fund, Global Small-Cap Fund, Health Sciences Fund,\nIncome Growth Fund, Mid-Cap Growth Fund, Small-Cap Fund and Technology Fund BNY BNY\nMellon Investment Servicing (US) Inc., the sub-administrative and accounting agent and sub-transfer agent\nfor the Funds Board The Board of Trustees of\nVirtus Investment Trust (also referred to herein as the Trustees ) CCO Chief\nCompliance Officer CDRs Continental Depositary\nReceipts (another name for EDRs) CDSC Contingent Deferred Sales\nCharge CEA Commodity Exchange Act, which is the U.S. law governing trading\nin commodity futures CFTC Commodity Futures Trading\nCommission, which is the U.S. regulator governing trading in commodity futures Code The\nInternal Revenue Code of 1986, as amended, which is the law governing U.S. federal taxes Custodian The custodian of the Funds assets, The Bank of New\nYork Mellon Distributor The\nprincipal underwriter of shares of the Funds, VP Distributors, LLC Dividend Value Fund Virtus NFJ Dividend Value Fund EDRs European Depositary Receipts\n(another name for CDRs) Emerging Markets Opportunities Fund Virtus Emerging Markets Opportunities Fund\n3\nFHFA Federal Housing Finance Agency, an independent Federal agency\nthat regulates FNMA, FHLMC and the twelve Federal Home Loan Banks FHLMC Federal\nHome Loan Mortgage Corporation, also known as Freddie Mac , which is a government-sponsored\ncorporation formerly owned by the twelve Federal Home Loan Banks and now owned entirely by private stockholders FINRA Financial Industry Regulatory Authority, a self-regulatory\norganization with authority over registered broker-dealers operating in the United States, including\nVP Distributors Fitch Fitch Ratings, Inc. FNMA Federal National Mortgage Association, also known as Fannie\nMae , which is a government-sponsored corporation owned entirely by private stockholders and subject\nto general regulation by the Secretary of Housing and Urban Development Focused Growth Fund Virtus Silvant Focused Growth Fund Fund Complex The\ngroup of Funds sponsored by Virtus and managed by the Adviser or its affiliates, including the Virtus\nFunds and certain other closed-end funds Funds The series of the Trust\ndiscussed in this SAI GDRs Global Depositary Receipts GICs Guaranteed Investment Contracts Global Small-Cap Fund Virtus KAR Global Small-Cap Fund GNMA Government National Mortgage\nAssociation, also known as Ginnie Mae , which is a wholly-owned United States Government\ncorporation within the Department of Housing and Urban Development Health Sciences Fund Virtus KAR Health Sciences Fund IMF International Monetary\nFund, an international organization seeking to promote international economic cooperation, international\ntrade, employment and exchange rate stability, among other things Income Growth Fund Virtus Income Growth Fund Independent Trustees Those\nmembers of the Board who are not interested persons as defined by the 1940 Act International\nValue Fund Virtus NFJ International\nValue Fund IRA Individual Retirement Account IRS The\nUnited States Internal Revenue Service, which is the arm of the U.S. government that administers and\nenforces the Code KAR Kayne Anderson Rudnick\nInvestment Management, LLC, subadviser to the Global Small-Cap Fund and Health Sciences Fund KAR\nFunds Collectively, Global Small-Cap Fund and Health\nSciences Fund\n4\nLarge-Cap\nValue Fund Virtus NFJ Large-Cap Value\nFund Mid-Cap Growth Fund Virtus Silvant Mid-Cap Growth Fund Mid-Cap Value Fund Virtus NFJ Mid-Cap Value Fund Moody s Moody s\nInvestors Service, Inc. NAV Net Asset Value, which\nis the per-share price of a Fund NFJ NFJ Investment Group, LLC,\nsubadviser to Dividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund\nand Small-Cap Value Fund NFJ Funds Collectively,\nDividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap\nValue Fund NYSE New York Stock Exchange OCC Options Clearing Corporation, a large equity derivatives clearing\ncorporation PERLS Principal Exchange Rate\nLinked Securities Prospectuses The\nprospectuses for the Funds, as amended from time to time PwC PricewaterhouseCoopers\nLLP, the independent registered public accounting firm for the Trust RIC Regulated\nInvestment Company, a designation under the Code indicating a U.S.-registered investment company meeting\nthe specifications under the Code allowing the investment company to be exempt from paying U.S. federal\nincome taxes on income and capital gains distributed (or deemed to be distributed) to its shareholders S P S P Global Ratings S P 500 Index The Standard Poor s 500 Index, which is a free-float market capitalization-weighted index of 500 of the\nlargest U.S. companies, calculated on a total return basis with dividends reinvested SAI Statement of Additional Information, such as this document,\nwhich is a part of a mutual fund registration statement SEC U.S.\nSecurities and Exchange Commission Silvant Silvant Capital Management\nLLC, subadviser to the Focused Growth Fund and Mid-Cap Growth Fund Silvant Funds Collectively,\nFocused Growth Fund and Mid-Cap Growth Fund Small-Cap Fund Virtus Small-Cap Fund Small-Cap Value Fund Virtus NFJ Small-Cap Value Fund SMBS Stripped\nMortgage-backed Securities\n5\nSOFR Secured Overnight Financing Rate Technology Fund Virtus\nZevenbergen Technology Fund Transfer\nAgent The Trust s transfer agent, Virtus Fund\nServices, LLC Treasury Regulations The Treasury Regulations promulgated under the Code Trust Virtus\nInvestment Trust VA Virtus Advisers, LLC, an affiliate of VIA VFS Virtus Fund Services, LLC,\nthe Administrator and Transfer Agent of the Trust VIA Virtus Investment Advisers,\nLLC (formerly known as Virtus Investment Advisers, Inc.), the Adviser to the funds Virtus Virtus\nInvestment Partners, Inc., which is the parent company of the Adviser, the Distributor, the Administrator/Transfer\nAgent and each subadviser to the Funds other than Voya Virtus Funds The\nfamily of funds consisting of the Funds, The Merger Fund , The Merger Fund\nVL, the series of Virtus Alternative Solutions Trust, the series of Virtus Asset Trust, the series of\nVirtus Equity Trust, the series of Virtus Event Opportunities Trust, the series of Virtus Opportunities\nTrust, the series of Virtus Strategy Trust, the series of Virtus Variable Insurance Trust, and certain\naffiliated closed-end funds Virtus\nMutual Funds The family of open-end\nfunds consisting of the Funds, The Merger Fund , the series of Virtus Alternative Solutions\nTrust, the series of Virtus Asset Trust, the series of Virtus Equity Trust, the series of Virtus Event\nOpportunities Trust, the series of Virtus Opportunities Trust and the series of Virtus Strategy Trust Virtus Systematic Virtus Systematic, an operating division of VA, subadviser to Emerging Markets\nOpportunities Fund and Small-Cap Fund Voya Voya Investment Management Co., LLC, subadviser to Income\nGrowth Fund VP Distributors VP Distributors, LLC, the Trust s Distributor Zevenbergen Zevenbergen\nCapital Investments LLC, subadviser to the Technology Fund\n6\nGENERAL INFORMATION AND HISTORY Virtus Investment Trust (the Trust ) is an open-end management investment\ncompany ( mutual fund ) that currently consists of thirteen separate investment series. This Statement of Additional Information relates to the prospectus for the following\nseries of the Trust: the Dividend Value Fund, the Emerging Markets Opportunities Fund, the Focused Growth\nFund, the Global Small-Cap Fund, the Health Sciences Fund, the Income Growth Fund, the International\nValue Fund, the Large-Cap Value Fund, the Mid-Cap Growth Fund, the Mid-Cap Value Fund, the Small-Cap\nFund, the Small-Cap Value Fund and the Technology Fund. The Trust may, from time to time, create additional\nseries offered through new, revised or supplemented prospectuses or private placement memoranda and statements\nof additional information. There are a number of other funds referred to throughout this Statement of\nAdditional Information that were formerly series of the Trust as noted below. The\nTrust was organized as a Massachusetts business trust on August 24, 1990. On January 17, 1997, the Trust\nand PIMCO Advisors Funds, a separate trust, were involved in a transaction in which certain series of\nPIMCO Advisors Funds reorganized into series of the Trust. In connection with this transaction, the Trust\nchanged its name from PIMCO Funds: Equity Advisors Series to PIMCO Funds: Multi-Manager Series. The Trust\nchanged its name to Allianz Funds effective March 3, 2005. Prior to being known as PIMCO Funds: Equity\nAdvisors Series, the Trust was named PIMCO Advisors Institutional\n...\nlue Fund dated February 26, 2021,\nfiled via EDGAR (as Exhibit d.5.a) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated\nherein by reference.\n3. Subadvisory\nAgreement effective July 25, 2022, by and among Registrant, VIA, and Kayne Anderson Rudnick Investment Management, LLC ( KAR )\non behalf of Virtus KAR Global Small-Cap Fund ( Global Small-Cap Fund ) and Virtus KAR Health Sciences Fund ( Health\nSciences Fund ) filed via EDGAR (as Exhibit d.3) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26,\n2022, and incorporated herein by reference.\n4. Subadvisory\nAgreement effective July 25, 2022, by and among Registrant, VIA, and Silvant Capital Management LLC ( Silvant ) on\nbehalf of Virtus Silvant Focused Growth Fund ( Focused Growth Fund ) and Virtus Silvant Mid-Cap Growth Fund ( Mid-Cap\nGrowth Fund ) filed via EDGAR (as Exhibit d.4) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26,\n2022, and incorporated herein by reference.\n5. Subadvisory\nAgreement effective July 25, 2022, by and among Registrant, VIA, and Voya Investment Management Co., LLC ( Voya ) on\nbehalf of Virtus Income Growth Fund ( Income Growth Fund ) filed via EDGAR (as Exhibit d.5) with Post-Effective\nAmendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.\n6. Subadvisory\nAgreement effective July 25, 2022, by and among Registrant, VIA, and Zevenbergen Capital Investments LLC ( ZCI ) on\nbehalf of Virtus Zevenbergen Technology Fund ( Technology Fund ) filed via EDGAR (as Exhibit d.6) with Post-Effective\nAmendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.\n7. Subadvisory Agreement effective\nJanuary 1, 2025, by and among Registrant, VIA and Virtus Systematic, a division of Virtus Advisers, LLC ( VA ) on behalf\nof Virtus Emerging Markets Opportunities Fund ( Emerging Markets Opportunities Fund ) and Virtus Small-Cap Fund ( Small-Cap\nFund ) filed via EDGAR (as Exhibit d.7) with Post-Effective Amendment No. 229 (File No. 033-36528) on October 22, 2025, and\nincorporated herein by reference.\n(e)\nUnderwriting Agreement\n1. Underwriting\nAgreement between Registrant, Virtus Strategy Trust ( VST ) and VP Distributors, LLC ( VP Distributors ),\nmade as of February 1, 2021, filed via EDGAR (as Exhibit e.1) with Post-Effective Amendment No. 216 (File No. 033-36528) on October\n27, 2021, and incorporated herein by reference.\n2. Form\nof Sales Agreement between VP Distributors and dealers, effective September 2019, filed via EDGAR (as Exhibit e.2) with Post-Effective\nAmendment No. 41 to Virtus Alternative Solutions Trust s ( VAST ) Registration Statement (File No. 333-191940)\non October 30, 2019, and incorporated herein by reference.\na)\nAmended Annex A to Form of Sales\nAgreement between VP Distributors and dealers effective January 2026 filed via EDGAR (as Ex. e.2.a) with Post-Effective Amendment\nNo. 56 to VAST s Registration Statement (File No. 333-6191940) on February 25, 2026, and incorporated herein by reference.\n(f) Deferred\nCompensation Program, effective April 8, 2022, filed via EDGAR (as Exhibit 8) to the Registration Statement of Virtus Equity Trust\n( VET ) (File No. 002-16590) on January 24, 2023, and incorporated herein by reference.\n(g)\nCustodian Agreement\n1. Custody\nAgreement between VAST and The Bank of New York Mellon dated March 21, 2014, filed via EDGAR (as Exhibit g.1) with Pre-Effective\nAmendment No. 3 to VAST s Registration Statement (File No. 333-191940) on March 28, 2014, and incorporated herein by ref", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Virtus_Emerging_Markets_Opportunities_Fund", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Emerging_Markets_Opportunities_Fund", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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<object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Investment Trust <predicate_marker> subAdvisedBy <object_marker> Silvant Capital Management LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Small-Cap Fund <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Investment Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Systematic, a division of Virtus Advisers, LLC <predicate_marker> 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"target_serialized_plain": "Virtus Emerging Markets Opportunities Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Virtus Systematic, a division of Virtus Advisers, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Income & Growth Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Voya Investment Management Co. LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus KAR Global Small-Cap Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Kayne Anderson Rudnick Investment Management LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus KAR Health Sciences Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Kayne Anderson Rudnick Investment Management LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus NFJ Dividend Value Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy NFJ Investment Group, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus NFJ International Value Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy NFJ Investment Group, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus NFJ Large-Cap Value Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy NFJ Investment Group, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus NFJ Mid-Cap Value Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy NFJ Investment Group, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus NFJ Small-Cap Value Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy NFJ Investment Group, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Silvant Focused Growth Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Silvant Capital Management LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Silvant Mid-Cap Growth Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Silvant Capital Management LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Small-Cap Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Virtus Systematic, a division of Virtus Advisers, LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Zevenbergen Technology Fund administrator BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC ; advisedBy Virtus Investment Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf Virtus Investment Trust ; subAdvisedBy Zevenbergen Capital Investments LLC ; transferAgent BNY Mellon Investment Servicing (US) Inc. , Virtus Fund Services, LLC .\nVirtus Investment Trust underwrittenBy VP Distributors, LLC .", "stats": {"input_chars": 24819, "n_triples": 105, "text_to_json_ratio": 2.7}}
{"sample_id": "0000867969:ALL", "cik": "0000867969", "trust_name": "MFS Series Trust XVII", "input_text": "redeemed within 18 months of purchase. 1 Massachusetts Financial Services Company (MFS) has agreed in writing to waive\nat least 0.01% of the fund's management fee as part of an agreement pursuant to which MFS has agreed\nto reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds\nagreed to by MFS and the fund's Board of Trustees. The agreement to waive at least 0.01% of the management\nfee will continue until modified by the fund's Board of Trustees, but such agreement will continue until\nat least October 31, 2026.\n2 MFS International Equity Fund\nExample\nThis example is intended to help you compare the cost of investing\nin the fund with the cost of investing in other mutual funds. The example\nassumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares\nat the end of the time periods; your investment has a 5% return each year; and the fund s operating\nexpenses remain the same. Although your actual costs will likely be higher\nor lower, under these assumptions your costs would be: 1 YEAR 3\nYEARS 5 YEARS 10\nYEARS Class A Shares $ 669 $ 871 $ 1,090 $ 1,717 Class I\nShares $ 75\n$ 236\n$ 410\n$ 917\nClass\nR6 Shares $ 65\n$ 207\n$ 361\n$ 809\nPortfolio\nTurnover The fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate\nmay indicate higher transaction costs and may result in higher taxes when shares are held in a taxable\naccount. These transaction costs, which are not reflected in Annual Fund Operating Expenses or\nin the Example, affect the fund s performance. During the most recent fiscal year, the fund s\nportfolio turnover rate was 13 % of the average value of its portfolio. Principal\nInvestment Strategies MFS (Massachusetts Financial Services Company,\nthe fund's investment adviser) normally invests at least 80% of the fund s net assets in equity securities.\nEquity securities include common stocks, depositary receipts, and other securities that represent an\nownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS\nnormally invests the fund s assets primarily in foreign securities, including emerging market securities.\nIn selecting investments for the fund, MFS is not constrained\nby any particular investment style. MFS may invest the fund s assets in the stocks of companies it\nbelieves to have above average earnings growth potential compared to other companies (growth companies),\nin the stocks of companies it believes are undervalued compared to their perceived worth (value companies),\nor in a combination of growth and value companies. MFS may\ninvest the fund s assets in securities of companies of any size. MFS normally\ninvests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest\na significant percentage of the fund s assets in issuers in a single industry, sector, country, or\nregion. MFS uses an active bottom-up investment approach to buying\nand selling investments for the fund. Investments are selected primarily based on fundamental analysis\nof individual issuers. Quantitative screening tools that systematically evaluate issuers may also be\nconsidered. For purposes of the fund's 80% policy, net assets include\nthe amount of any borrowings for investment purposes. Principal Risks As\nwith any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment\nin the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the\nFedera\n...\nend Holdings\nalso include short positions, if any. Top 10 holdings exclude cash, cash equivalents, short-term investments,\ncurrency derivatives, and the cash portion of other derivatives. For purposes of full holdings, cash,\ncash equivalents, and short-term investments are aggregated and currency derivatives and the cash portion\nof other derivatives are aggregated. Note that the fund or MFS\nmay suspend the posting of this information or modify the elements of this Web posting policy without\nnotice to shareholders. Once posted, the above information will generally remain available on mfs.com\nuntil at least the date on which the fund files a Form N-CSR or Form N-PORT for the period that includes\nthe date as of which the mfs.com information is current. Portfolio Manager(s) Information\nregarding the portfolio manager(s) of the fund is set forth below. Further information regarding the\nportfolio manager(s),\n8 MFS International Equity Fund\nincluding other accounts managed, compensation, ownership of fund shares, and\npossible conflicts of interest, is available in the fund s SAI. Portfolio\nManager Primary Role Five Year History Filipe Benzinho Portfolio\nManager Employed\nin the investment area of MFS since 2009 Daniel Ling Portfolio Manager Employed in the investment\narea of MFS since 2006 Harry Purcell Portfolio Manager Employed in the investment\narea of MFS since 2012 Daniel Ling has announced\nhis intention to retire effective June 30, 2026, and he will no longer be a portfolio manager of the\nfund as of that date. Administrator MFS provides\nthe fund with certain financial, legal, and other administrative services under a Master Administrative\nServices Agreement between the fund and MFS. Under the Agreement, MFS is paid an annual fee for providing\nthese services. Distributor MFS Fund Distributors, Inc.\n(MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. Shareholder\nServicing Agent MFS Service Center, Inc. (MFSC), a wholly-owned\nsubsidiary of MFS, provides dividend and distribution disbursing and transfer agent and recordkeeping\nfunctions in connection with the issuance, transfer, and redemption of each class of shares of the fund\nunder a Shareholder Servicing Agent Agreement. MFSC receives a fee based on the costs it incurs in providing\nthese services and a target profit margin. In addition, MFSC is reimbursed for payments made to service\nproviders that provide certain sub-accounting and other shareholder services (shareholder servicing payments)\nand its out-of-pocket expenses. No shareholder servicing payments are made for Class R6 shares.\nDescription of Share Classes The\nfund offers Class A, Class I, and Class R6 shares through this prospectus. All classes of the fund have\nthe same investment objective and investments, but each class has its own sales charge and expense structure.\nYour financial intermediary may also charge you additional fees, commissions, or other charges. You should\nconsult with your financial intermediary to help you determine which class is most appropriate for you.\nShare Class Eligibility Your financial intermediary\nis responsible for determining if you meet any share class eligibility requirements. MFS does not generally\nmonitor any share class eligibility requirements. Class A shares do not have\nany share class eligibility requirements. Class I shares generally are\navailable only to the following eligible investors: certain retirement plans established for the\nbenefit of employees and former employees of MFS or its affiliates; defined\nbenefit retirement plans, endowments, or foundations; bank trust departments or law firms acting\nas trustee or manager for trust accounts; investors who purchase shares through asset-based\n...\nr share, and make inquiries about the fund, by contacting: Internet: mfs.com MFS Service Center, Inc. P.O. Box\n219341 Kansas City, MO 64121-9341 Telephone: 1-800-225-2606 Reports and other information\nabout the fund are available on the EDGAR Database on the Commission s Internet website at http://www.sec.gov ,\nand copies of this information may be obtained, upon payment of a duplicating fee, by electronic request\nat the following e-mail address: publicinfo@sec.gov . The fund s Investment Company Act file number is 811-6174. HOW TO CONTACT US Website mfs.com MFS TALK 1-800-637-8255 24\nhours a day Account service and literature Shareholders 1-800-225-2606 Investment professionals 1-800-343-2829 Retirement plan services 1-800-637-1255 Mailing\naddress MFS Service Center, Inc. P.O. Box\n219341 Kansas City, MO 64121-9341 Overnight\nmail MFS Service Center, Inc. Suite 219341 801 Pennsylvania Avenue Kansas City, MO 64105-1307\nStatement of Additional Information October\n28, 2025 Fund Ticker Symbol Class A Class B Class C Class I Class R1 Class R2 Class R3 Class R4 Class R6 MFS\nSeries Trust XVII: MFS\nInternational Equity Fund MIEJX N/A N/A MIEKX N/A N/A N/A N/A MIEIX This\nStatement of Additional Information (\"SAI\") contains additional information about MFS International Equity\nFund (the \"Fund\") , and should be read in conjunction\nwith the Fund's Prospectus dated October 28, 2025, as may be amended or supplemented from time to time.\nThe Fund's financial statements are incorporated into this SAI by reference to the Fund's most recent\nannual Form N-CSR (\"Form N-CSR\") filed with the U.S. Securities and Exchange Commission (the \"SEC\").\nThe Fund's financial statements are set forth in Item 7 of the Fund s annual Form N-CSR, which is available\nat the hyperlink noted below for the Trust. MFS\nSeries Trust XVII (MFS International Equity Fund) You may obtain a copy of the Fund's Prospectus and Annual Report without charge\nby contacting the Fund's transfer agent, MFS Service Center, Inc. (please see back cover for address\nand telephone number). This SAI is NOT a prospectus and is authorized\nfor distribution to prospective investors only if preceded or accompanied by a current prospectus. OCTOBER-SAI-COMBINED-102825\nTable of Contents: DEFINITIONS 1 MANAGEMENT OF THE FUND 1 SALES CHARGES 5 DISTRIBUTION PLAN 5 FINANCIAL INTERMEDIARY COMPENSATION 6 INVESTMENT STRATEGIES, RISKS,\nAND RESTRICTIONS 6 NET INCOME AND DISTRIBUTIONS 7 TAX CONSIDERATIONS 7 PORTFOLIO TRANSACTIONS AND\nBROKERAGE COMMISSIONS 13 DISCLOSURE OF PORTFOLIO\nHOLDINGS AND OTHER FUND INFORMATION 15 DETERMINATION OF NET ASSET\nVALUE 16 DESCRIPTION OF SHARES, VOTING\nRIGHTS, AND LIABILITIES 17 INDEPENDENT REGISTERED PUBLIC\nACCOUNTING FIRM(S) AND FINANCIAL STATEMENTS 18 APPENDIX A -- TRUSTEES AND\nOFFICERS -- IDENTIFICATION AND BACKGROUND A- 1 APPENDIX B - TRUSTEE COMPENSATION\nAND COMMITTEES B- 1 APPENDIX C - SHARE OWNERSHIP C- 1 APPENDIX D - PORTFOLIO MANAGER(S) D- 1 APPENDIX E - PROXY VOTING\nPOLICIES AND PROCEDURES E- 1 APPENDIX F - CERTAIN SERVICE\nPROVIDER COMPENSATION F- 1 APPENDIX G - SALES CHARGES G- 1 APPENDIX H - DISTRIBUTION\nPLAN PAYMENTS H- 1 APPENDIX I - FINANCIAL INTERMEDIARY\nCOMPENSATION I- 1 APPENDIX J - INVESTMENT\nSTRATEGIES AND RISKS J- 1 APPENDIX K -- INVESTMENT\nRESTRICTIONS K- 1 APPENDIX L -- PORTFOLIO\nTRANSACTIONS AND BROKERAGE COMMISSIONS L- 1 APPENDIX M -- RECIPIENTS\nOF NON-PUBLIC PORTFOLIO HOLDINGS ON AN ONGOING BASIS M- 1 APPENDIX N -- DESCRIPTION\nOF RATINGS N- 1 APPENDIX O -- INCOME AND\nFEES RELATED TO SECURITIES LENDING ACTIVITIES O- 1 APPENDIX P INDEX PROVIDER\nINFORMATION P- 1\nDE\n...\nyments made under agreements with service providers that provide\nsub-accounting, transaction processing, and/or other shareholder services (\"Shareholder Servicing Payments\"),\nthat may include receiving instructions for the purchase, exchange or redemption of shares; preparing\nand transmitting periodic statements; providing or causing to be provided prospectuses, annual reports,\nsemiannual reports, shareholder notices, and other shareholder communications; providing required tax\nservices and documents; calculating and assessing sales charges; and calculating and recording or distributing\ndistributions to shareholders. Service providers receive an annualized fee based on the Fund s average\ndaily net assets serviced by the service provider and/or a fee for each year, or portion thereof, for\nthe Fund account serviced by the service provider. Payments vary by service provider and may be significant\nto the service provider. Proceeds from Fund purchases, redemptions,\nand distribution payments may be held in one or more demand deposit bank accounts registered to MFSC,\nwho acts as agent for the Fund when opening, closing, and conducting business in the bank account(s).\nMFSC may invest overnight balances in money market instruments, including money market funds. Any balances\nnot invested remain in the bank account(s) overnight. Pursuant to the Shareholder Servicing Agent Agreement,\nif MFSC has acted in good faith and with reasonable care, investment risks associated with such bank\naccount(s) are risks of the Fund. Distributor MFD, a\nwholly-owned subsidiary of MFS, serves as distributor for the continuous offering of shares of the Fund\npursuant to a Distribution Agreement. Under the Agreement, MFD agrees to use its best efforts to find\npurchasers for shares of the Fund. Custodian JPMorgan\nChase Bank (\"JPMorgan ), with a place of business at One Chase Manhattan Plaza, New York, NY 10081,\nserves as the custodian of the assets of the Fund. JPMorgan is responsible for safekeeping cash and securities,\nhandling the receipt and delivery of securities, collecting interest and dividends on investments, serving\nas the foreign custody manager, and providing reports on foreign securities depositaries. JPMorgan Chase\nBank, N.A., as successor in interest to an affiliate of JPMorgan, J.P. Morgan Investor Services Co.,\nwith a place of business at One Beacon Street, Boston, MA 02108, is responsible for maintaining books\nof original entry and other required books and accounts and calculating the daily net asset value of\neach class of shares. There is an expense offset arrangement that\nreduces the Fund s custodian fees based upon the amount of U.S. Dollars deposited by the Fund with\nJPMorgan. Certain Service Provider Compensation Compensation\npaid by the Fund to certain of its service providers for advisory services, administrative services,\nand transfer agency-related services, for certain specified periods, is set forth in APPENDIX F. Code\nof Ethics The Fund, MFS, its subadvisor (if applicable), and MFD have\nadopted separate codes of ethics (\"Codes of Ethics\") as required under the 1940 Act. The Codes of Ethics\ncontain provisions and requirements designed to identify and address certain conflicts of interest between\npersonal investment activities of MFS employees and the interests of the Fund. Subject to certain conditions\nand restrictions, each code permits personnel subject to the code to invest in securities for their own\naccounts, including securities that may be purchased, held, or sold by the Fund. SALES\nCHARGES Sales charges (as applicable) paid for certa", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MFS_International_Equity_Fund", "p": "administrator", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_International_Equity_Fund", "p": "advisedBy", "o": "org:MASSACHUSETTS_FINANCIAL_SERVICES_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_International_Equity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_International_Equity_Fund", "p": "seriesOf", "o": "trust:MFS_Series_Trust_XVII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_International_Equity_Fund", "p": "transferAgent", "o": "org:MFS_SERVICE_CENTER_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:MFS_Series_Trust_XVII", "p": "underwrittenBy", "o": "org:MFS_FUND_DISTRIBUTORS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MFS International Equity Fund <predicate_marker> administrator <object_marker> MASSACHUSETTS FINANCIAL SERVICES <predicate_marker> advisedBy <object_marker> MASSACHUSETTS FINANCIAL SERVICES COMPANY <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS Series Trust XVII <predicate_marker> transferAgent <object_marker> MFS SERVICE CENTER, INC. <triple_end>\n<triple_start> MFS Series Trust XVII <predicate_marker> underwrittenBy <object_marker> MFS FUND DISTRIBUTORS, INC. <triple_end>", "target_serialized_plain": "MFS International Equity Fund administrator MASSACHUSETTS FINANCIAL SERVICES ; advisedBy MASSACHUSETTS FINANCIAL SERVICES COMPANY ; custodian JPMorgan Chase Bank, National Association ; seriesOf MFS Series Trust XVII ; transferAgent MFS SERVICE CENTER, INC. .\nMFS Series Trust XVII underwrittenBy MFS FUND DISTRIBUTORS, INC. .", "stats": {"input_chars": 14553, "n_triples": 6, "text_to_json_ratio": 25.1}}
{"sample_id": "0000868648:ALL", "cik": "0000868648", "trust_name": "Putnam International Equity Fund", "input_text": "f those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nBest Quarter:\nQ4 2022\n17.16 %\nWorst Quarter:\nQ1 2020\n- 20.69 %\nAs of September 30, 2025 , the fund s year-to-date return was 32.46 %. Prospectus 6\nAverage annual total returns after sales charges\n(for periods ended 12/31/24)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n- 2.45 %\n3.67 %\n4.09 %\nClass A after taxes on distributions\n- 3.62 %\n2.51 %\n3.26 %\nClass A after taxes on distributions and sale of fund shares\n- 0.61 %\n2.73 %\n3.18 %\nClass C before taxes\n1.76 %\n4.13 %\n4.08 %\nClass R before taxes\n3.25 %\n4.64 %\n4.45 %\nClass R5 before taxes\n3.86 %\n5.25 %\n5.05 %\nClass R6 before taxes\n3.94 %\n5.35 %\n5.15 %\nClass Y before taxes\n3.76 %\n5.17 %\n4.97 %\nMSCI All Country World Ex-U.S. Index-NR (reflects no deduction for fees, expenses or taxes but are net of dividend tax withholdings)\n5.53 %\n4.10 %\n4.80 %\nMSCI EAFE Index-NR (index reflects no deduction for fees, expenses or taxes but are net of dividend tax withholding)\n3.82 %\n4.73 %\n5.20 % After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change. Your fund s management Investment Manager Putnam Investment Management, LLC ( Putnam Management or the Investment Manager ) Sub-advisors Franklin Advisers, Inc. ( Franklin Advisers ) Franklin Templeton Investment Management Limited ( FTIML ) The Putnam Advisory Company, LLC ( PAC ) Portfolio managers Vivek Gandhi, CFA Portfolio Manager of Putnam Management and portfolio manager of the fund since 2018. Prospectus 7 David Morgan Portfolio Manager of FTIML and portfolio manager of the fund since June 2025. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply. Tax information The fund s distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax-advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement. Financial intermediary compensation If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by\n...\nether class A shares would be more advantageous and consult their financial representative. Prospectus 23\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R shares\nThe following investors may purchase class R shares:\n-\nEmployer-sponsored retirement plans; and\n-\nIndividual retirement accounts ( IRAs ) purchasing shares through a registered broker-dealer or other financial institutions.\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class C shares because of lower 12b-1 fees\nHigher annual expenses, and lower dividends, than class A shares because of higher 12b-1 fees\nNo conversion to class A shares, so no reduction in future 12b-1 fees. Class R5 shares\nThe following investors may purchase class R5 shares:\n-\nemployer-sponsored retirement plans\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A, C or R shares because of no 12b-1 fees and lower investor servicing fees\nHigher annual expenses, and lower dividends, than class R6 shares because of higher investor servicing fees\nLower annual expenses, and higher dividends, than class Y shares because of lower investor servicing fees. Class R6 shares\nThe following investors may purchase class R6 shares: Prospectus 24\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial institution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A, C or R shares because of no 12b-1 fees and lower investor servicing fees\nLower annual expenses, and higher dividends, than class R5 or Y shares because of lower investor servicing fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that have\n...\nsored retirement plans (for purposes of this waiver, employer- Prospectus 29\nsponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-directed brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI); Prospectus 30\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nD JONES CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710\n20.45%\nR6\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n17.95%\nR6\nGREAT-WEST TRUST COMPANY LLC TTEE EMPLOYEE BENEFITS CLIENTS 401K PLAN C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002\n13.47%\nR6\nFIIOC FBO SMC CORPORATION RETIREMENT SAVINGS 100 MAGELLAN WAY COVINGTON KY 41015-1987\n7.15%\nR6\nEMPOWER TRUST FBO EMPLOYEE BENEFIT CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002\n5.06%\nY\nDCGT TRUSTEE OR CUSTODIAN FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001\n24.62%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\n12.43%\nY\nEMPOWER TRUST FBO RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD C/O MUTUAL FUND TRADING GREENWOOD VILLAGE CO 80111-5002\n10.82%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT\n8.59%\n10\nClass\nShareholder name and address\nPercentage owned\nATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\nY\nCHARLES SCHWAB CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141\n8.51%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n6.21%\nY\nMERRILL LYNCH FOR THE SOLE BENEFIT OF IT S CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEERLAKE DR E FL3 JACKSONVILLE FL 32246-6484\n5.08%\nAs of September 30, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended June 30, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ) or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024:\nClass A\nClass B*\nClass C\nClass R\n$1,455,240\n$676\n$42,366\n$5,953\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Initial sales charges For the past three fiscal years ended June 30, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management were as follows: Class A Shares\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\n2025\n$86,722\n$17,803\n2024\n$93,290\n$19,752\n2023\n$102,398\n$22,463\nContingent deferred sales charges For the past three fiscal years ended June 30, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares of the Fund received and retained by the Distributor or Putnam Retail Management were as follows:\n11\nClass A shares\nFiscal year\nContingent deferred sales charges\n2025\n$76\n2024\n$102\n2023\n$241\nClass B shares*\nFiscal year\nContingent deferred sales charges\n2025\n$3\n2024\n$0\n2023\n$28\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Class C shares\nFiscal year\nContingent deferred sales charges\n2025\n$477\n2024\n$507\n2023\n$97\nPORTFOLIO MANAGERS Other Accounts Managed by the Portfolio Managers The table below identifies the portfolio managers, the number of accounts (other than the Fund) for which the portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts whe\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion.\n112\nThe monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the I\n...\nent for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund.\n113\nThe Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment\n...\n.\n(e)(2)(i)\nForm of Dealer Sales Contract Incorporated by reference to Post-Effective Amendment No. 51 to the Registrant s Registration Statement (No. 333-37214) filed on October 25, 2024.\n(e)(2)(ii)\nSchedule of Dealer Sales Contracts conforming in all material respects to the Form of Dealer Sales Contract filed as Exhibit (e)(2)(i) but which have not been filed as exhibits to the Registrant s Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant s Registration Statement (No. 33-37214) filed on October 27, 2015.\n(e)(3)(i)\nForm of Financial Institution Sales Contract Incorporated by reference to Post-Effective Amendment No. 51 to the Registrant s Registration Statement (No. 333-37214) filed on October 25, 2024.\n(e)(3)(ii)\nSchedule of Financial Institution Sales Contracts conforming in all material respects to the Form of Financial Institution Sales Contract filed as Exhibit (e)(3)(i) but which have not been filed as exhibits to the Registrant s Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant s Registration Statement (No. 33-37214) filed on October 27, 2015.\n(e)(4)\nForm of Selling Agreement Incorporated by reference to Post-Effective Amendment No. 51 to the Registrant s Registration Statement (No. 333-37214) filed on October 25, 2024.\n(f)\nTrustee Retirement Plan dated October 4, 1996, as amended July 21, 2000 Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant s Registration Statement (No. 33-37214) filed on October 27, 2005.\n(g)(1)\nGlobal Custody Agreement dated March 1, 2020, as amended, between Putnam International Equity Fund and JPMorgan Chase Bank, N.A.\n(g)(2)\nEighth Joinder to Global Custody Agreement dated March 1, 2020, as amended, between Putnam International Equity Fund and JPMorgan Chase Bank, N.A., dated May 6, 2024.\n(h)(1)\nAmended Restated Investor Servicing Agreement Open-End Funds with PIM and Putnam Investor Services, Inc. ( PSERV ) dated July 1, 2013; Appendix A amended as of July 28, 2025\n(h)(2)\nLetter of Indemnity with PIM dated December 18, 2003 Incorporated by reference to Post- Effective Amendment No. 14 to the Registrant s Registration Statement (No. 33-37214) filed on October 28, 2004.\n(h)(3)\nLiability Insurance Allocation Agreement dated December 18, 2003 Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant s Registration Statement (No. 33-37214) filed on October 28, 2004.\n(h)(4)\nAmended and Restated Master Interfund Lending Agreement with the Trusts party thereto, PIM and FAV dated November 22, 2024.\n(h)(5)(i)\nForm of Indemnification Agreement.\n(h)(5)(ii)\nSchedule of Indemnification Agreements conforming in all material respects to the Form of Indemnification Agreement filed as Exhibit (h)(5)(i) but which have not been filed as exhibits to the Registrant s Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended.\n(h)(6)\nExpense Limitation Agreement with PIM and FAV- dated July 1, 2025.\n(h)(7)\nExpense Limitation Agreement with PSERV dated July 1, 2025.\n(h)(8)\nFund Services Agreement between Franklin Templeton Services, LLC ( FTS ) and JPMorgan Chase Bank, N.A., dated January 22, 2020.\n(h)(9)\nSeventh Amendment to Fund Services Agreement dated January 22, 2020 between FTS and JPMorgan Chase Bank, N.A., dated June 20, 2024.\n(h)(10)\nSubcontract for Fund Administrative Service", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_International_Equity_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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{"sample_id": "0000870355:ALL", "cik": "0000870355", "trust_name": "Quaker Investment Trust", "input_text": "he contrary is a criminal offense.\nNot FDIC Insured\nMay Lose Value\nNo Bank Guarantee\nTable of Contents\nPage\nCCM Affordable Housing MBS ETF\n1\nDESCRIPTION OF PRINCIPAL INVESTMENTS\n6\nNON-PRINCIPAL STRATEGIES\n7\nDESCRIPTION OF RISKS\n7\nMANAGEMENT OF THE FUND\n12\nDisclosure of Portfolio Holdings\n13\nHow to Buy and Sell Shares\n14\nBook Entry\n14\nCreation and Redemption of Shares\n14\nPurchases through and outside the Clearing Process\n15\nRejection of Purchase Orders\n15\nRedemptions\n15\nRedemption Proceeds\n16\nTransaction Fees\n16\nNet Asset Value\n16\nShare Prices\n17\nPremium/Discount Information\n17\nDividends and Other Distributions\n18\nTaxation\n18\nFINANCIAL HIGHLIGHTS\n21\nCCM Affordable Housing MBS ETF Shares\nBloomberg U.S. Aggregate Bond Index (The index returns do not reflect deductions for fees, expenses, or taxes.)\nBloomberg U.S. MBS Index (The index returns do not reflect deductions for fees, expenses, or taxes.)\nFUND SUMMARY\nCCM Affordable Housing MBS ETF\nInvestment Objective\nThe primary investment objective of the CCM Affordable Housing MBS ETF (the Fund ) is to generate a level of current income.\nFees and Expenses\nThe following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.30 %\nDistribution and Service (12b-1) Fees\n0.00 %\nOther Expenses (1)\n0.38 %\nTotal Annual Operating Expenses\n0.68 %\nWaivers and Reimbursements (2)\n- 0.38 %\nTotal Annual Fund Operating Expenses\n0.30 %\n(1)\nOther Expenses are based on estimated amounts for the current fiscal year.\n(2)\nCommunity Capital Management, LLC ( CCM or the Adviser ) has contractually agreed to limit the total annual operating expenses (exclusive of fees paid by the Fund, if any, pursuant to its distribution plan under Rule 12b-1 under the Investment Company Act of 1940, as amended, taxes, brokerage commissions and other transaction costs, interest payments, acquired fund fees and expenses, extraordinary expenses and dividend expenses on short sales) of the Fund to 0.30% through October 31, 2026 . This contract may not be terminated without the action or consent of the Fund s Board of Trustees. Pursuant to its expense limitation agreement with the Fund, the Adviser is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and expense payments, to the extent that such recoupment by the Adviser will not cause the Fund to exceed any applicable expense limitation that was in place for the Fund when the fees were waived or expenses were paid.\nExpense Example\nThis Example helps you compare the cost of investing in the Fund to the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 31\n$ 179\n$ 341\n$ 811\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may r\n...\nons, to establish a price. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The Fund s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.\nAn investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any investment company, there is no guarantee that the Fund will achieve its goal.\nMANAGEMENT OF THE FUND\nBoard of Trustees\nThe Board of Trustees (the Board or Trustees ) has overall management responsibility for the Fund. See Management in the SAI for the names of and other information about the Trustees and officers of the Fund.\nInvestment Adviser\nCommunity Capital Management, LLC ( CCM or the Adviser ) serves as the investment adviser to the Fund. The address of the Adviser is 261 North University Drive, Suite 520, Ft. Lauderdale, FL 33324. CCM oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Founded in November 1998, CCM is registered as an investment adviser under the 1940 Act. As of August 31, 2025, the Adviser had approximately $6.8 billion in assets under management.\nQuaker Investment Trust (the Trust ) and CCM have received manager of managers exemptive relief from the SEC that permits the Trust and CCM, subject to the approval of the Board of Trustees, to appoint a wholly-owned or unaffiliated sub-adviser, as defined in the exemptive relief, or to change the terms of a sub-advisory agreement with a wholly-owned or unaffiliated sub-adviser without first obtaining shareholder approval. The exemptive order further permits the Trust and CCM to add or to change a wholly-owned or unaffiliated sub-adviser or to change the fees paid to such parties from time to time without the expense and delays associated with obtaining shareholder approval of the change and to disclose sub-advisers fees only in the aggregate in its registration statement. Any increase in the aggregate advisory fee paid by the Fund remains subject to shareholder approval. The Trust and CCM continue to have ultimate responsibility (subject to oversight by the Board of Trustees) to oversee the sub-advisers and recommend their hiring, termination, and replacement. The Fund will notify shareholders of any change of the Fund s sub-adviser. The Adviser is entitled to a fee of 30 basis points of the average net assets of the Fund over the course of the fiscal year.\nA discussion regarding the Board s approval of the Investment Advisory Agreement for the Fund is available on the Trust s website at www.ccminvests.com and on the Fund s most recent Form N-CSR for the period ended June 30, 2025 filed with the SEC. The Investment Advisory Agreement may be terminated by the Fund or by vote of a majority of the outstanding voting securities of the Fund, without the payment of any penalty, not more than 60 days nor less than 30 days written notice. In addition, the Investment Advisory Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).\nPortfolio Managers\nThe following individuals are jointly and primarily responsible for the day-to-day management of the Fund.\nElliot Gilfarb, CFA, Head of Fixed Income of the Adviser, serves as Senior Portfolio Manager for the Fund. He is responsible for portfolio management, research and trading. Mr. Gilfarb has been responsible for the day-to-day management of the Fund since inception. Mr. Gilfarb has been with the Adviser since 2006.\nAndy\nKaufman, Chief Investment Officer of the Adviser, serves as Senior Portfolio Manager of the Fund. He is responsible for portfolio management,\nresearch and trading. Mr. Kaufman has been responsible for the day-to-day management of the Fund since inception. Mr. Kaufman joined\nthe Adviser in 2015 as Senior Portfolio Manager. From 2014 to 2015, Mr. Kaufman was a portfolio manager at Mercantil Commercebank and\nfrom 2004 to 2014, he was a portfolio manager at BlackRock Financial Management.\nShonali Pal, serves as a portfolio manager of the Fund. She is responsible for portfolio management, research and trading Ms. Pal has been responsible for the day-to-day management of the Fund since June 2022. Ms. Pal has been with the Adviser since 2020. Prior to joining the Adviser, Ms. Pal worked as an analyst leading deals and assisting clients through all stages of the M A process at Cross Keys Capital. Prior to that, she was an associate at Bella Private Markets, a research and consulting firm focused on the private capital industry.\nJessica Botelho, Co-Chief Impact Strategist, serves as portfolio manager of the Fund. She is responsible for overseeing and gathering all impact research as well as impact reporting. Ms. Botelho has been responsible for the day-to-day management of the Fund since inception. Ms. Botelho joined the Adviser in 2013 as an impact\nFOR MORE INFORMATION PLEASE CALL 866-202-3573 | 12\nresearch associate. From 2008 to 2012, Ms. Botelho was an assistant vice president and senior client service associate at Acadian Asset Management.\nThe SAI provides additional information about each portfolio manager s compensation, other accounts managed by each portfolio manager, and each portfolio manager s ownership of securities in the Fund.\nInvestment Advisory Agreement\nThe Fund has entered into an investment advisory agreement with CCM (the Investment Advisory Agreement ), pursuant to which CCM either provides the day-to-day management of the Fund s portfolio of securities, which includes buying and selling securities for the Fund and conducting investment research, or hires a sub-adviser to do so, subject to CCM s general oversight.\nFor the services provided to the Fu\n...\nhe appearance of a conflict of interest\nmay arise where an Adviser has an incentive, such as a performance based management fee or other differing fee structure, which relates\nto the management of one fund or other account but not all funds and accounts with respect to which a Portfolio Manager has day-to-day\nmanagement responsibilities.\nThe Adviser and the Fund have adopted certain compliance\npolicies and procedures that are designed to address these types of conflicts. However, there is no guarantee that such procedures will\ndetect each and every situation in which an actual or potential conflict may arise.\nSpecific Conflicts of Interest\nInvestment decisions for the Fund may be made in\nconjunction with decisions for other accounts and/or funds with the same strategy. The Adviser recognizes that potential conflicts may\narise with respect to other investment accounts managed by the Adviser, which may include privately offered funds, separately managed\naccounts of high net worth customers and institutional investors, and other registered investment companies. These conflicts include,\nbut may not be limited to, differing fee structures, differing investments selected for various vehicles, and inequitable allocation\nand aggregation trading practices. Registered investment companies, private funds and separate accounts are generally invested pro-rata\nunless circumstances (e.g. a partially filled order) warrant a different approach. The Adviser has comprehensive policies and procedures\ndesigned to monitor and mitigate any perceived conflicts of interest.\nOwnership of Securities\nAs\nof June 30, 2025, none of Andy Kaufman, Jessica Botelho and Shonali Pal owned shares of the\nFund. Elliot Gilfarb owned $1-$10,000 of the Fund.\nADMINISTRATOR\nUnder the Administration Agreement with SEI Investments\nGlobal Funds Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456 (the Administrator ), the Administrator provides\nadministration services to the Fund, as well as other services including fund accounting, shareholder services and a contact center.\nThe Administrator receives a monthly administration fee from the Adviser, calculated and assessed in arrears based on the aggregate net\nassets of the Fund.\n26\nThe following table shows the total fees paid\nby the Adviser on behalf of the Fund to the Administrator for the period indicated:\nFiscal Year Ended\nJune 30, 2025\nFiscal Year Ended 1\nJune 30, 2024\n$35,169\n$ 77,255\n1 Effective\nas of close of business on March 18, 2024, the Predecessor ETF was reorganized into the Fund.\nInformation presented prior to March 18, 2024 is that of the Predecessor ETF.\nPrior to the Reorganization, Tidal ETF Services\nLLC, an affiliate of Toroso, served as the Fund's administrator pursuant to an Administration Agreement and SEI Global Funds Services\nserved as the Fund's sub administrator.\nThe following table shows the total fees paid\nby the Predecessor Advisor on behalf of the Predecessor ETF to the Administrator for the periods indicated:\nFiscal\nYear Ended\nJune 30, 2023\n$ 79,308\nDISTRIBUTOR\nUnder a Distribution Agreement with SEI Investments\nDistribution Co., One Freedom Valley Drive Oaks, Pennsylvania 19456 (the Distributor ), shares of the Fund are offered for\nsale on a continuous basis only in Creation Units, as described in the Prospectus and in the Purchase and Redemption of Shares\nsection of this SAI below. Fund shares in amounts less than Creation Units are not distributed by the Distributor.\nThe Fund has adopted a Rule 12b-1 Distribution Plan\n(the Plan ) pursuant to which payments of up to 0.25% may be made as reimb\n...\nf of the Fund. The Distributor may also use any distribution fees paid in the future for the provision of personal services\nto investors in the Shares and/or the maintenance of shareholder accounts. The Plan is considered a compensation type plan, which means\nthat the Fund pays the Distributor the entire fee, if authorized by the Board in the future, regardless of the Distributor s expenditures.\nEven if the Distributor s actual expenditures exceed the fee payable under the Plan, if authorized by the Board in the future,\nat any given time, the Fund will not be obligated to pay more than that fee under the Plan. If the Distributor s actual expenditures\nare less than the fee payable under the Plan, if authorized by the Board in the future, at any given time, the Distributor may realize\na profit from the arrangement.\n27\nDuring\neach of previous three fiscal years ending June 30, 2025, 2024, and 2023 no fees were paid\nto the Distributor by the Fund or Predecessor ETF as compensation for services. During each\nof previous three the fiscal years ending June 30, 2025, 2024, and 2023, the Distributor\ndid not incur expenses on behalf of the Fund or Predecessor ETF in connection with distributions\nunder the Plan.\nCUSTODIAN AND TRANSFER\nAGENT\nU.S. Bank, N.A. (\"USB\") is the custodian\nfor the Fund. USB is responsible for holding all securities, other investments and cash, receiving and paying for securities purchased,\ndelivering against payment securities sold, receiving and collecting income from investments, making all payments covering expenses and\nperforming other administrative duties, all as directed by authorized persons. USB does not exercise any supervisory function in such\nmatters as purchase and sale of portfolio securities, payment of dividends or payment of expenses.\nU.S.\nBank Global Fund Services ( USBGFS ) provides transfer agency and dividend disbursing\nservices for the Fund. As part of these services, USBGFS maintains records pertaining to\nthe sale, redemption and transfer of Fund shares and distributes the Fund s securities\nand cash distributions to shareholders.\nPrior to the Reorganization, the Bank of New York\nMellon served as the Fund's Custodian and Transfer Agent pursuant to a Custodian Agreement and Transfer Agency Services Agreement.\nLEGAL COUNSEL\nStradley Ronon Stevens Young, LLP, located\nat One Commerce Square, Suite 2600, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust and to the Independent Trustees\nof the Trust.\nINDEPENDENT REGISTERED\nPUBLIC ACCOUNTING FIRM\nTait, Weller Baker LLP, located at 50 South\n16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, is the Independent Registered Public Accounting Firm for the Trust. The independent\nregistered public accounting firm audits and reports on the annual financial statements, reviews certain regulatory reports and U.S.\nfederal income tax returns, and performs other professional accounting, auditing and tax services when engaged to do so.\n28\nPORTFOLIO TRANSACTIONS\nAND BROKERAGE\nSelection of Broker-Dealers; Order Placement\nSubject to the overall review of the Fund s\nBoard, the Adviser is responsible for decisions to buy and sell securities and other portfolio holdings of the Fund, for selecting the\nbroker or dealer to be used and for negotiating any commission rates paid. In underwritten offerings, securities usually are purchased\nat a fixed price that includes an amount of compensation to the underwriter, generally referred to as the underwriter s concession\nor discount. On occasion, certain money market instruments may be purchased directly from an iss", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:CCM_Affordable_Housing_MBS_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Affordable_Housing_MBS_ETF", "p": "advisedBy", "o": "org:COMMUNITY_CAPITAL_MANAGEMENT_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Affordable_Housing_MBS_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:CCM_Affordable_Housing_MBS_ETF", "p": "seriesOf", "o": "trust:Quaker_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Affordable_Housing_MBS_ETF", "p": "transferAgent", "o": "org:U_S_Bank_Global_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> CCM Affordable Housing MBS ETF <predicate_marker> administrator <object_marker> SEI Investments Global Funds Services <predicate_marker> advisedBy <object_marker> COMMUNITY CAPITAL MANAGEMENT, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Quaker Investment Trust <predicate_marker> transferAgent <object_marker> U.S. Bank Global Fund Services <triple_end>", "target_serialized_plain": "CCM Affordable Housing MBS ETF administrator SEI Investments Global Funds Services ; advisedBy COMMUNITY CAPITAL MANAGEMENT, LLC ; custodian U.S. Bank National Association ; seriesOf Quaker Investment Trust ; transferAgent U.S. Bank Global Fund Services .", "stats": {"input_chars": 17156, "n_triples": 5, "text_to_json_ratio": 38.3}}
{"sample_id": "0000872625:ALL", "cik": "0000872625", "trust_name": "FRANKLIN STRATEGIC SERIES", "input_text": "As\nfiled with the Securities and Exchange Commission on April 27, 2026. File Nos. 033-39088 and 811-06243 SECURITIES\nAND EXCHANGE COMMISSION WASHINGTON,\nD.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment\nNo. [ ] Post-Effective Amendment\nNo. 160 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 162 [X] FRANKLIN STRATEGIC SERIES (Exact Name of Registrant as Specified in Charter) ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Address of Principal Executive Offices) (Zip Code) (650) 312-2000 (Registrant's Telephone Number, Including Area Code) ALISON E. BAUR, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Name and Address of Agent for Service\nof Process) Approximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check\nappropriate box) [ ] immediately upon filing pursuant to paragraph (b) [ X ] on May\n1, 2026 pursuant to paragraph (b) [ ] 60\ndays after filing pursuant to paragraph (a)(1) [\n] on (date)\npursuant to paragraph (a)(1) of Rule 485 [\n] 75 days after filing pursuant\nto paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of rule 485 If appropriate, check the following box: [\n] This post-effective amendment\ndesignates a new effective date for a previously filed post-effective amendment. This Post-Effective Amendment\nto the Registrant s Registration Statement on Form N-1A relates only to the prospectus and statement\nof additional information ( SAI ) of Franklin Templeton SMACS: Series C and Franklin Templeton SMACS:\nSeries CP each a series of the Registrant and does not otherwise delete, amend, or supersede any information\nrelating to any other series of the Registrant.\nFRANKLIN STRATEGIC SERIES Prospectus\nMay 1, 2026 Ticker: Franklin Templeton SMACS: Series C FACBX Franklin\nTempleton SMACS: Series CP FASBX The\nU.S. Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed\nupon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. FSS4-P 05/26\nContents Fund Summary Information about the Fund you should know before investing Franklin Templeton SMACS: Series C 2 Franklin\nTempleton SMACS: Series CP 12 Fund Details More\ninformation on investment policies, practices and risks/financial highlights Franklin Templeton SMACS: Series C 24 Franklin\nTempleton SMACS: Series CP 45 Distributions and Taxes 70 Your Account Information\nabout sales charges, qualified investors, account transactions and services Qualified Investors 73 Buying\nShares 73 Account Policies 76 Questions 83 For More Information Where to learn more about the Fund Back\nCover\nFRANKLIN\nTEMPLETON SMACS: SERIES C FUND SUMMARY\nFranklin\nTempleton SMACS: Series C Investment Goal To seek to provide current\nincome consistent with preservation of capital. Fees and Expenses of the\nFund The\ntable describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value\nof your investment) Management\nfees 1 None Distribution and service (12b-1) fees None Other expenses 2 1.78 % Acquired fund fees and\nexpenses 0.01 % Total\nannual Fund operating expenses 3 1.79 % Fee waiver and/or\nexpense reimbursement 4 - 1.79 % Total annual Fund operating expenses after fee waiver and/or expense reimbursement 0.00 % 1.\nThe investment manager does not charge the Fund a fee for its investment management\nservices. The Fund\n...\nited ability to prevent or mitigate cybersecurity incidents affecting third party service providers,\nand such third party service providers may have limited indemnification obligations to the Fund or the\ninvestment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders,\nand substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents.\nIssuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value\nof these securities could decline if the issuers experience cybersecurity incidents. Because technology is\nfrequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a\nchance that some risks have not been identified or prepared for, or that an attack may not be detected,\nwhich puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds\nand business enterprises, the Fund, the investment manager, and their service providers are subject to\nthe risk of cyber incidents occurring from time to time. Performance Because\nthe Fund is new, it has no performance history. Once the Fund has commenced operations, you can obtain\nupdated performance information at www. franklintempleton.com or by calling (800) DIAL BEN/342-5236 . The\nFund s past performance (before and after taxes) is not necessarily an indication of how the Fund will\nperform in the future. Performance information, when available, will not include the fees and expenses\n(including investment management fees) paid in the wrap programs or certain other programs advised or\nsub-advised by the investment manager or its affiliates.\n10 Prospectus www.franklintempleton.com FRANKLIN\nTEMPLETON SMACS: SERIES C FUND SUMMARY\nInvestment\nManager Franklin Advisers, Inc. (Advisers or investment manager) Portfolio\nManagers Albert Chan, CFA Portfolio Manager of Advisers and portfolio\nmanager of the Fund since inception (2025). Tina Chou Portfolio Manager of\nAdvisers and portfolio manager of the Fund since inception (2025). Jacob K. Chu Portfolio\nManager of Advisers and portfolio manager of the Fund since inception (2025). Patrick Klein, Ph.D. Senior\nVice President of Advisers and portfolio manager of the Fund since inception (2025). Purchase\nand Sale of Fund Shares Shares of the Fund are used exclusively for separately managed accounts advised\nor sub-advised by Advisers or its affiliates and decisions as to whether to purchase or redeem shares\nof the Fund for a separately managed account will be made by the investment manager of the separately\nmanaged account. Shares of the Fund may be redeemed on any business day that the New York Stock Exchange\nis open. In addition, shares will be redeemed when you terminate your managed account. There is no minimum\ninvestment for purchases. Taxes The Fund s distributions\nare generally taxable to you as ordinary income, capital gains, or some combination of both, unless you\nare investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement\naccount, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged\naccount.\nwww.franklintempleton.com Prospectus 11 FRANKLIN\nTEMPLETON SMACS: SERIES CP FUND SUMMARY\nFranklin\nTempleton SMACS: Series CP Investment Goal To seek to provide high\ncurrent income. Capital appreciation over the long term is a secondary goal. Fees and\nExpenses of the Fund The table describes the fees and expenses that you may pay if you buy, hold and\nsell shares of the Fund. Annual Fund Operating E\n...\nrd parties to whom portfolio\nholdings information may be released in advance of general release fall into the following categories:\ndata consolidators (including rating agencies), fund rating/ranking services and other data providers;\nservice providers to the Fund and investment manager; municipal securities brokers using the Investor\nTools product, which brings together buyers and sellers of\n54\nmunicipal securities in the normal operation of the municipal securities markets;\ncertain entities, in response to any regulatory requirements, approved by the investment manager s\nChief Compliance Officer in limited circumstances; and transition managers hired by Fund shareholders.\nIn addition, should the Fund process a shareholder s redemption request in-kind, the Fund may, under\ncertain circumstances, provide portfolio holdings information to such shareholder to the extent necessary\nto allow the shareholder to prepare for receipt of such portfolio securities, which in some circumstances\nmay include using such information to identify any securities the shareholder is not permitted to receive\nas redemption proceeds or to hedge or otherwise manage the shareholder s risk exposure in connection\nwith the redemption. The specific entities to whom the Fund may\nprovide portfolio holdings in advance of their release to the general public are: Bloomberg, Capital\nAccess, CDA (Thomson Reuters), FactSet, Fidelity Advisors, S P Global Ratings, Vestek, and Fidelity\nTrust Company, all of whom may receive portfolio holdings information 15 days after the quarter end. Service\nproviders to the Fund that receive portfolio holdings information from time to time in advance of general\nrelease in the course of performing, or to enable them to perform, services for the Fund, including:\nCustodian Bank: JPMorgan Chase Bank; Sub-Administrator: JPMorgan Chase Bank; Independent Registered Public\nAccounting Firm: PricewaterhouseCoopers LLP; Outside Fund Legal Counsel: Stradley Ronon Stevens\nYoung, LLP; Independent Directors'/Trustees' Counsel: Vedder Price P.C; Proxy Voting Services: Glass,\nLewis Co., LLC and Institutional Shareholder Services, Inc.; Brokerage Analytical Services: Sanford\nBernstein, Brown Brothers Harriman, Royal Bank of Canada Capital Markets, JP Morgan Securities Inc.;\nFinancial Printers: Donnelley Financial Solutions, Inc. or GCOM Solutions, Inc. Eligible\nthird parties that do not otherwise have a duty of confidentiality or have not acknowledged such a duty\nare required to (a) execute a non-disclosure agreement that includes the following provisions or (b)\notherwise acknowledge and represent adherence to substantially similar provisions. Non-disclosure agreements\ninclude the following provisions: The recipient agrees to keep confidential until such information\neither is released to the public or the release is otherwise approved by the Chief Compliance Officer. The\nrecipient agrees not to trade on the non-public information received, except that a recipient of non-public\nholdings information received in connection with certain redemptions in-kind pursuant to contractual\narrangements will not be prohibited from hedging or otherwise managing its risk exposure from the expected\ndistribution of portfolio securities to be received in the redemptions in-kind. The\nrecipient agrees to refresh its representation as to confidentiality and abstention from trading upon\nrequest from Franklin Templeton. In no case does the Fund receive any compensation\nin connection with the arrangements to release portfolio holdings information to any of the above-described\nrecipien\n...\ne Franklin Parkway San Mateo, CA 94403-1906 Trustee Since\n1991 114 None Principal Occupation During\nat Least the Past 5 Years: Director (Vice Chairman), Franklin Resources, Inc.; Director, Franklin Advisers,\nInc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of\nFranklin Resources, Inc. and of certain funds in the Franklin Templeton fund complex. Bjorn A. Davis (1965) 100 First Stamford Place Stamford, CT 06902 Chief\nCompliance Officer Since\n2024 Not Applicable Not Applicable Principal\nOccupation During at Least the Past 5 Years: Vice\nPresident, Franklin Templeton Global Regulatory Compliance US Advisory Services; Chief Compliance Officer,\nFranklin Advisers, Inc., Franklin Mutual Advisers LLC, Franklin Templeton Institutional LLC, Templeton\nInvestment Counsel LLC and Templeton Global Advisors Limited (since 2023); formerly , Director, Franklin Templeton Global Regulatory Compliance; Chief Compliance\nOfficer, K2 Advisors, LLC and K2/D S Management Co., LLC (2011 - 2023). Sonal Desai, Ph.D. (1963) One Franklin Parkway San Mateo, CA 94403-1906 Vice\nPresident Since 2018 Not Applicable Not Applicable Principal Occupation\nDuring at Least the Past 5 Years: Director and Executive Vice President, Franklin Advisers,\nInc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer of certain funds in\nthe Franklin Templeton fund complex.\n58\nSusan Kerr (1949) One\nMadison Avenue New York, NY 10010 Vice President - AML Compliance Since\n2021 Not Applicable Not Applicable Principal Occupation\nDuring at Least the Past 5 Years: Senior Compliance Analyst, Franklin Templeton; Chief Anti-Money\nLaundering Compliance Officer, Legg Mason Co., or its affiliates; Anti Money Laundering Compliance\nOfficer; Senior Compliance Officer, Franklin Distributors, LLC; and officer of certain funds in the Franklin\nTempleton fund complex. Christopher Kings (1974) One Franklin Parkway San Mateo, CA 94403-1906 Chief Executive Officer - Finance and\nAdministration Since 2024 Not Applicable Not Applicable Principal Occupation\nDuring at Least the Past 5 Years: Senior Vice President, Franklin Templeton Services, LLC; and\nofficer of certain funds in the Franklin Templeton fund complex. Edward D. Perks (1970) One\nFranklin Parkway San Mateo, CA 94403-1906 President and Chief Executive Officer Investment Management Since 2018 Not\nApplicable Not Applicable Principal\nOccupation During at Least the Past 5 Years: President and Director, Franklin Advisers,\nInc.; and officer of certain funds in the Franklin Templeton fund complex. Navid J. Tofigh (1972) One\nFranklin Parkway San Mateo, CA 94403-1906 Vice President and Secretary Vice\nPresident since 2015 and Secretary since 2023 Not\nApplicable Not Applicable Principal\nOccupation During at Least the Past 5 Years: Senior Associate General Counsel, Franklin\nTempleton; and officer of certain funds in the Franklin Templeton fund complex. Jeffrey W. White (1971) One Franklin Parkway San\nMateo, CA 94403-1906 Chief Financial Officer,\nChief Accounting Officer and Treasurer Since\n2024 Not Applicable Not Applicable Principal Occupation\nDuring at Least the Past 5 Years: Chief Financial Officer, Chief Accounting Officer Treasurer\nand officer of certain funds in the Franklin Templeton fund complex; and formerly ,\nDirector and Assistant Treasurer within Franklin Templeton Global Fund Tax and Fund Administration and\nFinancial Reporting (2017-2023). Note 1: Rupert H. Johnson,\nJr. is the uncle of Gregory E. Johnson. Note 2: Officer information is current as\nof the date of this SAI. It is possible that after this date, information about officers may change. 1. Information is for the calendar year ended December 31, 2025, unless otherwise\nnoted. We base the number of portfolios on each separate series of the U.S. registered investment companies\nwithin the Franklin Templeton fund complex. These portfolios have a common investment m\n...\nfolio manager are factored in the investment\nmanager s appraisal. Additional long-term equity-based compensation\nPortfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares\nor units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest\nover time, so as to create incentives to retain key talent. Benefits\nPortfolio managers also participate in benefit plans and programs available generally to all employees\nof the investment manager. Ownership of Fund shares. The investment\nmanager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions\narise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional\nconstraints cause such an investment to be inappropriate for the portfolio manager. The following is\nthe dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change\nfrom time to time) as of December 31, 2025: Portfolio Manager Dollar\nRange of Fund Shares Beneficially Owned Albert\nChan None Tina Chou None Jacob K. Chu None Patrick A. Klein None Administrator and services provided\nFranklin Templeton Services, LLC (FT Services) has an agreement with the investment manager to provide\ncertain administrative service and facilities for the Fund. FT Services is an indirect, wholly owned\nsubsidiary of Resources and is an affiliate of the Fund's investment manager and principal underwriter. The administrative services FT Services provides include preparing and maintaining\nbooks, records, and tax and financial reports, and monitoring compliance with regulatory requirements. Administration\nfees The Fund does not pay a fee for administrative services. Shareholder servicing\nand transfer agent Franklin Templeton Investor Services, LLC (Investor Services) is the Fund's\nshareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor\nServices is located at 100 Fountain Parkway, St. Petersburg, FL 33716. Please send all correspondence\nto Investor Services at P.O. Box 33030, St. Petersburg, FL 33733-8030. Investor\nServices may also pay servicing fees, that will be reimbursed by the Fund, in varying amounts to certain\nfinancial institutions (to help offset their costs associated with client account maintenance support,\nstatement preparation and transaction processing) that (i) maintain omnibus accounts with the Fund in\nthe institution's name on behalf of numerous beneficial owners of Fund shares who are either direct clients\nof the institution or are participants in an IRS recognized tax-deferred savings plan (including Employer\nSponsored Retirement Plans and Section 529 Plans) for which the institution, or its affiliate, provides\nparticipant level recordkeeping services (called \"Beneficial Owners\"); or (ii) provide support for Fund\nshareholder accounts by sharing account data with Investor Services through the National Securities Clearing\nCorporation (NSCC) networking system. In addition to servicing fees received from the Fund, these financial\ninstitutions also may charge a fee for their services directly to their clients. Sub-administrator\nJPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative\nservices for the Fund. The administrative services provided by JPMorgan include, but are not limited\nto, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal\nadministration services. Custodian JPMorgan Chase Bank, at its principal\noffice a", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Franklin_Biotechnology_Discovery_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Franklin_Biotechnology_Discovery_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Biotechnology_Discovery_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Biotechnology_Discovery_Fund", "p": "seriesOf", "o": 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"trust:FRANKLIN_STRATEGIC_SERIES", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Natural_Resources_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Small_Cap_Growth_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Franklin_Small_Cap_Growth_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Small_Cap_Growth_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Small_Cap_Growth_Fund", "p": "seriesOf", "o": 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<triple_end>\n<triple_start> Franklin Core Plus Bond Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> FRANKLIN STRATEGIC SERIES <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services LLC <triple_end>\n<triple_start> Franklin Growth Opportunities Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> FRANKLIN STRATEGIC SERIES <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services LLC <triple_end>\n<triple_start> Franklin Natural Resources Fund <predicate_marker> administrator <object_marker> 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{"sample_id": "0000877880:ALL", "cik": "0000877880", "trust_name": "SIT MUTUAL FUNDS INC", "input_text": "assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 91\n$ 285\n$ 495\n$ 1,100 PORTFOLIO TURNOVER The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 35.11 % of the average value of the portfolio. 4 Summary Sit Balanced Fund PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its objective by investing in a diversified portfolio of stocks and bonds. In seeking to achieve the Fund s long-term capital growth objective, the Fund invests in common stocks of growth companies. To provide shareholders with regular income, the Fund invests in fixed-income securities and/or common stocks selected primarily for their dividend payment potential. Between 35% and 65% of the Fund s assets will be invested in common stocks and between 35% and 65% of the Fund s assets will be invested in fixed-income securities. The Fund s allocation of assets will vary over time in response to the Adviser s evaluation of present and anticipated market and economic conditions. The Fund may invest in open end investment companies (mutual funds) and closed end investment companies which invest in the same types of securities in which the Fund may invest directly. The equity portion of the Fund s portfolio is invested primarily in the common stocks of U.S. growth companies with a capitalization of $5 billion or more at the time of purchase. In selecting equity securities for the Fund, Sit Investment Associates, Inc. (the Adviser ) invests in growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a company s earnings growth is the primary determinant of its potential long-term return and evaluates a company s potential for above average long-term earnings and revenue growth. Several factors are considered in the Adviser s evaluation of a company, including:\nunique product or service,\ngrowing product demand,\ndominant and growing market share,\nmanagement experience and capabilities, and\nstrong financial condition. When selling equity securities for the Fund, the Adviser considers several factors, including changes in a company s fundamentals and anticipated earnings. The fixed-income portion of the Fund s portfolio is invested primarily in a diversified portfolio of debt securities that may include the following securities:\nmortgage-backed securities (including collateralized mortgage obligations), such as securities issued by Government National Mortgage Association (GNMA securities are backed by the full faith and credit of the U.S. Government), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) (FHLMC and FNMA securities are backed by the credit of the issuing governmental agency),\nasset-backed securities collateralized by assets such as automobile and credit card receivables, utilities, home improvement loans and home equity loans,\nobligations of the U.S. Government, its agencies and instrumentalities,\ncorporate debt securities,\ntaxable municipal securities, and\nshort-term debt obligations, including commercial paper and bank instruments, such as certificates of deposit, time deposits, and bankers acceptances. The Fund invests primarily in debt securitie\n...\nincrease the sensitivity of the Fund s value to rising interest rates. U.S. Government Securities Risk: Securities purchased by the Fund issued by the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. There is a risk that the U.S. Government will not provide financial support to U.S. Government agencies or instrumentalities if it is not obligated to do so by law. TEMPORARY DEFENSIVE INVESTING For temporary defensive purposes in periods of unusual market conditions, each Fund may invest up to 100% of its total assets in cash or short-term debt securities including certificates of deposit, bankers acceptances and other bank obligations, corporate and direct U.S. obligation bonds, notes, bills, commercial paper and repurchase agreements and other taxable obligations. Investing in these temporary investments may reduce a Fund s yield and prevent a Fund from achieving its investment objective. METHODS TO FUND REDEMPTION REQUESTS The Funds typically expect to meet redemption requests using the Funds cash reserves and by selling portfolio assets. The Funds regularly use such methods. In the event a Fund sells portfolio securities to meet redemption requests, the securities may be sold at unfavorable prices due to market conditions. The Funds may also meet redemption requests using other methods including redemptions in kind, and during stressed market conditions the Funds may meet redemption requests using their ability to borrow funds temporarily in emergency or extraordinary situations. Effective November 30, 2021, as renewed and amended November 28, 2023, the Funds, together with the four bond Sit Mutual Funds managed by the Adviser, are borrowers in a $20 million credit facility ( Credit Facility ) maturing November 26, 2024. The Credit Facility provides a source of funds to the Funds for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund pays interest charged on any borrowings made by the Fund. In the event that a Fund does redeem shares in kind, shareholders will likely have to pay brokerage commissions to sell the securities or other assets delivered to them as well as any taxes on any capital gains incurred upon sale, and the securities or other assets distributed to shareholders will continue to be subject to market risk until they are sold. The procedures utilized by a Fund to determine the securities or other assets distributed to redeeming shareholders will generally be based on a rounded pro rata distribution of the Fund s securities. As of the date of this Prospectus, the Funds have never borrowed funds to meet redemption requests nor have they ever redeemed shares in kind. PORTFOLIO TURNOVER The Funds may trade securities frequently, resulting, from time to time, in an annual portfolio turnover rate of over 100%. However, historically, the Funds turnover rate has been less than 100%. The Financial Highlights section of this Prospectus shows each Fund s historical portfolio turnover rate. A high portfolio turnover rate generally will result in greater brokerage commission expenses borne by a Fund which may decrease the Fund s yield. A high portfolio turnover rate may result in higher amounts of realized capital gain, including short-term capital gain, subject to the payment of taxes by shareholders. PORTFOLIO HOLDINGS DISCLOSU\n...\nMarkets Growth Fund\n2.00%\n1.05%\n0.95%\n(1)\nSit Investment Associates, Inc. (the Adviser ) agreed to the listed management fee waiver through June 30, 2026. Effective November 1, 2025, the Fund s Board of Directors approved a reduction to the Fund s contractual management fee by the amount of the existing fee waiver and the elimination of the fee waiver, such that the Fund s total management fee remained unchanged.\n(2)\nExcludes the 0.25% distribution fee paid to the Distributor under the Distribution Plan.\n(3)\nThe Total Management Fee Net of Waiver may not equal the Total Annual Fund Operating Expenses After Fee Waiver in the Table of Fees and Expenses found in each Fund s Summary Information section because such table includes Acquired Fund Fees and Expenses, if any. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies, if any. 57 Management of the Funds PORTFOLIO MANAGEMENT The Funds investment decisions are made by a team of portfolio managers and analysts who are jointly responsible for the day today management of the Funds. The portfolio management team is led by Roger J. Sit, Chairman, President, Chief Executive Officer, and Global Chief Investment Officer of the Adviser. The following table lists the individual team members that are primarily responsible for managing each Fund s investments.\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nBalanced Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nChairman, President, CEO and Global CIO of\nChairman and President\n27 yrs\n11 m\nthe Adviser; Chairman and CEO of Sit Investment\n35 yrs\n5 m\nFixed Income Advisors, Inc. ( SF ); Chairman\nof SIA Securities Corp. (the Distributor ).\nBryce A. Doty\nSenior Portfolio Manager\n29 yrs\n10 m\nSenior Vice President and Senior Portfolio\nVice President Investments\n29 yrs\n11 m\nManager of SF.\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSenior Vice President Equity Investments of\nVice President Investments\n36 yrs\n9 m\nthe Adviser.\n36 yrs\n9 m\nDividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n21 yrs\n10 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n21 yrs\n10 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nGlobal Dividend Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n1 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n17 yrs\n1 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRaymond E. Sit\nPortfolio Manager\n17 yrs\n1 m\nVice President Research and Investment\nVice President Research and\n31 yrs\n2 m\nManagement of the Adviser.\nInvestment Management of the Adviser\n33 yrs\n2 m\nLarge Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n27 yrs\n11 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n0 yrs\n6 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\n58 Management of the Funds\nExperience with:\nManagement Team\nPortfolio Manager\nAdviser\nTitle\nRole on Management Team\nIndustry\nPast 5 Years Business Experience\nMid Cap Growth Fund\nRoger J. Sit\nChief Investment Officer\n17 yrs\n7 m\nSee above.\nChairman and President\n27 yrs\n11 m\n35 yrs\n5 m\nKent L. Johnson\nPortfolio Manager\n22 yrs\n0 m\nSee above.\nVice President Investments\n36 yrs\n9 m\n36 yrs\n9 m\nRobert W. Sit\nPortfolio Manager\n27 yrs\n10 m\nVice President Equity Investments of the\nVice President Investments\n34 yrs\n3 m\nAdviser.\n34 yrs\n3 m\nESG Growth Fund\n...\nets of a Fund consists of stocks and securities (including debt securities) of foreign corporations at the close of a taxable year, the Fund may elect, for federal income tax purposes, to treat certain foreign taxes paid by it, including generally any withholding and other foreign income taxes, as paid by its shareholders. If a Fund makes this election, the amount of those foreign taxes paid by the Fund will be included in its shareholders income pro rata (in addition to taxable distributions actually received by them), and each such shareholder will be entitled either (1) to credit that proportionate amount of taxes against U.S. federal income tax liability as a foreign tax credit or (2) to take that amount as an itemized deduction. If a Fund is not eligible or chooses not to make this election, the Fund will be entitled to deduct any such foreign taxes in computing the amounts it is required to distribute. Dividends paid by Developing Markets Growth Fund, International Growth Fund and Global Dividend Growth Fund will not be eligible for the 70% deduction for dividends received by corporations if, as expected, none of their income consists of dividends paid by U.S. corporations.\n52\nThe foregoing relates only to federal income taxation and is a general summary of the federal tax law in effect as of the date of this Statement of Additional Information. FINANCIAL STATEMENTS The financial statements of the Funds are incorporated into this Statement of Additional Information by reference to the Funds annual financial statements for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR. Click here to view the Funds Form N-CSR filing and scroll to Item 7 to view the Financial Statements. OTHER INFORMATION Custodian; Transfer Agent; Counsel; Accountants The Bank of New York Mellon, 111 Sanders Creek Parkway, Syracuse, NY 13057, acts as custodian of the Funds assets and portfolio securities; BNY Mellon Investment Servicing (US) Inc., P.O. Box 534459, Pittsburgh, PA 15253-4459, is the Transfer Agent for the Funds; Faegre Drinker Biddle Reath LLP, One Logan Square, Ste. 2000, Philadelphia, PA 19103, is the General Counsel for the Funds; and KPMG LLP, 191 West Nationwide Boulevard, Suite 500, Columbus, Ohio 43215, acts as the Funds independent registered public accounting firm. LIMITATION OF DIRECTOR LIABILITY Under Minnesota law, each director of the Funds owes certain fiduciary duties to the Funds and to their shareholders. Minnesota law provides that a director shall discharge the duties of the position of director in good faith, in a manner the director reasonably believes to be in the best interest of the corporation, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. Fiduciary duties of a director of a Minnesota corporation include, therefore, both a duty of loyalty (to act in good faith and act in a manner reasonably believed to be in the best interests of the corporation) and a duty of care (to act with the care an ordinarily prudent person in a like position would exercise under similar circumstances). Minnesota law authorizes corporations to eliminate or limit the personal liability of a director to the corporation or its shareholders for monetary damages for breach of the fiduciary duty of care . Minnesota law does not, however, permit a corporation to eliminate or limit the liability of a director (i) for any breach of the directors duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) for authorizing a dividend, stock repurchase or redemption or other distribution in v", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Sit_Balanced_Fund", "p": "advisedBy", "o": "org:Sit_Investment_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Sit_Balanced_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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{"sample_id": "0000880406:ALL", "cik": "0000880406", "trust_name": "Herzfeld Credit Income Fund, Inc", "input_text": "497\n1\nfp0019634_497.htm\nFiled Pursuant to Rule 497\nSecurities Act File No. 333-202213\nInvestment Company Act File No. 811-06445\nPROSPECTUS SUPPLEMENT DATED MAY 20, 2016\n(To Base Prospectus dated November 2, 2015)\nTHE HERZFELD CARIBBEAN BASIN FUND, INC.\n$13,200,000\nCommon Stock\nThis supplement contains information which supplements certain information contained in the base prospectus dated November 2, 2015 of The Herzfeld Caribbean Basin Fund, Inc. (the Fund ), as supplemented by a first prospectus supplement dated November 2, 2015 and a second prospectus supplement dated March 7, 2016 (collectively, the Prospectus ), which relate to the sale of shares of common stock of the Fund in an at the market offering pursuant to an equity distribution agreement, dated September 10, 2015, with Ladenburg Thalmann Co. Inc.\nYou should carefully read this prospectus supplement together with the Prospectus before investing in our common stock. You should also review the information set forth under Prospectus Supplement Summary Summary Risk Factors beginning on page S-3, and Supplemental Risk Factors beginning on page S-9, of the prospectus supplement dated November 2, 2015 and Prospectus Summary Summary Risk Factors and Special Considerations beginning on page 5, and Risk Factors and Special Considerations beginning on page 18, of the base prospectus before investing.\nExcept where the context requires otherwise, the terms the Fund, we, us and our refer to The Herzfeld Caribbean Basin Fund, Inc. and the Adviser refers to HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. To the extent that any statement we make in this prospectus supplement is inconsistent with statements made in the Prospectus or any previously filed documents incorporated by reference therein, the statements made in this prospectus supplement will be deemed to modify or supersede those made in the Prospectus and such documents incorporated by reference therein.\nRecent Developments\nEngagement of Tait, Weller Baker LLP ( Tait Weller ) as Independent Registered Public Accounting Firm\nThe Audit Committee (the Committee ) of the Board of Directors of the Fund has completed a competitive process to select the Fund s independent registered public accounting firm for the fiscal years ending June 30, 2016 and 2017. As a result of this process, the Committee approved and the Board of Directors ratified (i) the engagement of Tait Weller as our new independent registered public accounting firm to audit our financial statements for the fiscal years ending June 30, 2016 and 2017, and (ii) the dismissal of KPMG LLP ( KPMG ), as the Fund s independent registered public accounting firm, effective on May 18, 2016.\nProspectus Update\nThe Section EXPERTS on page S-14 of the prospectus supplement dated November 2, 2015 is hereby deleted and replaced with the following text:\nEXPERTS\nThe independent registered public accounting firm of the Fund is Tait, Weller Baker LLP ( Tait Weller ), located at 1818 Market St., Suite 2400, Philadelphia, PA 19103. Prior to May 18, 2016, KPMG LLP, located at 191 W. Nationwide Blvd., Suite 500, Columbus, OH 43215, served as the independent registered public accounting firm of the Fund. The financial statements of the Fund as of and for the year ended June 30, 2015, have been incorporated by reference herein in reliance upon", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"]}}, "target_triples": [{"s": "fund:Herzfeld_Credit_Income_Fund", "p": "advisedBy", "o": "org:Thomas_J_Herzfeld_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Herzfeld Credit Income Fund <predicate_marker> advisedBy <object_marker> Thomas J. Herzfeld Advisors, Inc. <triple_end>", "target_serialized_plain": "Herzfeld Credit Income Fund advisedBy Thomas J. Herzfeld Advisors, Inc. .", "stats": {"input_chars": 3358, "n_triples": 1, "text_to_json_ratio": 25.1}}
{"sample_id": "0000887215:ALL", "cik": "0000887215", "trust_name": "Jensen Quality Growth Fund Inc", "input_text": "0.25% of average daily net assets of the Class R shares. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class J or Class R or $250,000 in Class I or $1,000,000 in Class Y of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class J $ 84 $ 262 $ 455 $ 1,014 Class I $ 1,533 $ 4,804 $ 8,370 $ 18,750 Class R $ 128 $ 400 $ 692 $ 1,523 Class Y $ 5,418 $ 16,993 $ 29,625 $ 66,490 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual fund operating expenses or in the example, affect the Fund s performance. For the fiscal year ended May 31, 2025, the Fund s portfolio turnover rate was 14.87 % of the average value of its portfolio. Principal Investment Strategies To achieve its objective, the Fund invests in equity securities of approximately 25 to 30 companies that satisfy the investment criteria described below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies meeting the criteria for quality and growth as determined by the Fund s investment adviser, Jensen Investment Management, Inc. (the Adviser ). The Adviser considers a company to be a growth company if it is determined by the Adviser to have above-average potential for growth in revenue, earnings, cash flow, or other similar criteria. Additionally, the Adviser seeks companies that display positive performance in a variety of historical and future performance measurements, relative to the overall U.S. equity market, over a period of time. Examples of such characteristics include: 1. Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share. 2 The Jensen Quality Growth Fund Inc. Prospectus 2. Trailing revenue growth based on annualized revenue growth for the previous five to ten years. 3. Trailing earnings growth based on annualized earnings per share growth for the previous five to ten years. 4. The company s ability to grow its business from free cash flow over an extended period of time. The list above is not exclusive and there is no single factor that is determinative of whether the Adviser considers a company to be a growth company. The Adviser considers a company to be a quality company if, as determined by the Adviser, it (i) has consistently generated a return on equity of 15% or greater for at least ten consecutive fiscal years; (ii) is in excellent financial condition; and (iii) is capable of sustaining outstanding business performance. The Adviser s assessment of these quality factors includes an analysis and consideration of objective and subjective factors. Equity securities in which the Fund invests as a principal strategy consist primarily of publicly traded common stocks of U.S. companies. Generally, each company in which the Fund invests must meet the Adviser s criteria for quality as defined a\n...\nportfolio company if that company no longer satisfies the investment criteria specified above, including if its price exceeds intrinsic value, unless the failure is due to an extraordinary situation that the Adviser believes will not have a material adverse impact on the company s operating performance, in which case the Fund may continue to hold and invest in the company. The strategies and timing for disposing of a position in any portfolio company that no longer satisfies the Fund s investment criteria are based on various and ongoing security-specific and portfolio-level considerations taken into account by the Adviser. As a result, the Fund s sale of its position in a portfolio company may occur over an extended period of time. The Fund is subject to some restrictions governing the percentage of its assets that may be invested in the securities of any one company. See Fundamental Investment Restrictions, Portfolio Turnover and Tax Status of the Fund in the Fund s Statement of Additional Information ( SAI ) for more information on the Fund s investment policies and restrictions. The Fund does not engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. 8 The Jensen Quality Growth Fund Inc. Prospectus The Fund s Other Investments As a non-principal investment strategy, the Fund may invest a portion of its assets in cash or cash equivalents. In addition, in response to adverse market, economic, political or other conditions, the Fund may take temporary defensive investment positions that may be inconsistent with the Fund s principal investment strategies and invest up to 25% of the Fund s total assets in cash or cash equivalents. Some of these short-term instruments include: Cash held by the Fund s custodian, U.S. Bank National Association; Money market mutual funds; FDIC-insured bank deposits; United States Treasury bills; Commercial paper rated A-1 by Standard and Poor s Corporation ( S P ) or Prime-1 by Moody s Investor Services, Inc. ( Moody s ); Demand notes of companies whose commercial paper receives the same ratings listed above by S P or Moody s; Institutional-grade paper maturing at 13 months or less; and U.S. government agency discount notes. If the market advances during periods when the Fund is holding a large position in cash or cash equivalents, the Fund may not participate to the extent it would have if the Fund had been more fully invested in accordance with its principal investment strategies, which may result in the Fund not achieving its investment objective. To the extent that the Fund invests in money market mutual funds for its cash positions, there will be some duplication of expenses because the Fund will bear its pro rata portion of such money market funds management fees and operational expenses. Implementation of Investment Objective and Strategies The Fund has developed an extensive quality control program to ensure that the Fund s investment strategy, research process and administration are implemented properly. The objectives of this program are to ensure that: The Fund s investment strategy is applied consistently over time; The objective investment criteria are applied on a uniform basis; and Management focuses at all times on the best interests of the shareholders of the Fund. The Fund s investment strategy has been blended with certain administrative policies to accomplish its investment objective. The Fund has: Established an investment team to execute the investment discipline; Objectively defined the Fund s research process, so that every se\n...\nvestment-grade corporate bond issuers in connection with a fixed-income securities portfolio managed by the insurance company subsidiary of Washington Mutual. Prior to Washington Mutual, he was a High Yield Credit Analyst and Trader for Columbia Management Group. Mr. Bond began his career as a trader at Ferguson Wellman Capital Management. He has been a member of the investment team since May 2007. Adam D. Calamar, CFA, Portfolio Manager, has been employed by the Adviser since May 2008, and has over 18 years of experience in the investment management industry. Mr. Calamar held the position of Business Analyst from January 2010 through September 2015, and previously held the position of Manager of Institutional Services where he assisted in relationship management with the company s institutional clients. Mr. Calamar was previously employed by Broadmark Asset Management, LLC. He has been a member of the investment team since September 2010. Jeffrey D. Wilson, CFA, Portfolio Manager, has been employed by the Adviser since July 2019, previously holding the position of Business Analyst through December 2022, and has over 20 years of experience in the investment management industry. Mr. Wilson joined the Adviser from Scharf Investments, LLC ( Scharf ) where he held the position of Senior Research Analyst. In that role, Mr. Wilson provided global equity research coverage of domestic and international stocks. Prior to Scharf, he was an Analyst and Portfolio Manager at Freestone Capital Management, LLC, performing due diligence on several all-cap quality strategies during his six-year tenure. Mr. Wilson began his career at ICM Asset Management as a Research Analyst in 2005. He has been a member of the investment team since 2020. Distribution and Servicing of Shares Distributor Quasar Distributors, LLC ( Distributor ), 190 Middle Street, Suite 301, Portland, Maine 04101, serves as distributor and principal underwriter for the Fund s shares. Quasar is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. Prospectus The Jensen Quality Growth Fund Inc. 13 Class J Shares Distribution and Shareholder Servicing Plan The Fund has implemented a combined Distribution and Shareholder Servicing Plan (the \"12b-1 Plan\") for its Class J shares in accordance with Rule 12b-1 of the 1940 Act. The 12b-1 Plan allows the Fund's Class J shares to pay fees to financial intermediaries (including broker-dealers that sponsor mutual fund supermarket programs) and other service providers for the sale and distribution of Class J shares and for shareholder servicing and maintenance of shareholder accounts. The 12b-1 Plan authorizes and provides for payments of up to 0.25% per year of the Fund's average daily net assets for Class J shares for sale and distribution services and shareholder servicing. As these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition to payments made under the Fund s 12b-1 Plan and other payments made by the Fund such as for sub-transfer agency, account maintenance and recordkeeping, the Adviser makes payments from past profits and other resources, including from its relationship with the Fund, to compensate those financial intermediaries (including broker-dealers that sponsor mutual fund supermarket programs) and other service providers that provide sales and distribution services and shareholder servicing and account maintenance to the Fund's Class J Shares and cha\n...\nnsactions for the period. Prospectus The Jensen Quality Growth Fund Inc. 29 Class Y Per Share Data: year ended May 31, 2025 year ended May 31, 2024 year ended May 31, 2023 year ended May 31, 2022 year ended May 31, 2021 Net asset value, beginning of year $60.78 $57.37 $57.82 $59.98 $49.46 Income from investment operations: Net investment income (1) 0.48 0.62 0.66 0.62 0.66 Net realized and unrealized gains on investments 4.86 7.58 0.75 1.84 15.64 Total from investment operations 5.34 8.20 1.41 2.46 16.30 Less distributions: Dividends from net investment income (0.51) (0.65) (0.67) (0.61) (0.69) Distributions from capital gains $(6.77) (4.14) (1.19) (4.01) (5.09) Total distributions $(7.28) $(4.79) $(1.86) $(4.62) $(5.78) Net asset value, end of year $58.84 $60.78 $57.37 $57.82 $59.98 Total return 8.54% 14.63% 2.59% 3.23% 34.34% Supplemental data and ratios: Net assets, end of year (000 s) $1,371,472 $2,039,604 $2,822,513 $2,756,312 $2,755,356 Ratio of expenses to average net assets 0.54% 0.52% 0.52% 0.52% 0.52% Ratio of net investment income to average net assets 0.79% 1.03% 1.17% 0.98% 1.18% Portfolio turnover rate 14.87% 10.46% 15.67% 10.87% 12.33% (1) Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences. 30 The Jensen Quality Growth Fund Inc. Prospectus The Jensen Quality Growth Fund Inc. Investment Adviser Jensen Investment Management, Inc. 5500 Meadows Road, Suite 200 Lake Oswego, OR 97035-3623 Telephone: 503-726-4384 800-221-4384 www.jenseninvestment.com Custodian U.S. Bank, National Association Custody Operations 1555 North RiverCenter Drive, Suite 302 Milwaukee, WI 53212-3958 Transfer Agent, Fund Administrator and Fund Accountant U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, WI 53202-5207 Telephone: 800-992-4144 Distributor Quasar Distributors, LLC 190 Middle Street, Suite 301 Portland, ME 04101 Legal Counsel Stoel Rives LLP 760 SW Ninth Avenue, Suite 3000 Portland, OR 97205 Independent Registered Public Accounting Firm Cohen Company, Ltd. 342 North Water Street, Suite 830 Milwaukee, WI 53202 Prospectus The Jensen Quality Growth Fund Inc. 31 Notice of Privacy Policy The Jensen Quality Growth Fund Inc. (the Fund ), has had a long-standing policy of maintaining strict confidentiality over customer information. The Fund s policy is as follows: Confidentiality and Security All nonpublic personal information about our customers ( you ) will be kept strictly confidential. We maintain physical, electronic and operational safeguards to protect customer nonpublic personal information. Categories of information the Fund discloses and parties to whom the Fund discloses that information: The Fund does not disclose any nonpublic personal information about its current or former shareholders to nonaffiliated third parties without the shareholder s authorization, except as permitted or required by law. For example, the Fund is permitted by law to disclose all of the information it collects, as described below, to its Transfer Agent to process your transactions. The Fund is also permitted by law (and may be required by law) to disclose any nonpublic personal information it collects from you to law enforcement agencies, the Securities and Exchange Commission, and other federal and state regulatory authorities. Categories of information the Fund collects: The Fund collects nonpublic personal information about you from the following sources: Information the Fund receives from you on or in applicati", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Jensen_Quality_Growth_Fund_Inc", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Jensen_Quality_Growth_Fund_Inc", "p": "advisedBy", "o": "org:JENSEN_INVESTMENT_MANAGEMENT_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Growth_Fund_Inc", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Growth_Fund_Inc", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Jensen_Quality_Growth_Fund_Inc", "p": "underwrittenBy", "o": "org:QUASAR_DISTRIBUTORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Jensen Quality Growth Fund Inc. <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> JENSEN INVESTMENT MANAGEMENT, INC. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Jensen Quality Growth Fund Inc <predicate_marker> underwrittenBy <object_marker> QUASAR DISTRIBUTORS, LLC <triple_end>", "target_serialized_plain": "Jensen Quality Growth Fund Inc. administrator U.S. Bancorp Fund Services, LLC ; advisedBy JENSEN INVESTMENT MANAGEMENT, INC. ; custodian U.S. Bank National Association ; transferAgent U.S. Bancorp Fund Services, LLC .\nJensen Quality Growth Fund Inc underwrittenBy QUASAR DISTRIBUTORS, LLC .", "stats": {"input_chars": 14413, "n_triples": 5, "text_to_json_ratio": 28.2}}
{"sample_id": "0000892568:ALL", "cik": "0000892568", "trust_name": "Cutler Trust", "input_text": "STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective\nAmendment No.\n[ ]\nPost-Effective\nAmendment No.\n[\n57 ]\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment\nNo.\n[\n58 ]\n(Check\nappropriate box or boxes)\nTHE CUTLER TRUST (Exact\nName of Registrant as Specified in Charter)\n525\nBigham Knoll Jacksonville, Oregon 97530\nRegistrant s\nTelephone Number, including Area Code: (888) 288-5374\nThe\nCorporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington, DE 19801 (Name and Address of\nAgent for Service)\nIt\nis proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant\nto paragraph (b)\non October\n28, 2024 pursuant to paragraph (b)\n60 days after filing pursuant to\nparagraph (a)(1)\non (date) pursuant to paragraph\n(a)(1)\n75 days after filing pursuant to\nparagraph (a)(2)\non (date) pursuant to paragraph\n(a)(2) of Rule 485\nIf\nappropriate, check the following box:\nThis post-effective amendment designates\na new effective date for a previously filed post-effective amendment.\nCUTLER\nEQUITY FUND Ticker: DIVHX\nThe\nCutler Equity Fund seeks current income and long-term capital appreciation.\nProspectus\nOctober\n28, 2024\nThe\nU.S. Securities and Exchange Commission has not approved or disapproved the Fund s shares or determined whether this Prospectus is\naccurate or complete. Any representation to the contrary is a criminal offense.\nThe\nProspectus gives you important information about the Cutler Equity Fund (the Fund or the Equity Fund ) that you\nshould know before you invest. Please read this Prospectus carefully before investing and use it for future reference.\nNot\nA Deposit Not FDIC Insured May Lose Value No Bank Guarantee Not Insured By Any Government Agency\nTABLE\nOF CONTENTS\nRisk/Return\nSummary\n1\nCutler\nEquity Fund\n1\nInvestment\nObjective, Principal Investment Strategies and Principal Risks of the Fund\n10\nRelated\nRisk\n15\nManagement\n16\nThe\nAdviser\n16\nPortfolio\nManagers\n17\nOther\nService Providers\n18\nYour\nAccount\n19\nHow\nto Contact the Fund\n19\nGeneral\nInformation\n19\nBuying\nShares\n21\nInvestment\nProcedures\n24\nSelling\nShares\n25\nFrequent\nPurchases and Redemptions of Fund Shares\n31\nOther\nInformation\n33\nDistributions\n33\nFederal\nTaxes\n33\nOrganization\n34\nFinancial\nHighlights\n35\nFor\nMore Information\nback\ncover\ni\nRISK/RETURN\nSUMMARY\nCUTLER\nEQUITY FUND\nINVESTMENT\nOBJECTIVE\nThe\ninvestment objective of the Fund is to seek current income and long-term capital appreciation.\nFEES\nAND EXPENSES\nThe\nfollowing tables describe the fees and expenses that you will pay if you buy, hold and sell shares of the Equity Fund. You may pay other\nfees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.\nShareholder\nFees (fees paid directly from your investment)\nNone\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement\nFees\n0.75 %\nService\nFees (1)\n0.05 %\nOther\nExpenses\n0.19 %\nTotal\nAnnual Fund Operating Expenses (2)\n0.99 %\n(1)\nEffective February 18, 2021, the Fund adopted a Shareholder Service Plan that permits it to pay up\nto 0.15% of its average daily net assets each year in shareholder service fees. The Board of Trustees (the Board ) of The Cutler\nTrust (the Trust ) has authorized the Fund to spend not more than 0.05% of the Fund s average daily net assets under the\nShareholder Service Plan without further approval from the Board. For the fiscal year ended June 30, 2024, the Fund paid $8,456 in\nshareholder service fees, which represents an amount equal to 0.00% of the Fund s average daily net assets.\n(2)\nThe Fund s investment adviser, Cutler Investment Counsel, LLC (the Adviser ), has contractually\nagreed, until October\n31, 2025 , to reduce its management fees and to pay the Fund s ordinary operating expenses to the extent necessary\nto limit Annual Fund Operating Expenses to an amount not exceeding 0.99% of the Fund s average daily net assets. Any management fees\nreduced and ordinary operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees\nand expenses were reduced or paid, provided that the repayments do not cause Annual Fund Operating Expenses to exceed the foregoing expense\nlimitation. Annual Fund Operating Expenses exclude brokerage costs, taxes, interest, acquired fund fees and expenses and extraordinary\nexpenses. Prior to October 31, 2025, the expense limitation agreement may be modified or terminated only with approval by the Board of\nTrustees.\n1\nExample\nThis\nExample is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. It\nassumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem all of your shares at the end of\nthose periods. The Example also assumes that your investment has a 5% return each year, the Equity Fund s operating expenses\nremain the same and the expense reduction/reimbursement remains in place for the first year only. Although your actual costs may be\nhigher or lower, based on these assumptions your costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\n$ 101\n$ 315\n$ 547\n$ 1,213\nPortfolio\nTurnover\nThe\nEquity Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio).\nA higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes w\n...\nfolio management and investment research for the Fund. Matthew Patten is responsible for the macro-economic analysis of the Equity\nFund, reviewing sector allocations and industry weightings within the portfolio. Erich Patten analyzes which specific securities should\nbe purchased or sold by the Equity Fund and then reviews these specific securities with Matthew Patten to determine if they are consistent\nwith his macro-economic analysis of the Fund. While Erich Patten executes the timing of all purchase and sell orders, no securities\nare bought or sold by Erich Patten without the concurrence of Matthew Patten. The business experience and educational backgrounds of Matthew\nand Erich Patten are described below.\nMr. Matthew C. Patten , Co-Portfolio Manager\nof the Equity Fund, received his B.A. degree from Boston College in Economics and Environmental Geo-Science. He was awarded his MBA from\nthe University of Chicago. Mr. Matthew Patten has been Chairman of the Board of The Cutler Trust since September, 2006. He has been a\nMember and Portfolio Manager of the Adviser and its affiliates since 2003 and Chief Executive Officer of the Adviser since 2014.\nMr. Erich M. Patten , Co-Portfolio Manager\nof the Equity Fund, received his B.S. in Economics from The Wharton School, University of Pennsylvania. He received his Masters degree\nin Public Policy from The Harris School, University of Chicago. Mr. Erich Patten has been President of The Cutler Trust since March, 2004.\nHe has been a Member and Portfolio Manager of the Adviser and its affiliates since 2003 and Chief Investment Officer of the Adviser since\n2014.\n17\nThe\nSAI provides additional information about the portfolio managers compensation, other accounts managed and ownership of shares of\nthe Equity Fund.\nOTHER\nSERVICE PROVIDERS\nUltimus\nFund Solutions, LLC ( Ultimus or the Transfer Agent ), provides certain administration, portfolio accounting, and\ntransfer agent and shareholder services to the Equity Fund.\nUS\nBank, N.A., provides custody services to the Equity Fund.\nUltimus\nFund Distributors, LLC (the Distributor ), the principal underwriter of the Equity Fund, acts as the Fund s representative\nin connection with the offering of Fund shares. The Fund may be offered by other broker-dealers as well. The Distributor is affiliated\nwith Ultimus but is not affiliated with the Adviser or its affiliated companies.\n18\nYOUR\nACCOUNT\nHOW\nTO CONTACT THE FUND\nWrite\nto us at:\nThe\nCutler Trust c/o Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, Ohio 45246-0707\nOvernight\naddress:\nThe\nCutler Trust c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246\nTelephone\nus Toll-Free at:\n(888)\nCUTLER4 (888) 288-5374\nGENERAL\nINFORMATION\nThe Equity Fund s shares identified as TICKER:\nDIVHX are offered in this prospectus. The Equity Fund s shares charge no front-end sales charges, impose no deferred sales charges\nand are not subject to any distribution (Rule 12b-1) fees. Pursuant to a Shareholder Service Plan, the Fund pays a shareholder service\nfee in an amount not to exceed 0.15% per annum of the Fund s average daily net assets, and of this amount, the Board has authorized\nthe Fund to incur the actual expenditure of shareholder service fees up to 0.05% per annum of the Fund s average daily net assets.\nFor additional information, please see Shareholder Service Plan in this Prospectus.\nYou pay no sales charge to purchase or sell (redeem)\nshares of the Equity Fund. Shares are purchased and redeemed at the net asset value per share ( NAV ) next calculated after\nthe Transfer Agent receives your request in proper form. If the Transfer Agent receives your purchase or redemption request in proper\nform on a business day prior to 4:00 p.m., Eastern time, your transaction will be priced at that day s NAV. If the Transfer Agent\nreceive", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Cutler_Equity_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Cutler_Equity_Fund", "p": "advisedBy", "o": "org:Cutler_Investment_Counsel_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cutler_Equity_Fund", "p": "custodian", "o": "org:US_Bank_NA", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cutler_Equity_Fund", "p": "seriesOf", "o": "trust:Cutler_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cutler_Equity_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Cutler_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Cutler Equity Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions LLC <predicate_marker> advisedBy <object_marker> Cutler Investment Counsel LLC <predicate_marker> custodian <object_marker> US Bank NA <predicate_marker> seriesOf <object_marker> Cutler Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions LLC <triple_end>\n<triple_start> Cutler Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors LLC <triple_end>", "target_serialized_plain": "Cutler Equity Fund administrator Ultimus Fund Solutions LLC ; advisedBy Cutler Investment Counsel LLC ; custodian US Bank NA ; seriesOf Cutler Trust ; transferAgent Ultimus Fund Solutions LLC .\nCutler Trust underwrittenBy Ultimus Fund Distributors LLC .", "stats": {"input_chars": 9334, "n_triples": 6, "text_to_json_ratio": 18.4}}
{"sample_id": "0000897419:ALL", "cik": "0000897419", "trust_name": "NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND", "input_text": "s municipal bond closed-end funds have a uniform and up-to-date set of investment\npolicies that reflect the evolution and changes in the municipal bond market that have emerged over the past 20 years. The proposed changes are part of a comprehensive best practices initiative on behalf of the funds that began more than\nthree years ago.\nNuveen s municipal bond closed-end funds have been brought to market at different intervals over the course of more than 20 years, and reflect various policies and\ninvestment capabilities prevalent at the time of their creation. The investment policies of older funds generally do not reflect subsequent developments in the municipal bond market, including new types of securities and investment strategies.\nConsequently, many of Nuveen s more recently offered municipal bond closed-end funds feature investment capabilities not uniformly enjoyed by older municipal bond closed-end funds. The proposal set forth in the Joint Proxy Statement/Prospectus\nis designed to provide those funds with the same portfolio management tools currently available to Nuveen s more recently offered funds.\nQ.\nWhat are the potential benefits of the new fundamental investment policy relating to loans for common shareholders of Premium Income?\nA.\nThe proposed new fundamental investment policy would permit Premium Income to make loans to the extent permitted by the Investment Company Act\nof 1940, as amended (the 1940 Act ). Although the 1940 Act does not expressly limit a fund s ability to make these types of loans, Premium Income currently intends to lend money in the limited circumstances described herein. Among\nother things, this change is intended to provide Premium Income with the flexibility to make loans in circumstances where a municipal issuer is in distress, if Nuveen Fund Advisors, LLC (the Adviser ) and/or Nuveen Asset Management, LLC\n(the Sub-Adviser ) believes that doing so would both:\nfacilitate a timely workout of the issuer s situation in a manner that benefits the Fund; and\nbe or represent the best choice for reducing the likelihood or severity of loss on the Fund s investment.\nA loan to an issuer in distress involves risk. In this circumstance, it is possible that Premium Income could lose its entire investment with an issuer as well as the\namount loaned.\nQ.\nWas there a particular catalyst or portfolio concern prompting the loan policy proposal?\nA.\nThis proposal is part of a broader policy initiative undertaken by Nuveen for the past several years. There are currently no identified credit situations within\nthe complex where the use of this greater loan flexibility is intended or targeted. As stated in the Joint Proxy Statement/Prospectus, this policy change proposal reflects the broader intent to provide Nuveen s municipal closed-end funds,\nincluding Premium Income, the same portfolio management flexibility already available to other funds with similar investment objectives within the Nuveen complex.\nQ.\nDoes the loan policy proposal reflect a growing concern on Nuveen s part over the state of municipal issuers?\nA.\nNuveen s portfolio management and research team is actively engaged in monitoring both macro issues impacting the municipal bond market as well as\nindividual credit holdings held by the various Nuveen funds. The team regularly comments on the strength of the municipal bond market as well as provides in-depth research articles. Providing Premium Income with the option of making loans to help\nfacilitate a timely workout of a distressed issuer s situation merely provides the Fund with an additional tool to help preserve shareholder value, and, importantly,\n...\nunds as of May 31, 2013, adjusted for estimated Reorganization costs, and distributions.\n(3)\nIncludes the impact of estimated total Reorganization costs of $500,000, which will be borne by the common shareholders of the Acquiring Fund, Dividend Advantage and\nAMT-Free in the amounts of $75,000, $115,000 and $310,000, respectively.\n(4)\nAssumes Dividend Advantage makes a net investment income distribution of $6,574. Expenses Associated with the Reorganizations\nIn evaluating the Reorganizations, management of the Funds estimated the amount of expenses the Funds would incur to be approximately\n$500,000, which includes additional stock exchange listing fees, SEC registration fees, legal and accounting fees, proxy solicitation and distribution costs and other related administrative or operational costs. The expenses of the Reorganizations\n(whether or not consummated) will be allocated among the Funds ratably based on the relative expected benefits of the Reorganizations comprised of forecasted cost savings and distribution increases, if any, to each Fund during the first year\nfollowing the Reorganizations. Reorganization expenses have been or will be accrued as expenses of each Fund prior to the Valuation Time. These estimated expenses will be borne by the Acquiring Fund, Dividend Advantage and AMT-Free in the amounts of\n$75,000 (0.10%), $115,000 (0.38%) and $310,000 (0.76%), respectively (all percentages are based on average net assets applicable to common shares for the twelve (12) months ended May 31, 2013). Preferred shareholders of the Funds will not bear any\ncosts of the Reorganizations. Additional solicitation may be made by letter or telephone by officers or employees of Nuveen\nInvestments or the Adviser, or by dealers and their representatives. The Funds have engaged Computershare Fund Services to assist in the solicitation of proxies at an estimated aggregate cost of $10,500 per Fund plus reasonable expenses, which is\nincluded in the foregoing estimate.\n60\nDissenting Shareholders Rights of Appraisal\nUnder the charter documents of each Fund, shareholders of the Fund do not have dissenters rights of appraisal with respect to its\nReorganization(s). Material Federal Income Tax Consequences of the Reorganizations\nAs a condition to each Fund s obligation to consummate the Reorganizations, each Fund will receive a tax opinion from Vedder Price\nP.C. (which opinion will be based on certain factual representations and certain customary assumptions) with respect to its Reorganization(s) substantially to the effect that, on the basis of the existing provisions of the Code, current\nadministrative rules and court decisions, for federal income tax purposes:\n1.\nThe transfer of substantially all of the assets of the Target Fund to the Acquiring Fund in exchange solely for Acquiring Fund shares and the assumption by the\nAcquiring Fund of substantially all of the liabilities of the Target Fund, followed by the distribution to the Target Fund shareholders of all the Acquiring Fund shares received by the Target Fund in complete liquidation of the Target Fund will\nconstitute a reorganization within the meaning of Section 368(a) of the Code, and the Acquiring Fund and the Target Fund will each be a party to a reorganization, within the meaning of Section 368(b) of the Code,\nwith respect to the Reorganization.\n2.\nNo gain or loss will be recognized by the Acquiring Fund upon the receipt of substantially all of the assets of the Target Fund solely in exchange for Acquiring Fund\nshares and the assumption by the Acquiring Fund of substantially all of the liab\n...\nthe\ntrustees of the Acquiring Fund. The holders of the MTP Shares, as a separate class, have voting and consent rights with\nrespect to actions that would materially and adversely affect any preference, right or power of the MTP Shares or the holders of the MTP Shares. The holders of the MTP Shares also are entitled to vote as a class with holders of other preferred\nshares of the Acquiring Fund on matters that relate to the conversion of the Acquiring Fund to an open-end investment company, certain plans of reorganization adversely affecting holders of the preferred shares or any other action requiring a vote\nof security holders of the Acquiring Fund under Section 13(a) of the 1940 Act. In certain circumstances, holders of preferred shares, including the MTP Shares, are entitled to elect additional trustees in the event at least two full years\ndividends are due and unpaid and sufficient cash or specified securities have not been deposited for their payment, or at any time holders of preferred shares are entitled under the 1940 Act to elect a majority of the trustees of the Acquiring Fund.\nPriority of Payment The MTP Shares are senior securities in priority to the Acquiring Fund s common shares as to payments of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the\naffairs of the Acquiring Fund. The MTP Shares have equal priority as to payments of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Acquiring Fund with other preferred shares of the\nAcquiring Fund outstanding, including the MTP Shares to be issued in connection with the Reorganizations.\nCustodian, Transfer Agent, Dividend Disbursing Agent and Redemption Agent\nThe custodian of the assets of the Acquiring Fund is State Street Bank and Trust Company ( State Street ), One Lincoln Street,\nBoston, Massachusetts 02111. The custodian performs custodial, fund accounting and portfolio accounting services. The Acquiring Fund s transfer, shareholder services and dividend disbursing agent and redemption and paying agent is also State\nStreet, 250 Royall Street, Canton, Massachusetts 02021. State Street has subcontracted the transfer agency servicing of the Acquiring Fund to Computershare, Inc. Federal Income Tax Matters Associated with Investment in the Acquiring Fund The following information is meant as a general summary of certain federal income tax matters for U.S. shareholders. Please see the Reorganization SAI for additional information. Investors should rely on\ntheir own tax adviser for advice about the particular federal, state and local tax consequences to them of investing in the Acquiring Fund. The Acquiring Fund has elected to be treated and intends to qualify each year (including the taxable year in which the Reorganizations occur) as a regulated investment company ( RIC ) under\nSubchapter M of the Internal Revenue Code of 1986, as amended (the Code ). In order to qualify as a RIC, the Acquiring Fund must satisfy certain requirements regarding the sources of its income, the diversification of its assets and the\ndistribution of its income. As a RIC, the Acquiring Fund is not expected to be subject to federal income tax on the income and gains it distributes to its shareholders. The Acquiring Fund primarily invests in municipal securities issued by\nMassachusetts, its cities and local authorities. Thus, substantially all of the Acquiring Fund s dividends paid to you should qualify as exempt-interest dividends. A shareholder treats an exempt-interest dividend as interest on\nstate\n1", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:NUVEEN_MASSACHUSETTS_QUALITY_MUNICIPAL_INCOME_FUND", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_MASSACHUSETTS_QUALITY_MUNICIPAL_INCOME_FUND", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_MASSACHUSETTS_QUALITY_MUNICIPAL_INCOME_FUND", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_MASSACHUSETTS_QUALITY_MUNICIPAL_INCOME_FUND", "p": "transferAgent", "o": "org:Computershare_Trust_Company_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}], "target_serialized": "<triple_start> NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> Computershare Trust Company, N.A. <triple_end>", "target_serialized_plain": "NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent Computershare Trust Company, N.A. .", "stats": {"input_chars": 10856, "n_triples": 4, "text_to_json_ratio": 27.8}}
{"sample_id": "0000897421:ALL", "cik": "0000897421", "trust_name": "NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND", "input_text": "vals. There can be no assurance\nthat the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied. The consummation of the\ntransaction will be deemed to be an assignment (as defined in the Investment Company Act of 1940) of the investment management agreements between the Funds and NFAL and the investment sub-advisory agreements between NFAL and each\nFund s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Funds (the Board ) will consider a new investment management agreement with\nNFAL and investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Funds shareholders for approval, and, if so approved by shareholders, will take effect upon consummation\nof the transaction or such later time as shareholder approval is obtained. The transaction is not expected to result in any change in the portfolio\nmanagement of the Funds or in the Funds investment objectives or policies. PLEASE KEEP THIS WITH YOUR\nFUND S PROSPECTUS FOR FUTURE\nREFERENCE TIAA-0414\n\n\f\n\n497\n1\nd498645d497.htm\nNUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND\nNuveen Virginia Premium Income Municipal Fund\n1.7 Million Common\nShares Nuveen Virginia Premium Income\nMunicipal Fund\nNuveen Virginia Premium Income Municipal Fund (the Fund ) is a diversified, closed-end\nmanagement investment company. The Fund s primary investment objective is to provide current income exempt from both regular federal and Virginia income taxes. The Fund s secondary investment objective is to enhance portfolio value\nrelative to the Virginia municipal bond market by investing in tax-exempt Virginia municipal securities that Nuveen Asset Management, LLC ( Nuveen Asset Management ), the Fund s investment\nsub-adviser, believes are underrated or undervalued or that represent municipal market sectors that are undervalued. The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its Managed Assets (as\ndefined below under Portfolio Contents ) in municipal securities and other related investments the income from which is exempt from regular federal and Virginia income taxes. Under normal circumstances, the Fund invests at least 80% of its\nManaged Assets in municipal securities that at the time of investment are rated within the four highest grades by at least one of the nationally recognized statistical rating organizations ( NRSRO ) that rate such security or are unrated\nbut judged to be of comparable quality by Nuveen Asset Management. The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of\ncomparable quality by Nuveen Asset Management. No more than 10% of the Fund s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable\nquality by Nuveen Asset Management. The Fund cannot assure you that it will achieve its investment objectives.\nInvesting in the Fund s common shares involves certain risks that are described in the Risk Factors section of this\nProspectus (the Prospectus ).\nNeither the U.S. Securities and Exchange Commission (the SEC ) nor any state securities commission has approved or disapproved\nof these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nYou should read this Prospec\n...\nnormal\ncircumstances, the Fund invests at least 80% of its Managed Assets in municipal securities that at the time of investment are investment grade quality. Also as a non-fundamental policy, the Fund may invest up\nto 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by Nuveen Asset Management. Additionally, as a\nnon-fundamental policy, no more than 10% of the Fund s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be\nof comparable quality by Nuveen Asset Management. Municipal securities of below investment grade quality are regarded as having predominately speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly\nreferred to as junk bonds. The Fund may invest up to approximately 15% of its Managed Assets in inverse floating rate securities. The Fund currently employs financial leverage primarily through its outstanding variable rate demand preferred shares\n(referred to herein as VRDP Shares ). Managed Assets means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total\nassets for this purpose shall include assets attributable to the Fund s use of effective leverage (whether or not those assets are reflected in the Fund s financial statements for purposes of generally accepted accounting principles), such\nas, but not limited to, the portion of assets in special purpose trusts of which the Fund owns the inverse floater certificates that has been effectively financed by the trust s issuance of floating rate certificates.\nAdviser and\nSub-Adviser. Nuveen Fund Advisors, LLC, the Fund s investment adviser, is responsible for determining the Fund s overall investment strategies and their implementation.\nNuveen Asset Management, LLC is the Fund s investment sub-adviser and oversees the day-to-day investment operations of the\nFund. The minimum price on any day at which\ncommon shares may be sold will not be less than the current net asset value per share plus the per share amount of the commission to be paid to the Fund s distributor, Nuveen Securities, LLC ( Nuveen Securities ). The Fund and Nuveen\nSecurities will suspend the sale of common shares if the per share price of the shares is less than the minimum price. The Fund currently intends to distribute the shares offered pursuant to this Prospectus primarily through at-the-market transactions, although from time to time it may also distribute shares through an underwriting syndicate or a privately negotiated transaction. To the extent\nshares are distributed other than through at-the-market transactions, the Fund will file a supplement to this Prospectus describing such transactions. For information on\nhow common shares may be sold, see the Plan of Distribution section of this Prospectus. Common Shares are listed on the New York Stock Exchange (the NYSE ). The trading or ticker symbol of the Fund is NPV. The Fund s closing price on the NYSE on\nSeptember 11, 2013 was $12.11.\nThe date of this Prospectus is October 7, 2013\nTABLE OF CONTENTS\nProspectus Summary\n4\nSummary of Fund Expenses\n21\nFinancial Highlights\n23\nTrading and Net Asset Value Information\n26\nThe Fund\n26\nUse of Proceeds\n27\nThe Fund s Investments\n27\nUse of Leverage\n39\nRisk Factors\n43\nManagement of the Fund\n54\nNet Asset Value\n57\nDistributions\n57\nDividend Reinvestment Plan\n58\nPlan of Distribution\n59\nDescription of Shares\n61\nCertain Provisions in the Declaration of Trust\n63\nRepurchase of Fund Shares; Conversion to Open-End\nFund\n64\nTax Matters\n65\nCustodian and Transfer Agent\n67\nIndependent Registered Public Accounting Firm\n67\nLegal Opinion\n67\nAvailable Information\n68\nAppendix A: Factors Affecting Municipal Securities in Virginia\n69\nStatement of Additional Information Table of Contents\n74\nYou should rely only on the information contained or incorporated by reference into this Prospectus. The Fu\n...\nility to maintain a level Common Share dividend rate will depend on a number of factors, including dividends payable on VRDP Shares. As portfolio and market conditions change, the rate of dividends on the Common Shares and the\nFund s dividend policy could change. For each year, the Fund will distribute all or substantially all of its net investment income (after it pays accrued dividends in VRDP Shares). In addition, the Fund intends to distribute, at least annually,\nall or substantially all of its net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and taxable ordinary income, if any, to Common Shareholders so long as the net capital gain and taxable ordinary\nincome are not necessary to pay accrued dividends on, or redeem or liquidate, any preferred shares, including VRDP Shares, then outstanding or pay any interest and required principal payments on borrowings. While not currently anticipated, if the\nFund makes total distributions during a given calendar year in an amount that exceeds the Fund s net investment income and net capital gain for that calendar year, the excess would generally be treated by Common Shareholders as a return of\ncapital for tax purposes. A return of capital reduces a shareholder s tax basis, which could result in higher taxes when the shareholder sells his or her shares. This may cause the shareholder to pay taxes even if he or she sells shares for\nless than the original price. You may elect to reinvest automatically some or all of your distributions in additional Common Shares under the Fund s Dividend Reinvestment Plan.\n19\nThe Fund reserves the right to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time.\nCustodian and Transfer Agent\nState Street Bank and Trust Company serves as custodian and transfer agent of the Fund s assets. See Custodian and Transfer Agent.\nSpecial Tax Considerations\nThe Fund has not established any limit on the percentage of its portfolio that may be invested in municipal bonds subject to the alternative minimum tax provisions of federal tax law, and the\nFund expects that a substantial portion of the income it produces will be includable in alternative minimum taxable income. If you are, or as a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund\nmay not be a suitable investment for you. In addition, distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as\nqualified dividend income ), and capital gain dividends will be taxable as long-term capital gains. See Tax Matters.\nVoting Rights\nThe holders of the Fund s VRDP Shares, voting as a separate class, would have the right to elect at least two Trustees at all times and to elect a majority of the Trustees in the event two\nfull years dividends on the preferred shares, including VRDP Shares, are unpaid. In each case, the remaining Trustees will be elected by holders of shares of Common Shares and preferred shares, including VRDP Shares, voting together as a\nsingle class. The holders of preferred shares, including VRDP Shares, will vote as a separate class or classes on certain other matters as required under the Declaration, the Investment Company Act of 1940, as amended (the 1940 Act ) and\nMassachussetts law. See Description of Shares Preferred Shares Voting Rights and Certain Provisions in the Declaration of Trust.\n20\nSUMMARY OF FUND EXPENSES\nThe table show\n...\nhares in\nexchange for the net assets of Dividend Advantage 2. These numbers are based on the net asset value of the Acquiring Fund and Acquired Funds as of May 31, 2011, adjusted for estimated Reorganization costs and distributions, if any.\n(3)\nIncludes the impact of estimated total Reorganization costs of $555,000, which will be borne by the shareholders of the Acquiring Fund, Dividend Advantage and Dividend\nAdvantage 2 in the amounts of $335,000, $180,000, and $40,000, respectively.\n(4)\nFigures assume Dividend Advantage and Dividend Advantage 2 make undistributed net investment income distributions of $475,595 and $729,886, respectively.\nExpenses Associated with the Reorganizations\nIn evaluating the Reorganizations, management of the Funds estimated the amount of expenses the Funds would incur to be approximately\n$555,000, which includes additional stock exchange listing fees, SEC registration fees, legal and accounting fees, proxy solicitation and distribution costs. The expenses of the Reorganizations (whether or not the Reorganizations are consummated)\nwill be allocated among the Funds ratably based on the projected relative benefits of the Reorganizations comprised of forecasted cost savings and distribution increases, if any, to each Fund during the first\n25\nyear following the Reorganizations and paid out of such Fund s net assets. These estimated expenses will be borne by the Acquiring Fund, Dividend Advantage and Dividend Advantage 2 in the\namounts of $335,000, $180,000, and $40,000, respectively. Preferred shareholders are not expected to bear any costs of the Reorganizations. Additional solicitation may be made by letter or telephone by officers or employees of Nuveen Investments or the Adviser, or by dealers and their representatives. The Funds have engaged Computershare Fund\nServices to assist in the solicitation of proxies at an estimated cost of $10,500 per Fund plus reasonable expenses, which is included in the estimate above. Reorganization expenses have been or will be expensed prior to the Closing Date. Management of the Funds expects that reduced operating expenses due to economies of scale should allow the recovery of the\nprojected costs of each Reorganization within approximately thirteen months after the Closing Date with respect to each Fund. In addition, management of the Funds expects that additional benefits to common shareholders may arise as a result of the\nReorganizations by virtue of changes in the embedded yield, increased flexibility in managing leverage costs and potential distribution increases. Dissenting Shareholders Rights of Appraisal Under the Funds charter documents, shareholders of the Acquired Funds and Acquiring Fund do not have dissenters rights of appraisal with respect to the Reorganizations.\nMaterial Federal Income Tax Consequences of the Reorganizations\nAs a condition to each Fund s obligation to consummate the Reorganizations, each Fund will receive a tax opinion from Vedder Price\nP.C. (which opinion will be based on certain factual representations and certain customary assumptions) with respect to its Reorganization substantially to the effect that, on the basis of the existing provisions of the Code, current administrative\nrules and court decisions, for federal income tax purposes:\n1.\nThe transfer of substantially all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for Acquiring Fund shares and the assumption by the\nAcquiring Fund of substantially all of the liabilities of the Acquired Fund, followed by the distribution to the Acquired Fund shareholders of", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:NUVEEN_VIRGINIA_QUALITY_MUNICIPAL_INCOME_FUND", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_VIRGINIA_QUALITY_MUNICIPAL_INCOME_FUND", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_VIRGINIA_QUALITY_MUNICIPAL_INCOME_FUND", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_VIRGINIA_QUALITY_MUNICIPAL_INCOME_FUND", "p": "transferAgent", "o": "org:Computershare_Trust_Company_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:NUVEEN_VIRGINIA_QUALITY_MUNICIPAL_INCOME_FUND", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> Computershare Trust Company, N.A. <triple_end>\n<triple_start> NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND <predicate_marker> underwrittenBy <object_marker> Nuveen Securities, LLC <triple_end>", "target_serialized_plain": "NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent Computershare Trust Company, N.A. .\nNUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 14906, "n_triples": 5, "text_to_json_ratio": 28.0}}
{"sample_id": "0000899774:ALL", "cik": "0000899774", "trust_name": "AB MUNICIPAL INCOME FUND II", "input_text": "You may obtain updated performance information on the Portfolio s website at www.abfunds.com (click on Investments Mutual Funds ).\nThe Portfolio s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.\nBar Chart\nThe annual returns in the bar chart are for the Portfolio s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through June 30, 2025, the year-to-date unannualized return for Class A shares was 0.50%.\nDuring the period shown in the bar chart, the Portfolio s:\nBest Quarter was up 6.98%, 4th quarter, 2023; and Worst Quarter was down -5.86%, 1st quarter, 2022.\nPerformance Table\nAverage Annual Total Returns\n(For the periods ended December 31, 2024)\n1 Year\n5 Years\n10 Years\nClass A*\nReturn Before Taxes\n-0.76%\n0.38%\n1.78%\nReturn After Taxes on Distributions\n-0.80%\n0.34%\n1.76%\nReturn After Taxes on Distributions and Sale of Portfolio Shares\n0.79%\n0.85%\n1.98%\nClass C\nReturn Before Taxes\n0.45%\n0.21%\n1.32%\nAdvisor Class\nReturn Before Taxes\n2.56%\n1.24%\n2.35%\nBloomberg Municipal Bond Index\n(reflects no deduction for fees, expenses or taxes)\n1.05%\n0.99%\n2.25%\n*\nAfter-tax Returns:\nAre shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;\nAre an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor s tax situation and are likely to differ from those shown; and\nAre not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.\nINVESTMENT ADVISER:\nAllianceBernstein L.P. is the investment adviser for the Portfolio.\n7\nPORTFOLIO MANAGERS:\nThe following table lists the persons responsible for day-to-day management of the Portfolio s portfolio:\nEmployee\nLength of Service\nTitle\nDaryl Clements\nSince 2022\nSenior Vice President of the Adviser\nMatthew J. Norton\nSince 2016\nSenior Vice President of the Adviser\nAndrew D. Potter\nSince 2018\nSenior Vice President of the Adviser\nADDITIONAL INFORMATION\nFor important information about the purchase and sale of Portfolio shares, tax information and financial intermediary compensation, please turn to Additional Information About Purchase and Sale of Portfolio Shares, Taxes and Financial Intermediaries, page 34 in this Prospectus.\n8\nAB High Income Municipal Portfolio\nINVESTMENT OBJECTIVE:\nThe investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available consistent with what the Adviser considers to be an appropriate level of risk.\nFEES AND EXPENSES OF THE PORTFOLIO:\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios Sales Charge Reduction Programs for Class A Shares on page 47 of this Prospectus, in Appendix B Financial Intermediary Waivers of this Prospectus and in Purchase of Shares\n...\nugh this Prospectus.\nEach share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses. For additional information on the differences between the different classes of shares and factors to consider when choosing among them, please see The Different Share Class Expenses and Choosing a Share Class below. Only Class A shares offer Quantity Discounts on sales charges, as described below.\nTo effect an order for the purchase, exchange or redemption of a Portfolio s shares, the Portfolio must receive the order in proper form. Proper form generally means that your instructions:\nAre signed and dated by the person(s) authorized in accordance with the Portfolio s policies and procedures to access the account and request transactions;\nInclude the fund and account number; and\nInclude the amount of the transaction (stated in dollars, shares, or percentage).\nWritten instructions also must include:\nMedallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)\nAny supporting documentation that may be required.\nThe Portfolios reserve the right, without notice, to revise the requirements for proper form.\nHOW TO BUY SHARES\nThe purchase of a Portfolio s shares is priced at the next-determined NAV after your order is received in proper form by ABIS.\nClass A and Class C Shares Shares Available to Retail Investors\nYou may purchase a Portfolio s Class A or Class C shares through financial intermediaries, such as broker-dealers or banks. You also may purchase shares directly from the Portfolios principal underwriter, AllianceBernstein Investments, Inc., or ABI, if you are (i) an initial investor and the Portfolio has received and accepted a completed Mutual Fund Application identifying a financial intermediary with which ABI has an agreement; (ii) an existing Portfolio shareholder with an account held directly with a Portfolio; or (iii) an employee of the Adviser or any of its affiliates. These purchases may be subject to an initial sales charge, an asset-based sales charge or CDSC, as described below.\nPurchase Minimums and Maximums\nMinimums:*\nInitial:\n$\n2,500\nSubsequent:\n$\n50\n*\nPurchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee based program or Mutual Fund Only brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or network level account arrangements with the Portfolio.\nMaximums:\nClass A shares\nNone\nClass C shares\n$\n500,000\nClass Z Shares Shares Available to Persons Participating in Certain Fee Based Programs\nClass Z shares are available to persons in certain fee based programs sponsored and maintained by registered broker-dealers or other financial intermediaries with omnibus account arrangements with the Portfolio. Only the AB High Income Municipal Portfolio offers Class Z shares.\nOther Purchase Information\nYour broker or financial intermediary must receive your purchase request by the Portfolio Closing Time, which is the close of regular trading on any day the Exchange is open (ordinarily 4:00 p.m., Eastern time, but sometimes earlier, as in the case of scheduled half day trading or unscheduled suspensions of\n...\n) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR SEPs or Keogh plans.\nGifts of shares will not be considered when determining breakpoint discounts.\nB-10\nFor more information about the Portfolios, the following documents are available upon request:\nANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N CSR FILINGS\nThe Portfolios annual and semi-annual reports to shareholders and filings on Form N CSR contain additional information on the Portfolios investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Portfolio s performance during its last fiscal year. In the Portfolios filings on Form N CSR, you will find the Portfolios annual and semi-annual financial statements.\nSTATEMENT OF ADDITIONAL INFORMATION (SAI)\nThe Portfolios have an SAI, which contains more detailed information about each Portfolio, including its operations and investment policies. The Portfolios SAI and independent registered public accounting firm s report and financial statements in each Portfolio s Form N CSR for its most recent fiscal year are incorporated by reference into (and are legally part of) this Prospectus.\nYou may request a free copy of the current annual/semi-annual report, the SAI or other information such as Portfolio financial statements, or make inquiries concerning the Portfolios by contacting your broker or other financial intermediary, or by contacting the Adviser:\nBy Mail:\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003\nSan Antonio, TX 78278-6003\nBy Phone:\nFor Information: (800) 221 5672\nFor Literature: (800) 227 4618\nOn the Internet:\nwww.abfunds.com\nYou may also view reports and other information about the Portfolios, including the SAI, by visiting the EDGAR database on the Securities and Exchange Commission s website ( https://www.sec.gov/ ). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e mail address: publicinfo@sec.gov.\nYou also may find more information about the Adviser and other AB Mutual Funds on the Internet at: www.abfunds.com .\nThe [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.\nFund\nSEC File No.\nAB Municipal Income Fund, Inc.\n811 04791\nAB Municipal Income Fund II\n811 07618\nPRO-0116-0925\nAB Municipal Income Portfolios\n(Shares\nOffered Exchange Ticker Symbol)\nAB\nNational Portfolio\n(Class\nA ALTHX; Class C ALNCX; Advisor Class ALTVX)\nAB\nHigh Income Municipal Portfolio\n(Class\nA ABTHX; Class C ABTFX; Advisor Class ABTYX; Class Z ABTZX)\nAB\nCalifornia Portfolio\n(Class\nA ALCAX; Class C ACACX; Advisor Class ALCVX)\nAB\nMassachusetts Portfolio\n(Class\nA AMAAX; Class C AMACX; Advisor Class AMAYX)\nAB\nNew York Portfolio\n(Class\nA ALNYX; Class C ANYCX; Advisor Class ALNVX)\nAB\nVirginia Portfolio\n(Class\nA AVAAX; Class C AVACX; Advisor Class AVAYX)\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003, San Antonio, Texas 78278-6003\nToll Free: (800) 221-5672\nFor Literature: Toll Free (800) 227-4618\nSTATEMENT\nOF ADDITIONAL INFORMATION September 30, 2025\nThis\nStatement of Additional Information ( SAI ) is not a prospectus but supplements and should be read in conjunction with the\ncurrent prospectus, dated September 30, 2025, for the AB National Portfolio ( National Portfolio ), AB High Income Municipal\nPortfolio ( High Income Portfolio ), AB California Portfolio ( California Portfolio ) and AB New York Portfolio\n( New York Portfolio , and together with the National, High Income and California Portfolios, the Fund Portfolios )\nof AB Municipal Income Fund, Inc. (the Fund ) that offers the Class A, Class C, Advisor Class and Class Z (only for the High\nIncome Portfolio) shares of the Fund Portfolios, and for the AB Massachusetts Portfolio ( Massachusetts Portfolio ) and AB\nVirginia Portfolio ( Virginia Portfolio , and together with the Massachusetts Portfolio, the Fund II Portfolios )\nof AB Municipal Income Fund II (the Fund II ) that offers the Class A, Class C and Advisor Class shares of the Fund II Portfolios\n(the Fund\n...\nrill Lynch, Pierce, Fenner Smith Incorporated making available shares of the Registrant effective April\n30, 2009 - Incorporated by reference to Exhibit (e)(8) to Post-Effective Amendment No. 39 of the Registration Statement on Form N-1A of\nAllianceBernstein Large Cap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with the Securities and Exchange Commission on\nOctober 15, 2009.\n(4)\nLoad Fund Operating Agreement between\nAllianceBernstein Investments, Inc. and Charles Schwab Co., Inc. making available shares of the Registrant, dated as of June 1,\n2007 - Incorporated by reference to Exhibit (e)(9) to Post-Effective Amendment No. 39 of the Registration Statement on Form N-1A of AllianceBernstein\nLarge Cap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with the Securities and Exchange Commission on October 15, 2009.\n(5)\nCooperation Agreement between AllianceBernstein\nInvestments, Inc. (formerly known as AllianceBernstein Research and Management, Inc.) and UBS AG, dated November 1, 2005 - Incorporated\nby reference to Exhibit (e)(10) to Post-Effective Amendment No. 39 of the Registration Statement on Form N-1A of AllianceBernstein Large\nCap Growth Fund, Inc. (File Nos. 33-49530 and 811-06730), filed with the Securities and Exchange Commission on October 15, 2009.\nC- 2\n(6)\nForm of Selected Agreement for Broker-Dealers\nbetween AllianceBernstein Investments, Inc. and selected dealers offering shares of the Registrant - Incorporated by reference to Exhibit\n(e)(10) to Post-Effective Amendment No. 166 of the Registration Statement on Form N-1A of AB Discovery Growth Fund, Inc. (File Nos. 2-10768\nand 811-00204), filed with the Securities and Exchange Commission on October 29, 2019.\n(f)\nNot applicable.\n(g)\nMaster Custodian Agreement between the\nRegistrant and State Street Bank and Trust Company, effective August 3, 2009 - Incorporated by reference to Exhibit (g) to Post-Effective\nAmendment No. 51 of the Registration Statement on Form N-1A of AllianceBernstein Variable Products Series Fund, Inc. (File Nos. 33-18647\nand 811-05398), filed with the Securities and Exchange Commission on April 29, 2010.\n(h)\n(1)\nTransfer Agency Agreement between Registrant and AllianceBernstein\nInvestor Services, Inc. (formerly Alliance Fund Services, Inc) - Incorporated by reference to Exhibit 9 to Post-Effective Amendment No.\n10 to Registrant's Registration Statement on Form N-1A (File Nos. 33-60560 and 811-07618), filed with the Securities and Exchange Commission\non January 30, 1998.\n(2)\nAmendment to Transfer Agency Agreement\nbetween Registrant and AllianceBernstein Investor Services, Inc. (formerly known as Alliance Fund Services, Inc.) Incorporated\nby reference to Exhibit (h)(2) to Post-Effective Amendment No. 42 to Registrant s Registration Statement on Form N-1A (File Nos.\n33-60560 and 811-07618), filed with the Securities and Exchange Commission on September 28, 2016.\n(3)\nExpense Limitation Undertaking by AllianceBernstein\nL.P., with respect to AB Municipal Income Fund II. - AB Massachusetts Portfolio, dated August 2, 2018 Incorporated by reference\nto Exhibit (h)(5) to Post-Effective Amendment No. 46 to Registrant's Registration Statement on Form N-1A (File Nos. 33-60560 and 811-07618),\nfiled with the Securities and Exchange Commission on September 28, 2018.\n(4)\nExpense Limitation Undertaking by AllianceBernstein\nL.P., with respect to AB Municipal Income Fund II. - AB Minnesota Portfolio, dated August 2, 2018 Incorporated by reference to\nExhibit (h)(6) to Post-Effective Amendment No. 46 to Registrant's Registration Statement on Form N-1A (F", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AB_Massachusetts_Portfolio", "p": "advisedBy", "o": "org:AllianceBernstein_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Massachusetts_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Massachusetts_Portfolio", "p": "seriesOf", "o": "trust:AB_MUNICIPAL_INCOME_FUND_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Massachusetts_Portfolio", "p": "transferAgent", "o": "org:AllianceBernstein_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AB_Virginia_Portfolio", "p": "advisedBy", "o": "org:AllianceBernstein_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Virginia_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Virginia_Portfolio", "p": "seriesOf", "o": "trust:AB_MUNICIPAL_INCOME_FUND_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_Virginia_Portfolio", "p": "transferAgent", "o": "org:AllianceBernstein_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:AB_MUNICIPAL_INCOME_FUND_II", "p": "underwrittenBy", "o": "org:AllianceBernstein_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AB Massachusetts Portfolio <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB MUNICIPAL INCOME FUND II <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB Virginia Portfolio <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AB MUNICIPAL INCOME FUND II <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB MUNICIPAL INCOME FUND II <predicate_marker> underwrittenBy <object_marker> AllianceBernstein Investments, Inc. <triple_end>", "target_serialized_plain": "AB Massachusetts Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND II ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB Virginia Portfolio advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB MUNICIPAL INCOME FUND II ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB MUNICIPAL INCOME FUND II underwrittenBy AllianceBernstein Investments, Inc. .", "stats": {"input_chars": 15275, "n_triples": 9, "text_to_json_ratio": 17.6}}
{"sample_id": "0000899782:ALL", "cik": "0000899782", "trust_name": "NUVEEN MISSOURI QUALITY MUNICIPAL INCOME FUND", "input_text": "l income tax rates in effect at the time of such payment) to the amount of the distribution if it\n(continued from previous page)\nhad been entirely comprised of dividends exempt from\nregular federal income tax. Investors should consult with their own tax advisors before making an investment in the MTP Shares. See Tax Matters and Description of MTP Shares Dividends and Dividend Periods Distribution\nwith respect to Taxable Allocations.\nPriority of Payment. MTP Shares will be senior securities that represent stock of the Fund\nand are senior, with priority in all respects, to the Fund s common shares as to payments of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. MTP Shares will have equal priority\nas to payments of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund with other preferred shares currently outstanding. The Fund may issue additional preferred shares on parity with MTP\nShares, subject to certain limitations. The Fund may not issue additional classes of shares that are senior to MTP Shares and other outstanding preferred shares of the Fund as to payments of dividends or as to distribution of assets upon\ndissolution, liquidation or winding up of the affairs of the Fund. See Description of MTP Shares. The Fund, as a fundamental policy, may not issue debt securities that rank senior to MTP Shares. In addition, as a fundamental policy, the\nFund may not borrow money, except from banks for temporary or emergency purposes, or for repurchase of its shares, subject to certain restrictions. See Investment Restrictions in the Statement of Additional Information.\nRedemption and Paying\nAgent. The redemption and paying agent for MTP Shares will be State Street Bank and Trust Company, Canton, Massachusetts.\nAdviser. Nuveen Asset Management, the Fund s investment adviser, is responsible for\ndetermining the Fund s overall investment strategies and their implementation.\nYou should read this prospectus, which contains important\ninformation about the Fund, before deciding whether to invest in MTP Shares and retain it for future reference. A Statement of Additional Information, dated November 4, 2010, and as it may be supplemented, containing additional information about the\nFund has been filed with the Securities and Exchange Commission and is incorporated by reference in its entirety into this prospectus. You may request a free copy of the Statement of Additional Information, the table of contents of which is on page\n70 of this prospectus, annual and semi-annual reports to shareholders, when available, and other information about the Fund, and make shareholder inquiries by calling (800) 257-8787 or by writing to the Fund, or from the Fund s website\n(http://www.nuveen.com). The information contained in, or that can be accessed through, the Fund s website is not part of this prospectus. You also may obtain a copy of the Statement of Additional Information (and other information regarding\nthe Fund) from the Securities and Exchange Commission s website (http://www.sec.gov).\nMTP Shares do not represent a deposit or\nobligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.\nTABLE OF CONTENTS\nPage\nProspectus Summary\n1\nFinancial Highlights\n17\nThe Fund\n20\nUse of Proceeds\n20\nCapitalization\n21\nDescription of MTP Shares\n23\nThe Fund s Investments\n38\nPortf\n...\nnary action. Nuveen Investments, LLC has made such a submission responding to the potential allegations and asserting its\ndefenses. Nuveen Investments, LLC anticipates continuing to discuss these matters with the FINRA staff. Upon the successful completion of this offering, these outstanding MuniPreferred shares may be redeemed or purchased by the Fund with the net\nproceeds of the offering as set forth in Use of Proceeds. Although such a redemption or purchase would be done in accordance with the 1940 Act in a manner that did not favor these underwriters, affiliates or customers, the underwriters\nor their affiliates may nonetheless be deemed to obtain a material benefit from the offering of the MTP Shares due to such redemption or purchase including, for certain of the underwriters and their affiliates, potentially substantial financial\nrelief and/or relief related to legal and regulatory matters associated with currently illiquid MuniPreferred shares.\nThe Fund, Nuveen Asset Management and the underwriters have agreed to indemnify each other against certain liabilities, including\nliabilities under the Securities Act of 1933. The\naddress of Morgan Stanley Co. Incorporated is 1585 Broadway, New York, New York 10036. CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND REDEMPTION AND PAYING AGENT\nThe custodian of the assets of the Fund is State Street Bank\nand Trust Company ( State Street ), One Lincoln Street, Boston, Massachusetts 02111. The custodian performs custodial, fund accounting and portfolio accounting services. The Fund s transfer, shareholder services and dividend\ndisbursing agent and redemption and paying agent is also State Street, 250 Royall Street, Canton, Massachusetts 02021. State Street has subcontracted the transfer agency servicing of the Fund to Computershare, Inc.\nLEGAL OPINIONS\nCertain legal matters in connection with MTP Shares will be\npassed upon for the Fund by K L Gates LLP, Washington, DC, and for the Underwriters by Simpson Thacher Bartlett LLP, New York, New York. K L Gates LLP and Simpson Thacher Bartlett LLP may rely as to certain matters of\nMassachusetts law on the opinion of Bingham McCutchen LLP, Boston, Massachusetts. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nThe financial statements of the Fund appearing in the Fund s Annual Report for the year ended May 31, 2010 are incorporated by\nreference into the Statement of Additional Information. The financial statements have been audited by Ernst Young LLP, an independent registered public accounting firm, as set forth in their report thereon and incorporated herein by\nreference. Such financial statements are incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. Ernst Young LLP provides auditing services to the Fund. The\nprincipal business address of Ernst Young LLP is 155 North Wacker Drive, Chicago, Illinois 60606.\n68\nMISCELLANEOUS\nTo the extent that a holder of MTP Shares is directly or indirectly a beneficial owner of more than 10% of any class of the Fund s\noutstanding shares (meaning for purposes of holders of MTP Shares, more than 10% of the Fund s outstanding Preferred Stock), such a 10% beneficial owner would be subject to the short-swing profit rules that are imposed pursuant to\nSection 16 of the Securities Exchange Act of 1934, as amended (the Exchange Act ) (and related reporting requirements). These rules generally provide that such a 10% beneficial owner may have to disgorge any profits made on purchases\nand sales, or sales and purchases, of the Fund s Preferre\n...\nName, Business Address and Birthdate\nPosition(s) Held with Fund\nTerm of Office and Length of Time Served\nwith Fund\nPrincipal Occupation(s) During Past Five Years\nNumber of Portfolios in Fund Complex Overseen by Trustee\nOther Directorships Held by Trustee\nTerence J. Toth*\n333 West Wacker Drive\nChicago, IL 60606\n(9/29/59)\nTrustee\nTerm Class II Length of service Since 2008\nDirector, Legal General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global\nInvestments (2004-2007); Executive Vice President, Quantitative Management Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004) Chicago Fellowship\nBoard (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board\n(2004-2007); Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).\n205\nSee Principal Occupation description\n20\nName, Business Address and Birthdate\nPosition(s) Held with Fund\nTerm of Office and Length of Time Served\nwith Fund\nPrincipal Occupation(s) During Past Five Years\nNumber of Portfolios in Fund Complex Overseen by Trustee\nOther Directorships Held by Trustee\nInterested Trustee :\nJohn P. Amboian**\n333 West Wacker Drive\nChicago, IL 60606\n(6/14/61)\nTrustee\nTerm Class II Length of service Since 2008\nChief Executive Officer (since 2007), Director (since 1999) and Chairman (since 2007) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management\nand Nuveen Investments Advisors, Inc.\n205\nSee Principal Occupation description\n*\nAlso serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate\nof Nuveen Asset Management.\n**\nMr. Amboian is an interested person of the Fund, as defined in the 1940 Act, by reason of his positions with Nuveen Investments, Inc. ( Nuveen\nInvestments ) and certain of its subsidiaries.\n21\nName, Business Address and Birthdate\nPosition(s) Held with Fund\nTerm of Office and\nLength of Time Served with Fund\nPrincipal Occupation(s) During Past Five Years\nNumber of Portfolios in Fund Complex Overseen by Officer\nOfficers of the Fund:\nGifford R. Zimmerman\n333 West Wacker Drive\nChicago, IL 60606\n(9/9/56)\nChief Administrative Officer\nTerm Until August 2011\nLength of Service Since 1988\nManaging Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002) and Associate General Counsel and\nAssistant Secretary of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Vice President\nand Assistant Secretary of NWQ Investment Management Company, LLC (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of Tradewinds\nGlobal Investors, LLC and Santa Barbara Asset Management, LLC (since 2006), and Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Chief Administrative Officer and\nChief Compliance Offi", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:NUVEEN_MISSOURI_QUALITY_MUNICIPAL_INCOME_FUND", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:NUVEEN_MISSOURI_QUALITY_MUNICIPAL_INCOME_FUND", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NUVEEN_MISSOURI_QUALITY_MUNICIPAL_INCOME_FUND", "p": "transferAgent", "o": "org:Computershare_Trust_Company_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}], "target_serialized": "<triple_start> NUVEEN MISSOURI QUALITY MUNICIPAL INCOME FUND <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> Computershare Trust Company, N.A. <triple_end>", "target_serialized_plain": "NUVEEN MISSOURI QUALITY MUNICIPAL INCOME FUND advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; transferAgent Computershare Trust Company, N.A. .", "stats": {"input_chars": 10808, "n_triples": 3, "text_to_json_ratio": 35.1}}
{"sample_id": "0000908695:ALL", "cik": "0000908695", "trust_name": "Victory Portfolios III", "input_text": "arge (Load)\n(as a percentage of the lower of purchase or sale price)\nNone\nNone\nNone 1\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\n&#x2003;\nManagement Fees 2\n0.78%\n0.78%\n0.78%\nDistribution and/or Service (12b-1) Fees\n0.00%\n0.00%\n0.25%\nOther Expenses\n0.29%\n0.66%\n0.74%\nTotal Annual Fund Operating Expenses\n1.07%\n1.44%\n1.77%\nFee Waiver/Expense Reimbursement 3\n0.00%\n(0.41)%\n(0.39)%\nTotal Annual Fund Operating Expenses After Fee Waiver and/or\nExpense Reimbursement 3\n1.07%\n1.03%\n1.38%\n1\nA contingent deferred sales charge of 0.75% may be imposed on Class A shares with\nrespect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section\ntitled Choosing a Share Class.\n2\nThe management fee is comprised of a base fee (which is equal to an annualized rate\nof 0.75% of the Fund's average daily net assets) and a performance adjustment. The performance adjustment is calculated separately\nfor each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of\nthe respective share classes relative to the Lipper Global Funds Index. Assets and performance are each measured over a rolling\n36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point)\nof average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee\nmay differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting\nperiod and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.\n3\nVictory Capital Management Inc. (the &#x201c;Adviser&#x201d;) has contractually agreed to waive\nits management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as\nperformance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses,\nand other extraordinary expenses) do not exceed an annual rate of 1.09%, 1.00%, and 1.35% of the Fund Shares, Institutional\nShares, and Class A, respectively, through at least June 30, 2027 . The Adviser is permitted to recoup management fees waived and expenses reimbursed\nfor up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating\nexpense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect\nto the recoupment amount. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard\nto the impact of any performance adjustment to the Fund&#x2019;s management fee. This agreement may only be terminated by\nthe Fund&#x2019;s Board of Trustees.\n1\nVictory World Equity Fund Summary\nExample:\nThis Example is intended to help you compare the cost of investing in the Fund with\nthe cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the\nFund for the time periods indicated and then sell or continue to hold all of your shares at the\nend of those periods. The Example also assumes that your investment has a 5% return each year and that the\nFund&#x2019;s operating expenses remain the same. The amounts shown reflect any fee waiver/expense\nreimbursement in place through its expiration date. Although your actual costs may\nbe higher or lower, based on\n...\nng dividends),\nup to an annual amount of 12% of the account value on a per fund basis, at the time the\nwithdrawal plan is established; or\n&#x25fc;\nParticipant-initiated distributions from employee benefit plans or participant-initiated\nexchanges among investment choices in employee benefit plans.\nEligibility Requirements to Purchase Class R6 Shares\nClass R6 shares may only be purchased by or through:\n&#x25fc;\nEndowments and foundations;\n&#x25fc;\nRetirement plans, including Section 401 and Section 457 plans, Section 403 plans sponsored\nby a Section 501(c)(3) organization, employer sponsored benefit plans (including health\nsavings accounts) and certain non-qualified deferred compensation arrangements that operate\nin a similar manner to qualified plans;\n&#x25fc;\nAdvisory Programs with an approved financial intermediary in which the financial intermediary\ntypically charges the investor a fee based upon the value of the account; or\n&#x25fc;\nRegistered investment companies.\nSuch investments may be subject to additional rules or requirements of the applicable\nAdvisory Program.\nThe Class R6 shares are not available to retail accounts, traditional or Roth IRAs,\nSEPs, SARSEPs, SIMPLE IRAs, or 529 Education Savings Plans.\n25\nInvesting with the Victory Funds\nEligibility of Individuals Associated with the Funds and Fund Service Providers\nCurrent and retired trustees of Victory-advised funds and the officers, directors,\ntrustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible\nto purchase the lowest expense share class offered by the Fund. In the case of Class A shares, such\npurchases are not subject to a front-end sales charge. &#x201c;Affiliated Providers&#x201d; are affiliates of the\nAdviser and organizations that provide services to Victory Portfolios III (the &#x201c;Trust&#x201d;). &#x2003;\nThe Fund reserves the right to change the criteria for eligible investors\nand the investment minimums.\nAdditional Information Regarding Financial Intermediaries\nYour ability to purchase, exchange, redeem, and transfer shares will be affected by\nthe policies of the financial intermediary through which you do business. Some policy differences may\ninclude: minimum investment requirements, exchange policies, fund choices, cutoff time for investments,\nand trading restrictions.\nIn addition, your financial intermediary may charge a transaction or other fee for\nthe purchase or sale of shares of the Fund. Those charges are retained by the financial intermediary and\nare not shared with us. Please contact your financial intermediary or plan sponsor for a complete\ndescription of its policies.\nCopies of the Fund's annual report, semi annual report, and SAI are available from\nyour financial intermediary or plan sponsor.\n26\nHow to Buy Shares\nOpening an Account With the Funds\nYou may purchase shares directly from the Fund or through certain investment professionals\n(e.g., financial intermediaries) as described below. If you already have an account with\nus, you will not need to fill out another application to invest in another fund, including other funds managed\nby the Adviser (together with the Fund, we refer to these as the &#x201c;Affiliated Funds&#x201d; or so simply\nas the &#x201c;Funds&#x201d;), unless the registration is different or we need further information to verify your\nidentity.\nAs required by federal law, we must obtain certain information from you prior to opening\nan account with us. If we are unable to verify your identity, we may refuse to open your account,\nor we may open your account and take certain action\n...\ne certificates are not issued. Twice a\nyear, you will receive a financial report of the Fund. By February 15 th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.\nThe Fund will report information to you annually concerning the tax status of your\ndividends and other distributions for federal income tax purposes. In addition, the Fund (or its\nadministrative agent) must report to the IRS and furnish to its shareholders the basis information for Covered\nShares and indicate whether they had a short-term (one year or less) or long-term (more than\none year) holding period. You should consult with your tax adviser to obtain more information about\nhow the basis reporting law applies to you.\nShareholder Communications\nIn order to eliminate duplicate mailings to an address at which two or more shareholders\nwith the same last name reside, each household will receive a single copy of the Fund&#x2019;s most\nrecent shareholder reports, proxy statements, prospectuses, and their supplements, unless\nyou have instructed us to the contrary. This eliminates duplicate copies and saves paper and\npostage costs for the Fund. However, if you would like to receive individual copies, please contact\nus; and they will be delivered promptly.\nPortfolio Holdings Disclosure\nA description of the Fund's policies and procedures with respect to the disclosure\nof the Fund's portfolio securities is available in the Fund's SAI, which is available upon request\nand on the Fund&#x2019;s website at VictoryFunds.com.\nIRA Distribution Fee\nThe Fund may apply a distribution fee to all full IRA distributions, except for those\ndue to death, disability, or divorce. Partial IRA distributions are not charged a distribution fee.\nAccount Balance\nVictory Capital Transfer Agency, Inc., the Fund's transfer agent, may assess annually\na small balance account fee of $12 to each shareholder account with a balance of less than $2,000\nat the time of assessment. Accounts exempt from the fee include: (1) any account regularly purchasing\nadditional shares each month through an automatic investment plan; (2) any UGMA/UTMA account;\n(3) all (non-IRA) money market fund accounts; and (4) any account whose registered owner has\nan aggregate balance of $50,000 or more invested in Affiliated Funds; and (5) all IRAs (for the\nfirst year the account is open). The fee is not currently being assessed. The Fund will provide advance notice\nin the event it is assessed in the future.\n43\nImportant Fund Policies and Other Information\nExcessive Short-Term Trading\nThe Funds generally are not intended as short-term investment vehicles (except for\nthe money market funds, Victory Short-Term Bond Fund, Victory Ultra Short-Term Bond Fund, and Victory\nTax Exempt Short-Term Fund). Some investors try to profit by using excessive short-term trading\npractices involving mutual fund shares, frequently referred to as &#x201c;market timing.&#x201d;\nExcessive short-term trading activity can disrupt the efficient management of a fund\nand raise its transaction costs by forcing portfolio managers to first buy and then sell portfolio\nsecurities in response to a large investment or redemption by short-term traders. While there is\nno assurance that the Funds can deter all excessive and short-term trading, the Board has adopted the\nfollowing policies (except for the money market funds, Victory Short-Term Bond Fund, Victory Ultra Short-Term\nBond Fund, and Victory Tax Exempt Short-Term Fund). These policies are designed to deter\ndisruptive, excessive short-term tradin\n...\npectus\nfor each Fund by writing to Victory Portfolios III, PO Box 182593, Columbus, OH 43218-2593, or by calling toll free (800) 235-8396, or\nat VictoryFunds.com.\nThe financial statement for each Fund and the Independent Registered Public Accounting\nFirm&#x2019;s Report thereon for the fiscal year ended February 28, 2026, are included in Item 7 of the respective Fund&#x2019;s Form N-CSR of that date and are incorporated herein by reference. The annual report to shareholders is available, without charge, on the\nFunds&#x2019; website or by writing or calling the Trust at the above address or toll-free phone number.\nTABLE OF CONTENTS &#x2003;\nGeneral Information\n3\nValuation of Securities\n3\nConditions of Purchase and Redemption\n5\nAdditional Information Regarding Redemption of Shares\n5\nInvestment Plans\n10\nInvestment Objectives, Practices, Policies, and Risks\n11\nInvestment Restrictions\n39\nPortfolio Transactions and Brokerage Commissions\n40\nFund History and Description of Shares\n45\nTax Considerations\n46\nManagement of the Trust\n52\nControl Persons and Principal Shareholders\n61\nThe Trust&#x2019;s Adviser and Other Service Providers\n64\nCodes of Ethics\n73\nProxy Voting Policies and Procedures\n73\nDistribution and Service Plans\n73\nPortfolio Manager Disclosure\n76\nPortfolio Holdings Disclosure\n85\nAppendix A - Long-Term and Short-Term Debt Ratings\n88\nAppendix B - Summary of Proxy Voting Policies and Procedures\n92\n&#x2009;\n2\nGeneral Information\nVictory Capital Management Inc. (&#x201c;Victory Capital,&#x201d; &#x201c;Adviser,&#x201d; or &#x201c;Manager&#x201d;) serves\nas the adviser of the Funds, and Victory Capital Services, Inc. (&#x201c;VCS&#x201d; or &#x201c;Distributor&#x201d;) serves as the distributor of the Funds' shares\non a continuing, best-efforts basis. Prior to July 1, 2019, USAA Asset Management Company (&#x201c;AMCO&#x201d; or &#x201c;Predecessor Adviser&#x201d;) served as the\nadviser of the Funds and USAA Investment Management Company served as the distributor of the Funds' shares.\nThe Trust, formerly known as USAA Mutual Funds Trust and USAA State Tax-Free Trust,\nis an open-end management investment company established as a statutory trust under the laws of the state of Delaware pursuant\nto a Master Trust Agreement dated June 21, 1993, as amended. The Trust is authorized to issue shares of beneficial interest in\nseparate portfolios. The Trust currently includes 45 portfolios, 15 of which are described in this SAI.\nThe Victory Cornerstone Conservative Fund, Victory Cornerstone Moderately Conservative\nFund, Victory Cornerstone Moderate Fund, Victory Cornerstone Moderately Aggressive Fund, Victory Cornerstone Aggressive Fund,\nVictory Cornerstone Equity Fund, Victory Emerging Markets Fund, Victory Global Equity Income Fund, Victory International Fund,\nVictory Precious Metals and Minerals Fund, and Victory World Equity Fund are referred to as the &#x201c;Equity Funds,&#x201d; while the Victory Growth and Tax Strategy Fund\nand Victory Government Securities Fund are referred to as the &#x201c;Fixed Income Funds.&#x201d;\nMuch of the information in this SAI is intended to provide you with additional information\nregarding the activities and operations of the Trust and the Funds and should be read in conjunction with each Fund&#x2019;s Prospectus.\nThe Prospectus provides the basic information you should know before investing in a Fund.\nValuation of Securities\nA Fund&#x2019;s net asset value (&#x201c;NAV&#x201d;) per share is calculated each day, Monday through\nFriday, except days on which the New York Stock Exchange (&#x201c;NYSE&#x201d;) is close\n...\ne-third (33 1/3%) of the Fund&#x2019;s total\nassets (including the amount borrowed) less liabilities (other than borrowings) from banks. Any borrowings that exceed this amount\nwill be reduced within three days (excluding Sundays and holidays) to the extent necessary to comply with the 33 1/3% limitation\neven if it is not advantageous to sell securities at that time. Borrowings may be used for a variety of purposes, including (i) for\ntemporary or emergency purposes, (ii) in anticipation of or in response to adverse market conditions, (iii) for cash management purposes,\nand (iv) for investment purposes. Borrowed money will cost a Fund interest expense and/or other fees. The costs of borrowing may reduce\na Fund&#x2019;s return. To the extent that a Fund has outstanding borrowings, it will be leveraged. Leveraging generally exaggerates the\neffect on NAV of any increase or decrease in the market value of a Fund&#x2019;s securities.\nEach Fund together with other funds of the Trust and Victory Portfolios, Victory Portfolios\nII, and Victory Variable Insurance Funds, participates in a 364-day committed credit facility and a 364-day uncommitted, demand\ncredit facility with Citibank, N.A. (Citibank). Each such credit facility may be renewed if so agreed by the parties. Under the agreement\nwith Citibank, the Funds may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted.\nOf this amount, $40 million committed of the line of credit and $60 million of the uncommitted line of credit are reserved for\nuse by the Victory Floating Rate Fund (a series of Victory Portfolios), with that Fund paying the related commitment fees for that amount.\nThe purpose of each agreement is to meet temporary or emergency cash needs. For the committed credit facility, Citibank receives\nan annual commitment fee of 0.15%. Each Fund pays a pro-rata portion (adjusted for the amount of credit reserved for the Victory\nFloating Rate Fund) of these fees and pays the interest on any amount that it borrows.\nCalculations of Dollar-Weighted Average Portfolio Maturity\nThe Victory Treasury Money Market Trust will determine the maturity of an obligation\nin its portfolio in accordance with Rule 2a-7 under the 1940 Act.\nCertificates of Deposit and Bankers&#x2019; Acceptances\nEach Fund may invest in certificates of deposit, which are receipts issued by a depository\ninstitution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of\nthe receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Each\nFund may invest in bankers&#x2019; acceptances, which typically arise from short-term credit arrangements designed to enable businesses\nto obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer\nto obtain a stated amount of funds to pay for specific merchandise. The draft is then &#x201c;accepted&#x201d; by a bank that, in effect, unconditionally\nguarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting\nbank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities\nfor acceptances can be as long as 270 days, most acceptances have maturities of six months or less.\nTo the extent a Fund holds instruments of foreign banks or financial institutions,\nit may be subject to additional investment risks that are differen\n...\nshare class\nof the Fund and its relevant Lipper index, rounded to the nearest basis point. The performance adjustment rate included in the investment advisory fee may\ndiffer from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36-month performance period.\nEach Fund measures its investment performance by comparing the beginning and ending\nredeemable value of an investment in the Fund during the measurement period, assuming the reinvestment of dividends and capital\ngain distributions during the period. Lipper uses this same methodology when it measures the investment performance of the component\nmutual funds within the respective Lipper Index. Because the adjustment to the base investment management fee is based upon\nthe Fund&#x2019;s performance compared to the investment record of its Lipper Index, the controlling factor as to whether a performance\nadjustment will be made is not whether the Fund&#x2019;s performance is up or down per se , but whether it is up or down more or less than the record of its respective Lipper\nIndex. Moreover, the comparative investment performance of the Fund is based solely on the\nrelevant performance period without regard to the cumulative performance over a longer or shorter period of time.\nFor Funds that offer multiple classes of shares, the performance adjustment is determined\non a class-by-class basis. In some circumstances, the Adviser has agreed to waive certain expenses of the Funds, the\nimpact of which may be to increase the performance of those Funds. Any corresponding increase in the performance of a Fund may contribute\nto a positive performance adjustment.\nSubadvisory Agreements\nThe Manager has entered into Subadvisory Agreements dated July 1, 2019, with Lazard\nAsset Management LLC (&#x201c;Lazard&#x201d;) and Wellington Management Company LLP, (&#x201c;Wellington Management&#x201d;) under which each Subadviser\nis engaged to provide day-to-day discretionary management of the portion of the applicable Fund&#x2019;s assets allocated\nto it by the Manager. Each Subadviser will manage the applicable Fund&#x2019;s assets in accordance with that Fund&#x2019;s investment objective(s),\npolicies, and restrictions, subject to the general supervision of the Manager and the Board. The Manager may allocate all, a portion,\nor none of a Fund&#x2019;s assets to a Subadviser in its discretion.\nEach Subadvisory Agreement will remain in effect with respect to a Fund until June\n30, 2027 . Each Subadvisory Agreement will continue in effect from year to year thereafter for each Fund as long as it is approved\nat least annually (i) by a vote of a majority of the outstanding voting securities of the Fund (as defined by the 1940 Act) or by the\nBoard (on behalf of the Fund) and (ii) by vote of a majority of the Trustees who are not interested persons of Victory Capital or (otherwise\nthan as Trustees) of the Trust, at a meeting called for the purpose of voting on such approval. Each Subadvisory Agreement may\nbe terminated, without penalty, with respect to a Fund at any time by vote of a majority of the Independent Trustees or by vote of\na majority of the outstanding voting securities of a Fund (as defined in the 1940 Act) on 60 days&#x2019; written notice; by Victory Capital\nat any time; or by the applicable Subadviser on 90 days&#x2019; written notice. Each Subadvisory Agreement will automatically terminate in the\nevent of its assignment (as defined by the 1940 Act).\nFor the Victory Emerging Markets Fund, the Manager has entered into a Subadvisory\nAgreement with Lazard. For the Victory International Fund, the Manager has entered into Subadvisory Agreement with Wellington\nManagement.\nLazard is an indirect, wholly owned subsidiary of Lazard, Inc. Lazard is located at\n30 Rockefeller Plaza New York, New York 10112.\nWellington Management is a Delaware limited liability partnership with principal offices\nat 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides\ninvestment services to investment companies, employee benefit plans, endowments, foundations, and other institutions.\nWellington Management and its predecessor\n68\norganizations have provided investment advisory services for over 90 years. Wellington\nManagement is owned by partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.\nFor the fiscal years ended February 28, 2006 and 2025, and February 29, 2024, the Adviser paid the following aggregate subadvisory fees for the subadvised Funds listed in this SAI. &#x2003;\nFund\n2026\n2025\n2024\nVictory Emerging Markets Fund\n$ 711,236\n$ 839,098\nVictory International Fund\n$ 1,358,622\n$ 1,475,477\nAdministration, Servicing, and Accounting Agreement\nUnder a Fund Administration, Servicing, and Accounting Agreement effective July 1,\n2019 (&#x201c;Administration Agreement&#x201d;), Victory Capital is obligated on a continuous basis to provide such administrative services\nas the Board reasonably deems necessary for the proper administration of the Funds. Victory Capital may delegate one or more of its\nresponsibilities to others at its expense. Citi Fund Services of Ohio, Inc. (&#x201c;Citi&#x201d;) serves as sub-administrator and sub-fund accountant\nto the Trust pursuant to an agreement with Victory Capital, as disclosed in greater detail under &#x201c;Sub-Administrator and Sub-Fund Accountant.&#x201d;\nAs administrator, Victory Capital supervises the Trust&#x2019;s operations, including the services that Citi provides to the\nFunds as sub-administrator, but excluding those that Victory Capital provides as investment adviser, all subject to the supervision of\nthe Board.\nVictory Capital coordinates the preparation, filing, and distribution of amendments\nto the Trust&#x2019;s registration statement on Form N-1A, supplements to prospectuses and SAIs, and proxy materials in connection with shareholder\nmeetings; drafts shareholder communications, including annual and semi annual reports; administers the Trust&#x2019;s other service provider\ncontracts; monitors compliance with investment restrictions imposed by the 1940 Act, each Fund&#x2019;s investment objective,\ndefined investment policies, and restrictions, tax diversification, and distribution and income requirements; coordinates the Funds&#x2019;\nservice arrangements with financial institutions that make the Funds&#x2019; shares available to their customers; assists with regulatory compliance;\nsupplies individuals to serve as Trust officers; prepares Board meeting materials; and annually determines whether the services that\nit provides (or the services that Citi provides as sub-administrator) are adequate and complete.\nVictory Capital also performs fund accounting services for each Fund. In addition,\nthe Funds may reimburse Victory Capital for its reasonable out-of-pocket expenses incurred in providing the services and certain other\nexpenses specifically alloca\n...\nnection with the performance\nof services under the Transfer Agency Agreement, including but not limited to: (1) the cost of any and all forms, statements, labels,\nenvelopes, checks, tax forms, and other printed materials which is required by the Transfer Agent to perform its duties; (2) delivery\ncharges, including postage incurred in delivering materials to, and receiving them from, the Trust and shareholders; (3) communication\ncharges; (4) maintenance of shareholder records (including charges for retention and imaging); (5) tax reporting systems; (6) counsel\nfees; and (7) cash and asset management services. The fee paid to the Transfer Agent includes processing of all transactions and correspondence.\nFees are billed on a monthly basis at the rate of one-twelfth of the annual fee. Each Fund pays all out-of-pocket expenses\nof the Transfer Agent and other expenses specifically allocated to the Funds that are incurred at the specific direction of\nthe Trust. Fees paid under the Transfer Agency Agreement are subject to change at any time.\nThe Transfer Agent is authorized to enter into arrangements with third-party service\nproviders to provide a portion or all of the functions under the Transfer Agency Agreement. For accounts held with third-party intermediaries,\nthe Trust pays the Transfer Agent the same fees that would have been paid to the Transfer Agent if all the accounts had been\nmaintained by the Transfer Agent. The intermediaries may receive payments directly or indirectly from the Transfer Agent, the Adviser,\nor their affiliates for providing services to their clients who hold Fund shares.\nSub-Transfer Agent\nUnder its agreement with the Trust, the Transfer Agent may delegate one or more of\nits responsibilities to others at its expense. The Transfer Agent has engaged FIS Investor Services LLC (&#x201c;FIS&#x201d;), 4249 Easton Way, Suite\n400, Columbus, Ohio 43219, to serve as sub-transfer agent and dividend disbursing agent for the Funds. Under its agreement\nwith the Transfer Agent, FIS has agreed to (1) issue and redeem shares of the Funds; (2) address and mail all communications by the Funds\nto their shareholders, including reports to shareholders, dividend and distribution notices and proxy material for its meetings\nof shareholders; (3) respond to correspondence or\n71\ninquiries by shareholders and others relating to its duties; (4) maintain shareholder\naccounts and certain sub-accounts; and (5) make periodic reports to the Board concerning the Funds&#x2019; operations.\nUnderwriter and Distributor\nThe Trust has an agreement with Victory Capital Services, Inc. (&#x201c;VCS&#x201d;), 4900 Tiedeman\nRoad, Brooklyn, Ohio 44144, an affiliate of the Adviser, for exclusive underwriting and distribution of the Funds' shares on a\ncontinuing, best efforts basis. This agreement provides that VCS will receive no fee or other compensation for such distribution services,\nbut may receive 12b-1 fees with respect to Class A and Class C shares.\nSecurities Lending\nThe Funds, through a Securities Lending Agreement with Citibank, N.A. (&#x201c;Citibank&#x201d;),\nmay lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income,\nnet of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least\n102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral\nshortfalls associated with increases in the valuation of the securities loaned generally are\n...\nMaster Trust Agreement dated February\n25, 2016.\n(2)(c)\nVictory Portfolios III Fifth Amended and Restated Master Trust Agreement dated April\n24, 2023.\n(b)\n(1)(a)\nSecond Amended and Restated By-Laws dated September 22, 2015.\n(1)(b)\nThird Amended and Restated By-Laws of Victory Portfolios III dated April 24, 2023.\n(c)\nNone other than provisions contained in Exhibits (a)(1), (a)(2), and (b)(1) above.\n(d)\n(1)(a)\nInvestment Advisory Agreement between USAA Mutual Funds Trust and Victory Capital\nManagement Inc.\n( VCM ).\n(1)(b)\nAmendment No. 1 to the Investment Advisory Agreement between Victory Portfolios III\nand VCM. dated\nApril 24, 2023\n(1)(c)\nSchedules A-1, A-2, B, and B-1 to Advisory Agreement (Funds with Performance Adjustment)\ncurrent as of\nDecember 8, 2023 .\n(1)(d)\nSchedules A-1, A-2, B, and B-1 to Advisory Agreement (Funds with Performance Adjustment)\ncurrent as of\nDecember 13, 2024.\n(2)(a)\nInvestment Subadvisory Agreement between VCM and Loomis Sayles dated July 1, 2019.\n(3)(a)\nInvestment Subadvisory Agreement between VCM and Wellington Management dated July\n1, 2019.\n(3)(b)\nAmendment No. 1. to the Investment Subadvisory Agreement between VCM and Wellington\nManagement\ndated December 10, 2021 .\n(4)(a)\nInvestment Subadvisory Agreement between VCM and Granahan Investment Management, Inc.\ndated July 1,\n2019.\n(4)(b)\nAmendment No. 1 to the Investment Subadvisory Agreement between VCM and Granahan Investment\nMan-\nagement, Inc. dated March 11, 2022.\n(5)(a)\nInvestment Subadvisory Agreement between VCM and Lazard Asset Management dated July\n1, 2019.\n(5)(b)\nAmendment No. 1 to the Investment Subadvisory Agreement between VCM and Lazard Asset\nManagement\ndated January 1, 2022 .\n(e)\n(1)(a)\nDistribution Agreement between USAA Mutual Funds Trust and Victory Capital Services,\nInc. f/k/a Victory\nCapital Advisers, Inc. dated July 1, 2019.\n(1)(b)\nSchedule A to Distribution Agreement current as of December 9, 2022.\n(1)(c)\nAmendment No. 1 to the Distribution Agreement between Victory Portfolios III f/k/a\nUSAA Mutual Funds\nTrust and Victory Capital Services, Inc.\n(1)(d)\nSchedule A to Distribution Agreement current as of December 13, 2024.\n(f)\nNot Applicable\n(g)\n(1)(a)\nGlobal Custodial Services Agreement with USAA Mutual Funds Trust dated March 22, 2019.\n(1)(b)\nAmendment No. 1 to Global Services Agreement with Victory Portfolios III dated April 24, 2023.\n(h)\n(1)(a)\nTransfer Agency Agreement dated July 1, 2019.\n(1)(b)\nAmendment No. 1 to Transfer Agency Agreement dated June 29, 2020.\n(1)(c)\nAmendment No. 2 to Transfer Agency Agreement dated February 5, 2021.\n(1)(d)\nAmendment No. 3 to Transfer Agency Agreement dated March 31, 2022 .\n(1)(e)\nAmendment No. 4 to Transfer Agency Agreement dated April 2, 2023.\n(2)(a)\nExpense Limitation Agreement Amended and Restated June 29, 2022.\n(2)(b)\nAmendment No. 1 to the Expense Limitation Agreement dated April 24, 2023.\n(2)(c)\nAmendment No. 2 to the Expense Limitation Agreement dated June 22, 2023.\n(2)(d)\nSchedule A to the Expense Limitation Agreement Amended and Restated dated June 23,\n2024.\n(2)(e)\nExpense Limitation Agreement dated July 1, 2025.\n(3)(a)\nFund Administration, Servicing and Accounting Agreement dated July 1, 2019.\n(3)(b)\nAmendment No. 1 to Fund Administration, Servicing and Accounting Agreement dated June 29, 2020.\n(3)(c)\nAmendment No. 2 to Fund Administration, Servicing and Accounting Agreement dated February 5, 2021.\n(3)(d)\nAmendment No. 3 to the Fund Administration, Servicing and Accounting Agreement dated June 28, 2022.\n(3)(e)\nAmendment No. 4 to the Fund Administration, Servicing and Accounting Agreement date", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "administrator", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "advisedBy", "o": "org:USAA_Asset_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Aggressive_Fund", "p": "transferAgent", "o": "org:Victory_Capital_Transfer_Agency_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "administrator", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "advisedBy", "o": "org:USAA_Asset_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Conservative_Fund", "p": "transferAgent", "o": "org:Victory_Capital_Transfer_Agency_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "administrator", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "advisedBy", "o": "org:USAA_Asset_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Equity_Fund", "p": "transferAgent", "o": "org:Victory_Capital_Transfer_Agency_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "administrator", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "advisedBy", "o": "org:USAA_Asset_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "advisedBy", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USAA_Cornerstone_Moderate_Fund", "p": "seriesOf", "o": "trust:Victory_Portfolios_III", "alias_grounded": true, "grounded": true, 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{"sample_id": "0000912291:ALL", "cik": "0000912291", "trust_name": "Franklin Real Estate Securities Trust", "input_text": "As\nfiled with the Securities and Exchange Commission on August 26, 2025. File Nos. 033-69048 and 811-08034 SECURITIES\nAND EXCHANGE COMMISSION WASHINGTON,\nD.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment\nNo. [ ] Post-Effective Amendment\nNo. 49 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 51 [X] FRANKLIN REAL ESTATE SECURITIES TRUST (Exact Name of Registrant as Specified in Charter) ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Address of Principal Executive Offices) (Zip Code) (650) 312-2000 (Registrant's Telephone Number, Including Area Code) ALISON E. BAUR, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Name and Address of Agent for Service\nof Process) Approximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check\nappropriate box) [ ] immediately upon filing pursuant to paragraph (b) [ X] on September\n1, 2025 pursuant to paragraph (b) [ ] 60\ndays after filing pursuant to paragraph (a)(1) [\n] on (date)\npursuant to paragraph (a)(1) of Rule 485 [\n] 75 days after filing pursuant\nto paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of rule 485 If appropriate, check the following box: [\n] This post-effective amendment\ndesignates a new effective date for a previously filed post-effective amendment.\nFRANKLIN REAL ESTATE\nSECURITIES FUND FRANKLIN REAL ESTATE SECURITIES TRUST Prospectus September 1, 2025 Class A Class C Class R6 Advisor\nClass FREEX FRRSX FSERX FRLAX The U.S. Securities and\nExchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy\nof this prospectus. Any representation to the contrary is a criminal offense. 192\nP 09/25\nContents Fund Summary Information about the Fund you should know before investing Investment Goal 4 Fees\nand Expenses of the Fund 4 Portfolio Turnover 5 Principal Investment Strategies 5 Principal Risks 6 Performance 9 Investment Manager 11 Portfolio Managers 11 Purchase and Sale of Fund Shares 11 Taxes 11 Payments to Broker-Dealers and Other Financial Intermediaries 12 Fund\nDetails More information on investment\npolicies, practices and risks/financial highlights Investment\nGoal 13 Principal Investment Policies and Practices 13 Principal\nRisks 15 Management 19 Distributions and Taxes 21 Financial Highlights 26 Your Account Information\nabout sales charges, qualified investors, account transactions and services Choosing a Share Class 31 Buying\nShares 43 Investor Services 47 Selling Shares 49 Exchanging Shares 52 Account Policies 56 Questions 67 For More Information Where to learn more about the Fund Back\nCover\nFRANKLIN\nREAL ESTATE SECURITIES FUND FUND SUMMARY\nInvestment Goal Maximize\ntotal return. Fees\nand Expenses of the Fund These tables describe the fees and expenses that you may pay\nif you buy, hold and sell shares of the Fund. You may pay other fees (including on Class\nR6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries,\nwhich are not reflected in the tables and examples below. You may qualify for sales charge discounts\nin Class A if you and your family invest, or agree to invest in the future, at least $ 25,000 in Franklin\nTempleton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund s\ndistributor. More information about these and other discounts is available from your financial professional\nand under Your Account on page 31 in the Fund s Prospectus and under Buying and Selling Shares\non page 44 of the Fund s Statement of Additional Information. In addition, more information about sales\ncharge discounts and waivers for purchases of shares through specific financial intermediaries is set\nforth in Appendix A Intermediary Sales Charge Discounts and Waivers to the Fund s prospectus. Shareholder\nFees (fees paid directly from your investment) Class A Class C Class R6 Advisor\nClass Maximum Sales Charge\n(Load) Imposed on Purchases (as percentage of offering price) 5.50 % None None None Maximum\nDeferred Sales Charge (Load) (as percentage of the lower of original purchase price\nor sale proceeds) None 1 1.00 % None None 1. There\nis a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see \"Investments\nof $1 Million or More\" under \"Choosing a Share Class\") and purchases by certain retirement plans without\nan initial sales charge on shares sold within 18 months of purchase. Annual Fund\nOperating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class R6 Advisor\nClass Management\nfees 0.54 % 0.54 % 0.54 % 0.54 % Distribution and service\n(12b-1) fees 0.25 % 1.00 % None None Other expenses 0.24 % 0.23 % 0.21 % 0.24 % Total annual Fund operating expenses 1.03 % 1.77 % 0.75 % 0.78 % Fee waiver and/or expense reimbursement 1 None None - 0.09 % None Total annual Fund operating expenses after fee waiver and/or\nexpense reimbursement 1.03 % 1.77 % 0.66 % 0.78 %\n4 Prospectus www.franklintempleton.com FRANKLIN\nREAL ESTATE SECURITIES FUND FUND SUMMA\n...\n04 % 3.67 % Franklin Real Estate Securities\nFund - Class R6\n3.93 % 3.29 % 4.93 % Franklin Real Estate Securities\nFund - Advisor Class\n3.77 % 3.08 % 4.72 % Russell 3000\nIndex (index reflects no deduction for fees, expenses or taxes) 23.81 %\n13.86 % 12.54 % MSCI US IMI Real Estate 25/50 Index (index\nreflects no deduction for fees, expenses or taxes) 1 5.05 %\n3.11 % 5.58 % 1 The\ninception date of the MSCI US IMI Real Estate 25/50 Index was September 1, 2016; however, the performance\nprior to its inception has been calculated by MSCI for purposes of the table above. No\none index is representative of the Fund's portfolio. The figures in the average annual total returns\ntable above reflect the Class A shares maximum front-end sales charge of 5.50%. Prior to September 10,\n2018, Class A shares were subject to a maximum front-end sales charge of 5.75%. If the\n10 Prospectus www.franklintempleton.com FRANKLIN\nREAL ESTATE SECURITIES FUND FUND SUMMARY\nprior\nmaximum front-end sales charge of 5.75% was reflected, performance for Class A shares in the average\nannual total returns table would be lower. The after-tax returns presented in the table are calculated\nusing the historical highest individual federal marginal income tax rates and do not reflect the impact\nof state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ\nfrom those shown. After-tax returns are not relevant to investors who hold their Fund shares through\ntax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns\nare shown only for Class A and after-tax returns for other classes will vary. Important data provider\nnotices and terms are available at www.franklintempletondatasources.com. All data is subject to change.\nInvestment\nManager Franklin Advisers, Inc. (Advisers or investment manager)\nPortfolio Managers Blair Schmicker, CFA Vice President of Advisers\nand portfolio manager of the Fund since 2019. Daniel Scher Vice President of Advisers\nand portfolio manager of the Fund since 2014.\nPurchase and Sale of Fund Shares You may purchase or redeem shares of the\nFund on any business day online through our website at www.franklintempleton.com, by mail (Franklin Templeton\nInvestor Services, P.O. Box 33030, St. Petersburg, FL 33733), or by telephone at (800) 632-2301. For\nClass A and C, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment\nplan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial\ninvestment will vary depending on the type of qualified investor, as described under \"Your Account\nChoosing a Share Class Qualified Investors Class R6\" and \" Advisor Class\" in the Fund's prospectus.\nThere is no minimum investment for subsequent purchases.\nTaxes The Fund s distributions are generally taxable to you as\nordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged\narrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions\nwould generally be taxed when withdrawn from the tax-advantaged account.\nwww.franklintempleton.com Prospectus 11 FRANKLIN\nREAL ESTATE SECURITIES FUND FUND SUMMARY\nPayments to Broker-Dealers\nand Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer\nor other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary\nfor the sale of Fund shares and related services. These payments may create a conflict of interest by\ninfluencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another\ninvestment. Ask your financial advisor or visit your financial intermediary's website for more information.\n12 Prospectus www.franklintempleton.com\nFRANKLIN\nREAL ESTATE SECURITIES FUND FUND DETAILS\nFund\nDetails Investment Goal The Fund's investment goal is to maximize total return.\nPrincipal Investment Policies\nand Practi\n...\ne Fund has a legitimate business purpose for releasing portfolio holdings\ninformation in advance of release to all shareholders shall be made by the Fund's Chief Compliance Officer\nor his/her designee, following a request submitted in writing. The eligible third parties\nto whom portfolio holdings information may be released in advance of general release fall into the following\ncategories: data consolidators (including rating agencies), fund rating/ranking services and other data\nproviders; service providers to the Fund and investment manager; municipal securities brokers using the\nInvestor Tools product which brings together buyers and sellers of municipal securities in the normal\noperation of the municipal securities markets; certain entities, in response to any regulatory requirements,\napproved by the investment manager s Chief Compliance Officer in limited circumstances; and transition\nmanagers hired by Fund shareholders. In addition, should the Fund process a shareholder s redemption\nrequest in-kind, the Fund may, under certain circumstances, provide portfolio holdings information to\nsuch shareholder to the extent necessary to allow the shareholder to prepare for receipt of such portfolio\nsecurities. The specific entities to whom the Fund may provide portfolio\nholdings in advance of their release to the general public are: Bloomberg, Capital Access, CDA (Thomson Reuters), FactSet,\nFidelity Advisors, S P Global Ratings, Vestek, and Fidelity Trust Company, all of whom may receive\nportfolio holdings information 15 days after the quarter end. Service providers to the Fund that receive portfolio holdings\ninformation from time to time in advance of general release in the course of performing, or to enable\nthem to perform, services for the Fund, including: Custodian Bank: JPMorgan Chase Bank; Sub-Administrator:\nJPMorgan Chase Bank; Independent Registered Public Accounting Firm: PricewaterhouseCoopers LLP; Outside\nFund Legal Counsel: Stradley Ronon Stevens Young, LLP; Independent Directors'/Trustees' Counsel:\nVedder Price P.C; Proxy Voting Services: Glass, Lewis Co., LLC and Institutional Shareholder Services,\nInc.; Brokerage Analytical Services: Sanford Bernstein, Brown Brothers Harriman, Royal Bank of Canada\nCapital Markets, JP Morgan Securities Inc.; Financial Printers: Donnelley Financial Solutions, Inc. or\nGCOM Solutions, Inc. Eligible third parties that do not otherwise\nhave a duty of confidentiality or have not acknowledged such a duty are required to (a) execute a non-disclosure\nagreement that includes the following provisions or (b) otherwise acknowledge and represent adherence\nto substantially similar provisions. Non-disclosure agreements include the following provisions: The\nrecipient agrees to keep confidential until such information either is released to the public or the\nrelease is otherwise approved by the Chief Compliance Officer. The recipient agrees\nnot to trade on the non-public information received. The recipient agrees to refresh its representation as to confidentiality\nand abstention from trading upon request from Franklin Templeton. In\nno case does the Fund receive any compensation in connection with the arrangements to release portfolio\nholdings information to any of the above-described recipients of the information. A\nfund other than a U.S. registered Franklin Templeton fund, such as an offshore fund or an unregistered\nprivate fund, with holdings that are not substantially similar to the holdings of a U.S. registered Franklin\nTempleton fund, is not subject to the restrictions imposed by the policy. Several investm", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "advisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "seriesOf", "o": "trust:Franklin_Real_Estate_Securities_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Franklin_Real_Estate_Securities_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Franklin_Real_Estate_Securities_Trust", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Franklin Real Estate Securities Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Franklin Real Estate Securities Trust <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services LLC <triple_end>\n<triple_start> Franklin Real Estate Securities Trust <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Franklin Real Estate Securities Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Franklin Advisers, Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Franklin Real Estate Securities Trust ; transferAgent Franklin Templeton Investor Services LLC .\nFranklin Real Estate Securities Trust underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 12750, "n_triples": 7, "text_to_json_ratio": 18.9}}
{"sample_id": "0000915802:ALL", "cik": "0000915802", "trust_name": "Financial Investors Trust", "input_text": "2018. Before that, Mr. Bernum\nwas at Janus Capital Group from 2004 to 2017 holding various positions including Assistant Portfolio Manager and the Co-Head of Global\nFixed Income Trading. Mr. Bernum holds a Bachelor s degree in Finance from Colorado State University and holds the Chartered\nFinancial Analysist (CFA) designation.\nGarrett\nOlson, CFA (1)\nMr.\nOlson is the Head of Credit with Smith Capital Investors, LLC, and has served as co-portfolio\nmanager of the ALPS | Smith Credit Opportunities Fund since September 2021. Prior to his\nassociation with Smith Capital Investors, LLC, Mr. Olson was a Vice President, Opportunistic\nCredit Analyst at Shenkman Capital Management from 2015 to 2020. Mr. Olson holds a BA from\nSouthern Methodist Cox Business School and a BS from Southern Methodist University Dedman\nCollege. Additionally, he holds the Chartered Financial Analyst (CFA) designation.\n(1)\nCFA and Chartered Financial Analyst are trademarks owned by CFA Institute.\nwww.alpsfunds.com\n91\nKotak India Equity Fund\nThe portfolio manager listed below has served as the Fund s portfolio manager since September 2023. The Fund s portfolio manager is primarily responsible for making investment decisions.\nPortfolio Manager\nPast 5 Years Business Experience\nAmit Kumar Jain\nAmit Kumar Jain is a Co-Portfolio Manager of the Kotak India Equity Fund, and has been so since September 2023. Before joining Kotak Group in 2023, Mr. Jain served as Fund Manager at Samsung Asset Management (HK) for ten years. He has been associated with the Indian capital markets for over twenty years. Mr. Jain holds a PGDCM from the Indian Institute Of Management (IIM) Calcutta (and is a Gold Medalist). He is a CFA charter holder and a Chartered Accountant.\nAdministrator, Distributor, and Transfer Agent of the Funds\nALPS Fund Services, Inc. (the Transfer Agent ) serves as the Funds administrator, fund accounting agent and transfer agent. ALPS Portfolio Solutions Distributor, Inc. (the Distributor ) serves as the Funds distributor.\nBuying, Exchanging, and Redeeming Shares\nThis Prospectus only offers Investor Class, Class A, Class C and Class I shares of each Fund, except that the ALPS Global Opportunity Fund also offers Class R shares in this Prospectus and the Kotak India Equity Fund also offers Class II shares in this Prospectus. Each share class of a Fund represents an investment in the same portfolio of securities, but each share class has its own sales charge and expense structure, allowing you to choose the class that best meets your situation. When you purchase shares of a Fund, you must choose a share class.\nFactors you should consider in choosing a class of shares include:\nhow long you expect to own the shares;\nhow much you intend to invest;\ntotal expenses associated with owning shares of each class; and\nwhether you qualify for any reduction or waiver of sales charges (for example, Investor Class and Class A shares may be a less expensive option over time if you qualify for a sales charge reduction or waiver).\nInvestor Class, Class A, and Class C shares are generally available only in connection with financial intermediaries. The Class I and Class II shares are offered only through certain types of financial intermediaries and to certain institutional investors. Institutional investors may include, but are not limited to, corporations, retirement plans, public plans and foundations/endowments. Class I and Class II shares are not offered directly to individual investors.\nClass R Shares are generally offered through retirement plan platforms, including, but not limited to, b\n...\nom.\nYou can get copies of a Fund s shareholder reports, prospectus and statement of additional information after paying a fee by electronic request at the following e-mail address: publicinfo@sec.gov. You can get the same reports and information free from the EDGAR Database on the Commission s Internet web site at http://www.sec.gov.\nIf someone makes a statement about a Fund that is not in this Prospectus, you should not rely upon that information. Neither any Fund nor the Distributor is offering to sell shares of a Fund to any person to whom that Fund may not lawfully sell its shares.\n(Investment Company Act file no. 811-8194)\nalpsfunds.com\n1-866-759-5679\nSTATEMENT OF ADDITIONAL INFORMATION\nFebruary 28, 2026\nTicker\nName\nof Fund\nInvestor\nClass\nClass\nA\nClass\nC\nClass\nI\nClass\nII\nClass\nR\nALPS Global Opportunity Fund\nLPEFX\nLPFAX\nLPFCX\nLPEIX\nN/A\nLPERX\nALPS | CoreCommodity Management CompleteCommodities\nStrategy Fund\nJCRAX\nJCCSX\nJCRCX\nJCRIX\nN/A\nN/A\nALPS Balanced Opportunity Fund\nALIBX\nALABX\nALCBX\nALPBX\nN/A\nN/A\nALPS | Smith Total Return Bond Fund\nSMTRX\nSMAMX\nSMCHX\nSMTHX\nN/A\nN/A\nALPS | Smith Short Duration Bond Fund\nSMRSX\nSMASX\nSMCMX\nSMDSX\nN/A\nN/A\nALPS | Smith Credit Opportunities Fund\nSMCVX\nSMCAX\nSMCCX\nSMCRX\nN/A\nN/A\nALPS Asset Allocation Growth Income\nRLGAX\nRAGIX\nRLGCX\nRLIIX\nN/A\nN/A\nKotak India Equity Fund\nINDAX\nINAAX\nINFCX\nINDIX\nINDSX\nN/A\nPO Box 219107\nKansas City, MO 64121-9107\nThis Statement of Additional Information ( SAI )\nexpands upon and supplements the information contained in the current prospectuses dated February 28, 2026 as supplemented from time\nto time (the Prospectus ) for Investor Class Shares, Class A Shares, Class C Shares, Class I Shares, Class II, and Class\nR Shares (collectively, the Shares ) of the Funds listed above, each of which is a separate series of Financial Investors\nTrust, a Delaware statutory trust (the Trust ). Each of these series of the Trust represents shares of beneficial interest\nin a separate portfolio of securities and other assets with its own objective and policies. ALPS Advisors, Inc. ( ALPS Advisors )\nis the investment adviser of each Fund. Certain Funds do not offer all classes of the Shares.\nThis SAI is not a prospectus and is only authorized\nfor distribution when preceded or accompanied by the Funds current Prospectus. This SAI supplements and should be read in conjunction\nwith the Prospectus, a copy of which may be obtained without charge by writing the Funds at the address listed above, or by calling the\nFunds transfer agent at 866.759.5679. The Funds most recent Annual Report is incorporated by reference into this SAI and can be obtained free of charge, by calling the toll-free number printed above.\nTABLE OF CONTENTS\nPage\nClassification, Investment Objectives\nand Policies\n1\nInvestment Policies and Risks Applicable\nto Certain Funds\n1\nAdditional Investment Activities and\nRisks Applicable to All Funds\n11\nOther Practices\n51\nInvestment Limitations\n54\nPortfolio Turnover\n58\nDisclosure of Portfolio Holdings\n59\nPortfolio Transactions and Brokerage\n62\nPurchase, Exchange Redemption of\nShares\n65\nTrustees and Officers\n73\nInvestment Managers\n80\nDistributor\n90\nCode of Ethics\n90\nAdministrator\n90\nProxy Voting Policies and Procedures\n91\nPrincipal Shareholders\n91\nExpenses\n98\nPortfolio Managers\n98\nNet Asset Value\n110\nTaxes\n111\nDescription of the Trust\n131\nOther Information about the Funds\n132\nPerformance Information\n133\nFinancial Statements\n133\nAppendix A Description of Securities\nRatings\nA-1\nAppendix B Proxy Voting Policy,\nProcedures and Guidelines\nB-1\nCLASSIFICATION, INVESTMENT OBJECTIVES AND POLICIES\nFinancial\n...\nading service\nproviders, auditors, accountants, and legal counsel, or any other entity that has a need to know such information in order to fulfill\ntheir contractual obligations to provide services to the Funds.\nPolicy Overview\nThe Board has adopted, on behalf of the Funds,\npolicies and procedures relating to disclosure of the Portfolio Holdings. These policies and procedures are designed to protect the confidentiality\nof the Portfolio Holdings information and to prevent the selective disclosure of such information. These policies and procedures\nmay be modified at any time with the approval of the Board.\nIn order to protect the Funds from any trading\npractices or other use by a Third Party that could harm the Funds, Portfolio Holdings and other Fund-specific information must\nnot be selectively released or disclosed except under the circumstances described below.\nThe Board will periodically review the list of\nentities that have received, other than through public channels, Portfolio Holdings data, to ensure that the disclosure of the information\nwas in the best interest of shareholders, identify any potential for conflicts of interest and evaluate the effectiveness of its current\nportfolio holding policy.\n59\nThe identity of such entities is provided below:\nName of Recipient\nFrequency\nof\nHoldings\nDisclosure\nInformation\nLag\nDate\nof\nInformation\nDate\nProvided\nto Recipients\nALPS Advisors, Inc.\n(Adviser)\nDaily\nNone\nDaily\nDaily\nCoreCommodity Management, LLC\n(Sub-Adviser)\nDaily\nNone\nDaily\nDaily\nSmith Capital Investors, LLC\n(Sub-Adviser)\nDaily\nNone\nDaily\nDaily\nKotak Mahindra Asset Management\n(Singapore) Pte. Ltd.\n(Sub-Adviser)\nDaily\nNone\nDaily\nDaily\nALPS Fund Services, Inc.,\n(Administrator)\nDaily\nNone\nDaily\nDaily\nState Street Bank Trust Company\n(Custodian)\nDaily\nNone\nDaily\nDaily\nBrown Brothers Harriman\nCo\n(Custodian)\nDaily\nNone\nDaily\nDaily\nCohen Company, Ltd.\n(Independent Registered Public\nAccounting Firm)\nAs needed\nNone\nAs needed\nAs needed\nDavis Graham Stubbs LLP\n(Counsel)\nAs needed\nNone\nAs needed\nAs needed\nBloomberg LP\nDaily\nNone\nDaily\nDaily\nMoody s Analytics Knowledge\nServices\nDaily\nNone\nDaily\nDaily\nFactSet Research Systems Inc.\nDaily\nNone\nDaily\nDaily\nGlass, Lewis Co., LLC\nDaily\nNone\nDaily\nDaily\nMarkit WSO Corporation\nDaily\nNone\nDaily\nDaily\nMSCI, Inc.\nDaily\nNone\nDaily\nDaily\nSyntel, Inc.\nDaily\nNone\nDaily\nDaily\nInstitutional Shareholder\nServices\nDaily\nNone\nDaily\nDaily\nSEI\nDaily\nNone\nDaily\nDaily\nThe McNamara Group\nDaily\nNone\nDaily\nDaily\nOnly officers of the Funds and their authorized\nagents, including, but not limited to, the Chief Compliance Officer of the investment adviser or sub-adviser, may approve the disclosure\nof a Fund s Portfolio Holdings. Except as set forth under Policy Exceptions below, exceptions to this Policy may only\nbe made if an officer of a Fund and its authorized agents, including, but not limited to, the Chief Compliance Officer of the investment\nadviser or sub-adviser, determines that the disclosure is being made for a legitimate business purpose and such disclosures must be documented\nand reported to the Board on a quarterly basis. In all cases, Third Parties and Service Providers are required to execute a non-disclosure\nagreement requiring the recipient to keep confidential any Portfolio Holdings data received and not to trade on the Confidential Portfolio\nInformation (defined below) received. Neither the Trust nor its Service Providers (nor any persons affiliated with either) can receive\nany compensation or other consideration in connection with the sharing of a Fund s Portfolio Holdings.\n60\nDisclosure of the Portfolio\n...\na Participating Organization for its clients as compensation for providing service activities pursuant to an\nagreement with a Participating Organization. Any amount of such payment not paid during a Fund s fiscal year for such service activities\nshall be reimbursed to such Fund as soon as practicable.\nTRUSTEES AND OFFICERS\nThe business and affairs of each Fund are managed\nunder the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish\nservices to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The\nday-to-day operations of each Fund are delegated to the Fund s Adviser, Sub-Adviser and administrator.\nThe name, address, age and principal occupations\nfor the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex\noverseen by and the other directorships held by each Trustee.\n73\nINDEPENDENT TRUSTEES\nName,\nAddress*\nYear of Birth\nPosition(s)\nHeld with\nFund\nTerm\nof Office**\nand Length of Time Served\nPrincipal\nOccupation(s)\nDuring Past 5 Years***\nNumber\nof\nFunds in Fund\nComplex\nOverseen by\nTrustee ****\nOther\nDirectorships Held\nby Trustee During Past\n5 Years***\nMary K. Anstine ,\n1940\nTrustee\nSince 1997\nMs. Anstine is Trustee/Director\nof AV Hunter Trust and Colorado Uplift Board.\n13\nMs.\nAnstine is a Trustee of Reaves Utility Income Fund (1 fund). Ms. Anstine was a Trustee of ALPS ETF Trust through December\n2024 (24 funds); and ALPS Variable Investment Trust through December 2024 (7 funds).\nEdmund\nJ. Burke ,\n1961\nTrustee\nSince 2009\nMr. Burke joined ALPS in 1991\nand served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc.,\nALPS Fund Services, Inc. ( ALPS ), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the ALPS Companies ).\nMr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides\ndata and analytics to registered investment advisers, (since 2020) and a Director of Blue Biofuels (since 2020) and Alliance Bioenergy\nPlus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology\nsectors (since 2020).\n40\nMr.\nBurke is a Trustee of ALPS ETF Trust (24 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund);\nClough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund,\nInc. (1 fund).\nJeremy W. Deems ,\n1976\nTrustee\nSince 2009\nMr. Deems is the\nCo-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of\nthe AXS Green Alpha ETF.\n45\nMr.\nDeems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); and Reaves Utility Income Fund (1 Fund).\nMichael Ross Shell ,\n1970\nTrustee and Chairman\nSince 2009\nMr. Shell is Founder and CEO\nof Red Idea, LLC, a venture-building firm (since June 2008). Mr. Shell recently served as the CEO of TalkBox, a\nphone/privacy booth company and key venture of Red Idea, LLC (2023 - November 2025) and currently serves in an advisory role (November 2025 - present) and a board member of DLVR, a package security company\n(since 2018). Mr. Shell serves on the Finance Committee serving the Board of Directors of Children s Hospital of Colorado (since\n2023). 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{"sample_id": "0000916006:ALL", "cik": "0000916006", "trust_name": "Bridgeway Funds Inc", "input_text": "-year performance period and is applied to the Fund s average daily net assets over this same period. No performance adjustment will be made to the fee if the cumulative difference between the Fund s performance and that of the Index does not exceed a specified threshold over the performance period. As a result, the Management Fee may change from year to year. For further information, please see the section Management of the Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 88\n$ 274\n$ 476\n$ 1,060\nbridgewayfunds.com\n1\nF UND S UMMARY : A GGRESSIVE I NVESTORS 1 F UND Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 61 % of the average value of its portfolio. Principal Investment Strategies: The Fund invests in a diversified portfolio of common stocks of companies of any size that are listed on the New York Stock Exchange, NYSE American, and Nasdaq. Bridgeway Capital Management, LLC (the Adviser ) selects stocks for the Fund using a statistical approach. The Fund seeks to achieve the risk objective by investing in stocks that the Adviser believes have a lower probability of price decline over the long term, though the stock price may be more volatile in the short term. The Fund may invest in stocks for which there is relatively low market liquidity, as periodically determined by the Adviser based on the stock s trading volume. The Fund may also use aggressive investment techniques such as:\ninvesting up to 10% of its total assets in a single company,\ninvesting up to 15% of its total assets in foreign securities (as defined below), and\nshort-term trading (buying and selling the same security in less than a three-month timeframe). The Adviser s investment process incorporates material environmental, social, and governance ( ESG ) information, when available, as a consideration in the ongoing assessment of potential portfolio securities. The Adviser uses ESG research and/or ratings information provided by third parties in performing this analysis and considering ESG risks. As with any consideration used in assessing portfolio securities, the Adviser may, at times, utilize ESG information to increase the weighting of an issuer with a good ESG record or decrease the weighting of an issuer with a poor ESG record. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by the Adviser. For purposes of the Fund s investments, foreign securities means those securities issued by companies: (i) that are domiciled in a country other than the US; and (ii) that derive 50% or more of their total revenue from activities outside of the US. Altho\n...\nrights as your home country.\nbridgewayfunds.com\n75\nP RIVACY P OLICY Children under 16 Our Website is not directed toward children. Except to the extent required to provide our products or services to you, we do not knowingly collect or utilize information from children under the age of 16.\n76\nProspectus | October 31, 2025 For More Information Bridgeway Fund s Statement of Additional Information ( SAI ) contains more detail about policies and practices of the Funds and the Adviser, Bridgeway Capital Management, and is incorporated here by reference and is legally part of the prospectus. Shareholder Reports , such as the Funds annual and semi-annual reports, highlight key information such as a Fund s expenses, performance and portfolio holdings. In Form N-CSR, you will find the Funds annual and semi-annual financial statements. Other, more detailed information is available at bridgewayfunds.com, filed with the SEC, and delivered to investors free of charge in paper or electronically upon request. Other documents, such as the Funds Code of Ethics , are also available. To contact Bridgeway Funds for a free electronic or printed copy of these documents or for your questions regarding the Funds:\nConsult our website: bridgewayfunds.com\nE-mail us at: funds@bridgeway.com\nWrite to us at: Bridgeway Funds, Inc. c/o BNY Mellon Investment Servicing (US) Inc. P.O. Box 534435 Pittsburgh, PA 15253-4435\nCall us at: 800-661-3550 Information provided by the Securities and Exchange Commission (SEC) You can review and obtain copies of Fund documents (including the SAI) from the SEC on the EDGAR Database via the internet at www.sec.gov or by sending an electronic request to the following email address: publicinfo@sec.gov. The SEC charges a fee to copy any documents.\nBRIDGEWAY FUNDS, INC. c/o BNY Mellon Investment Servicing (US) Inc. P.O. Box 534435 Pittsburgh, PA 15253-4435 800-661-3550\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Cohen Company, Ltd. 1835 Market Street, Suite 310 Philadelphia, PA 19103\nDISTRIBUTOR Foreside Fund Services, LLC Three Canal Plaza, Suite 100 Portland, ME 04101\nLEGAL COUNSEL Stradley Ronon Stevens Young, LLP 2000 K Street, N.W., Suite 700 Washington, DC 20006 Bridgeway Funds Investment Company Act file number is 811-08200.\nBridgeway Funds A no load mutual fund family\nPROSPECTUS\nOctober 31, 2025\nGLOBAL OPPORTUNITIES FUND\nBRGOX\nbridgewayfunds.com\nNeither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.\nT ABLE OF C ONTENTS This prospectus presents concise information about the Global Opportunities Fund, a series of Bridgeway Funds, Inc. ( Bridgeway Funds ), that you should know before investing. Please keep it for future reference. Text in shaded boxes is intended to help you understand or interpret other information presented nearby.\nFund Summary\n1\nAdditional Fund Information\n9\nManagement of the Fund\n16\nShareholder Information\n19\nFinancial Highlights\n31\nPrivacy Policy\n32\nFor More Information\nBack Cover\nbridgewayfunds.com\n1\nF UND S UMMARY : G LOBAL O PPORTUNITIES F UND Investment Objective: The Global Opportunities Fund (the Fund ) seeks long-term positive absolute returns while limiting exposure to general stock market risk. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nShareholder Fees (paid directly from your investment)\nSales Charge (Load) imposed on Purchases\nNone\nSales Charge (Load) Imposed on Reinvested Dividends\nNon\n...\nFunds complete holdings are filed on Form N-PORT monthly, but only the information reported for the third month of a fund s fiscal quarter is made publicly available, and only after a 60-day delay. Bridgeway Funds currently makes its portfolio holdings publicly available on its website, bridgewayfunds.com, or on the SEC s website, http://www.sec.gov, as disclosed in the following table:\nInformation Posting\nFrequency of Disclosure\nDate of Disclosure*\nComplete Portfolio Holdings (including portfolio weights)\nQuarterly\n43 calendar days after the end of each calendar quarter\nTop 10 Portfolio Holdings (including portfolio weights)\nQuarterly\n7 calendar days after the end of each calendar quarter\nTop/Bottom 10 contributors to Fund performance\nQuarterly\n7 calendar days after the end of each calendar quarter\n*\nUnless this day falls on a weekend or market holiday, in which case it will be the following business day. If the Funds portfolio holdings information is made available on the Funds website, the scope of such information may change from time to time without notice. The Funds Adviser or its affiliates may include each Fund s portfolio information that has already been made public through a Web posting or SEC filing in marketing literature and other communications to shareholders, advisors or other parties, provided that, in the case of information made public through the Web, the information is disclosed no earlier than the day after the date of posting to the website. Bridgeway Funds may distribute or authorize the distribution of information about the Funds portfolio holdings that is not publicly available for legitimate business purposes, provided that such disclosure is approved by the\n21\nChief Compliance Officer, to its third party service providers, which include The Bank of New York Mellon, the custodian, administrator and accounting agent; BNY Mellon Investment Servicing (US) Inc., the transfer agent; Cohen Company, Ltd., the Funds independent registered public accounting firm; Stradley Ronon Stevens Young, LLP, legal counsel; and the Funds financial printer. The Funds currently have ongoing arrangements to disclose portfolio holdings information to S P Global, Thomson Reuters Markets, LLC, Bloomberg L.P., Russell Investments, Morningstar, Inc., Institutional Shareholder Services, eVestment Alliance, LLC, FactSet Research Systems, Inc., Charles River Systems, Inc., STP Investment Services, Inc., MSCI ESG Research, LLC and Ernst Young Global Limited. These service providers are required to keep such information confidential, and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Funds. Such holdings are released on conditions of confidentiality, which include appropriate trading prohibitions. Conditions of confidentiality include confidentiality terms contained in written agreements, implied by the nature of the relationship (e.g., attorney-client relationship), or required by fiduciary or regulatory principles (e.g., custody services provided by financial institutions). Bridgeway Funds may provide information regarding the Funds portfolio holdings to shareholders, firms and institutions before their public disclosure is required or authorized as discussed above, provided that: (i) the Chief Compliance Officer of the Fund determines that the Fund has a legitimate business purpose for disclosing the non-public portfolio holdings information to the recipient; and (ii) the recipient signs a written confidentiality agreement that provides that the non", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Aggressive_Investors_1_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Aggressive_Investors_1_Fund", "p": "advisedBy", "o": 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"fund:Ultra_Small_Company_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Fund", "p": "seriesOf", "o": "trust:Bridgeway_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Market_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Market_Fund", "p": "advisedBy", "o": "org:Bridgeway_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Market_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Market_Fund", "p": "seriesOf", "o": "trust:Bridgeway_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Ultra_Small_Company_Market_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Bridgeway_Funds_Inc", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Aggressive Investors 1 Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Bridgeway Capital Management, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Bridgeway Funds Inc <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Global Opportunities Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Bridgeway Capital Management, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Bridgeway Funds Inc <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Omni Small-Cap Value Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Bridgeway Capital Management, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> 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<triple_end>\n<triple_start> Ultra-Small Company Market Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Bridgeway Capital Management, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Bridgeway Funds Inc <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Bridgeway Funds Inc <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Aggressive Investors 1 Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nGlobal Opportunities Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nOmni Small-Cap Value Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nSmall-Cap Value Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUltra-Small Company Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUltra-Small Company Market Fund administrator The Bank of New York Mellon ; advisedBy Bridgeway Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Bridgeway Funds Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBridgeway Funds Inc underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 11038, "n_triples": 31, "text_to_json_ratio": 4.0}}
{"sample_id": "0000916183:ALL", "cik": "0000916183", "trust_name": "PIMCO Strategic Income Fund, Inc.", "input_text": "ng and Glen M. Wong, as\nemployees of Dresdner RCM, may have a material interest in the Merger and the\nNew Investment Management Agreement which are being submitted for the approval\nof stockholders.\nPORTFOLIO MANAGEMENT OF THE FUNDS. The Fixed-Income Team of Dresdner RCM is\nprimarily responsible for the day-to-day management of DSF Fund's and RCS Fund's\nportfolios. This team manages each of the Fund's portfolios on a joint basis,\nand no individual is separately responsible for the management of each Fund.\nADMINISTRATORS AND CUSTODIANS. Dresdner RCM is DSF Fund's administrator\npursuant to the Fund's Investment Advisory Agreement. Brown Brothers Harriman &\nCo., 40 Water Street, Boston, Massachusetts 02109, is DSF Fund's custodian.\nEquiServe, 150 Royall Street, Canton, Massachusetts 02021, is DSF Fund's\ntransfer agent.\nAmong its services as administrator for DSF Fund, Dresdner RCM arranges for\ncalculating and publishing the net asset value of DSF Fund; prepares and submits\nproxy statements and reports to stockholders; periodically updates DSF Fund's\nRegistration Statement and prepares reports filed with the SEC and other\nregulatory authorities; prepares and files DSF Fund's tax returns; maintains\ncertain books and records required under the 1940 Act; responds to, or refers to\nDSF Fund's officers or transfer agent, stockholder inquiries; and provides DSF\nFund with adequate general office space and facilities and with personnel\ncompetent to perform the foregoing services. The Investment Advisory Agreement\nauthorizes Dresdner RCM to delegate any or all of its duties under the agreement\nto a subadviser or a subadministrator. The fee paid to Dresdner RCM pursuant to\nthe Investment Advisory Agreement includes compensation for Dresdner RCM's\nservices as administrator of DSF Fund.\nState Street Bank and Trust Company (\"State Street\"), 1776 Heritage Drive,\nNorth Quincy, Massachusetts 02109, is the administrator and custodian for RCS\nFund. EquiServe, 150 Royall Street, Canton, Massachusetts 02021, is RCS Fund's\ntransfer agent.\n48\nPursuant to an Administration Agreement with RCS Fund, State Street provides\nreporting and accounting services to the Fund, including: overseeing the\ndetermination and publication of the Fund's net asset value in accordance with\nthe Fund's policy, and the maintenance of certain books and records of the Fund\nrequired by Rule 31a-1(b) of the 1940 Act; preparing the Fund's Federal, state\nand local income tax returns for review by the independent accountants and\nfiling by the treasurer; reviewing the appropriateness, and arranging for\npayment, of Fund expenses, and overseeing the calculation of fees paid to the\nFund's investment manager, custodian and transfer agent; preparing for review\nand approval by the Fund's officers financial information for the Fund's\nsemiannual and annual reports, proxy statements and other communications with\nstockholders; consulting with the Fund's officers, independent accountants,\nlegal counsel, custodian and transfer agent to establish accounting policies for\nthe Fund; and responding to, or referring to the Fund's officers or transfer\nagent, any stockholder inquiries relating to the Fund. For its services as\nadministrator, State Street is compensated by RCS Fund at the following rates:\nfor fund administration, 0.06% per annum of the first $250 million in net\nassets, 0.03% per annum of the next $250 million in net assets, and 0.01% per\nannum of net assets in excess of $500 million, with a minimum annual\ncompensation of $65,000; for accounting services, $90,000 annually; for state\nsecurities adminis", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Administrator"]}}, "target_triples": [{"s": "fund:PIMCO_Strategic_Income_Fund_Inc", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Strategic_Income_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Strategic Income Fund, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>", "target_serialized_plain": "PIMCO Strategic Income Fund, Inc. administrator State Street Bank and Trust Company ; custodian State Street Bank and Trust Company .", "stats": {"input_chars": 3600, "n_triples": 2, "text_to_json_ratio": 15.9}}
{"sample_id": "0000917286:ALL", "cik": "0000917286", "trust_name": "Fidelity Hereford Street Trust", "input_text": "or plan level, if applicable.\nVisit\nwww.fidelity.com\nfor more recent performance information.\nYear-by-Year Returns\n2019\n2020\n2021\n2022\n2023\n2024\n2.44\n%\n0.85\n%\n0.06\n%\n1.32\n%\n5.13\n%\n5.33\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n1.52\n%\nSeptember 30, 2024\nLowest Quarter Return\n-\n0.04\n%\nMarch 31, 2022\nYear-to-Date Return\n1.07\n%\nMarch 31, 2025\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.\nActual after-tax returns may differ depending on your individual circumstances.\nThe after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).\nReturn After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\nFor the periods ended December 31, 2024\nPast 1\nyear\nPast 5\nyears\nLife of\nfund\nFidelity Series Treasury Bill Index Fund\nReturn Before Taxes\n5.33\n%\n2.52\n%\n2.48\n%\nA\nReturn After Taxes on Distributions\n3.27\n%\n1.46\n%\n1.44\n%\nA\nReturn After Taxes on Distributions and Sale of Fund Shares\n3.22\n%\n1.48\n%\n1.46\n%\nA\nBloomberg U.S. 3-6 Month Treasury Bill Index\n(reflects no deduction for fees, expenses, or taxes)\n5.33\n%\n2.52\n%\n2.49\n%\nBloomberg U.S. Aggregate Bond Index\n(reflects no deduction for fees, expenses, or taxes)\n1.25\n%\n-\n0.33\n%\n1.24\n%\nA\nFrom\nAugust 17, 2018\n.\nThe fund has begun comparing its performance to the Bloomberg U.S. Aggregate Bond Index to satisfy a new Securities and Exchange Commission (SEC) disclosure requirement.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.\nPortfolio Manager(s)\nBrandon Bettencourt (Co-Portfolio Manager) has managed the fund since 2018.\nMark Lande (Co-Portfolio Manager) has managed the fund since\n2024 .\nPurchase and Sale of Shares\nShares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.\nThe price to sell one share is its net asset value per share (NAV). Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Basics\nInvestment Details\nInvestment Objective\nFidelity Series Treasury Bill Index Fund seeks a high level of current income consistent with preservation of capital.\nPrincipal Investment Strategies\nThe fund seeks to replicate the performance of the Bloomberg U.S. 3-6 Month Treasury Bill Index. The Adviser normally invests at least 80% of the fund's assets in securities included in the index.\nThe index is a market capitalization-weighted index of investment-grade, fixed-rate public obligations of the U.S. Treasury with remaining maturities from\n3 up to (but not including)\n6 months, excluding zero coupon strips.\nEffective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.\nThe Adviser may use statistical sampling techniques to attempt to replicate the returns of the index using a smaller number of securities. Statistical sampling techniques attempt to match the investment characteristics of the index and the fund by taking into account such factors as duration,\n...\nng dividends and distributions of short-term capital gains, are taxable to you as ordinary income, while certain distributions, including distributions of long-term capital gains, are taxable to you generally as capital gains. Because the fund's income is primarily derived from interest, dividends from the fund generally will not qualify for the long-term capital gains tax rates available to individuals.\nIf you buy shares when a fund has realized but not yet distributed income or capital gains, you will be \"buying a dividend\" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.\nAny taxable distributions you receive from the fund will normally be taxable to you when you receive them; however, you will receive certain December distributions in January, but those distributions will be taxable as if you received them on December 31.\nTaxes on Transactions\nYour redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.\nFund Services\nFund Management\nThe fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.\nAdviser\nFMR. The Adviser is the fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.\nAs of December 31,\n2024 , the Adviser had approximately\n$4 . 7\ntrillion in discretionary assets under management, and approximately\n$5 .9 trillion when combined with all of its affiliates' assets under management.\nAs the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.\nSub-Adviser(s)\nFMR Investment Management (UK) Limited (FMR UK) , at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31,\n2024 , FMR UK had approximately\n$15 . 1\nbillion in discretionary assets under management. FMR UK is an affiliate of the Adviser.\nFMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31,\n2024 , FMR H.K. had approximately\n$29.2 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.\nFMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nFidelity Management Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. As of March 31,\n2024 , FMR Japan had approximately $2.\n8 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.\nFMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.\nPortfolio Manager(s)\nBrandon Bettencourt is Co-Portfolio Manager of Fidelity Series Treasury Bill Index Fund, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Bettencourt has worked as a research associate, portfolio analyst, and portfolio manager.\nMark Lande is Co-Portfolio Manager of Fidelity Series Treasury Bill Index Fund, which he has managed since\n2024 . He also manages other funds. Since joining Fidelity Investments in\n2011 , Mr.\nLande has worked as a quantitative analyst and portfolio manager.\nThe Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).\nFrom time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment ad\n...\nid to dealers who sell money market instruments to a fund) and disrupting portfolio management strategies.\nThe Adviser anticipates that shares of Fidelity Government Money Market Fund and Fidelity Money Market Fund will be purchased and sold frequently because a money market fund is designed to offer a liquid cash option. Accordingly, the Board of Trustees has not adopted policies and procedures designed to discourage excessive trading of fund shares and Fidelity Government Money Market Fund and Fidelity Money Market Fund accommodate frequent trading.\nFidelity Government Money Market Fund and Fidelity Money Market Fund each have no limit on purchase or exchange transactions but may in its discretion restrict, reject, or cancel any purchases that, in the Adviser's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests.\nEach fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.\nBuying Shares\nEligibility\nShares are generally available only to investors residing in the United States.\nShares of Fidelity Money Market Fund, which is a retail money market fund, are available only to accounts beneficially owned by natural persons.\nInvestors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.\nMinimum Waivers\nThere is no minimum balance or purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service, or certain programs offered to clients of Fidelity Personal and Workplace Advisors or its affiliates. In addition, each fund may waive or lower purchase minimums in other circumstances.\nPrice to Buy\nThe price to buy one share is its NAV. Shares are sold without a sales charge.\nShares will be bought at the NAV next calculated after an order is received in proper form.\nEach fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary. If applicable, orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.\nEach fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently, including, if applicable, periods when redemptions are suspended.\nIf your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.\nUnder applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.\nSelling Shares\nThe price to sell one share is its NAV.\nShares will be sold at the NAV next calculated after an order is received in proper form.\nNormally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a f\n...\nElection or Appointment: 2016\nTrustee\nMr. Murray also serves as Trustee of other Fidelity funds. Mr. Murray serves as Vice Chairman of the Board (2020-present) of Meijer, Inc. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Lead Independent Director (2023-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of The Thompson Foundation, The Thompson Schools Foundation and many other community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity funds (2016).\nLester Owens (1957)\nYear of Election or Appointment: 2024\nTrustee\nMr. Owens also serves as Trustee of other Fidelity funds. Previously, Mr. Owens served as a member of the Advisory Board of certain Fidelity funds (2024). Prior to his retirement, Mr. Owens served as Senior Executive Vice President, Head of Operations, and member of the Operating Committee of Wells Fargo Company (financial services, 2020-2023). Mr. Owens currently serves as Chairman of the Board of Directors of Robert Wood Johnson Barnabas Health, Inc. (academic healthcare system, 2022-present). Previously, Mr. Owens served as Senior Executive Vice President and Head of Operations at Bank of New York Mellon (financial services, 2019-2020) and held various roles at JPMorgan Chase Co. (financial services, 2007-2019), including Managing Director for Wholesale Banking Operations. Mr. Owens also previously served as a member of the Board of Directors of the Depository Trust Clearing Corporation (financial services, 2016) and as Chairman of the Board of Directors of the Clearing House Interbank Payments System (private clearing system, 2015-2016).\nEdward A. Wiese (1959)\nYear of Election or Appointment: 2025\nTrustee\nMr. Wiese also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wiese held a variety of positions at T. Rowe Price (investment management, 1984-2019), including Head of Global Fixed Income (2015-2018), a member of the Management Committee (2015-2018), Head of Taxable Low-Duration Fixed Income (2009-2015), chair and member of the Fixed Income Steering Committee (2009-2015) and Chief Investment Officer of T. Rowe Price Savings Bank (2000-2013). He also served as a member of the Board of the T. Rowe Price Mutual Funds (2015-2018). Mr. Wiese currently serves as a member of the Board and member of the Compensation, Finance, Philanthropy and Strategic Planning Committees of the National Aquarium (2016-present), a member of the Board of the National Aquarium Foundation (2024-present), a member of the Board and chair of the Finance Committee of St. Mary's Ecumenical Institute (2019-present) and a strategic advisor and executive social enterprise mentor at Innovation Works (2019-present). Previously, Mr. Wiese served as chair of the Board of the National Aquarium (2022-2024).\nCarol J. Zierhoffer (1960)\nYear of Election or Appointment: 2023\nTrustee\nMs. Zierhoffer also serves as Trustee of other Fidelity funds. Prior to her retirem\n...\noston, Massachusetts 02210.\nName, Year of Birth; Principal Occupations+\nHeather Bonner (1977)\nYear of Election or Appointment: 2023\nAssistant Treasurer\nMs. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Senior Vice President, Vice President, Treasurer, or Director of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner\nwas Managing Director at AQR Capital Management (2013-2022) and\nTreasurer and Principal Financial Officer of the AQR Funds (2013-2022).\nCraig S. Brown (1977)\nYear of Election or Appointment: 2019\nAssistant Treasurer\nMr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity funds (2019-2022).\nStephanie Caron (1969 )\nYear of Election or Appointment:\n2024\nChief Financial Officer\nMs .\nCaron also serves as Chief Financial Officer of other funds.\nMs .\nCaron is Head of Fidelity Fund and Investment Operations\n(2024 -present) and is an employee of Fidelity Investments.\nMs .\nCaron serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously ,\nMs .\nCaron was Head of Investment\nServices for Strategic Advisers LLC (investment adviser firm, 2019-2024).\nDavid J. Carter (1973)\nYear of Election or Appointment: 2020\nAssistant Secretary\nMr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Previously, Mr. Carter\nserved as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-\n2025 ).\nJonathan Davis (1968)\nYear of Election or Appointment: 2010\nAssistant Treasurer\nMr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer or Director of certain Fidelity entities.\nLaura M. Del Prato (1964)\nYear of Election or Appointment: 2018\nPresident and Treasurer\nMs. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Senior Vice President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).\nRobin Foley (1964)\nYear of Election or Appointment: 2023\nVice President\nMs. Foley also serves as Vice President of other funds. Ms. Foley\nis Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley\nwas Chief Investment Officer of Bonds (2017-2023).\nChristopher M. Gouveia (1973)\nYear of Election or Appointment: 2023\nChief Compliance Officer\nMr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).\nColm A. Hogan (1973)\nYear of Election or Ap\n...\nOF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nover $100,000\nIndependent Trustees\nDOLLAR RANGE OF\nFUND SHARES\nELIZABETH S ACTON\nLAURA M BISHOP\nANN E DUNWOODY\nROBERT F GARTLAND\nFidelity Government Money Market Fund\nover $100,000\nover $100,000\n$1 - $10,000\n$1 - $10,000\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nover $100,000\nover $100,000\nDOLLAR RANGE OF\nFUND SHARES\nROBERT W HELM\nMARK A MURRAY\nLESTER OWENS\nEDWARD WIESE\nFidelity Government Money Market Fund\n$1 - $10,000\nover $100,000\nnone\nnone\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nnone\nnone\nDOLLAR RANGE OF\nFUND SHARES\nCAROL J ZIERHOFFER\nFidelity Government Money Market Fund\n$1 - $10,000\nAGGREGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\n$50,001 - $100,000\nThe following tables set forth information describing the compensation of each Trustee and Member of the Advisory Board (if any) for his or her services for the fiscal year ended April 30,\n2025 , or calendar year ended December 31,\n2024 , as applicable.\nCompensation Table (A)\nAGGREGATE\nCOMPENSATION\nFROM A FUND\nACCRUED\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM A FUND\nFidelity Government Money Market Fund\nELIZABETH S ACTON\n$\n79,844\n$\n27,205\nLAURA M BISHOP\n$\n75,711\n$\n69,565\nANN E DUNWOODY\n$\n71,754\n$\n65,508\nROBERT F GARTLAND\n$\n84,743\n$\n37,097\nROBERT W HELM\n$\n73,353\n$\n65,508\nMARK A MURRAY\n$\n72,866\n$\n65,508\nLESTER OWENS\n(B)\n$\n72,165\n$\n0\nEDWARD WIESE\n(C)\n$\n0\n$\n0\nCAROL J ZIERHOFFER\n$\n71,754\n$\n22,928\n(A) Abigail P. Johnson, Jennifer Toolin McAuliffe, and Christine J. Thompson are interested persons and are compensated by Fidelity.\n(\nB ) Mr.\nOwens served as a Member of the Advisory Board of Fidelity Hereford Street Trust from\nMarch 4, 2024 through\nSeptember 30, 2024 . Mr.\nOwens serves as a Trustee of Fidelity Hereford Street Trust effective October\n1 ,\n2024 .\n(\nC )\nMr. Wiese serves as a Trustee of Fidelity Hereford Street Trust effective\nMay 15, 2025 .\nTOTAL\nCOMPENSATION\nFROM THE\nFUND COMPLEX\n(A)\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM THE FUND\nCOMPLEX\nELIZABETH S ACTON\n$\n590,000\n$\n132,000\nLAURA M BISHOP\n$\n541,500\n$\n312,114\nANN E DUNWOODY\n$\n525,000\n$\n304,224\nROBERT F GARTLAND\n$\n611,500\n$\n180,000\nROBERT W HELM\n$\n537,000\n$\n304,224\nMARK A MURRAY\n$\n527,500\n$\n304,224\nLESTER OWENS\n$\n444,000\n$\n0\nEDWARD WIESE\n$\n0\n$\n0\nCAROL J ZIERHOFFER\n$\n525,000\n$\n106,478\n(A) Reflects compensation received for the calendar year ended December 31,\n2024 , for\n319 funds of 31 trusts (including Fidelity Central Investment Portfolios II LLC). Compensation figures include cash and may include amounts elected to be deferred.\nAs of April 30,\n2025 , the Trustees, Members of the Advisory Board (if any), and officers of the fund owned, in the aggregate, less than 1% of each class's total outstanding shares, with respect to the fund.\nAs of April 30,\n2025 , the following owned of record and/or beneficially 5% or more of the outstanding shares:\nFund or Class Name\nOwner Name\nCity\nState\nOwnership %\nFidelity Government Money Market Fund - Class S\nBRAMAN\nARLINGTON\nMA\n20.42%\nFidelity Government Money Market Fund - Class S\nKIROVSKI\nCHICAGO\nIL\n11.74%\nFidelity Government Money Market Fund - Class S\nPRATT\nLOS ALTOS HILLS\nCA\n11.46%\nFidelity Government Money Market Fund - Class S\nCHABOLLA\nALAMO\nCA\n7.51%\nFidelity Government Money Market Fund - Class S\nSIEGEL\nWESTPORT\nCT\n5.75%\nFidelity Government Money Market Fund - Premium Class\nJ P MORGAN SECURITIES INC\nBROOKLYN\nNY\n8.13%\nCONTROL OF INVESTMENT ADVISERS\nFMR L\n...\ncurring financial loss on account of shareholder liability is limited to circumstances in which Delaware law does not apply, no contractual limitation of liability was in effect, and a fund is unable to meet its obligations. Fidelity Management Research Company LLC believes that, in view of the above, the risk of personal liability to shareholders is extremely remote.\nClaims asserted against one class of shares may subject holders of another class of shares to certain liabilities.\nVoting Rights. Each fund's capital consists of shares of beneficial interest. Shareholders are entitled to one vote for each dollar of net asset value they own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate, by fund, and by class.\nThe shares have no preemptive or, for Fidelity Treasury Only Money Market Fund and Fidelity Money Market Fund, conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading \"Shareholder Liability\" above.\nThe trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of a trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of a trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.\nCustodian(s).\nCitibank, N.A., 388 Greenwich Street, New York, New York, is custodian of the assets of Fidelity Treasury Only Money Market Fund.\nThe Bank of New York Mellon,\n240 Greenwich Street, New York, New York, is custodian of the assets of Fidelity Government Money Market Fund and Fidelity Money Market Fund.\nEach custodian is responsible for the safekeeping of a fund's assets and the appointment of any subcustodian banks and clearing agencies.\nThe Bank of New York Mellon and JPMorgan Chase Bank, each headquartered in New York, and State Street Bank and Trust Company, headquartered in Massachusetts, also may serve as special purpose custodians of certain assets of taxable funds in connection with repurchase agreement transactions.\nFrom time to time, subject to approval by a fund's Treasurer, a Fidelity fund may enter into escrow arrangements with other banks if necessary to participate in certain investment offerings.\nFMR, its officers and directors, its affiliated companies, Members of the Advisory Board (if any), and Members of the Board of Trustees may, from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR or an affiliate. Transactions that have occurred to date include mortgages and personal and general business loans. In the judgment of each fund's adviser, the terms and conditions of those transactions were not influenced by existing or potential custodial or other fund relationships.\nIndependent Registered Public Accounting Firm.\nPricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts, independent registered public accounting firm, audits financial statements for each fund and provides other audit, tax, and related services.\nFUND HOLDINGS INFORMATION\nEach fund views holdings infor", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Flex_Government_Money_Market_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Government_Money_Market_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Money_Market_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Series_Treasury_Bill_Index_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Digital_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Only_Money_Market_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Treasury_Only_Money_Market_Fund", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Only_Money_Market_Fund", "p": "custodian", "o": "org:CITIBANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Treasury_Only_Money_Market_Fund", "p": "seriesOf", "o": "trust:Fidelity_Hereford_Street_Trust", "alias_grounded": 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{"sample_id": "0000918848:ALL", "cik": "0000918848", "trust_name": "BlackRock Mid-Cap Value Series, Inc.", "input_text": "bmvo:InvestorACInstitutionalAndClassRMemberMember 2015-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member 2015-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:C000199762Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:RussellMidcapValueMember 2015-01-01 2024-12-31 0000918848 bmvo:ClassKMember bmvo:RussellThousandIndexMember 2015-01-01 2024-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMemberMember bmvo:RussellMidcapValueMember 2015-01-01 2024-12-31 0000918848 bmvo:InvestorACInstitutionalAndClassRMemberMember bmvo:RussellThousandIndexMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 28, 2025 Securities Act File No. 33-53887 Investment Company Act File No. 811-7177 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 55 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 56 (Check appropriate box or boxes) BlackRock Mid-Cap Value Series, Inc. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Mid-Cap Value Series, Inc. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of common stock, par value $0.10 per share. AUGUST 28, 2025\nProspectus BlackRock Mid-Cap Value Series, Inc. | Investor, Institutional and Class R Shares BlackRock Mid-Cap Value Fund Investor A: MDRFX Investor C: MCRFX Institutional: MARFX Class R: MRRFX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n6\nInvestment Manager\n7\nPortfolio Managers\n7\nPurchase and Sale of Fund Shares\n8\nTax Information\n9\nPayments to Broker/Dealers and Other Financial Intermediaries\n9\nDetails About the Fund\nHow the Fund Invests\n10\nInvestment Risks\n12\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distributions and other payments\nHow to Choose the Share Class that Best Suits Your Needs\n21\nDetails About the Share Classes\n24\nDistribution and Shareholder Servicing Payments\n29\nHow to Buy, Sell, Exchange and Transfer Shares\n30\nAccount Services and Privileges\n35\nFund s Rights\n37\nParticipation in Fee-Based Programs\n37\nShort-Term Trading Policy\n38\nManagement of the Fund\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n39\nPortfolio Manager Information\n40\nConflicts of Interest\n40\nValuation of Fund Investments\n41\nDividends, Distributions and Taxes\n43\nFinancial Highlights\nFinancial Performance of the Fund\n44\nGeneral Information\nShareholder Documents\n48\nCertain Fund Policies\n48\nStatement of Additional Information\n49\nGlossary\nGlossary of Investment Terms\n50\nIntermediary-Defined Sales Charge Waiver Policies\nIntermediary-Defined Sales Charge Waiver Policies\nA - 1\nFor More Information\nFund and Service Providers\nInside Back Cover\nAdditional Information\nBack Cover Fund Overview Key Facts About BlackRock Mid-Cap Value Fund Investment Objective The investment objective of BlackRock Mid-Cap Value Fund (the Fund ), a series of BlackRock Mid-Cap Value Series, Inc. (the Corporation ), is to seek capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ( BlackRock ) and its affiliates) (each, a Financial Intermediary ), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the Details About the Share Classes and the Intermediary-Defined Sales Charge Waiver Policies sections on pages 24 and A-1 , respectively, of the Fund s prospectus and in the Purchase of Shares section on page II-95 of Part II of the Fund s Statement of Additional Information.\nShareholder Fees (fees paid directly from your investment)\nInvestor A Shares\nInvestor C Shares\nInstitutional Shares\nClass R Shares\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n5.25 %\nNone\nNone\nNone\nMaximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)\nNone 1\n1.00 % 2\nNone\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the val\n...\naintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional\n$100 for all accounts. 8\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nShares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 9 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Mid-Cap Value Fund (the Fund ), a series of BlackRock Mid-Cap Value Series, Inc. (the Corporation ), and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process BlackRock Advisors, LLC ( BlackRock ) chooses investments for the Fund that it believes will both increase in value over the long term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. Total return consists of increases in value from both capital appreciation and income. The Fund will focus on issuers that have good prospects for capital appreciation. In selecting portfolio securities, the Fu\n...\nservicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and 29 Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Pleas\n...\npurchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Mid-Cap Value Series, Inc. BlackRock Mid-Cap Value Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literatur", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Mid_Cap_Value_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Mid_Cap_Value_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Mid_Cap_Value_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Mid_Cap_Value_Fund", "p": "seriesOf", "o": "trust:BlackRock_Mid_Cap_Value_Series_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Mid_Cap_Value_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Mid_Cap_Value_Series_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Mid-Cap Value Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> BlackRock Mid-Cap Value Series, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Mid-Cap Value Series, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Mid-Cap Value Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf BlackRock Mid-Cap Value Series, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Mid-Cap Value Series, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 17579, "n_triples": 6, "text_to_json_ratio": 29.1}}
{"sample_id": "0000920701:ALL", "cik": "0000920701", "trust_name": "AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC", "input_text": "NDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 56\nAB SUSTAINABLE INTERNATIONAL THEMATIC FUND, INC.\n(Exact Name of Registrant as Specified in Charter)\n66 Hudson Boulevard East, 26th Floor, New York, New York 10001\n(Address of Principal Executive Office) (Zip Code)\nRegistrant s Telephone Number, including Area Code:\n(800) 221 5672\nNancy E. Hay\nAllianceBernstein L.P.\n66 Hudson Boulevard East, 26th Floor\nNew York, New York 10001\n(Name and address of agent for service)\nCopies of communications to:\nPaul M. Miller\nSeward Kissel LLP\n901 K Street, N.W.\nSuite 800\nWashington, DC 20001\nApproximate Date of Proposed Public Offering\nIt is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\non October 31, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nTitle of Securities Being Registered: Shares of beneficial interest.\nPROSPECTUS | OCTOBER 31, 2025\n(Shares Offered Exchange Ticker Symbol)\nAB Growth Fund\n(Class A AGRFX; Class C AGRCX; Class I AGFIX; Advisor Class AGRYX)\nAB Select US Long/Short Portfolio\n(Class A ASLAX; Class C ASCLX; Advisor Class ASYLX; Class I ASILX)\nAB Large Cap Growth Fund\n(Class A APGAX; Class C APGCX; Class I ALLIX; Advisor Class APGYX; Class Z APGZX)\nAB Sustainable Global Thematic Fund\n(Class A ALTFX; Class C ATECX; Class I AGTIX; Advisor Class ATEYX; Class Z ATEZX)\nAB Concentrated Growth Fund\n(Class A WPASX; Class C WPCSX; Class I WPSIX; Advisor Class WPSGX; Class Z WPSZX)\nAB Sustainable International Thematic Fund\n(Class A AWPAX; Class C AWPCX; Class I AWPIX; Advisor Class AWPYX; Class Z AWPZX)\nAB Discovery Growth Fund\n(Class A CHCLX; Class C CHCCX; Class I CHCIX; Advisor Class CHCYX; Class Z CHCZX)\nAB Global Core Equity Portfolio\n(Class A GCEAX; Class C GCECX; Advisor Class GCEYX)\nAB Small Cap Growth Portfolio\n(Class A QUASX; Class C QUACX; Class I QUAIX; Advisor Class QUAYX; Class Z QUAZX)\nAB Concentrated International Growth Portfolio\n(Class A CIAGX; Class C CICGX; Advisor Class CIGYX)\nAB Select US Equity Portfolio\n(Class A AUUAX; Class C AUUCX; Advisor Class AUUYX; Class I AUUIX)\nAB Sustainable US Thematic Portfolio\n(Class A SUTAX; Class C SUTCX; Advisor Class FFTYX; Class Z SUTZX)\nThe Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nInvestment Products Offered\nAre Not FDIC Insured\nMay Lose Value\nAre Not Bank Guaranteed\nTABLE OF CONTENTS\nPage\nSUMMARY INFORMATION\n4\nAB Growth Fund\n4\nAB Large Cap Growth Fund\n7\nAB Concentrated Growth Fund\n11\nAB Discovery Growth Fund\n15\nAB Small Cap Growth Portfolio\n19\nAB Select US Equity Portfolio\n23\nAB Select US Long/Short Portfolio\n27\nAB Sustainable Global Thematic Fund\n31\nAB Sustainable International Thematic Fund\n36\nAB Global Core Equity Portfolio\n41\nAB Concentrated International Growth Portfolio\n44\nAB Sustainable US Thematic Portfolio\n48\nADDITIONAL INFORMATION ABOUT THE FUNDS STRATEGIES, RISKS AND INVESTMENTS\n53\nINVESTING IN THE FUNDS\n67\nHow to Buy Shares\n67\nThe Different Share Class Expenses\n68\nSales Charge Reduction Programs for Class A Shares\n70\nCDSC Waivers and Other Programs\n71\nChoosing a Share Class\n71\nPayments to Financial Advisors and Their Firms\n72\nHow\n...\ne Fund s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.\n5\nBar Chart\nThe annual returns in the bar chart are for the Fund s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through September 30, 2025, the year-to-date unannualized return for Class A shares was 12.00%.\nDuring the period shown in the bar chart, the Fund s:\nBest Quarter was up 29.16%, 2nd quarter, 2020; and Worst Quarter was down -19.42%, 2nd quarter, 2022.\nPerformance Table\nAverage Annual Total Returns\n(For the periods ended December 31, 2024)\n1 Year\n5 Years\n10 Years\nClass A*\nReturn Before Taxes\n26.11%\n14.96%\n14.96%\nReturn After Taxes on Distributions\n21.02%\n12.76%\n12.80%\nReturn After Taxes on Distributions and Sale of Fund Shares\n19.29%\n11.79%\n11.96%\nClass C\nReturn Before Taxes\n30.25%\n15.09%\n14.59%\nAdvisor Class\nReturn Before Taxes\n32.03%\n16.26%\n15.75%\nClass I\nReturn Before Taxes\n32.00%\n16.23%\n15.81%\nS P 500 Index (reflects no deduction for fees, expenses, or taxes)\n25.02%\n14.53%\n13.10%\nRussell 3000 Growth Index (reflects no deduction for fees, expenses, or taxes)\n32.46%\n18.25%\n16.22%\n*\nAfter-tax returns:\nAre shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;\nAre an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor s tax situation and are likely to differ from those shown; and\nAre not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.\nINVESTMENT ADVISER\nAllianceBernstein L.P. is the investment adviser for the Fund.\nPORTFOLIO MANAGERS\nThe following table lists the persons responsible for day-to-day management of the Fund s portfolio:\nEmployee\nLength of Service\nTitle\nJohn H. Fogarty\nSince 2013\nSenior Vice President of the Adviser\nRyan Oden\nSince 2024\nSenior Vice President of the Adviser\nVinay Thapar\nSince 2023\nSenior Vice President of the Adviser\nADDITIONAL INFORMATION\nFor important information about the purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to ADDITIONAL INFORMATION ABOUT PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARIES, page 52 in this Prospectus.\n6\nAB Large Cap Growth Fund\nINVESTMENT OBJECTIVE\nThe Fund s investment objective is long-term growth of capital.\nFEES AND EXPENSES OF THE FUND\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds Sales Charge Reduction Programs for Class A Shares on page 70 of this Prospectus, in Appendix B Financial Intermediary Waivers of this Prospectus and in Purchase of Shares Sales Charge Reduction Programs for Class A Shares on page 128 of the Fund s Statement of Additional Information ( SAI ).\nShareholder Fees (fees paid directly from your investment)\nClass A Shares\nClass C Shares\nAdviso\n...\nffer three classes of shares, through this Prospectus.\nEach share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses. For additional information on the differences between the different classes of shares and factors to consider when choosing among them, please see The Different Share Class Expenses and Choosing a Share Class below. Only Class A shares offer Quantity Discounts on sales charges , as described below.\nTo effect an order for the purchase, exchange or redemption of a Fund s shares, the Fund must receive the order in proper form. Proper form generally means that your instructions:\nAre signed and dated by the person(s) authorized in accordance with the Fund s policies and procedures to access the account and request transactions;\nInclude the fund and account number; and\nInclude the amount of the transaction (stated in dollars, shares, or percentage).\nWritten instructions also must include:\nMedallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)\nAny supporting documentation that may be required.\nThe Funds reserve the right, without notice, to revise the requirements for proper form.\nHOW TO BUY SHARES\nThe purchase of a Fund s shares is priced at the next-determined NAV after your order is received in proper form by ABIS.\nClass A and Class C Shares Shares Available to Retail Investors\nYou may purchase a Fund s Class A or Class C shares through financial intermediaries, such as broker-dealers or banks. You also may purchase shares directly from the Funds principal underwriter, AllianceBernstein Investments, Inc., or ABI, if you are (i) making an initial investment and the Fund has received and accepted a completed Mutual Fund Application identifying a financial intermediary with which ABI has an agreement; (ii) an existing Fund shareholder with an account held directly with a Fund; or (iii) an employee of the Adviser or any of its affiliates. These purchases may be subject to an initial sales charge, an asset-based sales charge or CDSC, as described below.\nPurchase Minimums and Maximums\nMinimums:*\nInitial:\n$\n2,500\nSubsequent:\n$\n50\n*\nPurchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee-based program or Mutual Fund Only brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or network level account arrangements with a Fund.\nMaximum Individual Purchase Amount:\nClass A shares\nNone\nClass C shares\n$\n1,000,000\nClass Z Shares Shares Available to Persons Participating in Certain Fee-Based Programs\nClass Z shares are available to persons participating in certain fee-based programs sponsored and maintained by registered broker-dealers or other financial intermediaries with omnibus account arrangements with the Funds.\nOther Purchase Information\nYour broker or financial advisor must receive your purchase request by the Fund Closing Time, which is the close of regular trading on any day the Exchange is open (ordinarily, 4:00 p.m., Eastern time, but sometimes earlier, as in the case of scheduled half-day trading or unscheduled suspensions of trading), for you to receive the next-determined NA\n...\n. , 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR SEPs or Keogh plans.\nGifts of shares will not be considered when determining breakpoint discounts.\nB-10\nFor more information about the Funds, the following documents are available upon request:\nANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N CSR FILINGS\nThe Funds annual and semi-annual reports to shareholders and filings on Form N CSR contain additional information on the Funds investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Fund s performance during its last fiscal year. In the Funds filings on Form N CSR, you will find the Funds annual and semi-annual financial statements.\nSTATEMENT OF ADDITIONAL INFORMATION (SAI)\nThe Funds have an SAI, which contains more detailed information about the Funds, including their operations and investment policies. The Funds SAI and the independent registered public accounting firm s report and financial statements in each Fund s Form N CSR for its most recent fiscal year are incorporated by reference into (and are legally part of) this Prospectus.\nYou may request a free copy of the current annual/semi-annual report, the SAI or other information such as Fund financial statements, or make inquiries concerning the Funds, by contacting your broker or other financial intermediary, or by contacting the Adviser:\nBy Mail:\nc/o AllianceBernstein Investor Services, Inc.\nP.O. Box 786003 San Antonio, TX 78278-6003\nBy Phone:\nFor Information: (800) 221 5672 For Literature: (800) 227 4618\nOn the Internet:\nwww.abfunds.com\nYou may also view reports and other information about the Funds, including the SAI, by visiting the EDGAR database on the Securities and Exchange Commission s website ( https://www.sec.gov ). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e mail address: publicinfo@sec.gov.\nYou also may find these documents and more information about the Adviser and the Funds on the Internet at: www.abfunds.com .\nThe [A/B] Logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.\nFund\nSEC File No.\nAB Growth Fund\n811 05088\nAB Large Cap Growth Fund\n811 06730\nAB Concentrated Growth Fund\n811 01716\nAB Discovery Growth Fund\n811 00204\nAB Small Cap Growth Portfolio\n811 01716\nAB Select US Equity Portfolio\n811 01716\nAB Select US Long/Short Portfolio\n811 01716\nAB Sustainable Global Thematic Fund\n811 03131\nAB Sustainable International Thematic Fund\n811 08426\nAB Global Core Equity Portfolio\n811 01716\nAB Concentrated International Growth Portfolio\n811 01716\nAB Sustainable US Thematic Portfolio\n811 01716\nPRO-0101-1025\n(Shares Offered Exchange Ticker Symbol)\nAB\nGrowth Fund\n(Class A AGRFX; Class C AGRCX;\nClass I AGFIX; Advisor Class AGRYX)\nAB\nLarge Cap Growth Fund\n(Class A APGAX; Class C APGCX;\nClass I ALLIX; Class Z APGZX; Advisor Class APGYX)\nAB\nConcentrated Growth Fund\n(Class A WPASX; Class C WPCSX;\nAdvisor Class WPSGX; Class I WPSIX; Class Z WPSZX)\nAB\nDiscovery Growth Fund\n(Class\nA CHCLX; Class C CHCCX; Class I CHCIX; Class Z CHCZX; Advisor Class CHCYX)\nAB\nSmall Cap\n...\ndited to a Fund s account; collateral management (including valuation and daily mark-to-market obligations); cash collateral\nreinvestment in accordance with the Securities Lending Agreement; and maintaining records and preparing reports regarding loans that are\nmade and the income derived therefrom.\nThe Funds earned income and paid fees and compensation\nrelated to their securities lending activities during the most recent fiscal year or period as follows:\nGrowth\nFund\nLarge\nCap Growth\nDiscovery\nGrowth\nSmall\nCap Growth\nSustainable\nGlobal Thematic\nConcentrated\nGrowth\nSelect\nUS Long/Short\nConcentrated\nInternational Growth\nGross income\nfrom securities lending activities\n$929,615\n$504,682\n$2,707,143\n$9,523,602\n$53,007\n$0\n$7,982\n$143,072\nFees paid to\nsecurities lending agent from revenue split\n$89,631\n$26,652\n$94,805\n$642,187\n$2,725\n$0\n$278\n$1,378\nFees\npaid for any cash\n$0\n$0\n$0\n$0\n$0\n$0\n$0\n$0\n109\nTable of Contents\nGrowth\nFund\nLarge\nCap Growth\nDiscovery\nGrowth\nSmall\nCap Growth\nSustainable\nGlobal Thematic\nConcentrated\nGrowth\nSelect\nUS Long/Short\nConcentrated\nInternational Growth\ncollateral\nmanagement services (including fees deducted from a pooled cash collateral reinvestment\nvehicle) that are not included in the revenue split\nAdministrative\nfees not included in the revenue split\n$0\n$0\n$0\n$0\n$0\n$0\n$0\n$0\nIndemnification\nfees not included in the revenue split\n$0\n$0\n$0\n$0\n$0\n$0\n$0\n$0\nRebate\n(paid to borrowers)\n$33,294\n$238,121\n$1,758,836\n$3,101,406\n$25,749\n$0\n$5,195\n$129,275\nOther fees not\nincluded in revenue split\n$0\n$0\n$0\n$0\n$0\n$0\n$0\n$0\nAggregate fees\nand/or compensation for securities lending activities\n$122,925\n$264,773\n$1,853,641\n$3,743,593\n$28,475\n$0\n$5,473\n$130,654\nNet income\nfrom securities lending activities\n$806,690\n$239,909\n$853,502\n$5,780,009\n$24,532\n$0\n$2,508\n$12,419\nBrown Brothers Harriman Co. ( BBH )\nserves as the securities lending agent for the Sustainable International Thematic, Select US Equity, Global Core Equity and Sustainable\nUS Thematic Funds and is responsible for the implementation and administration of a securities lending program pursuant to a Securities\nLending Authorization Agreement ( Securities Lending Agreement ). Pursuant to the Securities Lending Agreement, BBH provides\nthe following services: effecting loans of Fund securities to any person on a list of approved borrowers; determining whether a loan shall\nbe made and negotiating and establishing the terms and conditions of the loan with the borrower; ensuring that payments relating to distributions\non loaned securities are timely and properly credited to a Fund s account; collateral management (including valuation and daily\nmark-to-market obligations); cash collateral reinvestment in accordance with the Securities Lending Agreement; and maintaining records\nand preparing reports regarding loans that are made and the income derived therefrom.\n110\nTable of Contents\nThe Funds earned income and paid fees and compensation\nrelated to their securities lending activities during the most recent fiscal year or period as follows:\nSustainable\nInternational Thematic\nSelect\nUS Equity\nGlobal\nCore Equity\nSustainable\nUS Thematic\nGross income\nfrom securities lending activities\n$577\n$107\n$10,875\n$12\nFees paid to\nsecurities lending agent from revenue split\n$0\n$0\n$0\n$0\nFees paid for any cash\ncollateral management services (including fees deducted from a pooled cash collateral\nreinvestment vehicle) that are not included in the revenue split\n$0\n$0\n$0\n$0\nAdministrative fees\nnot included in the revenue split\n$0\n$0\n$0\n$0\nIndemnification fees\nnot included in the revenue split\n$0\n$0\n$0\n$0", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "p": "advisedBy", "o": "org:AllianceBernstein_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "p": "seriesOf", "o": "trust:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "p": "transferAgent", "o": "org:AllianceBernstein_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:AB_SUSTAINABLE_INTERNATIONAL_THEMATIC_FUND_INC", "p": "underwrittenBy", "o": "org:AllianceBernstein_Investments_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC <predicate_marker> advisedBy <object_marker> AllianceBernstein L.P. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC <predicate_marker> transferAgent <object_marker> AllianceBernstein Investor Services, Inc. <triple_end>\n<triple_start> AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC <predicate_marker> underwrittenBy <object_marker> AllianceBernstein Investments, Inc. <triple_end>", "target_serialized_plain": "AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC advisedBy AllianceBernstein L.P. ; custodian Brown Brothers Harriman & Co. ; seriesOf AB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB SUSTAINABLE INTERNATIONAL THEMATIC FUND INC underwrittenBy AllianceBernstein Investments, Inc. .", "stats": {"input_chars": 18020, "n_triples": 5, "text_to_json_ratio": 32.2}}
{"sample_id": "0000922457:ALL", "cik": "0000922457", "trust_name": "BlackRock Advantage Global Fund, Inc.", "input_text": "015-01-01 2024-12-31 0000922457 bragfi:C000007432Member bragfi:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000922457 bragfi:C000007433Member bragfi:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000922457 bragfi:C000199761Member bragfi:ClassKMember 2015-01-01 2024-12-31 0000922457 bragfi:C000199761Member bragfi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000922457 bragfi:C000199761Member bragfi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000922457 bragfi:MSCIAllCountryWorldIndexNetMember bragfi:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0000922457 bragfi:S000002724MSCIAllCountryWorldIndexMember bragfi:ClassKMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on October 23, 2025 Securities Act File No. 033-53399 Investment Company Act File No. 811-07171 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 54 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 56 (Check appropriate box or boxes) BlackRock Advantage Global Fund, Inc. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Advantage Global Fund, Inc. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On October 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of common stock, par value, $0.10 per share. OCTOBER 28, 2025\nProspectus BlackRock Advantage Global Fund, Inc. | Investor, Institutional and Class R Shares Investor A: MDGCX Investor C: MCGCX Institutional: MAGCX Class R: MRGSX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n7\nInvestment Manager\n8\nPortfolio Managers\n8\nPurchase and Sale of Fund Shares\n9\nTax Information\n10\nPayments to Broker/Dealers and Other\n...\nntains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are\n$100 for all accounts. 9\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nregistered representatives of an insurance company s broker- dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer- sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 10 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Advantage Global Fund, Inc. (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek long-term capital appreciation. The investment objective is a non-fundamental policy of the Fund. However, the Fund s Board of Directors (the Board ) has adopted a policy (the Policy ) whereby the Board agrees to not change the investment objective of the Fund in the future without obtaining the vote of a majority of the outstanding voting securities of the Fund, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). In addition, the Board agrees not to change the Policy without the vote of a majority of the outstanding voting securities. Investment Process The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular equity securities while seeking to control incremental risk. BlackR\n...\nder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage 33 of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Ple\n...\nvestor A Share front-end load discounts Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Advantage Global Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated October 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available.\n...\non. Article IV, Section 4 of the Bylaws states: Section 4. Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IV or the Charter shall continue as to a person who has ceased to be a Director, advisory board member or officer and shall inure to the benefit of the heirs, executors and personal and legal representatives of such a person. Article IV, Section 5 of the Bylaws states: Section 5. Insurance . The Directors may maintain insurance for the protection of the Fund s property, the Shareholders, Directors, officers, employees and agents in such amount as the Directors shall deem adequate to C-5\ncover possible tort liability, and such other insurance as the Directors in their sole judgment shall deem advisable or is required by the 1940 Act. Item 31. Business and Other Connections of the Manager . BlackRock Advisors, LLC is an indirect majority-owned subsidiary of BlackRock, Inc. BlackRock Advisors, LLC was organized in 1994 for the purpose of providing advisory services to investment companies. The information required by this Item 31 about officers and directors of BlackRock Advisors, LLC, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV, filed by BlackRock Advisors, LLC., pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-47710). Item 32. Principal Underwriters. (a) BlackRock Investments, LLC ( BRIL ) acts as the principal underwriter or placement agent, as applicable, for each of the following open-end registered investment companies, including the Registrant: BlackRock Advantage Global Fund, Inc. BlackRock Advantage SMID Cap Fund, Inc. BlackRock Allocation Target Shares BlackRock Balanced Fund, Inc. BlackRock Bond Fund, Inc. BlackRock California Municipal Series Trust BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock ETF Trust BlackRock ETF Trust II BlackRock Financial Institutions Series Trust BlackRock Funds SM BlackRock Funds II BlackRock Funds III BlackRock Funds IV BlackRock Funds V BlackRock Funds VI BlackRock Funds VII, Inc. BlackRock Global Allocation Fund, Inc. BlackRock Index Funds, Inc. BlackRock International Select Equity Fund BlackRock Large Cap Focus Growth Fund, Inc. BlackRock Large Cap Focus Value Fund, Inc. BlackRock Large Cap Series Funds, Inc. BlackRock Liquidity Funds BlackRock Mid-Cap Value Series, Inc. BlackRock Multi-State Municipal Series Trust BlackRock Municipal Bond Fund, Inc. BlackRock Municipal Series Trust BlackRock Natural Resources Trust BlackRock Series Fund, Inc. BlackRock Series Fund II, Inc. BlackRock Series, Inc. BlackRock Strategic Global Bond Fund, Inc. BlackRock Unconstrained Equity Fund BlackRock Variable Series Funds, Inc. BlackRock Variable Series Funds II, Inc. iShares, Inc. iShares Trust iShares U.S. ETF Trust Managed Account Series Managed Account Series II Master Investment Portfolio Master Investment Portfolio II Quantitative Master Series LLC BRIL also acts as the distributor or placement agent for the following closed-end registered investment companies: BlackRock Alpha Strategies Fund BlackRock Core Bond Trust BlackRock Corporate High Yield Fund, Inc. BlackRock Credit Strategies Fund BlackRock Debt Strategies Fund, Inc. BlackRock Enhanced Equity Dividend Trust BlackRock Floating Rate Income Trust BlackRo", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Advantage_Global_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Global_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Global_Fund_Inc", "p": "seriesOf", "o": "trust:BlackRock_Advantage_Global_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Global_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Advantage_Global_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Advantage Global Fund, Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> BlackRock Advantage Global Fund, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Advantage Global Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Advantage Global Fund, Inc. advisedBy BlackRock Advisors, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf BlackRock Advantage Global Fund, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Advantage Global Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18019, "n_triples": 5, "text_to_json_ratio": 34.6}}
{"sample_id": "0000923084:ALL", "cik": "0000923084", "trust_name": "T. ROWE PRICE SPECTRUM FUNDS II, INC.", "input_text": "nfluence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nT. ROWE PRICE\n8\nAverage\nAnnual Total Returns\nPeriods ended\nDecember 31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n07/29/1994\nReturns\nbefore taxes\n10.34\n%\n5.91\n%\n6.68\n%\nReturns\nafter taxes on distributions\n8.31\n4.08\n4.96\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n7.02\n4.19\n4.84\nI\nClass\n03/23/2016\nReturns\nbefore taxes\n10.47\n6.04\n7.77\nRegulatory\nBenchmark\nMSCI\nAll Country World Index Net (reflects no deduction for fees or expenses)\n17.49\n10.06\n9.23\n11.01\nb\nStrategy\nBenchmark(s)\nMorningstar\nModerate Target Risk Index (reflects no deduction for fees, expenses, or taxes)\n8.27\n5.37\n6.05\n7.02\nb\nCombined\nIndex Portfolio a (reflects no deduction for fees or expenses)\n11.63\n6.93\n6.91\n7.92\nb\nLipper\nMixed-Asset Target Allocation Moderate Funds Index\n10.57\n6.46\n6.26\n7.31\nb\na Combined\nIndex Portfolio is a blended benchmark composed of 60% stocks (42% Russell 3000\nIndex and 18% MSCI All Country World Index ex USA Net), 30% bonds (Bloomberg\nU.S. Aggregate Bond Index), and 10% money market securities (FTSE 3-Month Treasury Bill\nIndex) as of 5/31/25. The indices and percentages may vary over time.\nb Return\nsince 3/23/16.\nUpdated\nperformance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nInvestment\nSubadviser T. Rowe Price Investment Management, Inc. (Price Investment Management)\nInvestment\nSubadviser T. Rowe Price International Ltd (Price International)\nInvestment\nSubadviser T. Rowe Price Hong Kong Limited (Price Hong Kong)\nSUMMARY\n9\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nChristina\nDove Noonan\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2025\n2015\nCharles\nM. Shriver\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2011\n1999\nToby\nM. Thompson*\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2020\n1993\n* Mr.\nThompson originally joined T. Rowe Price in 1993 and returned in 2010.\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a\ncustodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum.\nThese investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting\norders on behalf of their customers.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through\ntroweprice.com.\nIf\nyou hold shares through a financial intermediary or re\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nT. ROWE PRICE\n40\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price\n(for this purpose, total assets include investments through T. Rowe Price Brokerage\nand investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services);\nor\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call\n1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be p\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nnt is not a party to any management-related\nservice contract, other than as set forth in the Prospectus or Statement of Additional Information.\nItem 35. Undertakings\n(a) Not\napplicable\nPage 27\nSignatures\nPursuant to the requirements of the Securities\nAct of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements\nfor effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration\nStatement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this July 25,\n2025.\nT. Rowe Price Spectrum Funds II, Inc.\n/s/ David Oestreicher\nBy: David Oestreicher\nDirector and President\nPursuant to the requirements of the Securities\nAct of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates\nindicated:\nSignature\nTitle\nDate\n/s/ David Oestreicher\nDirector and President\nJuly 25, 2025\nDavid Oestreicher\n(Principal Executive Officer)\n/s/ Alan S. Dupski\nTreasurer and Vice President\nJuly 25, 2025\nAlan S. Dupski\n(Principal Financial Officer\nand Principal Accounting Officer)\n*\nTeresa Bryce Bazemore\nDirector\nJuly 25, 2025\n*\nMelody Bianchetto\nDirector\nJuly 25, 2025\n*\nBruce W. Duncan\nDirector\nJuly 25, 2025\n*\nRobert J. Gerrard, Jr.\nChairman of the Board\nJuly 25, 2025\nand Director\n*\nPaul F. McBride\nDirector\nJuly 25, 2025\n*\nMark J. Parrell\nDirector\nJuly 25, 2025\n/s/ Eric L. Veiel\nDirector\nJuly 25, 2025\nEric L. Veiel\n*\nKellye L. Walker\nDirector\nJuly 25, 2025\n*/s/ David Oestreicher\nAttorney-In-Fact\nJuly 25, 2025\nDavid Oestreicher\n\n\f\n\nEX-99.(D)(10)\n5\nex99-d10.htm\nINVESTMENT SUB-ADVISORY AGREEMENT (T. ROWE PRICE HONG KONG LIMITED)\nT. Rowe Price Spectrum Funds II, Inc. 485BPOS\nExhibit 99(d)(10)\nINVESTMENT\nSUB-ADVISORY AGREEMENT\nBetween\nT.\nROWE PRICE ASSOCIATES, INC.\nand\nT.\nROWE PRICE HONG KONG LIMITED\nThis\nINVESTMENT SUB-ADVISORY AGREEMENT (the Agreement ), is dated as of May 1, 2022 and entered into by and between\nT. Rowe Price Associates, Inc. (the Adviser ), a corporation organized and existing under the laws of\nthe State of Maryland, United States of America with its principal office at 100 East Pratt Street, Baltimore, Maryland 21202,\nUnited States of America and T. Rowe Price Hong Kong Limited (the Subadviser or TRP Hong Kong ),\nan indirect, wholly-owned subsidiary of the Adviser and a Hong Kong limited company organized and existing under the laws of Hong\nKong with its principal office at 6/F Chater House, 8 Connaught Place, Central, Hong Kong, with respect to each Fund (as defined\nbelow) set forth on Schedule 1 as of the date indicated thereof, as it may be amended from time to time.\nWHEREAS,\nthe Adviser has entered into an Investment Management Agreement, as may be amended or restated with each corporation (the Company ),\non behalf of itself or its series (each a Fund and collectively, the Funds ), as set\nforth on Schedule 1 (each, an Advisory Agreement );\nWHEREAS,\neach Fund is a separate series of the Company and is engaged in business as an open-end investment company registered under the\nInvestment Company Act of 1940, as amended ( 1940 Act );\nWHEREAS,\nthe Adviser is registered with the U.S. Securities and Exchange Commission ( SEC ) as an investment adviser\nunder the Investment Advisers Act of 1940, as amended ( Advisers Act );\nWHEREAS,\nthe Subadviser is registered with the SEC as an investment adviser under the Advisers Act, and is also licensed with the Securities\nand Futures Commissio", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Spectrum_Conservative_Allocation_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Spectrum_Conservative_Allocation_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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ROWE PRICE SPECTRUM FUNDS II, INC. ; subAdvisedBy T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd , T. Rowe Price Investment Management, Inc. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Spectrum Moderate Growth Allocation Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE SPECTRUM FUNDS II, INC. ; subAdvisedBy T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd , T. Rowe Price Investment Management, Inc. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE SPECTRUM FUNDS II, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 19166, "n_triples": 25, "text_to_json_ratio": 8.1}}
{"sample_id": "0000924727:ALL", "cik": "0000924727", "trust_name": "Investment Managers Series Trust III", "input_text": "AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION\nON MAY 22, 2026\nREGISTRATION NOS. 033-79858\n811-08544\nUNITED STATES\nSECURITIES AND EXCHANGE\nCOMMISSION\nWASHINGTON,\nD.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES\nACT OF 1933\nPRE-EFFECTIVE AMENDMENT\nNO.\nPOST-EFFECTIVE AMENDMENT NO.\n149\nAND/OR\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY\nACT OF 1940\nAMENDMENT NO. 150\nINVESTMENT MANAGERS SERIES TRUST III\n(Exact Name of Registrant as Specified in Charter)\n235 West Galena Street\nMilwaukee, Wisconsin 53212\n(Address of Principal Executive Offices, including\nZip Code)\nRegistrant's Telephone Number, Including Area\nCode: (626) 385-5777\nDiane J. Drake\nMutual Fund Administration, LLC\n2220 E. Route 66, Suite 226\nGlendora, California 91740\n(Name and Address of Agent for Service)\nCOPIES TO:\nLaurie Anne Dee\nMorgan, Lewis Bockius LLP\n600 Anton Boulevard, Suite 1800\nCosta Mesa, California 92626\nIt is proposed that this filing will become effective (check appropriate\nbox):\nimmediately upon filing pursuant to paragraph\n(b) of Rule 485; or\non June 5, 2026 pursuant to paragraph (b) of Rule 485; or\n60 days after filing pursuant to paragraph (a)(1) of\nRule 485;\non _______________ pursuant to paragraph (a)(1) of\nRule 485; or\n75 days after filing pursuant to paragraph (a)(2) of\nRule 485; or\non _______________ pursuant to paragraph (a)(2) of\nRule 485; or\non _______________ pursuant to paragraph (a)(3) of\nRule 485.\nIf appropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nFPA GLOBAL ALLOCATION ETF (FPAA)\nPROSPECTUS\nJune 5, 2026\nThis Prospectus provides important information about the FPA Global Allocation ETF (the \"Fund\") that you should know before investing. Please read it carefully and keep it for future reference.\nTHESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE \"SEC\") NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.\nShares of the Fund are listed and traded on the CBOE BZX Exchange, Inc. (the \"Exchange\").\nhttps://fpaa.fpa.com\n(800\n) 982-4372\nDistributor:\nDISTRIBUTION SERVICES, LLC 190 Middle Street, Suite 301 Portland, Maine 04101\nTable of Contents\nPage\nSummary Section FPA Global Allocation ETF\n2\nAdditional Information About the Fund's Principal Investment Strategies and Risks\n13\nManagement of the Fund\n27\nBuying and Selling Fund Shares\n29\nDividends, Distributions and Taxes\n31\nDistributor\n34\nFund Service Providers\n34\nAdditional Information\n34\nFinancial Highlights\n36\n1\nSUMMARY SECTION FPA GLOBAL ALLOCATION ETF\nInvestment Objective\nThe FPA Global Allocation ETF (the \"Fund\") seeks long-term, risk-adjusted growth of capital.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (\"Shares\"). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.70\n%\nDistribution and Service (12b-1) Fees\nNone\nOther Expenses 1\n0.29\n%\nAcquired Fund Fees and Expenses 1,2\n0.34\n%\nTotal Annual Fund Operating Expenses 1,2\n1.33\n%\nFee Waiver 2\n( 0.84\n)%\nTotal Annual Fund Operating Expenses After Fee Waiver 1,2\n0.49\n%\n1 \"Other Expenses\" and \"Acquired Fund Fees and Expenses\" have been estimated for the current fiscal year. Actual expenses may differ from estimates.\n2 The Fund's investment adviser has contractually agreed to limit Total Annual Fund Operating Expenses (excluding any leverage interest, brokerage fees and commissions, acquired fund fees and expenses (\"AFFE\") (except as noted below), borrowing costs (such as interest and dividend expense on securities sold short), taxes, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses), to 0.49% of the Fund's average daily net assets through May 31, 2028 . The Fund's investment adviser may recoup any operating expenses in excess of these limits from the Fund within three years after the date of such payment if such recoupment can be achieved within the lesser of the foregoing expense limits and the expense limits in place at the time of recoupment. This agreement may only be terminated before its expiration date by the Board of Trustees of Investment Managers Series Trust III. In addition, the Fund's investment adviser has contractually agreed to waive all AFFE related to investments in affiliated Underlying Funds (defined below) and to waive up to 0.25% of AFFE related to investments in unaffiliated Underlying Funds, through at least May 31, 2028, to the extent necessary to offset the management fees that are borne by the Fund as a result of the Fund's investment in Underlying Funds.\nExample\nThis example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. The example reflects the Fund's contractual fee waiver only for the term of the contractual fee waiver. This example does not include the brokerage commissions that investors may pay to buy and sell Shares.\n2\nAlthough your actual costs may be higher or lower, your costs, based on these assumptions, would be:\nOne Year\nThree Years\n$\n50\n$\n250\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. The Fund's portfolio turnover rate may vary from year to year as well as within a year. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.\nPrincipal Investment Strategies\nThe Fund is an actively managed exchange-traded fund (\"ETF\") that seeks to achieve its investment objective by owning a balanced portfolio of global equity investments and fixed income investments. The Fund expects to operate as a \"fund of funds\" investing primarily in shares of other registered investment companies managed by First Pacific Advisors, LP (the \"Adviser\") (including other series of the Trust) and unaffiliated registered investment companies (collectively, \"Underlying Funds\") but is also permitted to invest directly in securities and other investments in lieu of, or in addition to, investing in Underlying Funds.\nUnder normal circumstances, the Adviser intends to invest at least approximately 50% of the Fund's net assets in global equity investments, including Underlying Funds that invest primarily in equities. The Adviser may engage in frequent and active trading to achieve the Fund's investment objective, especially when there is pronounced volatility in equities and fixed income markets. The Fund may invest in publicly traded common stocks of U.S. and non-U.S. issuers ( i.e. , if the issuer is headquartered outside the United States, if at least 50% of its assets are outside the United States, or if at least 50% of its gross income is from non-U.S. sources), including issuers in emerging market countries. The equity securities held directly by the Fund or indirectly (through an Underlying Fund) may include common stocks, real estate investment trusts (\"REITs\"), and depositary receipts. With respect to its direct or indirect (through an Underlying Fund) investments in equity securities, the Fund may invest in securities of any market capitalization. Under normal circumstances, the Fund expects to invest at least 40% of its equity assets in non-U.S. issuers.\nThe Fund's fixed income securities include securities that pay a fixed or fluctuating rate of interest, securities convertible into equity securities, securities issued or guaranteed by the U.S. federal government, state governments or by their agencies and instrumentalities, securities issued or guaranteed by foreign governm\n...\nr more than one year, and otherwise, will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for 6 months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gains with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).\nThe Fund has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the shares of the Fund so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in any securities different from the market value of such securities on the date of deposit. The Fund also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the shares of the Fund so ordered, own 80% or more of the outstanding shares of the Fund, the purchaser (or a group of purchasers) may not recognize gain or loss upon the exchange of securities for Creation Units.\n33\nPersons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction.\nDISTRIBUTOR\nDistribution Services, LLC, located at 190 Middle Street, Suite 301, Portland, Maine 04101 serves as the distributor for the shares of the Fund. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (\"FINRA\").\nFUND SERVICE PROVIDERS\nCo-Administrators. UMB Fund Services, Inc. (\"UMBFS\"), located at 235 West Galena Street, Milwaukee, Wisconsin 53212, and Mutual Fund Administration, LLC (\"MFAC\"), located at 2220 E. Route 66, Suite 226, Glendora, California 91740 (collectively the \"Co-Administrators\"), serve as co-administrators for the Fund. Pursuant to the Co-Administration Agreement, the Co-Administrators receive a fee for administration services based on the Fund's average daily net assets, which is paid by the Adviser.\nTransfer Agent. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Fund's transfer agent. The transfer agent provides record keeping and shareholder services.\nCustodian. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Fund's custodian. The custodian holds the securities, cash and other assets of the Fund.\nFund Accounting Agent. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the fund accounting agent for the Fund. The fund accounting agent calculates the Fund's daily NAV.\nLegal Counsel. Morgan, Lewis Bockius LLP, located at 600 Anton Boulevard, Suite 1800, Costa Mesa, California 92626, serves as legal counsel to the Trust and to the Independent Trustees.\nIndependent Registered Public Accounting Firm. Tait, Weller Baker LLP, located at Two Liberty Place, 50 South 16 th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Fund's independent registered public accounting firm and is responsible for auditing the annual financial statements of the Fund.\nADDITIONAL INFORMATION\nInvestments by Other Registered Investment Companies\nFor purposes of the 1940 Act, the Fund is treated as a registered investment company. Section 12(d)(1)", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:FPA_Queens_Road_Small_Cap_Value_Fund", "p": "administrator", "o": "org:Mutual_Fund_Administration_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FPA_Queens_Road_Small_Cap_Value_Fund", "p": "administrator", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Small_Cap_Value_Fund", "p": "advisedBy", "o": "org:First_Pacific_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:Investment_Managers_Series_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Value_Fund", "p": "administrator", "o": "org:Mutual_Fund_Administration_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FPA_Queens_Road_Value_Fund", "p": "administrator", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Value_Fund", "p": "advisedBy", "o": "org:First_Pacific_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Value_Fund", "p": "seriesOf", "o": "trust:Investment_Managers_Series_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FPA_Queens_Road_Value_Fund", "p": "transferAgent", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Investment_Managers_Series_Trust_III", "p": "underwrittenBy", "o": "org:Distribution_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> FPA Queens Road Small Cap Value Fund <predicate_marker> administrator <object_marker> Mutual Fund Administration, LLC <predicate_marker> administrator <object_marker> UMB Fund Services, Inc. <predicate_marker> advisedBy <object_marker> First Pacific Advisors, LP <predicate_marker> seriesOf <object_marker> Investment Managers Series Trust III <predicate_marker> transferAgent <object_marker> UMB Fund Services, Inc. <triple_end>\n<triple_start> FPA Queens Road Value Fund <predicate_marker> administrator <object_marker> Mutual Fund Administration, LLC <predicate_marker> administrator <object_marker> UMB Fund Services, Inc. <predicate_marker> advisedBy <object_marker> First Pacific Advisors, LP <predicate_marker> seriesOf <object_marker> Investment Managers Series Trust III <predicate_marker> transferAgent <object_marker> UMB Fund Services, Inc. <triple_end>\n<triple_start> Investment Managers Series Trust III <predicate_marker> underwrittenBy <object_marker> Distribution Services, LLC <triple_end>", "target_serialized_plain": "FPA Queens Road Small Cap Value Fund administrator Mutual Fund Administration, LLC , UMB Fund Services, Inc. ; advisedBy First Pacific Advisors, LP ; seriesOf Investment Managers Series Trust III ; transferAgent UMB Fund Services, Inc. .\nFPA Queens Road Value Fund administrator Mutual Fund Administration, LLC , UMB Fund Services, Inc. ; advisedBy First Pacific Advisors, LP ; seriesOf Investment Managers Series Trust III ; transferAgent UMB Fund Services, Inc. .\nInvestment Managers Series Trust III underwrittenBy Distribution Services, LLC .", "stats": {"input_chars": 12122, "n_triples": 11, "text_to_json_ratio": 11.9}}
{"sample_id": "0000930667:ALL", "cik": "0000930667", "trust_name": "iShares, Inc.", "input_text": "f:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000930667 isi:C000112949Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000930667 isi:C000112950Member 2016-01-01 2025-12-31 0000930667 isi:C000112950Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000930667 isi:C000112950Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000930667 isi:JPMorganCEMBIBroadDiversifiedCoreIndexSplicedMember 2016-01-01 2025-12-31 0000930667 isi:JPMorganGBIEMGlobalDiversified15Cap4FloorIndexSplicedMember 2016-01-01 2025-12-31 0000930667 isi:JPMorganUSDEmergingMarketsHighYieldBondIndexSplicedMember 2016-01-01 2025-12-31 0000930667 isi:MarkitIBoxxGlobalDevelopedMarketsHighYieldIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000033806JPMorganEMBIGlobalDiversifiedIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036776JPMorganEMBIGlobalDiversifiedIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036777JPMorganEMBIGlobalDiversifiedIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036906IBoxxGlobalGovernmentIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036906ICEBofAGlobalFixedIncomeMarketsIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036907IBoxxGlobalGovernmentIndexMember 2016-01-01 2025-12-31 0000930667 isi:S000036907ICEBofAGlobalFixedIncomeMarketsIndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the U.S. Securities and Exchange Commission on February 23, 2026 File Nos. 33 97598 and 811 09102 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N 1 AREGISTRATION STATEMENT UNDER\nTHE SECURITIES ACT OF 1933\nPost-Effective Amendment No. 542\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 544\n(Check appropriate box or boxes) iShares, Inc. (Exact Name of Registrant as Specified in Charter) c/o BlackRock Fund Advisors 400 Howard Street San Francisco, CA 94105 (Address of Principal Executive Office)(Zip Code) Registrant s Telephone Number, including Area Code: (415) 670 2000 The Corporation Trust Incorporated 2405 York Road Suite 201 Lutherville-Timonium, Maryland 21093 (Name and Address of Agent for Service) With Copies to:\nMARGERY K. NEALE, ESQ. BENJAMIN J. HASKIN, ESQ. WILLKIE FARR GALLAGHER LLP 787 SEVENTH AVENUE NEW YORK, NY 10019-6099\nMARISA ROLLAND, ESQ. BLACKROCK FUND ADVISORS 400 HOWARD STREET SAN FRANCISCO, CA 94105 It is proposed that this filing will become effective (check appropriate box):\nImmediately upon filing pursuant to paragraph (b)\nOn February 27, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\nOn (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn (date) pursuant to paragraph (a)(2) If appropriate, check the following box:\nThe post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nFEBRUARY 27, 2026\nProspectus iShares, Inc. iShares Euro High Yield Corporate Bond USD Hedged ETF | EUHY | Cboe BZX iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca iShares US Intl High Yield Corp Bond ETF | GHYG | Cboe BZX The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. Table of Contents Fund Summaries\niShares Euro High Yield Corporate Bond USD Hedged ETF\nS - 1\niShares J.P. Morgan EM Corporate Bond ETF\nS - 9\niShares J.P. Morgan EM High Yield Bond ETF\nS - 17\n...\n3, 2025, the management fee is 0.35%. Portfolio Managers The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to, investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes, implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who have more limited responsibilities. Jonathan Graves, James Mauro and Marcus Tom are primarily responsible for the day-to-day management of the Funds, except for the iShares Euro High Yield Corporate Bond USD Hedged ETF. Divya Manek and James Mauro are primarily responsible for the day-to-day management of the iShares Euro High Yield Corporate Bond USD Hedged ETF. Jonathan Graves has been employed by BFA or its affiliates as a senior portfolio manager since 2003. He is a Managing Director of BlackRock, Inc. Divya Manek has been employed by BFA or its affiliates as a portfolio manager since 2019. She is a Managing Director of BlackRock, Inc. James Mauro has been employed by BFA or its affiliates as a portfolio manager since 2011. He is a Managing Director of BlackRock, Inc. Marcus Tom has been employed by BFA or its affiliates as a senior portfolio manager since 2000. He is a Director of BlackRock, Inc. Each Fund s SAI provides additional information about the Portfolio Managers compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers ownership (if any) of shares of the Funds. Administrator, Custodian and Transfer Agent The administrator, custodian and transfer agent for each Fund is indicated in the table below.\nFund\nThe Bank of New York Mellon\nCitibank, N.A.\nJPMorgan Chase Bank, N.A.\nState Street Bank and Trust Company\niShares Euro High Yield Corporate Bond USD Hedged ETF*\niShares J.P. Morgan EM Corporate Bond ETF*\niShares J.P. Morgan EM High Yield Bond ETF*\niShares J.P. Morgan EM Local Currency Bond ETF*\niShares US Intl High Yield Corp Bond ETF*\n* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities. Conflicts of Interest The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the Affiliates )), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage a Fund and its shareholders. BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest. BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are held by a Fund. This may include transactions in securities issued by other open-en\n...\nerefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible. In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers, employees or clients. From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients. A Fund s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with such restrictions. Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will receive a fee from the participating Fund based on the returns earned on the Fund s lending activities, including investment of the cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its portfolio securities under the securities lending program. Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the Distributor or BRIL ), an Affiliate of BFA, to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ( ETF Services ). BRIL has engaged Citibank, N.A. ( Citibank ) as a subcontractor to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with BlackRock or funds managed by BFA and its Affiliates. BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock index. The terms of a Fund s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other licensees. The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of interest. Please see the SAI for further information. Shareholder Information Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free 1-800-iShares (1-800-474-2737) or visiting www.iShares.com. Buying", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:iShares_Asia_Pacific_Dividend_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Asia_Pacific_Dividend_ETF", "p": "advisedBy", "o": "org:BlackRock_Fund_Advisors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Asia_Pacific_Dividend_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:iShares_Asia_Pacific_Dividend_ETF", "p": "seriesOf", "o": "trust:iShares_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Asia_Pacific_Dividend_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Emerging_Markets_Dividend_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Emerging_Markets_Dividend_ETF", "p": "advisedBy", "o": "org:BlackRock_Fund_Advisors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Emerging_Markets_Dividend_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:iShares_Emerging_Markets_Dividend_ETF", "p": "seriesOf", "o": "trust:iShares_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_Emerging_Markets_Dividend_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:iShares_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> iShares Asia/Pacific Dividend ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Fund Advisors <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> iShares, Inc. <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> iShares Emerging Markets Dividend ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Fund Advisors <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> iShares, Inc. <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> iShares, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "iShares Asia/Pacific Dividend ETF administrator State Street Bank and Trust Company ; advisedBy BlackRock Fund Advisors ; custodian State Street Bank and Trust Company ; seriesOf iShares, Inc. ; transferAgent State Street Bank and Trust Company .\niShares Emerging Markets Dividend ETF administrator State Street Bank and Trust Company ; advisedBy BlackRock Fund Advisors ; custodian State Street Bank and Trust Company ; seriesOf iShares, Inc. ; transferAgent State Street Bank and Trust Company .\niShares, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 10875, "n_triples": 11, "text_to_json_ratio": 10.9}}
{"sample_id": "0000932101:ALL", "cik": "0000932101", "trust_name": "Putnam Investment Funds", "input_text": "shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com . Prospectus 4 The fund s past performance is not necessarily an indication of how the fund will perform in the future. Annual total returns for class A shares before sales charges\nBest Quarter:\nQ3 2024\n1.23 %\nWorst Quarter:\nQ1 2022\n0.00 %\nAverage annual total returns after sales charges (for periods ended 12/31/25)\nShare class\n1 year\n5 years\nSince Inception\nClass A before taxes\n3.93 %\n2.92 %\n1.85 % 1\nClass C before taxes*\n2.93 %\n2.92 %\n1.85 % 1\nClass G before taxes**\n4.06 %\n3.02 %\n1.96 % 1\nClass P before taxes\n4.06 %\n3.02 %\n1.96 % 1\nClass R before taxes*\n3.93 %\n2.92 %\n1.85 % 1\n1.\nSince inception April 14, 2016 .\n*\nPerformance for class C and R shares prior to their inception (6/16/16) is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the expense waiver in effect at that time.\n**\nPerformance for class G shares before their inception (8/30/16) is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the expense waiver in effect at that time. Class G shares had no assets or operations for the period from February 11, 2023 through September 10, 2023. The performance shown for class G shares for this period is derived from the historical performance of class P shares, which bear similar fees and expenses. Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Prospectus 5 Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. Class P shares are only available to other Putnam funds. Class G shares are only available to Putnam fund-of-funds accounts. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. Shares are sold at a net asset value of $1.00 per share, without any initial sales charge. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) and the Federal Reserve Bank of New York ( FRBNY ) are both open. On any day when the NYSE, the FRBNY or the bond markets (as recommended by the Securities Industry and Financial Markets Association ( SIFMA )) close early due to an unanticipated event, or if trading on the NYSE is restricted, an emergency arises, or as otherwise permitted by the SEC, the fund reserves the right to close early and make its net asset value calculation as of the time of its early close. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply. Tax information The fund s distributions will be taxed as ordinary income unless you hold the shares through\n...\ncertain groups. The CDSC waiver categories described below do not apply to customers purchasing shares of the fund through any of the financial intermediaries specified in the Appendix to this prospectus (each, a Specified Intermediary ). Different financial intermediaries may impose different sales charges. Please refer to the Appendix for the sales charge or CDSC waivers that are applicable to each Specified Intermediary. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Prospectus 16 Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or Franklin Distributors, LLC (the Distributor ) for assistance. How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the NYSE and FRBNY are both open, either through your financial representative or directly to the fund. In the case of exchanges, shareholders of class A shares will, in most cases, be required to pay a sales charge, which varies depending on the fund to which they exchange shares and the amount exchanged. On any day when the NYSE, the FRBNY or the bond markets (as recommended by SIFMA) close early due to an unanticipated event, or if trading on the NYSE is restricted, an emergency arises, or as otherwise permitted by the SEC, the fund reserves the right to close early and make its net asset value calculation as of the time of its early close. If you redeem your shares shortly after purchasing them, your redemption payment for the shares may be delayed until the fund collects the purchase price of the shares, which may be up to 7 calendar days after the purchase date. Regarding exchanges, not all Putnam funds offer all classes of shares or may be open to new investors. If you exchange shares otherwise subject to a deferred sales charge, the transaction will not be subject to the deferred sales charge. When you redeem the shares acquired through the exchange, however, the redemption may be subject to the deferred sales charge, depending upon when and from which fund you originally purchased the shares. The deferred sales charge will be computed using the schedule of any fund into or from which you have exchanged your shares that would result in your paying the highest deferred sales charge applicable to your class of shares. For purposes of computing the deferred sales ch\n...\no preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress. Performance The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund s performance from year to year for Class I shares. The table shows the average annual total returns of Class I shares. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com . The fund s past performance is not necessarily an indication of how the fund will perform in the future. Annual total returns for class I shares before sales charges\nProspectus 4\nBest Quarter:\nQ4 2023\n1.27 %\nWorst Quarter:\nQ1 2022\n0.00 %\nAverage annual total returns after sales charges For periods ended 12/31/25\nShare class\n1 Year\n5 Years\nSince Inception\nClass I before taxes\n4.06 %\n3.02 %\n1.96 % 1\n1.\nSince inception April 14, 2016 . Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares by wire transfer. Please call Putnam Investor Services at 1 800 225 1581 for wire instructions. When opening an account, you must complete and mail a Putnam account application to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment in the fund s class I shares is currently $5,000,000, although the fund reserves the right to accept initial investments under $5,000,000 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund any day the New York Stock Exchange ( NYSE ) and the Federal Reserve Bank of New York ( FRBNY ) are both open. On any day when the NYSE, the FRBNY or the bond markets (as recommended by the Securities Industry and Financial Markets Association ( SIFMA )) close early due to an unanticipated event, or if trading on the NYSE is restricted, an emergency arises, or as otherwise permitted by the SEC, the fund reserves the right to close early and make its net asset value calculation as of the time of its early close. Shares may be sold by written instruction, transmitted via facsimile or by e mail or telephone to the Putnam client service representative(s) assigned to your account. Some restrictions may apply. Tax information The fund s distributions will be taxed as ordinary income unless you hold the shares through a tax advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement. Prospectus 5 What are the fund s main investment strategies and related risks? This section contains greater detail on the fund s main investment strategies and the related risks you would face as a fund shareholder. It is important to keep in mind that risk and reward generally go hand in hand; the higher the potential reward, the greater the risk.\n...\nStatement of Additional Information ( SAI ) is not a prospectus. If the Fund has more than one form of current prospectus, each reference to the prospectus in this SAI includes all of the Fund s prospectuses, unless otherwise noted. The SAI should be read together with the applicable prospectus. The audited financial statements and report of the Fund s independent registered public accounting firm in the Fund s Form N-CSR, for the fiscal year ended September 30, 2025, are incorporated by reference into this SAI, which means that they are part of this SAI for legal purposes. Part I of this SAI contains specific information about the Fund. Part II includes information about the Fund and other Putnam mutual funds and exchange-traded funds (collectively, the Putnam funds ). For a free copy of the Fund s current prospectus, shareholder reports, and/or financial statements, call Putnam Investor Services at 1-800-225-1581, write P.O. Box 219697, Kansas City, MO 64121-9697 or visit www.franklintempleton.com.\n1\nTable of Contents\nPART I\nFUND ORGANIZATION AND CLASSIFICATION\n3\nINVESTMENT RESTRICTIONS\n3\nCHARGES AND EXPENSES\n5\nSECURITIES LENDING ACTIVITIES\n10\nFINANCIAL STATEMENTS\n10\nPART II\nHOW TO BUY SHARES\n13\nDISTRIBUTION PLANS\n22\nMISCELLANEOUS INVESTMENTS, INVESTMENT PRACTICES AND RISKS\n28\nTAXES\n83\nMANAGEMENT\n96\nDETERMINATION OF NET ASSET VALUE\n114\nINVESTOR SERVICES\n116\nSIGNATURE GUARANTEES\n121\nREDEMPTIONS\n121\nPOLICY ON EXCESSIVE SHORT-TERM TRADING\n122\nSHAREHOLDER LIABILITY\n122\nDERIVATIVE ACTIONS\n123\nDISCLOSURE OF PORTFOLIO INFORMATION\n123\nINFORMATION SECURITY RISKS\n126\nPROXY VOTING GUIDELINES AND PROCEDURES\n126\nSECURITIES RATINGS\n127\nAPPENDIX A - PROXY VOTING PROCEDURES OF THE PUTNAM FUNDS\n132\n2\nSAI PART I FUND ORGANIZATION AND CLASSIFICATION The Fund is a diversified series of Putnam Investments Funds, a Massachusetts business trust organized on October 31, 1994 (the Trust ). A copy of the Trust s Amended and Restated Agreement and Declaration of Trust (the Agreement and Declaration of Trust ), which is governed by Massachusetts law, is on file with the Secretary of The Commonwealth of Massachusetts. The Trust is an open-end management investment company with an unlimited number of authorized shares of beneficial interest. The Trustees may, without shareholder approval, create two or more series of shares representing separate investment portfolios. Any series of shares may be divided without shareholder approval into two or more classes of shares having such preferences and special or relative rights and privileges as the Trustees determine. The Fund offers classes of shares with different sales charges and expenses. Each share has one vote, with fractional shares voting proportionally. Shares of all series and classes will vote together as a single class on all matters except (i) when required by the Investment Company Act of 1940, as amended, or when the Trustees have determined that a matter affects one or more series or classes materially differently, shares are voted by individual series or class; and (ii) when the Trustees determine that such a matter affects only the interests of a particular series or class, then only shareholders of that series or class are entitled to vote. The Trustees may take many actions affecting the Fund without shareholder approval, including under certain circumstances merging the Fund into another Putnam fund. Shares are freely transferable, are entitled to dividends as declared by the Trustees, and, if the Fund were liquidated, would receive the net assets of the Fund. The Fund may suspend the sale of sh\n...\nAPT B310 SOUTHERN PNES NC 28387-2252\n10.16\n%\nC\nPUTNAM FIDUCIARY TRUST CO TTEE FBO LORI A BRUMBACK SEP IRA PLAN A/C LORI A BRUMBACK 301 GABLEWOOD CIR LOUISVILLE KY 40245-4162\n5.04\n%\nG\nA29 FT DAA BALANCED LTD 100 FEDERAL ST BOSTON MA 02110-1802\n30.23\n%\nG\nA2A FT DAA GROWTH LTD 100 FEDERAL ST BOSTON MA 02110-1802\n28.28\n%\nG\nVC9 PUTNAM MULTI-ASSET INCOME FUND C/O PUTNAM INVESTMENTS MS M26C 100 FEDERAL ST BOSTON MA 02110-1802\n12.39\n%\nG\nA28 FT DAA CONSERVATIVE LTD 100 FEDERAL ST BOSTON MA 02110-1802\n6.24\n%\nI\nPUTNAM INVESTMENT HOLDINGS, LLC ATTN: CORPORATE TREASURY M/S M26C 100 FEDERAL STREET BOSTON MA 02110-1802\n100.00\n%\nP*\nWU8 PUTNAM FOCUSED LARGE CAP VALUE ETF 100 FEDERAL ST BOSTON MA 02110-1802\n51.56\n%\nP*\nXV9 PUTNAM ESG CORE BOND ETF 100 FEDERAL ST BOSTON MA 02110-1802\n10.27\n%\nP*\nA2S FT NY MUNICIPAL INCOME ETF 100 FEDERAL ST\n6.29\n%\n9\nBOSTON MA 02110-1802\nP*\nWU9 PUTNAM SUSTAINABLE LEADERS ETF 100 FEDERAL ST BOSTON MA 02110-1802\n6.26\n%\nP*\nA2N FT MUNICIPAL HIGH YIELD ETF 100 FEDERAL ST BOSTON MA 02110-1802\n5.93\n%\nR\nMATRIX TRUST COMPANY CUST FBO PUTNAM INVESTMENTS LLC EQUITY INCENTIVE PLAN PO BOX 52129 PHOENIX AZ 85072-2129\n94.25\n%\n*\nThe address for the name listed is: c/o Putnam Investments, 100 Federal Street, Boston, MA 02110. As of December 31, 2025, the Trustees and officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended September 30, 2025, the Fund paid no 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ). Contingent deferred sales charges For the past three fiscal years ended September 30, the aggregate dollar amounts of contingent deferred sales charges received on Class A and C shares of the Fund received and retained by the Distributor or Putnam Retail Management Limited Partnership, the Fund s distributor prior to August 2, 2024, were as follows: Class A shares\nFiscal year\nContingent deferred sales charges\n2025\n$0\n2024\n$0\n2023\n$2\nClass C shares\nFiscal year\nContingent deferred sales charges\n2025\n$0\n2024\n$126\n2023\n$3\nSECURITIES LENDING ACTIVITIES The Fund did not participate in any securities lending activities for the fiscal year ended September 30, 2025. FINANCIAL STATEMENTS The Fund s Form N-CSR for the fiscal year ended September 30, 2025 (https://www.sec.gov/ix?doc=/Archives/edgar/data/932101/000113322825013013/pgmmf-efp18866_ncsr.htm) contains the Fund s audited financial statements, accompanying notes and the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, all of which are incorporated by reference into this SAI. These audited financial statements are available free of charge upon request by calling the Fund at 1-800-225-1581.\n10\nTHE PUTNAM FUNDS STATEMENT OF ADDITIONAL INFORMATION ( SAI ) PART II Throughout this Statement of Additional Information, references to the fund s investment manager (the Investment Manager ) shall refer to the entity indicated for each fund in the table below:\nInvestment Manager\nFranklin Advisers, Inc. ( Franklin Advisers )\nPutnam Investment Management, LLC ( Putnam Management )\nFunds\nPutnam Diversified Income Trust Putnam Core Bond Fund Putnam Dynamic Asset Allocation Balanced Fund Putnam Dynamic Asset Allocation Conservative Fund Putnam Dynamic Asset Allocation Equity Fund Putnam Dynamic Asset Allocation Growth Fund Putnam Floating Rate Income Fund Putnam Global Income Trust Putnam Government Money Market Fund Putnam High Yield Fund Putnam Income Fund Putnam Money Market Fund Putnam Mortgage Opportunities Fund Putnam Mortgage Sec\n...\nor who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing\n105\norders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion. The monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the Inve\n...\nrsement for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund. The Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub-administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time. The subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Sustainable_Future_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "seriesOf", "o": "trust:Putnam_Investment_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Sustainable_Future_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Investment_Funds", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Investment_Funds", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Sustainable Future Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Investment Funds <predicate_marker> subAdvisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Investment Funds <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Sustainable Future Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Putnam Investment Management, LLC , Putnam Investments Limited ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Investment Funds ; subAdvisedBy Franklin Advisers, Inc. , Franklin Templeton Investment Management Limited ; transferAgent Putnam Investor Services, Inc. .\nPutnam Investment Funds underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25357, "n_triples": 11, "text_to_json_ratio": 25.9}}
{"sample_id": "0000934563:ALL", "cik": "0000934563", "trust_name": "HC Capital Trust", "input_text": "e to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are \"out of the money\" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable\n2\nThe U.S. Equity Portfolio (continued)\ninterpretations of the Securities and Exchange Commission (\"SEC\"), certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.\nThe Portfolio may be managed using an \"active\" investment approach and/or a \"passive\" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.\nThe Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (\"Specialist Manager\"). The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. HC Capital Trust (the \"Trust\") seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.\n3\nThe U.S. Equity Portfolio (continued)\nPrincipal Investment Risks\nInvesting in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to Management Risk the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and Market Risk the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.\nThere are also risks associated with the overall structure of the Portfolio. These include:\nMulti-Manager\nRisk the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not\nachieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among\nSpecialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one\nmanagement style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading\ncosts than might occur in a fund served by a single investment adviser.\nPassive\nInvesting Risk the Portfolio may employ a passive investment approach, whi\n...\nlicies. In view of these changes, the Portfolio's performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.\nYear-by-Year Total Returns as of 12/31*\n* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 13.19 %.\nBest quarter:\n2nd Qtr. 2020\n24.33\n%\nWorst quarter:\n2nd Qtr. 2022\n- 18.57\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nTen Year\nThe U.S. Equity Portfolio\nBefore Taxes\n25.34\n%\n14.54\n%\n14.23\n%\nAfter Taxes on Distributions\n24.90\n%\n13.12\n%\n12.27\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n15.29\n%\n11.35\n%\n11.12\n%\nMSCI USA Index (reflects no deduction for fees, expenses or taxes)\n25.08\n%\n14.56\n%\n13.08\n%\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n7\nThe U.S. Equity Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadvisers\nMellon Investments Corporation (\"Mellon\") and Parametric Portfolio Associates LLC (\"Parametric\") are the Specialist Managers for the Portfolio.\nPortfolio Managers:\nMellon : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.\nParametric (Liquidity Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.\nParametric (Options Overlay Strategy) : Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.\nParametric (Targeted Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.\nParametric (Tax-Managed Custom Core Strategy) : Gordon Wotherspoon and Xiaozhen Li have managed the portion of the Portfolio allocated to Parametric's Tax-Managed Custom Core Strategy since July 2024.\nTax Information\nThe Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement accou\n...\nore and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.\nYear-by-Year Total Returns as of 12/31*\n* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 14.71 %.\nBest quarter:\n2nd Qtr. 2020\n24.10\n%\nWorst quarter:\n1st Qtr. 2020\n- 17.84\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nTen Year\nThe Institutional U.S. Equity Portfolio\nBefore Taxes\n22.07\n%\n13.69\n%\n13.88\n%\nAfter Taxes on Distributions\n15.47\n%\n9.52\n%\n10.11\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n15.79\n%\n9.91\n%\n10.24\n%\nMSCI USA Index (reflects no deduction for fees, expenses or taxes)\n25.08\n%\n14.56\n%\n13.08\n%\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n15\nThe Institutional U.S. Equity Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadvisers\nMellon Investments Corporation (\"Mellon\"), Parametric Portfolio Associates LLC (\"Parametric\"), RhumbLine Advisers Limited Partnership (\"RhumbLine\") and Wellington Management Company LLP (\"Wellington Management\") are the Specialist Managers for the Portfolio.\nPortfolio Managers:\nMellon : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.\nParametric (Liquidity Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.\nParametric (Options Overlay Strategy) : Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.\nParametric (Targeted Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016. Jennifer Mihara and Gordon Wotherspoon have managed a separate portion of the Portfolio allocated to Parametric's Targeted Strategy since March, 2025.\nRhumbLine : Alexander Ryer, CFA, Julie Lee, Jeffery Kusmierz, Antonio Ballestas and Andrew Zagarri, CFA, have managed the portion of the Portfolio allocated to RhumbLine since August, 2022. Mark J. Duffy, CFP , CFA , has managed the portion of the Portfolio allocated to RhumbLine since October 2025.\nWellington Management : Bradford D. Stoesser has\n...\nle accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.\nYear-by-Year Total Returns as of 12/31*\n* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 17.65 %.\nBest quarter:\n2nd Qtr. 2020\n20.32\n%\nWorst quarter:\n1st Qtr. 2020\n- 20.53\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nSince July 14, 2015\nThe ESG Growth Portfolio\nBefore Taxes\n17.79\n%\n10.65\n%\n9.14\n%\nAfter Taxes on Distributions\n17.36\n%\n9.96\n%\n8.27\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n10.82\n%\n8.33\n%\n7.23\n%\nMSCI World Index (reflects no deduction for fees, expenses or taxes)\n19.19\n%\n11.70\n%\n10.64\n%\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n24\nThe ESG Growth Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions (the \"Adviser\") is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since its inception in July 2015. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadvisers\nAgincourt Capital Management, LLC (\"Agincourt\"), Mellon Investments Corporation (\"Mellon\") and Parametric Portfolio Associates LLC (\"Parametric\") are the Specialist Managers for the Portfolio.\nPortfolio Managers:\nAgincourt : L. Duncan Buoyer, CFA and B. Scott Marshall, CFA have co-managed the portion of the Portfolio allocated to Agincourt since its inception.\nMellon : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.\nParametric (Liquidity Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since July, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.\nParametric (Targeted Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.\nTax Information\nThe Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.\nFor more information on purchasing and selling shares of the P\n...\nfull calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.\nYear-by-Year Total Returns as of 12/31*\n* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 25.21 %.\nBest quarter:\n4th Qtr. 2022\n18.33\n%\nWorst quarter:\n1st Qtr. 2020\n- 23.30\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nTen Year\nThe International Equity Portfolio\nBefore Taxes\n3.38\n%\n5.17\n%\n5.26\n%\nAfter Taxes on Distributions\n2.90\n%\n4.61\n%\n4.45\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n2.69\n%\n4.14\n%\n4.13\n%\nMSCI EAFE Index (reflects no deduction for fees, expenses or taxes)\n4.35\n%\n5.24\n%\n5.71\n%\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n40\nThe International Equity Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadvisers\nCity of London Investment Management Company Limited (\"CLIM\"), Mellon Investments Corporation (\"Mellon\") and Parametric Portfolio Associates LLC (\"Parametric\") are the Specialist Managers for the Portfolio.\nPortfolio Managers:\nCLIM : Michael Edmonds, CFA and Michael Sugrue have managed the portion of the Portfolio allocated to CLIM since January, 2015.\nMellon (\"Emerging Markets Strategy\") : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Emerging Markets Strategy since October, 2020.\nMellon (\"Developed Factor Strategy\") : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Factor Strategy since October, 2020.\nMellon (\"Developed Index Strategy\") : Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Index Strategy since October, 2020.\nParametric (Liquidity Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.\nParametric (Options Overlay Strategy) : Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.\nParametric (Targeted Strategy) : Clint Talmo, CFA and Jason Nelson, CFA have manag\n...\nreflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.\nYear-by-Year Total Returns as of 12/31*\n* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 3.08 %.\nBest quarter:\n4th Qtr. 2023\n3.22\n%\nWorst quarter:\n1st Qtr. 2022\n- 2.95\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nTen Year\nThe Short-Term Municipal Bond Portfolio\nBefore Taxes\n1.60\n%\n0.76\n%\n0.97\n%\nAfter Taxes on Distributions\n1.56\n%\n0.73\n%\n0.95\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n1.90\n%\n0.91\n%\n1.04\n%\nBloomberg 1-3 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)\n2.52\n%\n1.25\n%\n1.30\n%\nBloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)\n1.05\n%\n0.99\n%\n2.25\n%\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n97\nThe Short-Term Municipal Bond Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadviser\nBreckinridge Capital Advisors, Inc. (\"Breckinridge\") is the Specialist Manager for the Portfolio.\nPortfolio Managers:\nBreckinridge : Matthew Buscone, Co-Chief Investment Officer, has co-managed the Portfolio since July, 2008. Eric Haase, Senior Portfolio Manager, has co-managed the Portfolio since May, 2016. Maggie Fitzpatrick, Portfolio Manager, has co-managed the Portfolio since January, 2022. Andressa Tsaparlis, Associate Portfolio Manager, has co-managed the Portfolio since January, 2023. Patrick Araujo-Lipine, Associate Portfolio Manager, has co-managed the Portfolio since July, 2023.\nTax Information\nThe Portfolio intends to make distributions each year. The Portfolio's dividend distributions are expected to be excludable from gross income for Federal income tax purposes. The Portfolio may also make distributions that are taxable to you as ordinary income or capital gains. Dividend distributions taxable as ordinary income can result, in part, because of the failure of a municipal security owned by the Portfolio to meet certain legal requirements or because of a change in law. Additionally, dividend distributions taxable as capital gains can result, in part, from the Portfolio's sale of a municipal security owned by the Portfolio for more than its cost.\nFor more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see \"Summary of Other Important Information Regarding Portfolio Shares.\"\n98\nThe Intermediate Term Municipal Bond Portfolio\nInvestment Objective\nThe investment objective of The Intermediate Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.\nFees and Expenses\nThe fee and expense tables below describe th\n...\nbasis; the Portfolio's fiscal year, however, is June 30.\nThe Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was 4.22 %.\nBest quarter:\n4th Qtr. 2023\n5.80\n%\nWorst quarter:\n1st Qtr. 2022\n- 5.26\n%\nAverage Annual Total Returns (for the periods ended 12/31/24)\nOne Year\nFive Year\nTen Year\nThe Intermediate Term Municipal Bond Portfolio\nBefore Taxes\n1.37\n%\n0.90\n%\n1.64\n%\nAfter Taxes on Distributions\n1.37\n%\n0.88\n%\n1.62\n%\nAfter Taxes on Distributions and Sale of Portfolio Shares\n1.95\n%\n1.14\n%\n1.72\n%\nBloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged (reflects no deduction for fees, expenses or taxes) *\n0.69\n%\n0.99\n%\n1.89\n%\nBloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)\n1.05\n%\n0.99\n%\n2.25\n%\n* See \"About Benchmarks and Index Investing\" for a description of the indexes.\nAfter-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.\n104\nThe Intermediate Term Municipal Bond Portfolio (continued)\nInvestment Adviser\nHC Capital Solutions is the Portfolio's investment adviser.\nPortfolio Managers:\nBrad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.\nInvestment Subadvisers\nBreckinridge Capital Advisors, Inc. (\"Breckinridge\"), City of London Investment Management Company Limited (\"CLIM\"), Insight North America LLC (\"Insight\") and Parametric Portfolio Associates, LLC (\"Parametric\") are the Specialist Managers for the Portfolio.\nPortfolio Managers:\nBreckinridge : Matthew Buscone, Co-Chief Investment Officer, has co-managed the Portfolio since July, 2008. Eric Haase, Senior Portfolio Manager, has co-managed the Portfolio since May, 2016. Maggie Fitzpatrick, Portfolio Manager, has co-managed the Portfolio since January, 2022. Andressa Tsaparlis, Associate Portfolio Manager, has co-managed the Portfolio since January, 2023. Patrick Araujo-Lipine, Associate Portfolio Manager, has co-managed the Portfolio since July, 2023.\nCLIM : James Millward has managed the portion of the Portfolio allocated to CLIM since June, 2018.\nInsight : Daniel Marques has managed the Portfolio since January, 2012.\nParametric : Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.\nTax Information\nThe Portfolio intends to make distributions each year. The Portfolio's dividend distributions are expected to be excludable from gross income for Federal income tax purposes. All or a portion of these distributions, however, may be subject to the federal alternative minimum tax and state and local taxes. The Portfolio may also make distributions that are taxable to you as ordinary income or capital gains. Dividend distributions taxable as ordinary income can result, in part, because of the failure of a municipal security owned by the Portfolio to meet certain legal requirements or because of a change in law. Additionally, dividend distributions taxable as capital gains can result, in part, from the Portfolio's sale of a municipal security owned by the Portfolio for more th\n...\nof a multi-manager\nstructure appears in this Statement of Additional Information under the heading Management of the Trust: Multi-Manager Structure.\nOFFICERS. The table below sets forth certain information\nabout the Trust s executive officers.\nNAME, ADDRESS, AND AGE\nPOSITION(S)\nHELD WITH\nTRUST\nTERM OF\nOFFICE;\nTERM\nSERVED IN\nOFFICE\nPRINCIPAL OCCUPATION(S)\nDURING PAST FIVE YEARS\nNUMBER OF\nPORTFOLIOS\nIN FUND\nCOMPLEX\nOVERSEEN\nGeoffrey A. Trzepacz\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1975\nPresident\nIndefinite; President\nsince 12/11/18\nMr. Trzepacz is currently\nthe Chief Operating Officer (COO) of the Adviser. He has been with the Adviser for more than five years.\n14\nColette Bergman\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1970\nVice President Treasurer\nIndefinite; Since 6/12/12\nMs. Bergman is currently a Director of the\nAdviser. She has been with the Adviser for more than five years.\n14\nAndrew Jones\nForeside Fund Officer Services, LLC\n(dba ACA Group)\n190 Middle Street\nSuite 301\nPortland, ME 04101\nBorn: 1994\nChief Compliance Officer\nIndefinite; Since 5/15/23\nMr. Jones is currently a Senior Principal Consultant\nwith ACA Group, LLC. He has been with ACA Group, LLC and its predecessor organizations for more than five years.\n14\nUmar Ehtisham\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1981\nLiquidity Risk Officer and Anti Money Laundering\nOfficer\nIndefinite; Since 12/01/18\nMr. Ehtisham is currently the Chief Compliance\nRisk Officer (CCO) of the Adviser. He has been with the Adviser for more than five years.\n14\nDimitrios Spiliakos\nCiti Fund Services\n4400 Easton Commons, Suite\n200, Columbus, OH 43219\nBorn: 1977\nSecretary\nIndefinite; Since 6/14/22\nMr. Spiliakos is a Vice President with Citi\nFund Services Ohio, Inc. since May 2022. Prior to May 2022, he served as a Vice President, Regulatory Administration\nDepartment, BNY Mellon Investment Servicing (US) Inc. (03/2015 04/2022).\n14\n2\nINDEPENDENT TRUSTEES. The following table sets forth certain information\nabout the Independent Trustees.\nNAME, ADDRESS, AND AGE\nPOSITION(S)\nHELD WITH\nTRUST\nTERM OF\nOFFICE;\nTERM\nSERVED IN\nOFFICE\nPRINCIPAL OCCUPATION(S)\nDURING PAST FIVE YEARS\nNUMBER OF\nPORTFOLIOS\nIN FUND\nCOMPLEX\nOVERSEEN\nOTHER\nDIRECTORSHIPS\nHELD BY\nTRUSTEE*\nJohn M. Dyer\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1954\nTrustee\nIndefinite:\nSince 6/18/19\nMr. Dyer is currently\na Board member of World Wide Technology (technology services) since 2019. Formerly, Board member of Cox Enterprises, Inc. (technology,\ncommunications and automotive services) ( Cox ) (2010-2021).\n14\nEBSCO\nIndustries (diversified business) (11/20 to current)\nJarrett Burt Kling\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1943\nTrustee\nIndefinite; Since 7/20/95\nMr. Kling is Vice Chairman of Dakota, an investments/software\ncompany, since January 2023. Prior to December 31, 2022 and for more than the past five years, Mr. Kling was a managing director of CBRE\nInvestment Management, LLC, a registered investment adviser.\n14\nNone\nR. Richard Williams\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1945\nTrustee and Chairman\nIndefinite; Trustee Since 7/15/99; Chairman since 3/21/17\nSince 2000, Mr. Williams has been the founder\nand CEO of Seaboard Advisers (consulting services).\n14\nNone\nRichard W. Wortham, III\nFive Tower Bridge,\n300 Barr Harbor Drive,\nW. Conshohocken, PA 19428\nBorn: 1938\nTrustee\nIndefinite; Since\n7/20/95\nMr. Wortham is currently the Chairman and Chief\nE\n...\ng table sets forth the management fees\nreceived by the Adviser from each of the Portfolios for services rendered during the periods indicated (amounts in thousands).\nFISCAL YEAR\nENDED\nJune 30, 2025\nFISCAL YEAR\nENDED\nJune 30, 2024\nFISCAL YEAR\nENDED\nJune 30, 2023\nThe\nU.S. Equity Portfolio\n$\n$\n$\n369\nThe\nInstitutional U.S. Equity Portfolio\n$\n$\n$\n1,269\nThe\nESG Growth Portfolio\n$\n$\n$\n76\nThe\nCatholic SRI Growth Portfolio\n$\n$\n$\n13\nThe\nInternational Equity Portfolio\n$\n$\n$\n264\nThe\nInstitutional International Equity Portfolio\n$\n$\n$\n329\nThe\nEmerging Markets Portfolio\n$\n$\n$\n356\nThe\nCore Fixed Income Portfolio\n$\n$\n$\n34\nThe\nCorporate Opportunities Portfolio\n$\n$\n$\n118\nThe\nU.S. Government Fixed Income Securities Portfolio\n$\n$\n$\n463\nThe\nU.S. Corporate Fixed Income Securities Portfolio\n$\n$\n$\n131\nThe\nU.S. Mortgage/Asset Backed Fixed Income Securities Portfolio\n$\n$\n$\n109\nThe\nShort-Term Municipal Bond Portfolio\n$\n$\n$\n47\nThe\nIntermediate Term Municipal Bond Portfolio\n$\n$\n$\n195\nSPECIALIST MANAGER FEES. In addition to the fees\npaid by the Trust to the Adviser, each of the Portfolios pays a fee to its Specialist Manager(s). For each Portfolio, the Specialist Managers\nreceive a fee based on a specified percentage of that portion of the Portfolio s assets allocated to that Specialist Manager. The\nrate at which these fees are calculated is set forth in the Trust s Prospectus. The following table sets forth the actual investment\nadvisory fee received from the specified Portfolio by each of its respective Specialist Managers for services rendered during each of\nthe Trust s last three fiscal years (amounts in thousands):\nPORTFOLIO\nSPECIALIST\nMANAGER\n2025\n2024\n2023\nThe\nU.S. Equity Portfolio\nMellon (1)\n$\n$\n$\nParametric (2)\n$\n1,415\n$\n600\n$\n475\nEcho\nStreet Capital Management LLC ( Echo Street ) (3)\n$\n$\n$\nMonashee\nInvestment Management LLC ( Monashee ) (4)\n$\n**\n$\n**\n$\nJennison\nAssociates LLC ( Jennison ) (5)\n$\n$\n449\n$\n449\nThe\nInstitutional U.S. Equity Portfolio\nJennison (5)\n$\n$\n225\n$\n231\nMellon (1)\n$\n652\n$\n678\n$\n623\nParametric (2)\n$\n395\n$\n138\n$\n443\nEcho Street (3)\n$\n$\n978\n$\n1,859\nWellington\nManagement (6)\n$\n565\n$\n493\n$\n480\nRhumbLine (7)\n$\n165\n$\n136\n$\n8\nMonashee (4)\n$\n1,320\n$\n1,100\n$\nThe\nESG Growth Portfolio\nAgincourt (8)\n$\n**\n$\n**\n$\n**\n10\nPORTFOLIO\nSPECIALIST\nMANAGER\n2025\n2024\n2023\nMellon (1)\n$\n169\n$\n185\n$\n123\nParametric (2)\n$\n15\n$\n9\n$\n10\nRBC\nGlobal Asset Management (UK) Limited ( RBC GAM ) (9)\n$\n$\n23\n$\n154\nThe\nCatholic SRI Growth Portfolio\nAgincourt (8)\n$\n**\n$\n**\n$\n**\nMellon (1)\n$\n42\n$\n31\n$\n25\nParametric (2)\n$\n**\n$\n**\n$\n**\nThe\nInternational Equity Portfolio\nMellon (1)\n$\n**\n$\n**\n$\n**\nCLIM (10)\n$\n**\n$\n**\n$\n**\nParametric (2)\n$\n423\n$\n451\n$\n491\nMonashee (4)\n$\n205\n$\n187\n$\nThe\nInstitutional International Equity Portfolio\nMellon (1)\n$\n267\n$\n259\n$\n242\nCLIM (10)\n$\n1,110\n$\n913\n$\n836\nParametric (2)\n$\n139\n$\n122\n$\n109\nRhumbLine (7)\n$\n**\n$\n**\n$\n**\nMonashee (4)\n$\n349\n$\n320\n$\nThe\nEmerging Markets Portfolio\nMellon (Active) (1)\n$\n$\n$\nMellon(Passive) (1)\n$\n595\n$\n754\n$\n785\nCLIM (10)\n$\n605\n$\n**\n$\n**\nParametric (2)\n$\n75\n$\n65\n$\n104\nRhumbLine (7)\n$\n$\n$\nXY\nInvestments (HK) Ltd ( XY Investments ) (11)\n$\n$\n209\n$\n533\nMonashee (4)\n$\n323\n$\n289\n$\nThe\nCore Fixed Income Portfolio\nMellon (1)\n$\n20\n$\n19\n$\n18\nAgincourt (8)\n$\n11\n$\n10\n$\n11\nParametric (2)\n$\n48\n$\n54\n$\n45\nThe\nCorporate Opportunities Portfolio\nMellon (1)\n$\n**\n$\n**\n$\n**\nCLIM (10)\n$\n78\n$\n213\n$\n221\nParametric (2)\n$\n212\n$\n132\n$\n122\nMonashee (4)\n$\n**\n$\n**\n$\nThe\nU.S. Government Fixed Income Securities Portfolio\nMellon (1)\n$\n288\n$\n266\n$\n274\nParametric (2)\n$\n48\n$\n54\n$\n54\nThe\nU.S. Corporate Fixed Income Securities Portfolio\nMellon (1)\n$\n$\n$\nAgincourt (8)\n...\nd compensation to service providers related to\ntheir securities lending activities during the most recent fiscal year:\nU.S.\nEquity\nInst l\nU.S.\nEquity\nInst l\nInternational\nGross income\nfrom securities lending activities\nFees and/or compensation for securities lending\nactivities\n$\n11,569\n$\n78,206\n$\n58,729\nFees\npaid to securities lending agent from revenue split\n$\n2,314\n$\n15,641\n$\n11,746\nFees\npaid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that\nare not included in the revenue split\n$\n-\n$\n-\n$\n-\nAdministrative\nfees not included in the revenue split\n$\n-\n$\n-\n$\n-\nIndemnification\nfees not included in the revenue split\n$\n-\n$\n-\n$\n-\nRebate\n(paid to borrow)\n$\n-\n$\n-\n$\n-\nOther\nfees not included in revenue split\n$\n-\n$\n-\n$\n-\nAggregate\nfees and/or compensation for securities lending activities\n$\n2,314\n$\n15,641\n$\n11,746\nNet income from securities lending activities\n$\n9,255\n$\n62,565\n$\n46,983\n16\nEmerging\nMarkets\nCorporate\nOpportunities\nU.S.\nCorporate\nGross\nincome from securities lending activities\nFees\nand/or compensation for securities lending activities\n$\n18,754\n$\n10,623\n$\n3,771\nFees\npaid to securities lending agent from revenue split\n$\n3,751\n$\n2,125\n$\n754\nFees\npaid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that\nare not included in the revenue split\n$\n-\n$\n-\n$\n-\nAdministrative\nfees not included in the revenue split\n$\n-\n$\n-\n$\n-\nIndemnification\nfees not included in the revenue split\n$\n-\n$\n-\n$\n-\nRebate\n(paid to borrow)\n$\n-\n$\n-\n$\n-\nOther\nfees not included in revenue split\n$\n-\n$\n-\n$\n-\nAggregate\nfees and/or compensation for securities lending activities\n$\n3,751\n$\n2,125\n754\nNet\nincome from securities lending activities\n$\n15,003\n$\n8,498\n3,017\nFIS Investor Services LLC ( FIS ),\nformerly, SunGard Investor Services LLC, serves as the Trust s Transfer Agent pursuant to an agreement approved by the Board on\nMarch 10, 2015. FIS receives, for performing the services listed under its agreement, a fee, which is paid monthly, calculated at\nan annual rate of: 0.0034% of the Portfolios average daily net assets up to $6 billion; 0.0003% of the Portfolios average\ndaily net assets between $6 billion and $12 billion, and 0.0019% of the Portfolios average daily net assets in excess\nof $12 billion. The offices of the Transfer Agent are located at 4249 Easton Way, Suite 400, Columbus, OH 43219.\nUltimus Fund Distributors, LLC ( UFD ),\nwhich is ultimately owned by The Ultimus Group, LLC ( Ultimus ), serves as the Trust s principal underwriter pursuant\nto an agreement approved by the Board on June 10, 2025 that became effective July 1,] 2025 in connection with the consummation\nof the acquisition of a majority ownership interest of Ultimus by two private equity firms, GTCR, LLC and Stone Point Capital LLC. Because\nshares of the Trust s Portfolios are available only to clients of the Adviser and financial intermediaries that have established\na relationship with the Adviser, the services to be provided by UFD are limited. UFD will receive an annual fee of $50,000 for performing\nthe services listed under its agreement. The offices of the principal underwriter are located at 225 Pictoria Drive, Suite 450, Cincinnati,\nOH 45246. None of UFD s duties under its agreement are primarily intended to result in the sale of Trust shares.\nForeside provides CCO services to the Trust\nand its Portfolios pursuant to a Compliance Services Agreement assigned to Foreside effective December 7, 2021 by Alaric Compliance\nServices LLC ( Alaric ) following Foreside s acquisition of Alaric. Foreside makes an employee available to serve as\nthe CCO for the Trust. The CCO develops compliance reports for the Board, makes findings and conducts reviews pertaining to the Trust s\ncompliance program and related policies and procedures of the Trust s service providers. For these services, the Trust currently\npays Foreside $164,000 per annum, plus certain out of pocket expenses.\nState Street Bank and Trust Company ( State\nStreet ) is the Trust s custodian. The custodian is responsible for the safekeeping of the domestic and foreign assets of\neach of the Trust s Portfolios. The custodian is compensated at the rate of 0.01% of the first $2 billion, 0.0075% of the next\n$3 billion, and 0.005% of the assets in excess of $5 billion of the Trust s domestic assets, 0.0225% of the Trust s\nforeign assets in developed countries. With respect to securities from emerging markets, the custodian is compensated at rates ranging\nfrom 0.07% to 0.50% depending upon the particular market in question. The offices of the custodian are located at State Street Financial\nCenter, 1 Congress Street, Boston, MA 02114.\nEach of The U.S. Equity Portfolio and The Institutional\nU.S. Equity Portfolio may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing\nredemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must\nhold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides\nparticipating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund s\nnet redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales. In return for this service,\na participating Portfolio will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The\ncosts to a Portfolio for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity,\nsuch as the Portfolio s short-term lending arrange\n...\nherwise,\nthe Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy\nas expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other\nthan the payment by the Trust of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful\ndefense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities\nbeing registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to\na court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and\nwill be governed by the final adjudication of such issue.\nItem 31.\nBusiness and Other Connections of the Investment Adviser\nInformation relating to the business and other connections of each of the Specialist Managers listed below and each director, officer or partner of such managers, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two fiscal years, are hereby incorporated by reference from each such Specialist Manager s Schedules A and D of Form ADV, as filed with the Securities and Exchange Commission, as follows:\nInvestment Manager\nSEC File No. 801-\nAgincourt Capital Management, LLC\n56592\nBreckinridge Capital Advisors, Inc.\n43833\nCity of London Investment Management Company Limited\n46266\nInsight North America LLC\n69964\nMellon Investments Corporation\n19785\nParametric Portfolio Associates LLC\n60485\nRhumbLine Advisers Limited Partnership\n40535\nWellington Management Company LLP\n15908\nHC Capital Solutions, an operating division of Hirtle, Callaghan Co., LLC ( HC Capital ), has entered into an Investment Advisory Agreement with the Trust under which HC Capital has investment discretion with regard to the assets of the Trust. Information regarding the business and other connections of HC Capital s officers and directors, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two fiscal years, is incorporated by reference to Schedules A and D of HC Capital s Form ADV, File No. 801-32688, which has been filed with the Securities and Exchange Commission.\nItem 32.\nPrincipal Underwriters.\n(a) Ultimus\nFund Distributors, LLC, the Registrant s underwriter, also serves as underwriter for the following investment companies registered\nunder the Investment Company Act of 1940, as amended:\nALTI Private Equity Access Fund\nBruce Fund, Inc.\nCM Advisors Family of Funds\nCaldwell Orkin Funds, Inc.\nCantor Fitzgerald Sustainable Infrastructure Fund\nCantor Select Portfolios Trust\nCapitol Series Trust\nCentaur Mutual Funds Trust\nC- 16\nChesapeake Investment Trust\nCommonwealth International Series Trust\nConestoga Funds\nConnors Funds\nCross Shore Discovery Fund\nDynamic Alternatives Fund\nEubel Brady Suttman Mutual Fund Trust\nExchange Place Advisors Trust\nF/m Funds Trust\nFairway Private Equity Venture Capital Opportunities Fund\nHC Capital Trust\nHussman Investment Trust\nJames Alpha Trust\nJames Advantage Funds\nLind Capital Partners Municipal Credit Income Fund\nMSS Series Trust\nOak Associates Funds\nONEFUND TRUST (ONEFUND S P 500 Equal\nWeight Index only)\nPapp Investment Trust\nPeachtree Alternative Strategies Fund\nRM Opportunity Trust\nSchwartz Investment Trust\nSegall Bryant Hamill Trust\nThe Cutler Trust\nThe Invest", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Catholic_SRI_Growth_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "subAdvisedBy", "o": "org:Agincourt_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Core_Fixed_Income_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "advisedBy", "o": "org:Monashee_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "subAdvisedBy", "o": "org:City_of_London_Investment_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Corporate_Opportunities_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_ESG_Growth_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "advisedBy", "o": "org:Monashee_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "subAdvisedBy", "o": "org:City_of_London_Investment_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Emerging_Markets_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "advisedBy", "o": "org:HC_Capital_Solutions_an_operating_division_of_Hirtle_Callaghan_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "advisedBy", "o": "org:Monashee_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "seriesOf", "o": "trust:HC_Capital_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "subAdvisedBy", "o": "org:City_of_London_Investment_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "subAdvisedBy", "o": "org:Parametric_Portfolio_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_International_Equity_Portfolio", "p": "transferAgent", "o": "org:FIS_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Institutional_U_S_Equity_Portfolio", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": 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of Hirtle Callaghan & Co., LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> HC Capital Trust <predicate_marker> subAdvisedBy <object_marker> Mellon Investments Corporation <predicate_marker> subAdvisedBy <object_marker> Parametric Portfolio Associates, LLC <predicate_marker> transferAgent <object_marker> FIS Investor Services, LLC <triple_end>\n<triple_start> HC Capital Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "The Catholic SRI Growth Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Mellon Investments Corporation ; transferAgent FIS Investor Services, LLC .\nThe Core Fixed Income Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Agincourt Capital Management, LLC , Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe Corporate Opportunities Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy City of London Investment Management Company, Limited , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe ESG Growth Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe Emerging Markets Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy City of London Investment Management Company, Limited , Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe Institutional International Equity Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy City of London Investment Management Company, Limited , Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe Institutional U.S. Equity Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Mellon Investments Corporation , Parametric Portfolio Associates, LLC , RhumbLine Advisers L.P. , Wellington Management Company, LLP ; transferAgent FIS Investor Services, LLC .\nThe Intermediate Term Municipal Bond Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy City of London Investment Management Company, Limited , Insight North America LLC ; transferAgent FIS Investor Services, LLC .\nThe International Equity Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe Short-Term Municipal Bond Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Breckinridge Capital Advisors, Inc. ; transferAgent FIS Investor Services, LLC .\nThe U.S. Corporate Fixed Income Securities Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Agincourt Capital Management, LLC , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe U.S. Equity Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC , Monashee Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe U.S. Government Fixed Income Securities Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nThe U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio administrator Citi Fund Services Ohio, Inc. ; advisedBy HC Capital Solutions an operating division of Hirtle Callaghan & Co., LLC ; custodian State Street Bank and Trust Company ; seriesOf HC Capital Trust ; subAdvisedBy Mellon Investments Corporation , Parametric Portfolio Associates, LLC ; transferAgent FIS Investor Services, LLC .\nHC Capital Trust underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 41969, "n_triples": 106, "text_to_json_ratio": 4.3}}
{"sample_id": "0000939934:ALL", "cik": "0000939934", "trust_name": "SEI INSTITUTIONAL INVESTMENTS TRUST", "input_text": "r or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nLarge Cap Fund Class A Shares\n$\n48\n$\n151\n$\n263\n$\n591\nPORTFOLIO TURNOVER\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or \"turns over\" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 85 % of the average value of its portfolio.\nPrincipal Investment Strategies\nUnder normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies.\nFor purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $828 million and $4.3 trillion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to\n1\nSEI / PROSPECTUS\nchange. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs) and may in some instances be foreign securities or represent exposure to foreign markets. The Fund may also, to a lesser extent, invest in common and preferred stocks of small capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage portions of the Fund's portfolio under the oversight of SEI Investments Management Corporation (SIMC or the Adviser).\nPrincipal Risks\nMarket Risk The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.\nLarge Capitalization Risk The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.\nInvestment Style Risk The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.\nPreferred Stock Risk Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.\nWarrants Risk Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than ot\n...\nperiods ended December 31, 2024)\nThis table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nLarge Cap Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 6/14/1996 )\nReturn Before Taxes\n21.28\n%\n11.97\n%\n10.73\n%\n9.04\n%\nReturn After Taxes on Distributions\n17.48\n%\n8.67\n%\n6.99\n%\n7.14\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n14.31\n%\n8.72\n%\n7.44\n%\n7.12\n%\nS P 500 Index Return (reflects no deduction for fees, expenses or taxes)\n25.02\n%\n14.53\n%\n13.10\n%\n9.92\n%\nRussell 1000 Index Return (reflects no deduction for fees, expenses or taxes)\n24.51\n%\n14.28\n%\n12.87\n%\n10.11\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nDavid L. Hintz, CFA\nSince 2017\nPortfolio Manager\nRyan McKeon, CFA\nSince 2024\nSenior Analyst\n4\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAcadian Asset Management LLC\nBrendan O. Bradley, Ph.D. Fanesca Young, Ph.D.\nSince 2020 Since 2024\nExecutive Vice President, Chief Investment Officer Senior Vice President, Director, Equity Portfolio Management\nCopeland Capital Management, LLC\nEric Brown, CFA Mark Giovanniello, CFA David McGonigle, CFA Jeffrey Walkenhorst, CFA John Cummings, CFA\nSince 2023 Since 2023 Since 2023 Since 2023 Since 2023\nChief Executive Officer, Principal, and Portfolio Manager Chief Investment Officer, Principal, and Portfolio Manager Portfolio Manager, Principal, and Senior Research Analyst Portfolio Manager, Principal, and Senior Research Analyst Portfolio Manager, Principal, and Research Analyst\nCullen Capital Management LLC\nJames Cullen Jennifer Chang\nSince 2018 Since 2018\nChief Executive Officer Portfolio Manager Executive Director Portfolio Manager\nFred Alger Management, LLC\nPatrick Kelly, CFA Ankur Crawford, Ph.D.\nSince 2018 Since 2018\nExecutive Vice President, Portfolio Manager and Head of Alger Capital Appreciation and Spectra Strategies Executive Vice President and Portfolio Manager\nLSV Asset Management\nJosef Lakonishok, Ph.D. Menno Vermeulen, CFA Puneet Mansharamani, CFA Greg Sleight Guy Lakonishok, CFA Gal Skarishevsky\nSince 1996 Since 1996 Since 2006 Since 2014 Since 2014 Since 2025\nChief Executive Officer, Chief Investment Officer, Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager\nPineStone Asset Management Inc.\nNadim Rizk, CFA Andrew Chan, CIM\nSince 2025 Since 2025\nChief Executive Officer and Chief Investment Officer Head of Research\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n5\nSEI / PROSPECTUS\nLARGE CAP DISCIPLINED EQUITY FUND\nFund Summary\nInvestment Goal\nCapital appreciation.\nFees and Expenses\nThis table describes the\n...\nry 1, 2025 to June 30, 2025 was 6.00 %.\nAverage Annual Total Returns (for the periods ended December 31, 2024)\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nLarge Cap Disciplined Equity Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 8/28/2003 )\nReturn Before Taxes\n24.15\n%\n13.77\n%\n11.94\n%\n9.78\n%\nReturn After Taxes on Distributions\n18.01\n%\n9.58\n%\n7.81\n%\n7.23\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n17.21\n%\n9.66\n%\n8.15\n%\n7.27\n%\nS P 500 Index Return (reflects no deduction for fees, expenses or taxes)\n25.02\n%\n14.53\n%\n13.10\n%\n10.76\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nDavid L. Hintz, CFA\nSince 2017\nPortfolio Manager\nRyan McKeon, CFA\nSince 2024\nSenior Analyst\n10\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAcadian Asset Management LLC\nBrendan O. Bradley, Ph.D. Fanesca Young, Ph.D.\nSince 2020 Since 2024\nExecutive Vice President, Chief Investment Officer Senior Vice President, Director, Equity Portfolio Management\nBrandywine Global Investment Management, LLC\nPatrick S. Kaser, CFA James J. Clarke Celia R. Hoopes, CFA\nSince 2024 Since 2024 Since 2024\nManaging Director and Portfolio Manager Portfolio Manager and Director of Fundamental Research Portfolio Manager Research Analyst\nCopeland Capital Management, LLC\nEric Brown, CFA Mark Giovanniello, CFA David McGonigle, CFA Jeffrey Walkenhorst, CFA John Cummings\nSince 2021 Since 2021 Since 2021 Since 2021 Since 2021\nChief Executive Officer, Principal, and Portfolio Manager Chief Investment Officer, Principal, and Portfolio Manager Portfolio Manager, Principal and Senior Research Analyst Portfolio Manager, Principal and Senior Research Analyst Portfolio Manager, Principal and Research Analyst\nMackenzie Investments Corporation\nArup Datta, CFA Nicholas Tham, CFA\nSince 2020 Since 2020\nSenior Vice President, Investment Management Vice President, Investment Management\nPineStone Asset Management Inc.\nNadim Rizk, CFA Andrew Chan, CIM\nSince 2024 Since 2024\nChief Executive Officer and Chief Investment Officer Head of Research\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n11\nSEI / PROSPECTUS\nLARGE CAP INDEX FUND\nFund Summary\nInvestment Goal\nInvestment results that correspond to the aggregate price and dividend performance of the securities in the Russell 1000 Index.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year a\n...\nECTUS\nBest Quarter: 21.71 % ( 6/30/20 ) Worst Quarter: - 20.19 % ( 3/31/20 ) The Fund's total return from January 1, 2025 to June 30, 2025 was 6.03 %.\nAverage Annual Total Returns (for the periods ended December 31, 2024)\nThis table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.\nLarge Cap Index Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 4/1/2002 )\nReturn Before Taxes\n24.42\n%\n14.22\n%\n12.83\n%\n9.58\n%\nReturn After Taxes on Distributions\n20.41\n%\n11.34\n%\n10.12\n%\n8.05\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n17.07\n%\n10.85\n%\n9.81\n%\n7.76\n%\nS P 500 Index Return (reflects no deduction for fees, expenses or taxes)\n25.02\n%\n14.53\n%\n13.10\n%\n9.54\n%\nRussell 1000 Index Return (reflects no deduction for fees, expenses or taxes)\n24.51\n%\n14.28\n%\n12.87\n%\n9.65\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nDavid L. Hintz, CFA\nSince 2017\nPortfolio Manager\nRyan McKeon, CFA\nSince 2024\nSenior Analyst\n15\nSEI / PROSPECTUS\nSub-Adviser and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nSSGA Funds Management, Inc.\nKarl Schneider, CAIA Amy Scofield Emiliano Rabinovich, CFA\nSince 2005 Since 2011 Since 2023\nManaging Director, Co-Head of the Systematic Equity Team in the Americas Principal, Portfolio Manager in the Systematic Equity Team Managing Director, Co-Head of the Systematic Equity Team in the Americas\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n16\nSEI / PROSPECTUS\nS P 500 INDEX FUND\nFund Summary\nInvestment Goal\nInvestment results that correspond to the aggregate price and dividend performance of the securities in the S P 500 Index.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.03\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.09\n%\nTotal Annual Fund Operating Expenses\n0.12\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nS P 500 In\n...\nended December 31, 2024)\nThis table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nSmall Cap Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 6/14/1996 )\nReturn Before Taxes\n16.70\n%\n8.91\n%\n7.72\n%\n8.24\n%\nReturn After Taxes on Distributions\n15.47\n%\n6.17\n%\n4.90\n%\n6.37\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n10.43\n%\n6.26\n%\n5.28\n%\n6.31\n%\nS P 500 Index Return (reflects no deduction for fees, expenses or taxes)\n25.02\n%\n14.53\n%\n13.10\n%\n9.92\n%\nRussell 2000 Index Return (reflects no deduction for fees, expenses or taxes)\n11.54\n%\n7.40\n%\n7.82\n%\n8.08\n%\nManagement\nInvestment Adviser and Portfolio Manager. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nCory Furlong, CFA\nSince 2024\nPortfolio Manager/Analyst\nDavid L. Hintz, CFA\nSince 2024\nPortfolio Manager\n31\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAxiom Investors LLC\nDavid Kim, CFA Matthew Franco, CFA\nSince 2016 Since 2016\nPortfolio Manager Portfolio Manager\nLos Angeles Capital Management LLC\nHal W. Reynolds, CFA Daniel E. Allen, CFA Kristin Ceglar, CFA\nSince 2020 Since 2020 Since 2020\nVice Chairman and Senior Portfolio Manager Chief Executive Officer, President and Senior Portfolio Manager Senior Portfolio Manager, Group Managing Director\nLSV Asset Management\nJosef Lakonishok, Ph.D. Menno Vermeulen, CFA Puneet Mansharamani, CFA Greg Sleight Guy Lakonishok, CFA Gal Skarishevsky\nSince 1997 Since 1997 Since 2006 Since 2014 Since 2014 Since 2025\nChief Executive Officer, Chief Investment Officer, Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager\nMartingale Asset Management, L.P.\nJames M. Eysenbach, CFA\nSince 2018\nCo-Chief Executive Officer, Chief Investment Officer\nThe Informed Momentum Company LLC\nTravis T. Prentice\nSince 2018\nChief Investment Officer and Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n32\nSEI / PROSPECTUS\nSMALL CAP II FUND\nFund Summary\nInvestment Goal\nCapital appreciation.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.65\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.07\n%\nTotal Annual Fund Operating Expenses\n0.72\n%\nEXAMPLE\nThis Example is intended to help you compare\n...\nvant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\n40\nSEI / PROSPECTUS\nSmall/Mid Cap Equity Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 12/15/2003 )\nReturn Before Taxes\n11.98\n%\n8.06\n%\n7.65\n%\n8.48\n%\nReturn After Taxes on Distributions\n9.78\n%\n5.40\n%\n4.69\n%\n6.26\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n8.30\n%\n5.77\n%\n5.23\n%\n6.37\n%\nS P 500 Index Return (reflects no deduction for fees, expenses or taxes)\n25.02\n%\n14.53\n%\n13.10\n%\n10.56\n%\nRussell 2500 Index Return (reflects no deduction for fees, expenses or taxes)\n12.00\n%\n8.77\n%\n8.85\n%\n9.38\n%\nManagement\nInvestment Adviser and Portfolio Manager. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nCory Furlong, CFA\nSince 2024\nPortfolio Manager/Analyst\nDavid L. Hintz, CFA\nSince 2024\nPortfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAxiom Investors LLC\nDavid Kim, CFA Matthew Franco, CFA\nSince 2015 Since 2015\nPortfolio Manager Portfolio Manager\nCopeland Capital Management, LLC\nMark W. Giovanniello, CFA Eric C. Brown, CFA David McGonigle, CFA Jeffrey Walkenhorst, CFA\nSince 2018 Since 2018 Since 2018 Since 2018\nChief Investment Officer, Principal and Portfolio Manager Chief Executive Officer, Principal and Portfolio Manager Portfolio Manager, Principal and Senior Research Analyst Portfolio Manager, Principal and Senior Research Analyst\nGeneva Capital Management LLC\nW. Scott Priebe Jose Munoz\nSince 2024 Since 2024\nManaging Principal, Portfolio Manager Managing Principal, Portfolio Manager\nJackson Creek Investment Advisors LLC\nJohn R. Riddle, CFA\nSince 2020\nChief Investment Officer/Managing Member\nLSV Asset Management\nJosef Lakonishok, Ph.D. Menno Vermeulen, CFA Puneet Mansharamani, CFA Greg Sleight Guy Lakonishok, CFA Gal Skarishevsky\nSince 2003 Since 2003 Since 2006 Since 2014 Since 2014 Since 2025\nChief Executive Officer, Chief Investment Officer, Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager Partner, Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n41\nSEI / PROSPECTUS\nU.S. EQUITY FACTOR ALLOCATION FUND\nFund Summary\nInvestment Goal\nLong-term growth of capital and income.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.25\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.07\n%\nTotal Annual Fund Operating Expenses\n0.32\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n...\n% ( 3/31/20 ) The Fund's total return from January 1, 2025 to June 30, 2025 was 17.30 %.\nAverage Annual Total Returns (for the periods ended December 31, 2024)\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nWorld Equity Ex-US Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 3/28/2005 )\nReturn Before Taxes\n7.23\n%\n5.16\n%\n5.40\n%\n5.06\n%\nReturn After Taxes on Distributions\n6.24\n%\n3.48\n%\n4.19\n%\n4.11\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n5.03\n%\n3.92\n%\n4.17\n%\n4.00\n%\nMSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses)\n5.53\n%\n4.10\n%\n4.80\n%\n5.03\n%\n61\nSEI / PROSPECTUS\nManagement\nInvestment Adviser and Portfolio Manager. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRich Carr, CFA\nSince 2022\nPortfolio Manager\nJason Collins\nSince 2019\nPortfolio Manager, Head of Sub-Advised Equity\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAcadian Asset Management LLC\nBrendan O. Bradley, Ph.D. Fanesca Young, Ph.D.\nSince 2009 Since 2024\nExecutive Vice President, Chief Investment Officer Senior Vice President, Director, Equity Portfolio Management\nBrickwood Asset Management LLP\nDermot Murphy Ben Whitmore\nSince 2024 Since 2024\nFund Manager Fund Manager\nDelaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust*\nJens Hansen Klaus Petersen, CFA Claus Juul sa Annerstedt Allan Saustrup Jensens, CFA, CAIA Chris Gowlland, CFA\nSince 2021 Since 2021 Since 2021 Since 2021 Since 2021 Since 2021\nManaging Director, Chief Investment Officer Global Equity Team Managing Director, Senior Portfolio Manager Vice President, Portfolio Manager Vice President, Portfolio Manager Vice President, Portfolio Manager Senior Vice President, Head of Equity Quantitative Research\nLazard Asset Management LLC\nLouis Florentin-Lee Barnaby Wilson, CFA Robert Failla, CFA Paul Moghtader, CFA Susanne Willumsen Taras Ivanenko, CFA Peter Kashanek Alex Lai, CFA Ciprian Marin Kurt Livermore, CFA\nSince 2021 Since 2021 Since 2021 Since 2023 Since 2023 Since 2023 Since 2023 Since 2023 Since 2023 Since 2023\nManaging Director, Portfolio Manager/Analyst Managing Director, Portfolio Manager/Analyst Managing Director, Portfolio Manager/Analyst Managing Director, Portfolio Manager/Analyst Managing Director, Portfolio Manager/Analyst Director, Portfolio Manager/Analyst Director, Portfolio Manager/Analyst Director, Portfolio Manager/Analyst Director, Portfolio Manager/Analyst Director, Portfolio Manager/Analyst\n62\nSEI / PROSPECTUS\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nPzena Investment Management, LLC\nRakesh Bordia Caroline Cai, CFA Allison Fisch John Goetz\nSince 2023 Since 2022 Since 2022 Since 2022\nPrincipal and Portfolio Manager Managing Principal, Chief Executive Officer and Portfolio Manager Managing Principal, President and Portfolio Manager Managing Principal, Co-Chief Investment Officer and Portfolio Manager\n* Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n63\nSEI / PROSPECTUS\nSCREENED WORLD EQUITY EX-US FUND\nFund Summary\nInvestment Goal\nCapital appreciation.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.65\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.17\n%\nTotal Annual Fund Operating Expenses\n0.82\n%\nEXAMPLE\nThis Example\n...\nompares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nEmerging Markets Equity Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 10/31/2014 )\nReturn Before Taxes\n9.25\n%\n5.43\n%\n5.19\n%\n4.54\n%\nReturn After Taxes on Distributions\n7.93\n%\n3.98\n%\n3.95\n%\n3.32\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n6.88\n%\n4.29\n%\n4.00\n%\n3.47\n%\nMSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses)\n5.53\n%\n4.10\n%\n4.80\n%\n4.41\n%\nMSCI Emerging Frontier Markets Index Return (reflects no deduction for fees, expenses or taxes)\n7.53\n%\n1.68\n%\n3.60\n%\n2.94\n%\nManagement\nInvestment Adviser and Portfolio Manager. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nRich Carr, CFA\nSince 2024\nPortfolio Manager\nDavid Zhang, CFA\nSince 2024\nPortfolio Manager/Analyst\n76\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nCauseway Capital Management LLC\nArjun Jayaraman, Ph.D., CFA MacDuff Kuhnert, CFA Joe Gubler, CFA Ryan Myers\nSince 2014 Since 2014 Since 2014 Since 2021\nHead of Quantitative Research Group, Portfolio Manager Member of Quantitative Research Group, Portfolio Manager Member of Quantitative Research Group, Portfolio Manager Member of Quantitative Research Group, Portfolio Manager\nJOHCM (USA) Inc.\nEmery Brewer Dr. Ivo Kovachev Stephen Lew\nSince 2014 Since 2014 Since 2014\nSenior Fund Manager Senior Fund Manager Senior Fund Manager\nRobeco Institutional Asset Management US Inc.\nJaap van der Hart Karnail Sangha\nSince 2021 Since 2021\nPortfolio Manager Portfolio Manager\nRWC Asset Advisors (US) LLC\nJames Johnstone John Malloy\nSince 2015 Since 2015\nPortfolio Manager Portfolio Manager\nWCM Investment Management, LLC\nSanjay Ayer Gregory S. Ise Michael Z. Tian Michael B. Trigg\nSince 2014 Since 2018 Since 2018 Since 2014\nPortfolio Manager, President Portfolio Manager Business Analyst Portfolio Manager Business Analyst Portfolio Manager Business Analyst\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n77\nSEI / PROSPECTUS\nOPPORTUNISTIC INCOME FUND\nFund Summary\nInvestment Goal\nCapital appreciation and income.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.45\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.12\n%\nTotal Annual Fund Operating Expenses\n0.57\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nOpportunistic Income Fund Class A Shares\n$\n58\n$\n183\n$\n318\n$\n714\nPORTFOLIO TURNOVER\nThe Fund pays transaction costs, such as commissions, when it buys\n...\nthose of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax\n83\nSEI / PROSPECTUS\nsituation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nOpportunistic Income Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 12/14/2006 )\nReturn Before Taxes\n8.34\n%\n4.39\n%\n3.85\n%\n2.14\n%\nReturn After Taxes on Distributions\n5.41\n%\n2.40\n%\n2.15\n%\n0.80\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n4.89\n%\n2.49\n%\n2.20\n%\n1.03\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n2.95\n%\nICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index Return (reflects no deductions for fees, expenses or taxes)\n5.47\n%\n2.59\n%\n1.96\n%\n1.76\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2014\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nNilay Shah\nSince 2021\nAssistant Portfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAres Capital Management II LLC\nSeth Brufsky Samantha Milner Russel Almeida\nSince 2009 Since 2018 Since 2024\nPortfolio Manager U.S. Credit Portfolio Manager U.S. Credit Portfolio Manager U.S. Credit\nManulife Investment Management (US) LLC\nDavid Bees, CFA Connor Minnaar, CFA\nSince 2016 Since 2023\nManaging Director, Portfolio Manager Senior Director, Portfolio Manager\nWellington Management Company LLP\nMarc Piccuirro\nSince 2023\nSenior Managing Director, Fixed Income Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n84\nSEI / PROSPECTUS\nCORE FIXED INCOME FUND\nFund Summary\nInvestment Goal\nCurrent income consistent with the preservation of capital.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.30\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.07\n%\nTotal Annual Fund Operating Expenses\n0.37\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nCore Fixed Income Fund Class A Shares\n$\n38\n$\n119\n$\n208\n$\n468\nPORTFOLIO TURNOVER\nThe Fund pays transaction\n...\nfuture. For current performance information, please call 1-800-DIAL-SEI .\nBest Quarter: 7.31 % ( 12/31/23 ) Worst Quarter: - 6.14 % ( 3/31/22 ) The Fund's total return from January 1, 2025 to June 30, 2025 was 4.24 %.\nAverage Annual Total Returns (for the periods ended December 31, 2024)\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nCore Fixed Income Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 6/14/1996 )\nReturn Before Taxes\n1.53\n%\n0.06\n%\n1.80\n%\n4.74\n%\nReturn After Taxes on Distributions\n- 0.21\n%\n- 1.45\n%\n0.25\n%\n2.74\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n0.90\n%\n- 0.55\n%\n0.73\n%\n2.87\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n4.27\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2014\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nNilay Shah\nSince 2021\nAssistant Portfolio Manager\n90\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAllspring Global Investments, LLC\nMaulik Bhansali, CFA Jarad Vasquez\nSince 2017 Since 2017\nSenior Portfolio Manager and Co-Head Core Fixed Income Senior Portfolio Manager and Co-Head Core Fixed Income\nJennison Associates LLC\nJames Gaul, CFA Miriam Zussman* Eric G. Staudt, CFA Samuel B. Kaplan, CFA Dmitri Rabin, CFA David Morse, CFA Natalia Glekel, CFA Griffin Sullivan, CFA Adriano Taylor-Escribano\nSince 2016 Since 2012 Since 2011 Since 2016 Since 2019 Since 2020 Since 2022 Since 2024 Since 2025\nHead of Fixed Income, Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager\nMetLife Investment Management, LLC\nJoshua Lofgren, CFA\nSince 2023\nPortfolio Manager\nMetropolitan West Asset Management, LLC\nBryan Whalen, CFA Ruben Hovhannisyan, CFA Jerry Cudzil\nSince 2004 Since 2023 Since 2023\nChief Investment Officer Fixed Income, Group Managing Director, Generalist Portfolio Manager Group Managing Director, Generalist Portfolio Manager Group Managing Director, Generalist Portfolio Manager\n* Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025.\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n91\nSEI / PROSPECTUS\nHIGH YIELD BOND FUND\nFund Summary\nInvestment Goal\nTotal return.\nFund Fees and Expenses\nThis table desc\n...\ncalculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nHigh Yield Bond Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 12/5/2005 )\nReturn Before Taxes\n9.85\n%\n5.24\n%\n5.76\n%\n6.99\n%\nReturn After Taxes on Distributions\n5.73\n%\n1.41\n%\n2.24\n%\n3.52\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n5.72\n%\n2.29\n%\n2.79\n%\n3.85\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n3.10\n%\nICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes)\n8.20\n%\n4.03\n%\n5.08\n%\n6.55\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nMichael Schafer\nSince 2015\nPortfolio Manager\nDavid S. Aniloff\nSince 2005\nPortfolio Manager\n96\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAres Capital Management II LLC\nSeth Brufsky Chris Matthewson Kapil Singh\nSince 2007 Since 2018 Since 2018\nPortfolio Manager U.S. Credit Portfolio Manager U.S. Credit Portfolio Manager U.S. Credit\nBenefit Street Partners L.L.C.\nThomas Gahan Paul Karpers\nSince 2014 Since 2016\nChairman and Chief Investment Officer Managing Director\nBrigade Capital Management, LP\nDonald E. Morgan III Douglas C. Pardon\nSince 2009 Since 2017\nChief Investment Officer/Managing Partner Head of Liquid Corporate Credit\nJ.P. Morgan Investment Management Inc.\nRobert Cook Thomas Hauser Jeffrey Lovell\nSince 2006 Since 2006 Since 2016\nManaging Director and Lead Portfolio Manager Managing Director and Co-Lead Portfolio Manager Managing Director and Co-Lead Portfolio Manager\nT. Rowe Price Associates, Inc.\nKevin Loome, CFA\nSince 2018\nVice President and Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n97\nSEI / PROSPECTUS\nLONG DURATION FUND\nFund Summary\nInvestment Goal\nReturn characteristics similar to those of high quality bonds.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.30\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.09\n%\nTotal Annual Fund Operating Expenses\n0.39\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. Th\n...\nrk that is composed of the Bloomberg U.S. Long Credit Index and the Bloomberg U.S. Long Government Index weighted 70%/30%. In prior years, the Fund also compared its performance to the Bloomberg U.S. Long Government/Credit Index.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nLong Duration Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 4/21/2004 )\nReturn Before Taxes\n- 2.93\n%\n- 2.26\n%\n1.78\n%\n4.06\n%\nReturn After Taxes on Distributions\n- 4.82\n%\n- 4.45\n%\n- 0.66\n%\n1.59\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n- 1.72\n%\n- 2.34\n%\n0.51\n%\n2.23\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n3.10\n%\nThe Fund's 70/30 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes)\n- 3.33\n%\n- 2.81\n%\n1.36\n%\n4.56\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2014\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nIncome Research + Management\nJames Gubitosi, CFA Michael Sheldon, CFA Jake Remley, CFA\nSince 2017 Since 2017 Since 2019\nCo-Chief Investment Officer, Chair of Investment Committee Co-Chief Investment Officer Senior Portfolio Manager, Director of Investment Strategy\n103\nSEI / PROSPECTUS\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nJennison Associates LLC\nJames Gaul, CFA Miriam Zussman* Eric G. Staudt, CFA Samuel B. Kaplan, CFA Dmitri Rabin, CFA David Morse, CFA Natalia Glekel, CFA Griffin Sullivan, CFA Adriano Taylor-Escribano\nSince 2016 Since 2012 Since 2011 Since 2016 Since 2019 Since 2020 Since 2022 Since 2024 Since 2025\nHead of Fixed Income, Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Credit Portfolio Manager Managing Director and Fixed Income Rates and Securitized Portfolio Manager\nLegal General Investment Management America, Inc.\nJason Shoup Tim Bacik, CFA Jordan Bond Patrick Dan Magdalena Szudy Felipe Telles, CFA\nSince 2023 Since 2011 Since 2017 Since 2017 Since 2023 Since 2024\nChief Investment Officer, Co-Head of Global Fixed Income Head of Active Fixed Income Senior Portfolio Manager Head of Investment Grade Portfolio Management Portfolio Manager Senior Portfolio Manager\nMetropolitan West Asset Management, LLC\nBryan Whalen, CFA Ruben Hovhannisyan, CFA Jerry Cudzil\nSince 2004 Since 2023 Since 2023\nC\n...\nns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nUltra Short Duration Bond Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 2/28/2011 )\nReturn Before Taxes\n5.72\n%\n2.62\n%\n2.29\n%\n1.98\n%\nReturn After Taxes on Distributions\n3.65\n%\n1.53\n%\n1.32\n%\n1.15\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n3.36\n%\n1.54\n%\n1.33\n%\n1.16\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n2.07\n%\nBloomberg Short U.S. Treasury 9-12 Month Index Return (reflects no deduction for fees, expenses or taxes)\n5.05\n%\n2.24\n%\n1.76\n%\n1.35\n%\n117\nSEI / PROSPECTUS\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2014\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nPhilip Terrenzio, CFA\nSince 2022\nAssistant Portfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nMetLife Investment Management, LLC\nScott Pavlak, CFA\nSince 2012\nPortfolio Manager\nWellington Management Company LLP\nMarc Piccuirro\nSince 2023\nSenior Managing Director, Fixed Income Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n118\nSEI / PROSPECTUS\nEMERGING MARKETS DEBT FUND\nFund Summary\nInvestment Goal\nMaximize total return.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.60\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.12\n%\nTotal Annual Fund Operating Expenses\n0.72\n%*\n* Expenses have been restated to reflect current expenses. Consequently, the Fund's Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the \"Financial Highlights\" section in the prospectus).\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nEmerging Markets Debt Fund Class A Shares\n$\n74\n$\n230\n$\n401\n...\norgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index weighted 50%/50%. In prior years, the Fund also compared its performance to the J.P. Morgan EMBI Global Diversified Index.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nEmerging Markets Debt Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 12/5/2005 )\nReturn Before Taxes\n3.15\n%\n0.13\n%\n2.26\n%\n4.53\n%\nReturn After Taxes on Distributions\n0.25\n%\n- 1.60\n%\n0.71\n%\n2.46\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n1.86\n%\n- 0.63\n%\n1.06\n%\n2.72\n%\nBloomberg Global Aggregate Index (USD) Return (reflects no deduction for fees, expenses or taxes)\n- 1.69\n%\n- 1.96\n%\n0.15\n%\n2.26\n%\nThe Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes)\n2.01\n%\n- 0.84\n%\n1.83\n%\n4.37\n%\n124\nSEI / PROSPECTUS\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nHardeep Khangura, CFA\nSince 2018\nPortfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nArtisan Partners Limited Partnership\nMichael A. Cirami, CFA Sarah C. Orvin, CFA\nSince 2024 Since 2024\nManaging Director and Portfolio Manager Managing Director and Portfolio Manager\nColchester Global Investors Ltd\nIan Sims Keith Lloyd, CFA\nSince 2018 Since 2018\nChairman and Chief Investment Officer Group Chief Executive Officer and Deputy Chief Investment Officer\nGrantham, Mayo, Van Otterloo Co. LLC\nTina Vandersteel\nSince 2023\nHead, Emerging Country Debt Team, GMO\nInvesco Advisers, Inc.\nHemant Baijal Wim Vandenhoeck\nSince 2024 Since 2024\nPortfolio Manager Portfolio Manager\nMarathon Asset Management, L.P.\nLou Hanover Andrew Szmulewicz Fernando Phillips\nSince 2018 Since 2018 Since 2018\nCIO Co-Managing Partner, Co-Founder of Marathon Managing Director, Portfolio Manager Co-Head of Emerging Markets Managing Director, Portfolio Manager Co-Head of Emerging Markets\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n125\nSEI / PROSPECTUS\nREAL RETURN FUND\nFund Summary\nInvestment Goal\nTotal return exceeding the rate of inflation.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.22\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.07\n%\nTotal Annual Fund Operating Expenses\n0.29\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nReal Return Fund Class A Shares\n$\n30\n$\n93\n$\n163\n$\n368\nPORTFOLIO TURNOVER\nThe Fund pays transaction costs, such as commissi\n...\nual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nLimited Duration Bond Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 7/31/2014 )\nReturn Before Taxes\n4.84\n%\n2.07\n%\n1.98\n%\n1.91\n%\nReturn After Taxes on Distributions\n2.93\n%\n0.90\n%\n1.00\n%\n0.95\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n2.84\n%\n1.08\n%\n1.09\n%\n1.05\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n1.51\n%\nICE BofA 1-3 Year US Treasury Index Return (reflects no deduction for fees, expenses or taxes)\n4.08\n%\n1.40\n%\n1.40\n%\n1.37\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2014\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nMetLife Investment Management, LLC\nScott Pavlak, CFA\nSince 2014\nPortfolio Manager\nMetropolitan West Asset Management, LLC\nBryan Whalen, CFA Ruben Hovhannisyan, CFA Jerry Cudzil\nSince 2016 Since 2023 Since 2023\nChief Investment Officer Fixed Income, Group Managing Director, Generalist Portfolio Manager Group Managing Director, Generalist Portfolio Manager Group Managing Director, Generalist Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n136\nSEI / PROSPECTUS\nINTERMEDIATE DURATION CREDIT FUND\nFund Summary\nInvestment Goal\nCurrent income consistent with the preservation of capital.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nManagement Fees\n0.25\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.07\n%\nTotal Annual Fund Operating Expenses\n0.32\n%\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nIntermediate Duration Credit Fund Class A Shares\n$\n33\n...\nloomberg 1-5 Year U.S. TIPS Index, the Bloomberg Commodity Total Return Index and the S P 500 Index weighted 70%/20%/10%. In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nMulti-Asset Real Return Fund\n1 Year\n5 Years\n10 Years\nSince Inception ( 7/28/2011 )\nReturn Before Taxes\n4.72\n%\n4.65\n%\n2.50\n%\n0.86\n%\nReturn After Taxes on Distributions\n2.71\n%\n1.96\n%\n0.79\n%\n- 0.47\n%\nReturn After Taxes on Distributions and Sale of Fund Shares\n2.88\n%\n2.47\n%\n1.21\n%\n0.10\n%\nBloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\n1.89\n%\nThe Fund's Blended Benchmark Return (reflects no deductions for fees, expenses or taxes)\n6.60\n%\n5.25\n%\n3.49\n%\n2.07\n%\n165\nSEI / PROSPECTUS\nManagement\nInvestment Adviser and Portfolio Manager. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nSteven Treftz, CFA\nSince 2012\nPortfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nAllianceBernstein L.P.\nMike Canter, PhD Serena Zhou Matthew Sheridan\nSince 2019 Since 2024 Since 2025\nDirector, Chief Investment Officer Securitized Assets Portfolio Manager US Multi-Sector Director US Multi-Sector Fixed Income\nFranklin Advisers, Inc.\nChris Floyd Jose Maldonado\nSince 2022 Since 2022\nSVP, Portfolio Manager VP, Portfolio Manager\nFor important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.\n166\nSEI / PROSPECTUS\nPurchase and Sale of Fund Shares\nThe Funds' minimum investment requirements for Class A Shares are: (a) that you must be an Eligible Investor ( i.e. , institutions or other SIMC advisory clients that have entered into an investment management agreement with SIMC or institutional investors, employee benefit plans and other similar entities purchasing through approved intermediaries); and (b) that your minimum initial investment must be $100,000, with minimum subsequent investments of $1,000, which may be waived at the discretion of SIMC. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.\nTax Information\nThe distributions made by the Funds are generally taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving\n...\nMid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the CFA designation and is a member of the Philadelphia Security Analyst Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of\n204\nSEI / PROSPECTUS\nthe CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, he worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector and before that at Copeland Capital as a summer research analyst. Mr. Cummings holds a Bachelor of Arts in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.\nCullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.\nFred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Dr. Ankur Crawford has been employed by Alger since 2004. Dr. Crawford became a portfolio manager and a Senior Vice President in 2010 and an Executive Vice President in 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010 and a Senior Analyst from 2010 to 2016.\nLSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.\nPineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone), located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1, serves as a Sub-Adviser to a portion of the assets of the Large Cap Fund. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the SEC. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$56.23 billion in assets under management as of September 30, 2024 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has over 25 years of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity\n205\nSEI / PROSPECTUS\nportfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University in Montr al and also obtained the CFA designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 21 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University in Montr al with a Bachelor of Commerce, majoring in Fi\n...\nholds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, John worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector. Before that, John worked for Copeland Capital as a summer research analyst. During this time, he helped analyze and improve Copeland's quantitative screening methodologies. John holds a BA degree in both Mathematics and Economics with high honors from Haverford College. He also holds the Chartered Analyst (CFA ) designation and is a member of the CFA Society of Philadelphia. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, Mr. Cummings worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector. Before that, Mr. Cummings worked for Copeland Capital as a summer research analyst. During this time, he helped analyze and improve Copeland's quantitative screening methodologies. Mr. Cummings holds a BA degree in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.\nMackenzie Investments Corporation: Mackenzie Investments Corporation (Mackenzie), located at Two International Place, Suite 2320, Boston, MA 02110, serves as a Sub-Adviser to the Large Cap Disciplined Equity Fund. A team of investment professionals manages the portion of the Large Cap Disciplined Equity Fund's assets allocated to Mackenzie. Mr. Arup Datta, CFA, Senior Vice President, Investment Management, joined Mackenzie in 2017 as the Head of Global Quantitative Equity Team and a Portfolio Manager. Prior to joining Mackenzie, Mr. Datta was the Chief Investment Officer, International Equities, and a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Datta previously worked at Agriya Investors as President and Portfolio Manager and Numeric Investors as Director of Portfolio Management and Portfolio Manager. Mr. Nicholas Tham, CFA, joined Mackenzie in 2017 as Vice President, Investment Management, and Portfolio Manager. Prior to joining Mackenzie, Mr. Tham was a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Tham previously worked as an Analyst at Agriya Investors and Weiss Asset Management. Mr. Datta and Mr. Tham also hold the CFA designation.\nPineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone), located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1, serves as a Sub-Adviser to a portion of the assets of the Large Cap Disciplined Equity Fund. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the SEC. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality\n207\nSEI / PROSPECTUS\ncompanies worldwide. PineStone had approximately USD$56.23 billion in as\n...\npital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.\nLSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.\nMartingale Asset Management, L.P.: Martingale Asset Management, L.P. (Martingale), located at 888 Boylston Street, Suite 1400, Boston, MA 02199, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals, led by Mr. James M. Eysenbach, CFA, Co-Chief Executve Officer, Chief Investment Officer, manages the portion of the Small Cap Fund's assets allocated to Martingale. Mr. Eysenbach joined Martingale in 2004. Mr. Eysenbach began managing Martingale's allocated portion of the Fund's portfolio in December 2018.\nThe Informed Momentum Company LLC: The Informed Momentum Company LLC (IMC), located at 215 Highway 101, Suite 216, Solana Beach, California 92075, serves as a Sub-Adviser to a portion of the assets of the Small Cap Fund. Travis T. Prentice manages the portion of the Small Cap Fund's assets allocated to IMC. Mr. Prentice serves as Chief Investment Officer and Portfolio Manager at IMC and has managed the firm's small cap growth strategy since January 2018.\nSMALL CAP II FUND:\nCopeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the\n211\nSEI / PROSPECTUS\nCFA designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown, CFA, is the Chief Executive Officer, Principal and a Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and also holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts.\nEasterly Investment Partners LLC: Easterly Investment Partners LLC (EIP), located at 138 Conant Street, Suite 100, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to EIP. Joshua Schachter, CFA is the Chief Investment Officer and Senior Portfolio Manager at EIP. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include portfolio management research, selection and organizational management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.\nLeeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston MA 02110, serves as a Sub-Adviser to the Small Cap II Fund. The portion of the Small Cap II Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 34 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 26 years of investment experience.\nLos Angeles Capital Management LLC: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Gr\n...\nSchool where he earned a Graduate Diploma in finance. Chris Gowlland is the Head of Equity Quantitative Research, a role he assumed in July 2019. As part of his role, he also serves as Portfolio Manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm's multi-asset class offerings. Previously, Mr. Gowlland was a Senior Quantitative Analyst for the firm's equity department. Prior to joining MAM in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Mr. Gowlland holds a bachelor's degree in Chinese and Spanish from the University of Leeds (U.K.), a master's degree in development studies from Brown University, and another master's degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Mr. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.\n217\nSEI / PROSPECTUS\nEffective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.\nLazard Asset Management LLC: Lazard Asset Management LLC (Lazard), located at 30 Rockefeller Plaza, New York, New York 10112, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to Lazard. Louis Florentin-Lee is a Managing Director and Portfolio Manager/Analyst on various global equity teams, International Quality Growth and US Equity Select. He was formerly the co-Portfolio Manager/Analyst for the Lazard European Explorer Fund between 2004 and 2010. Mr. Florentin-Lee began working in the investment industry in 1996. Prior to joining Lazard in 2004, he was an equity research analyst at Soros Funds Limited and Schroder Investment Management. He has a BSc (Hons) in Economics from the London School of Economics. Mr. Florentin-Lee currently serves as a Governor for The Hall School, Hampstead, London. Barnaby Wilson is a Managing Director and Portfolio Manager/Analyst on various global equity teams as well as International Quality Growth. He began working in the investment field in 1998. Prior to joining Lazard in 1999, he worked for Orbitex Investments as a Research Analyst. Mr. Wilson has a BA (Hons) in Mathematics and Philosophy from Balliol College, Oxford University. Mr. Wilson is a CFA charterholder. Robert Failla is a Managing Director and Portfolio Manager / Analyst on the International and Global Equity platforms and a member of the International Quality Growth portfolio management team. He began working in the investment field in 1993. Prior to joining Lazard in 2003, Mr. Failla was a Portfolio Manager with AllianceBernstein. He has an MBA from NYU's Stern School of Business and a BA (Hons) from Harvard University. Mr. Failla is a member of the Board of Tru\n...\nr for U.S. equity market-neutral strategies at FrontPoint Partners/Matikos Capital. He started his career at BGI/BlackRock. He has a B.S. in business administration from the University of Arizona. Mr. Livermore is a CFA charterholder.\nEMERGING MARKETS EQUITY FUND:\nCauseway Capital Management LLC: Causeway Capital Management LLC (Causeway), located at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025, serves as a Sub-Adviser to the Emerging Markets Equity Fund. The following team of portfolio managers manages the portion of the Emerging Markets Equity Fund's assets allocated to Causeway. Arjun Jayaraman, Ph.D., CFA, is the Head of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Dr. Jayaraman joined Causeway in 2006 as a Portfolio Manager. MacDuff Kuhnert, CFA, is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Kuhnert joined Causeway as a Quantitative Research Associate in July 2001 and was promoted to Portfolio Manager in March 2007. Joe Gubler, CFA, is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Gubler joined Causeway as a Quantitative Research Associate in April 2005 and was promoted to Portfolio Manager in January 2014. Ryan Myers is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Myers joined Causeway as a Quantitative Research Associate in June 2013 and was promoted to Portfolio Manager in January 2021.\nJOHCM (USA) Inc.: JOHCM (USA) Inc. (JOHCM), located at One Congress Street, Suite 3101, Boston, MA 02114 serves as a Sub-Adviser to the Emerging Markets Equity Fund. A team of investment professionals manages the portion of the Emerging Markets Equity Fund's assets allocated to JOHCM. Emery Brewer is the lead Senior Fund Manager of the JOHCM Emerging Markets strategy a position he has held since 2010. He\n222\nSEI / PROSPECTUS\nalso serves as Senior Fund Manager for the JOHCM Emerging Markets Small Cap strategy. Prior to JOHCM, Mr. Brewer worked at Driehaus Capital Management for 14 years. Dr. Ivo Kovachev is Senior Fund Manager of the JOHCM Emerging Markets strategy a position he has held since 2010. He also serves as Senior Fund Manager for the JOHCM Emerging Markets Small Cap strategy. Prior to joining JOHCM, Dr. Kovachev worked at Kinsale Capital Management where he was Chief Investment Officer. Prior to this role, he spent 10 years at Driehaus Capital Management, more recently as Fund Manager for the Driehaus European Opportunity Fund. Stephen Lew is Senior Fund Manager for the JOHCM Emerging Markets Small Cap Strategy. Prior to joining JOHCM, Mr. Lew was a Senior Portfolio Manager for Artio Global Investors (Artio), where he was responsible for managing the Asia ex-Japan sleeve of the Artio International Equity Fund, Artio International Equity Fund II and separately managed accounts. From 2005 to 2010, Mr. Lew was the Senior Asia ex-Japan Analyst at Janus Capital Group. Between 1999 and 2005 he worked at Driehaus Capital Management alongside Mr. Brewer and Dr. Kovachev as the Asia ex-Japan Analyst.\nRobeco Institutional Asset Management US Inc.: Robeco Institutional Asset Management US Inc. (Robeco), located at 230 Park Avenue, Suite 3330, New York, NY 10169, serves a\n...\nite 1400, Los Angeles, California 90067, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond\n226\nSEI / PROSPECTUS\nFund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson, and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have over 35 years, 21 years and 32 years, respectively, of experience with the leveraged finance asset class.\nBenefit Street Partners L.L.C.: Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the High Yield Bond Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments, acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the High Yield Bond Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.\nBrigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the High Yield Bond Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the High Yield Bond Fund's assets allocated to Brigade. Mr. Morgan is responsible for the day-to-day management and investment decisions made with respect to the High Yield Bond Fund. Mr. Morgan formed Brigade in 2006 and has served as the Chief Investment Officer/Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon joined Brigade in 2007 and became involved with the investment decision making with respect to the High Yield Bond Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch Co.\nJ.P. Morgan Investment Management Inc.: J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase Co., located at 383 Madison Avenue, New York, New York 10179, serves as a Sub-Adviser to the High Yield Bond Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the High Yield Bond Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is a Senior Portfolio Manager responsible for co-managing high yield total return assets. Mr. Hauser and Mr. Lovell are also Senior Portfolio Managers responsible for co-managing high yield total return assets. Cook, Hauser and Lovell joined JPMIM in 2004.\nT. Rowe Price Associates, Inc.: T. Rowe Price Associates, Inc. (T. Rowe Price), located at 1307 Point Street, Baltimore, Maryland 21231, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to T. Rowe Price. Kevin Loome, CFA, is a Vice President and Portfolio Manager of T. Rowe Price. Mr. Loome joined the firm in 2017 through T. Rowe Price's acquisition of the Henderson High Yield Opportunities Fund. Prior to joining T. Rowe Price, Mr. Loome had worked with the Henderson team since 2013, most recently as a Portfolio Manager, and previously as Head of U.S. Credit and Manager of the high yield team. Before that, Mr. Loome worked for Delaware Investments, where he was Head of High Yield Investments and a Senior Portfolio Manager. He\n227\nSEI / PROSPECTUS\nbegan his career at Morgan Stanley as an investment banking analyst. Mr. Loome earned a B.S. in commerce from the University of Virginia and an M.B.A. from the Tuck School of Business at Dartmouth. Mr. Loome also has earned the CFA designation.\nLONG DURATION FUND:\nIncome Research + Management: Income Research + Management (IR+M), located at 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to IR+M. The team consists of James Gubitosi, CFA, Co-Chief Investment Officer, Chair of Investment Committee, Michael Sheldon, CFA, Co-Chief Investment Officer, and Jake Remley, CFA, Senior Portfolio Manage, Director of Investment Strategy. This team is ultimately responsible for the day-to-day management and strategic direction of the Long Duration Fund. Mr. Gubitosi joined IR+M i\n...\nfutures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to\n228\nSEI / PROSPECTUS\nJennison, Mr. Rabin was with Loomis, Sayles Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.\nLegal General Investment Management America Inc.: Legal General Investment Management America Inc. (LGIM America), located at 71 S. Wacker Drive, Suite 800, Chicago, Illinois 60606, serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to LGIM America. Jason Shoup joined LGIM America as Senior Portfolio Manager and Fixed Income Strategist in 2015, becoming Deputy Head of US Fixed Income in December 2021, and was promoted to Chief Investment Officer, Co-Head of Global Fixed Income in 2023. Mr. Shoup has 18 years of industry experience. Prior to joining LGIM America, Mr. Shoup spent 10 years at Citigroup. Mr. Shoup graduated from Seattle University with a B.S. in Physics and Applied Mathematics and a B.A. in Humanities, and has an NSFE from University of California at Berkley. Tim Bacik, CFA, joined LGIM America in 2011 as a Senior Portfolio Manager and has over 30 years of industry experience. In 2019, he was promoted to Head of Investment Grade Portfolio Management, and in 2023, to Head of Active Fixed Income. Mr. Bacik graduated from Wesleyan University with a B.A. in Economics. Jordan Bond joined LGIM America in 2016 as a Senior Portfolio Manager and has 22 years of industry experience. Mr. Bond joined LGIM America from PIMCO, where he was most recently Vice President and Portfolio Manager of investment grade assets. Mr. Bond earned an M.B.A. with honors in Finance/Investments from University of Southern California Marshall School of Business and has a B.S. in Economics from University of Colorado Boulder. Patrick Dan joined LGIM America in 2017 as a Senior Portfolio Manager and has over 16 years of industry experience. In 2025, he was promoted to Head of Investment Grad\n...\nrities (MBS), credit risk transfer securities (CRT), non-agency residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities (ABS). Mr. Canter has been with the firm since 2007. Mr. Sheridan is a Senior Vice President and Director of Fixed Income, leading AB's US Multi-Sector Fixed Income Strategies. Mr. Sheridan has been with AllianceBernstein since 1998. Ms. Zhou is a Senior Vice President and Portfolio Manager in the Fixed Income US Multi-Sector Group. Previously, she was a portfolio analyst in AB's Global Multi-Sector Group in 2020 and a quantitative analyst in the Fixed Income Quantitative Research Group prior to 2020. Mrs. Zhou has been with the firm since 2013.\nFranklin Advisers, Inc.: Franklin Advisers, Inc. (FAV), located at One Franklin Parkway, San Mateo, California 94403-1906, serves as a Sub-Adviser to the Multi-Asset Real Return Fund. A team of investment professionals manages the portion of the Multi-Asset Real Return Fund's assets allocated to FAV. Mr. Chris Floyd, CFA, SVP, is a Portfolio Manager at FAV. Prior to FAV, Mr. Floyd was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Prior to 2014, he was a portfolio manager at Batterymarch Financial Management, which in 2014 merged with QS Investors. Mr. Jose Maldonado, CFA, VP, is a Portfolio Manager for FAV. Prior to FAV, Mr. Maldonado was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Before joining QS, he was a global equity trader at Arrowstreet Capital.\nMARR COMMODITY STRATEGY SUBSIDIARY LTD, MARR Commodity Strategy Subsidiary Ltd. is organized under the laws of the Cayman Islands and is a wholly-owned subsidiary of the Multi-Asset Real Return Fund.\nUBS Asset Management (Americas) LLC: The O'Connor Commodities team of UBS Asset Management (Americas) LLC (UBS AM LLC), located at Eleven Madison Avenue, New York, New York, 10010, serves as a Sub-Adviser to MARR Commodity Strategy Subsidiary Ltd. Christopher Burton, CFA, FRM, is a Managing Director and Head of Commodities at O'Connor, based in New York. He also serves as Portfolio Manager and Trader for the Commodities Team. In this role, Mr. Burton is responsible for analyzing and implementing the team's hedging strategies, indexing strategies, and excess return strategies. Prior to joining O'Connor in 2024, he held the same position of Global Head of Commodities within Credit Suisse Asset Management (2005-2024). Preceding his tenure at Credit Suisse, Mr. Burton served as an Analyst and Derivatives Strategist with Putnam Investments, where he developed the team's analytical tools and managed their options-based yield enhancement strategies, as well as exposure management strategies (2002-2005). Mr. Burton holds a B.Sc. in Economics with concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School of Business. Additionally, he is a CFA Charterholder and has achieved Financial Risk Manager Certification through the Global Association of Risk Professionals (GARP). Scott Ikuss is an Executive Director and Portfolio Manager within of the O'Connor Commodities team of UBS Asset Management (Americas) LLC, based in New York. Mr. Ikuss acts as Portfolio Manager and Trader for the Commodities Team. In this role, he specializes in excess return strategies. Prior to joining UBS Asset\n237\nSEI / PROSPECTUS\nManagement (Americas) LLC in 2024, Mr. Ikuss held the same roles at Credit Suisse Asset Management, LLC which he joined in 2023. Prior to joining\n...\ncollect documents to establish and verify your identity.\nThe Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.\nCustomer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.\nHOW TO EXCHANGE YOUR FUND SHARES\nAn authorized financial institution or intermediary may exchange Class A Shares of any Fund for Class A Shares of any other fund of SEI Institutional Investments Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.\nHOW TO SELL YOUR FUND SHARES\nAuthorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233.\n244\nSEI / PROSPECTUS\nFor information about how to sell Fund shares through your authorized financial institution or intermediary, you should\n...\nfull a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.\nSuspension of Your Right to Sell Your Shares\nThe Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.\nTelephone Transactions\nPurchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.\nUnclaimed Property\nEach state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity ( i.e. , no owner-initiated contact for a certain period), returned mail ( i.e. , when mail sent to a shareholder is returned by the post office, or \"RPO,\" as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.\nIf you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.\nDISTRIBUTION OF FUND SHARES\nSEI Investments Distribution Co. (SIDCo. or the Distributor) is the distributor of the shares of the Funds.\nDISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION\nPortfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.\nOn the Monday following each week end, a list of all portfolio holdings in the Dynamic Asset Allocation Fund as of the end of such week will be made available on the Portfolio Holdings Website. The portfolio holdings shall remain on the Portfolio Holdings Website until the following Monday at which time it will be permanently removed from the site.\n246\nSEI / PROSPECTUS\nAdditional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.\nDIVIDENDS, DISTRIBUTIONS AND TAXES\nDividends and Distributions\nThe Funds distribute their investment income periodically as a dividend to shareholders. It is the policy of the Global Managed Volatility, World Equity Ex-US, Screened World Equity Ex-US, Emergin\n...\n:doc_MULTIASSET_REAL_RETURN_FUNDMember\nck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember\n2020-01-01\n2024-12-31\n0000939934\nck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember\nck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember\n2015-01-01\n2024-12-31\n0000939934\nck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember\nck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember\n2011-07-28\n2024-12-31\n0000939934\nck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember\nck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember\n2025-09-26\n2025-09-26\nxbrli:pure\niso4217:USD\nSTATEMENT OF ADDITIONAL INFORMATION\nSEI INSTITUTIONAL INVESTMENTS TRUST\nClass A Shares\nLarge Cap Fund (SLCAX) Large Cap Disciplined Equity Fund (SCPAX) Large Cap Index Fund (LCIAX) S P 500 Index Fund (SPINX) Extended Market Index Fund (SMXAX) Small Cap Fund (SLPAX) Small Cap II Fund (SECAX) Small/Mid Cap Equity Fund (SSMAX) U.S. Equity Factor Allocation Fund (SEHAX) U.S. Managed Volatility Fund (SVYAX) Global Managed Volatility Fund (SGMAX) World Equity Ex-US Fund (WEUSX) Screened World Equity Ex-US Fund (SSEAX) Emerging Markets Equity Fund (SMQFX) Opportunistic Income Fund (ENIAX) Core Fixed Income Fund (SCOAX) High Yield Bond Fund (SGYAX) Long Duration Fund (LDRAX) Long Duration Credit Fund (SLDAX) Ultra Short Duration Bond Fund (SUSAX) Emerging Markets Debt Fund (SEDAX) Real Return Fund (RRPAX) Limited Duration Bond Fund (SLDBX) Intermediate Duration Credit Fund (SIDCX) Dynamic Asset Allocation Fund (SDLAX) Multi-Asset Real Return Fund (SEIAX)\nAdviser:\nSEI Investments Management Corporation\nAdministrator:\nSEI Investments Global Funds Services\nDistributor:\nSEI Investments Distribution Co.\nSub-Advisers:\nAcadian Asset Management LLC AllianceBernstein L.P. Allspring Global Investments, LLC Ares Capital Management II LLC Artisan Partners Limited Partnership Axiom Investors LLC Benefit Street Partners L.L.C. Brandywine Global Investment Management, LLC Brickwood Asset Management LLP Brigade Capital Management, LP Causeway Capital Management LLC Colchester Global Investors Ltd Copeland Capital Management, LLC Cullen Capital Management LLC Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust Easterly Investment Partners LLC Franklin Advisers, Inc. Fred Alger Management, LLC Geneva Capital Management LLC Grantham, Mayo, Van Otterloo Co. LLC Income Research + Management Invesco Advisers, Inc. Jackson Creek Investment Advisors LLC Jennison Associates LLC JOHCM (USA) Inc. J.P. Morgan Investment Management Inc. Lazard Asset Management LLC Leeward Investments, LLC Legal General Investment Management America, Inc. Los Angeles Capital Management LLC LSV Asset Management Mackenzie Investments Corporation Manulife Investment Management (US) LLC Marathon Asset Management, L.P. Martingale Asset Management, L.P. MetLife Investment Management, LLC Metropolitan West Asset Management, LLC PineStone Asset Management Inc. Pzena Investment Management, LLC Robeco Institutional Asset Management US Inc. RWC Asset Advisors (US) LLC SSGA Funds Management, Inc. The Informed Momentum Company LLC T. Rowe Price Associates, Inc. UBS Asset Management (Americas) LLC WCM Investment Management, LLC Wellington Management Company LLP\nThis Statement of Additional Information is not a prospectus. 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{"sample_id": "0000945908:ALL", "cik": "0000945908", "trust_name": "Fidelity Covington Trust", "input_text": "ading Issues.\nThere can be no assurance that an active trading market will be maintained. Market makers and Authorized Participants are not obligated to make a market in the fund's shares or to submit purchase and redemption orders for creation units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the fund's portfolio securities and the market price of fund shares. In addition, trading may be halted, for example, due to market conditions.\n\"Growth\" Investing.\n\"Growth\" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.\nQuantitative Investing.\nSecurities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.\nMid Cap Investing.\nThe value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.\nAn investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency\n.\nYou could lose money by investing in the fund.\nPerformance\nPerformance history will be available for the fund after the fund has been in operation for one calendar year.\nInvestment Adviser\nFidelity Management Research Company LLC (FMR) (the Adviser) is the fund's manager.\nPortfolio Manager(s)\nAnna Lester (Co-Portfolio Manager) has managed the fund since 2026.\nGeorge Liu (Co-Portfolio Manager) has managed the fund since 2026.\nShashi Naik (Co-Portfolio Manager) has managed the fund since 2026.\nPurchase and Sale of Shares\nShares of the fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at NAV. Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the \"bid-ask spread\"). Recent information, including information regarding the fund's NAV, market price, premiums and discounts, and bid-ask spread, is available at www.fidelity.com.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\nFund Summary\nFund:\nFidelity Enhanced Mid Cap Value ETF\nInvestment Objective\nFidelity\nEnhanced Mid Cap Value ETF seeks capital appreciation.\nFee Table\nThe following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nShareholder fees\n(fees paid directly from your investment)\nNone\nAnnual Operating Expenses\n(expenses that you pay each year as a % of the value of your investment)\nManagement fee\n0.23\n%\nDistribution and/or Service (12b-1) fees\nNone\nOther expenses\n0.00\n%\nA\nTotal annual operating expenses\n0.23\n%\nA\nBased on estimated amounts for the current fiscal year.\nThis\nexample\nhelps compare the cost of investing in the fund with the cost of investing in other funds.\nLet's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,\n...\ns intended to result in the sale of fund shares.\nThese payments are described in more detail in this section and in the SAI.\nDistribution and Service Plan(s)\nWhile each fund will not make direct payments for distribution or shareholder support services, each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act with respect to its shares. Each Plan recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of each fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.\nIf payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's assets on an ongoing basis, they would increase the cost of your investment and might cost you more than paying other types of sales charges.\nNo dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus and the related SAI do not constitute an offer by the funds or by FDC to sell shares of the funds to, or to buy shares of the funds from, any person to whom it is unlawful to make such offer.\nOther Service Providers\nState Street Bank and Trust Company serves as transfer agent and custodian for the funds, and is located at One Heritage Drive, Floor 1, North Quincy, Massachusetts, 02171 and One Congress Street, Boston, Massachusetts, 02114, respectively.\nAppendix\nAdditional Index Information\nFidelity\nEnhanced Mid Cap Growth ETF will compare its performance to the performance of Russell Midcap\nGrowth Index and Russell\n3000 Index.\nFidelity\nEnhanced Mid Cap Value ETF will compare its performance to the performance of Russell Midcap\nValue Index and Russell\n3000 Index.\nFidelity\nEnhanced Small Cap Growth ETF will compare its performance to the performance of Russell 2000\nGrowth Index and Russell\n3000 Index.\nFidelity\nEnhanced Small Cap Value ETF will compare its performance to the performance of Russell 2000\nValue Index and Russell\n3000 Index.\nRussell 2000\nGrowth Index is a market capitalization-weighted index designed to measure the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000\nIndex companies with higher price-to-book (P/B) ratios and higher forecasted growth rates. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped.\nRussell 2000\nValue Index is a market capitalization-weighted index designed to measure the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000\nIndex companies with lower P/B ratios and lower forecasted growth rates. Effective March 24, 2\n...\nby an Authorized Participant's agreement, in the event the Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Units to be redeemed to FDC, on behalf of each fund, at or prior to the closing time of regular trading on the listing exchange (or the NYSE if the listing exchange is not open that day) on the date such redemption request is submitted, FDC will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing fund shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash having a value (marked to market daily) at least equal to 105% and up to 115% of the value of the missing fund shares. The current procedures for collateralization of missing shares require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by each fund and marked to market daily, and that the fees of each fund and any sub-custodians in respect of the delivery, maintenance, and redelivery of the cash collateral shall be payable by the Authorized Participant. The Participant Agreement will permit each fund to purchase the missing fund shares or acquire the Deposit Securities and specified cash payment (the \"Balancing Amount\") underlying such shares at any time and will subject the Authorized Participant to liability for any shortfall between the cost to each fund of purchasing such shares, Deposit Securities or Balancing Amount and the value of the collateral.\nThe calculation of the value of the Fund Securities and the Cash Redemption Amount to be delivered upon redemption will be made by Fidelity Service Company, Inc. (FSC) according to the procedures set forth in the section entitled \"Valuation\" computed on the Business Day on which a redemption order is deemed received by the transfer agent. Therefore, if a conforming redemption order in proper form is submitted to the transfer agent by an Authorized Participant not later than Closing Time, or 3:00 p.m. Eastern time in the case of nonconforming orders, on the Transmittal Date, and the requisite number of shares of each fund are delivered to each fund's custodian prior to the DTC Cut-Off-Time, then the value of the Fund Securities and the Cash Redemption Amount to be delivered will be determined by FSC on such Transmittal Date. If, however, a conforming redemption order is submitted to the transfer agent by an Authorized Participant not later than the Closing Time, or 3:00 p.m. Eastern time in the case of nonconforming orders, on the Transmittal Date but either (i) the requisite number of shares of each fund and the Cash Redemption Amount are not delivered by the DTC Cut-Off-Time as described above on the next Business Day following the Transmittal Date, or (ii) the redemption order is not submitted in proper form, then the redemption order will not be deemed received as of the Transmittal Date. In such case, the value of the Fund Securities and the Cash Redemption Amount to be delivered will be computed as of the Closing Time on the Business Day that such order is deemed received by the transfer agent, i.e., the Business Day on which the shares of each fund are delivered through DTC to FDC by the DTC Cut-Off-Time on such Business Day pursuant to a properly submitted redemption order.\nEach fund may in its discretion exercise its option to redeem shares in cash, and the redeeming Beneficial Owner will b\n...\nEGATE DOLLAR RANGE OF\nFUND SHARES IN ALL FUNDS\nOVERSEEN WITHIN FUND FAMILY\nover $100,000\nover $100,000\nThe following tables set forth information describing the compensation of each Trustee and Member of the Advisory Board (if any) for his or her services for the fiscal year ending June 30, 2026, or calendar year ended December 31, 2025, as applicable.\nCompensation Table (A)\nAGGREGATE\nCOMPENSATION\nFROM A FUND\nACCRUED\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM A FUND\nFidelity Enhanced Mid Cap Growth ETF\n(B)\nVIJAY ADVANI\n$\n3\n$\n0\nTHOMAS P BOSTICK\n$\n3\n$\n0\nDONALD F DONAHUE\n$\n3\n$\n0\nVICKI L FULLER\n$\n3\n$\n0\nPATRICIA L KAMPLING\n$\n3\n$\n0\nTHOMAS A KENNEDY\n$\n3\n$\n0\nOSCAR MUNOZ\n$\n3\n$\n0\nKAREN PEETZ\n$\n3\n$\n0\nSABRA PURTILL\n(C)\n$\n3\n$\n0\nSUSAN TOMASKY\n$\n3\n$\n0\nFidelity Enhanced Mid Cap Value ETF\n(B)\nVIJAY ADVANI\n$\n5\n$\n0\nTHOMAS P BOSTICK\n$\n5\n$\n0\nDONALD F DONAHUE\n$\n5\n$\n0\nVICKI L FULLER\n$\n5\n$\n0\nPATRICIA L KAMPLING\n$\n5\n$\n0\nTHOMAS A KENNEDY\n$\n5\n$\n0\nOSCAR MUNOZ\n$\n5\n$\n0\nKAREN PEETZ\n$\n5\n$\n0\nSABRA PURTILL\n(C)\n$\n5\n$\n0\nSUSAN TOMASKY\n$\n5\n$\n0\nFidelity Enhanced Small Cap Growth ETF\n(B)\nVIJAY ADVANI\n$\n5\n$\n0\nTHOMAS P BOSTICK\n$\n5\n$\n0\nDONALD F DONAHUE\n$\n5\n$\n0\nVICKI L FULLER\n$\n5\n$\n0\nPATRICIA L KAMPLING\n$\n5\n$\n0\nTHOMAS A KENNEDY\n$\n5\n$\n0\nOSCAR MUNOZ\n$\n5\n$\n0\nKAREN PEETZ\n$\n5\n$\n0\nSABRA PURTILL\n(C)\n$\n5\n$\n0\nSUSAN TOMASKY\n$\n5\n$\n0\nFidelity Enhanced Small Cap Value ETF\n(B)\nVIJAY ADVANI\n$\n6\n$\n0\nTHOMAS P BOSTICK\n$\n6\n$\n0\nDONALD F DONAHUE\n$\n7\n$\n0\nVICKI L FULLER\n$\n6\n$\n0\nPATRICIA L KAMPLING\n$\n6\n$\n0\nTHOMAS A KENNEDY\n$\n6\n$\n0\nOSCAR MUNOZ\n$\n6\n$\n0\nKAREN PEETZ\n$\n6\n$\n0\nSABRA PURTILL\n(C)\n$\n6\n$\n0\nSUSAN TOMASKY\n$\n6\n$\n0\n(A) Bettina Doulton, Robert A. Lawrence, and Peter S. Lynch are interested persons and are compensated by Fidelity.\n(B) Estimated for the fund's first full fiscal year.\n(C) Ms. Purtill served as a Member of the Advisory Board of Fidelity Covington Trust from May 14, 2025 through December 31, 2025. Ms. Purtill serves as a Trustee of Fidelity Covington Trust effective January 1, 2026.\nTOTAL\nCOMPENSATION\nFROM THE\nFUND COMPLEX\n(A)\nVOLUNTARY\nDEFERRED\nCOMPENSATION\nFROM THE FUND\nCOMPLEX\nVIJAY ADVANI\n$\n520,000\n$\n367,622\nTHOMAS P BOSTICK\n$\n530,000\n$\n144,000\nDONALD F DONAHUE\n$\n570,000\n$\n402,970\nVICKI L FULLER\n$\n530,000\n$\n0\nPATRICIA L KAMPLING\n$\n530,000\n$\n0\nTHOMAS A KENNEDY\n$\n530,000\n$\n187,346\nOSCAR MUNOZ\n$\n520,000\n$\n260,004\nKAREN PEETZ\n$\n520,000\n$\n367,622\nSABRA PURTILL\n$\n346,667\n$\n214,554\nSUSAN TOMASKY\n$\n530,000\n$\n180,000\n(A) Reflects compensation received for the calendar year ended December 31, 2025, for 306 funds of 30 trusts (including Fidelity Beacon Street Trust, Fidelity Commonwealth Trust II, Fidelity Congress Street Fund, and Fidelity Exchange Fund, which do not contain any assets). Compensation figures include cash and may include amounts elected to be deferred.\nAs of the public offering of shares of each fund, 100% of each fund's total outstanding shares was held by FMR and/or another entity or entities of which FMR LLC is the ultimate parent.\nCONTROL OF INVESTMENT ADVISER\nFMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR. The voting common shares of FMR LLC are divided into two series. Series B is held predominantly by members of the Johnson family, including Abigail P. Johnson, directly or through trusts, and is entitled to 49% of the vote on any matter acted upon by the voting common shares. Series A is held predominantly by non-Johnson family member employees of FMR LLC and its affiliates and is entitled to 51% of the vote on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement und\n...\nact, dated November 1, 2023, between Fidelity Quality Factor ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(44) of Post-Effective Amendment No. 113. (58) Amended and Restated Management Contract, dated June 1, 2025, between Fidelity Real Estate Investment ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(50) of Post-Effective Amendment No. 136. (59) Amended and Restated Management Contract, dated November 1, 2023, between Fidelity Small-Mid Multifactor ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(46) of Post-Effective Amendment No. 113. (60) Amended and Restated Management Contract, dated November 1, 2023, between Fidelity Stocks for Inflation ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(48) of Post-Effective Amendment No. 113. (61) Management Contract, dated January 19, 2022, between Fidelity Sustainable High Yield ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(37) of Post-Effective Amendment No. 95. (62) Amended and Restated Management Contract, dated November 1, 2023, between Fidelity U.S. Multifactor ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(53) of Post-Effective Amendment No. 113. (63) Amended and Restated Management Contract, dated November 1, 2023, between Fidelity Value Factor ETF and Fidelity Management Research Company LLC, is incorporated herein by reference to Exhibit (d)(54) of Post-Effective Amendment No. 113. (64) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(9) of Fidelity Devonshire Trust s (File No. 002-24389) Post-Effective Amendment No. 182. (65) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(48) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 187. (66) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity CLO ETF, Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF, Fidelity Disruptive Technology ETF, Fidelity Disruptors ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF and Fidelity Fundamental Large Cap Value ETF is incorporated herein by reference to Exhibit (d)(25) of Fidelity Summer Street Trust s (File No. 002-58542) Post-Effective Amendment No. 221. (67) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF, Fidelity Disruptive Technology ETF, Fidelity Disruptors ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF, and Fidelity Fundamental Large Cap Value ETF, is filed herein as Exhibit (d)(67). (68) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Enhanced High Yield ETF, Fidelity Preferred Securities Income ETF, and Fidelity Sustainable High Yield ETF is incorporated herein by reference to Exhibit (d)(60) of Post-Effective Amendment No. 119. (69) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Hong Kong) Limited, on behalf of Fidelity Enhanced High Yield ETF, Fidelity Preferred Securities Income ETF, and Fidelity Sustainable High Yield ETF is incorporated herein by reference to Exhibit (d)(66) of Post-Effective Amendment No. 128. (70) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Japan) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF , Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(15) of Fidelity Devonshire Trust s (File No. 002-24389) Post-Effective Amendment No. 182. (71) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Japan) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(54) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 187. (72) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Japan) Limited, on behalf of Fidelity CLO ETF, Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF, Fidelity Disruptive Technology ETF, Fidelity Disruptors ETF, Fidelity Enhanced High Yield ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF ,Fidelity Fundamental Large Cap Value ETF, Fidelity Preferred Securities Income ETF, and Fidelity Sustainable High Yield ETF is incorporated herein by reference to Exhibit (d)(31) of Fidelity Summer Street s (File No. 002-58542) Post-Effective Amendment No. 221 . (73) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and Fidelity Management Research (Japan) Limited, on behalf of Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF, Fidelity Disruptive Technology ETF, Fidelity Disruptors ETF, Fidelity Enhanced High Yield ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Preferred Securities Income ETF, and Fidelity Sustainable High Yield ETF, is filed herein as Exhibit (d)(73). (74) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and FMR Investment Management (UK) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(21) of Fidelity Devonshire Trust s (File No. 002-24389) Post-Effective Amendment No. 182. (75) Schedule A to the Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and FMR Investment Management (UK) Limited, on behalf of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity CLO ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF is incorporated herein by reference to Exhibit (d)(60) of Fidelity Concord Street Trust s (File No. 033-15983) Post-Effective Amendment No. 187. (76) Amended and Restated Sub-Advisory Agreement, dated March 1, 2024, between Fidelity Management Research Company LLC and FMR Investment Management (UK) Limited, on behalf of Fidelity CLO ETF, Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF, Fidelity Disruptive Technology ETF, Fidelity Disruptors ETF, Fidelity Enhanced High Yield ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Preferred Securities Income ETF, and Fidelity Sustainable High Yield ETF is incorporated herein by reference to Exhibit (d)(3", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Automation_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Communications_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Finance_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Medicine_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptive_Technology_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "seriesOf", "o": "trust:Fidelity_Covington_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fidelity_Disruptors_ETF", "p": "transferAgent", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Fidelity_Covington_Trust", "p": "underwrittenBy", "o": "org:Fidelity_Distributors_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fidelity Disruptive Automation ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Disruptive Communications ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Disruptive Finance ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Disruptive Medicine ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Disruptive Technology ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Disruptors ETF <predicate_marker> administrator <object_marker> Fidelity Service Company <predicate_marker> advisedBy <object_marker> Fidelity Management & Research Company LLC <predicate_marker> custodian <object_marker> STATE STREET BANK AND TRUST COMPANY <predicate_marker> seriesOf <object_marker> Fidelity Covington Trust <predicate_marker> subAdvisedBy <object_marker> FMR Investment Management (UK) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Hong Kong) Limited <predicate_marker> subAdvisedBy <object_marker> Fidelity Management & Research (Japan) Limited <predicate_marker> transferAgent <object_marker> STATE STREET BANK AND TRUST COMPANY <triple_end>\n<triple_start> Fidelity Covington Trust <predicate_marker> underwrittenBy <object_marker> Fidelity Distributors Company LLC <triple_end>", "target_serialized_plain": "Fidelity Disruptive Automation ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Disruptive Communications ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Disruptive Finance ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Disruptive Medicine ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Disruptive Technology ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Disruptors ETF administrator Fidelity Service Company ; advisedBy Fidelity Management & Research Company LLC ; custodian STATE STREET BANK AND TRUST COMPANY ; seriesOf Fidelity Covington Trust ; subAdvisedBy FMR Investment Management (UK) Limited , Fidelity Management & Research (Hong Kong) Limited , Fidelity Management & Research (Japan) Limited ; transferAgent STATE STREET BANK AND TRUST COMPANY .\nFidelity Covington Trust underwrittenBy Fidelity Distributors Company LLC .", "stats": {"input_chars": 25830, "n_triples": 49, "text_to_json_ratio": 5.7}}
{"sample_id": "0000949820:ALL", "cik": "0000949820", "trust_name": "T. ROWE PRICE CORPORATE INCOME FUND, INC.", "input_text": "In addition,\nthe table may also include one or more indexes that more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn addition, the table shows hypothetical after-tax returns to demonstrate\nhow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s\ntax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through\ntax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ\nfor other share classes.\nSummary\n7\nAverage Annual Total\nReturns\nPeriods ended\nDecember 31, 2024\nSince\nInception\n1 Year\n5 Years\n10 Years\ninception\ndate\nInvestor Class\n10/31/1995\nReturns before taxes\n2.75\n%\n- 0.14\n%\n2.07\n%\n%\nReturns after taxes on distributions\n0.80\n- 1.83\n0.43\nReturns after taxes on distributions and sale\nof fund shares\n1.62\n- 0.77\n0.91\nI Class\n12/17/2015\nReturns before taxes\n3.07\n0.02\n2.50\nZ Class\n02/22/2021\nReturns before taxes\n3.49\n- 0.92\nRegulatory Benchmark\nBloomberg U.S. Aggregate Bond\nIndex (reflects no deduction for fees, expenses, or taxes)\n1.42\na\n1.25\n- 0.33\n1.35\n- 1.75\nb\nStrategy Benchmark(s)\nBloomberg U.S. Corporate Investment\nGrade Bond Index (reflects no deduction for fees, expenses, or taxes)\n2.75\na\n2.13\n0.30\n2.43\n- 1.26\nb\nLipper Corporate Debt Funds BBB-Rated\nAverage\n2.40\nc\n2.15\n0.06\n1.94\n- 1.65\nd\na\nReturn since 12/17/15.\nb\nReturn since 2/22/21.\nc\nReturn since 12/31/15.\nd\nReturn since 2/28/21.\nUpdated performance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nSteven E. Boothe\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2018\n1999\nLauren T. Wagandt\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2018\n2009\nPurchase and Sale of Fund Shares\nThe Investor Class generally requires a $2,500 minimum initial investment\n($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional\npurchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored\nretirement plans submitting orders on behalf of their customers.\nT. Rowe Price\n8\nThe I Class requires a $500,000 minimum initial investment per fund\nper account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible\nretirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying\ndirectly held accounts, and certain other accounts.\nThe Z Class is only available to funds managed by T. Rowe Price\nand other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services.\nThere is no minimum initial investment and no minimum for additional purchases.\nFor investors holding shares of the fund directly with T. Rowe\nPrice, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670\nfor small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain oth\n...\n. Rowe Price Fund\non behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe\nPrice or its affiliates.\nComparison of Distribution and Shareholder Servicing Fees\nThe following table summarizes the distribution and service (12b-1)\nfee and administrative fee arrangements applicable to each class based on its average daily net assets.\nClass\n12b-1 Fee Payments\nAdministrative Fee Payments\nInvestor Class\nNone\nUp to 0.15% per year\nI Class\nNone\nNone\nAdvisor Class\nUp to 0.25% per year\nUp to 0.15% per year\nR Class\nUp to 0.50% per year\nUp to 0.15% per year\nZ Class\nNone\nNone\nAccount\nSERVICE FEE\nInvestor Class\nIn an effort to help offset the disproportionately high costs incurred\nby the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds transfer\nagent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor\nClass accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based\non account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged\nto an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically\ndeducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption\nmay result in a taxable gain or loss to you.\nThe account service fee generally does not apply to fund accounts\nthat are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price\nRetirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price\nActivePlus Portfolios program or Retirement Advisory Service , or money market funds that are used as a T. Rowe Price Brokerage\nsweep account. The account service fee is automatically waived for accounts that satisfy any of the following conditions as of the last\nbusiness day in August:\nT. Rowe Price\n34\nAny accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction\nconfirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any\nshareholder regardless of whether the shareholder has elected electronic delivery);\nAny accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include\ninvestments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or\nCertain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).\nT. Rowe Price reserves the right to authorize additional waivers for\nother types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price\nindividual retirement account (IRA), Education Savings Account, or small business retirement plan account (including certain 403(b) plan\naccounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares\nfrom such accounts.\nPOLICIES\nFOR opening an account\nInvestor Class and I Class\n...\ninfo@sec.gov.\nT. Rowe Price Associates, Inc.\n1307 Point Street\nBaltimore, MD 21231\n1940 Act File No. 811-07353\nF112-040 8/1/25\nSTATEMENT\nOF ADDITIONAL INFORMATION\nThis\nis the Statement of Additional Information ( SAI ) for all of the funds listed below (Price Funds) . It is divided\ninto two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains\ninformation that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. ( Price\nAssociates or T. Rowe Price ).\nThe\ndate of this Statement of Additional Information is August 1, 2025.\nT.\nROWE PRICE ALL-CAP OPPORTUNITIES FUND, INC.\nT.\nRowe Price All-Cap Opportunities Fund\nPRWAX\nT.\nRowe Price All-Cap Opportunities Fund Advisor Class\nPAWAX\nT.\nRowe Price All-Cap Opportunities Fund I Class\nPNAIX\nT.\nRowe Price All-Cap Opportunities Fund Z Class\nPNZAX\nT.\nROWE PRICE BALANCED FUND, INC.\nT.\nRowe Price Balanced Fund\nRPBAX\nT.\nRowe Price Balanced Fund I Class\nRBAIX\nT.\nROWE PRICE BLUE CHIP GROWTH FUND, INC.\nT.\nRowe Price Blue Chip Growth Fund\nTRBCX\nT.\nRowe Price Blue Chip Growth Fund Advisor Class\nPABGX\nT.\nRowe Price Blue Chip Growth Fund I Class\nTBCIX\nT.\nRowe Price Blue Chip Growth Fund R Class\nRRBGX\nT.\nRowe Price Blue Chip Growth Fund Z Class\nTRZBX\nT.\nROWE PRICE CAPITAL APPRECIATION FUND, INC.\nT.\nRowe Price Capital Appreciation and Income Fund\nPRCFX\nT.\nRowe Price Capital Appreciation and Income Fund I Class\nPRCHX\nT.\nRowe Price Capital Appreciation Fund\nPRWCX\nT.\nRowe Price Capital Appreciation Fund Advisor Class\nPACLX\nT.\nRowe Price Capital Appreciation Fund I Class\nTRAIX\nT.\nROWE PRICE COMMUNICATIONS TECHNOLOGY FUND, INC.\nT.\nRowe Price Communications Technology Fund\nPRMTX\nT.\nRowe Price Communications Technology Fund I Class\nTTMIX\nT.\nROWE PRICE CORPORATE INCOME FUND, INC.\nT.\nRowe Price Corporate Income Fund\nPRPIX\nT.\nRowe Price Corporate Income Fund I Class\nTICCX\nT.\nRowe Price Corporate Income Fund Z Class\nTRZCX\nT.\nROWE PRICE CREDIT OPPORTUNITIES FUND, INC.\nT.\nRowe Price Credit Opportunities Fund\nPRCPX\nT.\nRowe Price Credit Opportunities Fund Advisor Class\nPAOPX\nT.\nRowe Price Credit Opportunities Fund I Class\nTCRRX\nT.\nROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.\nT.\nRowe Price Diversified Mid-Cap Growth Fund\nPRDMX\nT.\nRowe Price Diversified Mid-Cap Growth Fund I Class\nRPTTX\nT.\nROWE PRICE DIVIDEND GROWTH FUND, INC.\nT.\nRowe Price Dividend Growth Fund\nPRDGX\nT.\nRowe Price Dividend Growth Fund Advisor Class\nTADGX\nT.\nRowe Price Dividend Growth Fund I Class\nPDGIX\nT.\nRowe Price Dividend Growth Fund Z Class\nTRZDX\nC00-042\n8/1/25\nT.\nROWE PRICE EQUITY FUNDS, INC.\nT.\nRowe Price Hedged Equity Fund\nPHEFX\nT.\nRowe Price Hedged Equity Fund I Class\nPHEIX\nT.\nRowe Price Hedged Equity Fund Z Class\nPZHEX\nT.\nRowe Price Institutional Large-Cap Core Growth Fund\nTPLGX\nT.\nRowe Price Institutional Mid-Cap Equity Growth Fund\nPMEGX\nT.\nRowe Price Institutional Small-Cap Stock Fund\nTRSSX\nT.\nRowe Price Large-Cap Growth Fund\nTRGOX\nT.\nRowe Price Large-Cap Growth Fund I Class\nTRLGX\nT.\nRowe Price Large-Cap Value Fund\nTRLUX\nT.\nRowe Price Large-Cap Value Fund I Class\nTILCX\nT.\nROWE PRICE EQUITY INCOME FUND, INC.\nT.\nRowe Price Equity Income Fund\nPRFDX\nT.\nRowe Price Equity Income Fund Advisor Class\nPAFDX\nT.\nRowe Price Equity Income Fund I Class\nREIPX\nT.\nRowe Price Equity Income Fund R Class\nRRFDX\nT.\nRowe Price Equity Income Fund Z Class\nTRZQX\nT.\nROWE PRICE FINANCIAL SERVICES FUND, INC.\nT.\nRowe Price Financial Services Fund\nPRISX\nT.\nRowe Price Financial Services Fund I Class\nTFIFX\nT.\nROWE PRICE FLOATING RATE FUND, INC.\nT.\nRowe Price Floating\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Corporate_Income_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Corporate_Income_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Corporate_Income_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Corporate_Income_Fund_Inc", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_CORPORATE_INCOME_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Corporate_Income_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_CORPORATE_INCOME_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. 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{"sample_id": "0001005020:ALL", "cik": "0001005020", "trust_name": "Virtus Opportunities Trust", "input_text": "), and a 20% mix of other sectors including pipelines, satellites, and telecommunication\ntowers. The FTSE Developed Core Infrastructure 50/50 Index (net) is calculated on a total return basis\nwith net dividends reinvested. Beginning October 1, 2016, the Virtus Global\nInfrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index. For the\nperiod September 1, 2008 through September 30, 2016, performance of the Virtus Global Infrastructure\nLinked Benchmark consists of the MSCI World Infrastructure Sector Capped Index. Prior to September 1,\n2008, performance of the Virtus Global Infrastructure Linked Benchmark represents an allocation consisting\nof 65% MSCI USA/Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI World ex USA/Utilities\nIndex. The indexes are calculated on a total return basis.The indexes are unmanaged and not available\nfor direct investment. Virtus Duff Phelps Global Infrastructure Fund 3 After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are\nshown only for Class I Shares; after-tax returns for other classes will vary. Actual after-tax returns\ndepend on the investor s tax situation and may differ from those shown. After-tax returns are not\nrelevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable\nentities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period\nmay be higher than other return figures for the same period. This will occur when a capital loss is realized\nupon the sale of fund shares and provides an assumed tax benefit that increases the return.\nManagement The\nfund s investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment\nAdvisers, Inc.) ( VIA ). The fund s subadviser is Duff Phelps\nInvestment Management Co. ( Duff Phelps ), an affiliate of VIA. Portfolio\nManagement The following individuals are jointly and primarily responsible\nfor the day-to-day management of the fund s portfolio. Rodney\nC. Clayton, CFA, Managing Director and Portfolio\nManager of Duff Phelps. Mr. Clayton has served as a Portfolio Manager of the fund since March 2024. Steven Wittwer, CFA Executive\nManaging Director, Senior Portfolio Manager and Head of Infrastructure Group of Duff Phelps. Mr.\nWittwer has served as Portfolio Manager of the fund since September 2018. Purchase\nand Sale of Fund Shares Minimum initial investments applicable to Class\nA Shares: $2,500, generally $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange\naccounts No minimum for defined contribution plans,\nasset-based fee programs, profit-sharing plans or employee benefit plans. Minimum\nadditional investments applicable to Class A Shares: $100,\ngenerally No minimum for defined contribution plans,\nasset-based fee programs, profit-sharing plans or employee benefit plans. For\nClass I Shares, the minimum initial purchase is $100,000; there is no minimum for additional purchases. Class\nR6 Shares are offered without a minimum initial investment to the following investors in plan level or\nomnibus accounts only (provided that they do not require or receive any compensation, administrative\npayments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified\nretirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans,\nand defined benefit plans; (ii) banks and trust companies; (iii) in\n...\n5) Since\nInception Class R6 Class 1\nYear 5 Years 10\nYears ( 11/3/2016 ) Class I Shares Return\nBefore Taxes 7.26 % 0.92 % 3.14 % Return After Taxes on Distributions\n5.07 %\n- 0.80 %\n1.57 % Return\nAfter Taxes on Distributions and Sale of Fund Shares 4.26 % - 0.04 % 1.73 % Class A Shares Return Before Taxes 2.91 % - 0.11 % 2.49 % Class C Shares Return Before Taxes 6.17 % - 0.09 % 2.11 % Class R6 Shares Return Before Taxes 7.35 % 1.03 % 2.85 % Index Bloomberg U.S. Aggregate\nBond Index (reflects no deduction for fees, expenses or taxes) 7.30 % - 0.36 % 2.01 % 1.65 % The\nBloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index\nis calculated on a total return basis. The index is unmanaged and not available for direct investment. After-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates and\ndo not reflect the impact of state and local taxes. After-tax returns are shown only for Class I Shares;\nafter-tax returns for other classes will vary. Actual after-tax returns depend on the investor s\ntax situation and may differ from those shown. After-tax returns are not relevant to investors who hold\nfund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the\nReturn After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return\nfigures for the same period. This will occur when a capital loss is realized upon the sale of fund shares\nand provides an assumed tax benefit that increases the return. Management The\nfund s investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment\nAdvisers, Inc.) ( VIA ). The fund s subadviser is Newfleet Asset\nManagement ( Newfleet ), an operating division of Virtus Fixed Income Advisers, LLC, an affiliate\nof VIA. Portfolio Management The following individuals\nare jointly and primarily responsible for the day-to-day management of the fund s portfolio. David L. Albrycht, CFA, Newfleet Division President\nand Chief Investment Officer and Senior Portfolio Manager at Newfleet, has managed the fund since 2012. Stephen H. Hooker, CFA, Managing\nDirector and Portfolio Manager at Newfleet. Mr. Hooker has served as a Portfolio Manager of the fund\nsince 2017. Purchase and Sale of Fund Shares Class\nC Shares of the fund are no longer available for purchase by new or existing shareholders, except by\nexisting shareholders through reinvestment of dividends and/or capital gain distributions. More information\nis available in the How to Buy Shares section of the fund s prospectus. Minimum\ninitial investments applicable to Class A Shares: $2,500,\ngenerally $100 for Individual Retirement Accounts (IRAs),\nsystematic purchase or exchange accounts No\nminimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit\nplans. Minimum additional investments applicable to Class A Shares: $100, generally No\nminimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit\nplans. For Class I Shares, the minimum initial purchase is $100,000; there is no minimum\nfor additional purchases. Class R6 Shares are offered without a minimum initial investment\nto the following investors in plan level or omnibus accounts only (provided that they do not require\nor receive any compensation, administrative payments, sub-transfer agency payments or service payments\nwith respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k)\nplans, 457 plans, employe\n...\nund to indirectly bear its proportionate\nshare of such fees and expenses, which are reflected in the fund s Fees and Expenses table as Acquired\nFund Fees and Expenses if they are estimated to amount to at least 0.01% of the fund s total\nnet assets. Prepayment/Call Risk: Issuers\nmay prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest\nin obligations with lower interest rates and the fund may not benefit fully from the increase in value\nthat other fixed income investments experience when interest rates decline. Redemption Risk: One or more large shareholders\nor groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining\nshareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects\nof taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming\nshareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large\nshareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio\nsecurities at times when it would not otherwise do so, which may negatively impact the fund s NAV\nand liquidity. In addition, a large redemption could result in the fund s current expenses being\nallocated over a smaller asset base, leading to an increase in the fund s expense ratio. U.S. Government Securities Risk: U.S. Government securities\nmay be subject to price fluctuations. An agency may default on an obligation not backed by the full faith\nand credit of the United States. Any guarantee on U.S. government securities does not apply to the value\nof the fund s shares. Performance Information The\nVirtus Newfleet Low Duration Core Plus Bond Fund, a series of Virtus Opportunities Trust ( Successor\nFund ), is the successor of the Virtus Low Duration Income Fund, a series of Virtus Insight Trust\n( Predecessor Fund ), resulting from a reorganization of the Predecessor Fund with and into\nthe Successor Fund on September 23, 2016. The Predecessor Fund and the Successor Fund have identical\ninvestment objectives and strategies. The Successor Fund has adopted the past performance of the Predecessor\nFund as its own. Therefore, the performance tables below include the performance of the shares of the\nPredecessor Fund prior to the Successor Fund s commencement date. The\nbar chart and table below provide some indication of the potential risks of investing in the fund. The\nfund s past performance, before and after taxes, is not necessarily an indication of how the fund\nwill perform in the future. The bar chart shows changes in the fund s performance\nfrom year to year over a 10-year period. The table shows how the fund s average annual returns\ncompare to those of a broad-based securities market index and a sector-specific broad-based market index\nthat reflects the market sectors in which the fund invests. Updated performance information is available\nat virtus.com or by calling 800-243-1574 . Calendar year total returns for Class I Shares Returns do not reflect sales charges applicable to other share classes and would\nbe lower if they did . Best Quarter : 2020, Q2 : 5.06 % Worst Quarter : 2020, Q1 : - 3.53 % Virtus Newfleet Low Duration Core Plus Bond Fund 43\nAverage Annual Total Returns (for\nthe periods ended 12/31/25; includes returns of the Predecessor Fund) Since\nInception Class R6 Class 1\nYear 5 Years 10\nYears ( 12/19/2018 ) Class I Shares Return\nBefore Taxes 6.10 % 2.83 % 2.95 % Return After Taxes on Distributions\n4.12 %\n1.47 %\n1.75 %\n...\neligibility\nand may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum\ninitial investment requirement, Class R6 Shares are available to any trustee of the Virtus Funds and\ntrustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus\nand its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying\nindividual (in each case either individually or jointly with other investors), provided in each case\nthat those shares are held directly with the Transfer Agent or in an eligible account. The minimum initial\ninvestment amount may be waived subject to the fund s discretion. If you are eligible to purchase\nand do purchase Class R6 Shares, you will pay no sales charge at any time. There are no distribution\nand service fees applicable to Class R6 Shares. If you transact in Class R6 Shares through a financial\nintermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage\ncommission or an investment advisory fee. You should consult your financial intermediary regarding the\ndifferent share classes available to you, how their fees and expenses differ, and whether the fees charged\nby your financial intermediary differ depending upon which share class you choose. Initial\nSales Charge Alternative Class A Shares. The public offering price\nof Class A Shares is the NAV plus a sales charge that varies depending on the size of your purchase.\n(See Class A Shares Reduced Initial Sales Charges in the SAI.) Shares purchased based\non the automatic reinvestment of income dividends or capital gain distributions are not subject to any\nsales charges. The sales charge is divided between your investment dealer and the fund s underwriter,\nVP Distributors, LLC ( VP Distributors or the Distributor ). Sales\nCharge you may pay to purchase Class A Shares Virtus Newfleet Low Duration\nCore Plus Bond Fund and Virtus Newfleet Multi-Sector Short Term Bond Fund Sales\nCharge as a percentage of Amount of Transaction at Offering Price Offering\nPrice Net\nAmount Invested Under $100,000 2.25% 2.30% $100,000 but under $250,000 1.75 1.78 $250,000 or more None None Virtus\nNewfleet Senior Floating Rate Fund and Virtus Seix Tax-Exempt Bond Fund Sales\nCharge as a percentage of Amount of Transaction at Offering Price Offering\nPrice Amount\nInvested Under\n$50,000 2.75% 2.83% $50,000\nbut under $100,000 2.25 2.30 $100,000\nbut under $250,000 1.75 1.78 $250,000\nbut under $500,000 1.25 1.27 $500,000\nbut under $1,000,000 1.00 1.00 $1,000,000\nor more None None Virtus Newfleet Core Plus Bond\nFund, Virtus Newfleet High Yield Fund and Virtus Newfleet Multi-Sector Intermediate Bond Fund Sales Charge as a percentage of Amount\nof Transaction at Offering Price Offering Price Amount Invested Under\n$50,000 3.75% 3.90% $50,000\nbut under $100,000 3.50 3.63 $100,000\nbut under $250,000 3.25 3.36 $250,000\nbut under $500,000 2.25 2.30 $500,000\nbut under $1,000,000 1.75 1.78 $1,000,000\nor more None None All Other Funds Sales\nCharge as a percentage of Amount of Transaction at Offering Price Offering\nPrice Amount\nInvested Under\n$50,000 5.50% 5.82% $50,000\nbut under $100,000 4.50 4.71 $100,000\nbut under $250,000 3.50 3.63 $250,000\nbut under $500,000 2.50 2.56 $500,000\nbut under $1,000,000 2.00 2.04 $1,000,000\nor more None None\n112 Virtus Mutual Funds\nClass A Sales Charge Reductions and Waivers Investors may qualify for\nreduced or no initial (front-end) sales charges, as shown in the table above, through utilization of\nCombination Purchase Privilege, Lett\n...\n250,000 1.75 1.78 1.50 $250,000 but under $500,000 1.25 1.27 1.00 $500,000\nbut under $1,000,000 1.00 1.01 1.00\nVirtus Mutual Funds 115\n$1,000,000 or more None None None Virtus Newfleet Core Plus Bond\nFund, Virtus Newfleet High Yield Fund and Virtus Newfleet Multi-Sector Intermediate Bond Fund Amount\nof Transaction at Offering Price Sales Charge as a Percentage of Offering Price Sales\nCharge as a Percentage of Amount Invested Dealer Discount as a Percentage\nof Offering Price Under $50,000 3.75% 3.90% 3.25% $50,000 but under $100,000 3.50 3.63 3.00 $100,000\nbut under $250,000 3.25 3.36 2.75 $250,000 but under $500,000 2.25 2.30 2.00 $500,000\nbut under $1,000,000 1.75 1.78 1.50 $1,000,000 or more None None None All Other Funds Amount of Transaction at Offering Price Sales\nCharge as a Percentage of Offering Price Sales Charge as a Percentage\nof Amount Invested Dealer Discount as a Percentage of Offering Price Under\n$50,000 5.50% 5.82% 4.75% $50,000 but under $100,000 4.50 4.71 4.00 $100,000\nbut under $250,000 3.50 3.63 3.00 $250,000 but under $500,000 2.50 2.56 2.00 $500,000\nbut under $1,000,000 2.00 2.04 1.75 $1,000,000 or more None None None With respect to Class C Shares and Class C1\nShares, the Distributor intends to pay investment dealers a sales commission of 1% of the sale price\nof Class C Shares sold by such dealers (0% for Virtus Newfleet Multi-Sector Short Term Bond Fund) and\nClass C1 Shares (Virtus Newfleet Multi-Sector Short Term Bond Fund only). Your broker, dealer or financial\nprofessional may also charge you additional commissions or fees for their services in selling shares\nto you provided they notify the Distributor of their intention to do so. Dealers\nand other entities that enter into special arrangements with the Distributor or the funds transfer\nagent, Virtus Fund Services, LLC (the Transfer Agent ), may receive compensation for the\nsale and promotion of shares of these funds. Such fees are in addition to the sales commissions referenced\nabove and may be based upon the amount of sales of fund shares by a dealer; the provision of assistance\nin marketing of fund shares; access to sales personnel and information dissemination services; and other\ncriteria as established by the Distributor. Depending on the nature of the services, these fees may be\npaid either from the funds through distribution fees, service fees or, in some cases, the Distributor\nmay pay certain fees from its own profits and resources. Dealers and other entities\nthat enter into special arrangements with the Distributor or the Transfer Agent may receive compensation\nfrom or on behalf of the funds for providing certain recordkeeping and related services to these funds\nor their shareholders. These fees may also be referred to as shareholder accounting fees, administrative\nservices fees, sub-transfer agent fees or networking fees. They are not for the sale, promotion or marketing\nof fund shares. From its own profits and resources, the Distributor may, from\ntime to time, make payments to qualified wholesalers, registered financial institutions and third party\nmarketers for marketing support services and/or retention of assets. These payments are sometimes referred\nto as revenue sharing. Among others, the Distributor has agreed to make such payments for\nmarketing support services to Equitable Advisors, LLC. Additionally, for Virtus Newfleet Low Duration\nCore Plus Bond Fund and Virtus Newfleet Multi-Sector Short Term Bond Fund, the Distributor may pay broker-dealers\na finder s fee in an amount equal to 0.50% of eligible Class A Share purchases from $250,000 to\n...\nConsulting Group: 800.243.4361 Telephone\nOrders: 800.367.5877 Web Site: virtus.com\nTable of Contents Page GLOSSARY 3 GENERAL INFORMATION AND HISTORY 7 MORE INFORMATION ABOUT FUND INVESTMENT STRATEGIES RELATED RISKS 14 INVESTMENT LIMITATIONS 51 MANAGEMENT OF THE TRUST 53 CONTROL PERSONS AND PRINCIPAL\nHOLDERS OF SECURITIES 66 INVESTMENT ADVISORY AND OTHER SERVICES 66 DISTRIBUTION AND SERVICE PLANS 76 PORTFOLIO MANAGERS 78 BROKERAGE ALLOCATION AND OTHER PRACTICES 82 PURCHASE, REDEMPTION AND PRICING OF SHARES 85 INVESTOR ACCOUNT SERVICES AND POLICIES 88 DIVIDENDS, DISTRIBUTIONS AND TAXES 89 PERFORMANCE INFORMATION 96 FINANCIAL STATEMENTS 98 APPENDIX A DESCRIPTION OF RATINGS A- 1 APPENDIX B CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS B- 1 No person has been authorized\nto give any information or to make any representations not contained in this SAI or in the Prospectuses\nin connection with the offering made by the Prospectuses, and, if given or made, such information or\nrepresentations must not be relied upon as having been authorized by the Funds. The Prospectuses do not\nconstitute an offering by the Funds in any jurisdiction in which such offering may not lawfully be made.\nGLOSSARY 1933\nAct The Securities Act of 1933,\nas amended 1940 Act The Investment Company Act of 1940, as amended ACH Automated Clearing House, a nationwide electronic money transfer system that provides\nfor the inter-bank clearing of credit and debit transactions and for the exchange of information among\nparticipating financial institutions Administrator The Trust s administrative agent, Virtus\nFund Services, LLC ADRs American Depositary Receipts ADSs American Depositary Shares Adviser The investment adviser\nto the Funds, Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) BNY BNY Mellon Investment Servicing (US) Inc., the sub-administrative\nand accounting agent and sub-transfer agent for the Funds Board The\nBoard of Trustees of Virtus Opportunities Trust (also referred to herein as the Trustees ) CCO Chief Compliance Officer CDRs Continental\nDepositary Receipts (another name for EDRs) CDSC Contingent\nDeferred Sales Charge CEA Commodity Exchange Act,\nwhich is the U.S. law governing trading in commodity futures CFTC Commodity\nFutures Trading Commission, which is the U.S. regulator governing trading in commodity futures Code The Internal Revenue Code of 1986, as amended, which is the\nlaw governing U.S. federal taxes Core Plus Bond Fund Virtus\nAllianzGI Core Plus Bond Fund Custodian The\ncustodian of the Funds assets, The Bank of New York Mellon Distributor The\nprincipal underwriter of shares of the Funds, VP Distributors, LLC Developing Markets Fund Virtus KAR Developing Markets Fund Duff Phelps Duff\nPhelps Investment Management Co., subadviser to Global Infrastructure Fund, Global Real Estate\nFund, Real Asset Fund and Real Estate Fund Duff Phelps Funds Collectively, the Global Infrastructure Fund, Global Real Estate Fund, Real Asset\nFund and Real Estate Fund EDRs European Depositary Receipts\n(another name for CDRs)\n3\nEM\nEquity Fund Virtus SGA Emerging Markets\nEquity Fund EM Small-Cap Fund Virtus KAR Emerging Markets Small-Cap Fund ETFs Exchange-traded\nFunds FHFA Federal Housing Finance Agency, an independent Federal agency\nthat regulates FNMA, FHLMC and the twelve Federal Home Loan Banks FHLMC Federal\nHome Loan Mortgage Corporation, also known as Freddie Mac , which is a government-sponsored\ncorporation formerly owned by the twelve Federal Home Loan Banks and now owned entirely by private stockholders FINRA Financial Industry Regulatory Authority, a self-regulatory\norganization with authority over registered broker-dealers operating in the United States, including\nVP Distributors Fitch Fitch Ratings, Inc. FNMA Federal National Mortgage Association, also known as Fannie\nMae , which is a government-sponsored corporation owned entirely by private stockholders and subject\nto general regulation by the Secretary of Housing and Urban Development Fund\nComplex The group of Funds sponsored by Virtus and\nmanaged by the Adviser or its affiliates, including the Virtus Funds and certain other closed-end funds Funds The series of the Trust\ndiscussed in this SAI GDRs Global Depositary Receipts GICs Guaranteed Investment Contracts Global Infrastructure Fund Virtus Duff Phelps Global Infrastructure Fund", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Virtus_Stone_Harbor_Emerging_Markets_Bond_Fund", "p": "administrator", "o": 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{"sample_id": "0001005942:ALL", "cik": "0001005942", "trust_name": "Putnam Funds Trust", "input_text": "lintempleton.com . The fund s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges\nBest Quarter:\nQ4 2023\n6.79\n%\nWorst Quarter:\nQ1 2020\n- 7.55\n%\nProspectus 6 Average annual total returns after sales charges (for periods ended 12/31/25)\nShare class\n1 year\n5 years\n10 years\nClass A before taxes\n2.83 %\n0.93 %\n2.18 %\nClass A after taxes on distributions\n1.09 %\n0.98 %\n0.51 %\nClass A after taxes on distributions and sale of fund shares\n1.64 %\n- 0.13 %\n0.92 %\nClass C before taxes\n5.34 %\n0.99 %\n1.99 %\nClass R before taxes\n6.78 %\n1.52 %\n2.35 %\nClass R6 before taxes\n7.37 %\n2.01 %\n2.86 %\nClass Y before taxes\n7.40 %\n2.02 %\n2.87 %\nBloomberg U.S. Aggregate Index (no deduction for fees, expenses or taxes)\n7.30 %\n- 0.36 %\n2.01 %\nPutnam Core Bond Linked Benchmark (no deduction for fees, expenses or taxes)\n7.30 %\n3.11 %\n2.17 %\nAfter-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com . Such information is subject to change. Your fund s management Investment Manager Franklin Advisers, Inc. ( Franklin Advisers or the Investment Manager ) Sub-advisors Putnam Investment Management, LLC ( Putnam Management ) Franklin Templeton Investment Management Limited ( FTIML ) Portfolio managers Andrew C. Benson Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2023. Albert W. Chan, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2017.\nProspectus 7 Tina Chou Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Patrick A. Klein, Ph.D. Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2024. Michael V. Salm Portfolio Manager of Franklin Advisers and portfolio manager of the fund since 2008. Purchase and sale of fund shares You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although the fund reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments. You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange ( NYSE ) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at www.franklintempleton.com. Some restrictions may apply. Tax information The fund s distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax-advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement. Financia\n...\nnvestors should\nProspectus 24\nconsult their financial representative for more information about their eligibility for class C share conversion.\nOrders for class C shares of one or more Putnam funds, other than class C shares sold to employer-sponsored retirement plans, will be refused when the total value of the purchase, plus existing account balances that are eligible to be linked under a right of accumulation for purchases of class A shares (as described below), is $250,000 or more. Investors considering cumulative purchases of $250,000 or more should consider whether class A shares would be more advantageous and consult their financial representative.\nMay be exchanged automatically for class A shares if the shareholder is investing through an account or platform with a financial intermediary, to the extent described in the Appendix, provided that class A shares are available for purchase by residents in the shareholder s jurisdiction. Class R shares\nThe following investors may purchase class R shares:\n-\nEmployer-sponsored retirement plans; and\n-\nIndividual retirement accounts ( IRAs ) purchasing shares through a registered broker-dealer or other financial institutions.\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class C shares because of lower 12b-1 fees\nHigher annual expenses, and lower dividends, than class A, R6 or Y shares because of higher 12b-1 fees\nNo conversion to class A shares, so no reduction in future 12b-1 fees. Class R6 shares\nThe following investors may purchase class R6 shares:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with Franklin Distributors, LLC (the Distributor ) or an affiliate;\n-\ninvestors purchasing shares through an asset-based fee program that is sponsored by a registered broker-dealer or other financial institution;\n-\ninvestors purchasing shares through a commission-based platform of a registered broker-dealer or other financial\nProspectus 25\ninstitution that charges you additional fees or commissions, other than those described in the prospectus and SAI, and that has entered into an agreement with the Distributor to offer class R6 shares through such a program;\n-\ncorporations, endowments, foundations and other institutional investors that have been approved by the Distributor or an affiliate;\n-\naffiliated and unaffiliated investment companies (whether registered or private) that have been approved by the Distributor or an affiliate;\n-\nhealth savings accounts purchasing shares through a registered broker-dealer or other financial institution; and\n-\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ).\nNo initial sales charge; your entire investment goes to work immediately\nNo deferred sales charge\nLower annual expenses, and higher dividends, than class A, C or R shares because of no 12b-1 fees Class Y shares\nThe following investors may purchase class Y shares if approved by the Distributor:\n-\nemployer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager) that have entered into agreements with the Distributor or an affiliate;\n-\nbank trust departments and trust companies that have entered into agreements with the Distributor or an affiliate and offer institutional share class pricing to their clients;\n-\ncorpora\n...\nsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs) (not applicable to tax-exempt funds);\n(iii)\nregistered representatives and other employees of broker-dealers having sales agreements with the Distributor; employees of financial institutions having sales agreements with the Distributor or otherwise having an arrangement with any such broker-dealer or financial institution with respect to sales of fund shares; and their immediate family members (spouses and children under age 21, including step-children and adopted children);\n(iv)\na trust department of any financial institution purchasing shares of the fund in its capacity as trustee of any trust (other than a tax-qualified retirement plan trust), through an arrangement approved by the Distributor, if the value of the shares of the fund and other Putnam funds purchased or held by all such trusts exceeds $1 million in the aggregate;\n(v)\nclients of (i) broker-dealers, financial institutions, financial intermediaries or registered investment advisors that charge a fee for advisory or investment services or (ii) broker-dealers, financial institutions, or financial intermediaries that have entered into an agreement with the Distributor to offer shares through a retail self-\nProspectus 30\ndirected brokerage account with or without the imposition of a transaction fee;\n(vi)\ncollege savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code; and\n(vii)\nshareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a nonretirement plan account. Administrators and other service providers of employer-sponsored retirement plans are required to enter into contractual arrangements with Putnam Investor Services in order to offer and hold fund shares. Administrators and other service providers of employer-sponsored retirement plans seeking to place trades on behalf of their plan clients should consult Putnam Investor Services as to the applicable requirements. Class A and class C shares A CDSC is waived in the event of a redemption under the following circumstances:\n(i)\na withdrawal from a Systematic Withdrawal Plan ( SWP ) of up to 12% of the net asset value of the account (calculated as set forth in the SAI);\n(ii)\na redemption of shares that are no longer subject to the CDSC holding period therefor;\n(iii)\na redemption of shares that were issued upon the reinvestment of distributions by the fund;\n(iv)\na redemption of shares that were exchanged for shares of another Putnam fund, provided that the shares acquired in such exchange or subsequent exchanges (including shares of a Putnam money market fund or Putnam Ultra Short Duration Income Fund) will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires; and\n(v)\nin the case of individual, joint or Uniform Transfers to Minors Act accounts, in the event of death or post-purchase disability of a shareholder, for the purpose of paying benefits pursuant to tax-qualified retirement plans ( Benefit Payments ), or, in the case of living trust accounts, in the event of the death or post-purchase disability of the settlor of the trust. Additional information about reductions and waivers of sales charges, including deferred sales charges, is included in the SAI. You may consult your financial representative or the Distributor for assistance.\nProspectus 31 How do I sell or exchange fund shares? You can sell your shares back to the fund or exchange them for shares of another\n...\nNY VOYA FINANCIAL 1 ORANGE WAY WINDSOR CT 06095-4773\n10.39%\nR6\nNFS LLC FBO ALERUS FINANCIAL NA ALERUS EB ACCOUNTS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995\n6.33%\nR6\nOPPENHEIMER CO INC. FBO CARTHAGE OZ LLC ATTN EDWARD POTEAT LIVING TRUST PREFERENCE 1872 LEXINGTON AVE STE 201 NEW YORK NY 10035-4762\n5.11%\nY\nMORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1965\n19.20%\nY\nAMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405\n14.00%\nY\nNATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995\n10.40%\nY\nLPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN: LINDSAY O TOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091\n9.51%\nY\nPERSHING, LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001\n7.59%\nY\nTNB FINANCIAL SERVICES\n6.13%\n14\nClass\nShareholder name and address\nPercentage owned\n320 NORTH BROAD STREET PO BOX 1177 THOMASVILLE GA 31799-1177\nY\nUBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761\n6.01%\nAs of January 31, 2026, the Trustees and officers of the Trust, as a group, owned less than 1% of the outstanding shares of each class of the Fund. Distribution fees During the fiscal year ended October 31, 2025, the Fund paid the following 12b-1 fees to the Fund s distributor, Franklin Distributors, LLC (the Distributor ):\nFund name\nClass A\nClass C\nClass R\nCore Bond Fund\n$431,442\n$87,591\n$32,362\nShort Duration Bond Fund\n$1,150,635\n$171,681\n$5,120\nInitial sales charges For the past three fiscal years ended October 31, the aggregate dollar amounts of initial sales charges received on Class A shares and the amounts retained by the Distributor or Putnam Retail Management Limited Partnership ( Putnam Retail Management ), the Fund s distributor prior to August 2, 2024, were as follows: Class A Shares\nFund name\nFiscal year\nTotal front-end sales charges\nSales charges retained by the Distributor\nCore Bond Fund\n2025\n$159,719\n$27,309\n2024\n$149,330\n$25,265\n2023\n$74,970\n$12,724\nShort Duration Bond Fund\n2025\n$66,551\n$10,554\n2024\n$83,246\n$12,966\n2023\n$48,983\n$5,578\nContingent deferred sales charges For the past three fiscal years ended October 31, the aggregate dollar amounts of contingent deferred sales charges received on Class A, B and C shares of the Fund received and retained by the Distributor or Putnam Retail Management were as follows:\n15\nClass A shares\nFund name\nFiscal year\nContingent deferred sales charges\nCore Bond Fund\n2025\n$2,805\n2024\n$11,154\n2023\n$49\nShort Duration Bond Fund\n2025\n$21,934\n2024\n$33,013\n2023\n$121\nClass B shares*\nFund name\nFiscal year\nContingent deferred sales charges\nCore Bond Fund\n2025\n$0\n2024\n$0\n2023\n$0\nShort Duration Bond Fund\n2025\n$0\n2024\n$0\n2023\n$0\n* Effective September 5, 2024, class B shares of the Fund converted to class A shares. Class C shares\nFund name\nFiscal year\nContingent deferred sales charges\nCore Bond Fund\n2025\n$1,774\n2024\n$899\n2023\n$183\nShort Duration Bond Fund\n2025\n$3,630\n2024\n$929\n2023\n$64\nPORTFOLIO MANAGERS Other Accounts Managed by the Portfolio Managers The table below identifies the portfolio managers, the number of accounts (other than the Fund) for which the portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts where fees a\n...\nand international development; Trustee of Carnegie Mellon University; Director of Pratham USA, an organization dedicated to children s education in India; member of the advisory board of Altimetrik, a business transformation and technology solutions firm; and Director of DXC Technology, a global IT services and consulting company.\nMona K. Sutphen (Born 1967), Trustee since 2020\nPartner, Investment Strategies at The Vistria Group, a private investment firm focused on middle-market companies in the healthcare, education, and financial services industries. From 2014 to 2018, Partner at Macro Advisory Partners, a global consulting firm.\n101\nDirector of Spotify Technology S.A., a publicly traded audio content streaming service; Director of Unitek Learning, a private nursing and medical services education provider in the United States; Board Member, International Rescue Committee; Co-Chair of the Board of Human Rights First; Trustee of Mount Holyoke College; member of the Advisory Board for the Center on Global Energy Policy at Columbia University s School of International and Public Affairs; previously Director of Pattern Energy and Pioneer Natural Resources, publicly traded energy companies; and previously Managing Director of UBS AG.\nInterested Trustees\n**Robert L. Reynolds (Born 1952), Trustee since 2008\nChair of Great-West Lifeco U.S. LLC. Prior to 2019, also President and Chief Executive Officer of Great-West Financial, a financial services company that provides retirement savings plans, life insurance, and annuity and executive benefits products, and of Great-West Lifeco U.S. LLC, a holding company that owns Putnam Investments, LLC and Great-West Financial, and a member of Great-West Financial s Board of Directors. Until 2023, President and Chief Executive Officer of Putnam Investments, LLC, President and Chief Executive Officer of Putnam\n101\nDirector of the Concord Museum; Director of Dana-Farber Cancer Institute; Director of the U.S. Ski Snowboard Foundation; Chair of the Boston Advisory Board of the American Ireland Fund; Council Co-Chair of the American Enterprise Institute; Member of U.S. Chamber of Commerce, Center for Capital Markets Competitiveness; Chair of Massachusetts High Technology Council; Member of the Chief Executives Club of Boston; Member of the Massachusetts General Hospital President s Council; Chairman of the Board of Directors of the Ron Burton Training Village; Director and former Chair of the Massachusetts Competitive Partnership; former Chair of the West\n107\nName, Address 1 , Year of Birth, Position(s) Held with Fund and Length of Service as a Fund Trustee 2\nPrincipal Occupation(s) During Past 5 Years\nNumber of Funds in the Franklin Templeton Funds Complex Overseen by Trustee 3\nOther Directorships Held by Trustee\nManagement, and member of Putnam Investments Board of Directors.\nVirginia University Foundation; and former Executive Committee Member of the Greater Boston Chamber of Commerce.\n*** Jane E. Trust (Born 1962), Trustee since 2024\nSince 2020, Senior Vice President, Fund Board Management, Franklin Templeton. Since 2015, Officer and/or Trustee/Director of 123 funds associated with Franklin Templeton Fund Advisor, LLC ( FTFA ) or its affiliates, and President and Chief Executive Officer of FTFA. From 2018 to 2020, Senior Managing Director of Legg Mason Co., LLC ( Legg Mason Co. ). From 2016 to 2018, Managing Director of Legg Mason Co. In 2015, Senior Vice President of FTFA.\n221\nNone.\n1 The address of each Trustee is 100 Federal Street, Boston, MA 02110. 2 Each Trustee serves for an indefinite term, unti\n...\nates or who are stockholders of Franklin Templeton or its affiliates will benefit from the advisory fees, sales commissions, distribution fees and transfer agency fees paid or allowed by the fund. The Management Contract Under a management contract between the fund and the Investment Manager (the Management Contract ), subject to such policies as the Trustees may determine, the Investment Manager, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Subject to the control of the Trustees, the Investment Manager also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of the fund s net asset value, but excluding shareholder accounting services) and typically places orders for the purchase and sale of the fund s portfolio securities (in some cases, Putnam Management and Franklin Advisers, in their capacities as sub-advisers to a fund, may place orders for the purchase and sale of the fund s portfolio securities, and references elsewhere in this SAI to the Investment Manager placing orders for the purchase and sale of portfolio securities shall be deemed to include Putnam Management and Franklin Advisers in their capacities as sub-advisers, as appropriate in the context). The Investment Manager may place fund portfolio transactions with broker-dealers that furnish the Investment Manager, without cost to it, certain research, statistical and quotation services of value to the Investment Manager and its affiliates in advising the fund and other clients. In so doing, the Investment Manager may cause the fund to pay greater brokerage commissions than it might otherwise pay. Franklin Templeton Services, LLC ( FT Services ) has entered into an agreement with the Investment Manager to provide certain administrative services and facilities for the fund. FT Services is an indirect, wholly-owned subsidiary of Franklin Templeton and is an affiliate of the Investment Manager and Franklin Distributors, its principal underwriter. The administrative services FT Services provides include preparing and maintaining books, records, and tax and financial reports, and monitoring compliance with regulatory requirements. The Investment Manager pays FT Services a monthly fee equal to the following: 0.150% of the fund s daily net assets up to and including $200 million; 0.135% of the fund s average daily net assets over $200 million, up to and including $700 million; 0.100% of the fund s average daily net assets over $700 million, up to and including $1.2 billion; 0.075% of the fund s average daily net assets in excess of $1.2 billion. The monthly fees are paid by the Investment Manager and are not additional expenses of the fund. For details of the Investment Manager s compensation under the Management Contract, see Charges and expenses in Part I of this SAI. The Investment Manager s compensation under the Management Contract may be reduced in any year if the fund s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term expenses is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and, if the fund has a distribution plan, payments made under such plan. Fund-specific expense limitation. Under the Management Contract, the Inves\n...\nsement for the fund s most recent fiscal year is included in Charges and expenses in Part I of this SAI. The Investment Manager pays all other salaries of officers of the fund. The fund pays all expenses not assumed by the Investment Manager including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. Franklin Distributors pays the cost of printing and distributing all other prospectuses. The Management Contract provides that the Investment Manager shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of the Investment Manager. The Management Contract may be terminated without penalty by vote of the Trustees or the shareholders of the fund, or by the Investment Manager, on not less than 60 days written notice. It may be amended only by a vote of the shareholders of the fund. The Management Contract also terminates without payment of any penalty in the event of its assignment. The Management Contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Trustees who are not interested persons of the Investment Manager or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a majority of the outstanding voting securities as defined in the 1940 Act. Sub- administrator JPMorgan Chase Bank, N.A. (JPMorgan) has an agreement with FT Services to provide certain sub-administrative services for the fund. The administrative services provided by JPMorgan include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services. The Sub-Advisers Putnam Investment Management, LLC If so disclosed in the fund s prospectus, Putnam Management, an affiliate of Franklin Advisers, has been retained as a sub-adviser by Franklin Advisers, at Franklin Advisers own expense, to make investment decisions for such fund assets as may be designated from time to time for its management by Franklin Advisers and to provide certain other advisory and related services pursuant to a subadvisory agreement between Franklin Advisers and Putnam Management. The other advisory and related services may include the facilitation of derivative transactions, sharing of investment research if so requested by Franklin Advisers, and proxy voting, and these services are subject to change over time.\n115\nThe subadvisory agreement provides that Putnam Management shall not be subject to any liability to Franklin Advisers, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties on the part of Putnam Management. The subadvisory agreement may be terminated with respect to the fund without penalty by vote of the Trustees or shareholders of the fund, or by Franklin Advisers or Putnam Management upon 60 days written notice. The subadvisory agreement also terminates without payment of any penalty in the event of its assignm", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_Core_Equity_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "seriesOf", "o": "trust:Putnam_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Core_Equity_Fund", "p": "transferAgent", "o": "org:Putnam_Investor_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Putnam_Funds_Trust", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_Funds_Trust", "p": "underwrittenBy", "o": "org:Putnam_Retail_Management_Limited_Partnership", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam Core Equity Fund <predicate_marker> administrator <object_marker> FRANKLIN TEMPLETON SERVICES, LLC <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Putnam Funds Trust <predicate_marker> subAdvisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> transferAgent <object_marker> Putnam Investor Services, Inc. <triple_end>\n<triple_start> Putnam Funds Trust <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <predicate_marker> underwrittenBy <object_marker> Putnam Retail Management Limited Partnership <triple_end>", "target_serialized_plain": "Putnam Core Equity Fund administrator FRANKLIN TEMPLETON SERVICES, LLC , JPMorgan Chase Bank, N.A. ; advisedBy Putnam Investment Management, LLC , Putnam Investments Limited ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Putnam Funds Trust ; subAdvisedBy Franklin Advisers, Inc. , Franklin Templeton Investment Management Limited ; transferAgent Putnam Investor Services, Inc. .\nPutnam Funds Trust underwrittenBy Franklin Distributors, LLC , Putnam Retail Management Limited Partnership .", "stats": {"input_chars": 25369, "n_triples": 11, "text_to_json_ratio": 26.4}}
{"sample_id": "0001013881:ALL", "cik": "0001013881", "trust_name": "Nuveen Investment Trust", "input_text": "shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.\nSection 1 Fund Summaries\n7\nAverage Annual Total Returns\nfor the Periods Ended\nDecember 31, 2024\nInception Date\n1 Year\n5 Years\n10 Years\nClass A (return before taxes)\n9/15/09\n5.64\n%\n6.15\n%\n5.75\n%\nClass A (return after taxes on distributions)\n5.22\n%\n5.42\n%\n4.97\n%\nClass A (return after taxes on distributions and sale of Fund shares)\n3.89\n%\n4.74\n%\n4.45\n%\nClass C (return before taxes)\n9/15/09\n11.21\n%\n6.61\n%\n5.74\n%\nClass I (return before taxes)\n9/15/09\n12.35\n%\n7.69\n%\n6.64\n%\nMSCI World Index (Net Return) 1\n(reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes)\n18.67\n%\n11.17\n%\n9.95\n%\nMSCI World Value Index (Net Return) 2\n(reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes)\n11.47\n%\n6.97\n%\n6.65\n%\nLipper Global Equity Income Funds Classification Average 3\n(reflects no deduction for taxes or sales loads)\n9.51\n%\n6.10\n%\n6.08\n%\n1\nAn index designed to measure the performance of large and mid-cap equity securities across 23 developed market countries.\n2\nAn index designed to measure the performance of large and mid-cap securities exhibiting overall value style characteristics across 23 developed market countries.\n3\nRepresents the average annualized total return for all reporting funds in the Lipper Global Equity Income Funds Classification. Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Nuveen Asset Management, LLC Portfolio Managers\nName\nTitle\nPortfolio Manager of Fund Since\nJames T. Stephenson, CFA\nManaging Director\nMarch 2012\nPeter Boardman\nManaging Director\nJuly 2022 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund directly from the Fund (for certain share classes) or through a financial advisor or other financial intermediary on any day that the New York Stock Exchange ( NYSE ) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading. The Fund s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:\nClass A and Class C\nClass I\nEligibility and Minimum Initial Investment\nAvailable only through certain financial intermediaries or, for Class A, by contacting the Fund directly as described in the prospectus. $2,500 for all accounts except: $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. $250 for accounts opened through fee-based programs. No minimum for retirement plans.\nAvailable only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus. $100,000 for all accounts except: $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus.\nMinimum Additional Investment\n$100\nNo minimum.\n8\nSection 1 Fund Summaries Tax Information The Fund s distributions are taxable and wi\n...\npital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your investment from such account). Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information.\n38\nSection 1 Fund Summaries Section 2 How We Manage Your Money To help you better understand the Funds, this section includes a detailed discussion of the Funds investment and risk management strategies. For a more complete discussion of these matters, please see the statement of additional information, which is available by calling (800) 257-8787 or by visiting Nuveen s website at www.nuveen.com.\nWho Manages the Funds Nuveen Fund Advisors, LLC ( Nuveen Fund Advisors ), the Funds investment adviser, offers advisory and investment management services to a broad range of clients, including investment companies and other pooled investment vehicles. Nuveen Fund Advisors has overall responsibility for management of the Funds, oversees the management of the Funds portfolios, manages the Funds business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ( TIAA ). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of September 30, 2025, Nuveen, LLC managed approximately $1.4 trillion in assets, of which approximately $154.6 billion was managed by Nuveen Fund Advisors. Nuveen Fund Advisors has selected its affiliate, Nuveen Asset Management, LLC ( Nuveen Asset Management ), located at 333 West Wacker Drive, Chicago, Illinois 60606, to serve as sub-adviser to each Fund. Nuveen Asset Management manages the investment of the Funds' assets on a discretionary basis, subject to the supervision of Nuveen Fund Advisors. The Funds are managed by multiple portfolio managers, who are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds investments. Each portfolio manager may be responsible for different aspects of a Fund s management. For example, one manager may be principally responsible for selecting appropriate investments for a Fund, while another may be principally responsible for asset allocation. The following is a list of the portfolio managers primarily responsible for managing each Fund s investments, along with their relevant experience. The Funds portfolio managers may change from time to time.\nTotal Experience (since dates specified below)\nName Title\nExperience Over Past Five Years\nAt Nuveen Asset Management *\nTotal\nNUVEEN GLOBAL EQUITY INCOME FUND\nJames T. Stephenson, CFA Managing Director\nNuveen Asset Management and other advisory affiliates (equity portfolio management and research)\n2006\n1991\nPeter Boardman Managing Director\nNuveen Ass\n...\nnd pooled investment vehicles ( Funds-of-Funds ). At\n56\nSection 2 How We Manage Your Money certain times, the Funds-of-Funds may be significant shareholders of a Fund and investment decisions made with respect to the Funds-of-Funds could, under certain circumstances, negatively impact a Fund, with respect to its expenses, investment performance and liquidity profile. For instance, large purchases or redemptions of shares of a Fund by the Funds-of-Funds, whether as part of a reallocation or rebalancing strategy or otherwise, may result in the Fund having to sell securities or invest cash when it otherwise would not do so. Such transactions could increase the Fund s transaction costs, accelerate the realization of taxable income, and, in extreme cases, could threaten the continued viability of the Fund to operate as intended.\nSection 2 How We Manage Your Money\n57 Section 3 How You Can Buy and Sell Shares The Funds offer multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details, please see the statement of additional information. Because the prospectus and the statement of additional information are available free of charge on Nuveen s website at www.nuveen.com, we do not disclose the following share class information separately on the website.\nWhat Share Classes We Offer The different share classes offered by the Funds are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described below, which are paid out of a Fund s assets. These fees are paid to Nuveen Securities, LLC (the Distributor ), a subsidiary of Nuveen, LLC and the distributor of the Funds, and are used primarily for providing compensation to financial intermediaries in connection with the distribution of Fund shares and for providing ongoing account services to shareholders. The Funds have adopted a distribution and service plan under Rule 12b-1 under the Investment Company Act of 1940, as amended (the \" 1940 Act\" ), that allows each Fund to pay these distribution and service fees. More information on this plan can be found under Distribution and Service Payments Distribution and Service Plan. Because fees paid under the plan are paid out of a Fund s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Each share class of a Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in a Fund as well as certain account minimums. In order to better understand the eligibility requirements outlined below, the following defined terms shall apply when used throughout this prospectus. Financial Intermediary Accounts : These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following: Employee Benefit Plans (as defined below); Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Internal Revenue Code; and Wrap accounts or other su\n...\ngories of redemptions may be excluded from the application of the Frequent Trading Policy, as described in more detail in the statement of additional information. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions. The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances. The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Funds also reserve the right to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund s investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds Frequent Trading Policy and its enforcement, see Purchase and Redemption of Fund Shares Frequent Trading Policy in the statement of additional information.\nFund Service Providers The custodian of the assets of the Funds is State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian also provides certain accounting services to the Funds. The Funds' transfer, shareholder services and dividend paying agent, SS C Global Investor Distribution Solutions, Inc.,\nSection 4 General Information\n77 P.O. Box 219140, Kansas City, Missouri 64121-9140, performs bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.\n78\nSection 4 General Information Section 5 Financial Highlights The financial highlights table is intended to help you understand a Fund s financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information has been derived from the Funds financial statements, which have been audited by PricewaterhouseCoopers LLP, whose report for the most recent fiscal year, along with the Funds financial statements, are filed on Form N-CSR, which is available upon request. Nuveen Global Equity Income Fund\nInvestment Operations\nLess Distributions\nRatios/Supplemental Data\nRatios of\nNet\nRatios of\nInvestment\nNet Asset\nNet\nNet\nNet Asset\nNet\nExpenses\nIncome (Loss)\nValue,\nInvestment\nRealized/\nFrom\nValue,\nAssets,\nto Average\nto Average\nPortfolio\nYear Ended\nBeginning\nIncome (NII)\nUnrealized\nFrom\nNet Realized\nEnd of\nTotal\nEnd of\nNet\nNet\nTurnover\nJune 30:\nof Period\n(Loss)(a)\nGain (Loss)\nTotal\nNII\nGains\nTotal\nPeriod\nReturn(b)\nPeriod (000)\nAssets(c)\nAssets(c)(d)\nRate\nClass A\n2025\n$\n33.43\n$\n0.71\n$\n5.74\n$\n6.45\n$\n(0.73\n)\n$\n$\n(0.73\n)\n$\n39.15\n19.41\n%\n$\n94,747\n1.11\n%\n2.01\n%\n30\n%\n2024\n29.94\n0.76\n3.51\n4.27\n(0.78\n)\n(0.78\n)\n33.43\n14.40\n89,171\n1.11\n2.45\n27\n2023\n27.43\n0.67\n3.21\n3.88\n(1.37\n)\n(1.37\n)\n29.94\n14.46\n86,807\n1.11\n2.35\n29\n2022\n32.13\n0.74\n(4.26\n)\n(3.52\n)\n(1.18\n)\n(1.18\n)\n27.43\n(11.30\n)\n86,811\n1.10\n2.33\n59\n2021\n2", "ontology": {"Fund": {"advisedBy": 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subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNuveen Small/Mid-Cap Value Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Nuveen Investment Trust ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNuveen Investment Trust underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 14693, "n_triples": 26, "text_to_json_ratio": 6.0}}
{"sample_id": "0001014913:ALL", "cik": "0001014913", "trust_name": "Frontier Funds, Inc.", "input_text": "on. The Company does not authorize use of this Prospectus in any state or jurisdiction\nwhere the offering cannot legally be made.\nSummary Section\nInvestment Objective. The investment objective of the MFG\nGlobal Sustainable Fund (formerly, the Frontier MFG Global Sustainable Fund) (the Fund ) is to seek attractive risk-adjusted\nreturns over the medium- to long-term while reducing the risk of permanent capital loss.\nFees and Expenses of the Fund. This table describes the fees\nand expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and\nother fees to financial intermediaries, which are not reflected in the tables and example below.\nInstitutional Service Shareholder Fees (fees paid directly from your investment) Redemption Fee (as a percentage of amount redeemed, if applicable) 2.00 % 2.00 %\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.80 % 0.80 % Distribution (12b-1) Fees none none Other Expenses Shareholder Servicing Fee none 0.15 % Additional Other Expenses 1.33 % 1.32 % Total Other Expenses 1.33 % 1.47 % Total Annual Fund Operating Expenses (1) 2.13 % 2.27 % Less: Fee Waiver/Expense Reimbursement (2) ( 1.33 )% ( 1.32 )% Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (1) 0.80 % 0.95 %\n(1) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement for Service Class shares do not correlate to the Ratio of expenses to average net assets figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.10% for the fiscal year ended June 30, 2025.\n(2) Frontegra Asset Management, Inc. ( Frontegra ), the Fund s investment adviser, has contractually agreed to\nwaive its management fee and/or reimburse the Fund s operating expenses to the extent necessary to ensure that the Fund s\ntotal operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses ( AFFE ) and extraordinary\nexpenses) do not exceed 0.80% and 0.95% of the Fund s average daily net assets attributable to the Institutional Class and\nService Class shares, respectively. Frontegra is entitled to recoup the fees waived and/or expenses reimbursed within a three-year\nperiod from the date of the waiver or expense payment if such reimbursement will not cause the Fund s expense ratio to exceed the\nlesser of: (a) the expense limitation in place at the time of the waiver and/or expense payment; or (b) the expense limitation\nin place at the time of the recoupment. The expense cap/reimbursement agreement will continue in effect until October 31, 2026 , and\nmay be terminated only by, or with the consent of, the Board of Directors of the Company.\nExample. The following example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. The fee waiver/expense reimbursement arrangement included in the table above is reflected only through October 31, 2026. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\nInstitutional Class\n$ 82\n$ 538\n$ 1,022\n$ 2,357\nService Class\n$ 97\n$ 582\n$ 1,095\n$ 2,503\n1\nPortfolio Turnover. The Fund pays transaction costs, such\nas commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate\nhigher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected\nin annual fund operating expenses or in the example, affect the Fund s performance. During its most recent fiscal year, the Fund s\nportfolio turnover rate was 55 % of the average value of its portfolio.\nPrincipal Investment Strategy. Under normal market conditions,\nthe Fund invests at least 80% of its net assets in equity securities of issuers listed on U.S. and international stock exchanges that\nmeet the criteria for environmental, social and governance ( ESG ) and low carbon investments of the Fund s subadviser,\nMagellan Asset Management Limited doing business as Magellan Investment Partners (formerly MFG Asset Management) ( Magellan Investment\nPartners ). Equity securities in which the Fund will invest as a principal investment strategy consist of common stocks, American\nDepositary Receipts ( ADRs ) and Global Depositary Receipts ( GDRs ). In selecting investments for the Fund,\nMagellan Investment Partners reviews a broad spectrum of ESG issues for their materiality of impact on the future earnings and risks\nof companies. Magellan Investment Partners considers amongst other things and where applicable: environmental issues, such as climate\nchange and pollution; social issues, such as human rights and health and safety; and corporate governance issues, such as governance\nand compensation structures. The choice of ESG factors for any company will vary by industry and company. In addition, Magellan Investment\nPartners incorporates a proprietary process that facilitates the identification of companies with materially lower carbon factor risk\nthrough the analysis of factors such as carbon emissions intensity and fossil fuel exposure.\nThe Fund invests in a non-diversified portfolio of high quality\ncompanies, which are companies that Magellan Investment Partners believes are market leaders in their industry, earn returns on capital\nabove the cost of capital, and have long term and sustainable competitive advantages. The Fund will generally hold between 20 to 40 companies\nin its portfolio that meet these criteria. Under normal market conditions, the Fund will allocate its assets among issuers located in\nat least three different countries and will invest at least 40% of its net assets in non-U.S. companies. Magellan Investment Partners\nmay reduce this 40% minimum investment amount to 30% if it deems market conditions to be unfavorable. With respect to its non-U.S. investment\n...\nnd unrealized gain (loss) on investments\n2.83\n2.47\n1.89\n(2.17 )\n1.20\nTotal\nincome (loss) from investment operations\n2.97\n2.61\n1.96\n(2.12 )\n1.27\nLESS\nDISTRIBUTIONS:\nFrom net\ninvestment income\n(0.13 )\n(0.10 )\n(0.06 )\n(0.04 )\n(0.03 )\nFrom\nnet realized gain on investments\n(0.68 )\n(0.39 )\nTotal\ndistributions\n(0.81 )\n(0.10 )\n(0.06 )\n(0.43 )\n(0.03 )\nRedemption\nfees retained\n(3)\n(3)\n(3)\nNet\nasset value, end of year\n$ 16.72\n$ 14.56\n$ 12.05\n$ 10.15\n$ 12.70\nTotal Return\n21.13 %\n21.76 %\n19.36 %\n(17.41 )%\n11.07 % (4)\nSUPPLEMENTAL\nDATA AND RATIOS:\nNet assets,\nend of year (in thousands)\n$ 13,597\n$ 13,005\n$ 19,145\n$ 22,655\n$ 17,562\nRatio of\nexpenses to average net assets\nBefore waivers\nand reimbursements\n2.22 %\n1.94 %\n1.60 %\n1.55 %\n1.90 % (5)\nNet of waivers\nand reimbursements\n0.90 %\n0.90 %\n0.90 %\n0.90 %\n0.90 % (5)\nRatio of\nnet investment income (loss) to average net assets\nBefore waivers\nand reimbursements\n(0.41 )%\n0.00 %(6)\n(0.13 )%\n(0.27 )%\n(0.23 )% (5)\nNet of waivers\nand reimbursements\n0.91 %\n1.04 %\n0.57 %\n0.38 %\n0.77 % (5)\nPortfolio\nturnover rate (7)\n55 %\n43 %\n49 %\n40 %\n29 % (4)\n(1) Commenced operations on October 20, 2020.\n(2) Per share net investment income has been calculated using the daily average share method.\n(3) Less than one cent per share.\n(4) Not annualized.\n(5) Annualized.\n(6) Less than 0.01%.\n(7) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.\n13\nFund Management\nAdviser . Frontegra is the Fund s investment adviser\nand supervises the management of the Fund s portfolio by Magellan Investment Partners, subject to the oversight of the Board of\nDirectors of the Company (the Board ). Frontegra was organized in 1996 and is located at 999 Oakmont Plaza Drive, Suite 600,\nWestmont, Illinois 60559. Frontegra, Frontegra Strategies, LLC, the Fund s distributor, and Frontier Partners, Inc.,\na consulting/marketing firm, are subsidiaries of Magellan Financial Group Ltd ( MFG ), a company listed on the Australian\nSecurities Exchange. Magellan Investment Partners is also a subsidiary of MFG. Accordingly, Frontegra, Frontegra Strategies, LLC, Frontier\nPartners, Inc. and Magellan Investment Partners are affiliates.\nA discussion regarding the Board s basis for approving the\ninvestment advisory agreement and subadvisory agreement is included in the Fund s Form N-CSR filing for the fiscal year ended\nJune 30, 2025.\nManagement Fees . The Company, on behalf of the Fund, has\nentered into an investment advisory agreement with Frontegra pursuant to which Frontegra supervises the management of the Fund s\ninvestments and provides various administrative services to the Fund. Under the investment advisory agreement, the Fund compensates Frontegra\nat an annual rate of 0.80% of the Fund s average daily net assets. Frontegra has agreed to waive its management fee and/or reimburse\nthe Fund s operating expenses at least through October 31, 2026, to the extent necessary to ensure that the Fund s total\noperating expenses (excluding taxes, interest, brokerage commissions, AFFE and extraordinary expenses) do not exceed 0.80% and 0.95%\nof the Fund s average daily net assets for the Institutional Class and Service Class shares, respectively. The expense\ncap/reimbursement agreement can be terminated only by, or with the consent of, the Board. The expense cap/reimbursement agreement has\nthe effect of lowering the overall expense ratio for the Fund and increasing the Fund s overall return to investors during the\ntime any such amounts are waived and/or reimbursed. Frontegra is permitted to recoup any expenses or fees it has waived or reimbursed\nwithin a three-year\n...\ntegra by virtue of being under common control by MFG. As of September 30, 2025, Magellan Investment\nPartners had approximately U.S. $26.64 billion under management.\nFrontegra has entered into a subadvisory agreement with Magellan\nInvestment Partners under which Magellan Investment Partners manages the Fund s portfolio, subject to Frontegra s supervision.\nUnder the subadvisory agreement, Magellan Investment Partners is paid the net advisory fee received by Frontegra less an annual flat\nfee retained by Frontegra. Magellan Investment Partners has also agreed to pay for or reimburse Frontegra for, as applicable, any expense\nreimbursements made by Frontegra pursuant to the expense cap/reimbursement agreement, and all amounts paid by Frontegra to financial\nintermediaries for sub-transfer agent and other administrative services.\nRepresentatives of Frontegra provide consulting and marketing services\nto Magellan Investment Partners.\n14\nPortfolio Manager .\nAlan Pullen. Mr. Pullen has served as Portfolio Manager\nof the Fund since June 2023. Mr. Pullen has ultimate responsibility for the investment decisions for the Fund. He joined Magellan\nInvestment Partners in 2012. In 2016, Mr. Pullen was appointed Head of the Financials Team and portfolio manager at Magellan Investment\nPartners. Prior to Magellan Investment Partners, Mr. Pullen worked as an analyst and portfolio manager at Maple-Brown Abbott from\n2006 to 2012. He worked as an economist at the Reserve Bank of Australia from 1999 to 2006. Mr. Pullen holds a Bachelor of Economics\n(Honours) from the University of Tasmania.\nThe Fund s SAI provides additional information about the Fund s\nportfolio manager, including other accounts managed, ownership of Fund shares and compensation.\nCustodian, Transfer Agent and Administrator . U.S. Bank, N.A.\nacts as custodian of the Fund s assets. U.S. Bancorp Fund Services, LLC serves as transfer agent for the Fund (the Transfer\nAgent ) and as the Fund s administrator. U.S. Bank, N.A. and U.S. Bancorp Fund Services, LLC are affiliated entities.\nDistributor . Frontegra Strategies, LLC (the Distributor ),\n999 Oakmont Plaza Drive, Suite 600, Westmont, Illinois 60559 acts as the principal distributor of the Fund s shares.\nYour Account\nHow to Purchase Shares . Shares of the Fund are sold on a continuous\nbasis at net asset value ( NAV ). The Fund s NAV is determined as of the close of trading on the New York Stock Exchange\n(the NYSE ) (generally 4:00 p.m., Eastern Time) on each day the NYSE is open. The NAV for a class of shares is determined\nby adding the value of the Fund s investments, cash and other assets attributable to that class, subtracting the liabilities attributable\nto that class and then dividing the result by the total number of shares outstanding for the class. Due to the fact that different expenses\nare charged to the Institutional Class and Service Class shares of the Fund, the NAV of the two classes may vary. Your purchase\nprice will be the Fund s NAV next determined after the Fund or an authorized agent, such as a fund platform or broker-dealer who\nis authorized by the Distributor or an affiliate to sell shares of the Fund (collectively, Financial Intermediaries ), receives\nyour request in proper form. The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents.\nDeposit in the mail or with a delivery service does not constitute receipt by the Transfer Agent. A confirmation indicating the details\nof the transaction will be sent to you promptly. Shares are credited to your account, but certificates are not issued. However, you will\nhave full shareholder right", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "advisedBy", "o": "org:Frontegra_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "seriesOf", "o": "trust:Frontier_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "subAdvisedBy", "o": "org:MFG_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Core_Infrastructure_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "advisedBy", "o": "org:Frontegra_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "seriesOf", "o": "trust:Frontier_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "subAdvisedBy", "o": "org:MFG_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frontier_MFG_Global_Sustainable_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Frontier_Funds_Inc", "p": "underwrittenBy", "o": "org:Frontegra_Strategies_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Frontier MFG Core Infrastructure Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Frontegra Asset Management, Inc. <predicate_marker> custodian <object_marker> U.S. Bank, N.A. <predicate_marker> seriesOf <object_marker> Frontier Funds, Inc. <predicate_marker> subAdvisedBy <object_marker> MFG Asset Management <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Frontier MFG Global Sustainable Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Frontegra Asset Management, Inc. <predicate_marker> custodian <object_marker> U.S. Bank, N.A. <predicate_marker> seriesOf <object_marker> Frontier Funds, Inc. <predicate_marker> subAdvisedBy <object_marker> MFG Asset Management <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Frontier Funds, Inc. <predicate_marker> underwrittenBy <object_marker> Frontegra Strategies, LLC <triple_end>", "target_serialized_plain": "Frontier MFG Core Infrastructure Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Frontegra Asset Management, Inc. ; custodian U.S. Bank, N.A. ; seriesOf Frontier Funds, Inc. ; subAdvisedBy MFG Asset Management ; transferAgent U.S. Bancorp Fund Services, LLC .\nFrontier MFG Global Sustainable Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Frontegra Asset Management, Inc. ; custodian U.S. Bank, N.A. ; seriesOf Frontier Funds, Inc. ; subAdvisedBy MFG Asset Management ; transferAgent U.S. Bancorp Fund Services, LLC .\nFrontier Funds, Inc. underwrittenBy Frontegra Strategies, LLC .", "stats": {"input_chars": 13747, "n_triples": 13, "text_to_json_ratio": 12.2}}
{"sample_id": "0001020661:ALL", "cik": "0001020661", "trust_name": "NUVEEN MULTISTATE TRUST III", "input_text": "e calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.\nAverage Annual Total Returns\nfor the Periods Ended\nDecember 31, 2024\nInception Date\n1 Year\n5 Years\n10 Years\nClass A (return before taxes)\n3/27/86\n( 2.80\n)%\n( 0.84\n)%\n1.00\n%\nClass A (return after taxes on distributions)\n( 2.80\n)%\n( 0.85\n)%\n1.00\n%\nClass A (return after taxes on distributions and sale of Fund shares)\n( 0.50\n)%\n( 0.08\n)%\n1.39\n%\nClass C (return before taxes)\n2/10/14\n0.57\n%\n( 0.80\n)%\n0.78\n%\nClass I (return before taxes)\n2/14/97\n1.62\n%\n0.20\n%\n1.63\n%\nS P Municipal Bond Index 1\n(reflects no deduction for fees, expenses or taxes)\n1.90\n%\n1.20\n%\n2.34\n%\nS P Municipal Bond Georgia Index 2\n(reflects no deduction for fees, expenses or taxes)\n2.02\n%\n1.07\n%\n2.09\n%\nLipper Other States Municipal Debt Funds Classification Average 3\n(reflects no deduction for taxes or sales loads)\n1.55\n%\n0.43\n%\n1.54\n%\n1\nAn index designed to measure the performance of the tax-exempt U.S. municipal bond market.\n2\nAn index designed to measure the performance of the tax-exempt Georgia municipal bond market.\n3\nRepresents the average annualized total return for all reporting funds in the Lipper Other States Municipal Debt Funds Classification.\nSection 1 Fund Summaries\n7 Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Nuveen Asset Management, LLC Portfolio Managers\nName\nTitle\nPortfolio Manager of Fund Since\nDaniel J. Close, CFA\nSenior Managing Director and Head of Nuveen Municipals\nMarch 2007\nJoel H. Levy\nManaging Director\nOctober 2023\nTimothy T. Ryan, CFA\nManaging Director\nOctober 2023 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund directly from the Fund (for certain share classes) or through a financial advisor or other financial intermediary on any day that the New York Stock Exchange ( NYSE ) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading. The Fund s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:\nClass A and Class C\nClass I\nEligibility and Minimum Initial Investment\nAvailable only through certain financial intermediaries or, for Class A, by contacting the Fund directly as described in the prospectus. $2,500 for all accounts\nAvailable only through fee-based programs and to other limited categories of investors as described in the prospectus. $100,000 for all accounts except: $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). No minimum for certain other categories of eligible investors as described in the prospectus.\nMinimum Additional Investment\n$100\nNo minimum. Tax Information The Fund intends to make interest income distributions that are exempt from regular federal and Georgia state income taxes. However, all or a portion of these distributions may be subject to the federal alternative minimu\n...\nis able to sell securities to meet redemption requests, the Fund s market exposure may be greater than it ordinarily would be, which would magnify the impact of any market movements on the Fund s performance. Similarly, large Fund share purchases may adversely affect a Fund s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, reducing the Fund s market exposure. Increased redemption activity may also result in unexpected taxable distributions to shareholders if such sales of investments resulted in gains and thereby accelerated the realization of taxable income. In addition, large redemptions could result in a Fund s current expenses being allocated over a smaller asset base, leading to an increase in the Fund s expense ratio.\n38\nSection 2 How We Manage Your Money Section 3 How You Can Buy and Sell Shares The Funds offer multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details, please see the statement of additional information. Because the prospectus and the statement of additional information are available free of charge on Nuveen s website at www.nuveen.com, we do not disclose the following share class information separately on the website.\nWhat Share Classes We Offer The different share classes offered by the Funds are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described below, which are paid out of a Fund s assets. These fees are paid to Nuveen Securities, LLC (the Distributor ), a subsidiary of Nuveen, LLC and the distributor of the Funds, and are used primarily for providing compensation to financial intermediaries in connection with the distribution of Fund shares and for providing ongoing account services to shareholders. The Funds have adopted a distribution and service plan under Rule 12b-1 under the Investment Company Act of 1940, as amended (the \"1940 Act\" ), that allows each Fund to pay these distribution and service fees. More information on this plan can be found under Distribution and Service Payments Distribution and Service Plan. Because fees paid under the plan are paid out of a Fund s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Each share class of a Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in a Fund as well as certain account minimums. In order to better understand the eligibility requirements outlined below, the following defined terms shall apply when used throughout this prospectus. Financial Intermediary Accounts : These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following: Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Internal Revenue Code; and Wrap accounts or other such arrangements as may be offered by a finan\n...\nuded from the application of the Frequent Trading\n56\nSection 4 General Information Policy, as described in more detail in the statement of additional information. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions. The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances. The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Funds also reserve the right to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund s investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds Frequent Trading Policy and its enforcement, see Purchase and Redemption of Fund Shares Frequent Trading Policy in the statement of additional information.\nFund Service Providers The custodian of the assets of the Funds is State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian also provides certain accounting services to the Funds. The Funds' transfer, shareholder services and dividend paying agent, SS C Global Investor Distribution Solutions, Inc., P.O. Box 219140, Kansas City, Missouri 64121-9140, performs bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.\nSection 4 General Information\n57 Section 5 Financial Highlights The financial highlights table is intended to help you understand a Fund s financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information has been derived from the Funds financial statements, which have been audited by PricewaterhouseCoopers LLP, whose report for the most recent fiscal year, along with the Funds financial statements, are filed on Form N-CSR, which is available upon request. Nuveen Georgia Municipal Bond Fund\nInvestment Operations\nLess Distributions\nRatios/Supplemental Data\nRatios of\nNet\nRatios of\nInvestment\nNet Asset\nNet\nNet\nNet Asset\nNet\nExpenses\nIncome (Loss)\nValue,\nInvestment\nRealized/\nFrom\nValue,\nAssets,\nto Average\nto Average\nPortfolio\nYear Ended\nBeginning\nIncome (NII)\nUnrealized\nFrom\nNet Realized\nEnd of\nTotal\nEnd of\nNet\nNet\nTurnover\nMay 31:\nof Period\n(Loss)(a)\nGain (Loss)\nTotal\nNII\nGains\nTotal\nPeriod\nReturn(b)\nPeriod (000)\nAssets(c)\nAssets\nRate\nClass A\n2025\n$\n9.64\n$\n0.29\n$\n(0.22\n)\n$\n0.07\n$\n(0.30\n)\n$\n$\n(0.30\n)\n$\n9.41\n0.62\n%\n$\n95,637\n0.86\n%\n3.01\n%\n15\n%\n2024\n9.65\n0.28\n(0.01\n)\n0.27\n(0.28\n)\n(0.28\n)\n9.64\n2.84\n114,337\n0.85\n2.88\n13\n2023\n10.05\n0.10\n(0.26\n)\n(0.16\n)\n(0.24\n)\n(0.24\n)\n9.65\n(1.58\n)\n121,565\n0.84\n1.01\n40\n2022\n11.22\n0.22\n(1.18\n)\n(0.96\n)\n(0.21\n)\n(0.21\n)\n10.05\n(8.66\n)\n124,199\n0.83\n1.98\n19\n2021\n10.92\n0.24\n0.30\n0.54\n(0.24\n)\n(\n...\ndditional information , incorporated by reference into this prospectus, contains detailed information on the policies and operation of the Funds included in this prospectus. Additional information about the Funds' investments is available in the annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements. The Funds' most recent statement of additional information, annual and semi-annual reports and certain other information such as financial statements are available, free of charge, by calling Nuveen Funds at (800) 257-8787, on the Funds' website at www.nuveen.com, or through your financial advisor. Shareholders may call the toll free number above with any inquiries. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ( SEC ). Reports and other information about the Funds are available on the EDGAR Database on the SEC s website at http://www.sec.gov. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov. The SEC may charge a copying fee for this information. Household Mailings To lower costs and eliminate duplicate documents sent to your home, your Fund may mail only one copy of its summary prospectus, prospectus supplements, annual and semi-annual reports, or any other required documents to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call your Fund toll-free at (800) 257-8787. The Funds are series of Nuveen Multistate Trust III, whose Investment Company Act file number is 811-07943. Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, Illinois 60606 (800) 257-8787 www.nuveen.com\nMPR-MS5-0925P\nSeptember 30, 2025\nNuveen Georgia Municipal Bond Fund\nTicker Symbols: Class A FGATX, Class C FGCCX, Class I FGARX\nNuveen Louisiana Municipal Bond Fund\nTicker Symbols: Class A FTLAX, Class C FAFLX, Class I FTLRX\nNuveen North Carolina Municipal Bond Fund\nTicker Symbols: Class A FLNCX, Class C FDCCX, Class I FCNRX\nSTATEMENT OF ADDITIONAL INFORMATION This Statement of Additional Information ( SAI ) is not a prospectus. This SAI relates to, and should be read in conjunction with, the Prospectus dated September 30, 2025 for Nuveen Georgia Municipal Bond Fund, Nuveen Louisiana Municipal Bond Fund and Nuveen North Carolina Municipal Bond Fund (each, a Fund , and collectively, the Funds ), each a series of Nuveen Multistate Trust III. A Prospectus may be obtained without charge from certain securities representatives, banks and other financial institutions that have entered into sales agreements with Nuveen Securities, LLC (the Distributor ), or from a Fund, by written request to the applicable Fund, c/o Nuveen Funds, P.O. Box 219140, Kansas City, Missouri 64121-9140, or by calling (800) 257-8787. The audited financial statements for each Fund s most recent fiscal year appear in the Fund s Form N-CSR dated May 31, 2025, which is incorporated herein by reference. Each Fund s Prospectus, Annual Report and other information such as financial statements are available without charge by calling (800) 257-8787.\nTABLE OF CONTENTS Page\nGeneral Information\nS- 3\nInvestment Restrictions\nS- 3\nInvestment Policies and Techniques\nS- 5\nBorrowing\nS- 6\nDerivatives\nS- 6\nDistressed and Defau", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_Georgia_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Georgia_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Georgia_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Georgia_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Georgia_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_Global_Investor_Distribution_Solutions_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Louisiana_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Louisiana_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Louisiana_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Louisiana_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Louisiana_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_Global_Investor_Distribution_Solutions_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_North_Carolina_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_North_Carolina_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_North_Carolina_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_North_Carolina_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_North_Carolina_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_Global_Investor_Distribution_Solutions_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NUVEEN_MULTISTATE_TRUST_III", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuveen Georgia Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN MULTISTATE TRUST III <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> Nuveen Louisiana Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN MULTISTATE TRUST III <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> Nuveen North Carolina Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> NUVEEN MULTISTATE TRUST III <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> NUVEEN MULTISTATE TRUST III <predicate_marker> underwrittenBy <object_marker> Nuveen Securities, LLC <triple_end>", "target_serialized_plain": "Nuveen Georgia Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN MULTISTATE TRUST III ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNuveen Louisiana Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN MULTISTATE TRUST III ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNuveen North Carolina Municipal Bond Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf NUVEEN MULTISTATE TRUST III ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNUVEEN MULTISTATE TRUST III underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 14693, "n_triples": 16, "text_to_json_ratio": 9.6}}
{"sample_id": "0001027596:ALL", "cik": "0001027596", "trust_name": "Advisors Series Trust", "input_text": "485APOS\n1\npzenafunds485a.htm\n485APOS\npzenafunds485a\nFiled with the U.S. Securities and Exchange Commission on April 28, 2026 1933 Act Registration File No. 333-17391 1940 Act File No. 811-07959 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X Pre-Effective Amendment No. Post-Effective Amendment No. 1195 X and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 X Amendment No. 1197 X (Check appropriate box or boxes.) ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) (Registrant s Telephone Number, Including Area Code) (626) 914-7363 Jeffrey T. Rauman, President and Chief Executive Officer Advisors Series Trust c o U.S. Bank Global Fund Services 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 (Name and Address of Agent for Service) Copies to Rachael L. Schwartz, Esq. Sullivan Worcester LLP 1251 Avenue of the Americas, 19th Floor New York, New York 10020 It is proposed that this filing will become effective immediately upon filing pursuant to paragraph (b) on __________ pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) on June 28, 2026 pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) on __________ pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box this post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note This Post-Effective Amendment No. 1195 to the Registration Statement of Advisors Series Trust (the Trust ) is being filed to to revise the description of each Fund s principal investment strategy for the Trust s series Pzena Mid Cap Value Fund, Pzena Small Cap Value Fund, Pzena Emerging Markets Value Fund, Pzena International Small Cap Value Fund and Pzena International Value Fund.\nPROSPECTUS PZENA MID CAP VALUE FUND Investor Class PZVMX Institutional Class PZIMX PZENA SMALL CAP VALUE FUND Investor Class PZVSX Institutional Class PZISX PZENA EMERGING MARKETS VALUE FUND Investor Class PZVEX Institutional Class PZIEX PZENA INTERNATIONAL SMALL CAP VALUE FUND Investor Class PZVIX Institutional Class PZIIX PZENA INTERNATIONAL VALUE FUND Investor Class PZVNX Institutional Class PZINX June 28, 2026 The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS SUMMARY SEC\n...\nor redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent s office. 65 By telephone If you accepted telephone options on your account application, you may make additional investments by telephone. If you have given authorization for telephone transactions and your account has been open for at least seven business days, call the Transfer Agent toll-free at 1-844-796-1996 (844-PZN-1996), and you will be allowed to move money in amounts of $100 or more for regular accounts and $100 or more for retirement accounts for the Investor Class and no minimum amount for Institutional Class, from your bank account to your Fund account upon request. Only bank accounts held at U.S. institutions that are ACH members may be used for telephone transactions. If your order is placed before 4 00 p.m., Eastern Time, shares will be purchased in your account at the NAV determined on that day. For security reasons, requests by telephone will be recorded. By wire To open an account by wire, a completed new account application is required before your wire can be accepted. You may mail or overnight deliver your new account application to the Transfer Agent. Upon receipt of your completed new account application, an account will be established for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire payment. Your bank must include the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to U.S. Bank National Association 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 ABA # 075000022 Credit U.S. Bancorp Fund Services, LLC Account # 112-952-137 Further Credit (name of the Pzena Fund) (your name or the title on the account) (your account #) Before sending your wire, please contact the Transfer Agent at 1-844-796-1996 (844-PZN-1996) to advise them of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire. Wired funds must be received prior to 4 00 p.m., Eastern Time to be eligible for same day pricing. The Funds and U.S. Bank N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions. Selling (Redeeming) Fund Shares You may redeem the Funds shares at a price equal to the NAV per share next determined after the Transfer Agent receives your redemption request in good order. Your redemption request cannot be processed on days the NYSE is closed. As further described below, the Funds typically expect to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. The Funds typically expect that it will take one to three days following the receipt of your redemption request in good order, to pay out redemption proceeds. However, while not expected, payment of redemption proceeds may take up to seven days if sending proceeds earlier could adversely affect the Funds. If you did not purchase your shares with a wire payment, the Funds may delay payment of your redemption proceeds for up to 12 calendar days from purchase or until your payment has cleared, whichever occurs first. 66 The Funds typically expect to fulfill redemption requests in cash. The Funds may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the\n...\nefforts (which are described in more detail below) are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity may occur. Further, while the Funds make efforts to identify and restrict frequent trading, the Funds receive purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus accounts by those intermediaries. The Funds seek to exercise their judgment in implementing these tools to the best of their abilities in a manner that the Funds believe is consistent with shareholder interests. Monitoring Trading Practices The Funds monitor selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, a Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder s accounts. In making such judgments, the Funds seek to act in a manner that they believe is consistent with the best interests of shareholders. Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Funds handle, there can be no assurance that the Funds efforts will identify all trades or trading practices that may be considered abusive. In addition, the Funds ability to monitor trades that are placed by individual shareholders within group or omnibus accounts maintained by financial intermediaries is severely limited because the Funds do not have simultaneous access to the underlying shareholder account information. In compliance with Rule 22c-2 of the 1940 Act, Quasar Distributors, LLC, the Funds distributor, on behalf of the Funds, has entered into written agreements with each of the Funds financial intermediaries, under which the intermediary must, upon request, provide the Funds with certain shareholder and identity trading information so that the Funds can enforce their short-term trading policies. Information received from financial intermediaries on omnibus accounts will not be used for any other purpose except for compliance with SEC rules. Fair Value Pricing Each Fund employs fair value pricing selectively to ensure greater accuracy in its daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Adviser has developed procedures which utilize fair value pricing when reliable market quotations are not readily available or the Funds pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security s fair value), or when, in the judgment of the Adviser, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Adviser. There can be no assurance that a Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share. 71 More detailed information regarding fair value pricing can be found under the heading titled, Shareholder Information Share Price. General Policies Some of the following policies are mentioned above. In general, the Funds reserve the right to Refuse, change, discontinue, or temporarily suspend account services, including p", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Logan_Capital_Broad_Innovative_Growth_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Logan_Capital_Broad_Innovative_Growth_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Logan_Capital_Broad_Innovative_Growth_ETF", "p": "seriesOf", "o": "trust:Advisors_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Logan_Capital_Broad_Innovative_Growth_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Reverb_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Reverb_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Reverb_ETF", "p": "seriesOf", "o": "trust:Advisors_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Reverb_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Advisors_Series_Trust", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Logan Capital Broad Innovative Growth ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Advisors Series Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Reverb ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Advisors Series Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Advisors Series Trust <predicate_marker> underwrittenBy <object_marker> Quasar Distributors LLC <triple_end>", "target_serialized_plain": "Logan Capital Broad Innovative Growth ETF administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank National Association ; seriesOf Advisors Series Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nReverb ETF administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank National Association ; seriesOf Advisors Series Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nAdvisors Series Trust underwrittenBy Quasar Distributors LLC .", "stats": {"input_chars": 9865, "n_triples": 9, "text_to_json_ratio": 11.8}}
{"sample_id": "0001041673:ALL", "cik": "0001041673", "trust_name": "Nuveen Investment Trust II", "input_text": "Manages the Fund 7 More About Our Investment Strategies 9 What the Risks Are 10 Section 3 How You Can Buy and Sell Shares Multi-Class ETF Fund Structure 19 Purchase and Sale of ETF Class Shares 20 Purchase and Redemption of Creation Units 21 Conversions 22 Section 4 General Information Dividends, Distributions and Taxes 24 Distributor 28 Distribution and Service Payments 28 Net Asset Value 29 Frequent Trading 30 Premium/Discount Information 31 Fund Service Providers 31 Listing Exchange 31 Section 5 Financial Highlights Nuveen Dividend Growth Fund 32\nNOT FDIC OR GOVERNMENT INSURED MAY LOSE VALUE NO BANK GUARANTEE Section 1 Fund Summary Nuveen Dividend Growth Fund ETF Class Shares Investment Objective The investment objective of the Fund is to seek an attractive total return comprised of income from dividends and long-term capital appreciation. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy, hold and sell ETF Class shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the example that follows: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nETF Class\nManagement Fees\n0.59\n%\nDistribution and/or Service (12b-1) Fees\n0.00\n%\nOther Expenses 1\n0.16\n%\nTotal Annual Fund Operating Expenses\n0.75\n%\nFee Waivers and/or Expense Reimbursements 2\n( 0.14\n)%\nTotal Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements\n0.61\n%\n1 The ETF Class shares of the Fund are new, so the Other Expenses shown for the class are based on estimated fees and expenses for the ETF Class s first fiscal year. 2 Nuveen Fund Advisors, LLC, the Fund s investment adviser, has agreed to waive fees and/or reimburse expenses so that the total annual operating expenses of the ETF Class (excluding interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the current total annual operating expenses of Class R6 shares of the Fund (which as of the Mutual Fund s most recent prospectus was 0.61%) through July 31, 2028 or 1.25% of the average daily net assets of any class of Fund shares after July 31, 2028. The expense limitation expiring July 31, 2028 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund. Example The following example is intended to help you compare the cost of investing in the ETF Class of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the ETF Class of the Fund for the time periods indicated and then sell all of your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the operating expenses of the ETF Class are at the lesser of the Total Annual Fund Operating Expenses or the applicable expense limitation. The example does not reflect brokerage commissions that you may pay when you purchase and sell Fund shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\nETF Class\n1 Year\n$\n62\n3 Years\n$\n208\n5 Years\n$\n386\n10 Years\n$\n901\nPortfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (o\n...\nf market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class R6 shares only; after-tax returns for the ETF Class will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.\nSection 1 Fund Summary\n5\nAverage Annual Total Returns\nfor the Periods Ended\nDecember 31, 2025\nInception Date\n1 Year\n5 Years\n10 Years\nClass R6 (return before taxes)\n3/25/13\n10.07\n%\n11.41\n%\n12.36\n%\nClass R6 (return after taxes on distributions)\n7.60\n%\n10.00\n%\n10.96\n%\nClass R6 (return after taxes on distributions and sale of Fund shares)\n7.31\n%\n8.88\n%\n9.93\n%\nS P 500 Index 1\n(reflects no deduction for fees, expenses or taxes)\n17.88\n%\n14.42\n%\n14.82\n%\nLipper Equity Income Funds Classification Average 2\n(reflects no deduction for taxes or sales loads)\n13.22\n%\n10.61\n%\n10.29\n%\n1\nAn index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization.\n2\nRepresents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Nuveen Asset Management, LLC Portfolio Managers\nName\nTitle\nPortfolio Manager of Fund Since\nDavid A. Chalupnik, CFA\nSenior Managing Director\nJune 2019\nDavid S. Park, CFA\nManaging Director\nJune 2019\nCharles J. Carr, CFA\nSenior Managing Director\nApril 2026 Purchase and Sale of ETF Class Shares Same as a standalone ETF, shares of the ETF Class are listed on a national securities exchange and can only be bought and sold in the secondary market through a broker-dealer at market prices; unlike other share classes of the Fund, individual ETF Class shares are not redeemable. Because ETF Class shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (at a premium ) or less than NAV (at a discount ). An investor may also incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Class shares (bid) and the lowest price a seller is willing to accept for ETF Class shares (ask) when buying and selling shares in the secondary market (the bid/ask spread ). Recent information regarding the ETF Class shares, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the ETF Class share s website at www.nuveen.com/etf. Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your investment from such account). Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the ETF Class through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund s investment adviser or its affiliates may pay the intermediary\n...\nrocedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or street name form. Share Trading Prices The trading prices of the Fund s ETF Class shares on the Listing Exchange generally differ from the Fund s NAV and are affected by market forces such as the supply of and demand for the ETF Class s shares as well as the securities held by the Fund, economic conditions and other factors. The price you pay or receive when you buy or sell your shares in the secondary market is based on the market price of the ETF Class s shares, which may be more or less than the NAV of such shares. Householding Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status. Investments by Registered Investment Companies Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including shares of the Fund. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Rule 12d1-4 under the 1940 Act, including that such investment companies enter into an agreement with the Fund.\nPurchase and Redemption of Creation Units Only certain institutional investors (typically market makers or other broker-dealers) who have entered into agreements with the Nuveen Securities, LLC, the Fund s distributor (the Distributor ), ( Authorized Participants ) may purchase and redeem ETF Class shares directly from the Fund at the ETF Class NAV and only in large blocks of shares or multiples thereof ( Creation Units ). Except when aggregated in Creation Units, ETF Class shares are not redeemable. An Authorized Participant must be either a DTC participant or a member of the Continuous Net Settlement System of the National Securities Clearing Corporation ( NSCC ). The ETF Class generally issues and redeems Creation Units in exchange for a designated in-kind basket of securities and/or a designated amount of cash (together, the Basket ). Each day the Listing Exchange is open for trading (a Business Day ), prior to the opening of trading, the ETF Class publishes that day s Basket through NSCC or another method of public dissemination. Orders from Authorized Participants to create or redeem Creation Units may only be placed on a Business Day and are subject to approval by the Distributor. The prices at which creations and redemptions occur are based on the next calculation of ETF Class NAV after an order is received and deemed acceptable by the Distributor.\nSection 3 How You Can Buy and Sell Shares\n21 Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is included in the Fund s statement of additional information.\nConversions A shareholder holding a mutual fund class of the Fund may convert those shares to ETF Class shares issued by the Fund to the extent supported by the shareholder's financial intermediary. Shareholders should contact their financial intermediary to determine the eligibility of their account for such a conversion\n...\noccurs on the secondary market. Because secondary market trades do not involve the Fund directly, the Board concluded that such trades were unlikely to cause many of the harmful effects of frequent trading, including dilution, disruption of portfolio management, increases in the Fund s trading costs and the realization of capital gains. With respect to purchases and redemptions by Authorized Participants directly from the ETF Class shares that are effected in-kind (i.e., for securities), the Board concluded that those trades do not have the potential to cause the harmful effects that may result from frequent cash trades. To the extent that the ETF Class shares may effect the purchase or redemption of Creation Units in exchange wholly or partially for cash, the Board recognized that such trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund s ability to achieve its investment objective. However, the Board noted that direct trading by Authorized Participants is critical to ensuring that the ETF Class s shares trade at or close to NAV. In addition, the Board recognized that the Fund s ETF Class imposes fixed and variable transaction fees\n30\nSection 4 General Information on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund s ETF Class in effecting trades.\nPremium/Discount Information Information showing the number of days the market price of the ETF Class s shares was greater than the ETF Class s NAV per share (i.e., at a premium) and the number of days it was less than the ETF Class s NAV per share (i.e., at a discount) are made available on the Fund s ETF Class website at www.nuveen.com/etf.\nFund Service Providers The custodian of the assets of the Fund is State Street Bank and Trust Company ( State Street ), One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian also provides certain accounting services to the Fund. The transfer, shareholder services and dividend paying agent of the Fund's ETF Class of shares is also State Street, and they perform bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.\nListing Exchange The ETF Class shares of the Fund are not sponsored, endorsed or promoted by the Listing Exchange. The Listing Exchange makes no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the ability of the Fund to achieve its investment objective. The Listing Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of or quantities of shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. The Listing Exchange has no obligation or liability to owners of shares of the Fund in connection with the administration, marketing or trading of shares of the Fund. Without limiting any of the foregoing, in no event shall the Listing Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.\nSection 4 General Information\n31 Section 5 Financial Highlights The financial highlights table is intended to help you understand the Fund s financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. Because the ETF Class shares of the Fund have not commenced operations as of the date of this pros\n...\ncantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund's most recent statement of additional information, annual and semi-annual reports and certain other information such as financial statements are available, free of charge, by calling Nuveen Investor Services at (888) 290-9881, on the Fund's website at www.nuveen.com/etf, or through your financial advisor. Shareholders may call the toll free number above with any inquiries. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ( SEC ). Reports and other information about the Fund are available on the EDGAR Database on the SEC s website at http://www.sec.gov. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov. The SEC may charge a copying fee for this information. No person has been authorized to give any information or to make any representations other than those contained in this prospectus in connection with the offer of the Fund s ETF Class shares, and, if given or made, the information or representations must not be relied upon as having been authorized by the Fund. Neither the delivery of this prospectus nor any sale of the Fund s ETF Class shares shall under any circumstance imply that the information contained herein is correct as of any date after the date of this prospectus. Please read and keep this prospectus for future reference. Dealers effecting transactions in the Fund s ETF Class shares, whether or not participating in this distribution, are generally required to deliver a prospectus. This is in addition to any obligation of dealers to deliver a prospectus when acting as underwriters. The Fund is a series of Nuveen Investment Trust II, whose Investment Company Act file number is 811-08333. Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, Illinois 60606 www.nuveen.com/etf\nMPR-DGETF-0526P\nMay 19, 2026\nListing Exchange\nTicker Symbol\nNuveen Dividend Growth Fund ETF Class\nNYSE Arca, Inc.\nNUDG\nSTATEMENT OF ADDITIONAL INFORMATION This Statement of Additional Information ( SAI ) is not a prospectus. This SAI relates to the ETF Class of shares, and should be read in conjunction with, the Prospectus for the ETF Class of shares dated May 19, 2026 for Nuveen Dividend Growth Fund (the Fund ), a series of Nuveen Investment Trust II. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A Prospectus may be obtained without charge from the Fund by visiting the Fund s website at www.nuveen.com/etf or by calling (800) 257-8787. As of the date of this SAI, the ETF Class of shares for the Fund has not yet commenced operations. The audited financial statements for Class A, Class C, Class R6 and Class I shares (the Mutual Fund Shares ) of the Fund for their most recent fiscal year, which appear in the Fund s Form N-CSR dated July 31, 2025, and the Fund's unaudited financial statements for the six months ended January 31, 2026 appear in the Fund's Form N-CSRS dated January 31, 2026, are incorporated herein by reference. The Fund s Prospectus, Annual Report and other information such as financial statements are available without charge by calling the phone number noted above.\nTABLE OF CONTENTS Page\nGeneral Information\nS- 3\nGeneral Risks\nS- 3\nContinuous Offering\nS- 4\nInvestment Restrictions\nS- 4\nInvestment Policies and Techniques\nS- 6\nBorrowing\nS- 6\nCash Equivalents and Short-Term Investments\nS- 7\nDerivatives\nS- 9\n...\nans, redemptions in connection with the total disability\nor death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals,\ntermination of plan participation, return of excess contributions, and required minimum distributions. The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual\ncircumstances. The Funds reserve the right to impose restrictions on purchases or exchanges that are\nmore restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Funds also reserve the\nright to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund s\ninvestment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds Frequent Trading Policy\nand its enforcement, see Purchase and Redemption of Fund Shares Frequent Trading Policy in the statement of additional information.\nFund Service\nProviders The custodian of the assets of the Funds is State Street Bank and\nTrust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian also provides certain accounting services to the Funds. The Funds' transfer, shareholder services and dividend paying agent, SS C Global Investor\nDistribution Solutions, Inc., P.O. Box 219140, Kansas City, Missouri 64121-9140, performs bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.\n46\nSection 4 General Information\nSection 5 Financial\nHighlights The financial highlights table is intended to help you understand\na Fund s financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an\ninvestment in a Fund (assuming reinvestment of all dividends and distributions). The information has been derived from the Funds financial statements, which have been audited by PricewaterhouseCoopers LLP, whose report for the most recent\nfiscal year, along with the Funds financial statements, are filed on Form N-CSR, which is available upon request.\nNuveen Dividend Growth Fund\nInvestment\nOperations\nLess\nDistributions\nRatios/Supplemental\nData\nRatios\nof\nNet\nRatios of\nInvestment\nNet Asset\nNet\nNet\nNet Asset\nNet\nExpenses\nIncome (Loss)\nValue,\nInvestment\nRealized/\nFrom\nValue,\nAssets,\nto Average\nto Average\nPortfolio\nYear Ended\nBeginning\nIncome (NII)\nUnrealized\nFrom\nNet Realized\nEnd of\nTotal\nEnd of\nNet\nNet\nTurnover\nJuly\n31:\nof\nPeriod\n(Loss)(a)\nGain\n(Loss)\nTotal\nNII\nGains\nTotal\nPeriod\nReturn(b)\nPeriod\n(000)\nAssets(c)\nAssets(c)(d)\nRate\nClass A\n2025\n$\n62.40\n$\n0.57\n$\n5.23\n$\n5.80\n$\n(0.57\n)\n$\n(3.47\n)\n$\n(4.04\n)\n$\n64.16\n9.43\n%\n$\n1,161,600\n0.91\n%\n0.90\n%\n12\n%\n2024\n54.65\n0.59\n8.69\n9.28\n(0.60\n)\n(0.93\n)\n(1.53\n)\n62.40\n17.35\n1,121,499\n0.92\n1.05\n11\n2023\n51.54\n0.59\n4.26\n4.85\n(0.61\n)\n(1.13\n)\n(1.74\n)\n54.65\n9.75\n976,938\n0.92\n1.16\n17\n2022\n53.39\n0.55\n(0.49\n)\n0.06\n(0.56\n)\n(1.35\n)\n(1.91\n)\n51.54\n(0.04\n)\n932,555\n0.91\n1.04\n17\n2021\n43.32", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_International_Value_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_International_Value_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_International_Value_Fund", "p": "seriesOf", "o": "trust:Nuveen_Investment_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_International_Value_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_International_Value_Fund", "p": "transferAgent", "o": "org:SS_C_Global_Investor_Distribution_Solutions_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Nuveen_Investment_Trust_II", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuveen International Value Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Nuveen Investment Trust II <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> Nuveen Investment Trust II <predicate_marker> underwrittenBy <object_marker> Nuveen Securities, LLC <triple_end>", "target_serialized_plain": "Nuveen International Value Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Nuveen Investment Trust II ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nNuveen Investment Trust II underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 21622, "n_triples": 6, "text_to_json_ratio": 36.8}}
{"sample_id": "0001045487:ALL", "cik": "0001045487", "trust_name": "JAMES ADVANTAGE FUNDS", "input_text": "ay each year as a percentage of the value of your investment)\nManagement\nFee\n0.74 %\nDistribution\n(12b-1) Fees\n0.25 %\nOther\nExpenses\n0.23 %\nAcquired\nFund Fees and Expenses 1\n0.01 %\nTotal\nAnnual Fund Operating Expenses\n1.23 %\n1\nAcquired\nFund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the Financial\nHighlights section of this prospectus.\nExample:\nThe\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.\nThe Example\nassumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.\nThe Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same.\nAlthough\nyour actual costs may be higher or lower, based on these assumptions your costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\nJames\nBalanced: Golden Rainbow Fund\n$ 125\n$ 390\n$ 676\n$ 1,489\nPortfolio\nTurnover :\nThe\nFund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher\nportfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in\nthe Example, affect the Fund s performance. A higher turnover may also result in more income taxes for a shareholder when Fund\nshares are held in a taxable account. During the most recent fiscal year, the Fund s portfolio turnover rate was 27 % of the average\nvalue of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year.\nPrincipal\nInvestment Strategies\nUnder\nnormal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research,\nInc. (the Adviser ) believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities\nand fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.\n3\nEquity\nsecurities that the Fund will principally invest in are common stocks, preferred stocks and exchange-traded funds ( ETFs )\nthat invest primarily in equity securities. Some or all of the equity portion of the Fund may be invested across all market capitalizations.\nFixed income securities that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or\nsovereign bonds of any maturity, as well as ETFs that invest primarily in such securities. Any non-U.S. government securities in the\nFund s portfolio will consist primarily of issues rated Baa2 or better by Moody s Investors Service, Inc. ( Moody s )\nor BBB or better by S P Global Ratings ( S P ) and unrated securities determined by the Adviser to\nbe of equivalent quality, as well as high quality money market instruments. The Fund does not generally buy non-investment grade bonds.\nThe Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). The Adviser uses\na disciplined sell strategy for the Fund. The Adviser may sell securities because of a deterioration of the underlying company s\nfinancials, such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative to\nthe other stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or\nchanges in the regulatory or economic environment in which the company opera\n...\n2 %\n6.39 %\n* Broad-based\nsecurities market index.\n** Additional\nindex.\nAfter-tax\nreturns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question\n(as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend\non a shareholder s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund\nshares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts ( IRA ).\n7\nPortfolio\nManagement\nJames\nInvestment Research, Inc. is the investment adviser to the Fund.\nThe\nFund is managed by a team of portfolio managers from the Adviser, who are jointly and primarily responsible for the day-to-day management\nof the Fund s portfolio of securities. These portfolio managers also serve as members of the Adviser s Investment Committee:\nR.\nBrian Culpepper, CMFC\nBrian\nShepardson, CFA\nTrent\nDysert, CFA\nPortfolio\nManager\nPortfolio\nManager\nPortfolio\nManager\nSince\n1998\nSince\n2001\nSince\n2014\nThe\nInvestment Committee also includes the following members, who are not responsible for the day-to-day management of the Fund:\nBarry\nJames\nDr.\nFall Ainina, CFA\nLesley\nOtt, CMFC\nCommittee\nMember\nCommittee\nMember\nCommittee\nMember\nSince\n1991\nSince\n2019\nSince\n2022\nBuying\nand Selling Fund Shares\nMinimum\nInitial Investment\n$2,000\n$500 (tax-qualified accounts)\nMinimum\nAdditional Investment\nNone\nYou\ncan buy and redeem shares of the Fund on any day the New York Stock Exchange ( NYSE ) is open for business by calling 1-800-99-JAMES\n(1-800-995-2637); by writing to James Advantage Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246; via overnight\nmail at James Advantage Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246; via the Fund s\nwebsite at www.jamesinvestment.com; through a financial intermediary that has established an agreement with the Fund s distributor;\nor if you are a client of the Adviser.\n8\nDividends,\nCapital Gains and Taxes\nFor\nU.S. federal income tax purposes, the Fund s distributions may be taxed as ordinary income, capital gains, qualified dividend income\nor section 199A dividends, except when an investment is held in an IRA, 401(k) or other tax-qualified investment plan. Withdrawals from\na tax-qualified investment plan are subject to special tax rules.\nPayments\nto Broker-Dealers and Other Financial Intermediaries\nIf\nyou purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may\npay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing\nthe broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit\nyour financial intermediary s website for more information.\n9\nFUND\nSUMMARY - JAMES SMALL CAP FUND\nInvestment\nObjective\nJames\nSmall Cap Fund (the Fund ) seeks to provide long-term capital appreciation.\nFees\nand Expenses of the Fund\nThis\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions\nand other fees to financial intermediaries which are not reflected in the table and example below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nAnnual\nFund Operating Expenses\n(expenses that you pay each year as a percentage of the value of you\n...\nto and including $500 million\n0.74%\n1.25%\nOver\n$500 million up to and including $1 billion\n0.70%\n1.20%\nOver\n$1 billion up to and including $2 billion\n0.65%\n1.15%\nOver\n$2 billion\n0.60%\n1.10%\nFor\nthe fiscal year ended June 30, 2025, the Adviser was paid management fees by each Fund as shown below:\nPercentage\nof\nAverage Daily\nNet Assets\nJames\nBalanced: Golden Rainbow Fund\n0.74%\nJames\nSmall Cap Fund\n1.22%\nThe\nJames Balanced: Golden Rainbow Fund is responsible for all of the Adviser s fees and expenses incurred in performing the advisory\nservices set forth in the investment advisory agreement (such as the Adviser s rental expenses, occupancy costs, employee compensation,\nand other similar expenses) and the Fund pays the Adviser a management fee for such services. The Fund pays all operating expenses, all\ndistribution and other fees and expenses incurred under a plan adopted pursuant to Rule 12b-1 under the 1940 Act for such classes using\na Rule 12b-1 plan, and any extraordinary expenses, including litigation costs.\nFor\nthe James Small Cap Fund, the Adviser is responsible for all fees and expenses incurred in performing the advisory services set forth\nin the investment advisory agreement (such as the Adviser s rental expenses, occupancy costs, employee compensation, and other\nsimilar expenses) and the payment of all operating expenses of the Fund other than brokerage fees and commissions, taxes, interest, 12b-1\nexpenses, fees and\n22\nexpenses\nof non-interested person Trustees, and extraordinary expenses, such as Acquired Fund Fees and Expenses that are paid indirectly by the\nFund. In exchange, the Fund pays the Adviser a management fee.\nThe\ncurrent term of the investment advisory contract between the Adviser and each Fund is one year. A discussion regarding the basis for\nthe James Advantage Funds (the Trust ) Board of Trustees (the Board ) approval of each investment advisory\ncontract between the Adviser and a Fund is available in the Funds reports filed on Form N-CSR for the fiscal year ended June 30,\n2025 which is available on the Funds website at www.jamesinvestment.com and on the U.S. Securities and Exchange Commission s\n(the SEC ) website at http://www.sec.gov.\nEach\nFund enters into contractual arrangements with various parties, including, among others, the Fund s investment adviser, who provide\nservices to a Fund. Shareholders are not parties to, or intended (or third-party ) beneficiaries of those contractual arrangements.\nThis\nProspectus and the SAI provide information concerning each Fund that you should consider in determining whether to purchase shares of\na Fund. A Fund may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to\nany contract rights or other rights in any shareholder, other than any rights conferred by federal or state securities laws.\nPortfolio\nManagement\nThe\nFunds are managed by an Investment Committee of the Adviser. R. Brian Culpepper, Brian Shepardson, and Trent D. Dysert, who are members\nof this committee, are jointly and primarily responsible for the day-to-day management of the Funds. Other members of the Adviser s\nInvestment Committee are not responsible for the day-to-day management of the Funds. The SAI provides additional information about each\nportfolio manager s compensation, other managed accounts by the portfolio managers, and ownership of securities in the Funds.\nR.\nBrian Culpepper, CMFC, CKA, joined the Adviser in 1995, and is Chief Executive Officer, President, and portfolio manager. He is also\nPresident of the Trust. Mr. Culpepper cur\n...\ntion request whether the Fund should withhold federal income\ntax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to\nwithholding.\nAdditional\nInformation\nFor\nmore information, see the SAI under FEDERAL INCOME TAXES. Investors should consult with their tax advisers regarding the\nU.S. federal, foreign, state and local tax consequences of an investment in the Funds.\nSHAREHOLDER\nREPORTS AND OTHER INFORMATION\nFor\nshareholders electing to receive reports by mail, the Funds will send one copy of prospectuses and shareholder reports to households\ncontaining multiple shareholders with the same last name. This process, known as householding, reduces costs and provides\na convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate\nprospectuses and shareholder reports, call the Funds at 1-800-99-JAMES (1-800-995-2637) and we will begin separate mailings to you within\n30 days of your request. If you or others in your household invest in the Funds through a broker or other financial institution, you\nmay receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment\napplication. Your financial intermediary may have its own procedures for delivering required documents to you.\nDISTRIBUTION\nPLANS\nRule\n12b-1 Fees\nThe\nJames Small Cap Fund and the Retail Class of the James Balanced: Golden Rainbow Fund have each adopted a plan pursuant to Rule 12b-1\nunder the 1940 Act (collectively, the Plans ) under which the Fund may incur expenses related to distribution of its shares\nand for services provided to shareholders. Payments under a Plan are made to the Adviser s designee, Ultimus Fund Distributors,\nLLC (the Distributor ), which uses them to pay distribution and shareholder service expenses on behalf of and as agent of\nthe Fund. The amount payable by each Fund (the Retail Class of the James Balanced: Golden Rainbow Fund) under its Plan is 0.25% of its\naverage daily net assets for the year. The Plans are compensation plans, which means\n39\nthat\npayments are made regardless of 12b-1 expenses actually incurred. Therefore, payments under a Plan may exceed distribution and shareholder\nservice expenses related to intermediaries and other similar parties incurred pursuant to the Plan, in which case such payments would\nbe applied to other allowable distribution expenses. Because these 12b-1 expenses are paid out of the Funds assets on an ongoing\nbasis, over time these 12b-1 expenses will increase the cost of your investment and may cost you more than paying other types of sales\nloads.\nAdditional\nCompensation to Financial Intermediaries\nThe\nAdviser may, at its own expense and out of its own legitimate profits, provide additional cash payments to financial intermediaries who\nsell shares of the Funds and/or whose clients or customers hold shares of the Funds. These payments are payments over and above the Rule\n12b-1 fees and generally are made to financial intermediaries that provide shareholder or administrative services, or distribution related\nservices. Distribution related services may include access to sales meetings, sales representatives and financial intermediary management\nrepresentatives, inclusion of the Funds on a sales list, including a preferred or select sales list, or other sales programs. These additional\ncash payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:JAMES_AGGRESSIVE_ALLOCATION_FUND", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:JAMES_AGGRESSIVE_ALLOCATION_FUND", "p": "advisedBy", "o": "org:James_Investment_Research_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_AGGRESSIVE_ALLOCATION_FUND", "p": "seriesOf", "o": "trust:JAMES_ADVANTAGE_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_AGGRESSIVE_ALLOCATION_FUND", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_BALANCED_GOLDEN_RAINBOW_FUND", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:JAMES_BALANCED_GOLDEN_RAINBOW_FUND", "p": "advisedBy", "o": "org:James_Investment_Research_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_BALANCED_GOLDEN_RAINBOW_FUND", "p": "seriesOf", "o": "trust:JAMES_ADVANTAGE_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_BALANCED_GOLDEN_RAINBOW_FUND", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_MICRO_CAP_FUND", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:JAMES_MICRO_CAP_FUND", "p": "advisedBy", "o": "org:James_Investment_Research_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_MICRO_CAP_FUND", "p": "seriesOf", "o": "trust:JAMES_ADVANTAGE_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_MICRO_CAP_FUND", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_SMALL_CAP_FUND", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:JAMES_SMALL_CAP_FUND", "p": "advisedBy", "o": "org:James_Investment_Research_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_SMALL_CAP_FUND", "p": "seriesOf", "o": "trust:JAMES_ADVANTAGE_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JAMES_SMALL_CAP_FUND", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JAMES_ADVANTAGE_FUNDS", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> JAMES AGGRESSIVE ALLOCATION FUND <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> James Investment Research, Inc. <predicate_marker> seriesOf <object_marker> JAMES ADVANTAGE FUNDS <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> JAMES BALANCED: GOLDEN RAINBOW FUND <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> James Investment Research, Inc. <predicate_marker> seriesOf <object_marker> JAMES ADVANTAGE FUNDS <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> JAMES MICRO CAP FUND <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> James Investment Research, Inc. <predicate_marker> seriesOf <object_marker> JAMES ADVANTAGE FUNDS <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> JAMES SMALL CAP FUND <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> James Investment Research, Inc. <predicate_marker> seriesOf <object_marker> JAMES ADVANTAGE FUNDS <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> JAMES ADVANTAGE FUNDS <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "JAMES AGGRESSIVE ALLOCATION FUND administrator Ultimus Fund Solutions, LLC ; advisedBy James Investment Research, Inc. ; seriesOf JAMES ADVANTAGE FUNDS ; transferAgent Ultimus Fund Solutions, LLC .\nJAMES BALANCED: GOLDEN RAINBOW FUND administrator Ultimus Fund Solutions, LLC ; advisedBy James Investment Research, Inc. ; seriesOf JAMES ADVANTAGE FUNDS ; transferAgent Ultimus Fund Solutions, LLC .\nJAMES MICRO CAP FUND administrator Ultimus Fund Solutions, LLC ; advisedBy James Investment Research, Inc. ; seriesOf JAMES ADVANTAGE FUNDS ; transferAgent Ultimus Fund Solutions, LLC .\nJAMES SMALL CAP FUND administrator Ultimus Fund Solutions, LLC ; advisedBy James Investment Research, Inc. ; seriesOf JAMES ADVANTAGE FUNDS ; transferAgent Ultimus Fund Solutions, LLC .\nJAMES ADVANTAGE FUNDS underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 14413, "n_triples": 17, "text_to_json_ratio": 9.4}}
{"sample_id": "0001047712:ALL", "cik": "0001047712", "trust_name": "UNDISCOVERED MANAGERS FUNDS", "input_text": "nd therefore, the above waivers do not apply to such investments. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. November 1, 2025 | 1\nUndiscovered Managers Behavioral Value Fund (continued)\nIF YOU SELL YOUR SHARES, YOUR COST WOULD BE:\n1 Year\n3 Years\n5 Years\n10 Years\nCLASS A SHARES ($)\n645\n918\n1,211\n2,045\nCLASS C SHARES ($)\n277\n569\n986\n2,020\nCLASS I SHARES ($)\n101\n337\n591\n1,320\nIF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:\n1 Year\n3 Years\n5 Years\n10 Years\nCLASS A SHARES ($)\n645\n918\n1,211\n2,045\nCLASS C SHARES ($)\n177\n569\n986\n2,020\nCLASS I SHARES ($)\n101\n337\n591\n1,320 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 35 % of the average value of its portfolio. What are the Fund s main investment strategies? The Fund seeks to achieve its objective by investing in common stocks of U.S. companies that the Fund s sub-adviser, Fuller Thaler Asset Management, Inc. (FullerThaler), believes have value characteristics. Such common stocks often include, but are not limited to, stocks of small capitalization companies, similar to those that are included in the Russell 2000 Value Index. FullerThaler's strategy focuses on, but is not limited to, the Fund investing in small capitalization companies; additionally, the Fund may buy, continue to hold, as well as make additional investments in, a stock if it is above, or has appreciated beyond the market capitalization of the largest company included in the Russell 2000 Value Index. The Fund may also invest in real estate investment trusts (REITs). A REIT is a pooled investment vehicle that generally invests in income-producing real estate or real estate-related loans or interests. REITs are classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. In selecting stocks for the Fund, FullerThaler applies principles based on behavioral finance. FullerThaler believes that behavioral biases on the part of investors may cause the market to overreact to old, negative information and underreact to new, positive information concerning a company. In an effort to take advantage of such behavioral biases, FullerThaler generally utilizes a three-pronged approach that includes (i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company, (ii) evidence of overreaction due to behavioral factors that have resulted in an absolute or relative decline in valuation and (iii) analysis of the company fundamentals with regard to business model, valuation and credit risk. The Fund s Main Investme\n...\nin the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.\nYEAR-BY-YEAR RETURNS CLASS A SHARES\nBest Quarter\n4th quarter, 2020\n43.10 %\nWorst Quarter\n1st quarter, 2020\n- 40.89 %\nThe Fund s year-to-date total return\nthrough\n9/30/25\nwas\n2.27 %\n.\nAVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2024)\nPast 1 Year\nPast 5 Years\nPast 10 Years\nCLASS A SHARES\nReturn Before Taxes\n4.10 %\n10.03 %\n8.87 %\nReturn After Taxes on Distributions\n2.93\n8.67\n7.48\nReturn After Taxes on Distributions and Sale of Fund Shares\n3.07\n7.72\n6.83\nCLASS C SHARES\nReturn Before Taxes\n8.33\n10.68\n9.02\nCLASS I SHARES\nReturn Before Taxes\n10.15\n11.51\n9.74\nRUSSELL 3000 INDEX (Reflects No Deduction for Fees, Expenses, or Taxes)\n23.81\n13.86\n12.55\nRUSSELL 2000 VALUE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes)\n8.05\n7.29\n7.14 After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 4 | Undiscovered Managers Funds\nManagement Investment Adviser J.P. Morgan Investment Management Inc. (the adviser) Investment Sub-adviser Fuller Thaler Asset Management, Inc. (the sub-adviser)\nPortfolio Manager\nManaged Fund Since\nPrimary Title with Investment Sub-Adviser\nDavid M. Potter, CFA\n2005\nLead Portfolio Manager and Partner\nRyam S. Lee, CFA\n2019\nAssociate Portfolio Manager Purchase and Sale of Fund Shares Purchase minimums\nFor Class A and Class C Shares\nTo establish an account\n$1,000\nTo add to an account\n$50\nFor Class I Shares\nTo establish an account\n$1,000,000\nTo add to an account\nNo minimum levels In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9143 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. November 1, 2025 | 5\nUndiscovered Managers Behavioral Value Fund Class/Ticker: L/UBVLX Currently, the Fund\n...\nund. The Fund operates in a multiple class structure. A multiple class fund is an open-end investment company that issues two or more classes of shares representing interests in the same investment portfolio. Each class in a multiple class fund can set its own transaction minimums and may vary with respect to expenses for distribution, administration and shareholder services. This means that one class could offer access to the Fund on different terms than another class. Certain classes may be more appropriate for a particular investor. The Fund may issue other classes of shares that have different expense levels and performance and different requirements for who may invest. Call 1-800-480-4111 to obtain more information concerning all of the Fund s other share classes. A Financial Intermediary who receives compensation for selling Fund shares may receive a different amount of compensation for sales of different classes of shares. The Fund s Investment Adviser and Sub-Adviser J.P. Morgan Investment Management Inc. (JPMIM) is the investment adviser to the Fund and makes the day-to-day investment decisions for the Fund. In rendering investment advisory services to the Fund, JPMIM uses the portfolio management, research and other resources of a foreign (non-U.S.) affiliate of JPMIM and may provide services to the Fund through a participating affiliate arrangement, as that term is used in relief granted by the staff of the SEC. Under this relief, U.S. registered investment advisers are allowed to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase Co. (JPMorgan Chase), a bank holding company. JPMIM is located at 383 Madison Avenue, New York, NY 10179. Until January 30, 2004, the Fund s investment adviser was Undiscovered Managers, LLC. Effective January 31, 2004, JPMIM became the Fund s investment adviser. FullerThaler has served as the Fund s sub-adviser for the life of the Fund. JPMIM has the responsibility for the management of the Fund s affairs, under the supervision of the Trust s Board of Trustees. The Fund s investment portfolio is managed on a day-to-day basis by the Fund s sub-adviser, under the general oversight of JPMIM and the Board of Trustees. JPMIM has ultimate responsibility to oversee the sub-adviser, and it monitors and evaluates the sub-adviser to help assure that the sub-adviser is managing the Fund consistently with the Fund s investment objective and restrictions and applicable laws and guidelines. In addition, JPMIM has ultimate responsibility to recommend to the Board of Trustees the hiring, termination and replacement of the sub-adviser. The sub-adviser is responsible for deciding which securities to purchase and sell for the Fund and for placing orders for the Fund s transactions. JPMIM does not determine what investments will be purchased or sold for the Fund. During the most recent fiscal year ended June 30, 2025, JPMIM was paid management fees (net of waivers) of 0.71%, as a percentage of average daily net assets. A discussion of the basis the Board of Trustees of the Trust used in reapproving the investment advisory and sub-advisory agreements for the Fund is in the financial statements and other information filed with the SEC on Form N-CSR ( Financial Statements and Other Information ) dated December 31, 2024, which is available online at www.jpmorganfunds.com. JPMIM, Sub-Adviser and Po\n...\nest. The Fund may offer other classes of shares not included in this prospectus that have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. In addition, the Fund may have a similar name, investment objective and policies as other funds and ETFs advised by the adviser or its affiliates that may have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. Please visit www.jpmorganfunds.com to obtain more information concerning these or other share classes, funds or ETFs. A Financial Intermediary may receive different compensation based on the share class sold. Additional Information that Applies to All Accounts: If your identity or the identity of any other person(s) authorized to act on your behalf cannot be verified, or if potentially criminal activity is identified, the J.P. Morgan Funds and the Distributor reserve the right to reject opening an account for you, close your account, or take such other action they deem reasonable or required by law. Shares of the Fund have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Fund generally does not market or sell shares to investors domiciled outside of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States. 20 | Undiscovered Managers Funds\nClass A\nClass C\nClass I\nClass L\nEligibility 1,2,3\nMay be purchased by the general public 4\nMay be purchased by the general public 5\nMay be purchased by: Institutional Investors who meet the minimum investment requirements; Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the Distributor ) and meeting the investment minimum requirements; Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares ( Eligible Brokerage Program ); and Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. 6\nLimited to certain investors, including: 11 Purchases directly from the Fund through the Distributor by institutional investors such as corporations, pension and profit sharing plans and foundations that meet the minimum investment requirements; and Purchases through your Financial Intermediary or any other organization, including affiliates of JPMorgan Chase authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers. November 1, 2025 | 21\nInvesting with J.P. Morgan Funds (continued)\nClass A\nClass C\nClass I\nClass L\nMinimum Investment 1, 7, 8\n$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000,000 An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for the Fund or $50 if establishing a monthly $50 Systematic Investment Plan 9 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. 6\n...\nncial Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (CDSC) waivers, which are discussed in Appendix A. Except as described in Appendix A, purchases will be subject to the waivers or discounts discussed below. Waiver of the Class A Sales Charge No sales charge is imposed on Class A Shares of the Fund if the shares were: 1. Bought with the reinvestment of dividends and capital gains distributions. November 1, 2025 | 27\nInvesting with J.P. Morgan Funds (continued) 2. Acquired in exchange for shares of another J.P. Morgan Fund if a comparable sales charge has been paid for the exchanged shares. 3. Bought through a Financial Intermediary and not directly from the Funds by officers, directors, trustees, retirees and employees, and their immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the person, as defined in Section 152 of the Internal Revenue Code) of: J.P. Morgan Funds. JPMorgan Chase and its subsidiaries and affiliates. Former employees and their immediate family members can make subsequent purchases in accounts established during the employees employment. Officers, directors, trustees, retirees and employees, and their immediate family members of J.P. Morgan Funds and JPMorgan Chase and its subsidiaries and affiliates may open new Class I Share accounts subject to a $1,000 minimum investment requirement provided such accounts are opened directly from the Funds and not through a Financial Intermediary. Class I Shares have lower expenses than Class A Shares. Please call 1-800-480-4111 for more information concerning all of the Funds other share classes. 4. Bought by employees of: SS C GIDS, Inc. and its subsidiaries and affiliates. Financial Intermediaries or financial institutions that have entered into dealer agreements with the Funds or the Distributor and their subsidiaries and affiliates (or otherwise have an arrangement with a Financial Intermediary or financial institution with respect to sales of Fund shares). This waiver includes the employees immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the employee, as defined in Section 152 of the Internal Revenue Code). 5. Bought by: Employer sponsored retirement, deferred compensation, employee benefit plans (including health savings accounts) and trusts used to fund those plans. Employer sponsored plans include 401(k) plans, 457 plans, 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans and non-qualified deferred compensation plans. Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and KEOGHs plans do not qualify under this waiver. Financial Intermediaries, including affiliates of JPMorgan Chase, who have a dealer arrangement with the Distributor, act in a custodial capacity, or who place trades for their own accounts or for the accounts of their clients and who charge a management, asset allocation, consulting, or other fee for their services. Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to investment brokerage programs in which the end shareholder makes investment decisions independent of a financial advisor; these programs may or may not charge a transaction fee. Tuition programs that qualify under Section 529", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "seriesOf", "o": "trust:UNDISCOVERED_MANAGERS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "subAdvisedBy", "o": "org:Fuller_Thaler_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Undiscovered_Managers_Behavioral_Value_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:UNDISCOVERED_MANAGERS_FUNDS", "p": "underwrittenBy", "o": "org:JPMorgan_Distribution_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Undiscovered Managers Behavioral Value Fund <predicate_marker> administrator <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> advisedBy <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> UNDISCOVERED MANAGERS FUNDS <predicate_marker> subAdvisedBy <object_marker> Fuller & Thaler Asset Management, Inc. <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> UNDISCOVERED MANAGERS FUNDS <predicate_marker> underwrittenBy <object_marker> JPMorgan Distribution Services, Inc. <triple_end>", "target_serialized_plain": "Undiscovered Managers Behavioral Value Fund administrator J.P. Morgan Investment Management Inc. ; advisedBy J.P. Morgan Investment Management Inc. ; custodian JPMorgan Chase Bank, N.A. ; seriesOf UNDISCOVERED MANAGERS FUNDS ; subAdvisedBy Fuller & Thaler Asset Management, Inc. ; transferAgent SS&C GIDS, Inc. .\nUNDISCOVERED MANAGERS FUNDS underwrittenBy JPMorgan Distribution Services, Inc. .", "stats": {"input_chars": 18080, "n_triples": 7, "text_to_json_ratio": 26.5}}
{"sample_id": "0001058239:ALL", "cik": "0001058239", "trust_name": "Western Asset High Income Fund II Inc.", "input_text": "all such committees. The Funds do not provide any pension or retirement benefits to Directors. In addition, no remuneration was paid during the fiscal years ended April 30, 2008 and March 31, 2008 by HIX and ZIF, respectively,\nto Mr. Gerken who is an interested person as defined in the 1940 Act.\nName of Directors\nAggregate Compensation from HIX for Fiscal Year Ended 4/30/08\nAggregate Compensation from ZIF for Fiscal Year Ended 3/31/08\nTotal Compensation from the Fund\nand Fund Complex (1) for Calendar Year Ended 12/31/07\nDirectorships (2)\nCarol L. Colman\n$\n26,484\n$\n3,215\n$\n326,112.63\n22\nDaniel P. Cronin\n23,885\n2,001\n192,450.00\n22\nPaolo M. Cucchi\n23,885\n3,001\n174,250.00\n22\nLeslie H. Gelb\n25,174\n800\n178,250.00\n22\nWilliam R. Hutchinson\n26,519\n3,203\n368,239.68\n22\nDr. Riordan Roett\n25,501\n800\n180,250.00\n22\nJeswald W. Salacuse\n32,140\n600\n187,250.00\n22\n(1)\nFund Complex means two or more Funds (a registrant or, where the registrant is a series company,\na separate portfolio of the registrant) that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the\ninvestment adviser of any of the other Funds.\n(2)\nThe numbers indicate the applicable number of investment companies in the Fund Complex overseen by that\nDirector as of December 31, 2007.\nResponsibilities of the Board of Directors\nEach Fund s Board of Directors is responsible for ensuring that the Fund is managed in the best interest of its stockholders. The\nDirectors oversee the Funds business by, among other things, meeting with the Funds management and evaluating the performance of the Funds service providers including Legg Mason Partners Fund Advisor, LLC ( LMPFA or the\nManager ), Western Asset Management Company ( Western Asset ) and Western Asset Management Company Limited ( Western Asset Limited )(for ZIF only), the Funds custodian and the Funds transfer agent. As part\nof this process, the Directors consult with the Funds independent auditors and with their own separate independent counsel. Each Fund s Board of Directors has four regularly scheduled meetings each year, and additional meetings are scheduled as needed. In addition, each\nBoard has an Audit Committee and a Nominating Committee that meet periodically and whose responsibilities are described below. During HIX s fiscal year ended April 30, 2008, HIX s Board of Directors held four regular meetings and two special meetings.\nEach Director attended at least 75% of the aggregate number of meetings of the Board and the committees for which he or she was eligible. HIX does not have a formal policy regarding attendance by Directors at annual meetings of\nstockholders. Mr. Gerken attended HIX s 2007 Annual Meeting of Stockholders. During ZIF s fiscal year ended March 31, 2008, ZIF s Board of Directors held four regular meetings and two special meetings. Each Director attended at least 75% of the aggregate number of\nmeetings of the Board and the committees for which he or she was eligible. ZIF does not have a formal policy regarding attendance by Directors at annual meetings of stockholders. Mr. Gerken attended ZIF s 2007 Annual Meeting of Stockholders.\nEach Fund s Directors review the Fund s financial\nstatements, performance and market price as well as the quality of the services being provided to the Fund. As part of this process, the Directors review each Fund s fees and expenses to determine if they are reasonable and competitive in light\nof the services being received and while also ensuri", "ontology": {"Fund": {"subAdvisedBy": ["SubAdviser"]}}, "target_triples": [{"s": "fund:Western_Asset_High_Income_Fund_II_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Income_Fund_II_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Western Asset High Income Fund II Inc. <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Limited <triple_end>", "target_serialized_plain": "Western Asset High Income Fund II Inc. subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited .", "stats": {"input_chars": 3600, "n_triples": 2, "text_to_json_ratio": 14.9}}
{"sample_id": "0001060517:ALL", "cik": "0001060517", "trust_name": "UBS SERIES FUNDS", "input_text": "UBS Series Funds\n0001060517 false 485BPOS 2025-04-30 0.11 5.25 0.32 0.86 1.84 2.17 0.52 0.03 1.52 5.13 0.42 1.38 1.77 0.20 0.01 1.22 4.48 4.56 0.74 1.69 1.69 2.08 0.38 0.01 1.53 4.97 5.10 0.02 5.09 0.18 0.72 1.70 2.06 0.37 0.01 1.49 4.95 0.78 1.73 2.12 0.41 0.01 1.56 5.02 5.14 0.02 5.13 0.22 0.76 1.74 2.10 0.40 0.01 1.52 4.99 0.98 1.89 2.21 0.52 0.01 1.63 5.13 5.21 1.02 1.93 2.25 0.56 0.02 1.67 5.17 5.25 2.79 0.81 0.14 0.19 5.61 5.31 3.02 0.73 0.02 0.18 5.74 5.43 The fund and UBS Asset Management (Americas) LLC ( UBS AM ), the fund s investment advisor, have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse the fund so that the fund s operating expenses through August 31, 2026 (excluding interest expense, if any, expenses related to shareholders meetings and extraordinary items) would not exceed 0.30% for Investor Shares and 0.18% for Institutional Shares. The fund and UBS Asset Management (US) Inc. ( UBS AM (US) ) have entered into a written fee waiver agreement pursuant to which UBS AM (US) is contractually obligated to waive 0.15% of its shareholder servicing fee for Investor Shares also through August 31, 2026. The impact of both arrangements is reflected in the above table. The fund has agreed to repay UBS AM for any waived management fees/reimbursed expenses to the extent that it can do so over the three years following such waived fees/reimbursed expenses without causing the fund s expenses in any of those three years to exceed the lesser of any applicable expense limit that is in place for the fund (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment. The fee waiver/expense reimbursement agreements may be terminated by the fund s board at any time and also will terminate automatically upon the expiration or termination of the fund s contract with UBS AM. Upon termination of the agreement, however, UBS AM s three year recoupment rights will survive. 0001060517 ubssf:C000164452Member 2016-01-19 2024-12-31 0001060517 ubssf:C000164453Member 2016-01-19 2024-12-31 0001060517 ubssf:C000167202Member 2016-06-24 2024-12-31 0001060517 ubssf:C000167200Member 2016-06-28 2024-12-31 0001060517 ubssf:C0001671\n...\ncorrespondent firms have arrangements with UBS Financial Services Inc. to make fund shares available to their customers. Automatic sweep programs. UBS Financial Services Inc. administers cash sweep programs under which free cash balances in certain client securities accounts are automatically swept or invested in shares in the fund. The terms and eligibility requirements for the sweep programs are described in the UBS Account Agreements. Investors who are eligible to have free cash balances swept to shares in the fund are referred to as eligible participants. Selecting and changing your sweep option. Please refer to the UBS Account Agreements for information on available sweep options, if any, including restrictions and eligibility requirements. If you would like to change your sweep option, please contact your Financial Advisor at UBS Financial Services Inc. Background information. Your purchase of fund shares will be priced at the next determination of net asset value on any business day after federal funds become available to the fund. Federal funds are funds deposited by a commercial bank in an account at a Federal Reserve bank that can be transferred to a similar account of another bank in one day and thus can be made immediately available to the fund. A business day is any day that the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its affiliated bank are all open for business. One or more of these institutions will be closed on the observance of the following holidays: New Year s Day, Martin Luther King, Jr. Day, President s Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veteran s Day, Thanksgiving Day and Christmas Day. The fund, UBS AM and UBS Asset Management (US) Inc., the fund s distributor ( UBS AM (US) ), have the right to reject a purchase order and to suspend the offering of fund shares for a period of time or permanently. The fund pays no sales commission, sales load or distribution fees to its principal underwriter, UBS AM (US), and its affiliates, or any other person, in connection with the sale of fund shares. Neither UBS AM (US) nor any affiliate exercises any discretion with respect to the timing or frequency of the automatic investment of free cash balances. Please consult your Financial Advisor at UBS Financial Services Inc. for more information about the automatic purchase feature. All free cash balances in securities accounts of $1.00 or more (or for IRAs, of $0.01 or more), including proceeds from the securities you have sold, are automatically invested in your sweep option on a daily basis for settlement the same day. There is no sales charge or commission paid for the automatic purchase of shares. 14 UBS Liquid Assets Government Fund Minimum investments The fund has no minimum for initial investments or to add to an account, but reserves the right to establish minimum investment requirements at any time. Benefit plans and accounts eligible to buy fund shares Eligible benefit plans and accounts include without limitation:\ncash or deferred arrangements ( e.g. , 401(k) plans, including SIMPLE 401(k) plans);\ntax-sheltered annuity plans ( e.g. , 403(b) plans);\nprofit sharing plans;\nmoney purchase plans;\ndefined benefit plans; and\ntarget benefit plans. Other benefit plans and accounts may be eligible to buy fund shares. Contact your Financial Advisor at UBS Financial Services Inc. for more information regarding these benefit plans. Although the amount that you may contribute to an eligible b\n...\nmarketfunds . Average annual total returns (for the periods ended December 31, 2024)\nOne year\n4.56\n%\nFive years\n2.08\nLife of fund (inception date June 24, 2016 )\n1.63\n7 Investment advisor UBS AM serves as the investment advisor to the fund. Purchase sale of fund shares Investments in the fund are intended to be limited to corporate cash management accounts, financial institutions and certain independently advised accounts. You may purchase or sell fund shares by contacting your Financial Advisor. The fund has no minimum to add to an account. Shares of the fund may be purchased or redeemed through your Financial Advisor on any business day on which the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its bank are all open for business. Tax information The dividends and distributions you receive from the fund are taxable and will generally be taxed as ordinary income, capital gains or some combination of both, unless you hold shares through a tax-exempt account or plan, such as an individual retirement account or 401(k) plan, in which case dividends and distributions on your shares generally will be taxed when withdrawn from the tax-exempt account or plan. Payments to broker-dealers and other financial intermediaries If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), UBS AM and/or its affiliates may pay the intermediary for the sale of fund shares and related services, or other shareholder services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. 8 UBS Series Funds More information about the fund Additional information about the investment objective The fund s investment objective may not be changed without shareholder approval. Additional information about investment strategies The fund seeks to achieve its investment objective by investing in a diversified portfolio of high quality, US government money market instruments and in related repurchase agreements, which generally are short-term debt obligations. They also may include longer-term bonds that have variable interest rates or other special features (e.g., a put option) that give them the financial characteristics of short-term debt. Many US government money market instruments, including those in which the fund invests, pay income that is generally exempt from state and local income tax, although they may be subject to corporate franchise tax in some states. The fund generally seeks to invest in securities the income from which is considered qualified interest income under relevant tax law and guidance. Thus, the fund generally expects its distributions to be exempt from US withholding tax when paid to non-US investors. The fund may invest a significant percentage (50% or more) of its assets in repurchase agreements. Repurchase agreements are transactions in which the fund purchases government securities and simultaneously commits to resell them to the same counterparty at a future time and at a price reflecting a market rate of interest. Income from repurchase agreements may not be exempt from state and local income taxation. Repurchase agreements often offer a higher yield than investments directly in government securities. In deciding whether an investment in a repurchase agreement is more attractive than a direct investment in government securities, the\n...\nor failures, there are inherent limitations in such plans and systems. The funds cannot control the cybersecurity plans and systems of its service providers, counterparties, and other third parties whose activities affect the funds. 26 UBS Series Funds Managing your fund account The following pages tell you how to buy, sell and exchange shares of each fund. If you are buying fund shares directly or through financial intermediaries, you should refer to the following section regarding buying, selling or exchanging fund shares in most cases. If you are buying shares through UBS Financial Services Inc. s automated purchasing account system, you should direct your request to your financial advisor and refer to the sections below beginning UBS Financial Services Inc.: automated purchasing accounts on page 33 of this prospectus. Buying shares The funds accept the settlement of purchase orders only in available federal funds deposited by a commercial bank in an account at a Federal Reserve Bank, which can be transferred to a similar account of another bank in one day and may be made immediately available to a fund through its custodian. You may buy fund shares through financial intermediaries who are authorized to accept purchase orders on behalf of the funds. If you buy fund shares through a financial intermediary who holds them in its own name on your behalf (in street name ), the financial intermediary is responsible for sending the order to the transfer agent. You may not call the funds transfer agent directly if your shares are held in street name, but should direct all your requests to buy, sell or exchange shares directly to your financial intermediary. If you do not use a financial intermediary, you may also buy fund shares directly by calling the funds transfer agent, BNY Mellon Investment Servicing (US) Inc. ( BNY Mellon ), at 1-888-547 FUND and speaking to a representative. If you buy fund shares directly, you will need to complete an account application in connection with your initial purchase. You can get a copy of the application from UBS Asset Management (US) Inc., the fund s distributor ( UBS AM (US) ), or a financial intermediary or by calling the transfer agent toll-free 1-888-547 FUND. You buy shares at the net asset value next determined after receipt of your purchase order in good form by the transfer agent (or, if applicable, by a financial intermediary). A fund must receive payment on the same day. Your purchase order will be effective only if (1) you or your financial intermediary wires payment in federal funds on the same business day that you place your order, and (2) the wire is actually credited to the fund s bank account by a Federal Reserve Bank on that day. Otherwise, the order will be rejected. A business day is any day on which the Federal Reserve Bank of New York, the New York Stock Exchange ( NYSE ), and the principal bond markets (as recommended by the Securities Industry and Financial Markets Association ( SIFMA )) are open. (Holidays are listed on Appendix A to this prospectus.) The charts below show processing times by which orders received by the funds transfer agent will normally be executed. All times shown below represent Eastern time. Financial intermediaries may impose additional guidelines for when orders must be placed. 27 UBS Series Funds For UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund:\nIf a purchase order is received:\nThe order will normally be executed as of:\nBy 9:00 a.m.\n9:00 a.m.\nAfter 9:00 a.m. and before 10:00 a.m.\n10:00 a.m.\nAfter 10:00 a.m. and bef\n...\nwould enhance the fund s liquidity. Lending of portfolio securities. The fund is authorized to lend its portfolio securities to broker-dealers or institutional investors that UBS AM deems qualified. Lending securities enables the fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of the fund s portfolio securities must maintain acceptable collateral with the fund s custodian (or a sub-custodian or a special tri-party custodian) in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash and US government securities. The fund may reinvest any cash collateral in money market investments or other short-term liquid investments, including other investment companies. In determining whether to lend securities to a particular broker-dealer or institutional investor, UBS AM or a lending agent subject to UBS AM direction and oversight will consider, and during the period of the loan will monitor, all relevant facts and circumstances, including the creditworthiness of the borrower. The fund will retain authority to terminate any of its loans at any time. The fund may pay reasonable fees in connection with a loan and may pay the borrower or placing broker a negotiated portion of the interest earned on the reinvestment of cash held as collateral. The fund will receive amounts equivalent to any interest, dividends or other distributions on the securities loaned. The fund will seek to retain record ownership of loaned securities to exercise beneficial rights, such as voting and subscription rights, when retaining such rights is considered to be in the fund s interest and operationally reasonably practicable. State Street Bank and Trust Company ( State Street ) has been approved to serve as lending agent and receives fees for such services. Additionally, State Street has been approved to engage a third party bank as a special tri-party custodian for securities lending arrangements. Cybersecurity risk. As the use of technology has become more prevalent in the course of business, the fund, like other business organizations, has become more susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity failures or breaches of the fund or its service providers or the issuers of securities in which the fund invests may result from deliberate attacks or unintentional events and may arise from external or internal sources. Cybersecurity breaches may involve unauthorized access to the fund s digital information systems (e.g., through hacking or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches affecting the fund s investment advisor or any other service providers (including, but not limited to, fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the fund s ability to calculate its net asset value, impediments to trading, the inability of fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substant", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Cantor_Fitzgerald_Government_Money_Market_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cantor_Fitzgerald_Government_Money_Market_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cantor_Fitzgerald_Government_Money_Market_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cantor_Fitzgerald_Government_Money_Market_Fund", "p": "seriesOf", 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"extractable": true}, {"s": "fund:UBS_Liquid_Assets_Government_Fund", "p": "seriesOf", "o": "trust:UBS_SERIES_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Liquid_Assets_Government_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Prime_Preferred_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Prime_Preferred_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Prime_Preferred_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": 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"fund:UBS_RMA_Government_Money_Market_Fund", "p": "seriesOf", "o": "trust:UBS_SERIES_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_RMA_Government_Money_Market_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Select_100_US_Treasury_Institutional_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Select_100_US_Treasury_Institutional_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Select_100_US_Treasury_Institutional_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, 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{"sample_id": "0001062806:ALL", "cik": "0001062806", "trust_name": "BlackRock Series, Inc.", "input_text": "015-01-01 2024-12-31 0001062806 brs:C000005983Member brs:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001062806 brs:C000005984Member brs:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001062806 brs:C000101856Member brs:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001062806 brs:C000198221Member brs:ClassKMember 2015-01-01 2024-12-31 0001062806 brs:C000198221Member brs:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001062806 brs:C000198221Member brs:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001062806 brs:MSCIACWIExUSAIndexMember brs:ClassKMember 2015-01-01 2024-12-31 0001062806 brs:MSCIACWIExUSAIndexMember brs:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on September 23, 2025 Securities Act File No. 333-56203 Investment Company Act File No. 811-08797 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 64 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 108 (Check appropriate box or boxes) BLACKROCK SERIES, INC. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK SERIES, INC. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On September 26, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of Common Stock, par value, $0.0001 per share. SEPTEMBER 26, 2025\nProspectus BlackRock Series, Inc. | Investor, Institutional and Class R Shares BlackRock International Fund Investor A: MDILX Investor C: MCILX Institutional: MAILX Class R: BIFRX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n8\nInvestment Manager\n9\nPortfolio Managers\n9\nPurchase and Sale of Fund Shares\n10\nTax Information\n11\nPayments to Broker/Dealers and Other Financial Intermediaries\n11\nDetails About the Fund\nInformation about how the Fund invests, including investment objective, investment process, principal strategies and risk factors\nHow the Fund Invests\n12\nInvestment Risks\n14\nAccount Information\nInformation about account services, sales charges and waivers, shareholder transactions, and distribution and other payments\nHow to Choose the Share Class that Best Suits Your Needs\n27\nDetails About the Share Classes\n31\nDistribution and Shareholder Servicing Payments\n36\nHow to Buy, Sell, Exchange and Transfer Shares\n37\nAccount Services and Privileges\n42\nFund s Rights\n44\nParticipation in Fee-Based Programs\n44\nShort-Term Trading Policy\n45\nManagement of the Fund\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n46\nPortfolio Manager Information\n47\nConflicts of Interest\n48\nValuation of Fund Investments\n49\nDividends, Distributions and Taxes\n50\nFinancial Highlights\nFinancial Performance of the Fund\n52\nGeneral Information\nShareholder Documents\n56\nCertain Fund Policies\n56\nStatement of Additional Information\n57\nGlossary\nGlossary of Investment Terms\n58\nIntermediary-Defined Sales Charge Waiver Policies\nIntermediary-Defined Sales Charge Waiver Policies\nA - 1\nFor More Information\nFund and Service Providers\nInside Back Cover\nAdditional Information\nBack Cover Fund Overview Key Facts About BlackRock International Fund Investment Objective The investment objective of BlackRock International Fund (the Fund ), a series of BlackRock Series, Inc. (the Corporation ), is to seek long-term capital growth through investments primarily in a diversified portfolio of equity securities of companies located outside the United States. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ( BlackRock ) and its affiliates) (each, a Financial Intermediary ), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the Details About the Share Classes and the Intermediary-Defined Sales Charge Waiver Policies sections on pages 31 and A-1 , respectively, of the Fund s prospectus and in the Purchase of Shares section on page II-95 of Part II of the Fund s Statement of Additional Information.\nShareholder Fees (fees paid directly from your investment)\nInvestor A Shares\nInvestor C Shares\nInstitutional Shares\nClass R Shares\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n5.25 %\nNone\nNone\nNone\nMaximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)\nNone 1\n1.00 % 2\nNone\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nInvestor A Shares\nInvestor C Share\n...\nintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund.\n$100 for all accounts. 10\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nTax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum.\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 11 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock International Fund (the Fund ), a series of BlackRock Series, Inc. (the Corporation ), and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek long-term capital growth through investments primarily in a diversified portfolio of equity securities of companies located outside the United States. In other words, the Fund tries to choose investments located outside the United States that will increase in value. The Fund s investment objective is a fundamental policy of the Fund and may not be changed without the approval of the holders of a majority of the Fund s outstanding voting securities as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process The portfolio management team s investment process seeks to identify and benefit from diverse sources of inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity universe and macro-economic environment. In addition to the portfolio managers, individual stock research is conducted by global sector, and country, specialists seeking to identify co\n...\nshareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor A, Investor C and Class R Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor A, Investor C and Class R Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plans are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plans are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plans, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plans and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. 36 Ple\n...\nrsonal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers THE FUND BlackRock Series, Inc. BlackRock International Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISER BlackRock International Limited Exchange Place One 1 Semple Street Edinburgh, EH3 8BL United Kingdom TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated September 26, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Serv", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_International_Fund", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Fund", "p": "seriesOf", "o": "trust:BlackRock_Series_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_International_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Series_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock International Fund <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BlackRock Series, Inc. <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Series, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock International Fund administrator BNY Mellon Investment Servicing (US) Inc. ; advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Series, Inc. ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Series, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 17718, "n_triples": 7, "text_to_json_ratio": 27.1}}
{"sample_id": "0001063946:ALL", "cik": "0001063946", "trust_name": "Voya Equity Trust", "input_text": "ust, on behalf of its series, Voya MidCap Opportunities\nFund ( MidCap Opps Fund ), providing for the reorganization of Baron Growth Portfolio with and into MidCap Opps\nFund (the Reorganization ); and\n2.\nTo transact such other business, not currently contemplated, that may properly come\nbefore the Special Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their\nsubstitutes.\nPlease read the enclosed Proxy Statement/Prospectus carefully for information concerning\nthe Reorganization to be placed before the Special Meeting.\nThe Board of Directors of Baron Growth Portfolio recommends that you vote FOR the Reorganization.\nShareholders of record as of the close of business on April 6, 2026 are entitled to\nnotice of, and to vote at, the Special Meeting, and are also entitled to vote at any adjournments or postponements thereof.\nYour attention is called to the accompanying Proxy Statement/Prospectus. Regardless of whether you plan to attend the Special Meeting,\nplease complete, sign, and return the enclosed Proxy Ballot by July 1, 2026 so that a quorum will be present and a maximum number of shares may be voted. Proxies\nor voting instructions may be revoked at any time before they are exercised by submitting\na revised Proxy Ballot, by giving written notice of revocation to Baron Growth Portfolio or by voting in person (virtually)\nat the Special Meeting.\nBy Order of the Board of Directors\nJoanne F. Osberg\nSecretary\nApril 22, 2026\nPROXY STATEMENT/PROSPECTUS\nApril 22, 2026\nSpecial Meeting of Shareholders\nof VY Baron Growth Portfolio\nScheduled for July 2, 2026 at 1:00 p.m. (MST)\nACQUISITION OF THE ASSETS OF:\nBY AND IN EXCHANGE FOR SHARES OF:\nVY Baron Growth Portfolio\nVoya MidCap Opportunities Fund\n(A series of Voya Partners, Inc.)\n(A series of Voya Equity Trust)\n7337 East Doubletree Ranch Road, Suite 100\nScottsdale, AZ 85258-2034\n7337 East Doubletree Ranch Road, Suite 100\nScottsdale, AZ 85258-2034\n1-800-262-3862\n1-800-992-0180\n(each an open-end management investment company)\nImportant Notice Regarding the Availability of Proxy Materials\nfor the Special Meeting of Shareholders to be Held on July 2, 2026\nThis Proxy Statement/Prospectus and Notice of Special Meeting are available at: www.proxyvote.com/voya\nThe Proxy Statement/Prospectus explains concisely what you should know before voting\non the matter described herein or investing in Voya MidCap Opportunities Fund. Please read it carefully and keep it for future reference.\nTHE U.S. SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE\nSECURITIES, OR DETERMINED THAT THIS PROXY STATEMENT/PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE\nCONTRARY IS A CRIMINAL OFFENSE.\nTO OBTAIN MORE INFORMATION\nTo obtain more information about VY Baron Growth Portfolio ( Baron Growth Portfolio ) and Voya MidCap Opportunities Fund ( MidCap Opps Fund, and together with Baron Growth Portfolio, the Funds ), please write, call, or visit our website for a free copy of the current prospectus, statement of additional information, annual/semi-annual shareholder reports,\nor other information.\nBy Phone:\n1-800-262-3862 (Voya Partners, Inc.)\n1-800-992-0180 (Voya Equity Trust)\nBy Mail:\nVoya Investment Management\n7337 East Doubletree Ranch Road, Suite 100\nScottsdale, AZ 85258-2034\nBy Internet:\nhttps://individuals.voya.com/literature\nThe following documents containing additional information about the Funds, each having\nbeen filed with the U.S. Securities and Exchange Commission (the SEC ), are incorporated by reference into this Proxy Statement/Prospectus:\n1.\nThe\n...\nt. In connection with the Board s approval of the Reorganization Agreement, the Board was provided with information both in writing and during oral presentations made at that meeting, including, among other matters, historical performance information,\nhistorical expense ratios, and the projected expense ratios of MidCap Opps Fund following the Reorganization. Subject to approval\nby shareholders of Baron Growth Portfolio, the Reorganization Agreement provides for:\nthe transfer of all of the assets of Baron Growth Portfolio to MidCap Opps Fund in\nexchange for shares of beneficial interest of MidCap Opps Fund and the assumption by MidCap Opps Fund of all the liabilities of\nBaron Growth Portfolio;\nthe distribution of shares of MidCap Opps Fund to the shareholders of Baron Growth\nPortfolio; and\nthe complete liquidation of Baron Growth Portfolio.\nIn considering whether to approve the Reorganization, you should note that:\nThe Funds have substantially similar objectives. The investment objective of Baron Growth Portfolio is to seek capital\nappreciation. The investment objective of MidCap Opps Fund is to seek long-term capital appreciation.\nBoth Funds offer targeted exposure to growth-oriented segments of the market. Baron\nGrowth Portfolio has a more concentrated portfolio and focuses on small-capitalization companies, leading to a smaller weighted\naverage market capitalization than MidCap Opps Fund. MidCap Opps Fund invests at least 80% of its assets in investments tied\nto mid-capitalization companies.\nShareholders of Baron Growth Portfolio are expected to, in the view of the Investment\nAdviser (as defined below), benefit from the opportunity for improved performance and will experience lower contractual management\nfees and net expense ratios as a result of the Reorganization.\nVoya Investments, LLC ( Voya Investments or the Investment Adviser ) serves as the investment adviser to each Fund. BAMCO, Inc. serves as the sub-adviser to Baron Growth Portfolio. Voya Investment Management\nCo. LLC ( Voya IM ) serves as the sub-adviser to MidCap Opps Fund.\nEach Fund is distributed by Voya Investments Distributor, LLC (the Distributor ).\nThe Reorganization will not affect a shareholder s right to purchase, redeem, or exchange shares of the Funds. In addition, the Reorganization will not affect how shareholders purchase, sell, or exchange their\nshares. While shareholder's rights to purchase, sell, or exchange shares of the Funds are not impacted by the Reorganization, MidCap\nOpps Fund is not operated as a variable portfolio and may not be appropriate for certain Variable Contract Holders.\nThe costs of the Reorganization: (i) are estimated to be $567,300, not including portfolio\ntransition costs, and (ii) are anticipated to be borne by the Investment Adviser (or an affiliate), as a result of expense subsidies\nand/or reimbursements currently in place for Baron Growth Portfolio. The Investment Adviser will assume all costs related to\nthe Reorganization if the Reorganization is not consummated. For additional information about what would occur if shareholders do\nnot approve the Reorganization, please see the section entitled What happens if shareholders do not approve the Reorganization? below.\nIn addition, the Investment Adviser expects to use a transition manager to assist\nin aligning the holdings of Baron Growth Portfolio with the holdings of MidCap Opps Fund prior to the Closing Date. The Investment Adviser\nhas estimated that there will be approximately $54,500 in explicit portfolio transition costs associated with the Reorganization\nand that such costs would be borne by Baron Growth Portfolio. Portfolio transition costs include transaction costs arising from the sale of portfolio\nsecurities held by Baron Growth Portfolio prior to the Reorganization .\nThe Reorganization is intended to qualify for U.S. federal income tax purposes as\na tax-free reorgani\n...\nbe the net asset value per share computed with respect to that class as of the Valuation Date, using the valuation procedures set forth in the Surviving Fund s then-current prospectus and statement of additional information and valuation procedures established by the Surviving Fund s Board of Trustees.\n2.3. The number of Class R, Class I, Class R6, and Class A Surviving Fund Shares to\nbe issued (including fractional shares, if any) in exchange for the Disappearing Portfolio s assets shall be determined with respect to each such class of Surviving Fund Shares by dividing the value of the net assets with respect to the Class ADV, Class\nI, Class R6, Class S, and Class S2 shares of the Disappearing Portfolio, as the case may be, determined using the same valuation\nprocedures referred to in paragraph 2.1, by the net asset value of the Surviving Fund Shares of the corresponding class, determined\nin accordance with paragraph 2.2.\n2.4. All computations of value shall be made by the Disappearing Portfolio s designated record keeping agent and shall be subject to review by the Surviving Fund s record keeping agent and by the Disappearing Portfolio s or Surviving Fund s respective independent registered public accounting firm.\n3. CLOSING AND CLOSING DATE\n3.1. The Closing Date shall be July 17, 2026, or such other date as the parties may\nagree. All acts taking place at the Closing shall be deemed to take place simultaneously as of immediately after the close of\nbusiness on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of\n4:00 p.m. Eastern Time. The Closing shall be held at the offices of the Surviving Fund or at such other time and/or place as the\nparties may agree.\n3.2. The Disappearing Portfolio shall direct The Bank of New York Mellon, as custodian\nfor the Disappearing Portfolio (the Custodian ), to deliver, at the Closing, a certificate of an authorized officer stating that\n(i) the Assets shall have been delivered in proper form to the Surviving Fund within two business days prior to or on the Closing\nDate; and (ii) all necessary taxes in connection with the delivery of the Assets, including all applicable U.S. federal, state and\nlocal and non-U.S. stock transfer stamps, if any, have been paid or provision for payment has been made. The Disappearing Portfolio s portfolio securities represented by a certificate or other written instrument shall be presented for examination by the Custodian to\nthe custodian for the Surviving Fund no later than five business days preceding the Closing Date, and shall be transferred and delivered\nby the Disappearing Portfolio as of the Closing Date for the account of the Surviving Fund duly endorsed in proper form for\ntransfer in such condition as to constitute good delivery thereof. The Custodian shall deliver as of the Closing Date by book entry,\nin accordance with the customary practices of the Custodian and any securities depository (as defined in Rule 17f-4 under the Investment\nCompany Act of 1940, as amended\nA-2\n(the 1940 Act )) in which the Disappearing Portfolio s Assets are deposited, the Disappearing Portfolio s portfolio securities and instruments deposited with such depositories. The cash to be transferred by the Disappearing\nPortfolio shall be delivered by wire transfer of federal funds on the Closing Date.\n3.3. The Disappearing Portfolio shall direct BNY Mellon Investment Servicing (U.S.)\nInc. (the Transfer Agent ), on behalf of the Disappearing Portfolio, to deliver at the Closing a certificate of an authorized\nofficer stating that\n...\n; or\nPurchases by Certain Accounts Class A shares may be purchased at NAV by certain fee-based programs offered through selected registered investment advisers, broker-dealers, and other financial intermediaries.\nClass A shares may also be purchased at NAV by shareholders that purchase the Fund through a financial intermediary\nthat offers our Class A shares uniformly on a no load (or reduced load) basis to you and all similarly situated customers of the intermediary\nin accordance with the intermediary's prescribed fee schedule for purchases of fund shares, including\nby shareholders that purchase shares through a financial intermediary that has entered into an agreement with the Distributor\nto offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its\ncustomers.\nB-2\nSee the Account Application or the SAI for additional information regarding the reduction\nof Class A shares' charges, or contact your financial intermediary or a Shareholder Services Representative for more information.\nRequired Shareholder Information and Records. In order for investors in Class A shares of the Fund to take advantage of sales charge reductions, an investor or his/her financial intermediary must notify the Distributor\nthat the investor qualifies for such reduction. If the Distributor is not notified that the investor is eligible for these reductions,\nthe Distributor will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain\ninformation or records, including account statements, to his/her financial intermediary or to the Distributor to verify the\ninvestor's eligibility for breakpoint privileges or other sales charge waivers.\nCDSC Waivers. If you notify the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), at the time of redemption, the CDSC for Class A and Class C shares will be waived in the\nfollowing cases:\nRedemptions following the death or permanent disability of a shareholder if made within\none year of death or the initial determination of permanent disability. The waiver is available only for shares held\nat the time of death or initial determination of permanent disability.\nRedemptions for Class C shares, pursuant to a Systematic Withdrawal Plan, up to a\nmaximum of 12% per year of a shareholder's account value based on the value of the account at the time the plan is established\nand annually thereafter.\nMandatory distributions from employee benefit plans or an IRA.\nReinvestment of dividends and capital gains distributions.\nIn addition, the CDSC will be waived on the redemption of shares held through an intermediary\nif the intermediary has entered into an agreement with the Distributor to waive the CDSC. If you think you may be eligible\nfor a CDSC waiver, contact your financial intermediary or a Shareholder Services Representative.\nReinstatement Privilege. If you sell Class A or Class C shares of the Fund you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the\nsame share class within 90 days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase\ndate for purposes of the CDSC. This privilege can be used only once per calendar year. If you want to use the Reinstatement Privilege,\ncontact your financial intermediary or a Shareholder Services Representative, or see the SAI for more information. 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"transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Voya_VACS_Series_MCV_Fund", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Voya_VACS_Series_MCV_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Voya_VACS_Series_MCV_Fund", "p": "seriesOf", "o": "trust:Voya_Equity_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Voya_VACS_Series_MCV_Fund", "p": "subAdvisedBy", "o": "org:Voya_Investment_Management_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Voya_VACS_Series_MCV_Fund", "p": "transferAgent", "o": 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{"sample_id": "0001064642:ALL", "cik": "0001064642", "trust_name": "SPDR SERIES TRUST", "input_text": "Other expenses\n0.00 %\nTotal annual Fund operating expenses\n0.30 % Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\nYear 1\nYear 3\nYear 5\nYear 10\n$ 31\n$ 97\n$ 169\n$ 381 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32 % of the average value of its portfolio. The Fund's Principal Investment Strategy In seeking to track the performance of the Bloomberg EM Local Currency Government Diversified Index (the Index ), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. ( SSGA FM or the Adviser ), the Fund's investment adviser, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index. In addition, in seeking 1\nto track the Index, the Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may also enter into forward currency exchange contracts for hedging and/or investment purposes. Swaps and futures contracts may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows. The Index is designed to measure the performance of the fixed-rate local currency sovereign debt of emerging market countries. The Index includes government bonds issued by investment grade and non-investment grade countries outside the United States, in local currencies, that have a remaining maturity of one year or mor\n...\nin 2013 to launch a multibillion dollar leveraged loan fund within the corporate credit team which managed more than $9 billion in committed proprietary capital. Prior to joining State Street, Mr. Sullivan was the assistant portfolio manager in the Leveraged Finance Group for MetLife Investments. The team managed more than $12 billion across leveraged loan and high yield credit portfolios on a total return mandate. Mr. Sullivan joined MetLife Investments in 2007 as a credit research analyst covering the corporate healthcare, technology, and beverage sectors within the Global Fixed Income Research Group. In 2003, Mr. Sullivan received his formal credit training in the Brown Brothers Harriman Banking Analyst Program in Boston on the Medical Technology Team. Mr. Sullivan earned his Bachelor of Science in Accounting and Finance from Tulane University and a Master of Business Administration from the Colgate Darden Graduate School of Business at the University of Virginia. Mr. Sullivan has earned the Chartered Financial Analyst (CFA) designation. Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of the Funds is available in the SAI. Administrator, Sub-Administrator, Custodian and Transfer Agent. The Adviser serves as Administrator for each Fund. State Street, part of State Street Corporation, serves as the Sub-Administrator for each Fund and the Custodian for each Fund's assets, and serves as Transfer Agent to each Fund. Lending Agent. State Street serves as the securities lending agent for the Trust. For its services, the lending agent would typically receive a portion of the net investment income, if any, earned on the collateral for the securities loaned. Distributor. State Street Global Advisors Funds Distributors, LLC ( SSGA FD or the Distributor ) serves as the Funds' distributor pursuant to the Distribution Agreement between SSGA FD and the Trust. The Distributor will not distribute Fund Shares in less than Creation Units, and it does not maintain a secondary market in Fund Shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of Creation Units of Fund Shares. Additional Information . The Board oversees generally the operations of the Funds and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, and accountants, who provide services to the Funds. Shareholders are not parties to any such 63\ncontractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers. This Prospectus provides information concerning the Trust and the Funds that you should consider in determining whether to purchase Fund Shares. Neither this Prospectus nor the related SAI is intended, or should be read, to be or give rise to an agreement or contract between the Trust or the Funds and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived. Index/Trademark Licenses/Disclaimers The Index Providers are not affiliated with the Trust, the Adviser, the Funds' Administrator, Sub-Administrator, Custodian, Transfer Agent, SSGA FD or any of th\n...\nence ( i.e. , it is legally part of this Prospectus). These materials may be obtained without charge, upon request, by writing to the Distributor, State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, by visiting the Funds' website at www.statestreet.com/im or by calling the following number: Investor Information: 1-866-787-2257 The Registration Statement, including this Prospectus, the SAI, and the exhibits as well as any shareholder reports may be reviewed on the EDGAR Database on the SEC's website (http://www.sec.gov). You may also obtain copies of this and other information, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov. Shareholder inquiries may be directed to the Funds in writing to State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, or by calling the Investor Information number listed above. No person has been authorized to give any information or to make any representations other than those contained in this Prospectus in connection with the offer of Fund Shares, and, if given or made, the information or representations must not be relied upon as having been authorized by the Trust or the Funds. Neither the delivery of this Prospectus nor any sale of Fund Shares shall under any circumstance imply that the information contained herein is correct as of any date after the date of this Prospectus. Dealers effecting transactions in Fund Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters. SPDRNYEPRO The Trust's Investment Company Act Number is 811-08839.\nSPDR SERIES TRUST (THE TRUST ) STATEMENT OF ADDITIONAL INFORMATION April 30, 2026 This Statement of Additional Information ( SAI ) is not a prospectus. With respect to each of the Trust's series listed below (each, a Fund and collectively, the Funds ), this SAI should be read in conjunction with the prospectus dated April 30, 2026 (the Prospectus ), as may be revised from time to time.\nETF\nTICKER\nSTATE STREET SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF\nEBND\nSTATE STREET SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF\nIBND\nSTATE STREET SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF\nBWX\nSTATE STREET SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF\nBWZ\nSTATE STREET SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF\nWIP\nSTATE STREET SPDR S P LEVERAGED LOAN ETF\nLVLN Principal U.S. Listing Exchange for each ETF: NYSE Arca, Inc. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. Copies of the Prospectus, the Trust's Form N-CSR filing and Annual and Semi-Annual Reports to Shareholders may be obtained without charge by writing to State Street Global Advisors Funds Distributors, LLC, the Trust's principal underwriter (referred to herein as Distributor or Principal Underwriter ), One Congress Street, Boston, Massachusetts 02114, by visiting the Trust's website at www.statestreet.com/im or by calling 1-866-787-2257. The Reports of Independent Registered Public Accounting Firm, financial highlights and financial statements of the Funds included in the Trust's Form N-CSR filing for the fiscal year ended December 31, 2025 are incorporated by reference into this SAI. SPDRNYESAI 1\nTABLE OF CONTENTS\nGeneral Description of the Trust\n3\nInvestment Policies\n3\nSpecial Considerations and Risks\n21\nInves\n...\nted Investment Advisory Agreement, dated September 1, 2003, between the Trust and SSGA Funds Management, Inc. ( SSGA FM ) (the Advisory Agreement ) is incorporated herein by reference to Exhibit (d)(i(1)) to Post-Effective Amendment No. 4 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2003.\n(d)(i)(2)\nExhibit A (Schedule of Series), dated April 30, 2026, to the Advisory Agreement is filed herewith.\n(d)(i)(3)\nExhibit A (Schedule of Series) to the Advisory Agreement, reflecting the addition of the State Street SPDR Nasdaq 100 ETF, to be filed by amendment.\n(d)(ii)(1)\nFee Waiver Letter Agreement, dated October 31, 2025, between the Trust and SSGA FM, is incorporated herein by reference to Exhibit (d)(ii)(1) to Post-Effective Amendment No. 329 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 24, 2025.\n(d)(ii)(2)\nFee Waiver Letter Agreement, dated October 31, 2025, between the Trust and SSGA FM, with respect to the State Street SPDR MarketAxess Investment Grade 400 Corporate Bond ETF, is incorporated herein by reference to Exhibit (d)(ii)(2) to Post-Effective Amendment No. 329 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 24, 2025.\n(d)(ii)(3)\nFee Waiver Letter Agreement, dated April 30, 2026, between the Trust and SSGA FM, with respect to the SPDR Bloomberg Emerging Markets Local Bond ETF, SPDR Bloomberg International Corporate Bond ETF, SPDR Bloomberg International Treasury Bond ETF, SPDR Bloomberg Short Term International Treasury Bond ETF, SPDR FTSE International Government Inflation-Protected Bond ETF, and State Street SPDR S P Leveraged Loan ETF is filed herewith.\n(d)(iii)\nSub-Advisory Agreement, dated November 20, 2014, between SSGA FM and Nuveen Asset Management, LLC ( Nuveen Asset Management ) is incorporated herein by reference to Exhibit (d)(vii) to Post-Effective Amendment No. 200 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on August 28, 2017.\n(e)(i)(1)\nAmended and Restated Distribution Agreement, dated May 1, 2017, between the Trust and State Street Global Advisors Funds Distributors, LLC ( SSGA FD ) (the Distribution Agreement ) is incorporated herein by reference to Exhibit (e)(i)(1) to Post-Effective Amendment No. 200 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on August 28, 2017.\n(e)(i)(2)\nAnnex I (Schedule of Series), dated April 30, 2026, to the Distribution Agreement is filed herewith.\n(e)(i)(3)\nAnnex I (Schedule of Series) to the Distribution Agreement, reflecting the addition of the State Street SPDR Nasdaq 100 ETF, to be filed by amendment.\n(f)\nNot applicable.\n(g)(i)(1)\nCustodian Agreement, dated September 22, 2000, between the Trust and State Street Bank and Trust Company (the Custodian Agreement ) is incorporated herein by reference to Exhibit (g) of Pre-Effective Amendment No. 3 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on September 25, 2000.\n(g)(i)(2)\nAmendment, dated October 14, 2005, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(iv) to Post-Effective Amendment No. 13 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2005.\n(g)(i)(3)\nSecond Amendment, dated September 30, 2020, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(iii) to Post-Effective Amendment No. 246 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2020.\n(g)(i)(4)\nSchedule of Series, dated April 30, 2026, to the Custodian Agreement is filed herewith.\n(g)(i)(5)\nSchedule of Series to the Custodian Agreement, reflecting the addition of the State Street SPDR Nasdaq 100 ETF, to be filed by amendment.\n(h)(i)(1)\nAdministration Agreement, dated June 1, 2015, between the Trust and SSGA FM (the Administration Agreement ) is incorporated herein by reference to Exhibit (h)(i)(1) to Post-Effective Amendment No. 146 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2015.\n(h)(i)(2)\nSchedule A (Schedule of Series), dated April 30, 2026, to the Administration Agreement is filed herewith.\n(h)(i)(3)\nSchedule A (Schedule of Series) to the Administration Agreement, reflecting the addition of the State Street SPDR Nasdaq 100 ETF, to be filed by amendment.\n(h)(ii)(1)\nMaster Sub-Administration Agreement, dated June 1, 2015, between SSGA FM and State Street Bank and Trust Company (the Sub-Administration Agreement ) is incorporated h", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:SPDR_Bloomberg_1_10_Year_TIPS_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": 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"trust:SPDR_SERIES_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_S_P_SmallCap_600_ESG_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:SPDR_SERIES_TRUST", "p": "underwrittenBy", "o": "org:State_Street_Global_Advisors_Funds_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> SPDR Bloomberg 1-10 Year TIPS ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> 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transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR Portfolio S&P 500 Value ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR Portfolio S&P Sector Neutral Dividend ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company 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custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) Bloomberg 1-3 Month T-Bill ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) Bloomberg Convertible Securities ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> 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<predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) Portfolio S&P 500 ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) Portfolio S&P 600 Small Cap ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company 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<object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) S & P 400 Mid Cap Growth ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) S & P 400 Mid Cap Value ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> 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<predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR S&P 1500 Momentum Tilt ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR S&P 1500 Value Tilt ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company 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<object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR S&P Kensho Clean Power ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SPDR SERIES TRUST <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR S&P Kensho Final Frontiers ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA 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SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P Bank ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P Capital Markets ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P Insurance ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Aerospace & Defense ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Biotech ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Dividend ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Health Care Equipment ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Health Care Services ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Homebuilders ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Metals & Mining ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Oil & Gas Equipment & Services ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Oil & Gas Exploration & Production ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Pharmaceuticals ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Retail ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Semiconductor ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Software & Services ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Telecom ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P(R) Transportation ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR(R) S&P Regional Banking(SM) ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR Russell 1000 Low Volatility Focus ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR Russell 1000 Momentum Focus ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR Russell 1000 Yield Focus ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR SSGA US Large Cap Low Volatility Index ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR SSGA US Small Cap Low Volatility Index ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P 1500 Momentum Tilt ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P 1500 Value Tilt ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P 500 ESG ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P 500 Fossil Fuel Reserves Free ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho Clean Power ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho Final Frontiers ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho Future Security ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho Intelligent Structures ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho New Economies Composite ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P Kensho Smart Mobility ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR S&P SmallCap 600 ESG ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SPDR SERIES TRUST ; transferAgent State Street Bank and Trust Company .\nSPDR SERIES TRUST underwrittenBy State Street Global Advisors Funds Distributors, LLC .", "stats": {"input_chars": 15413, "n_triples": 478, "text_to_json_ratio": 0.4}}
{"sample_id": "0001070222:ALL", "cik": "0001070222", "trust_name": "NEW COVENANT FUNDS", "input_text": "en calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years compared with those of a broad measure\n4\nSEI / PROSPECTUS\nof market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.NewCovenantFunds.com or by calling the Fund toll-free at 877-835-4531 . On May 13, 2019, the Fund transitioned from an actively managed strategy to its current strategy of investing in equity securities that are components of the Index.\nBest Quarter : 21.99 % ( 06/30/20 ) Worst Quarter : - 20.59 % ( 03/31/20 ) The Fund's total return (pre-tax) from January 1, 2025 to September 30, 2025 was 12.99 %.\nAverage Annual Total Returns (for the periods ended December 31, 2024)\nThis table compares the Fund's average annual total returns to those of a broad-based securities market index.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.\nNew Covenant Growth Fund\n1 Year\n5 Years\n10 Years\nFund Return Before Taxes\n22.22\n%\n13.28\n%\n11.38\n%\nFund Return After Taxes on Distributions\n19.60\n%\n11.81\n%\n9.91\n%\nFund Return After Taxes on Distributions and Sale of Fund Shares\n15.12\n%\n10.45\n%\n9.00\n%\nRussell 3000 Index Return (reflects no deduction for fees, expenses or taxes)\n23.81\n%\n13.86\n%\n12.55\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nDavid L. Hintz, CFA\nSince 2017\nPortfolio Manager\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\n5\nSEI / PROSPECTUS\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nParametric Portfolio Associates LLC\nPaul Bouchey Jennifer Mihara Rob Osborne\nSince 2014 Since 2024 Since 2025\nGlobal Head of Research Managing Director, Head of Equity Fund Management Vice President, Senior Portfolio Manager\nPurchase and Sale of Fund Shares\nYou may purchase, exchange (into another New Covenant Fund or into the Federated Treasury Obligations Fund) or redeem Fund shares on any business day via mail (New Covenant Growth Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by telephone at 877-835-4531 or through approved selling agents or brokers. You may also purchase or redeem Fund shares by wire transfer or exchange Fund shares through account access online at www.NewCovenantFunds.com. The minimum initial and subsequent investment amounts are shown below.\nMinimum Investments:\nTo Open Your Account\nTo Add to Your Account\nAutomatic Investment Plan\nAll Accounts\n$\n500\n$\n100\n$\n50\nFor important information about Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 34 of this Prospectus.\n6\nSEI / PROSPECTUS\nNEW COVENANT INCOME FUND\nFund Summary\nInvestment Objective\nThe Fund's investment objective is a high level of current income with preservation of capital.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n0.42\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.54\n%\nTotal Annual Fund Operating Expenses\n0.96\n%\nEXAMPLE\nThis Example i\n...\ns ended December 31, 2024)\nThis table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold\n13\nSEI / PROSPECTUS\ntheir Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.\nNew Covenant Income Fund\n1 Year\n5 Years\n10 Years\nFund Return Before Taxes\n2.13\n%\n- 0.04\n%\n1.23\n%\nFund Return After Taxes on Distributions\n0.82\n%\n- 1.09\n%\n0.27\n%\nFund Return After Taxes on Distributions and Sale of Fund Shares\n1.25\n%\n- 0.46\n%\n0.53\n%\nBloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)\n1.25\n%\n- 0.33\n%\n1.35\n%\nBloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)\n2.47\n%\n0.33\n%\n1.45\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nRichard A. Bamford\nSince 2017\nPortfolio Manager\nAnthony Karaminas, CFA\nSince 2021\nPortfolio Manager, Head of Sub-Advised Fixed Income\nNilay Shah\nSince 2021\nPortfolio Manager\nSub-Advisers and Portfolio Managers.\nSub-Adviser\nPortfolio Manager\nExperience with the Fund\nTitle with Sub-Adviser\nIncome Research + Management\nJim Gubitosi, CFA Michael Sheldon, CFA Jake Remley, CFA\nSince 2017 Since 2019 Since 2019\nCo-Chief Investment Officer, Senior Portfolio Manager Co-Chief Investment Officer Principal, Senior Portfolio Manager\nMetropolitan West Asset Management, LLC\nBryan Whalen, CFA Jerry Cudzil Ruben Hovhannisyan, CFA\nSince 2024 Since 2024 Since 2024\nChief Investment Officer, Generalist Portfolio Manager and Director Fixed Income Group Managing Director and Generalist Portfolio Manager Managing Director and Generalist Portfolio Manager\nPurchase and Sale of Fund Shares\nYou may purchase, exchange (into another New Covenant Fund or into the Federated Treasury Obligations Fund) or redeem Fund shares on any business day via mail (New Covenant Income Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by telephone at 877-835-4531 or through approved selling agents or brokers. You may also purchase or redeem Fund shares by wire transfer or\n14\nSEI / PROSPECTUS\nexchange Fund shares through account access online at www.NewCovenantFunds.com. The minimum initial and subsequent investment amounts are shown below.\nMinimum Investments:\nTo Open Your Account\nTo Add to Your Account\nAutomatic Investment Plan\nAll Accounts\n$\n500\n$\n100\n$\n50\nFor important information about Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 34 of this Prospectus.\n15\nSEI / PROSPECTUS\nNEW COVENANT BALANCED GROWTH FUND\nFund Summary\nInvestment Objective\nThe Fund's investment objective is to produce capital appreciation with less risk than would be present in a portfolio of only common stocks.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the v\n...\n-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the Bloomberg Intermediate U.S. Aggregate Bond Index and the Fund's blended benchmark that is composed of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index weighted 60%/40%.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.\n23\nSEI / PROSPECTUS\nNew Covenant Balanced Growth Fund\n1 Year\n5 Years\n10 Years\nFund Return Before Taxes\n13.94\n%\n8.12\n%\n7.43\n%\nFund Return After Taxes on Distributions\n11.77\n%\n6.68\n%\n5.91\n%\nFund Return After Taxes on Distributions and Sale of Fund Shares\n9.35\n%\n6.06\n%\n5.51\n%\nRussell 3000 Index Return (reflects no deduction for fees, expenses or taxes)\n23.81\n%\n13.86\n%\n12.55\n%\nBloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)\n2.47\n%\n0.33\n%\n1.45\n%\nBlended 60% Russell 3000 Index/40% Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)\n14.94\n%\n8.62\n%\n8.27\n%\nManagement\nInvestment Adviser and Portfolio Managers. SEI Investments Management Corporation\nPortfolio Manager\nExperience with the Fund\nTitle with Adviser\nDavid L. Hintz, CFA\nSince 2017\nPortfolio Manager\nJason Collins\nSince 2016\nPortfolio Manager, Head of Sub-Advised Equity\nPurchase and Sale of Fund Shares\nYou may purchase, exchange (into another New Covenant Fund or into the Federated Treasury Obligations Fund) or redeem Fund shares on any business day via mail (New Covenant Balanced Growth Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by telephone at 877-835-4531 or through approved selling agents or brokers. You may also purchase or redeem Fund shares by wire transfer or exchange Fund shares through account access online at www.NewCovenantFunds.com. The minimum initial and subsequent investment amounts are shown below.\nMinimum Investments:\nTo Open Your Account\nTo Add to Your Account\nAutomatic Investment Plan\nAll Accounts\n$\n500\n$\n100\n$\n50\nFor important information about Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 34 of this Prospectus.\n24\nSEI / PROSPECTUS\nNEW COVENANT BALANCED INCOME FUND\nFund Summary\nInvestment Objective\nThe Fund's investment objective is to produce current income and long-term growth of capital.\nFees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.\nANNUAL FUND OPERATING EXPENSES\n(expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n0.00\n%\nDistribution (12b-1) Fees\nNone\nOther Expenses\n0.21\n%\nAcquired Fund Fees and Expenses (AFFE)\n0.73\n%\nTotal Annual Fund Operating Expenses\n0.94\n%\nThe operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the \"Financial Highlights\" section in the Prospectus) because the financial statements include only the direct operating expenses incurred\n...\nions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.\n66\nSEI / PROSPECTUS\nWith any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.\nThese methods may be used during both normal and stressed market conditions.\nUnclaimed Property\nEach state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity ( i.e. , no owner-initiated contact for a certain period), returned mail ( i.e. , when mail sent to a shareholder is returned by the post office, or \"RPO,\" as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.\nIf you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.\nDISTRIBUTION OF FUND SHARES\nSEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.\nThe Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may pay compensation to these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.\nSERVICE OF FUND SHARES\nThe Growth and Income Funds have adopted a shareholder services plan and agreement (the Service Plan) that allows the Funds' to pay service providers a fee in connection with the ongoing servicing of shareholder accounts at an annual rate of up to 0.10% of the average daily net assets of the Funds. The Service Plan provides that shareholder service fees will be paid to SIDCo. As further discussed in the SAI, SIDCo. uses the shareholder service fees to compensate New Covenant Trust Company, N.A. (NCTC) for shareholder services that NCTC provides to\n...\nber\nck0001070222:index_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2020-01-01\n2024-12-31\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2015-01-01\n2024-12-31\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2025-10-28\n2025-10-28\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Blended_35_Russell_3000_Index65_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2024-01-01\n2024-12-31\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Blended_35_Russell_3000_Index65_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2020-01-01\n2024-12-31\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Blended_35_Russell_3000_Index65_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2015-01-01\n2024-12-31\n0001070222\nck0001070222:doc_New_Covenant_Balanced_Income_FundMember\nck0001070222:index_Blended_35_Russell_3000_Index65_Bloomberg_Intermediate_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember\n2025-10-28\n2025-10-28\nxbrli:pure\niso4217:USD\nNEW COVENANT FUNDS\nNew Covenant Growth Fund\nTicker Symbol: NCGFX\nNew Covenant Income Fund\nTicker Symbol: NCICX\nNew Covenant Balanced Growth Fund\nTicker Symbol: NCBGX\nNew Covenant Balanced Income Fund\nTicker Symbol: NCBIX\nAdministrator:\nSEI Investments Global Funds Services\nDistributor:\nSEI Investments Distribution Co.\nInvestment Adviser:\nSEI Investments Management Corporation\nSub-Advisers:\nIncome Research + Management\nMetropolitan West Asset Management, LLC\nParametric Portfolio Associates LLC\nThis Statement of Additional Information (\"SAI\") is not a prospectus. It is intended to provide additional information regarding the activities and operations of New Covenant Funds (the \"Trust\") and should be read in conjunction with the Trust's prospectus dated October 31, 2025, as it may be amended from time to time (the \"Prospectus\"). The Prospectus may be obtained upon request and without charge by writing the Funds at New Covenant Funds, U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-2952, by calling 877-835-4531 or by visiting the Funds' website at http://www.NewCovenantFunds.com.\nThe Trust's financial statements for the fiscal year ended June 30, 2025, including notes thereto and the report of the Independent Registered Public Accounting Firm thereon are included in the most recent Form N-CSR for the Funds and are incorporated herein by reference to this SAI. Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements free of charge online or by calling 1-800-DIAL-SEI. Unless you have elected to receive paper copies of the shareholder reports, you will be notified by mail each time a report is posted on the Funds' website and provided with a link to access the report online.\nOctober 31, 2025\nNCF-F-003 (10/25)\nTABLE OF CONTENTS\nTHE TRUST\nS-1\nINVESTMENT OBJECTIVES AND POLICIES\nS-1\nDESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS\nS-5\nAmerican Depositary Receipts\nS-6\nArtificial Intelligence\n...\nrsonville, IN 47130-3854\n40.18\n%\nBeneficial\nNational Financial Services LLC 499 Washington Boulevard FL 4th Jersey City, NJ 07310-2010\n31.76\n%\nRecord\nNew Covenant Balanced Income 200 E 12th Street Jeffersonville, IN 47130-3854\n14.46\n%\nBeneficial\nIncome Fund\nNew Covenant Balanced Growth 200 E 12th Street Jeffersonville, IN 47130-3854\n40.89\n%\nBeneficial\nNational Financial Services LLC 499 Washington Boulevard FL 4th Jersey City, NJ 07310-2010\n26.02\n%\nRecord\nNew Covenant Balanced Income 200 E 12th Street Jeffersonville, IN 47130-3854\n5.19\n%\nBeneficial\nBalanced Growth Fund\nNone\nBalanced Income Fund\nNone\nSOCIAL-WITNESS SERVICES\nIn order to better ensure that the Funds continue to conform to their stated investment policy of making investment decisions consistent with the social-witness principles approved by the General Assembly of the Presbyterian Church (U.S.A.), the Trust has entered into an agreement with NCTC pursuant to which NCTC will provide the Trust with certain services, including: compiling and providing a list of issuers in which the Funds will be prohibited from investing under the social-witness principles; providing services to the Funds to ensure that proxies are voted consistent with social-witness principles; seeking to place specific shareholder proposals onto the ballots of issuers' shareholder meetings from time to time and otherwise engaging issuers with respect to relevant matters. In addition, the agreement provides the Trust a license with respect to the use of the phrase \"New Covenant Funds\" and related symbols or logos.\nCUSTODIANS\nU.S. Bank National Association (\"U.S. Bank\"), located at 425 Walnut Street, Cincinnati, Ohio 45202, acts as wire agent and custodian for the assets of the Income Fund, Balanced Growth Fund and Balanced Income Fund.\nS-68\nBrown Brothers Harriman Co. (\"BBH\"), located at 50 Post Office Square, Boston, Massachusetts, 02110-1548, acts as wire agent and custodian for the assets of the Growth Fund. U.S. Bank and BBH hold cash, securities and other assets of the respective Funds for which they act as custodian as required by the 1940 Act.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nKPMG LLP, located at 1735 Market Street, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Trust.\nLEGAL COUNSEL\nMorgan, Lewis Bockius LLP, located at 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as legal counsel to the Trust.\nS-69\nAPPENDIX A DESCRIPTION OF RATINGS\nDescription of Ratings\nThe following descriptions of securities ratings have been published by Moody's Investors Services, Inc. (\"Moody's\"), S P Global Ratings (\"S P\"), and Fitch Ratings (\"Fitch\"), respectively.\nDescription of Moody's Global Ratings\nRatings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or i\n...\nestments Management Corporation (\"SIMC\")\n(d)(2) Amended\nSchedule B, as last revised July 1, 2019, to the Investment Advisory Agreement, dated February 20, 2012, between the Registrant\nand SIMC\n(d)(3) Investment\nSub-Advisory Agreement, dated January 21, 2016, between SIMC and Income Research +\nManagement\n(d)(4) Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated January 21, 2016, between SIMC and Income Research + Management\n(d)(5) Investment\nSub-Advisory Agreement, dated September 13, 2024, between SIMC and Metropolitan West Asset Management, LLC\n(d)(6) Investment\nSub-Advisory Agreement, dated March 1, 2021, between SIMC and Parametric Portfolio Associates LLC\n(d)(7) Amended\nSchedule B, as last revised July 1, 2019, to the Investment Sub-Advisory Agreement, dated March 30, 2012, between SIMC and\nParametric Portfolio Associates LLC\n(e) Distribution\nAgreement, dated March 23, 2012, between the Registrant and SEI Investments Distribution Co. (\"SIDCo.\")\n(f) Not applicable.\n(g)(1) Custodian\nAgreement, dated February 22, 2012, between the Registrant and Brown Brothers Harriman Co.\n(g)(2) Amendment,\ndated October 26, 2016, to the Custodian Agreement between the Registrant and Brown Brothers Harriman Co., dated February 22,\n2012\n(g)(3) Amended\nand Restated Multi-Trust Custody Agreement, dated June 14, 2013\n(g)(4) Eleventh\nAmendment to the Amended and Restated Multi-Trust Custody Agreement, dated August 1, 2016, between the Registrant and U.S. Bank\nNational Association\n(g)(5) Thirteenth\nAmendment to the Amended and Restated Multi-Trust Custody Agreement, dated December 11, 2017, between the Registrant and U.S. Bank\nNational Association\n(h)(1) Transfer\nAgent Servicing Agreement, dated March 18, 2008, between the Registrant and U.S. Bancorp Fund Services, LLC\n1\n(h)(2) First\nAddendum, dated May 18, 2009, to the Transfer Agent Servicing Agreement, dated March 18, 2008, between the Registrant and U.S.\nBancorp Fund Services, LLC\n(h)(3) Administration\nAgreement, dated February 22, 2012, between the Registrant and SEI Investments Global Funds Services (\"SIGFS\")\n(h)(4) Amended\nSchedule C, as last revised January 1, 2017, to the Administration Agreement, dated February 22, 2012, between the Registrant\nand SIGFS\n(h)(5) Social\nWitness Services and License Agreement, dated February 22, 2012, between the Registrant and New Covenant Trust Company\n(h)(6) Shareholder\nService Plan and Agreement, dated March 15, 2012, between the Registrant and SIDCo.\n(i) Opinion and Consent of\nCounsel (filed herewith)\n(j) Consent of Independent Registered Public Accounting Firm (filed herewith)\n(k) Not applicable.\n(l) Initial\nCapital Agreement, dated June 28, 1999\n(m) Not applicable.\n(n) Not applicable.\n(o) Reserved.\n(p)(1) The Code of Ethics\nfor SIMC, dated April 18, 2024 (filed herewith)\n(p)(2) The\nCode of Ethics for SIDCo., dated February 29, 2024\n(p)(3) The\nCode of Ethics for SIGFS, dated September 2023\n(p)(4) The\nCode of Ethics for New Covenant Funds, as last revised March 2022\n(p)(5) The Code of Ethics\nfor Income Research + Management, dated April 2025 (filed herewith)\n(p)(6) The\nCode of Ethics for The TCW Group, Inc., the parent company of Metropolitan West Asset Management LLC, dated September 2025\n(filed herewith)\n(p)(7) Morgan Stanley\nInvestment Management Public Side Code of Ethics and Personal Trading Guidelines, dated December 12, 2024, adopted by Parametric\nPortfolio Associates (filed herewith)\n(q)(1) Power\nof Attorney, dated September 13, 2016, for Robert A. Nesher, James M. Williams,\nNina Lesavoy and Susan C. 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{"sample_id": "0001078195:ALL", "cik": "0001078195", "trust_name": "COMMUNITY CAPITAL TRUST", "input_text": "a new effective date for a previously filed Post-Effective Amendment.\nProspectus\nCCM Community Impact Bond Fund\n(the Fund or the CRA Fund )\nOctober 1, 2025\nCRA Shares (CRAIX)\nInstitutional Shares (CRANX)\nRetail Shares (CRATX)\nThe Securities and Exchange Commission has not approved or disapproved the Fund s securities or determined if this prospectus is accurate or complete. It is a criminal offense to state otherwise.\nThe CCM Community Impact Bond Fund Prospectus\nTABLE OF CONTENTS\nPage\nFUND SUMMARY\n1\nInvestment Objective\n1\nFees and Expenses of the Fund\n1\nPrincipal Investment Strategy\n2\nPrincipal Risks\n3\nPerformance Information\n8\nInvestment Advisor and Portfolio Managers\n9\nPurchase, Sale and Exchange of Fund Shares\n9\nTax Information\n11\nPayments to Broker-Dealers and Other Financial Intermediaries\n11\nINVESTMENT OBJECTIVE AND FUND INVESTMENTS\n12\nInvestment Objective\n12\nPrincipal Investment Strategy\n12\nCommunity Reinvestment Act of 1977\n13\nTargeted Impact Themes\n15\nOther Investment Strategies and Risks\n17\nTAX INFORMATION\n30\nPRICING OF FUND SHARES\n32\nPURCHASING AND SELLING FUND SHARES\n33\nHow to Purchase Fund Shares\n33\nHow to Redeem Fund Shares\n37\nOther Policies\n41\nDIVIDENDS AND DISTRIBUTIONS\n43\nINVESTMENT ADVISOR\n44\nDISTRIBUTION PLAN AND SERVICES PLAN\n45\nFINANCIAL HIGHLIGHTS\n46\nSERVICE PROVIDERS\n50\nWHERE TO FIND MORE INFORMATION\nBACK COVER\nCRA Shares\nInstitutional Shares\nRetail Shares\nBloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\nBloomberg Intermediate U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)\nThis Prospectus describes the CRA Shares, Institutional Shares, and Retail Shares of the Fund. The Fund was previously known as The Community Reinvestment Act Qualified Investment Fund. The Fund is a series of Community Capital Trust (the Trust ).\nFUND SUMMARY\nInvestment Objective\nThe Fund s investment objective is to provide a high level of current income consistent with the preservation of capital through investments that Community Capital Management, LLC (the Advisor ) believes will have a positive impact.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.\nShareholder Fees (fees paid directly from your investment)\nCRA\nShares\nInstitutional\nShares\nRetail\nShares\nMaximum Sales Charge (Load) Imposed on Purchases\nNone\nNone\nNone\nMaximum Deferred Sales Charge (Load)\nNone\nNone\nNone\nMaximum Sales Charge (Load) Imposed on Reinvested Dividends\nNone\nNone\nNone\nRedemption Fee\nNone\nNone\nNone\nExchange Fee\nNone\nNone\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees\n0.30 %\n0.30 %\n0.30 %\nDistribution (12b-1) Fees\n0.25 %\nNone\n0.25 %\nOther Expenses\n0.32 %\n0.12 %\n0.22 %\nTotal Annual Fund Operating Expenses\n0.87 %\n0.42 %\n0.77 %\nExample\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in CRA Shares, Institutional Shares, and Retail Shares of the Fund for the time periods indicated and then redeem all your Shares at the end of those periods. The Example also assumes that your investment\n1\nThe CCM Community Impact Bond Fund Prospectus\nhas a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nCRA Shares\n$ 89\n$ 278\n$ 482\n$ 1,073\nInstitutional Shares\n$ 43\n$ 135\n$ 235\n$ 530\nRetail Shares\n$ 79\n$ 24\n...\nould lose some or all of their investment. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.\n3\nThe CCM Community Impact Bond Fund Prospectus\nFixed Income Risk: The market value of the Fund s fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund s fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund s shares will be to changes in interest rates.\nInterest Rate Risk: Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. A low or negative interest rate environment could cause the Fund s earnings to fall below the Fund s expense ratio, resulting in a decline in the Fund s share price. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and the Fund s share price. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Advisor. Interest rates in the United States and many other countries have risen in recent periods and may continue to rise in the future. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively.\nPrepayment Risk: Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. Prepayment impacts both the interest rate sensitivity of the underlying asset, such as an asset-backed or mortgage-backed security, and its cash flow projections. Therefore, prepayment risk may make it difficult to calculate the average duration of the Fund s asset- or mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of the Fund.\nCRA-Qualifying Investments Strategy Risk: The Advisor believes that at least 51% of the Fund s investments will be deemed qualified investments under the CRA and will cause financial institutions to receive CRA consideration with respect to shares of the Fund owned by them. However, there is no guarantee that an investor will receive CRA consideration for an investment in the Fund. The Advisor will consider the Fund s goal of qualifying for CRA consideration when determining which debt securities or other debt instruments the Fund will purchase and sell. Accordingly, portfolio decisions will not be exclusively based on the investment characteristics of the securities or instruments, which may or may not have an adv\n...\ns. If shares are purchased by check and redeemed within seven business days of purchase, the Fund may hold redemption proceeds until the purchase check has cleared, a period of up to fifteen days. Please specify the Class of Fund Shares that you want to purchase.\nAll purchases must be made in U.S. dollars and checks must be drawn on U.S. banks. No cash, money orders, travelers checks, credit cards, credit card checks, third party checks or other checks deemed to be high-risk checks will be accepted.\nYou will receive a statement showing the number of Fund Shares purchased, the NAV at which your shares were purchased, and the new balance of Fund Shares owned each time you purchase Shares of the Fund. The Fund does not issue share certificates. All full and fractional shares will be carried on the books of the Fund.\nAll applications to purchase Shares of the Fund are subject to acceptance by authorized officers of the Fund and are not binding until accepted. The Fund reserves the right to reject purchase orders.\nThe Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Fund s transfer agent. The share price used to fill the purchase order is the next price calculated by the Fund after the Fund s transfer agent receives the order in proper form at its office, not the P.O. Box provided for regular mail delivery.\nBy Wire\nTo open an account by wire, call 1-888-272-0007 for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name and your account number).\n34\nWiring Instructions\nUMB Bank, N.A.\nKansas City, MO\nABA #101000695\nFor Credit To:\nAtlantic Shareholder Services, LLC FBO Community Capital Trust\nAcct #9872324919\nFund Name\n(Your Account Number with the Fund)\nBefore making an initial investment by wire transfer, you must forward a completed new account application with your taxpayer identification number and signature(s) of authorized officer(s) along with a corporate resolution verifying the authorized signers to the Fund (1) by fax to the Fund s transfer agent at 207-347-2195 or (2) by mail to the CCM Community Impact Bond Fund, P.O. Box 588, Portland, ME 04112.\nPurchases In-Kind\nSubject to the approval of the Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund s investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund s valuation policies. These transactions will be effected only if the Advisor deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Fund reserves the right to amend or terminate this practice at any time.\nTo discuss arrangements for purchasing Shares of the Fund in exchange for your securities, contact the Advisor toll-free at 1-877-272-1977.\nBuying or Selling Shares through a Shareholder Servicing Agent\nCRA Shares of the Fund may be available through Shareholder Servicing Agents. Certain features of the Fund s CRA Shares, such as the initial investment minimum, may be modified or waived by a Shareholder Servicing Agent. A Shareholder Servicing Agent may impose transaction or administrative charges or other direct fees. Therefore, you should contact the Shareholder Servicing Agent acting on\n...\n36,344\n$\n2,016,310\n$\n1,892,894\n$\n1,528,900\nRatio of expenses to average net assets\n0.42\n%\n0.42\n%\n0.44\n%\n0.43\n%\n0.45\n%\nRatio of net investment income to average net assets\n3.41\n%\n3.17\n%\n2.41\n%\n1.31\n%\n1.60\n%\nPortfolio turnover rate\n28\n%\n32\n%\n42\n%\n55\n%\n49\n%\n(a)\nBased on the average daily number of shares outstanding during the year.\n48\nCCM COMMUNITY\nIMPACT BOND FUND\n(For a share outstanding throughout each year)\nRetail Shares\nFor the\nFiscal\nYear\nEnded\nMay 31,\n2025\nFor the\nFiscal\nYear\nEnded\nMay 31,\n2024\nFor the\nFiscal\nYear\nEnded\nMay 31,\n2023\nFor the\nFiscal\nYear\nEnded\nMay 31,\n2022\nFor the\nFiscal\nYear\nEnded\nMay 31,\n2021\nNet Asset Value, Beginning of Year\n$\n9.24\n$\n9.38\n$\n9.82\n$\n10.68\n$\n10.85\nInvestment Operations:\nNet investment income (a)\n0.29\n0.26\n0.19\n0.10\n0.14\nNet realized and unrealized gain (loss) on investments\n0.19\n(0.14\n)\n(0.43\n)\n(0.83\n)\n(0.13\n)\nTotal from investment operations\n0.48\n0.12\n(0.24\n)\n(0.73\n)\n0.01\nDistributions from:\nNet investment income\n(0.29\n)\n(0.26\n)\n(0.20\n)\n(0.13\n)\n(0.18\n)\nTotal distributions\n(0.29\n)\n(0.26\n)\n(0.20\n)\n(0.13\n)\n(0.18\n)\nNet Asset Value, End of Year\n$\n9.43\n$\n9.24\n$\n9.38\n$\n9.82\n$\n10.68\nTotal return\n5.24\n%\n1.36\n%\n(2.42\n%)\n(6.93\n%)\n0.00\n%\nRatios/Supplemental Data\nNet assets, end of year (in 000s)\n$\n34,909\n$\n38,028\n$\n42,657\n$\n49,919\n$\n61,200\nRatio of expenses to average net assets\n0.77\n%\n0.77\n%\n0.79\n%\n0.78\n%\n0.80\n%\nRatio of net investment income to average net assets\n3.06\n%\n2.81\n%\n2.04\n%\n0.95\n%\n1.27\n%\nPortfolio turnover rate\n28\n%\n32\n%\n42\n%\n55\n%\n49\n%\n(a)\nBased on the average daily number of shares outstanding during the year.\n49\nThe CCM Community Impact Bond Fund Prospectus\nSERVICE PROVIDERS\nINVESTMENT ADVISOR:\nCommunity Capital Management, LLC\n261 North University Drive, Suite 520\nFort Lauderdale, Florida 33324\nwww.ccminvests.com\nADMINISTRATOR:\nSEI Investments Global Funds Services\nOne Freedom Valley Drive\nOaks, PA 19456\nTRANSFER AGENT:\n888-272-0007\nApex Fund Services\n190 Middle Street, Suite 101\nPortland, ME 04101\nDISTRIBUTOR:\n866-202-3573\nSEI Investments Distribution Co.\nOne Freedom Valley Drive\nOaks, PA 19456\nLEGAL COUNSEL:\nFaegre\nDrinker Biddle Reath LLP\n320 South Canal Street, Suite 3300\nChicago, IL 60606\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:\nDeloitte Touche LLP\n1700 Market Street\nPhiladelphia, PA 19103\nCUSTODIAN:\nU.S. Bank National Association\n50 South 16th Street\nSuite 2000\n20th Floor\nEX-PA-WBSP\nPhiladelphia, PA 19102\n50\nPRIVACY POLICY\nFACTS\nWHAT DOES COMMUNITY CAPITAL TRUST ( CCT ) DO WITH YOUR PERSONAL INFORMATION?\nWhy?\nFinancial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.\nWhat?\nThe types of personal information we collect and share depend on the product or service you have with us. This information can include:\nSocial Security number\naccount balances\naccount transactions\ntransaction history\nwire transfer instructions\nchecking account information\nWhen you are no longer our customer, we continue to share your information as described in this notice.\nHow?\nAll financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons CCT chooses to share; and whether you can limit this sharing.\nReasons we can share your personal information\nDoes CCT share?\nCan you limit this sharing?\nFor our everyday business purposes\nsuch as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus\nYes\nNo\nFor our marketing purposes\nto offer our", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:CCM_Community_Impact_Bond_Fund", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:CCM_Community_Impact_Bond_Fund", "p": "advisedBy", "o": "org:Community_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Community_Impact_Bond_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Community_Impact_Bond_Fund", "p": "seriesOf", "o": "trust:COMMUNITY_CAPITAL_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CCM_Community_Impact_Bond_Fund", "p": "transferAgent", "o": "org:Atlantic_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:COMMUNITY_CAPITAL_TRUST", "p": "underwrittenBy", "o": "org:SEI_INVESTMENTS_DISTRIBUTION_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> CCM Community Impact Bond Fund <predicate_marker> administrator <object_marker> SEI Investments Global Funds Services <predicate_marker> advisedBy <object_marker> Community Capital Management, Inc. <predicate_marker> custodian <object_marker> U.S. Bank, National Association <predicate_marker> seriesOf <object_marker> COMMUNITY CAPITAL TRUST <predicate_marker> transferAgent <object_marker> Atlantic Shareholder Services, LLC <triple_end>\n<triple_start> COMMUNITY CAPITAL TRUST <predicate_marker> underwrittenBy <object_marker> SEI INVESTMENTS DISTRIBUTION CO. <triple_end>", "target_serialized_plain": "CCM Community Impact Bond Fund administrator SEI Investments Global Funds Services ; advisedBy Community Capital Management, Inc. ; custodian U.S. Bank, National Association ; seriesOf COMMUNITY CAPITAL TRUST ; transferAgent Atlantic Shareholder Services, LLC .\nCOMMUNITY CAPITAL TRUST underwrittenBy SEI INVESTMENTS DISTRIBUTION CO. .", "stats": {"input_chars": 14829, "n_triples": 6, "text_to_json_ratio": 25.2}}
{"sample_id": "0001081400:ALL", "cik": "0001081400", "trust_name": "ALLSPRING FUNDS TRUST", "input_text": "-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\nallspring:C000020412Member\n2021-12-31\n2021-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\nallspring:C000020369Member\n2022-12-31\n2022-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\nallspring:C000020412Member\n2022-12-31\n2022-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\nallspring:C000020369Member\n2023-12-31\n2023-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\nallspring:C000020412Member\n2023-12-31\n2023-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\nallspring:C000020369Member\n2024-12-31\n2024-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\nallspring:C000020412Member\n2024-12-31\n2024-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\nallspring:C000020369Member\n2025-12-31\n2025-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\nallspring:C000020412Member\n2025-12-31\n2025-12-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\noef:RiskLoseMoneyMember\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007421Member\noef:RiskNotInsuredDepositoryInstitutionMember\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\noef:RiskLoseMoneyMember\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentretail_12656Member\nallspring:S000007440Member\noef:RiskNotInsuredDepositoryInstitutionMember\n2026-01-31\n2026-01-31\nallspring:Years\niso4217:USD\nxbrli:pure\nxbrli:shares\niso4217:USD\nxbrli:shares\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007440Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007432Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:C000020370Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007440Member\nallspring:C000064992Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007432Member\nallspring:C000086828Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:bench20230407316Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:bench20230519341Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:bench20230407333Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:bench20230407317Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneymarketfundsgovernmentadministrator_12776Member\nallspring:S000007421Member\nallspring:bench20230509335Member\n2026-01-31\n2026-01-31\n0001081400\nallspring:Dmoneyma\n...\ns in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.\nRepurchase Agreement Risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, a Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security.\nManagement Risk. Investment decisions, techniques, analyses or models implemented by a Fund s manager or sub-adviser in seeking to achieve the Fund s investment objective may not produce expected returns, may cause the Fund s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.\nGovernment Money Market Funds 3\nBack to Table of Contents\nPerformance\nThe following information provides some indication of the risks of investing in the Fund by showing changes in the Fund s performance from year to year. Past performance is no guarantee of future results. Current month-end performance is available on the Fund s website at allspringglobal.com . To obtain a current 7-day yield for the Fund call toll-free 1-800-222-8222 .\nCalendar Year Total Returns for Class A as of 12/31 each year\nHighest Quarter: December 31, 2023\n+ 1.23 %\nLowest Quarter: March 31, 2022\n0.00 %\nYear-to-date total return as of March 31, 2026 is + 0.79 %\nAverage Annual Total Returns for the periods ended 12/31/2025 ( returns reflect applicable sales charges )\nINCEPTION DATE OF SHARE CLASS\n1 YEAR\n5 YEAR\n10 YEAR\nClass A\n11/8/1999\n3.81 %\n2.85 %\n1.77 %\n4 Government Money Market Funds\nBack to Table of Contents\nFund Management\nMANAGER\nSUB-ADVISER\nAllspring Funds Management, LLC\nAllspring Global Investments, LLC\nPurchase and Sale of Fund Shares\nIn general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.\nMINIMUM INVESTMENTS\nTO BUY OR SELL SHARES\nMinimum Initial Investment Regular Accounts: $1,000 IRAs, IRA Rollovers, Roth IRAs: $250 UGMA/UTMA Accounts: $50 Employer Sponsored Retirement Plans: No Minimum Minimum Additional Investment Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100 UGMA/UTMA Accounts: $50 Employer Sponsored Retirement Plans: No Minimum\nMail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222\nContact your financial professional.\nTax Information\nAny distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, subsequent withdrawals from such a tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.\nPayments to Intermediaries\nIf you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary s website for more information.\nGovernment Money Market Funds 5\nBack to Table of Contents\nTreasury Plus Money Market Fund Summary\nInvestment Objective\nThe Fund seeks current income, while preserving c\n...\nent plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.\nGift of shares will not be considered when determining breakpoint discounts.\n36 Government Money Market Funds\nBack to Table of Contents\nNotes\nGovernment Money Market Funds 37\nBack to Table of Contents\nNotes\n38 Government Money Market Funds\nBack to Table of Contents\nFOR MORE INFORMATION\nMore information on a Fund is available free upon request, including the following documents:\nStatement of Additional Information ( SAI )\nSupplements the disclosures made by this Prospectus. The SAI, which has been filed with the SEC, is incorporated by reference into this Prospectus and therefore is legally part of this Prospectus.\nAnnual/Semi-Annual Reports and Long Form Financial Statements\nAdditional information about a Fund s investments is available in the Fund s annual and semi-annual reports to shareholders and in the annual and semi-annual long form financial statements filed on Form N-CSR. In the Fund s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during its last fiscal year.\nTo obtain copies of the above documents or for more information about Allspring Funds, contact us:\nBy telephone: Individual Investors: 1-800-222-8222 Retail Investment Professionals: 1-888-877-9275 Institutional Investment Professionals: 1-800-260-5969\nBy mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967\nOnline: www.allspringglobal.com\nFrom the SEC: Visit the EDGAR Database on the SEC s website at sec.gov.\nTo obtain information for a fee, email: publicinfo@sec.gov The Allspring Funds are distributed by Allspring Funds Distributor, LLC, a member of FINRA.\n2026 Allspring Global Investments Holdings, LLC. All rights reserved.\nPRO0450 06-26 ICA Reg. No. 811-09253\nGovernment Money Market Funds\nFUND/CLASS\nADMINISTRATOR\nAllspring Government Money Market Fund\nWGAXX\nAllspring Treasury Plus Money Market Fund\nWTPXX\nAllspring 100% Treasury Money Market Fund\nWTRXX\nProspectus\nJune 1, 2026\nThe U.S. Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Anyone who tells you otherwise is committing a crime.\nTable of Contents\nFund Summaries\nGovernment Money Market Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n2\nTreasury Plus Money Market Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n6\n100% Treasury Money Market Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n10\nDetails About the Funds\nGovernment Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n15\nTreasury Plus Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n16\n100% Treasury Money Market\n...\nr Services Agreement, shareholder support services. For providing these services, the Distributor, Allspring Funds Management and third parties are entitled to an annual fee from the applicable class of the Fund of up to 0.10% of the average daily net assets of the Administrator Class shares, and up to 0.25% of the average daily net assets of the Class A, Class C, Service Class and Sweep Class shares, of the average daily net assets of such class owned of record or beneficially by their customers.\nGeneral . The Servicing Plan will continue in effect from year to year if such continuance is approved by vote of a majority vote of both the Trustees and the Non-Interested Trustees. No material amendment to the Servicing Plan may be made except by such a vote.\nUnderwriting Commissions\nThe Distributor serves as the principal underwriter distributing securities of the Funds on a continuous basis.\nFor the fiscal periods listed below, the aggregate amounts of underwriting commissions paid to and retained by the Distributor are as follows:\nUnderwriting Commissions Paid\nFUND/FISCAL YEAR OR PERIOD\nAGGREGATE TOTAL UNDERWRITING COMMISSIONS\nUNDERWTITING COMMISSIONS RETAINED\nJanuary 31, 2026\nGovernment Money Market Fund\n$0\n$0\nMoney Market Fund\n$0\n$0\nNational Tax-Free Money Market Fund\n$0\n$0\nTreasury Plus Money Market Fund\n$0\n$0\n100% Treasury Money Market Fund\n$0\n$0\nJanuary 31, 2025\nGovernment Money Market Fund\n$42\n$42\nMoney Market Fund\n$0\n$0\nNational Tax-Free Money Market Fund\n$0\n$0\nTreasury Plus Money Market Fund\n$0\n$0\n100% Treasury Money Market Fund\n$0\n$0\nJanuary 31, 2024\nGovernment Money Market Fund\n$0\n$0\nMoney Market Fund\n$1,460\n$1,460\nNational Tax-Free Money Market Fund\n$0\n$0\nTreasury Plus Money Market Fund\n$0\n$0\n100% Treasury Money Market Fund\n$0\n$0\nCustodian and Fund Accountant\nState Street Bank and Trust Company ( State Street ), located at, One Congress Street Boston, Massachusetts 02114, acts as Custodian and fund accountant for the Funds. As Custodian, State Street, among other things,\nMoney Market Funds 31\nBack to Table of Contents\nmaintains a custody account or accounts in the name of each Fund, handles the receipt and delivery of securities, selects and monitors foreign sub-custodians as the Fund s global custody manager, determines income and collects interest on each Fund s investments and maintains certain books and records. As fund accountant, State Street is responsible for calculating each Fund s daily net asset value per share and for maintaining its portfolio and general accounting records. For its services, State Street is entitled to receive certain transaction fees, asset-based fees and out-of-pocket costs.\nTransfer and Distribution Disbursing Agent\nSS C GIDS, Inc. ( SS C GIDS ), located at 1055 Broadway Boulevard, Kansas City, Missouri 64105, acts as transfer and distribution disbursing agent for the Allspring Funds. For providing such services, SS C GIDS is entitled to receive fees from the Administrator.\nIndependent Registered Public Accounting Firm\nKPMG LLP, an independent registered public accounting firm with its office at Two Financial Center, 60 South Street, Boston, Massachusetts, 02111, serves as the independent registered public accounting firm for the Funds. KPMG LLP performs an annual audit of the Funds financial statements. Reports of its activities are provided to the Board.\nCode of Ethics\nThe Fund Complex, Allspring Funds Management, the Distributor and each Sub-Adviser each has adopted a code of ethics which contains policies on personal securities transactions by access persons as defined in each of the code", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Allspring_Alternative_Risk_Premia_Fund", "p": "advisedBy", "o": "org:Allspring_Funds_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Alternative_Risk_Premia_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Alternative_Risk_Premia_Fund", "p": "seriesOf", "o": 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Short_Term_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Allspring_Funds_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Short_Term_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Short_Term_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:ALLSPRING_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Short_Term_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Allspring_Global_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Strategic_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Allspring_Funds_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Strategic_Municipal_Bond_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Strategic_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:ALLSPRING_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Strategic_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Allspring_Global_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Ultra_Short_Term_Municipal_Income_Fund", "p": "advisedBy", "o": "org:Allspring_Funds_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Ultra_Short_Term_Municipal_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Ultra_Short_Term_Municipal_Income_Fund", "p": "seriesOf", "o": "trust:ALLSPRING_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Ultra_Short_Term_Municipal_Income_Fund", "p": "subAdvisedBy", "o": "org:Allspring_Global_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Wisconsin_Tax_Free_Fund", "p": "advisedBy", "o": "org:Allspring_Funds_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Allspring_Wisconsin_Tax_Free_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, 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Global Investments, LLC <triple_end>\n<triple_start> Allspring California Limited-Term Tax-Free fund <predicate_marker> advisedBy <object_marker> Allspring Funds Management, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> ALLSPRING FUNDS TRUST <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <triple_end>\n<triple_start> Allspring California Tax-Free Fund <predicate_marker> advisedBy <object_marker> Allspring Funds Management, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> ALLSPRING FUNDS TRUST <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <triple_end>\n<triple_start> Allspring High Yield Municipal Bond Fund <predicate_marker> advisedBy <object_marker> Allspring Funds Management, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> ALLSPRING FUNDS TRUST <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <triple_end>\n<triple_start> Allspring Intermediate Tax/AMT-Free Fund <predicate_marker> advisedBy <object_marker> Allspring Funds Management, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> ALLSPRING FUNDS TRUST <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <triple_end>\n<triple_start> Allspring Minnesota Tax-Free Fund <predicate_marker> advisedBy <object_marker> Allspring Funds Management, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> ALLSPRING FUNDS TRUST <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <triple_end>\n<triple_start> Allspring Municipal Bond Fund <predicate_marker> advisedBy 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{"sample_id": "0001084380:ALL", "cik": "0001084380", "trust_name": "TIAA-CREF FUNDS", "input_text": "06 Purchase and sale of Fund shares 107 Tax information 108 Payments to broker-dealers and other financial intermediary\ncompensation 108 Summary information Short Term Bond Index\nFund Investment objective 109 Fees and expenses 109 Shareholder fees 109 Annual Fund operating expenses 110 Example 110 Portfolio turnover 110 Principal investment strategies 110 Principal investment risks 111 Past performance 114 Portfolio management 116 Purchase and sale of Fund shares 117 Tax information 118 Payments to broker-dealers and other financial intermediary\ncompensation 118 Summary information Money Market Fund Investment objective 119 Fees and expenses 119 Shareholder fees 119 Annual Fund operating expenses 119 Example 119 Principal investment strategies 120 Principal investment risks 120 Past performance 122 Portfolio management 124 Purchase and sale of Fund shares 124 Tax information 125 Payments to broker-dealers and other financial intermediary\ncompensation 126\nAdditional information about investment strategies and risks\nof the Funds 126 Additional information about the Funds 126 Additional information on principal investment risks of the\nFunds 128 Global economic risk 141 Cybersecurity risk 142 Additional information about the Funds broad-based\nand benchmark indices 143 Additional information on investment strategies of the Fixed-Income\nFunds 145 Portfolio holdings 146 Portfolio turnover 146 Investments by funds of funds 147 Share classes 147 Management of the Funds 148 The Funds investment adviser 148 Investment management fees 148 Information about the Core and Impact Bond Fund s and\nGreen Bond Fund s Subsidiaries 152 Portfolio management teams 154 Other services 157 Distribution and service arrangements 158 All classes 158 Other payments by the Funds 158 Other payments by Nuveen Securities, Nuveen Fund Advisors\nor their affiliates 160 Calculating share price 161 Dividends and distributions 163 Taxes 164 How you can buy and sell shares 167 What share classes we offer 167 How to reduce your sales charge 176 Purchasing shares 179 Redeeming shares 185 Exchanging shares 190 Conversion of shares applicable to all investors 191 Important\ntransaction information 193 Frequent trading applicable to Money Market Fund 196 Frequent\ntrading applicable to all other Funds 197 Electronic prospectuses 198 Additional information about index providers 198 Additional\ninformation about the Trust and the Board of Trustees 199 Glossary 199 Financial highlights 201 Appendix Variations in Sales Charge Reductions and Waivers\nAvailable Through Certain Intermediaries 224\nSummary information Nuveen\nBond Index Fund Investment\nobjective The Fund seeks total return that corresponds with the total\nreturn of a broad U.S. investment-grade bond market index. Fees and expenses The following tables\ndescribe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.\nYou may pay other fees, such as brokerage commissions and other fees to financial intermediaries, when\nbuying or selling shares of the Fund, which are not reflected in the tables and examples below.\nYou may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,\nat least $50,000 in the Fund or other Nuveen mutual funds. More information about these and other discounts,\nas well as eligibility requirements for each share class, is available from your financial advisor and\nin How You Can Buy and Sell Shares on page [ ] of the Fund s Prospectus and Purchase\nand Redemption of Fund Shares on page [ ] of the Fund s Statement of Additional Information.\nI\n...\nvalue. Non-Diversification\nRisk While the Fund is considered to be a diversified investment company under\nthe 1940 Act, the Fund may become non-diversified under the 1940 Act without Fund shareholder approval\nwhen necessary to continue to track its benchmark index. Non-diversified status means that the Fund can\ninvest a greater percentage of its assets in the securities of a single issuer than a diversified fund.\nInvesting in a non-diversified fund involves greater risk than investing in a diversified\nfund because a loss in value of a particular investment may have a greater effect on\nthe fund s return since that investment may represent a larger portion of the fund s\ntotal portfolio assets. Please see the\nnon-summary portion of the Prospectus for more detailed information about the risks described above.\nPast performance The following chart and table help illustrate some of the risks of investing in\nthe Fund by showing changes in the Fund s performance from year to year. The bar chart shows the\nannual total returns of Class R6 of the Fund, before taxes, in each full calendar year for the last ten\nyears. Because the expenses vary across share classes, the performance of Class R6 may vary from the\nother share classes. Below the bar chart are the best and worst returns of Class R6 for a calendar quarter\nduring the full calendar-year periods covered by the bar chart. The performance table following the bar\nchart shows the Fund s average annual total returns for Class A, Class I, Premier Class, Class\nR6, Retirement Class and Class W over the applicable one-year, five-year, ten-year and since-inception\nperiods ended December 31, 2025, and how those returns compare to those of the Fund s broad-based\nsecurities market and benchmark index. For periods prior to August 1, 2026, Teachers Advisors, LLC ( Advisors )\nserved as investment adviser to the Fund. After-tax performance is shown only for Class R6 shares, and\nafter-tax returns for the other classes of shares will vary from the after-tax returns presented for\nClass R6 shares. The returns shown below reflect previous agreements by Advisors,\nthe Fund s prior investment adviser, to waive or reimburse the Fund for certain fees and expenses.\nWithout these waivers and reimbursements, the returns of the Fund would have been lower. Past performance\nof the Fund (before and after taxes) is not necessarily an indication of how it will perform in the future.\nThe broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest\ndirectly in an index. The returns for the broad-based securities market and benchmark index reflect no\ndeduction for fees, expenses or taxes.\nNuveen\nFixed-Income Funds Prospectus 11\nFor current performance information of each share class, including performance\nto the most recent month-end, please visit www.nuveen.com/performance\nor call 800-257-8787. ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)\nNuveen\nBond Index Fund Best quarter: 6.64%, for the quarter ended December 31, 2023. Worst quarter: -5.89%,\nfor the quarter ended March 31, 2022.\n12 Prospectus Nuveen\nFixed-Income Funds\nAVERAGE\nANNUAL TOTAL RETURNS For the Periods Ended December 31, 2025 Class name (Inception date) One year Five years Ten years Class W Since\ninception (09/28/2018) Class R6 (09/14/2009) Return before taxes 7.11 % 0.45 % 1.89 % N/A Return after taxes\non distributions 5.48 % 1.62 % 0.75 % N/A Return\nafter taxes on distributions and sale of\nFund shares 4.18 % 0.84 % 0.96 % N/A Class I (12/04/2015) Return before taxes 7.01 % 0.57 % 1.78 % N/A Premier Class (09/30/2009) Return\n...\nhares in this Prospectus. Each\nFund s investments are held by the Fund as a whole, not by a particular share class, so an investor s\nmoney will be invested the same way no matter which class of shares is held. However, there are differences\namong the fees and expenses associated with each class and not everyone is eligible to buy every class.\nAfter determining which classes you are eligible to buy, decide which class best suits your needs. Please\ncontact\nNuveen\nFixed-Income Funds Prospectus 147\nus\nif you have questions or would like assistance in determining which class is right for you.\nManagement of the Funds The Funds investment adviser and sub-adviser Effective August 1, 2026, Nuveen Fund Advisors is the Funds investment\nadviser. Nuveen Fund Advisors offers advisory and investment management services to a broad range of\nclients, including investment companies and other pooled investment vehicles. Nuveen Fund Advisors has\noverall responsibility for management of the Funds, oversees the management of the Funds portfolios,\nmanages the Funds business affairs and provides certain clerical, bookkeeping and other administrative\nservices. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund\nAdvisors is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity\nAssociation of America ( TIAA ). TIAA is a life insurance company founded in 1918 by the\nCarnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement\nEquities Fund ( CREF ), the first company in the United States to issue a variable annuity.\nNuveen Fund Advisors is registered as an investment adviser with the SEC under the Investment Advisers\nAct of 1940. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC ( TCIM ),\ncertain personnel of Nuveen Fund Advisors and Nuveen Asset Management also manage the investment accounts\nof CREF. As of June 30, 2026, Nuveen LLC managed approximately $[ ] trillion in assets, of which\napproximately $[ ] trillion was managed by Nuveen Fund Advisors. Also effective August\n1, 2026, Nuveen Fund Advisors has selected its affiliate, Nuveen Asset Management, located at 333 West\nWacker Drive, Chicago, Illinois 60606, to serve as sub-adviser to each Fund. Nuveen Asset Management\nmanages the investment of the Funds' assets on a discretionary basis, subject to the supervision of Nuveen\nFund Advisors. Prior to August 1, 2026, the Funds were managed by Teachers\nAdvisors, LLC ( Advisors ), which merged into Nuveen Asset Management effective at the close\nof business on July 31, 2026 following an internal reorganization. Investment\nmanagement fees The management fee schedule for each\nFund (other than the Bond Index Fund, Short Term Bond Index Fund and Money Market Fund) consists of two\ncomponents: a Fund-level fee, based only on the amount of assets within a Fund, and a complex-level fee,\nbased on the aggregate amount of all eligible fund assets managed by Nuveen Fund Advisors. Nuveen Fund\nAdvisors serves as manager to various other registered investment companies that operate under the Nuveen\nname (collectively with the Funds, the Nuveen Funds ). This pricing\n148 Prospectus Nuveen\nFixed-Income Funds\nstructure\nenables Fund shareholders to benefit from growth in the assets within the respective Fund as well as\nfrom growth in the amount of complex-wide assets managed by Nuveen Fund Advisors. For the Bond Index\nFund, Short Term Bond Index Fund and Money Market Fund, the management fee schedule consists of one component,\na F\n...\nshares. Eligibility to purchase\na certain class of shares is generally based on the type of account being opened in a Fund as well as\ncertain account minimums. In order to better understand the eligibility requirements outlined below,\nthe following defined terms shall apply when used throughout this Prospectus. Definitions Financial Intermediary Accounts: These include accounts held through platforms,\nprograms, plans and other similar entities, as well as omnibus accounts, on behalf of other investors.\nAdditionally, Financial Intermediary Accounts may include, but are not limited to, the following: Employee\nBenefit Plans (as defined below); Certain custody accounts sponsored or administered by TIAA,\nor by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to\nsection 408 of the Code; and Wrap accounts or other such arrangements as may be offered\nby a financial advisor or other intermediary. Employee Benefit\nPlans: These include accounts sponsored or administered by either TIAA and its affiliates\nor by other entities not affiliated with TIAA and that are established by or on behalf of employers,\nor the trustees of plans sponsored by employers, in connection with certain Employee Benefit Plans. Such\nEmployee Benefit Plans include those described in sections 401(a) (including 401(k) and Keogh plans),\n403(a), 403(b) or 457 of the Code. Shareholders investing through such Employee Benefit Plans may have\nto pay additional expenses related to the administration of such plans. Class I is not available to SEPs,\nSARSEPs, SIMPLE IRAs and Keogh plans. Eligible Investors: These include\nboth Financial Intermediary Accounts and Employee Benefit Plans. Direct\nPurchasers: These accounts are opened directly with the transfer agent for the Funds, SS C\nGIDS, Inc., and include the following: individual, financial advisor, domestic trust and joint accounts;\nTraditional IRAs and Roth IRAs; corporate and institutional accounts; custodial accounts for a minor\nchild under the Uniform Gift to Minors Act ( UGMA ) or Uniform Transfer to Minors Act ( UTMA );\nand Coverdell education savings accounts.\n168 Prospectus Nuveen\nFixed-Income Funds\nClass A shares You can purchase Class A shares at the\noffering price, which, for each Fund other than the Money Market Fund, is the NAV per share plus an up-front\nsales charge. For the Money Market Fund, you can purchase Class A shares at the offering price, which\nis the NAV per share without any up-front sales charge. For each Fund subject to the up-front sales charge,\nyou may qualify for a reduced sales charge, or the sales charge may be waived, as described in How\nto reduce your sales charge. Class A shares are also subject to an annual distribution fee, as\ndescribed above under Distribution and service arrangements. The up-front Class A sales\ncharges for the Bond Index Fund, Core Bond Fund, Core and Impact Bond Fund, Core Plus Bond Fund and Green\nBond Fund are as follows: Amount\nof Purchase Sales Charge as % of Public Offering Price Sales\nCharge as % of Net Amount Invested Maximum\nFinancial Intermediary Commission as % of Public Offering Price Less than $50,000 3.75 % 3.90 % 3.25 % $50,000 but less than $100,000 3.50 3.63 3.00 $100,000 but less than $250,000 3.00 3.09 2.50 $250,000 but less than $500,000 2.00 2.04 1.75 $500,000 but less than $1,000,000 1.50 1.52 1.25 $1,000,000 and over* 1.00 * You can purchase\n$1 million or more of Class A shares at net asset value without an up-front sales charge. Nuveen Securities,\nLLC (the Distributor ) pays financial intermediaries of record at\n...\nd to Advisors. Service\nfees for fiscal year or period ended Fund December 31, 2025 December 31, 2024 December 31, 2023 Nuveen\nInflation Linked Bond Fund $ 272,361 $ 216,904\n$ Nuveen Emerging\nMarkets Debt Fund * 12,113 Nuveen International\nBond Fund * 51,443 Nuveen Real Estate\nSecurities Select Fund 1,170,263 880,427 * The table reflects the two-month period\nfrom November 1, 2025 through December 31, 2025. Prior to November 1, 2025, the Funds fiscal year\nend was October 31st. The fees paid under the Retirement Class Service Agreements\nfor each of the following Funds for the prior fiscal years ended March 31, 2026, March 31, 2025 and March\n31, 2024 are set forth in the table below. Prior to August 1, 2026, certain of these fees were paid to\nAdvisors. [[Report does not exist]]\nStatement\nof Additional Information 69\nUnderwriter and other service providers Underwriter Nuveen\nSecurities, 333 West Wacker Drive, Chicago, IL 60606-1286, is the principal underwriter\nfor the Trust. Shares of the Funds are offered on a continuous basis. Pursuant to a Distribution Agreement\nwith the Trust, Nuveen Securities distributes shares of the Funds from year to year, subject to annual\napproval of the Distribution Agreement by the Board of Trustees. Nuveen Securities may enter into selling\nagreements with one or more broker-dealers, which may or may not be affiliated with Nuveen Securities,\nto provide distribution-related services and shareholder services to the Funds. Please\nnote that Nuveen Securities does not have a customer relationship with you solely by virtue of acting\nas distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring,\nmake investment decisions for you, or hold customer accounts or assets. Custodian, transfer\nagent and fund accounting agent State Street Bank and Trust Company ( State\nStreet ), One Congress Street, Suite 1, Boston, MA 02114-2016, acts as custodian for the Trust\nand the Funds. As custodian, State Street is responsible for the safekeeping of the Funds portfolio\nsecurities. State Street also acts as fund accounting agent for the Trust and the Funds. SS C\nGIDS, Inc. ( SS C GIDS ), 2000 Crown Colony Drive, Quincy, MA 02169, acts as the transfer\nand dividend-paying agent for the Funds. Independent registered public accounting firm PricewaterhouseCoopers,\nLLP ( PwC ), One North Wacker Drive, Chicago, Illinois 60606, independent registered public\naccounting firm, has been selected as auditors for the Funds. In addition to audit services, PwC provides\nassistance on accounting, tax and related matters. Personal trading\npolicy The Trust, Nuveen Fund Advisors, Nuveen Asset Management and\nNuveen Securities have adopted Codes of Ethics ( codes ) under applicable SEC rules. These\ncodes govern the personal trading activities and related conduct of certain employees, or access\npersons of the Trust, Nuveen Fund Advisors, Nuveen Asset Management and Nuveen Securities, as\nwell as members of their households. While access persons are generally permitted to invest in securities\n(excluding, for certain access persons, purchases of municipal securities as defined under Section 3(a)(29)\nof the Securities Exchange Act of 1934) that may also be purchased or held by the Funds, they are also\ngenerally required to preclear and/or report all transactions involving reportable securities covered\nunder the codes. In addition, access persons are required to maintain their accounts at approved brokers\nso that their reportable accounts, transactions and holdings information can be monitored by Compliance.\nSuch reportable accou", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_Lifecycle_2010_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2010_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2010_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2010_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2015_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2015_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2015_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2015_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2020_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", 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"org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2035_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2035_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2035_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2035_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2040_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": 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"context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2055_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2055_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2055_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2055_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2060_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2060_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2060_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2060_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2065_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2065_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2065_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_2065_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2010_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2010_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2010_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2010_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2015_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2015_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2015_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2015_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2020_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2020_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2020_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2020_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2025_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2025_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2025_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2025_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2030_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2030_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2030_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2030_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2035_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2035_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2035_Fund", "p": "seriesOf", "o": "trust:TIAA_CREF_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2035_Fund", "p": "transferAgent", "o": "org:SS_C_Gids_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Lifecycle_Index_2040_Fund", "p": "advisedBy", "o": "org:Teachers_Advisors_LLC", "alias_grounded": true, "grounded": true, 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{"sample_id": "0001096012:ALL", "cik": "0001096012", "trust_name": "AMERICAN BEACON SELECT FUNDS", "input_text": "s that are similar to those of the Fund, for the periods indicated. You may obtain updated performance information on the Fund s website at www.americanbeaconfunds.com . Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.\nProspectus Fund Summary 7\nBack to Table of Contents\nCalendar year total returns. Year Ended 12/31\nHighest Quarterly Return: 10.31 % 4th Quarter 2025 01/01/2024 through 12/31/2025\nLowest Quarterly Return: - 6.11 % 3rd Quarter 2024 01/01/2024 through 12/31/2025\nThe calendar year-to-date total return as of March 31, 2026 was 6.98 % .\nAverage annual total returns for periods ended December 31, 2025\nInception Date\n1 Year\nSince Inception\n08/30/2023\nReturns Before Taxes\n13.97 %\n6.52 %\nReturns After Taxes on Distributions\n13.20 %\n5.00 %\nReturns After Taxes on Distributions and Sales of Fund Shares\n8.27 %\n4.39 %\n1 Year\nSince Inception\nIndex (Reflects no deduction for fees, expenses or taxes)\nS P 500 Index TR\n17.88 %\n21.32 %\nICE BofA US 3-Month Treasury Bill Index\n4.18 %\n4.84 %\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account ( IRA ) or a 401(k) plan, the after-tax returns do not apply to your situation.\nManagement\nThe Manager The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.\nSub-Advisor\nThe Fund s investment sub-advisor is AHL Partners LLP .\nPortfolio Managers\nAHL Partners LLP\nRussell Korgaonkar Head of Systematic/Chief Investment Officer, Man AHL Since Fund Inception (2023)\nGiuliana Bordigoni Director of Alpha Research, Man AHL Since 2025\nPurchase and Sale of Fund Shares\nThe Fund is an exchange-traded fund. Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer and may not be purchased or redeemed directly with the Fund. Shares of the Fund are listed for trading on NYSE Arca, Inc. ( the Exchange ). Shares may be purchased and redeemed from the Fund only in Creation Units of 25,000 shares, or multiples thereof, at NAV. As a practical matter, only institutions and large investors, such as market makers or other large broker-dealers, purchase or redeem Creation Units. Most investors will buy and sell shares of the Fund on the Exchange. Individual shares can be bought and sold throughout the trading day like other publicly traded securities through a broker-dealer on the Exchange. These transactions do not involve the Fund. The price of an individual Fund share is based on market prices, which may be different from its NAV. As a result, the Fund s shares may trade at a price greater than the NAV (at a premium) or less than the NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund ( bid ) and the lowest price a seller is willing to accept for shares of the Fund ( ask ) when buying or selling shares in the secondary market (the bid-ask spread ). Most investors will incur customary brokerage commissions and charges when buying or selling shares of the Fund through a broker-dealer.\nRecent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads, is available on the Fund s website at www.americanbeaconfunds.com/ products/etfs/american-beacon-ahl-trend-etf .\nTax Information\nDividends , capital gains distributions , and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ( IRA ) or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).\n8 Prospectus Fund Summary\nBack to Table of Contents\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund s distributor, Foreside Financial Services, LLC, or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary s website for more information.\nAdditional Information About the Fund\nTo help you better understand the Fund, this section provides a detailed discussion of the Fund s investment policies, its principal strategies, its principal risks, and performance index. However, this Prospectus does not describe all of the Fund s investment practices. Capitalized terms that are not otherwise defined are defined in Appendix A . For additional information, please see the Fund s SAI, which is available at www.americanbeaconfunds.com or by contacting us via telephone at 1-833-471-3562, by U.S. mail at the Fund s Distributor, Foreside Financial Services, LLC, 190 Middle Street, Suite 301 , Portland, Maine 04101, or by e-mail at americanbeaconfunds@ambeacon.com.\nAdditional Information About Investment Policies and Strategies\nInvestment Objective\nThe Fund s investment objective is capital growth.\nThe Fund s investment objective is non-fundamental, which means that it may be changed by the Fund s Board without the approval of Fund shareholders.\nTemporary Defensive Policy\nThe Fund may depart from its principal investment strategy by taking temporary defensive or interim positions in response to adverse market, economic, political, or other conditions. During these times, the Fund may not achieve its investment objective.\nAdditional Information About the Management of the Fund\nThe Fund has retained Am\n...\norm N-CSR include additional information about the Fund s investments. The Annual Shareholder Report also includes a discussion by the Manager of market conditions and investment strategies that materially affected the Fund s performance during the reporting period. The Form N-CSR includes the Fund s annual and semi-annual consolidated financial statements, as well as the report of the Fund s independent registered public accounting firm in the annual consolidated financial statements.\nSAI\nThe SAI contains more details about the Fund and its investment policies. The SAI is incorporated in this Prospectus by reference (it is legally part of this Prospectus). A current SAI is on file with the SEC.\nTo obtain more information about the Fund, such as the Fund s financial statements, or to request a copy of the documents listed above:\nBy Telephone:\nCall 1-833-471-3562\nBy Mail:\nAmerican Beacon Select Funds c/o Foreside Financial Services, LLC 190 Middle Street, Suite 301 Portland, Maine 04101\nBy E-mail:\namericanbeaconfunds@ambeacon.com\nOn the Internet:\nVisit our website at www.americanbeaconfunds.com Visit the SEC website at www.sec.gov\nThe SAI and other information about the Fund are available on the EDGAR Database on the SEC s Internet site at www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic mail to publicinfo@sec.gov, or by writing to the SEC s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The SAI and other information about the Fund may also be reviewed and copied at the SEC s Public Reference Room. Information on the operation of the SEC s Public Reference Room may be obtained by calling the SEC at (202) 551-8090.\nAmerican Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Select Funds and American Beacon AHL Trend ETF are service marks of American Beacon Advisors, Inc.\nSEC File Number 811-09603\nBack to Table of Contents\nAppendix A\nGLOSSARY\nAdvisers Act\nInvestment Advisers Act of 1940, as amended\nAmerican Beacon or Manager\nAmerican Beacon Advisors, Inc.\nBoard\nBoard of Trustees\nBrexit\nThe United Kingdom s departure from the European Union\nCapital Gains Distributions\nDistributions of realized net capital gains\nCFTC\nCommodity Futures Trading Commission\nCPO\nCommodity Pool Operator\nDenial of Services\nA cybersecurity incident that results in shareholders or service providers being unable to access electronic systems\nDistributor\nForeside Financial Services, LLC\nDividends\nDistributions from the Fund s net investment income\nDRD\nDividends-received deduction\nDTC\nDepository Trust Company\nEU\nEuropean Union\nExchange\nNYSE Arca, Inc., a national securities exchange on which shares of the Fund are listed\nForwards\nForeign Currency Forward Contracts\nInternal Revenue Code\nInternal Revenue Code of 1986, as amended\nInvestment Company Act\nInvestment Company Act of 1940, as amended\nIRA\nIndividual Retirement Account\nIRS\nInternal Revenue Service\nManagement Agreement\nThe Fund s Management Agreement with the Manager\nNAV\nFund s net asset value\nNDF\nNon-deliverable foreign currency forward contract\nNYSE\nNew York Stock Exchange\nOther Distributions\nDistributions of net gains from foreign currency transactions\nOTC\nOver-the-Counter\nQDI\nQualified Dividend Income\nREIT\nReal Estate Investment Trust\nRIC\nRegulated Investment Company\nSAI\nStatement of Additional Information\nSEC\nSecurities and Exchange Commission\nSelect Funds or Trust\nAmerican Beacon Select Funds\nState Street\nState Street Bank and Trust Company\nUK\nUnited Kingdom\nProspectus Appendix A-1\nStatement of\n...\nized below.\nA variety of third-party service providers require access to Fund holdings to provide services to the Fund or to assist the Manager and the sub-advisor in managing the Fund ( service providers ). The service providers have a duty to keep the Fund s nonpublic information confidential either through written contractual arrangements with the Fund (or another Fund service provider) or by the nature of their role with respect to the Fund (or the service provider). The Fund has determined that disclosure of nonpublic holdings information to service providers fulfills a legitimate business purpose and is in the best interest of shareholders. In addition, the Fund has determined that disclosure of nonpublic holdings information to members of the Board fulfills a legitimate business purpose, is in the best interest of Fund shareholders, and each Trustee is subject to a duty of confidentiality.\nThe Fund has ongoing arrangements to provide nonpublic holdings information to the following service providers, whose affiliates may also have access to such information:\nService Provider\nService\nHoldings Access\nManager\nInvestment management and administrator\nComplete list on intraday basis with no lag\nSub-Advisor\nInvestment management\nHoldings under sub-advisor s management on intraday basis with no lag\nDepository Trust Company ( DTC )\nSecurities depository\nComplete list on daily basis with no lag\nForeside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ( Distributor )\nFund s principal underwriter\nComplete list on daily basis with no lag\n20\nBack to Table of Contents\nService Provider\nService\nHoldings Access\nNational Securities Clearing Corporation ( NSCC )\nClearing agency\nComplete list on daily basis with no lag\nState Street Bank and Trust Co. ( State Street ) and its designated foreign sub-custodians\nSecurities lending agent for Funds that participate in securities lending, Fund s Custodian and foreign custody manager, sub-administrator, Fund administration service provider, Subsidiary s custodian, Fund s transfer agent\nComplete list on intraday basis with no lag\nCertain third parties are provided with nonpublic holdings information (either complete or partial lists) by the Manager or another service provider on an ad hoc basis in the ordinary course of business. These third parties include: broker-dealers, the Exchange, Authorized Participants, market makers, and legal counsel. Broker-dealers utilized by the Fund in the process of purchasing and selling portfolio securities or providing market quotations receive limited nonpublic holdings information on a current basis with no lag. The Exchange may receive current holdings information with no lag through discussions with the Manager regarding the Fund s compliance with the listing standards. Authorized Participants and market makers may receive current holdings information with no lag in connection with negotiations of Custom Baskets (as defined below). The Manager or sub-advisor may provide current holdings information with no lag to legal counsel when seeking advice regarding those holdings. The Fund does not have written contractual arrangements with these third parties regarding the confidentiality of the holdings information. However, the Fund would not continue to utilize a third party that the Manager determined to have misused nonpublic holdings information.\nNo compensation or other consideration may be paid to the Fund, the Fund s service providers, or any other party in connection with the disclosure of nonpublic po\n...\nher you redeem or hold your shares, your costs would be:\n1Year\n3 Years\n5 Years\n10 Years\n$ 72\n$ 224\n$ 390\n$ 871\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund s performance. For the period May 1, 2025 through the fiscal year ended January 31, 2026, the Fund s portfolio turnover rate was 17 % of the average value of its portfolio.\nPrincipal Investment Strategies\nUnder normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments that provide protection against U.S. inflation.\nInflation refers to a general rise in prices throughout the U.S. economy, which the Fund will measure using the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers (the CPI-U ) published monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. The Fund seeks to provide investors with protection against the negative impact of inflation by generating positive returns when inflation is elevated and/or rising. For purposes of the 80% policy stated above, the Fund considers the following investments to provide protection against U.S. inflation:\ninflation swaps;\noptions on U.S. interest rate swaps ( swaptions );\nU.S. Treasury Inflation-Protected Securities ( TIPS ); and\nexchange-traded funds ( ETFs ) that themselves have policies to invest at least 80% of their assets in inflation-protected investments.\nInvestment Process Ionic Capital Management LLC, the Fund s investment sub-advisor (the Sub-Advisor ), utilizes a proprietary process to construct the Fund s investment portfolio. In seeking to achieve its investment objective, the Fund invests in: (i) inflation swaps designed to increase in value when realized inflation or inflation expectations exceed the fixed-rate referenced in such inflation swaps; (ii) TIPS directly with varied maturities on a rolling basis and indirectly through ETFs; and (iii) swaptions designed to increase in value when inflationary environments lead to increases in nominal interest rates or interest rate expectations. In addition, under certain market conditions, the Sub-Advisor may choose to use interest rate swaps to hedge the Fund s swaption exposure. The Fund may also invest in U.S. Treasury bills, notes, and bonds of varying maturities. Additionally, the Fund may invest in other ETFs that primarily invest in such U.S. Treasury securities. The Fund may sell an investment if the Sub-Advisor determines the investment is no longer in alignment with the Fund s principal investment strategies, in response to changing market conditions or in response to Fund cash flows.\nInflation Swaps Swaps are contracts where one party swaps one type of cash flow for a different type of cash flow. Inflation swaps are derivative instruments that trade over-the-counter, which means they trade in a broker-dealer network, as opposed to on a centralized exchange. The Fund will primarily enter into inflation swaps that reference the CPI-U. For these inflation swaps, one party agrees to pay to the other party the percentage increase in CPI-U during the term of the swap, while the other party agrees to pay back a fixed rate. This means the inflation swaps held by the Fund will typically", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "administrator", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "advisedBy", "o": "org:American_Beacon_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "seriesOf", "o": "trust:AMERICAN_BEACON_SELECT_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "subAdvisedBy", "o": "org:Ionic_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:American_Beacon_Ionic_Inflation_Protection_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AMERICAN_BEACON_SELECT_FUNDS", "p": "underwrittenBy", "o": "org:Foreside_Financial_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> American Beacon Ionic Inflation Protection ETF <predicate_marker> administrator <object_marker> American Beacon Advisors, Inc. <predicate_marker> advisedBy <object_marker> American Beacon Advisors, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AMERICAN BEACON SELECT FUNDS <predicate_marker> subAdvisedBy <object_marker> Ionic Capital Management LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> AMERICAN BEACON SELECT FUNDS <predicate_marker> underwrittenBy <object_marker> Foreside Financial Services, LLC <triple_end>", "target_serialized_plain": "American Beacon Ionic Inflation Protection ETF administrator American Beacon Advisors, Inc. ; advisedBy American Beacon Advisors, Inc. ; custodian State Street Bank and Trust Company ; seriesOf AMERICAN BEACON SELECT FUNDS ; subAdvisedBy Ionic Capital Management LLC ; transferAgent State Street Bank and Trust Company .\nAMERICAN BEACON SELECT FUNDS underwrittenBy Foreside Financial Services, LLC .", "stats": {"input_chars": 17240, "n_triples": 7, "text_to_json_ratio": 25.1}}
{"sample_id": "0001097293:ALL", "cik": "0001097293", "trust_name": "BlackRock Large Cap Focus Growth Fund, Inc.", "input_text": "er brfgf:InvestorACAndInstitutionalMember 2015-01-01 2024-12-31 0001097293 brfgf:C000213874Member brfgf:ClassKMember 2015-01-01 2024-12-31 0001097293 brfgf:C000213874Member brfgf:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001097293 brfgf:C000213874Member brfgf:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001097293 brfgf:Russell1000GrowthIndexMember brfgf:ClassKMember 2015-01-01 2024-12-31 0001097293 brfgf:Russell1000GrowthIndexMember brfgf:InvestorACAndInstitutionalMember 2015-01-01 2024-12-31 0001097293 brfgf:Russell1000IndexMember brfgf:ClassKMember 2015-01-01 2024-12-31 0001097293 brfgf:Russell1000IndexMember brfgf:InvestorACAndInstitutionalMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on September 26, 2025 Securities Act File No. 333-89775 Investment Company Act File No. 811-09651 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 43 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 45 (Check appropriate box or boxes) BlackRock Large Cap Focus Growth Fund, Inc. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BlackRock Large Cap Focus Growth Fund, Inc. 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) [X] Immediately upon filing pursuant to paragraph (b) [ ] On (date) pursuant to paragraph (b) [ ] 60 days after filing pursuant to paragraph (a)(1) [ ] On (date) pursuant to paragraph (a)(1) [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of common stock, par value $0.10 per share. SEPTEMBER 26, 2025\nProspectus BlackRock Large Cap Focus Growth Fund, Inc. | Investor and Institutional Shares Investor A: MDFOX Investor C: MCFOX Institutional: MAFOX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n4\nPerformance Information\n6\nInvestment Manager\n7\nPortfolio Managers\n7\nPurchase and Sale of Fund Shares\n8\nTax Information\n8\nPayments to Broker/Dealers and Other\n...\nbrokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. 8 Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 9 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Large Cap Focus Growth Fund, Inc. (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is long-term capital appreciation. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act ). Investment Process Companies are selected by taking a macro-economic view of economic and business conditions, and using a bottom-up analysis of the business fundamentals of individual companies. The stocks are selected from a universe of companies that Fund management believes have above average growth potential. Fund management will make investment decisions based on judgments regarding several valuation parameters relative to anticipated rates of growth in earnings and potential rates of return on equity. Principal Investment Strategies Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap growth equity securities an\n...\nices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. 29 The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\neakpoint discounts: Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND BlackRock Large Cap Focus Growth Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER AND ADMINISTRATOR BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated September 26, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Inves", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Large_Cap_Focus_Growth_Fund_Inc", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Growth_Fund_Inc", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Growth_Fund_Inc", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Large_Cap_Focus_Growth_Fund_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Large_Cap_Focus_Growth_Fund_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Large Cap Focus Growth Fund, Inc. <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Large Cap Focus Growth Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Large Cap Focus Growth Fund, Inc. administrator BNY Mellon Investment Servicing (US) Inc. ; advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Large Cap Focus Growth Fund, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 14411, "n_triples": 5, "text_to_json_ratio": 26.5}}
{"sample_id": "0001097519:ALL", "cik": "0001097519", "trust_name": "Columbia Funds Series Trust", "input_text": "12-31 0001097519 cfst:C000029779Member 2016-01-01 2025-12-31 0001097519 cfst:C000029869Member 2016-01-01 2025-12-31 0001097519 cfst:C000029869Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001097519 cfst:C000029869Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001097519 cfst:C000029871Member 2016-01-01 2025-12-31 0001097519 cfst:C000029872Member 2016-01-01 2025-12-31 0001097519 cfst:C000029873Member 2016-01-01 2025-12-31 0001097519 cfst:C000129843Member 2016-01-01 2025-12-31 0001097519 cfst:C000251871Member 2016-01-01 2025-12-31 0001097519 cfst:FormerBlendedBenchmarkMember 2016-01-01 2025-12-31 0001097519 cfst:NewBlendedBenchmarkMember 2016-01-01 2025-12-31 0001097519 cfst:Russell3000IndexMember 2016-01-01 2025-12-31 0001097519 cfst:S000010796BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001097519 cfst:S000010796FormerBlendedBenchmarkMember 2016-01-01 2025-12-31 0001097519 cfst:S000010796NewBlendedBenchmarkMember 2016-01-01 2025-12-31 0001097519 cfst:S000010796Russell3000IndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on May 22 , 2026 . Registration Nos. 333-89661 811-09645 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 217 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 218 (Check Appropriate Box or Boxes) COLUMBIA FUNDS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 290 Congress Street, Boston, Massachusetts 02210 (Address of Principal Executive Offices) (Zip Code) Registrant s Telephone Number, Including Area Code: (800) 345-6611\nMichael G. Clarke c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210\nRyan C. Larrenaga, Esq. c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210 (Name and Address of Agents for Service) Approximate Date of Proposed Public Offering: It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On June 1, 2026 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of rule 485. If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. This Post-Effective Amendment relates solely to the Registrant s Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio series. Information contained in the Registrant s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.\nColumbia Capital Allocation Portfolios Prospectus June 1, 2026 Columbia Capital Allocation Conservative Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nTicker Symbol\nABDAX\nRPCCX\nCBVZX Columbia Capital Allocation Moderate Conservative Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nR\nTicker Symbol\nNLGAX\nNIICX\nNIPAX\nCLIRX Columbia Capital Allocation Moderate Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nInstitutional 3 (Class Inst3)\nTicker Symbol\nABUAX\nAMTCX\nCBMZX\nCPDMX Columbia Capital Allocation Moderate Aggressive Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nInstitutional 3 (Class Inst3)\nR\nS\nTicker Symbol\nNBIAX\nNBICX\nNBGPX\nCPHN\n...\n58\nAdditional Investment Strategies and Policies\n65\nPrimary Service Provider Contracts\n69\nOther Roles and Relationships of Ameriprise Financial and its Affiliates Certain Conflicts of Interest\n71\nCertain Legal Matters\n72\nChoosing a Share Class\n73\nThe Funds\n73\nSummary of Share Class Features\n73\nSales Charges and Commissions\n80\nReductions/Waivers of Sales Charges\n85\nDistribution and Service Fees\n89\nFinancial Intermediary Compensation\n91\nBuying, Selling and Exchanging Shares\n93\nShare Price Determination\n93\nTransaction Rules and Policies\n94\nOpening an Account and Placing Orders\n99\nBuying Shares\n101\nSelling Shares\n106\nExchanging Shares\n109\nDistributions and Taxes\n112\nDistributions to Shareholders\n112\nTaxes\n113\nFinancial Highlights\n117\nAppendix A: Financial Intermediary-Specific Reductions/Waivers of Sales Charges\nA - 1\nAppendix B: Underlying Funds Investment Objectives and Strategies\nB - 1\nAppendix C: Underlying Funds Principal Risks\nC - 1 2 Prospectus 2026 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Conservative Portfolio Investment Objective Columbia Capital Allocation Conservative Portfolio (Conservative Portfolio or the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.\nShareholder Fees (fees paid directly from your investment)\nClass A\nClass C\nClass Inst\nMaximum sales charge (load) imposed on purchases (as a % of offering price)\n4.75 %\nNone\nNone\nMaximum deferred sales charge (load) imposed on redemptions (as a % of the lower of the original purchase price or current net asset value)\n1.00 % (a)\n1.00 % (b)\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass A\nClass C\nClass Inst\nManagement fees\n0.06 %\n0.06 %\n0.06 %\nDistribution and/or service (12b-1) fees\n0.25 %\n1.00 %\n0.00 %\nOther expenses\n0.21 %\n0.21 %\n0.21 %\nAcquired fund fees and expenses\n0.44 %\n0.44 %\n0.44 %\nTotal annual Fund operating expenses (c)\n0.96 %\n1.71 %\n0.71 %\nLess: Fee waivers and/or expense reimbursements (d)\n(0.01 %)\n(0.01 %)\n(0.01 %)\nTotal annual Fund operating expenses after fee waivers and/or expense reimbursements\n0.95 %\n1.70 %\n0.70 % (a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. (b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. ( c ) \"\n...\ns of the Fund through your account with the intermediary. The minimum initial investment amounts for the share classes offered by the Fund are shown below: Prospectus 2026 11 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Conservative Portfolio (continued) Minimum Initial Investment\nClass\nCategory of eligible account\nFor accounts other than Systematic Investment Plan accounts (as described in the Fund s Prospectus)\nFor Systematic Investment Plan accounts\nClasses A C\nAll accounts other than IRAs\n$2,000\n$100\nIRAs\n$1,000\n$100\nClass Inst\nAll eligible accounts\n$0, $1,000 or $2,000 depending upon the category of eligible investor\n$100 More information about these minimums can be found in the Buying, Selling and Exchanging Shares - Buying Shares section of the prospectus. There is no minimum additional investment for any share class. Tax Information The Fund normally distributes net investment income and net realized capital gains, if any, to shareholders. These distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an IRA. The use of a fund-of-funds structure could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. If you are investing through a tax-advantaged account, you may be taxed upon withdrawals from that account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. (the Distributor) and Columbia Management Investment Services Corp. (the Transfer Agent) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. 12 Prospectus 2026 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Moderate Conservative Portfolio Investment Objective Columbia Capital Allocation Moderate Conservative Portfolio (Moderate Conservative Portfolio or the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $ 50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.\nShareholder Fees (fees paid direc\n...\nmatters referenced above is set forth in the Investment Management and Other Services Other Roles and Relationships of Ameriprise Financial and its Affiliates Certain Conflicts of Interest section of the SAI. Investors in the Columbia Funds should carefully review these disclosures and consult with their financial advisor if they have any questions. Certain Legal Matters Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Information regarding certain pending and settled legal proceedings may be found in the Fund s Form N-CSR and in the SAI. Additionally, Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at sec.gov. 72 Prospectus 2026 Columbia Capital Allocation Portfolios Choosing a Share Class The Funds The Columbia Funds (referred to as the Funds) generally share the same policies and procedures for investor services, as described below. Each Fund is a series of Columbia Acorn Trust (CAT), Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I) or Columbia Funds Series Trust II (CFST II), and certain features of distribution and/or service plans may differ among these trusts. Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Aggressive Portfolio and Columbia Capital Allocation Moderate Portfolio are series of CFST II, and Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio are series of CFST. Columbia Funds with names that include the words Tax-Exempt, Municipal or Muni (the Tax-Exempt Funds) have certain policies that differ from other Columbia Funds (the Taxable Funds). The Funds offered by this prospectus are treated as Taxable Funds for these purposes. Funds Contact Information Additional information about the Funds, including sales charges and other class features and policies, can be obtained, free of charge, at columbiathreadneedleus.com,* by calling toll-free 800.345.6611, or by writing (regular mail) to Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or (express mail) Columbia Management Investment Services Corp., 801 Pennsylvania Ave., STE. 219104, Kansas City, MO 64105-1307. * The website references in this prospectus are inactive links and information contained in or otherwise accessible through the referenced websites does not form a part of this prospectus. FUNDamentals Financial Intermediaries The term financial intermediary refers to the selling and servicing agents that are authorized to sell and/or service shares of the Funds. Financial intermediaries include broker-dealers and financial advisors as well as firms that employ broker-dealers and financial advisors, including, fo\n...\nof the time set forth above) as the Fund s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open.\nCapital Allocation Portfolios\nCollectively, Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio\nCAT\nColumbia Acorn Trust\nCauseway\nCauseway Capital Management LLC\nCEA\nCommodity Exchange Act\nCFST\nColumbia Funds Series Trust\nCFST I\nColumbia Funds Series Trust I\nCFST II\nColumbia Funds Series Trust II\nCFTC\nThe United States Commodity Futures Trading Commission\nCode\nInternal Revenue Code of 1986, as amended\nCodes of Ethics\nThe codes of ethics adopted by the Funds, Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. and/or any subadviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act\nColumbia Funds or Columbia Funds Complex\nThe fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates\nColumbia Management\nColumbia Management Investment Advisers, LLC\nColumbia Threadneedle Investments\nThe global brand name of the Columbia and Threadneedle group of companies\nConestoga\nConestoga Capital Advisors, LLC\nCrabel\nCrabel Capital Management, LLC\nCustodian(s)\nJPMorgan Chase Bank, N.A. or State Street Bank and Trust Company serves as custodian to the respective Funds, as described in this SAI. During 2026, custody of the Funds is transitioning from JPMorgan Chase Bank, N.A. to State Street Bank and Trust Company using a phased approach.\nDBRS\nMorningstar DBRS\nDFA\nDimensional Fund Advisors LP\nDiamond Hill\nDiamond Hill Capital Management, Inc.\nDistribution Agreement\nThe Distribution Agreement between a Trust, on behalf of its Funds, and the Distributor\nDistribution Plan(s)\nOne or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds shares\nDistributor\nColumbia Management Investment Distributors, Inc.\nFDIC\nFederal Deposit Insurance Corporation Statement of Additional Information June 1, 2026 3\nFHLMC\nThe Federal Home Loan Mortgage Corporation\nFINRA\nFinancial Industry Regulatory Authority\nFitch\nFitch Ratings, Inc.\nFNMA\nFederal National Mortgage Association\nThe Fund(s) or a Fund\nOne or more of the open-end management investment companies listed on the front cover of this SAI\nGICS\nThe Global Industry Classification Standard (GICS ). GICS was developed by and/or is the exclusive property of MSCI, Inc. (MSCI ) and S P Global Market Intelligence Inc. (S P Global Market Intelligence). GICS is a service mark of MSCI and S P Global Market Intelligence and has been licensed for use by the Investment Manager. Neither GICS, MSCI, nor S P Global Market Intelligence are affiliated with the Funds, the Investment Manager or any Columbia entity.\nGNMA\nGovernment National Mortgage Association\nGSAL\nGoldman Sachs Agency Lending, the securities lending agent for the Funds in CAT, except for Columbia Thermostat Fund SM , prior to November 30, 2025\nHotchkis Wiley\nHotchkis Wiley Capital Managem", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Columbia_California_Intermediate_Municipal_Bond_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_California_Intermediate_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_California_Intermediate_Municipal_Bond_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_California_Intermediate_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_California_Intermediate_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Short_Duration_Municipal_Bond_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Short_Duration_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Short_Duration_Municipal_Bond_Fund", "p": "custodian", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Short_Duration_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Short_Duration_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:Columbia_Management_Investment_Services_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Columbia_Funds_Series_Trust", "p": "underwrittenBy", "o": "org:Columbia_Management_Investment_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Columbia California Intermediate Municipal Bond Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Short Duration Municipal Bond Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> custodian <object_marker> JPMORGAN CHASE BANK, N.A. <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Funds Series Trust <predicate_marker> underwrittenBy <object_marker> Columbia Management Investment Distributors, Inc. <triple_end>", "target_serialized_plain": "Columbia California Intermediate Municipal Bond Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust ; transferAgent Columbia Management Investment Services Corp. .\nColumbia Short Duration Municipal Bond Fund administrator Columbia Management Investment Advisers, LLC ; advisedBy Columbia Management Investment Advisers, LLC ; custodian JPMORGAN CHASE BANK, N.A. ; seriesOf Columbia Funds Series Trust ; transferAgent Columbia Management Investment Services Corp. .\nColumbia Funds Series Trust underwrittenBy Columbia Management Investment Distributors, Inc. .", "stats": {"input_chars": 18013, "n_triples": 11, "text_to_json_ratio": 15.6}}
{"sample_id": "0001103243:ALL", "cik": "0001103243", "trust_name": "PFS FUNDS", "input_text": "viations,\nalthough you may customize the combinations. Bollinger bands help determine whether prices are high or low on a relative basis. They\nare used in pairs, both upper and lower bands and in conjunction with a moving average. Further, the pair of bands is not intended to\nbe used on its own. Use the pair to confirm signals given with other indicators.\nRelative\nStrength - is a ratio of a stock price performance to a market average (index) performance.\nStochastics\nrefers to a randomly determined process. A stochastic indicator is designed to display the\nlocation of the close (i.e. closing price of security) compared to the high/low range over a user defined number of periods.\nOscillators\n- is a technical analysis tool that constructs high- and low- bands between two extreme values, and\nthen builds a trend indicator that fluctuates within these bounds. Traders use the trend indicator to discover short-term overbought\nor oversold conditions. When the value of the oscillator approaches the upper extreme value, technical analysts interpret that information\nto mean that the asset is overbought, and as it approaches the lower extreme, technicians consider the asset to be oversold.\nIntermarket\nAnalysis - involves looking at asset classes or financial markets that have strong correlations.\nTrend\nFollowing Analysis - is a trading strategy according to which one should buy an asset when its price\ntrend goes up, and sell when its trend goes down, expecting price movements to continue.\nCounter\nTrend Following Analysis - is a type of swing trading strategy that assumes a current trading trend\nwill reverse and attempts to profit from that reversal.\n75\nOther\nFund Service Providers\nCustodian\nState\nStreet Bank and Trust Company\nDistributor\nParalel\nDistributors, LLC\nFund\nAdministrator\nPremier\nFund Solutions, Inc.\nIndependent\nRegistered Public Accounting Firm\nCohen\nCompany, Ltd.\nInvestment\nAdvisor\nPotomac\nFund Management, Inc.\nLegal\nCounsel\nPractus,\nLLP\nTransfer\nAgent\nParalel\nTechnologies, LLC\nFinancial\nHighlights\nClass\nR Shares of the Funds have not commenced operations as of the date of this Prospectus and financial highlights are not yet available.\nThe Potomac Tactically Passive Fund commenced operations on February 11, 2026 and financial highlights are not yet available.\nFinancial\nhighlights for the Institutional Shares class of each Fund (except Potomac Tactically Passive Fund) are shown to provide investors with\nfinancial information about the Funds. The Institutional Shares classes of the Funds have substantially similar returns as the Class\nR Shares because the shares are invested in the same portfolio securities. Returns for the Class R Shares and Institutional Shares may\nvary due to differences in their expenses. Because the Class R Shares have higher expenses than the Institutional Shares, the returns\nof the Institutional Shares will be higher than those shown in the future for Class R Shares.\nThe\ntotal returns in the tables represent the rate you would have earned (or lost) on an investment in the Institutional Shares of each Fund\n(assuming reinvestment of all dividends and distributions). Except for the information presented for the semi-annual period ended December\n31, 2025, this information has been audited by Cohen Company, Ltd., the Funds independent registered public accounting firm,\nwhose report, along with the Funds financial statements, is included in the Funds annual report, which is available upon\nrequest and incorporated by reference in the Statement of Additional Information.\n76\nPotomac\nManaged Volatility Fund - Financial High\n...\ntion about each of the Funds on our website at https://potomacfunds.com or in the following documents:\nStatement\nof Additional Information\nThe\nStatement of Additional Information is on file with the Securities and Exchange Commission ( SEC ), contains additional and\nmore detailed information about the Funds and is incorporated into this Prospectus by reference. The Funds publish Shareholder Reports\n(annual and semiannual reports) and in Form N-CSR that contain additional information about the Funds investments. In the Funds\nannual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds\nperformance during its last fiscal year. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements.\nYou\nmay obtain the SAI, Shareholder Reports and other information, such as the Fund s financial statements without charge by contacting\nthe Fund at 1-888-774-6679 or on our Internet site at: www.potomacfund.com/funds. If you purchased shares through a Financial Intermediary,\nyou may also obtain these documents, without charge, by contacting your Financial Intermediary.\nShareholder\nReports and other information about the Funds are available on the EDGAR Database on the SEC s Internet site at http://www.sec.gov,\nand copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address:\npublicinfo@sec.gov.\nSEC\nfile number 811-09781\nPotomac\nManaged Volatility Fund\nClass\nR Shares Ticker SDMVX\nPotomac\nTactical Rotation Fund\nClass\nR Shares Ticker SDTRX\nPotomac\nTactical Opportunities Fund\nClass\nR Shares Ticker SDTOX\nPotomac\nDefensive Bull Fund\nClass\nR Shares Ticker SDDBX\nPotomac\nTactically Passive Fund\nClass\nR Shares Ticker SDTPX\neach\na Series of PFS Funds\nMay\n28, 2026\nThis\nStatement of Additional Information (\"SAI\") is not a prospectus. It should be read in conjunction with the Prospectus of Potomac\nManaged Volatility Fund, Potomac Tactical Rotation Fund, Potomac Tactical Opportunities Fund, Potomac Defensive Bull Fund and Potomac\nTactically Passive Fund dated May 28, 2026. The SAI incorporates by reference the Fund s Annual Form N-CSR for the fiscal year ended\nJune 30, 2025. A free copy of the Prospectus can be obtained by going to the Funds website at https://potomacfunds.com, writing\nthe Transfer Agent at 1700 Broadway, Suite 2100, Denver, CO 80290, or by calling 1-888-774-6679.\nTABLE\nOF CONTENTS\nDESCRIPTION\nOF THE TRUST AND THE FUNDS\n1\nADDITIONAL\nINFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS\n1\nINVESTMENT\nLIMITATIONS\n10\nTHE\nINVESTMENT ADVISOR\n11\nTHE\nPORTFOLIO MANAGERS\n13\nTRUSTEES\nAND OFFICERS\n14\nAUDIT\nCOMMITTEE\n15\nBOARD\nINTEREST IN THE FUND\n17\nCOMPENSATION\n18\nCONTROL\nPERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n18\nPORTFOLIO\nTRANSACTIONS AND BROKERAGE\n19\nADDITIONAL\nTAX INFORMATION\n21\nPRICING\nOF FUND SHARES\n29\nPURCHASES\nAND SALES THROUGH BROKER-DEALERS\n30\nANTI-MONEY\nLAUNDERING PROGRAM\n30\nCUSTODIAN\n30\nFUND\nSERVICES\n30\nINDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM\n31\nDISTRIBUTOR\n31\nLEGAL\nCOUNSEL\n32\nDISCLOSURE\nOF PORTFOLIO HOLDINGS\n32\nFINANCIAL\nSTATEMENTS\n32\nPROXY\nVOTING POLICIES\n33\nDESCRIPTION OF THE\nTRUST AND THE FUNDS\nPotomac\nManaged Volatility Fund, Potomac Tactical Rotation Fund, Potomac Tactical Opportunities Fund, Potomac Defensive Bull Fund and Potomac\nTactically Passive Fund (each a Fund , separately referred to as the Fund , and together the \"Funds\")\nwere organized as non-diversified series of PFS Funds (the \"Trust\"), on June 9, 2020 and commenced operations on July 1, 2020,\nthe Potomac Tact\n...\nas been selected as each Fund s\ncustodian by the Trust. The Custodian holds in safekeeping certificated securities and cash belonging to the Funds and, in such capacity,\nis the registered owner of securities held in book entry form belonging to the Funds. Upon instruction, the Custodian will receive and\ndeliver cash and securities of a Fund in connection with Fund transactions and collect all dividends and other distributions made with\nrespect to a Fund s portfolio securities. The Custodian will also maintain certain accounts and records of the Funds.\nFUND\nSERVICES\nEffective\nbeginning on October 27, 2025, Paralel Technologies LLC ( PTL ), located at 1700 Broadway Suite 2100, Denver, Colorado 80290\nserves as the Funds accountant. PTL is the parent company of Paralel Distributors LLC, the Funds distributor. Pursuant to\na Fund Accounting Agreement between the Trust and PTL, on behalf of the Funds, PTL provides the Funds with accounting services, including\nportfolio accounting services, calculation of performance and provision of data reports. In this capacity, PTL does not have any responsibility\nor authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution\nof shares. As compensation for the accounting services, the Advisor pays PTL a fee based on each Fund s average daily net assets,\nsubject to a minimum annual fee. PTL also is entitled to certain out-of-pocket expenses for the services mentioned above.\nEffective\nbeginning on October 27, 2025, pursuant to a Transfer Agency Agreement with the Trust, PTL (in such capacity, the Transfer Agent )\nserves as the Funds transfer agent. Pursuant to the Transfer Agency Agreement, the Transfer Agent receives an annual fee from the\nFunds.\nUntil\nOctober 27, 2025, Mutual Shareholder Services, LLC ( MSS ), 8000 Town Centre Drive, Suite 400, Broadview Heights, OH\n44147, acted as the Funds accountant and transfer agent, providing similar services as currently provided by PTL. For these services,\nMSS received an annual fee based upon the assets of the Funds from the Advisor, in the aggregate amounts shown below for the fiscal years\nended June 30:\nFund\n2023\n2024\n2025\nPotomac\nManaged Volatility Fund\n$57,733\n$79,459\n$84,190\n30\nPotomac Tactical Rotation\nFund\n$53,517\n$79,408\n$85,641\nPotomac\nTactical Opportunities Fund\n$49,085\n$76,322\n$79,016\nPotomac\nDefensive Bull Fund\n$89,264\n$158,267\n$197,094\nPotomac\nTactically Passive Fund commenced operations on February 11, 2026\nPremier\nFund Solutions, Inc. ( PFS ), 1939 Friendship Drive, Suite C, El Cajon, CA 92020, provides the Funds with administrative services,\nincluding regulatory reporting and necessary office equipment, personnel and facilities. As compensation for the administrative services,\nthe Advisor pays PFS a fee based on each Fund s average daily net assets, subject to a minimum annual fee and any waivers. PFS also\nis entitled to certain out-of-pocket expenses for the services. A Trustee of the Trust is the CEO of PFS. For these services, PFS received\nan annual fee based upon the assets of the Funds from the Advisor, in the aggregate amounts shown below for the fiscal years ended June\n30:\nFund\n2023\n2024\n2025\nPotomac\nManaged Volatility Fund\n$37,317\n$78,030\n$93,702\nPotomac\nTactical Rotation Fund\n$50,162\n$85,022\n$107,009\nPotomac\nTactical Opportunities Fund\n$38,483\n$73,362\n$85,293\nPotomac\nDefensive Bull Fund\n$219,646\n$452,348\n$580,675\nPotomac\nTactically Passive Fund commenced operations on February 11, 2026\nEffective\nMay 22, 2026, the Advisor entered into an Administrative Services Agreeme\n...\n, 2015.\n(d)(4)(ii)\nAmendment\nto Management Agreement between the Trust and Bretton Capital Management, LLC for the Bretton Fund. Incorporated by reference\nto the Registrant's Post-Effective Amendment No. 194 filed on March 27, 2020.\n(d)(5)\nManagement\nAgreement between the Trust and Taylor Frigon Capital Management LLC. Incorporated by reference to the Registrant's Post-Effective\nAmendment No. 132 filed on December 27, 2016.\n(d)(6)\nManagement\nAgreement between the Trust and Cargile Investment Management, Inc. for the Cargile Fund. Incorporated by reference to the\nRegistrant's Post-Effective Amendment No. 159 filed on July 9, 2018.\n(d)(7)\nManagement\nAgreement between the Trust and Alpha Fiduciary, Inc. with respect to Alpha Fiduciary Quantitative Strategy Fund. Incorporated\nby reference to the Registrant's Post-Effective Amendment No. 185 filed on November 5, 2019.\n(d)(8)\nManagement\nAgreement between the Trust and Potomac Fund Management, Inc. with respect to Conquer Risk Managed Volatility Fund, Conquer Risk Tactical\nRotation Fund, Conquer Risk Tactical Opportunities Fund, and Conquer Risk Defensive Bull Fund. Incorporated by reference to\nthe Registrant's Post-Effective Amendment No. 200 filed on June 26, 2020.\n(d)(9)\nManagement\nAgreement between the Trust and Potomac Fund Management, Inc. with respect to the Potomac Tactically Passive Fund. Incorporated\nby reference to the Registrant's Post-Effective Amendment No. 269 filed on February 10, 2026 .\n(e)(1)\nDistribution\nAgreement. Incorporated by reference to the Registrant's Post-Effective Amendment No. 15 filed on June 29, 2010.\n(e)(2)\nAmended\nDistribution Agreement Schedule A. Incorporated by reference to the Registrant's Post-Effective Amendment No. 200 filed on June 26, 2020.\n(e)(3)\nForm\nof Distribution Agreement with Arbor Court Capital, LLC. Incorporated by reference to the Registrant's Post-Effective Amendment\nNo. 227 filed on March 24, 2022.\n(e)(4)(i)\nDistribution\nAgreement with Paralel Distributors LLC. Incorporated by reference to the Registrant's Post-Effective Amendment No. 264 filed\non October 28, 2025.\n(e)(4)(ii)\nAmended\nExhibit A to the Distribution Agreement with Paralel Distributors LLC. Incorporated by reference to the Registrant's Post-Effective Amendment\nNo. 269 filed on February 10, 2026.\n(f)\nNot applicable.\n(g)(1)\nAmended\nCustodian Agreement with PFS Funds. Incorporated by reference to the Registrant's Post-Effective Amendment No. 95 filed on\nMarch 27, 2015.\n(g)(2)\nAmended\nCustodian Agreement Exhibit B. Incorporated by reference to the Registrant's Post-Effective Amendment No. 200 filed on June\n26, 2020.\n(g)(3)\nCustodian\nAgreement with PFS Funds and The Huntington National Bank. Incorporated by reference to the Registrant's Post-Effective Amendment No.\n251 filed on March 26, 2024 .\n(g)(4)\nCustodian\nAgreement with PFS Funds and State Street Bank and Trust Company. Incorporated by reference to the Registrant's Post-Effective\nAmendment No. 264 filed on October 28, 2025.\n(h)(1)(i)\nAmended\nTransfer Agent Agreement with Mutual Shareholder Services, LLC with respect to the PFS Funds. Incorporated by reference to\nthe Registrant's Post-Effective Amendment No. 95 filed on March 27, 2015.\n(h)(2)(i)\nAmended\nAccounting Services Agreement with Mutual Shareholder Services, LLC, with respect to respect to the PFS Funds. Incorporated\nby reference to the Registrant's Post-Effective Amendment No. 95 filed on March 27, 2015.\n(h)(1)(ii)\nand (h)(2)(ii)\nAmended\nAccounting Services Agreement Transfer Agent Agreement Exhibit. Incorporated by reference to the Registrant's Post-Effective\nAmendment No. 200 filed on June 26, 2020.\n(h)(3)(i)\nAmended\nAdministration Servicing Agreement with Premier Fund Solutions, Inc. with respect to the PFS Funds. Incorporated by reference\nto the Registrant's Post-Effective Amendment No. 220 filed on July 27, 2021.\n(h)(3)(ii)\nAmended\nExhibit A to the Administration Servicing Agreement with Premier Fund Solutions, Inc. Incorporated by reference to the Registrant's\nPost-Effective Amendment No. 269 filed on February 10, 2026 .\n(h)(4)(i)\nServices\nAgreement between the Trust and Castle Investment Management, LLC with respect to Castle Tandem Fund. Incorporated by reference\nto the Registrant's Post-Effective Amendment No. 168 filed on March 14, 2019.\n(h)(4)(ii)\nFee\nWaiver Agreement between the Trust and Castle Investment Management, LLC with respect to Castle Tandem Fund. Incorporated by reference\nto the Registrant's Pos\n...\nl Rotation Fund, Potomac Tactical Opportunities Fund, and Potomac Tactically Passive Fund. Filed Herewith.\n(j)\nConsent of Cohen Company, Ltd. with respect to the Potomac Defensive Bull Fund, Potomac Managed Volatility Fund, Potomac Tactical Rotation Fund, Potomac Tactical Opportunities Fund, and Potomac Tactically Passive Fund. Filed Herewith.\n(k)\nNot applicable.\n(l)\nNot applicable\n(m)\nNot applicable\n(n)\nRule 18f-3 Plan for the Potomac Defensive Bull Fund, Potomac Managed Volatility Fund, Potomac Tactical Rotation Fund, Potomac Tactical Opportunities Fund, and Potomac Tactically Passive Fund. Filed Herewith.\n(o)\nReserved.\n(p)(1)\nCode\nof Ethics for the Trust. Incorporated by reference to the Registrant's Post-Effective Amendment No. 15 filed on June 29, 2010.\n(p)(2)\nCode\nof Ethics for Value Trend Capital Management, LP. Incorporated by reference to the Registrant's Post-Effective Amendment No.\n194 filed on March 27, 2020.\n(p)(3)\nAmended\nCode of Ethics for Castle Investment Management, LLC. Incorporated by reference to the Registrant's Post-Effective Amendment No. 246 filed\non October 27, 2023.\n(p)(4)\nCode\nof Ethics for Bretton Capital Management, LLC. Incorporated by reference to the Registrant's Post-Effective Amendment No. 18\nfiled on September 30, 2010.\n(p)(5)\nCode\nof Ethics for Taylor Frigon Capital Management LLC. Incorporated by reference to the Registrant's Post-Effective Amendment\nNo. 132 filed on December 27, 2016.\n(p)(6)\nCode\nof Ethics for Cargile Investment Management, Inc. Incorporated by reference to the Registrant's Post-Effective Amendment No.\n159 filed on July 9, 2018.\n(p)(7)\nCode\nof Ethics for Tandem Investment Advisors, Inc. Incorporated by reference to the Registrant's Post-Effective Amendment No. 168\nfiled on March 14, 2019.\n(p)(8)\nCode\nof Ethics for Alpha Fiduciary, Inc. Incorporated by reference to the Registrant's Post-Effective Amendment No. 185 filed on\nNovember 5, 2019.\n(p)(9)\nCode\nof Ethics for Potomac Fund Management, Inc. Incorporated by reference to the Registrant's Post-Effective Amendment No. 200\nfiled on June 26, 2020.\n(q)(1)\nPowers\nof Attorney of the Registrant and the Officers and the Trustees of the Registrant. Incorporated by reference to the Registrant's Post-Effective\nAmendment No. 15 filed on June 29, 2010.\n(q)(2)\nPowers\nof Attorney of John W. Czechowicz and Robert L. Boerner, Trustees of the Registrant. Incorporated by reference to the Registrant's Post-Effective\nAmendment No. 231 filed on October 27, 2022.\nITEM 29.\nPersons Controlled by or Under\nCommon Control with the Registrant .\nNo\nperson is controlled by or under common control with the Registrant.\nITEM 30.\nIndemnification .\nReference is made to the Registrant's Declaration\nof Trust. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities\nand Exchange Commission\nInsofar as indemnification for liability\narising under the Securities Act of 1933 (the \"1933 Act\") may be permitted to directors, officers and controlling persons of the\nRegistrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification\nis against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event a claim for indemnification against\nsuch liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of\nthe Registrant in the successful defenses of any action, suite or proceeding) is asserted by such director, officer or controlling", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Alpha_Fiduciary_Quantitative_Strategy_Fund", "p": "administrator", "o": "org:PREMIER_FUND_SOLUTIONS_INC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Alpha_Fiduciary_Quantitative_Strategy_Fund", "p": "advisedBy", "o": "org:ALPHA_FIDUCIARY_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alpha_Fiduciary_Quantitative_Strategy_Fund", "p": "custodian", "o": "org:THE_HUNTINGTON_NATIONAL_BANK", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Alpha_Fiduciary_Quantitative_Strategy_Fund", "p": "seriesOf", "o": "trust:PFS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alpha_Fiduciary_Quantitative_Strategy_Fund", "p": "transferAgent", "o": "org:MUTUAL_SHAREHOLDER_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PFS_FUNDS", "p": "underwrittenBy", "o": "org:ARBOR_COURT_CAPITAL_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Alpha Fiduciary Quantitative Strategy Fund <predicate_marker> administrator <object_marker> PREMIER FUND SOLUTIONS, INC. <predicate_marker> advisedBy <object_marker> ALPHA FIDUCIARY, INC. <predicate_marker> custodian <object_marker> THE HUNTINGTON NATIONAL BANK <predicate_marker> seriesOf <object_marker> PFS FUNDS <predicate_marker> transferAgent <object_marker> MUTUAL SHAREHOLDER SERVICES, LLC <triple_end>\n<triple_start> PFS FUNDS <predicate_marker> underwrittenBy <object_marker> ARBOR COURT CAPITAL, LLC <triple_end>", "target_serialized_plain": "Alpha Fiduciary Quantitative Strategy Fund administrator PREMIER FUND SOLUTIONS, INC. ; advisedBy ALPHA FIDUCIARY, INC. ; custodian THE HUNTINGTON NATIONAL BANK ; seriesOf PFS FUNDS ; transferAgent MUTUAL SHAREHOLDER SERVICES, LLC .\nPFS FUNDS underwrittenBy ARBOR COURT CAPITAL, LLC .", "stats": {"input_chars": 18890, "n_triples": 6, "text_to_json_ratio": 35.1}}
{"sample_id": "0001104304:ALL", "cik": "0001104304", "trust_name": "PRUDENTIAL DISCOVERY PREMIER GROUP VARIABLE CONTRACT ACCOUNT", "input_text": "as entered into agreements with certain portfolios and/or the investment advisers of such portfolios to provide administrative and support services to such portfolios. Pursuant to the terms of these agreements Prudential receives a total fee of up to 0.42% annually of the average assets allocated to the portfolios under the Contract. These types of payments are sometimes referred to as revenue sharing payments. These agreements, including the fees paid and services provided, can vary for each underlying portfolio that has portfolios which underlie Subaccounts. We pass such payments through the reinsurance arrangement with Empower Annuity Insurance Company of America ( EAICA ). The funds for these payments come from, in whole or in part, the assets of the portfolio itself and/or the assets of the portfolio s investment advisor. The existence of these payments tends to increase the overall cost of investing in the underlying portfolio. Contractholders, through their indirect investment in the portfolios, indirectly bear the costs of these fees (see the portfolios prospectuses for more information). We have an incentive to offer portfolios managed by affiliated sub-advisers because of the fees that those affiliates will receive. We may consider those sub-adviser financial incentive factors in determining which portfolios to offer under the Contract. In general, allocations made to affiliated portfolios (i.e., The Prudential Series Fund) benefit us financially, Prudential has selected the portfolios for inclusion as investment options under this Contract in Prudential s role as the issuer of this Contract, and Prudential does not provide investment advice or recommend any particular portfolio. We also receive Rule 12b-1 fees from some underlying portfolios which compensate Empower Financial Services, Inc. for distribution and administrative services (including record keeping services and the mailing of prospectuses and reports to contract owners invested in the underlying portfolios). These fees are paid by the underlying portfolio out of each underlying portfolio s assets and are therefore borne by contract owners. In addition, the investment adviser, subadviser or distributor of the underlying portfolios may also compensate us by providing reimbursement or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the Contract. These services may include, but are not limited to: co-sponsoring various meetings and seminars attended by broker-dealer firms registered representatives, plan sponsors and Participants, and creating marketing material discussing the Contract and the available options. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, subadviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser s, subadviser s or distributor s participation. These payments or reimbursements may not be offered by all advisers, subadvisers, or distributors, and the amounts of such payments may vary between and among each adviser, subadviser, and distributor depending on their respective participation. Such payments may be passed to EAICA if applicable under the reinsurance arrangement. In addition to the payments that we receive from underlying portfolios and/or their affiliates, those same portfolios and/or their affiliates may make payments to us and/or our affiliates within the Prudential Financial group related to the offering o", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:PRUDENTIAL_DISCOVERY_PREMIER_GROUP_VARIABLE_CONTRACT_ACCOUNT", "p": "underwrittenBy", "o": "org:Empower_Financial_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PRUDENTIAL DISCOVERY PREMIER GROUP VARIABLE CONTRACT ACCOUNT <predicate_marker> underwrittenBy <object_marker> Empower Financial Services, Inc. <triple_end>", "target_serialized_plain": "PRUDENTIAL DISCOVERY PREMIER GROUP VARIABLE CONTRACT ACCOUNT underwrittenBy Empower Financial Services, Inc. .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 21.1}}
{"sample_id": "0001105877:ALL", "cik": "0001105877", "trust_name": "ALLIED ASSET ADVISORS FUNDS", "input_text": "StockRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:MarketCapitalizationRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:RecentMarketEventsRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:ForeignSecuritiesRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:PreferredStockRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:SystemsAndCybersecurityRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:PortfolioTurnoverRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:ConcentratedOwnershipRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:OperationalRiskMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 rr:AfterTaxesOnDistributionsMember ck0001105877:C000014168Member ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 rr:AfterTaxesOnDistributionsAndSalesMember ck0001105877:C000014168Member ck0001105877:S000005190Member 2024-09-30 2024-09-30 0001105877 ck0001105877:DowJonesIslamicMarketTMWorldIndexreflectsnodeductionforfeesexpensesortaxesIndexMember ck0001105877:S000005190Member 2024-09-30 2024-09-30 As filed with the Securities and Exchange Commission on September 26, 2024 1933 Act Registration File No. 333-30924 1940 Act File No. 811-09821 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 37 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 39 [X] (Check appropriate box or boxes) ALLIED ASSET ADVISORS FUNDS (Exact name of Registrant as Specified in Charter) 8925 South Kostner Avenue Hometown, IL 60456 (Address of Principal Executive Offices) (630) 789-0453 (Registrant's Telephone Number, including Area Code) Bassam Osman, President Allied Asset Advisors, Inc. 8925 South Kostner Avenue Hometown, IL 60456 (Name and address of agent for Service) Copies of Communications to: Nabil Sabki, P.C. Kirkland Ellis LLP 333 W. Wolf Point Plz. Chicago, IL 60654 It is proposed that this filing will become effective (check appropriate box) [ ] Immediately upon filing pursuant to Rule 485(b). [X] on September 30, 2024 pursuant to Rule 485(b). [ ] on (date) pursuant to Rule 485(a)(1). [ ] 60 days after filing pursuant to Rule 485 (a)(1). [ ] 75 days after filing pursuant to Rule 485 (a)(2). [ ] on (date) pursuant to Rule 485(a)(2). If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note: This Post-Effective Amendment ( PEA ) No. 37 to the Registration Statement of Allied Asset Advisors Funds (the Trust ) on Form N-1A is filed to annually update financial information to the Trust s Registration Statement for its series: the Iman Fund. Prospectus September 30, 2024 Trading Symbol: IMANX Investment Advisor AAA Allied Asset Advisors, Inc. Iman Fund (the Fund ) is the series offered by Allied Asset Advisors Funds. This prospectus pertains to the Fund and contains pertinent information about investing in the Fund. Fund shares are not subject to any sales charges or Rule 12b-1 fees. Please read this prospectus carefully before investing. The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this pros\n...\nable illustrates the Fund s average annual total return over time compared with a broad-based securities market index. The Fund s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund s website at www.investaaa.com and by calling 1-888-FUNDS-85 . Calendar Year Annual Returns* * The Fund s calendar year-to-date return as of June 30, 2024 was 17.98 %. During the periods shown in the bar chart, the Fund s highest quarterly return was 18.40 % for the quarter ended March 31, 2019 and the lowest quarterly return was - 22.35 % for the quarter ended June 30, 2022 . 4 Average Annual Total Returns for the Periods ended December 31, 2023 1 Year 5 Years 10 Years Iman Fund Return Before Taxes 29.36 % 11.38 % 9.92 % Return After Taxes on Distributions 29.36 % 9.46 % 7.78 % Return After Taxes on Distributions and Sale of Fund Shares 17.38 % 8.80 % 7.50 % Dow Jones Islamic Market TM World Index (reflects no deduction for fees, expenses or taxes) 27.02 % 14.03 % 9.78 % After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Management Investment Advisor Allied Asset Advisors, Inc. Portfolio Manager Bassam Osman, Chairman of the Advisor, has been the portfolio manager of the Fund since 2000. Purchase and Sale of Fund Shares You may purchase or redeem Fund shares any business day by written request via mail (Iman Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701), by wire transfer, by telephone at 1-888-FUNDS-85 (1-888-386-3785), or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a broker-dealer should contact the broker-dealer directly. The minimum initial and subsequent investment amounts are shown below. Minimum Investments To Open Your Account To Add to Your Account Regular accounts $250 $50 IRA accounts (Traditional, Roth, SEP and Simple IRAs) $100 $50 Coverdell Education Savings Accounts $100 $50 Tax Information The Fund s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor and its related companies may compensate the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s web site for more information. 5 Investment Objective and Strategies Investment Objective The Fund seeks growth of capital in accordance with Islamic principles. This investment objective and the investment strategies described below are non-fundamental, which means that they may be changed by action of the Fund s Trustees without shareholder approval. Investment Strategies The Fund seeks to achieve its investment objective by investing in common stocks and equity-related securities of domes\n...\nAdvisory Fee Waiver Agreement, the Advisor has agreed to reduce the annual rate of its advisory fee payable under the Investment Advisory Agreement to an annual rate of 0.70% of the Fund s daily average net assets through September 30, 2026. The Advisor may extend or otherwise amend the terms of this arrangement, subject to 9 the approval of the Board of Trustees, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act of 1940, as amended) after the initial term. To assist the Advisor in implementing the investment objectives and strategies of the Fund, the Advisor has entered into a Consulting Services Agreement with NAIT pursuant to which NAIT provides advice and services to the Advisor with respect to Shariah compliance matters for the Fund. The Advisor, not the Fund, pays NAIT an annual fee equal to 0.10% of the Fund s daily average net assets for such services. A discussion regarding the basis of the Board of Trustees approval of the Advisor s Investment Advisory Agreement with the Fund is available in the Fund s Annual Report to Shareholders for the fiscal year ended May 31, 2024 . Portfolio Manager Bassam Osman is the portfolio manager, solely responsible for the day-to-day investment management of the Fund. He has managed the Fund since its inception. He has been a Portfolio Manager and the Chairman of Allied Asset Advisors Funds since 2000. The SAI provides additional information about the portfolio manager s compensation, other accounts managed by the portfolio manager and the portfolio manager s ownership of securities in the Fund. Custodian U.S. Bank, N.A., 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian of the Fund s assets. Transfer Agent and Administrator U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202 serves as transfer agent (the Transfer Agent ) for the Fund and as the Fund s administrator ( Fund Services ). Distributor Quasar Distributors, LLC, Three Canal Plaza, Suite 100 Portland, Maine 04101 , a subsidiary of Foreside Financial Group, LLC, registered broker-dealer, and member of the Financial Industry Regulatory Authority, Inc., serves as distributor of the Fund s shares (the Distributor ). 10 Calculating Share Price Shares of the Fund are sold at their net asset value ( NAV ) per share, which is calculated for the Fund as of the close of regular trading (generally, 4:00 p.m. Eastern time) on each day that the New York Stock Exchange ( NYSE ) is open for unrestricted business. However, the Fund s NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the U.S. Securities and Exchange Commission ( SEC ). The NYSE is closed on weekends and most national holidays. The NAV will not be calculated on days when the NYSE is closed for trading. Because the Fund may at times invest in securities that are primarily listed on non-U.S. exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund may change on days when shareholders will not be able to purchase or redeem shares of the Fund. Purchase and redemption requests are priced at the next NAV calculated after receipt of such requests. The NAV is the value of the Fund s securities, cash and other assets, minus all expenses and liabilities (assets liabilities = NAV). NAV per share is determined by dividing NAV by the number of shares outstanding (NAV/ # of shares = NAV per share). The NAV takes into account the expenses and fees of the Fund, including management, shareholder servicing and administration fees, which are accrued daily. In calculating the NAV, portfolio securities are valued using current market values or official closing prices, if available. Each s", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:IMAN_FUND", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:IMAN_FUND", "p": "advisedBy", "o": "org:ALLIED_ASSET_ADVISORS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:IMAN_FUND", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:IMAN_FUND", "p": "seriesOf", "o": "trust:ALLIED_ASSET_ADVISORS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:IMAN_FUND", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:ALLIED_ASSET_ADVISORS_FUNDS", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> IMAN FUND <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> ALLIED ASSET ADVISORS, INC. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> ALLIED ASSET ADVISORS FUNDS <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> ALLIED ASSET ADVISORS FUNDS <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "IMAN FUND administrator U.S. Bancorp Fund Services, LLC ; advisedBy ALLIED ASSET ADVISORS, INC. ; custodian U.S. Bank National Association ; seriesOf ALLIED ASSET ADVISORS FUNDS ; transferAgent U.S. Bancorp Fund Services, LLC .\nALLIED ASSET ADVISORS FUNDS underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 11062, "n_triples": 6, "text_to_json_ratio": 20.1}}
{"sample_id": "0001137360:ALL", "cik": "0001137360", "trust_name": "VanEck ETF Trust", "input_text": "(a)(2) of rule 485 June 1, 2026 Prospectus RACK | Data Center Supply Chain ETF Principal U.S. Listing Exchange for the Fund: Cboe BZX Exchange, Inc. The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. 800.826.2333 | vaneck.com TABLE OF CONTENTS Summary Information 3 Additional Information About the Fund s Investment Strategies and Risks 9 Tax Advantaged Product Structure 18 Portfolio Holdings 19 Management of the Fund 19 Portfolio Managers 20 Shareholder Information 20 Index Provider 24 MarketVector Data Center Supply Chain Index 25 License Agreement and Disclaimers 26 Financial Highlights 27 Premium/Discount Information 28 General Information 28 800.826.2333 | vaneck.com 2 VANECK Data Center Supply Chain ETF SUMMARY INFORMATION INVESTMENT OBJECTIVE VanEck Data Center Supply Chain ETF (the \"Fund\") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector Data Center Supply Chain Index (the Index ). FUND FEES AND EXPENSES The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.50 % Other Expenses (a) (b) 0.00 % Total Annual Fund Operating Expenses (b) 0.50 % (a) Other Expenses are based on estimated amounts for the current fiscal year. (b) Van Eck Associates Corporation (the Adviser ) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least February 1, 2028. EXPENSE EXAMPLE This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares of the Fund. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your Shares at the end of those periods. The example also assumes that your investment has a 5% annual return and that the Fund s operating expenses remain the same (except that the example incorporates the fee waivers and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year Expenses 1 $ 51 3 $ 160 PORTFOLIO TURNOVER The Fund will pay transaction costs, such as commissions, when it purchases and sells securities (or turns over its portfolio). A higher portfolio turnover will cause the Fund to incur additional transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, may affect the Fund s performance. Because the Fund is newly organized, no portfolio turnover figures are available. PRINCIPAL INVESTMENT STRATEGIES The Fund normally invests at least 80% of its total assets in securities t\n...\nre obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business, or do not process creation and/or redemption orders, there may be a significantly diminished trading market for Shares or Shares may trade like closed-end funds at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. This can be reflected as a spread between the bid-ask prices for the Fund. The Authorized Participant concentration risk may be heightened with respect to certain types of assets or in cases where Authorized Participants have limited or diminished access to the capital required to post collateral. New Fund Risk. The Fund is a new fund, with a limited or no operating history and a small asset base. There can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund s small asset base, certain of the Fund s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders. No Guarantee of Active Trading Market Risk. There can be no assurance that an active trading market for the Shares will develop or be maintained, as applicable. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the Shares and in executing creation and redemption orders, which could cause a material deviation in the Fund s market price from its net asset value. Van Eck Securities Corporation, the distributor of the Shares, does not maintain a secondary market in the Shares. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund. Decisions by market makers or Authorized Participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund s portfolio securities and the Fund s market price. This reduced effectiveness could result in Fund Shares trading at a price which differs materially from net asset value and also in greater than normal intraday bid/ask spreads for Fund Shares. Trading Issues Risk. Trading in shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in shares inadvisable. In addition, trading in shares on the exchange is subject to trading halts caused by extraordinary market volatility pursuant to the relevant exchange s circuit breaker rules. If a trading halt or unanticipated early close of the exchange occurs, a shareholder may be unable to purchase or sell Shares of the Fund. There can be no assurance that requirements of the exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Passive Management Risk. Unlike many investment companies, the Fund is not actively managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security s issuer is in financial trouble. If a specific security/asset is\n...\nurities and Exchange Commission and state registration fees; and (c) initial fees paid for Shares of the Fund to be listed on an exchange. Notwithstanding the foregoing, the Adviser has agreed to pay all such offering costs until at least February 1, 2028. Manager of Managers Structure. The Adviser and the Trust may rely on an exemptive order (the Order ) from the Securities and Exchange Commission that permits the Adviser to enter into investment sub-advisory agreements with unaffiliated sub-advisers without obtaining shareholder approval. The Adviser, subject to the review and approval of the Board of Trustees, may select one or more sub- advisers for the Fund and supervise, monitor and evaluate the performance of each sub-adviser. The Order also permits the Adviser, subject to the approval of the Board of Trustees, to replace sub-advisers and amend investment sub-advisory agreements, including applicable fee arrangements, without shareholder approval whenever the Adviser and the Board of Trustees believe such action will benefit the Fund and its shareholders. The Adviser thus would have the responsibility (subject to the oversight of the Board of Trustees) to recommend the hiring and replacement of sub-advisers as well as the discretion to terminate any sub-adviser and reallocate the Fund s assets for management among any other sub-adviser(s) and itself. This means that the Adviser would be able to reduce the sub-advisory fees and retain a larger portion of the management fee, or increase the sub-advisory fees and retain a smaller portion of the management fee. The Adviser would compensate each sub-adviser out of its management fee. Administrator, Custodian and Transfer Agent. Van Eck Associates Corporation is the administrator for the Fund (the Administrator ), and State Street Bank and Trust Company is the custodian of the Fund s assets and provides transfer agency and fund accounting services to the Fund. The Administrator is responsible for certain clerical, recordkeeping and/or bookkeeping services which are required to be provided pursuant to the Investment Management Agreement. Distributor. Van Eck Securities Corporation is the distributor of the Shares (the Distributor ). The Distributor will not distribute Shares in less than a specified number of Shares, each called a Creation Unit, and does not maintain a secondary market in the Shares. The Shares are traded in the secondary market. 800.826.2333 | vaneck.com 19 PORTFOLIO MANAGERS The portfolio managers who currently share joint responsibility for the day-to-day management of the Fund s portfolio are Peter H. Liao, CFA and Griffin Driscoll. Mr. Liao has been employed by the Adviser as an analyst since the summer of 2004 and has been a portfolio manager since 2006. Mr. Liao graduated from New York University in 2004 with a Bachelor of Arts in Economics and Mathematics. Mr. Driscoll is deputy portfolio manager of the Fund. He has been employed with the Adviser since 2018 and has over 6 years' experience in the financial markets. Mr. Driscoll received his Bachelor of Science in Finance from Providence College. Each of Messrs. Driscoll and Liao serve as a portfolio manager of other funds of the Trust. Messrs. Driscoll and Liao also serve as portfolio managers for certain other investment companies and pooled investment vehicles advised by the Adviser. See the Fund s SAI for additional information about the portfolio managers compensation, other accounts managed by the portfolio managers and their respective ownership of Shares. SHAREHOLDER INFORMATION DETERMINATION OF NAV The\n...\nd Avenue, 9th Floor, New York, New York 10017 or by calling 800.826.2333. The Fund s SAI is available at www.vaneck.com. (Investment Company Act file no. 811-10325) 800.826.2333 | vaneck.com 29 [THIS PAGE INTENTIONALLY LEFT BLANK] 800.826.2333 | vaneck.com 30 For more detailed information about the Fund, see the SAI dated June 1, 2026, as may be supplemented from time to time. Additional information about the Fund s investments is or will be available in the Fund s annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during its last fiscal year. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements. Call VanEck at 800.826.2333 or write to the Fund at Van Eck Securities Corporation, the Fund s Distributor, at 666 Third Avenue, 9th Floor, New York, New York 10017 to request, free of charge, the annual or semi-annual reports, the SAI, the Fund s financial statements or other information about the Fund or to make shareholder inquiries. You may also obtain the SAI, the Fund s financial statements or the Fund s annual or semi-annual reports, by visiting the VanEck website at www.vaneck.com. Reports and other information about the Fund are available on the EDGAR Database on the Securities and Exchange Commission s internet site at http://www.sec.gov. In addition, copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. Transfer Agent: State Street Bank and Trust Company SEC Registration Number: 333-123257 1940 Act Registration Number: 811-10325 RACKPRO 800.826.2333 | vaneck.com (06/2026) VANECK ETF TRUST This Statement of Additional Information ( SAI ) is not a prospectus. It should be read in conjunction with the current prospectuses (each, a Prospectus and together, the Prospectuses ) of each fund (each, a Fund and together, the Funds ) listed below for the VanEck ETF Trust (the Trust ), relating to each of the series of the Trust listed below, as it may be revised from time to time. Fund Principal U.S. Listing Exchange Ticker Fiscal Year End* Prospectus Date Statement of Additional Information February 1, 2026, as revised on February 20, 2026, March 20, 2026, April 8, 2026, May 1, 2026, May 6, 2026 and June 1, 2026 Alternative Asset Manager ETF NYSE Arca, Inc. GPZ September 30th February 1st Biotech ETF The NASDAQ Stock Market LLC BBH September 30th February 1st Commodity Strategy ETF Cboe BZX Exchange, Inc. PIT September 30th February 1st Communication Services TruSector ETF The NASDAQ Stock Market LLC TRUC September 30th February 1st Consumer Discretionary TruSector ETF The NASDAQ Stock Market LLC TRUD September 30th February 1st Digital Transformation ETF The NASDAQ Stock Market LLC DAPP September 30th February 1st Durable High Dividend ETF Cboe BZX Exchange, Inc. DURA September 30th February 1st Energy Income ETF NYSE Arca, Inc. EINC September 30th February 1st Environmental Services ETF NYSE Arca, Inc. EVX September 30th February 1st Fabless Semiconductor ETF The NASDAQ Stock Market LLC SMHX September 30th February 1st Long/Flat Trend ETF NYSE Arca, Inc. LFEQ September 30th February 1st Morningstar Global Wide Moat ETF Cboe BZX Exchange, Inc. MOTG September 30th February 1st Morningstar International Moat ETF Cboe BZX Exchange, Inc. MOTI September 30th February 1st Morningstar SMID Moat ETF Cboe BZX Exchange, Inc. 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{"sample_id": "0001141819:ALL", "cik": "0001141819", "trust_name": "Trust for Professional Managers", "input_text": "ATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 899 [X] TRUST FOR PROFESSIONAL MANAGERS (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) (Registrant s Telephone Number, including Area Code) (626) 914-7363 Jay S. Fitton, Secretary Trust for Professional Managers c/o U.S. Bank Global Fund Services 615 East Michigan Street, 2 nd Floor Milwaukee, Wisconsin 53202 (Name and Address of Agent for Service) Copies to: Carol A. Gehl, Esq. Godfrey Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202 (414) 273-3500 It is proposed that this filing will become effective (check appropriate box) [ ] Immediately upon filing pursuant to Rule 485(b). [X] on April 30, 2026 pursuant to Rule 485(b). [ ] on (date) pursuant to Rule 485(a)(1). [ ] 60 days after filing pursuant to Rule 485(a)(1). [ ] 75 days after filing pursuant to Rule 485(a)(2). [ ] on (date) pursuant to Rule 485(a)(2). If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note: This Post-Effective Amendment No. 897 to the Registration Statement of Trust for Professional Managers (the Trust ) is being filed to add the audited financial statements and certain related financial information for the fiscal year ended December 31, 2025 for the Mairs Power Fund, Mairs Power Balanced Fund and Mairs Power Small Cap Fund, and to make other permissible changes under Rule 485(b). PROSPECTUS April 30, 2026 -MAIRS POWER FUND (Formerly known as Mairs Power Growth Fund) Ticker Symbol: MPGFX -BALANCED FUND Ticker Symbol: MAPOX -SMALL CAP FUND Ticker Symbol: MSCFX Each a Series of Trust for Professional Managers (the Trust ) The U.S. Securities and Exchange Commission (the SEC ) has not determined if the information in this prospectus is accurate or complete, nor has it approved or disapproved these securities. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS Summary Section 1 Mairs Power Fund 1 Mairs Power Balanced Fund 5 Mairs Power Small Cap Fund 10 Fund Details 15 Mairs Power Fund 15 Mairs Power Balanced Fund (Balanced Fund) 16 Mairs Power Small Cap Fund (Small Cap Fund) 17 Temporary Defensive Policies All Funds 18 Investment Limitations All Funds 19 Disclosure of Portfolio Holdings All Funds 19 ReFlow Liquidity Program 19 Risks 19 Management and Organization of the Funds 22 Investment Adviser 22 Portfolio Managers 23 Shareholder Information 24 Pricing of Fund Shares 24 Security Valuations 24 How to Purchase Fund Shares 25 How to Redeem or Exchange Fund Shares 29 Important Information Regarding Telephone and Internet Transactions 32 Fund Transactions Through a Financial Intermediary 32 Redemption Fee (Small Cap Fund) 33 How to Transfer Registration 33 Signature Guarantee 33 Income and Capital Gain Distributions 34 Frequent Purchases and Redemptions of Fund Shares 34 Federal Income Taxes 35 Other Shareholder Services 36 Index Descriptions 38 Derivative Actions 38 Financial Highlights 39 For More Information 43 Privacy Notice PP- 1 Additional Information AN- 1 SUMMARY SECTION MAIRS POWER FUND Investment Objective Mairs Power Fund s (the Fund ) fundamental objective is to provide shareholders with a diversified portfolio of common stocks, which have the potential for above-average, long-term appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell share\n...\n) plans or individual retirement accounts ( IRA ). Average Annual Total Returns (For the periods ended December 31, 2025) 1 year 5 years 10 years Return Before Taxes 10.54 % 11.49 % 12.75 % Return After Taxes on Distributions 9.39 % 10.11 % 11.03 % Return After Taxes on Distributions and Sale of Fund Shares 7.04 % 8.90 % 10.07 % S P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) 17.88 % 14.42 % 14.82 % Management The Fund employs Mairs Power, Inc. to manage the Fund s investment portfolio. The Fund s portfolio managers are as follows: Name/Primary Title with Fund Primary Title with the Adviser Tenure with the Fund Tenure with the Adviser* Andrew R. Adams**, Lead Portfolio Manager Chief Investment Officer Lead Portfolio Manager of the Fund and the Predecessor Growth Fund since April 1, 2019; Co-Manager from 2015 to April 1, 2019 Since 2006 Peter J. Johnson**, Co-Manager Investment Manager Co-Manager of the Fund and the Predecessor Growth Fund since April 1, 2019 Since 2010 Christopher D. Strom**, Co-Manager Investment Manager Co-Manager of the Fund as of June 30, 2026 Since 2017 *Tenure with the Adviser is the year each individual started employment with the Adviser and may not align with their primary title with the Adviser. **Effective June 30, 2026, Peter J. Johnson will be named Lead Portfolio Manager of the Fund, and Christopher D. Strom and Andrew R. Adams will be named Co-Managers of the Fund. 3 Purchase and Sale of Fund Shares The minimum initial and subsequent investment amounts offered by the Fund are: Type of Account Minimum Investment Subsequent Investment Regular $2,500 $100 IRA $1,000 $100 You may purchase, exchange or redeem Fund shares directly through the Fund s transfer agent by writing or calling: Mairs Power Funds c/o U.S. Bank Global Fund Services P.O. Box 219337 Kansas City, MO 64121-9337 Telephone: 800-304-7404 Qualifying shareholders may also purchase, exchange or redeem Fund shares online at www.mairsandpower.com. Fund transactions may be made on any day the New York Stock Exchange is open for business. Investors who wish to purchase or redeem Fund shares through a bank, broker-dealer, financial adviser or recordkeeper (Financial Intermediary) should contact the Financial Intermediary directly for information relating to the purchase or sale of Fund shares. Tax Information The Fund s distributions are taxable and will be taxed as ordinary income or long-term capital gains, unless you are investing through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from tax-deferred arrangements. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 4 MAIRS POWER BALANCED FUND Investment Objective Mairs Power Balanced Fund s (the Balanced Fund or the Fund ) fundamental objective is to provide capital growth, current income and preservation of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and\n...\nquotations, benchmark yields and issuer, industry and economic events. These techniques generally consider overall market conditions and such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity and ratings. When market quotations are not readily available or deemed unreliable, a security or other asset, is valued at its fair value in accordance with Rule 2a-5 under the 1940 Act as determined under the Adviser s fair value pricing procedures, subject to oversight by the Board . For example, such circumstances may arise when: (i) a security has been de-listed or has had its trading halted or suspended; (ii) a security s primary pricing source is unable or unwilling to provide a price; (iii) a security s primary trading market is closed during regular market hours; or (iv) a security s value is materially affected by events occurring after the close of the security s primary trading market. Generally, when fair valuing a security, a Fund will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer s business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Board-adopted valuation procedures. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the security upon the sale of such security. How to Purchase Fund Shares If the Funds transfer agent, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the Transfer Agent ) or an authorized Financial Intermediary receives your request in good order before the close of trading of the NYSE, generally 3:00 p.m. Central Time, your transactions will be priced at that day s NAV. If your request is received after that time, it will be priced at the next business day s NAV. The Funds are offered on a no-load basis. You will not pay sales charges or Rule 12b-1 distribution fees. To open and maintain a Direct Account To add to a Direct Account Minimum Investment: Regular Account - $2,500 IRA - $1,000 Minimum Subsequent Investment: $100 By Internet www.mairsandpower.com Go to www.mairsandpower.com and click on My Fund Account located on the home page. Then click on Register in the New User Box. To open an account, you will need to provide your social security number, your bank s ABA (American Bank Association) number, your bank account number, your mailing address, your residential address and your email address. Current shareholders can visit the Funds website and log in to My Fund Account to make subsequent investments directly from your pre-established bank account or exchange from another Mairs Power Fund account with the same registration. The shareholder portal now requires dual authentication when first logging in to the portal. You will be required to enter your account information, including account number. 25 To open and maintain a Direct Account To add to a Direct Account By Mail Regular Mail: Mairs Power Funds c/o U.S. Bank Global Fund Services P.O. Box 219337 Kansas City, MO 64121-9337 Express, Certified or Registered Mail Mairs Power Funds c/o U.S. Bank Global Fund Services 801 Pennsylvania Ave Suite 219337 Kansas City, MO 64105-1307 Compl", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}}, "target_triples": [{"s": "fund:Jensen_Global_Quality_Growth_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Jensen_Global_Quality_Growth_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Global_Quality_Growth_Fund", "p": "seriesOf", "o": "trust:Trust_for_Professional_Managers", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Global_Quality_Growth_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Growth_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Growth_ETF", "p": "seriesOf", "o": "trust:Trust_for_Professional_Managers", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Mid_Cap_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Jensen_Quality_Mid_Cap_Fund", "p": "seriesOf", "o": "trust:Trust_for_Professional_Managers", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Jensen_Quality_Mid_Cap_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Jensen Global Quality Growth Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Trust for Professional Managers <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Jensen Quality Growth ETF <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Trust for Professional Managers <triple_end>\n<triple_start> Jensen Quality Mid Cap Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> seriesOf <object_marker> Trust for Professional Managers <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>", "target_serialized_plain": "Jensen Global Quality Growth Fund administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf Trust for Professional Managers ; transferAgent U.S. Bancorp Fund Services, LLC .\nJensen Quality Growth ETF custodian U.S. Bank National Association ; seriesOf Trust for Professional Managers .\nJensen Quality Mid Cap Fund administrator U.S. Bancorp Fund Services, LLC ; seriesOf Trust for Professional Managers ; transferAgent U.S. Bancorp Fund Services, LLC .", "stats": {"input_chars": 10809, "n_triples": 9, "text_to_json_ratio": 12.4}}
{"sample_id": "0001145022:ALL", "cik": "0001145022", "trust_name": "HOTCHKIS & WILEY FUNDS /DE/", "input_text": "ontractually agreed to waive management fees and or reimburse expenses (excluding sales loads, taxes, leverage interest, brokerage commissions, redemption liquidity service expenses, if any, acquired fund fees and expenses, if any, expenses incurred in connection with any merger or reorganization and extraordinary expenses) of the ETF Class shares of the Fund through ... to ensure that Total Annual Fund Operating Expenses After Fee Waiver and or Expense Reimbursement do not exceed ... %. The agreement may only be terminated with the consent of the Board of Trustees. Example. This example is intended to help you compare the cost of investing in the Fund s ETF Class shares with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund s ETF Class shares for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown. 1 Year 3 Years ... ... Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 31% of the average value of its portfolio. Principal Investment Strategy. The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in equity securities of mid-capitalization companies. Hotchkis Wiley Capital Management, LLC (the Advisor ) currently considers mid-cap companies to be those with market capitalizations like those found in the Russell Midcap Index over the prior twelve months. The market capitalization range of the Index changes constantly, but as of March 31, 2026, the range was from $907 million to $116.8 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in the securities of small capitalization companies and in foreign (non-U.S.) securities. In addition, the Fund will normally invest at least 80% of assets in securities of value companies. Value companies are companies the Advisor believes are undervalued in the marketplace. The Advisor considers traditional and other measures of value, such as (1) whether the company is included in a third-party value benchmark (2) whether the company falls below the relevant equity market index average for any value metric, such as price-to-earnings ratio price-to-book value ratio price-to-cash flow ratio price-to-sales ratio or enterprise value-to-EBIT, among others or (3) in the judgment of the portfolio managers, the company otherwise exhibits characteristics consistent with value companies, even if it does not meet one of the specific value criteria described above. The Fund seeks to invest in companies whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior, such as investment decisions driven by emotions, biases, or cognitive errors. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. As part of the Advisor's investment process, the investment team evaluates the general and industry-specific Environmental, Social, and Governance ( ESG ) factors that the Advisor believes to be the most financially material to a company's short-, medium-, and long-term enterprise value. The Advisor believes this evaluation contributes to its overall analysis of a company s value creation for shareholders and future financial performance. With the exception of diversification guidelines, the Fund does not employ predetermined rules for sales rather, the Fund evaluates each sell candidate based on the candidate s specific risk and return characteristics which include 1) relative valuation 2) fundamental operating trends 3) deterioration of fundamentals and 4) portfolio diversification. Relative valuation involves selling an investment when a company s valuation metrics become high relative to comparable companies, the market, or its historical levels. Fundamental operating trends involves selling an investment when there is evidence of a decline in a company s underlying business performance or industry conditions. HOTCHKIS AND WILEY FUNDS 1 Fund Summary Hotchkis and Wiley Funds Deterioration of fundamentals involves selling an investment when a company s underlying business or industry fundamentals, such as revenue or earnings, weaken. Portfolio diversification refers to selling holdings to maintain balance, manage risk, and optimize returns. As of the date of this Prospectus, the top sectors represented by the Fund s underlying investments was financial services. The Fund s investments in various sectors may change over time. Principal Investment Risks. As with any ETF, the value of the Fund s investments, and therefore the value of its shares, may go down and you could lose all or a portion of your investment in the Fund. Many factors can affect those values. The factors that are most likely to have a material effect on the Fund s portfolio as a whole are called principal risks. The principal risks of investing in the Fund are described in this section. Market Risk. Market risk is the risk that the market price of securities owned by the Fund may go down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries represented in the securities markets. These factors include general domestic or foreign economic, political or financial market conditions, rates of economic growth and employment, trade and monetary policy, interest rates, inflation, and currency rates. Natural disasters, public health emergencies (including pandemics and epidemics), global conflict and war, military conflict, climate change, terrorism and other unforeseeable events that adversely affect individual companies, industries, sectors, and or segments of the market, may lead to instability in world economies and markets and may have negative long-term effects. Any of such factors could have\n...\no Manager 1997 Hunter Doble, CFA Portfolio Manager 2019 4 HOTCHKIS AND WILEY FUNDS Fund Summary Hotchkis and Wiley Funds Purchase and Sale of Fund Shares. The Fund will issue (or redeem) ETF Class shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks known as Creation Units. Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities and or cash. Individual ETF Class shares of the Fund may only be purchased and sold on the Exchange, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because the Fund s ETF Class shares trade at market prices rather than at NAV, ETF Class shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling ETF Class shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Class shares (bid) and the lowest price a seller is willing to accept for ETF Class shares (ask) (the bid-ask spread ). Recent information regarding the ETF Class shares NAV, market price, premiums and discounts, and bid-ask spreads is available at ... . Tax Information. The Fund s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are tax-exempt or are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Such tax-advantaged arrangements may be taxed later upon a withdrawal from those arrangements. Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund and or its Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. HOTCHKIS AND WILEY FUNDS 5 Fund Summary Hotchkis and Wiley Funds GLOBAL VALUE FUND ETF Class Shares Investment Objective. The Fund seeks capital appreciation. Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy, hold and sell ETF Class shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Please contact your financial intermediary about whether such a commission may apply to your transaction. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.55% Distribution and or Service (12b-1) Fees None Other Expenses (a) ... Total Annual Fund Operating Expenses (b) ... (a) The ETF Class shares of the Fund are new, so the Other Expenses shown for the class are based on anticipated fees and expenses for the first full fiscal year. (b) Hotchkis Wiley Capital Management, LLC has contractually agreed to waive management fees and or reimburse expenses (excluding sales loads, taxes, leverage interest, brokerage commissions, redemption liquidity service expenses, if any, acquired fund fees and expenses, if any, expenses incurred in connection with any merger or reorganization and extraordinary expenses) of the ETF Class shares of the Fund through .\n...\necently completed calendar year, and the most recently completed calendar quarters since that year (or the life of the ETF Class shares, if shorter), is available at ... . Please read this Prospectus before you invest in the Funds. Keep the Prospectus for future reference. You can get additional information about the Funds in Statement of Additional Information tells you more about the Funds' features and policies, including additional risk information (incorporated by reference into, meaning it is legally a part of this Prospectus) Annual Report and Semi-Annual Report and Form N-CSR Filed with the SEC additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR (the annual report contains a discussion of market conditions and investment strategies that significantly affected Fund performance during the last fiscal year). In Form N-CSR, you will find the Fund s annual and semi-annual financial statements. To get this information and other information regarding the Funds free of charge or for shareholder questions, contact the Funds transfer agent at the number listed above. The current SAI, annual report and semi-annual report are available on https www.hwcm.com mutual-funds resources literature . Information about the Funds, including the SAI, annual report and semi-annual report, is available on the SEC s website at http www.sec.gov and copies may be obtained upon payment of a duplicating fee by electronic request at the following e-mail address publicinfo sec.gov. You should rely only on the information contained in this Prospectus when deciding whether to invest. No one is authorized to provide you with information that is different. PROSPECTUS INFORMATION ABOUT THE FUNDS Distributor Quasar Distributors, LLC 190 Middle Street, Suite 301 Portland, Maine 04101 Custodian U.S. Bank N.A. 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212 1-866-HW-FUNDS (1-866-493-8637) Counsel Vedder Price P.C. 222 North LaSalle Street, Suite 2600 Chicago, Illinois 60601 NASDAQ CUSIP Large Cap Disciplined Value Fund Class I HWCIX 44134R768 Class A HWCAX 44134R750 Class Z not currently offered not currently offered Large Cap Fundamental Value Fund Class I HWLIX 44134R503 Class A HWLAX 44134R107 Class Z HWLZX 44134R511 Mid-Cap Value Fund Class I HWMIX 44134R800 Class A HWMAX 44134R206 Class Z HWMZX 44134R495 ETF Class ... ... Small Cap Value Fund Class I HWSIX 44134R867 Class A HWSAX 44134R305 Class C HWSCX 44134R842 Class Z HWSZX 44134R487 Small Cap Diversified Value Fund Class I HWVIX 44134R651 Class A HWVAX 44134R644 Class Z HWVZX 44134R479 Global Value Fund Class I HWGIX 44134R685 Class A HWGAX 44134R677 Class Z not currently offered not currently offered ETF Class ... ... International Value Fund Class I HWNIX 44134R636 Class A not currently offered not currently offered Class Z not currently offered not currently offered ETF Class ... ... International Small Cap Diversified Value Fund Class I HWTIX 44134R453 Class A not currently offered not currently offered Class Z not currently offered not currently offered ETF Class ... ... Opportunities Fund Class I HWAIX 44134R834 Class A HWAAX 44134R792 Class C HWACX 44134R826 Class Z HWAZX 44134R461 ETF Class ... ... High Yield Fund Class I HWHIX 44134R735 Class A HWHAX 44134R727 Class Z HWHZX 44134R529 ETF Class ... ... SMID Cap Diversified Value Fund HWSM 44134R438 PROSPECTUS INFORMATION ABOUT THE FUNDS Investment Company Act File #811-10487 CODE #HWF-P- Hotchkis and Wiley Funds are distributed by Quasar Dis\n...\nenzie, CFA $100,001 - $500,000 Over $1,000,000 $100,001 - $500,000 $50,001 - $100,000 $500,001 - $1,000,000 Principal Underwriter and Administrator Quasar Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), 190 Middle Street, Suite 301, Portland, Maine 04101, a Delaware limited liability company, is the principal underwriter and distributor for the shares of the Funds ETF Class shares ( Quasar or the Distributor ). Quasar is a registered broker-dealer and member of FINRA. 54 The ETF Class shares of the Funds are offered to the public on a continuous basis only in Creation Units. The Distributor will not distribute ETF Class shares of the Funds in amounts less than a Creation Unit and does not maintain a secondary market in Fund Shares. The Distributor, as the principal underwriter of the shares, has certain obligations under the distribution agreement concerning the distribution of the shares. These obligations and the compensation the Distributor receives are described in the section titled, Purchases of Shares. Under the Distribution Agreement, the Distributor, as agent for the Trust, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the Exchange Act and a member of the Financial Industry Regulatory Authority ( FINRA ). The Distributor also may enter into agreements with securities dealers ( Soliciting Dealers ) who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers also may be Authorized Participants (as discussed in the section entitled Creation and Redemption of Creation Units ) or DTC participants (as defined below). U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the Administrator or Fund Services ), 615 East Michigan Street, Milwaukee, Wisconsin 53202, is the administrator for each Fund. For the fiscal years ended June 30, 2025, 2024, and 2023, the total administration fees paid by the Funds to Fund Services are provided in the table below. 2025 2024 2023 Mid-Cap Value Fund $148,582 $159,805 $163,604 Global Value Fund $46,186 $40,232 $40,191 International Value Fund $42,140 $40,294 $40,283 International Small Cap Diversified Value Fund $47,593 $46,972 $46,623 Opportunities Fund $227,576 $201,100 $169,742 High Yield Fund $294,080 $303,466 $272,479 Code of Ethics The Board of Trustees of the Trust has approved a Code of Ethics under Rule 17j-1 under the 1940 Act that covers the Trust and the Advisor (the Code of Ethics ). The Code of Ethics permits subject personnel to invest in securities, including securities that may be purchased or held by a Fund, subject to certain restrictions. The protective provisions of the Code of Ethics prohibit certain investments and limit these personnel from making investments during periods when a Fund is making such investments. The Code of Ethics is on public file with, and is available from, the Commission. The Board of Trustees has also approved a separate Code of Ethics for the Principal Executive Officer and Principal Financial Officer related to the Funds financial reporting. Proxy Voting Policy Generally, the Advisor will vote (by proxy or otherwise) in all matters for which a shareholder vote is solicited by, or with respect to, issuers of securities beneficially held in the Funds accounts in such manner as the Advisor deems appropriate in accordance with its written policies and procedures. The Advisor may affi", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "custodian": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:HW_Opportunities_MP_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HW_Opportunities_MP_Fund", "p": "advisedBy", "o": "org:Hotchkis_Wiley_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HW_Opportunities_MP_Fund", "p": "seriesOf", "o": "trust:HOTCHKIS_WILEY_FUNDS_DE", "alias_grounded": false, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:HW_Opportunities_MP_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, 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"context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_SMID_Cap_Diversified_Value_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_SMID_Cap_Diversified_Value_Fund", "p": "advisedBy", "o": "org:Hotchkis_Wiley_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_SMID_Cap_Diversified_Value_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_SMID_Cap_Diversified_Value_Fund", "p": "seriesOf", "o": "trust:HOTCHKIS_WILEY_FUNDS_DE", "alias_grounded": false, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_SMID_Cap_Diversified_Value_Fund", "p": 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true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Small_Cap_Value_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Small_Cap_Value_Fund", "p": "advisedBy", "o": "org:Hotchkis_Wiley_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:HOTCHKIS_WILEY_FUNDS_DE", "alias_grounded": false, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Value_Opportunities_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Value_Opportunities_Fund", "p": "advisedBy", "o": "org:Hotchkis_Wiley_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Value_Opportunities_Fund", "p": "seriesOf", "o": "trust:HOTCHKIS_WILEY_FUNDS_DE", "alias_grounded": false, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hotchkis_and_Wiley_Value_Opportunities_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:HOTCHKIS_WILEY_FUNDS_DE", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> HW Opportunities MP Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Global Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley High Yield Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley International Small Cap Diversified Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley International Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Large Cap Disciplined Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Large Cap Fundamental Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Mid-Cap Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley SMID Cap Diversified Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Small Cap Diversified Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Small Cap Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Hotchkis and Wiley Value Opportunities Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Hotchkis & Wiley Capital Management, LLC <predicate_marker> seriesOf <object_marker> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> HOTCHKIS & WILEY FUNDS /DE/ <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "HW Opportunities MP Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Global Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley High Yield Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley International Small Cap Diversified Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley International Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Large Cap Disciplined Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Large Cap Fundamental Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Mid-Cap Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley SMID Cap Diversified Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; custodian U.S. Bank National Association ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Small Cap Diversified Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Small Cap Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHotchkis and Wiley Value Opportunities Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Hotchkis & Wiley Capital Management, LLC ; seriesOf HOTCHKIS & WILEY FUNDS /DE/ ; transferAgent U.S. Bancorp Fund Services, LLC .\nHOTCHKIS & WILEY FUNDS /DE/ underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 17403, "n_triples": 50, "text_to_json_ratio": 3.5}}
{"sample_id": "0001169187:ALL", "cik": "0001169187", "trust_name": "T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.", "input_text": "r. The fund s performance information\nincluded in the table is compared with a regulatory required index that represents an overall securities market (Regulatory\nBenchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund s investment\nstrategy (Strategy Benchmark(s)).\nT. ROWE PRICE\n6\nIn addition, the table shows hypothetical after-tax returns to demonstrate\nhow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s\ntax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through\ntax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Institutional Class and will differ\nfor other share classes.\nAverage Annual Total\nReturns\nPeriods ended\nDecember 31, 2024\nSince\nInception\n1 Year\n5 Years\n10 Years\ninception\ndate\nInstitutional Class\n01/31/2008\nReturns before taxes\n9.14\n%\n5.51\n%\n4.97\n%\n%\nReturns after taxes on distributions\n5.46\n2.88\n2.65\nReturns after taxes on distributions\nand sale of fund shares\n5.32\n3.05\n2.76\nF Class\n08/27/2010\nReturns before taxes\n9.01\n5.38\n4.84\nZ Class\n03/10/2020\nReturns before taxes\n9.74\n7.07\nRegulatory Benchmark\nBloomberg U.S. Aggregate Bond\nIndex (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.35\n- 1.24\na\nStrategy Benchmark(s)\nMorningstar LSTA Performing Loan\nIndex (reflects no deduction for fees, expenses, or taxes)\n9.15\n6.09\n5.41\n7.24\na\na Return since 3/10/20.\nUpdated performance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nPaul M. Massaro\nPortfolio Manager and Chair of Investment Advisory Committee\n2009\n2003\nSUMMARY\n7\nPurchase and Sale of Fund Shares\nThe Institutional Class generally requires a $1 million minimum initial\ninvestment, and the F Class generally requires a $2,500 minimum initial investment, and there is no minimum for additional purchases,\nalthough the initial investment minimum may be waived for certain types of accounts held through a retirement plan, financial advisor,\nor other financial intermediary.\nFor investors holding shares of the fund directly with T. Rowe\nPrice, you may purchase, redeem, or exchange fund shares by mail or by telephone (1-800-638-8790).\nThe Z Class is only available to funds managed by T. Rowe Price\nand other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services.\nThere is no minimum initial investment and no minimum for additional purchases.\nIf you hold shares through a financial intermediary or retirement plan,\nyou must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary\nor retirement plan to determine the investment minimums that apply to your account.\nTax Information\nThe fund declares dividends, if any, daily and pays them on the first\nbusiness day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares\nand distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary\nincome or capital gains unless you invest through a tax-deferred account\n...\nrposes of computing the period before another purchase may be made.\nGeneral\nExceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds\nExcessive and Short-Term Trading Policy:\nShares purchased or redeemed in money market funds and ultra short-term bond funds;\nShares purchased or redeemed through a systematic purchase or withdrawal plan;\nCheckwriting redemptions from bond funds and money market funds;\nShares purchased through the reinvestment of dividends or capital gain distributions;\nShares redeemed automatically by a fund to pay fund fees or shareholder account fees;\nTransfers and changes of account registration within the same fund;\nShares purchased by asset transfer or direct rollover;\nShares purchased or redeemed through individual retirement account (IRA) conversions and recharacterizations;\nShares redeemed to return an excess contribution from a retirement account;\nTransactions in Section 529 college savings plans;\nCertain transactions made by or in connection with activity in\na defined benefit or nonqualified plan, subject to prior approval by T. Rowe Price;\nShares converted from one share class to another share class in the same fund;\nShares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe\nPrice fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please\nnote that shareholders of the investing T. Rowe Price Fund are still subject to the policy);\nT. ROWE PRICE\n38\nTransactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price;\nTransactions having a value of $5,000 or less (retirement plans,\nincluding those for which T. Rowe Price Retirement Plan Services, Inc., serves as recordkeeper,\nand other financial intermediaries may apply the Excessive and Short-Term Trading Policy\nto transactions of any amount); and\nCertain shares purchased or redeemed in exchange for securities and cash (transactions in-kind), subject to prior approval by T. Rowe\nPrice.\nTransactions in certain rebalancing, asset allocation, wrap, and other\nadvisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject\nto prior written approval by T. Rowe Price.\nIn addition to restricting transactions in accordance with the 30-Day\nPurchase Block, T. Rowe Price may, in its discretion, reject (or instruct a financial intermediary to reject) any purchase or exchange\ninto a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or\ndilute the value of the fund s shares, including trading by persons acting collectively (for example, following the advice of a\nnewsletter, blogger, or social media platform). Such persons may be barred, without prior notice, from further purchases of T. Rowe\nPrice Funds for a period longer than 30 calendar days, or permanently.\nFinancial\nIntermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including\na retirement plan, you should review the financial intermediary s or retirement plan s materials carefully or consult with\nthe financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe\nPrice Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction\nplaced through a financial\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d\n...\nnd.\nItem 34. Management Services\nRegistrant is not a party to any management-related\nservice contract, other than as set forth in the Prospectus or Statement of Additional Information.\nItem 35. Undertakings\n(a) Not\napplicable\nPage 26\nSignatures\nPursuant to the requirements of the Securities\nAct of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements\nfor effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration\nStatement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this July 25,\n2025.\nT. Rowe Price Institutional Income Funds, Inc.\nBy:\n/s/\nDavid Oestreicher\nDavid Oestreicher\nDirector and President\nPursuant to the requirements of the Securities\nAct of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates\nindicated:\nSignature\nTitle\nDate\n/s/ David Oestreicher\nDirector and President\nJuly 25, 2025\nDavid Oestreicher\n(Principal Executive Officer)\n/s/ Alan S. Dupski\nTreasurer and Vice President\nJuly 25, 2025\nAlan S. Dupski\n(Principal Financial Officer\nand Principal Accounting Officer)\n*\nTeresa Bryce Bazemore\nDirector\nJuly 25, 2025\n*\nMelody Bianchetto\nDirector\nJuly 25, 2025\n*\nBruce W. Duncan\nDirector\nJuly 25, 2025\n*\nRobert J. Gerrard, Jr.\nChairman of the Board\nJuly 25, 2025\nand Director\n*\nPaul F. McBride\nDirector\nJuly 25, 2025\n*\nMark J. Parrell\nDirector\nJuly 25, 2025\n/s/ Eric L. Veiel\nDirector\nJuly 25, 2025\nEric L. Veiel\n*\nKellye L. Walker\nDirector\nJuly 25, 2025\n*/s/ David Oestreicher\nAttorney-In-Fact\nJuly 25, 2025\nDavid Oestreicher\n\n\f\n\nEX-99.(G)(1)\n3\nex99-g1.htm\nCUSTODIAN AGREEMENT\nT. Rowe Price Institutional Income Funds, Inc. 485BPOS\nE XHIBIT 99.(g)(1)\nCustodian\nAgreement\nThis\nAgreement is made as of January 28, 1998 by and\nbetween each entity set forth on Appendix A hereto (as such Appendix A may be amended from time to time) which executes a copy\nof this Agreement (each referred to herein as the Fund ), and State Street Bank and Trust Company, a Massachusetts\ntrust company with its principal place of business at 225 Franklin Street, Boston, Massachusetts 02110 (the Custodian ).\nWitnesseth:\nWhereas,\neach Fund desires to retain the Custodian to\nact as custodian of certain of the assets of the Fund, and the Custodian is willing to provide such to each Fund, upon the terms\nand conditions hereinafter set forth; and\nWhereas,\nexcept as otherwise set forth herein, this Agreement\nis intended to supersede that certain custodian contract among the parties hereto dated September 28, 1987, as amended; and\nWhereas,\nthe Funds have retained Chase\nManhattan Bank, N.A. to act as the Funds custodian with respect to the assets of each such Fund to be held outside\nof the United States of America (except as otherwise set forth in this Agreement) pursuant to a written custodian agreement (the\nForeign Custodian Agreement ),\nNow,\nTherefore, in consideration of the mutual covenants\nand agreements hereinafter contained, each of the parties hereto agrees as follows:\nSection\n1. Employment\nof Custodian and Property to be Held by It.\nEach\nFund hereby employs the Custodian as the custodian of certain of its assets, including those securities it desires to be held\nwithin the United States of America ( domestic securities ) and those securities it desires to be held outside\nthe United States of America (the United States ) which are (i) not held on the Funds behalf by Chase\nManha", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_INSTITUTIONAL_INCOME_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Floating_Rate_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_INSTITUTIONAL_INCOME_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_High_Yield_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_INSTITUTIONAL_INCOME_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Institutional_Long_Duration_Credit_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_INSTITUTIONAL_INCOME_FUNDS_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. 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{"sample_id": "0001174610:ALL", "cik": "0001174610", "trust_name": "ProShares Trust", "input_text": "-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:DerivativesRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:SwapRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:CounterpartyRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:LiquidityRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:EquityRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:MoneyMarketRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:ConcentrationFocusRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:CommunicationServicesRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:NonDiversificationRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:IntradayPriceRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:MarketPriceRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:EarlyCloseLateCloseTradingHaltRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:TaxRiskMember\n2026-05-31\n2026-05-31\n0001174610\npt:S000103522Member\npt:NewFundRiskMember\n2026-05-31\n2026-05-31\nxbrli:pure\niso4217:USD\nAs filed with the Securities and Exchange Commission on June 8, 2026\nRegistration Nos. 333-89822; 811-21114\nU.S. SECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nForm N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 492\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 501\nProShares Trust\n(Exact name of Registrant as Specified in Trust Instrument)\n7272 Wisconsin Avenue, 21 st Floor\nBethesda, MD 20814\n(Address of Principal Executive Office) (Zip Code)\n(240) 497-6400\n(Area Code and Telephone Number)\nRichard Morris\nGeneral Counsel\nProShare Advisors LLC\n7272 Wisconsin Avenue, 21 st Floor\nBethesda, MD 20814\n(Name and Address of Agent for Service)\nwith copies to:\nAllison M. Fumai, Esq.\nMark D. Perlow, Esq.\nAdam T. Teufel, Esq.\nDechert LLP\n1095 Avenue of the Americas\nNew York, NY 10036\nApproximate date of Proposed Public Offering:\nIt is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b)\nOn June 9, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\nOn pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nEXPLANATORY NOTE\nThis Post-Effective Amendment No. 492 to the Registration Statement on Form N-1A (File No. 333-89822) of ProShares Trust (the Registrant ) is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended, for the purpose of finalizing the registration of ProShares Ultra SpaceX. The effective date of the Prospectus included in this Registration Statement is June 9, 2026 .\nPROSPECTUS June 9, 2026\nUltra SpaceX\nSPCF\nNYSE Arca\nNeither the Securities and Exchange Commission, the Commodity Futures Trading Commission, nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. The Fund has not commenced operations as of the date of this Prospectus. The Fund intends to commence operations following the initial public offering of SPCX, as further described in this Prospectus. The date of the initial public offering of SPCX, and thus the Fund s commencement of operations, is subject to change. The disclosure in this Prospectus provides important information about how the Fund will operate after commencing operations.\nPROSHARES TRUST Distributor: SEI Investments Distribution Co.\nTABLE OF CONTENTS\n3\nSummary Section\n4\nUltra SpaceX\n11\nInvestment Objectives, Principal\nInvestment Strategies and Related Risks\n21\nUnderstanding the Risks and Long-Term\nPerformance of a 2x Daily Objective Fund\n25\nManagement of ProShares Trust\n27\nShareholder Information\n28\nDetermination of NAV\n28\nDistributions\n28\nDividend Reinvestment Services\n29\nTaxes\n33\nFinancial Highlights\n3\nPROSHARES.COM\nSummary Section\n4 :: Ultra SpaceX\nPROSHARES.COM\nInvestment Objective\nProShares Ultra SpaceX (the Fund ) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Class A common stock of Space Exploration Technologies Corp. (NASDAQ: SPCX).\nImportant Information About the Fund\nIf the Fund is successful in meeting its investment objective, it should gain approximately two times as much as SPCX when SPCX rises on a given day. Conversely, it should lose approximately two times as much as SPCX when SPCX falls on a given day. The Fund does not seek to achieve two times (2x) the daily performance of SPCX (the Daily Target ) for any period other than a day. On the day SPCX commences its initial public offering ( IPO ), the starting price of SPCX for purposes of calculating the daily performance is expected to be the initial public offering price of SPCX.\nWhile the Fund has a daily investment objective, you may hold Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:\nYour return may be higher or lower than the Daily Target, and this difference may be significant.\nFactors that contribute to returns that are worse than the Da\n...\nith respect to the Fund, the Advisor has filed a claim of exclusion from\nthe definition of the term commodity pool operator under the CEA, pursuant to CFTC Rule 4.5 (the Exclusion ) and therefore, the Advisor is not subject to registration or regulation as a CPO under the CEA with respect\nto the Fund. In order to remain eligible for the Exclusion, then the Fund will be limited in its ability\nuse certain financial instruments including futures, options on futures and certain swaps and the manner\nin which it holds out its use of such instruments.\n45\nOTHER SERVICE PROVIDERS\nADMINISTRATOR AND FUND ACCOUNTING AGENT\nJPMorgan, One Beacon Street, 19th Floor, Boston, MA 02108, acts as Administrator to\nthe Fund pursuant to an administration agreement dated June 16, 2006, as amended from time\nto time. The Administrator provides the Fund with all required general administrative services,\nincluding, without limitation, office space, equipment, and personnel; clerical and general back office\nservices; bookkeeping and internal accounting; the determination of NAVs; and the preparation and filing of\nall financial reports, and all other materials, except registration statements and proxy statements, required to\nbe filed or furnished by the Fund under federal and state securities laws.\nThe Administrator pays all fees and expenses that are directly related to the services\nprovided by the Administrator to the Fund; the Fund reimburses the Administrator for all fees and\nexpenses incurred by the Administrator which are not directly related to the services the Administrator provides\nto the Fund under the service agreement. The Fund may also reimburse the Administrator for such out-of-pocket\nexpenses as incurred by the Administrator in the performance of its duties.\nEffective January 1, 2025, Ultimus Fund Solutions, LLC ( Ultimus ), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, began providing legal administration services to\nthe Trust (altogether, the Legal Administrative Services ). The Trust pays Ultimus a monthly fee for its services as Legal Administrator. Prior to January 1, 2025, Citi Fund Services Ohio, Inc. ( Citi ), located at 4400 Easton Commons, Suite 200, Columbus, Ohio 43219, an indirect wholly-owned subsidiary of Citibank,\nN.A., provided regulatory administration services to the Trust.\nFees Paid under the Administration Agreement and Legal Administration Services Agreement\nBecause the New Fund was not operational at the end of the Trust s last fiscal year, information on the New Fund is not included in this SAI.\nCUSTODIAN, TRANSFER AGENT, AND INDEX RECEIPT AGENT\nJPMorgan Chase Bank, N.A. ( JPMorgan ) also acts as Custodian, Transfer Agent, Index Receipt Agent to the Fund. JPMorgan is located at 4 MetroTech Center, Brooklyn, NY 11245.\nThe Custodian is responsible for safeguarding the Fund s cash and securities, receiving and delivering securities, collecting the Fund s interest and dividends, and performing certain administrative duties, all as directed by authorized persons. The Custodian is also responsible for the appointment\nand oversight of any sub-custodian banks and for providing reports regarding such sub-custodian banks\nand clearing agencies.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nPricewaterhouseCoopers LLP serves as independent registered public accounting firm and provides audit services, tax return preparation and assistance, and audit-related services\nin connection with certain SEC filings. PricewaterhouseCoopers LLP s address is 41 South High Street, Suite 2500, Columbus, Ohio 43215.\nLEGAL COUNSEL\nDechert LLP serves as counsel to the Fund. The firm s address is 1095 Avenue of the Americas, New York, New York 10036.\nPRINCIPAL FINANCIAL OFFICER/TREASURER SERVICES\nThe Trust has entered into an agreement with ACA Group ( ACA ), pursuant to which ACA provides the Trust with the services of an individual to serve as the Trust s Principal Financial Officer and Treasurer. Neither ACA nor the Treasurer have a role in determining the investment\npolicies of the Trust or Funds, or which securities are to be purchased or sold by the Trust or the Fund. The\nTrust pays ACA an\n46\nannual flat fee of $100,000 per year and an additional annual flat fee of $3,500 per\nFund, and will reimburse ACA for certain out-of-pocket expenses incurred by ACA in providing services to the\nTrust. For the fiscal years ended May 31, 2024 , May 31", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "administrator", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "advisedBy", "o": "org:PROSHARE_ADVISORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "seriesOf", "o": "trust:ProShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Big_Data_Refiners_ETF", "p": "transferAgent", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_ETF", "p": "administrator", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_ETF", "p": "advisedBy", "o": "org:PROSHARE_ADVISORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, 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"p": "advisedBy", "o": "org:PROSHARE_ADVISORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_Ether_Equal_Weight_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_Ether_Equal_Weight_ETF", "p": "seriesOf", "o": "trust:ProShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_Ether_Equal_Weight_ETF", "p": "transferAgent", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ProShares_Bitcoin_Ether_Market_Cap_Weight_ETF", "p": "administrator", "o": "org:JPMORGAN_CHASE_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short Financials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short High Yield administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short MSCI EAFE administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short MSCI Emerging Markets administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short MidCap400 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short QQQ administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short Real Estate administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short Russell2000 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short S&P500 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Short SmallCap600 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Smart Materials ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Supply Chain Logistics ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Dow30 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro MidCap400 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro QQQ administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Russell2000 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro S&P500 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short 20+ Year Treasury administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short Dow30 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short MidCap400 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short QQQ administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short Russell2000 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraPro Short S&P500 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort 20+ Year Treasury administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort 7-10 Year Treasury administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Bitcoin ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Consumer Discretionary administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Consumer Staples administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Dow30 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Energy administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Ether ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort FTSE China 50 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort FTSE Europe administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Financials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Health Care administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Industrials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort MSCI Brazil Capped administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort MSCI EAFE administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort MSCI Emerging Markets administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort MSCI Japan administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Materials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort MidCap400 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Nasdaq Biotechnology administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort QQQ administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Real Estate administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Russell2000 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort S&P500 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Semiconductors administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort SmallCap600 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Technology administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares UltraShort Utilities administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra 20+ Year Treasury administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra 7-10 Year Treasury administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Bitcoin ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Communication Services administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Consumer Discretionary administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Consumer Staples administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Dow30 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Energy administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Ether ETF administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra FTSE China 50 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra FTSE Europe administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Financials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Health Care administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra High Yield administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Industrials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra MSCI Brazil Capped administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra MSCI EAFE administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra MSCI Emerging Markets administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra MSCI Japan administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Materials administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra MidCap400 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Nasdaq Biotechnology administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Nasdaq Cloud Computing administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Nasdaq Cybersecurity administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra QQQ administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Real Estate administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Russell2000 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra S&P500 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Semiconductors administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra SmallCap600 administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Technology administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Ultra Utilities administrator JPMORGAN CHASE BANK, N.A. , Ultimus Fund Solutions, LLC ; advisedBy PROSHARE ADVISORS LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf ProShares Trust ; transferAgent JPMORGAN CHASE BANK, N.A. .\nProShares Trust underwrittenBy SEI INVESTMENTS DISTRIBUTION CO. .", "stats": {"input_chars": 10027, "n_triples": 787, "text_to_json_ratio": 0.2}}
{"sample_id": "0001177017:ALL", "cik": "0001177017", "trust_name": "T. ROWE PRICE RETIREMENT FUNDS, INC.", "input_text": "shows the average annual total returns\nfor each class of the fund that has been in operation for at least one full calendar year. The fund s performance information\nincluded in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S.\nAggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund s investment strategy.\nSUMMARY\n11\nIn addition, the table shows hypothetical after-tax returns\nto demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest\nindividual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend\non an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who\nhold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only\nfor the Investor Class and will differ for other share classes.\nAverage Annual Total Returns\nPeriods ended\nDecember 31, 2025\nSince\nInception\n1 Year\n5 Years\ninception\ndate\nInvestor Class\n05/25/2017\nReturns before taxes\n12.41\n%\n5.58\n%\n7.07\n%\nReturns after taxes on distributions\n10.43\n3.76\n5.25\nReturns after taxes on distributions and sale\nof fund shares\n7.89\n3.71\n4.93\nI Class\n01/17/2024\nReturns before taxes\n12.74\n12.14\nBloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.79\na\n7.30\n- 0.36\n5.00\nb\nS P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes)\n6.36\na\n12.72\n5.35\n11.47\nb\na Return since 5/25/17.\nb Return since 1/17/24.\nUpdated performance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment Adviser\nWyatt Lee\nCo-Portfolio Manager and Cochair of Investment Advisory\nCommittee\n2017\n1999\nKim DeDominicis*\nCo-Portfolio Manager and Cochair of Investment Advisory\nCommittee\n2019\n1997\nAndrew G. Jacobs Van Merlen\nCo-Portfolio Manager and Cochair of Investment Advisory\nCommittee\n2020\n2000\n* Ms. DeDominicis originally joined T. Rowe Price\nin 1997 and returned to T. Rowe Price in 2003.\nT. Rowe Price\n12\nPurchase and Sale of Fund Shares\nThe Investor Class generally requires a minimum initial investment\nof $25,000 and a minimum subsequent investment of $100. These investment minimums generally are waived for financial intermediaries\nand certain employer-sponsored retirement plans submitting orders on behalf of their customers.\nThe I Class requires a $500,000 minimum initial investment per\nfund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries,\neligible retirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority,\nqualifying directly held accounts, and certain other accounts.\nFor investors holding shares of the fund directly with T. Rowe\nPrice, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts;\n1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries);\nor, for certain other accounts, by accessing your account online through troweprice.com.\nIf you hold shares through a financial intermediary or retirement\nplan, you must purchase, redeem, and exchange shares of the fund through your intermediary\n...\nfiliates may influence financial intermediaries, plan sponsors, and other\nthird parties to offer or recommend T. Rowe Price Funds over other investment options for which an intermediary does not receive\nadditional compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive\nthese payments and/or expense reimbursements may elevate the prominence of the T. Rowe Price Funds by, for example, placing\nthe T. Rowe Price Funds on a list of preferred or recommended funds and/or providing preferential or enhanced opportunities to\npromote the T. Rowe Price Funds in various ways. Since these additional payments are not paid by a fund directly, these arrangements\ndo not increase fund expenses and will not change the price that an investor pays for shares of the T. Rowe Price Funds or\nthe amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may ask your financial intermediary for\nmore information about any payments they receive from T. Rowe Price or its affiliates.\nComparison of Distribution and Shareholder Servicing Fees\nThe following table summarizes the distribution and service\n(12b-1) fee and administrative fee arrangements applicable to each class based on its average daily net assets.\nClass\n12b-1 Fee Payments\nAdministrative Fee Payments\nInvestor Class\nNone\nUp to 0.15% per year\nI Class\nNone\nNone\nAdvisor Class\nUp to 0.25% per year\nUp to 0.15% per year\nR Class\nUp to 0.50% per year\nUp to 0.15% per year\nZ Class\nNone\nNone\nAccount\nSERVICE FEE\nInvestor Class\nIn an effort to help offset the disproportionately high costs\nincurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds\ntransfer agent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged\nto certain Investor Class accounts with a balance below $10,000. The determination of whether a fund account is subject to the\naccount service fee is based on account balances and services selected for accounts as of the last business day of August of each\ncalendar year. The fee may be charged to an account with a balance below $10,000 for any reason, including market fluctuation and\nrecent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to\naccounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.\nT. Rowe Price\n42\nThe account service fee generally does not apply to fund\naccounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which\nT. Rowe Price Retirement Plan Services, Inc. provides recordkeeping services, accounts held through the T. Rowe Price\nActivePlus Portfolios program or Retirement Advisory Service , or money market funds that are used as a T. Rowe Price\nBrokerage sweep account. The account service fee is automatically waived for accounts that satisfy any of the following conditions\nas of the last business day in August:\nAny accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements,\ntransaction confirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge,\nupon request, to any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets\ninclude investments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through\na retirement plan for which T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping services); or\nCertain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more\ninformation).\nT. Rowe Price reserves the right to authorize additional waivers\nfor other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe\nPrice individual retirement account (IRA), Education Savings Account, or small business retirement plan account (including certain\n403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing\nall fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor Class and I Class sha\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\n9\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund may be revised from time to time. Capitalized terms used herein that are not defined have the same meaning\nas in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n69\nInvestment Adviser and Investment Management Agreements\n210\nThird-Party Arrangements\n252\nDistributor for the Funds\n257\nPage\nPortfolio Transactions\n261\nPortfolio Turnover\n273\nSecurities Lending Activities\n276\nIndependent Registered Public Accounting Firm\n281\nPart II\n282\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act )\nS P\nGlobal Ratings ( S P )\nT.\nRowe Price\n...\nREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES SCHWAB CO INC\n16.01\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nLPL FINANCIAL\n10.32\nOMNIBUS CUSTOMER ACCOUNT\nATTN MUTUAL FUND TRADING\nMLPF S FOR THE SOLE BENEFIT OF\n5.66\nITS CUSTOMERS\nMORGAN STANLEY SMITH BARNEY LLC\n6.57\nFOR THE EXCL BENEFIT OF ITS CUST\nNATIONAL FINANCIAL SERVICES\n20.21\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nUBS WM USA\n6.64\nSPEC CDY A/C EXL BEN CUSTOMERS\nOF UBSFI\n1000 HARBOR BLVD\nWEEHAWKEN NJ 07086-6761\nWELLS FARGO CLEARING SERVICES LLC\n8.06\nSPECIAL CUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n78\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS LIFE INSURANCE CORP\n7.90\nSEPARATE ACCOUNT G-2\nATTN VARIABLE TRADES\n5900 O ST\nLINCOLN NE 68510-2234\nCHARLES SCHWAB CO INC\n6.63\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nCHARLES SCHWAB CO INC\n27.97(b)\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nMLPF S FOR THE SOLE BENEFIT OF\n7.38\nITS CUSTOMERS\nNATIONAL FINANCIAL SERVICES\n32.08(b)\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nPERSHING LLC\n5.32\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n25.88(b)\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nNATIONAL FINANCIAL SERVICES\n7.45\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nATTN MUTUAL FUNDS DEPT\nPERSHING\nLLC\n6.52\n79\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT PORTFOLIO 2020\n8.00\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\n1307 POINT ST\nBALTIMORE MD 21231-3827\nRETIREMENT PORTFOLIO 2025\n9.59\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nRETIREMENT PORTFOLIO 2030\n12.81\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nRETIREMENT PORTFOLIO 2035\n6.92\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST STATE STREET BANK TRUST CO\nSPECTRUM INCOME FUND\n47.60(c)\nC/O T ROWE PRICE ASSOCIATES INC\nATTN FUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n80\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES SCHWAB CO INC\n8.93\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nLPL FINANCIAL\n9.91\nOMNIBUS CUSTOMER ACCOUNT\nATTN MUTUAL FUND TRADING\nMORGAN STANLEY SMITH BARNEY LLC\n8.38\nFOR THE EXCL BENEFIT OF ITS CUST\nNATIONAL FINANCIAL SERVICES\n15.05\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nPERSHING LLC\n6.06\nRAYMOND JAMES\n11.70\nOMNIBUS FOR MUTUAL FUNDS\nHOUSE ACCT FIRM\nATTN MF RECON 14G\nWELLS FARGO CLEARING SERVICES LLC\n8.64\nSPECIAL CUSTODY ACCT FOR THE\nEXCLUSIVE BENEFIT OF CUSTOMERS\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n13.03\nADVISOR\nCLASS\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nNATIONAL FINANCIAL SERVICES\n60.73(b)\nFOR THE EXCLUSIVE BENEFIT\nOF OUR CUSTOMERS\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.58\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nPERSHING LLC\n36.61(b)\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.58\nREINVEST ACCOUNT\nATTN MUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n9.54\nSPECIAL CUSTODY A/C FBO CUSTOMERS\nATTN MUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT ROWE\nPRICE ASSOCIATES INC\n18.94\nATTN\nFINANCIAL REPORTING DEPT\n81\nFUND\nSHAREHOLDER\n%\nGOVERNMENT\nRESERVE FUND\nBARNACLESAIL\n5.58\nC/O T ROWE PRICE ASSOCIATES INC\nATTN MID CAP GROWTH FUND\nCUST STATE STREET BANK TRUST CO\n70JBSALTBLUFF CO\n5.10\nCUST STATE STREET BANK TRUST CO\nC/O T ROWE PRICE ASSOCIATES INC\nATTN INTERNATIONAL BOND(USD HEDGED)\nSEAMILE CO\n16.76\nC/O T ROWE PRICE ASSOCIATES INC\nATTN CAPITAL APPREC FUND\nCUST STATE STREET BANK TRUST CO\nTUNA CO\n7.75\nC/O T ROWE PRICE ASSOCIATES INC\nATTN NEW INCOME FUND\nCUST STATE STREET BANK TRUST CO\nHIGH\nYIELD FUND\nCHARLES\nSCHWA", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Retirement_2005_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2005_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2005_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2005_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2005_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2010_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2010_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2010_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2010_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2010_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2015_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2015_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2015_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2015_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2015_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2020_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2020_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2020_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2020_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2020_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2025_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2025_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2025_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2025_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2025_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2030_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2030_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2030_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2030_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2030_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2035_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2035_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2035_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2035_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2035_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2040_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2040_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2040_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_RETIREMENT_FUNDS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2040_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2040_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2045_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2045_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Retirement_2045_Fund", "p": "seriesOf", "o": 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Rowe Price Retirement 2005 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement 2010 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. 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Rowe Price Retirement Blend 2005 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2010 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2015 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2020 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2025 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2030 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2035 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2040 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2045 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2050 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2055 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2060 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Retirement Blend 2065 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2005 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2010 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2015 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2020 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2025 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2030 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2035 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2040 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2045 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2050 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2055 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2060 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. Rowe Price Target 2065 Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE RETIREMENT FUNDS, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Retirement 2005 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2010 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2015 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2020 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2025 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2030 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2035 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2040 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2045 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2050 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2055 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2060 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement 2065 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Balanced Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2005 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2010 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2015 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2020 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2025 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2030 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2035 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2040 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2045 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2050 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2055 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2060 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Retirement Blend 2065 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2005 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2010 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2015 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2020 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2025 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2030 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2035 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2040 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2045 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2050 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2055 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2060 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. Rowe Price Target 2065 Fund advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. ROWE PRICE RETIREMENT FUNDS, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE RETIREMENT FUNDS, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 15304, "n_triples": 201, "text_to_json_ratio": 0.8}}
{"sample_id": "0001181628:ALL", "cik": "0001181628", "trust_name": "T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.", "input_text": "atory Benchmark). In addition, the table may also include one or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nSUMMARY\n7\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nAverage Annual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n10/31/2002\nReturns\nbefore taxes\n1.53\n%\n1.20\n%\n1.77\n%\n%\nReturns\nafter taxes on distributions\n- 0.20\n- 0.65\n0.44\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n0.92\n0.19\n0.83\nI\nClass\n12/17/2015\nReturns\nbefore taxes\n1.76\n1.38\n2.33\nZ\nClass\n02/22/2021\nReturns\nbefore taxes\n2.00\n- 0.45\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.42\na\n1.25\n- 0.33\n1.35\n- 1.75\nb\nStrategy\nBenchmark(s)\nBloomberg\nU.S. TIPS Index (reflects no deduction for fees, expenses, or taxes)\n2.68\na\n1.84\n1.87\n2.24\n0.01\nb\nLipper\nInflation Protected Bond Funds Average\n2.40\nc\n2.62\n1.93\n1.95\n0.31\nd\na Return\nsince 12/17/15.\nb Return\nsince 2/22/21.\nc Return\nsince 12/31/15.\nd Return\nsince 2/28/21.\nUpdated\nperformance information is available through troweprice.com .\nT.\nRowe Price\n8\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment\nAdviser\nAmit\nDeshpande\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2017\nRobert\nM. Larkins\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2003\nYongheon\nLee\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2010\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a\ncustodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum.\nThese investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting\norders on behalf of their customers.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price\nor its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that\nare subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for\nadditional purchases.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by\ntelephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor inst\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or providing\npreferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments are\nnot paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor pays\nfor shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may\nask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nInformation\nAbout Accounts in T. Rowe Price Funds\n33\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts\nheld through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service , or money market funds\nthat are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically waived for accounts that satisfy\nany of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for\nthis purpose, total assets include investments through T. Rowe Price Brokerage and investments\nin T. Rowe Price Funds, except for those held through a retirement plan for which T.\nRowe Price Retirement Plan Services provides recordkeeping services); or\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161\nfor more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and\nmay be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be pu\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nlying fund are voted by other shareholders.\n(c)\nT.\nRowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares\nowned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception\nthat provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership\nindicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders\nfor vote.\n(d)\nT.\nRowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly\nowned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is\nnot the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and\nare normally voted by various retirement plans and retirement plan participants.\n199\ninvestment\nadviser and INVESTMENT MANAGEMENT AGREEMENTS\nT.\nRowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each\nfund.\nFor\ncertain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price\nInternational, Price Australia, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management,\nPrice International, Price Australia, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively\nas Price Advisers . T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. Price Investment\nManagement and Price International are wholly owned subsidiaries of T. Rowe Price. Price Australia, Price Hong Kong, Price Japan,\nand Price Singapore are wholly owned subsidiaries of Price International.\nInvestment\nManagement Services\nUnder\nthe Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of\nthe funds in accordance with the funds investment objectives, programs, and restrictions as provided in the funds\nprospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including\nmaintaining the funds corporate existence and corporate records; registering and qualifying fund shares under federal laws;\nmonitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed\nby the funds such as the funds custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination\nof such agents activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee\nmembers of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory\nagreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally\nresponsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business\nand portfolio brokerage.\nT.\nRowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the\ntable below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate\nthe trading of securities and make discretionary investment decisions with respect\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d\n...\nies. JPMorgan Chase Bank, London, is located at Woolgate House, Coleman Street, London EC2P 2HD England.\nItem 34. Management Services\nRegistrant is not a party to any management-related\nservice contract, other than as set forth in the Prospectus or Statement of Additional Information.\nItem 35. Undertakings\n(a) Not\napplicable\nPage 26\nSignatures\nPursuant to the requirements of the Securities\nAct of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements\nfor effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration\nStatement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this July 25,\n2025.\nT. Rowe Price Inflation Protected Bond Fund, Inc.\n/s/ David Oestreicher\nBy: David Oestreicher\nDirector and President\nSignature\nTitle\nDate\n/s/ David Oestreicher\nDirector and President\nJuly 25, 2025\nDavid Oestreicher\n(Principal Executive Officer)\n/s/ Alan S. Dupski\nTreasurer and Vice President\nJuly 25, 2025\nAlan S. Dupski\n(Principal Financial Officer\nand Principal Accounting Officer)\n*\nTeresa Bryce Bazemore\nDirector\nJuly 25, 2025\n*\nMelody Bianchetto\nDirector\nJuly 25, 2025\n*\nBruce W. Duncan\nDirector\nJuly 25, 2025\n*\nRobert J. Gerrard, Jr.\nChairman of the Board\nJuly 25, 2025\nand Director\n*\nPaul F. McBride\nDirector\nJuly 25, 2025\n*\nMark J. Parrell\nDirector\nJuly 25, 2025\n/s/ Eric L. Veiel\nDirector\nJuly 25, 2025\nEric L. Veiel\n*\nKellye L. Walker\nDirector\nJuly 25, 2025\n*/s/ David Oestreicher\nAttorney-In-Fact\nJuly 25, 2025\nDavid Oestreicher\n\n\f\n\nEX-99.(D)(3)\n3\nex99-d3.htm\nINVESTMENT SUB-ADVISORY AGREEMENT BETWEEN T. ROWE PRICE ASSOCIATES, INC. AND T. ROWE PRICE INTERNATIONAL LTD\nT. Rowe Price Inflation Protected Bond Fund, Inc 485BPOS\nExhibit\n99(d)(3)\nINVESTMENT\nSUB-ADVISORY AGREEMENT\nBetween\nT.\nROWE PRICE ASSOCIATES, INC.\nand\nt.\nrowe price international ltd\nThis\nINVESTMENT SUB-ADVISORY AGREEMENT (the Agreement ) is dated as of May 1, 2022 and entered into by and between\nT. Rowe Price Associates, Inc. (the Adviser ), a corporation organized and existing under the laws of the\nState of Maryland, United States of America, and T. Rowe Price International Ltd (the Sub-adviser ), a corporation\norganized and existing under the laws of the United Kingdom, with respect to each Fund (as defined below) set forth on Schedule\n1 as of the date indicated thereof, as it may be amended from time to time.\nWHEREAS,\nthe Adviser has entered into an Investment Management Agreement, as may be amended or restated with each corporation (the Corporation ),\non behalf of itself or its series (each, a Fund and collectively, the Funds ), as set\nout on Schedule 1 (each, an Advisory Agreement );\nWHEREAS,\neach Fund is a separate series of the Corporation and is engaged in business as an open-end management investment company registered\nunder the Investment Company Act of 1940, as amended ( 1940 Act );\nWHEREAS,\nthe Adviser is engaged principally in the business of rendering investment supervisory services and is registered with the U.S.\nSecurities and Exchange Commission ( SEC ) as an investment adviser under the United States Investment Advisers\nAct of 1940, as amended ( Advisers Act );\nWHEREAS,\nthe Sub-adviser is engaged in the business of, among other things, rendering investment supervisory services and is registered\nwith the SEC as an investment adviser under the Advisers Act, and is also registered or licensed with the United Kingdom Financial\nConduct Authority ( FCA );\nWHER", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_INFLATION_PROTECTED_BOND_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Inflation_Protected_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_INFLATION_PROTECTED_BOND_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Inflation Protected Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Inflation Protected Bond Fund, Inc. advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 26153, "n_triples": 8, "text_to_json_ratio": 32.1}}
{"sample_id": "0001199046:ALL", "cik": "0001199046", "trust_name": "Unified Series Trust", "input_text": "scribed\nabove remains in place for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions\nyour costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\nClass\nI\n$ 100\n$ 312\n$ 558\n$ 1,263\nClass\nII\n$ 77\n$ 240\n$ 487\n$ 1,196\nInvestor\nClass\n$ 125\n$ 390\n$ 692\n$ 1,548\nPortfolio\nTurnover\nThe\nFund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher\nportfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.\nThese costs, which are not reflected in annual Fund operating expenses or in the Expense Example above, affect the Fund s performance.\nDuring the most recent fiscal period, the Fund s portfolio turnover rate was 1 % of the average value of its portfolio.\nPrincipal\nInvestment Strategies\nIn\npursuing the Fund s investment objective, the Adviser will follow its value investment philosophy and strategy and employ a bottom-up\nprocess for portfolio construction. The Adviser s value investment philosophy involves the use of intensive qualitative and quantitative\nfundamental analysis, to build and monitor the Fund s portfolios actively while at the same time avoiding excessive trading, and\nto attempt to control risk by endeavoring to keep the Fund s portfolio adequately diversified, both in terms of the sectors included\nin the portfolio, as well as with respect to the level of concentration in any specific security. The investment strategy is to invest\nin companies which the Adviser believes are attractively priced in the market when compared to the Adviser s valuation of the companies.\nThe\nFund will principally invest in a portfolio of equity securities and may also invest in depository receipts, bank deposits, Government\nSecurities, corporate bonds, treasury bills, certificates of deposit, money market instruments, and shares of mutual funds including\nETFs. The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its assets\nin the securities of a small number of issuers than a diversified fund.\nThe\nFund will not seek to concentrate in any specific industry, sector, or market-cap but may at times be concentrated in a specific sector\ndue to the Adviser s bottom-up security selection process.\nThe\nAdviser evaluates the companies in which it invests based on the nature of the businesses, the strength of their balance sheets and cash\nflow relative to their long-term goals, and other factors including the Adviser s assessment of the skill and expertise of the\ncompany s management team and the long-term potential for both the company and the market in which it operates. The Adviser generally\nbuys a security at a discount to what it believes is the intrinsic value of the security. Such opportunities may arise for a variety\nof reasons ranging from the belief that the market has undervalued a company, to an assessment that there is opportunity for significant\nprofit or market share growth given the dynamics of the sector a company operates in, or as a result of the company s competitive or\nproprietary advantages.\n2\nUnder\nnormal circumstances, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity\nsecurities of Indian issuers. The Fund defines Indian issuers as entities: (i) organized in India; (ii) having a class of securities\nwhose principal securities market is in India; (iii) deriving more than 50% of total revenues or earnings from goods produced, sale\n...\nto implement the Fund s strategy effectively, the investors could lose some\nor all of their capital.\nTaxation.\nThe Fund shall be subject to US tax laws and regulations. Because the Fund invests in India,\nit will also be taxed as per Indian tax law and thus the Fund returns may be impacted. Please\nrefer to the Fund s Statement of Additional Information for a discussion of India s\ntax laws and certain exemptions with respect to a tax treaty with the US.\nPerformance\nPerformance\ninformation will be available after the Fund completes a full calendar year of operations.\nPortfolio\nManagement\nInvestment\nAdviser Quantum Advisors Private Limited\nPortfolio\nManagers\nAjit\nDayal Founder and Member of Portfolio Team (QAS India) and Portfolio Manager of the Fund since October 2024\nI.V.\nSubramaniam (Subbu) Managing Director and Group Head - Equities (QAS India) and Portfolio Manager of the Fund since October 2024\nNilesh\nShetty - Portfolio Manager Equity (QAS India) and Portfolio Manager of the Fund since October 2024\n9\nPurchase\nand Sale of Fund Shares\nYou\nmay conduct transactions by mail (Q India Equity Fund, c/o: Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246), or by\ntelephone at 1-833-894-0514. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the\nfinancial intermediary directly.\nThe\nminimum initial investment amounts for various types of accounts offered by the Fund are shown below.\nMinimum\nInitial Investment\nClass\nI - $500,000 for all account types\nClass\nII - $10,000,000 for all account types\nInvestor\n- $2,500 for all account types\nThere\nis no minimum amount for subsequent investments.\nThe\nFund reserves the right to waive or change investment minimums.\nTo\nPlace Buy or Sell Orders\nBy\nMail:\nQ\nIndia Equity Fund\nc/o\nUltimus Fund Solutions, LLC\nRegular/Express\nMail:\nP.O.\nBox 46707\nCincinnati,\nOhio 45246\nOvernight\nMail:\n225\nPictoria Drive, Suite 450\nCincinnati,\nOhio 45246\nBy\nPhone:\n1-833-894-0514\nYou\nmay sell or redeem shares through the Fund s transfer agent or your financial intermediary. Please contact your financial intermediary\ndirectly to find out if additional requirements apply.\nFor\naccounts sold through transfer agent/financial intermediaries, it is the primary responsibility of the transfer agent or financial intermediary\nto ensure compliance with investment minimums.\nTax\nInformation\nThe\nFund s distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred\narrangement, such as a 401(k) plan, IRA or 529 college savings plan. Tax-deferred arrangements may be taxed later upon withdrawal of\nmonies from those accounts.\nPayments\nto Broker-Dealers and Other Financial Intermediaries\nIf\nyou purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and its\nrelated companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest\nby influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson\nor visit your financial intermediary s website for more information.\n10\nADDITIONAL\nINFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS\nInvestment\nObjective\nThe\ninvestment objective of the Fund is to achieve long-term capital appreciation by investing in the listed equities of Indian companies\nthat are in a position to benefit from the anticipated growth and development of the Indian economy.\nWhile\n...\nrepresents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.\n(c) Not\nannualized.\n(d) Annualized.\nFOR\nMORE INFORMATION\nYou\ncan find additional information about the Fund in the following documents:\nAnnual\nand Semi-Annual Reports : While the prospectus describes the Fund s potential investments, the Annual and Semi-Annual\nReports detail the Fund s actual investments as of their report dates. The Annual Report also includes a discussion by Fund management\nof recent market conditions, economic trends, and investment strategies that significantly affected Fund performance during its last\nfiscal period.\nStatement\nof Additional Information ( SAI ) : The SAI supplements the prospectus and contains detailed information about\nthe Fund and its investment restrictions, risks and policies and operations, including the Fund s policies and procedures relating\nto the disclosure of portfolio holdings by the Fund s affiliates. A current SAI for the Fund is on file with the SEC and is incorporated\ninto this Prospectus by reference, which means it is considered part of this Prospectus.\nYou\ncan obtain free copies of the current SAI and Annual and Semi-Annual Reports, as well as other information about the Fund, by contacting\nShareholder Services at 1-833-894-0514, or by visiting the Fund s website at www.QIndiaFund.com.\nInformation\nabout the Fund (including the SAI and other reports) is available on the SEC s website at https://www.sec.gov , and copies\nof this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov .\nInvestment\nCompany Act #811-21237\nQ\nIndia Equity Fund\nClass\nI (QINIX)\nClass\nII (QINSX)\nInvestor\nClass (QINRX)\nA\nseries of the Unified Series Trust\nSTATEMENT\nOF ADDITIONAL INFORMATION\nApril\n30 , 2026\nQuantum\nAdvisors Private Limited\n1 st\nFloor, Apeejay House, 3 Dinshaw Vachha Road\nBackbay\nReclamation, Churchgate\nMumbai,\nIndia 400020\nThis\nStatement of Additional Information ( SAI ) provides general information about the Q India Equity Fund (the Fund ).\nThis SAI is not a prospectus. It should be read in conjunction with the Fund s current prospectus (the Prospectus ).\nThis SAI incorporates by reference the Fund s annual report to shareholders (the Annual Report ) and its annual\nreport to shareholders on Form N-CSR for the fiscal period ended December 31, 2025. To obtain a copy of the Prospectus and Annual\nReport, free of charge, please write to the transfer agent at Ultimus Fund Solutions, LLC ( Ultimus ), P.O. Box 46707,\nCincinnati, Ohio 45246, call Shareholder Services at 1-833-894-0514, or visit the Fund s website at www.QIndiaFund.com .\nTABLE\nOF CONTENTS\nDESCRIPTION\nOF THE TRUST AND THE FUND\n1\nADDITIONAL\nINFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS\n2\nINVESTMENT\nLIMITATIONS\n8\nINVESTMENT\nADVISER\n9\nTRUSTEES\nAND OFFICERS\n12\nCONTROL\nPERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n19\nPORTFOLIO\nTURNOVER\n21\nANTI-MONEY\nLAUNDERING COMPLIANCE PROGRAM\n21\nPORTFOLIO\nTRANSACTIONS AND BROKERAGE\n21\nCODE\nOF ETHICS\n21\nDISCLOSURE\nOF PORTFOLIO HOLDINGS\n22\nPROXY\nVOTING POLICY\n22\nDETERMINATION\nOF NET ASSET VALUE\n23\nREDEMPTION\nIN-KIND\n24\nSTATUS\nAND TAXATION OF THE FUND\n25\nCUSTODIAN\n37\nFUND\nSERVICES\n37\nINDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM\n38\nDISTRIBUTOR\n38\nDISTRIBUTION\nPLAN\n38\nFINANCIAL\nSTATEMENTS\n39\nEXHIBIT\nA\nA-1\nDESCRIPTION\nOF THE TRUST AND THE FUND\nThe\nFund was organized as a non-diversified series of Unified Series Trust (the Trust ) on August 20, 2024. The Trust is an\nopen-end investment compa\n...\nernate Tax: Under the Act, if the tax payable by a company is less than 15% of its adjusted book profits, it will be required\nto pay a MAT at the rate of 15% of such book profits. However, if the income of foreign companies comprises of inter alia capital gains\narising on transactions in securities, interest etc. then such income shall not be subject to the MAT. The Act was further amended to\nprovide that a foreign company shall not be subject to a MAT if the foreign company s country of residence has entered into a tax\ntreaty with India, and such company does not have a permanent establishment in India, as defined by the tax treaty.\nTherefore,\nwith respect to the income accruing to the Fund from its investments in Indian securities, the Fund will not be subject to levy of MAT\nin India.\nTHESE\nTAX CONSEQUENCES ARE BASED ON THE CURRENT TAX LAW IN INDIA, TAXATION TREATY AND INTERPRETATION THEREOF. THESE PROVISIONS AND INTERPRETATIONS\nTHEREOF ARE LIKELY TO CHANGE IN FUTURE IN WHICH CASE THE TAX CONSEQUENCES COULD CHANGE SUBSTANTIALLY. EACH PROSPECTIVE INVESTOR IS URGED\nTO CONSULT ITS OWN ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF THE PURCHASE AND OWNERSHIP OF THE SHARES.\nCUSTODIAN\nU.S.\nBank National Association, located at 1555 N. Rivercenter Drive, Milwaukee, WI 53212, is Custodian of the Fund s investments. The\nCustodian acts as the Fund s depository, safekeeps portfolio securities, collects all income and other payments with respect thereto,\ndisburses funds at the Fund s request and maintains records in connection with its duties.\nFUND\nSERVICES\nUltimus\nFund Solutions, LLC ( Ultimus ) located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, acts as the Fund s\ntransfer agent, fund accountant, and administrator. Ultimus is the parent company of the distributor, Ultimus Fund Distributors, LLC.\nCertain officers of the Trust are employees of Ultimus and such persons are not paid by the Fund for serving in such capacities.\nUltimus\nmaintains the records of each shareholder s account, answers shareholders inquiries concerning their accounts, processes\npurchases and redemptions of the Fund s shares, acts as dividend and distribution disbursing agent, and performs other transfer\nagent and shareholder service functions. In addition, Ultimus provides the Fund with fund accounting services, which include certain\nmonthly reports, record keeping and other management-related services. Ultimus also provides the Fund with administrative services, including\nall regulatory reporting and necessary office equipment, personnel and facilities.\nThe\nFund paid the following fees to Ultimus for its services to the Fund during the periods shown. The amounts given may include amounts\npaid to various third parties as compensation for sub-transfer agency services.\nFiscal Period Ended\nFees Paid for\nTransfer Agency Services\nFees Paid\nfor Administration Services\nDecember 31, 2025\n$ 57,103\n$ 51,544\n37\nNorthern\nLights Compliance Services, LLC ( NLCS ), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well\nas related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS\nreceives fees from the Fund.\nFiscal Period Ended\nCompliance\nDecember 31, 2025\n$ 14,917\nINDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM\nThe\nfirm of Cohen Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland, OH 44115 has been selected as the independent\nregistered public accounting firm for the Fund for the fiscal year ending December 31, 2026. Its services will include\nauditing of the Fund\n...\ns Advisors, LLC with regard to the OneAscent Core Plus Bond ETF\nFiled with Registrant s registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference .\n(f)\nRegistrant s\nManagement Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF Filed with\nRegistrant s registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference.\n(g)\nRegistrant s\nManagement Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Emerging Markets ETF Filed with Registrant s\nregistration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference.\n(h)\nOperating\nExpense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF and the OneAscent\nEmerging Markets ETF Filed with Registrant s registration statement on Form N-1A dated August 15, 2022 and incorporated\nherein by reference.\n(i)\nRegistrant s\nManagement Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Enhanced Small and Mid Cap ETF Filed\nwith Registrant s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.\n(j)\nOperating\nExpense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Enhanced Small and Mid Cap ETF\nFiled with Registrant s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference.\n12.\n(a)\nRegistrant s\nManagement Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund Filed with Registrant s\nregistration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.\n(b)\nOperating\nExpense Limitation Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund Filed\nwith Registrant s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.\n(c)\nInvestment\nAdvisory Agreement between Efficient Capital Management LLC and Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with\nRegistrant s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference.\n(d)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and AlphaSimplex Group, LLC with regard to the Efficient Enhanced Multi-Asset\nFund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration statement on Form N-1A\ndated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(e)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and AQR Capital Management, LLC with regard to the Efficient Enhanced\nMulti-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration statement\non Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(f)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and Aspect Capital Limited with regard to the Efficient Enhanced Multi-Asset\nFund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration statement on Form N-1A\ndated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(g)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and Columbia Management Investment Advisers, LLC with regard to the\nEfficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration\nstatement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(h)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and Crabel Capital Management, LLC with regard to the Efficient Enhanced\nMulti-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration statement\non Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(i)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and Welton Investment Partners LLC with regard to the Efficient Enhanced\nMulti-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration statement\non Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n(j)\nForm\nof Sub-Advisory Agreement between Efficient Capital Management LLC and Winton Capital Management Limited with regard to the Efficient\nEnhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. Filed with Registrant s registration\nstatement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary.\n13.\n(a)\nRegistrant s\nManagement Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund Filed with Registrant s\nregistration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference.\n(b)\nSecond Amended\nand Restated Operating Expense Limitation Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund\n- Filed herewith.\n14.\n(a)\nRegistrant s\nManagement Agreement with Loop Capital Asset Management TCH LLC with regard to the LCAM Strategic Income Fund Filed with\nRegistrant s registration statement on Form N-1A dated November 10, 2025 and incorporated herein by reference .\n15.\n(a)\nRegistrant s\nManagement Agreement with Loop Capital Asset Management TCH LLC with regard to the LCAM Total Return Fund Filed with Registrant s\nregistration statement on Form N-1A dated November 10, 2025 and incorporated herein by reference .\n(b)\nOperating\nExpense Limitation Agreement with Loop Capital Asset Management TCH LLC with regard to the LCAM Strategic Income Fund and the\nLCAM Total Return Fund Filed with Registrant s registration statement on Form N-1A dated November 10, 2025 and incorporated\nherein by reference .\n(c)\nAmended and Restated\nOperating Expense Limitation Agreement for LCAM Strategic Income Fund dated March 13, 2026 Filed with\nRegistrant s registration statement on Form N-1A dated March 27, 2026 and incorporated herein by reference .\n(e)\nUnderwriting Contracts.\n1.\n(a)\nDistribution\nAgreement between Registrant an", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Efficient_Enhanced_Multi_Asset_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": 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<predicate_marker> subAdvisedBy <object_marker> Aspect Capital Limited <predicate_marker> subAdvisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> subAdvisedBy <object_marker> Crabel Capital Management, LLC <predicate_marker> subAdvisedBy <object_marker> Welton Investment Partners LLC <predicate_marker> subAdvisedBy <object_marker> Winton Capital Management Limited <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Unified Series Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors LLC <triple_end>", "target_serialized_plain": "Efficient Enhanced Multi-Asset Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Efficient Capital Management, LLC ; custodian U.S. Bank National Association ; seriesOf Unified Series Trust ; subAdvisedBy AQR Capital Management LLC , AlphaSimplex Group LLC , Aspect Capital Limited , Columbia Management Investment Advisers, LLC , Crabel Capital Management, LLC , Welton Investment Partners LLC , Winton Capital Management Limited ; transferAgent Ultimus Fund Solutions, LLC .\nUnified Series Trust underwrittenBy Ultimus Fund Distributors LLC .", "stats": {"input_chars": 20727, "n_triples": 13, "text_to_json_ratio": 18.6}}
{"sample_id": "0001209466:ALL", "cik": "0001209466", "trust_name": "Invesco Exchange-Traded Fund Trust", "input_text": "tended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.\nMarket Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.\nOperational Risk . The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and its investment adviser, Invesco Capital Management LLC (the Adviser ), seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.\nShares May Trade at Prices Different than NAV. Shares trade on a stock exchange at prices at, above or below the Fund s most recent NAV. The Fund s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.\nPerformance\nThe bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund s average annual total returns (before and after taxes). The bar chart and table provide an indication of the risks of\n2\ninvesting in the Fund by showing how the Fund s total returns have varied from year to year and by showing how the Fund s average annual total returns compared with a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund's performance reflects fee waivers, if any, absent which performance would have been lower. Although the information shown in the bar chart and the table gives you some idea of the risks involved in investing in the Fund, the Fund s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.\nUpdated performance information is avai\n...\nnlike interests in conventional mutual funds, which typically are bought and sold only at closing NAVs, Shares are traded throughout the day in the secondary market on a national securities exchange, and are created and redeemed principally in-kind in Creation Units at each day s next calculated NAV. These in-kind arrangements are designed to protect shareholders from the adverse effects on the Fund s portfolio that could arise from frequent cash creation and redemption transactions. In a conventional mutual fund, redemptions can have an adverse tax impact on taxable shareholders because the mutual fund may need to sell portfolio securities to obtain cash to meet such redemptions. These sales may generate taxable gains that must be distributed to the shareholders of the mutual fund, whereas the Shares in-kind redemption mechanism generally will not lead to such taxable events for the Fund or its shareholders.\nThe Fund may recognize gains as a result of rebalancing its securities holdings to reflect changes in the securities included in the Underlying Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. For information concerning the tax consequences of distributions, see the section entitled Dividends, Other Distributions and Taxes in this prospectus.\nPortfolio Holdings\nA description of the Trust's policies and procedures with respect to the disclosure of the Fund s portfolio holdings is available in the Fund s SAI, which is available at www.invesco.com/ETFs.\nManagement of the Fund\nInvesco Capital Management LLC is a registered investment adviser with its offices at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. Invesco Capital Management LLC serves as the investment adviser to the Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco Exchange-Traded Self-Indexed Fund Trust and Invesco India Exchange-Traded Fund Trust, a family of ETFs, with combined assets under management of $337.5 billion as of June 30, 2025.\nAs the Fund s investment adviser, the Adviser has overall responsibility for selecting and continuously monitoring the Fund s investments, managing the Fund s business affairs, and providing certain clerical, bookkeeping and other administrative services for the Trust.\nPortfolio Managers\nThe Adviser uses a team of portfolio managers, investment strategists and other investment specialists in managing the Fund. This team approach brings together many disciplines and leverages the Adviser's extensive resources. In this regard, Peter Hubbard, Michael Jeanette, Pratik Doshi, CFA and Tony Seisser (the Portfolio Managers ) are jointly and primarily responsible for the day-to-day management of the Fund.\nEach Portfolio Manager is responsible for various functions related to portfolio management, including investing cash flows, coordinating with other team members to focus on certain asset classes, implementing investment strategies and researching and reviewing investment strategies.\nEach Portfolio Manager has limitations on their authority for risk management and compliance purposes that the Adviser believes to be appropriate.\nPeter Hubbard, Head of Equities and Director of Portfolio Management of the Adviser and Vice President of the Trust, has been responsible for the management of the Fund since June 2007. He has been responsible for the management of certain funds in the Invesco family of ETFs since\n...\nimilarly, an AP that redeems a Creation Unit in exchange for securities generally will recognize a capital gain or loss equal to the difference between the AP's basis in the Creation Units (plus any cash paid by the AP as part of the redemption) and the aggregate market value of the securities received (plus any cash received by the AP as part of the redemption). The IRS, however, may assert that a loss realized upon an exchange of securities for a Creation Unit, or of a Creation Unit for securities, cannot be deducted currently under the rules governing wash sales or on the ground that there has been no significant change in the AP's economic position. An AP exchanging securities should consult its own tax advisor(s) with respect to whether wash sale rules apply and when a loss otherwise might not be deductible.\nAny capital gain or loss realized on a redemption of a Creation Unit generally is treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less, assuming that such Creation Units are held as a capital asset. If you purchase or redeem one or more Creation Units, you will be sent a confirmation statement showing how many Shares you purchased or sold and at what price.\nThe foregoing discussion summarizes some of the more important possible consequences under current federal, state and local tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to state, local and/or foreign tax on the Fund's distributions and sales and/or redemptions of Shares. Consult your personal tax advisor(s) about the potential tax consequences of an investment in the Shares under all applicable tax laws.\nDistributor\nInvesco Distributors, Inc. (the Distributor ) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares. The Distributor is an affiliate of the Adviser.\nNet Asset Value\nThe NAV for the Fund will be calculated and disseminated daily on each day that the NYSE is open for trading. The Bank of New York Mellon ( BNYM ) normally calculates the Fund s NAV as of the regularly scheduled close of business of the NYSE (normally 4:00 p.m., Eastern time). The Fund s NAV is based on prices at the time of closing, and U.S. fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments in a particular market or exchange. NAV is calculated by deducting all of the Fund s liabilities from the total value of its assets and then dividing the result by the number of Shares outstanding, rounding to the nearest cent. Generally, the portfolio securities are recorded in the NAV no later than the trade date plus one day. In determining NAV, expenses are accrued and applied daily and securities and other assets for which market quotations are readily available and reliable are valued at market value. The Trust s Board has designated the Adviser to fair value the Fund s portfolio securities and other assets for which market quotations are not readily available and reliable in accordance with Board-approved policies and related Adviser procedures (the Valuation Procedures ), subject to the Board s oversight.\nSecurities listed or traded on an exchange (except convertible securities) generally are valued at the last trade price or official closing price\nthat day as of the close of the exchange where the security primarily trades. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company s end-of-business day NAV per share, whereas securities of investment companies that are exchange-traded are valued at the last trade price or official closing price on the exchange on which they primarily trade. Deposits, other obligations of U.S. and non-U.S. banks and financial instit", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Invesco_AI_and_Next_Gen_Software_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_AI_and_Next_Gen_Software_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_AI_and_Next_Gen_Software_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_AI_and_Next_Gen_Software_ETF", "p": 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"o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Aerospace_Defense_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Biotechnology_Genome_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Biotechnology_Genome_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Biotechnology_Genome_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Biotechnology_Genome_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Biotechnology_Genome_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_Analyst_Rating_Improvers_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_Analyst_Rating_Improvers_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Bloomberg_Analyst_Rating_Improvers_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_Analyst_Rating_Improvers_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Bloomberg_Analyst_Rating_Improvers_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_MVP_Multi_factor_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_MVP_Multi_factor_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Bloomberg_MVP_Multi_factor_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Bloomberg_MVP_Multi_factor_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Bloomberg_MVP_Multi_factor_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Building_Construction_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Building_Construction_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Building_Construction_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Building_Construction_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Building_Construction_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_BuyBack_AchieversTM_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_BuyBack_AchieversTM_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_BuyBack_AchieversTM_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_BuyBack_AchieversTM_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_BuyBack_AchieversTM_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dividend_AchieversTM_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dividend_AchieversTM_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dividend_AchieversTM_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dividend_AchieversTM_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dividend_AchieversTM_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Basic_Materials_Momentum_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Basic_Materials_Momentum_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Basic_Materials_Momentum_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Basic_Materials_Momentum_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Basic_Materials_Momentum_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Cyclicals_Momentum_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Cyclicals_Momentum_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Cyclicals_Momentum_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Cyclicals_Momentum_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Cyclicals_Momentum_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Staples_Momentum_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Staples_Momentum_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Staples_Momentum_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Staples_Momentum_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Consumer_Staples_Momentum_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Energy_Momentum_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Energy_Momentum_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Energy_Momentum_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Energy_Momentum_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Energy_Momentum_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Financial_Momentum_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Financial_Momentum_ETF", "p": "advisedBy", "o": "org:Invesco_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Financial_Momentum_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Financial_Momentum_ETF", "p": "seriesOf", "o": "trust:Invesco_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Financial_Momentum_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Invesco_Dorsey_Wright_Healthcare_Momentum_ETF", "p": "administrator", "o": 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Invesco MSCI Sustainable Future ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Invesco Capital Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Invesco Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> Invesco NASDAQ Internet ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Invesco Capital Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Invesco Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> Invesco Next Gen Connectivity ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon 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Invesco S&P 500 BuyWrite ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Invesco Capital Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Invesco Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> Invesco S&P 500 Equal Weight Communication Services ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> Invesco Capital Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Invesco Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> Invesco S&P 500 Equal Weight Consumer Discretionary ETF <predicate_marker> administrator 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{"sample_id": "0001217286:ALL", "cik": "0001217286", "trust_name": "JPMorgan Trust I", "input_text": "for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) March 1, 2026 | 5\nJPMorgan Developed International Value Fund (continued)\nYEAR-BY-YEAR RETURNS CLASS I SHARES\nBest Quarter\n4th quarter, 2022\n22.28 %\nWorst Quarter\n1st quarter, 2020\n- 31.60 % As of 5/17/18, the Fund changed its investment objective and investment strategies. In view of these changes, the Fund s performance record prior to 5/17/18 might be less pertinent for investors considering whether to purchase shares of the Fund.\nAVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2025)\nPast 1 Year\nPast 5 Years\nPast 10 Years\nCLASS I SHARES\nReturn Before Taxes\n48.33 %\n16.42 %\n9.18 %\nReturn After Taxes on Distributions\n47.31\n15.27\n8.28\nReturn After Taxes on Distributions and Sale of Fund Shares\n29.30\n12.95\n7.29\nCLASS A SHARES\nReturn Before Taxes\n40.25\n14.89\n8.31\nCLASS C SHARES\nReturn Before Taxes\n46.26\n15.56\n8.45\nMSCI EAFE INDEX (Net Total Return) Reflects No Deduction for Fees, Expenses, or Taxes)\n31.22\n8.92\n8.18\nMSCI EAFE VALUE INDEX (Net Total Return) Reflects No Deduction for Fees, Expenses, or Taxes)\n42.25\n13.36\n8.69 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Management J.P. Morgan Investment Management Inc. (the adviser)\nPortfolio Manager\nManaged the Fund Since\nPrimary Title with Investment Adviser\nIan Butler\n2018\nExecutive Director\nThomas Buckingham\n2018\nExecutive Director\nKyle Williams\n2018\nExecutive Director\nMichael Barakos\n2018\nManaging Director Purchase and Sale of Fund Shares Purchase minimums\nFor Class A and Class C Shares\nTo establish an account\n$1,000\nTo add to an account\n$50\nFor Class I Shares\nTo establish an account\n$1,000,000\nTo add to an account\nNo minimum levels In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9143 After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 6 | J.P. Morgan International Equity Funds\nJPMorgan Developed International Value Fund Class/Ticker: L/JNUSX Currently, Class L Shares of the\n...\ne held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 29 % of the average value of its portfolio. What are the Fund s main investment strategies? Prior to June 1, 2026, under normal circumstances, the Fund invests at least 80% of the value of its Assets in securities of issuers in foreign developed countries, including foreign subsidiaries of U.S. issuers. Assets means net assets, plus the amount of borrowings for investment purposes. Foreign developed countries include Australia, Israel, Japan, New Zealand, Singapore, the United Kingdom, most of the countries of Western Europe and Hong Kong. An issuer of a security will be deemed to be located in a particular country if: (i) the principal trading market for the security is in such country, (ii) the issuer is organized under the laws of such country or (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its total assets situated in such country. The Fund typically does not invest in U.S. issuers that do not qualify as foreign issuers. Effective June 1, 2026, under normal circumstances, the Fund invests at least 80% of the value of its Assets in securities of issuers in foreign developed countries, including foreign subsidiaries of U.S. issuers. In addition, under normal circumstances, the Fund invests at least 80% of its Assets in securities of value companies. Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how the stock price compares to the company's sales, earnings, and assets, as March 1, 2026 | 7\nJPMorgan Developed International Value Fund (continued) well as the overall value of the company compared to its sales and the capital invested in it. Assets means net assets, plus the amount of borrowings for investment purposes. Foreign developed countries include Australia, Israel, Japan, New Zealand, Singapore, the United Kingdom, most of the countries of Western Europe and Hong Kong. An issuer of a security will be deemed to be located in a particular country if: (i) the principal trading market for the security is in such country, (ii) the issuer is organized under the laws of such country or (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its total assets situated in such country. The Fund typically does not invest in U.S. issuers that do not qualify as foreign issuers. Securities in which the Fund invests include common stocks and depositary receipts. Generally, the Fund expects to maintain regional geographic exposures similar to those of the MSCI, Europe, Australasia and Far East (EAFE) Value Index (net total return) over time, although the Fund may deviate from these exposures in the adviser s discretion. The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest. The Fund may invest in securities across all market capitalizations and may invest a significant portion of its assets in companies of any one particular market capitalization category. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may utilize currency forwards (incl\n...\nd may offer other classes of shares not included in this prospectus that have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. In addition, each Fund may have a similar name, investment objective and policies as other funds and ETFs advised by the adviser or its affiliates that may have different expense levels, performance and eligibility requirements from the share classes offered in this prospectus. Please visit www.jpmorganfunds.com to obtain more information concerning these or other share classes, funds or ETFs. A Financial Intermediary may receive different compensation based on the share class sold. Additional Information that Applies to All Accounts: If your identity or the identity of any other person(s) authorized to act on your behalf cannot be verified, or if potentially criminal activity is identified, the J.P. Morgan Funds and the Distributor reserve the right to reject opening an account for you, close your account, or take such other action they deem reasonable or required by law. Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States. 84 | J.P. Morgan International Equity Funds\nClass A\nClass C\nClass I\nClass L\nEligibility 1,2,3\nMay be purchased by the general public 4\nMay be purchased by the general public 5\nMay be purchased by: Institutional Investors who meet the minimum investment requirements; Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the Distributor ) and meeting the investment minimum requirements; Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares ( Eligible Brokerage Program ); and Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. 6\nLimited to certain investors, including: 11 Purchases directly from the Fund through the Distributor by institutional investors such as corporations, pension and profit sharing plans and foundations that meet the minimum investment requirements; and Purchases through your Financial Intermediary or any other organization, including affiliates of JPMorgan Chase authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers. March 1, 2026 | 85\nInvesting with J.P. Morgan Funds (continued)\nClass A\nClass C\nClass I\nClass L\nMinimum Investment 1, 7, 8\n$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan 9\n$1,000,000 An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for each Fund or $50 if establishing a monthly $50 Systematic Investment Plan 9 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. 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{"sample_id": "0001219360:ALL", "cik": "0001219360", "trust_name": "PIMCO High Income Fund", "input_text": "e cover page of this\nprospectus and some of the Preferred Shares to dealers at the public offering\nprice less a concession not to exceed $137.50 per Preferred Share. The sales\nload the Fund will pay of $250.00 per share is equal to 1.0% of the initial\noffering price. The Underwriters may allow, and such dealers may reallow, a\nconcession not to exceed $37.50 per Preferred Share on sales to certain other\ndealers. After the initial public offering, the Underwriters may change the\npublic offering price and the other selling terms. Investors must pay for any\nPreferred Shares purchased on or before June 26, 2003.\nThe Fund and the Manager have each agreed to indemnify the several\nUnderwriters or contribute to losses arising out of certain liabilities,\nincluding liabilities under the Securities Act.\nIn addition, the Fund has agreed to reimburse the Underwriters for certain\nexpenses incurred by the Underwriters in the offering.\nThe Fund anticipates that the Underwriters may from time to time act as\nbrokers or dealers in connection with the execution of the Fund's portfolio\ntransactions after they have ceased to be Underwriters. The Fund\n70\nanticipates that the Underwriters or their respective affiliates may from time\nto time act in auctions as Broker-Dealers and receive fees as described under\n\"Description of Preferred Shares.\" The Underwriters are active underwriters of,\nand dealers in, securities and act as market makers in a number of such\nsecurities, and therefore, subject to certain restrictions, can be expected to\nengage in portfolio transactions with, and perform services for, the Fund.\nThe principal business address of Citigroup Global Markets Inc. is 388\nGreenwich Street, New York, New York 10013.\nCUSTODIAN AND TRANSFER AGENTS\nThe custodian of the assets of the Fund is State Street Bank and Trust Co.,\n801 Pennsylvania, Kansas City, Missouri 64105. The Custodian performs custodial\nand fund accounting services.\nDeutsche Bank Trust Company Americas, 60 Wall Street, 27th Floor, New York,\nNew York 10005, serves as Auction Agent, transfer agent, registrar, dividend\npaying agent and redemption agent for the Preferred Shares. PFPC Inc., 400\nBellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent,\nregistrar, dividend disbursement agent and shareholder servicing agent for the\nCommon Shares, as well as agent for the Fund's Dividend Reinvestment Plan for\nCommon Shares.\nLEGAL MATTERS\nCertain legal matters in connection with the Preferred Shares will be passed\nupon for the Fund by Ropes & Gray LLP, Boston, Massachusetts, and for the\nUnderwriters by Simpson Thacher & Bartlett LLP, New York, New York. Simpson\nThacher & Bartlett LLP may rely as to certain matters of Massachusetts law on\nthe opinion of Ropes & Gray LLP.\n71\nTABLE OF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION\nUse of Proceeds.................................................. 3\nInvestment Objectives and Policies............................... 3\nInvestment Restrictions.......................................... 44\nManagement of the Fund........................................... 46\nInvestment Manager and Portfolio Manager......................... 56\nPortfolio Transactions........................................... 61\nDistributions.................................................... 63\nDescription of Shares............................................ 63\nAnti-Takeover and Other Provisions in the Declaration of Trust... 64\nRepurchase of Common Shares; Conversion to Open-End Fund......... 66\nTax Matters...................................................... 68\nPerform\n...\nits ordinary income and long-term capital\ngains, if any, during each calendar year, the Fund intends not to be subject to\nU.S. federal excise tax.\n-82-\nAPPENDIX A\nPERFORMANCE RELATED\nCOMPARATIVE AND OTHER INFORMATION\nFrom time to time, the Fund, the Manager and/or PIMCO may report to\nshareholders or to the public in advertisements concerning the performance of\nthe Manager and/or PIMCO as adviser to clients other than the Fund, or on the\ncomparative performance or standing of the Manager and/or PIMCO in relation to\nother money managers. The Manager and/or PIMCO also may provide current or\nprospective private account clients, in connection with standardized performance\ninformation for the Fund, performance information for the Fund gross of fees and\nexpenses for the purpose of assisting such clients in evaluating similar\nperformance information provided by other investment managers or institutions.\nComparative information may be compiled or provided by independent ratings\nservices or by news organizations. Any performance information, whether related\nto the Fund, the Manager or PIMCO, should be considered in light of the Fund's\ninvestment objectives and policies, characteristics and quality of the Fund, and\nthe market conditions during the time period indicated, and should not be\nconsidered to be representative of what may be achieved in the future.\nPerformance information for the Fund may be compared to various unmanaged\nindexes.\nA Closed-End Exchange-Traded Fund\nA diversified portfolio of primarily high yield bonds\ndesigned to offer\no Access to timely opportunities in today's high\nyield market\no The expertise of one of America's leading bond\nmanagers\nPlease read the prospectus carefully and consult your financial advisor before\ninvesting.\nRenowned Bond Expertise\nPIMCO (Pacific Investment Management Company LLC) is responsible for managing\nthe Fund's investments. Firm highlights include (as of 12/31/02):\no One the nation's largest active bond managers, with over $300 billion in\nassets under management.\no Client list that includes over half of the 100 largest corporations in\nAmerica.\no Actively managing corporate debt obligations and other corporate\nincome-producing securities since the firm was founded in 1971.\no Over $9 billion in high yield corporate debt under management.\nA-1\nA Distinctive Approach to High Yield\nPIMCO's philosophy and approach to the high yield market is consistent with the\nfirm's conservative, yet innovative, approach toward the fixed-income markets in\ngeneral. The philosophy embodies the following principles:\no Focus on the upper-credit quality tier of below investment-grade credits.\no Diversify broadly across issuers and industries.\no Capitalize on the firm's extensive credit research capabilities to identify\nimproving credits.\no Use PIMCO's expertise to identify non-traditional high yield opportunities.\nIn-House Credit Analysis\nPIMCO has a dedicated team of professionals that conducts fundamental credit\nresearch and analysis of individual issuers, industries and sectors and uses\nproprietary analytical tools to assess and monitor credit risk. The managers use\nthis information in an attempt to minimize credit risk and identify issuers,\nindustries or sectors that are undervalued or that offer attractive yields\nrelative to PIMCO's assessment of their credit characteristics. This aspect of\nPIMCO's capabilities will be particularly important because of the Fund's\nemphasis on below investment grade securities.\nA focus on bonds PIMCO believes have an attractive balance or risk and reward\nThe Fund will tend to focus on", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"]}}, "target_triples": [{"s": "fund:PIMCO_High_Income_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_High_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO High Income Fund <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>", "target_serialized_plain": "PIMCO High Income Fund advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .", "stats": {"input_chars": 7202, "n_triples": 2, "text_to_json_ratio": 33.0}}
{"sample_id": "0001223026:ALL", "cik": "0001223026", "trust_name": "Pioneer Municipal High Income Fund, Inc.", "input_text": "ese securities in any\njurisdiction where the offer or sale is not permitted. The information appearing\nin this Prospectus is given as of the date of this Prospectus. The Trust's\nbusiness, financial condition, results of operations and prospects may have\nchanged since the date of this Prospectus.\nTABLE OF CONTENTS\nProspectus summary 1\nFinancial highlights (unaudited) 18\nThe Trust 19\nCapitalization (unaudited) 19\nPortfolio composition 20\nInvestment objectives and\nprincipal investment strategies 20\nRisk factors 30\nDescription of APS 39\nThe Auction 50\nManagement of the Trust 57\nFederal income tax matters 59\nNet asset value 63\nCertain provisions of the Agreement and\nDeclaration of Trust and By-Laws 64\nUnderwriting 67\nValidity of preferred shares 67\nTable of contents for the Statement\nof Additional Information 68\nii\nPROSPECTUS SUMMARY\nTHIS IS ONLY A SUMMARY. THIS SUMMARY MAY NOT CONTAIN ALL OF THE INFORMATION THAT\nYOU SHOULD CONSIDER BEFORE INVESTING IN THE TRUST'S APS. YOU SHOULD REVIEW THE\nMORE DETAILED INFORMATION CONTAINED IN THIS PROSPECTUS AND IN THE STATEMENT OF\nADDITIONAL INFORMATION.\nTHE TRUST\nPioneer Municipal High Income Trust (the \"Trust\") is a recently organized,\ndiversified, closed-end management investment company. The Trust's common shares\nof beneficial interest, no par value (the \"Common Shares\"), are traded on the\nNew York Stock Exchange under the symbol \"MHI\". As of September 12, 2003, the\nTrust had 22,006,981 Common Shares outstanding and had net assets of\n$313,423,688. See \"The Trust.\"\nTHE OFFERING\nThe Trust is offering an aggregate of 2,000 Series A APS and 2,040 Series B APS,\neach at a purchase price of $25,000 per share plus accumulated dividends, if\nany, from the date of original issue. The APS are being offered through a group\nof underwriters led by UBS Securities LLC (collectively, the \"Underwriters\").\nSee \"Underwriting.\" The APS offered hereby represent leverage. If the Trust were\nto offer additional preferred shares in the future, such additional preferred\nshares would increase the Trust's leverage.\nThe APS will entitle their holders to receive cash dividends at an annual rate\nthat may vary for successive dividend periods. In general, except as described\nunder \"Description of APS--Dividends,\" each dividend period will be seven days.\nDeutsche Bank Trust Company Americas (the \"Auction Agent\") will determine the\nthe rate per annum at which cash dividends are payable on APS for any dividend\nperiod (the \"Applicable Rate\") by an auction conducted on the business day\nimmediately prior to the start of that dividend period.\nThe APS are not listed on an exchange. Instead, investors may buy or sell APS at\nan auction that normally is held weekly, by submitting orders to broker-dealers\nthat have entered into an agreement with the Auction Agent (\"Broker-Dealers\") or\nto certain other broker-dealers. The Auction Agent reviews orders from\nBroker-Dealers on behalf of existing holders of APS (the Broker-Dealers being\nreferred to as \"Existing Holders\" and the beneficial owners of the APS being\nreferred to as \"Beneficial Owners\") that wish to sell, or hold at the auction\nrate, or hold only at a specified Applicable Rate. The Auction Agent also\nreviews orders from Broker-Dealers on behalf of potential beneficial owners of\nAPS (the Broker-Dealers being referred to as \"Potential Holders\" and the\npotential beneficial owners of the APS being referred to as \"Potential\nBeneficial Owners\") that wish to buy, APS. The Auction Agent then determines the\nlowest Applicable Rate that will result in all of the outstanding APS continuing\nto be held.\n...\ncompletion of the public offering. The\nTrust's common shares have been approved for listing on the New York Stock\nExchange under the symbol \"MHI,\" subject to official notice of issuance.\nBEFORE BUYING ANY COMMON SHARES, YOU SHOULD READ THE DISCUSSION OF THE MATERIAL\nRISKS OF INVESTING IN THE TRUST IN \"RISK FACTORS\" BEGINNING ON PAGE 27. CERTAIN\nOF THESE RISKS ARE SUMMARIZED IN \"PROSPECTUS SUMMARY--SPECIAL RISK\nCONSIDERATIONS\" BEGINNING ON PAGE 5.\nNEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES\nCOMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS\nPROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A\nCRIMINAL OFFENSE.\nESTIMATED\nORGANIZATIONAL\nAND OFFERING\nPRICE TO PUBLIC SALES LOAD EXPENSES PROCEEDS TO TRUST\n-----------------------------------------------------------------------------------------------------------------------------\nPer share $ 15.000 $ 0.675 $ 0.030 $ 14.295\n-----------------------------------------------------------------------------------------------------------------------------\nTotal $ 307,500,000 $ 13,837,500 $ 615,000 $ 293,047,500\n-----------------------------------------------------------------------------------------------------------------------------\nTotal assuming full exercise of over-allotment option $ 353,625,000 $ 15,913,125 $ 707,250 $ 337,004,625\n-----------------------------------------------------------------------------------------------------------------------------\nThe organizational and offering expenses are estimated to be approximately\n$740,000 or $0.036 per share. The Adviser has agreed to pay the amount\nby which the aggregate organizational and offering expenses, other than\nthe sales load, exceed $0.030 per share.\nUBS INVESTMENT BANK\nWACHOVIA SECURITIES\nRBC CAPITAL MARKETS\nJANNEY MONTGOMERY SCOTT LLC\nThe Trust may use leverage through the issuance of preferred shares with an\naggregate liquidation preference of up to 25% of the Trust's total assets\nafter such issuance. The Trust may also borrow or issue debt securities for\nleveraging purposes up to such limitation and in excess of such limit for\ntemporary purposes, such as settlement of transactions. By using leverage, the\nTrust will seek to obtain a higher return for the holders of its common shares\nthan if the Trust did not use leverage. Leverage is a speculative technique\nand there are special risks involved. There can be no assurance that a\nleveraging strategy will be implemented or that it will be successful during\nany period during which it is employed. See \"Leverage.\"\nThe Trust's common shares do not represent a deposit or obligation of, and are\nnot guaranteed or endorsed by, any bank or other insured depository institution\nand are not insured by the Federal Deposit Insurance Corporation, the Federal\nReserve Board or any other federal, state or municipal government or agency.\nThe underwriters expect to deliver the common shares to purchasers on or about\nJuly 22, 2003.\nThe underwriters may also purchase up to 3,075,000 additional common shares at\nthe public offering price, less the sales load, within 45 days from the date\nof this Prospectus to cover over-allotments.\nYou should read this Prospectus, which contains important information about the\nTrust, before deciding whether to invest in the Trust's common shares, and\nretain it for future reference. A Statement of Additional Information, dated\nJuly 17, 2003, containing additional information about the Trust, has been filed\nwith the Securities and Exchange Commission and is incorporated by reference in\nits entirety into this Prospectu", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:Pioneer_Municipal_High_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:JANNEY_MONTGOMERY_SCOTT_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Pioneer_Municipal_High_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:RBC_CAPITAL_MARKETS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Pioneer_Municipal_High_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:UBS_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Pioneer Municipal High Income Fund, Inc. <predicate_marker> underwrittenBy <object_marker> JANNEY MONTGOMERY SCOTT LLC <predicate_marker> underwrittenBy <object_marker> RBC CAPITAL MARKETS, LLC <predicate_marker> underwrittenBy <object_marker> UBS Securities LLC <triple_end>", "target_serialized_plain": "Pioneer Municipal High Income Fund, Inc. underwrittenBy JANNEY MONTGOMERY SCOTT LLC , RBC CAPITAL MARKETS, LLC , UBS Securities LLC .", "stats": {"input_chars": 7224, "n_triples": 3, "text_to_json_ratio": 24.9}}
{"sample_id": "0001228509:ALL", "cik": "0001228509", "trust_name": "Western Asset Global High Income Fund Inc.", "input_text": "PORATION\nLAW\n1\nSummary\n1\nProposed Merger\n1\nComparison of Investment Objectives, Principal Investment Strategies and Principal Risks\n2\nEffect on Expenses\n2\nFee Table and Expense Example\n3\nCOMPARISON OF INVESTMENT OBJECTIVES, STRATEGIES AND PRINCIPAL RISKS OF INVESTING IN THE\nFUNDS\n4\nRisk Factors\n9\nINFORMATION ABOUT THE PROPOSED MERGER\n24\nThe Agreement and Plan of Merger\n24\nReasons for the Merger and Board Considerations\n25\nFederal Income Tax Consequences\n26\nPORTFOLIO SECURITIES\n30\nINFORMATION ABOUT MANAGEMENT OF THE FUNDS\n30\nInformation About Directors and Officers\n30\nSecurity Ownership of Management\n34\nDirector Compensation\n34\nOfficers\n38\nSection 16(a) Beneficial Ownership Reporting Compliance\n39\nInvestment Manager and Sub-Advisers\n39\nCodes of Ethics\n42\nProxy Voting Policies\n42\nInvestment Professionals of the Funds\n43\nADDITIONAL INFORMATION ABOUT THE FUNDS\n48\nFinancial Highlights\n49\nNet Asset Value, Market Price and Premium/Discount\n51\nCAPITALIZATION\n52\nPORTFOLIO COMPOSITION\n52\nPORTFOLIO TRANSACTIONS\n53\nDIVIDENDS AND DISTRIBUTIONS\n53\nDistributions\n53\nEHI Dividend Reinvestment Plan\n54\nGDF Dividend Reinvestment Plan and Cash Purchase Plan\n55\nTAXATION\n57\nNET ASSET VALUE\n62\nDESCRIPTION OF THE FUNDS CAPITAL STOCK\n63\nFEES PAID TO INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (GDF)\n66\n5% BENEFICIAL OWNERSHIP (GDF)\n67\nFEES PAID TO INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (EHI)\n67\n5% BENEFICIAL OWNERSHIP (EHI)\n68\nVOTING INFORMATION\n68\nAdjournments and Postponements\n70\nOTHER BUSINESS\n70\nAppraisal Rights\n70\nEXPENSES OF PROXY SOLICITATION\n70\nSERVICE PROVIDERS\n71\nPage\nINDEX OF APPENDICES\n72\nAppendix A Form of Agreement and Plan Of Merger\nA-1\nAppendix B Description of Moody s and S P Ratings\nB-1\nAppendix C Legg Mason Partners Fund Advisor, LLC Proxy Voting Policy\nC-1\nAppendix D Western Asset Management Company Proxy Voting Policy and Procedures\nD-1\nAppendix E Western Asset Management Company Limited Proxy Voting Policy and Procedures\nE-1\nAppendix F Western Asset Management Company PTE. LTD. Proxy Voting Policy and\nProcedures\nF-1\nAppendix G Nominating Committee Charter\nG-1\nPROPOSAL 1 TO APPROVE THE MERGER OF GDF WITH AND INTO EHI IN\nACCORDANCE WITH THE MARYLAND GENERAL CORPORATION LAW Summ ary\nThis summary is qualified in its entirety by reference to the additional information contained elsewhere in this Proxy\nStatement/Prospectus and the Agreement and Plan of Merger, a form of which is attached to this Proxy Statement/Prospectus as Appendix A.\nProposed Me rger The Board believes that the Merger is in the best interests of both GDF stockholders and EHI stockholders. GDF and EHI have identical primary investment objectives and similar policies and strategies,\nwhich will allow GDF stockholders to continue to have exposure to emerging market and high yield securities. Moreover, the combined Fund will likely benefit from economies of scale, as one set of fixed expenses would be spread over a larger asset\nbase, as well as from enhanced market liquidity and additional opportunities for diversification. Furthermore, the Merger will result in more streamlined high yield product offering, allowing for more focused marketing and stockholder servicing\nefforts. At a meeting held on November 11 and 12, 2015, the Boards of GDF and EHI, including all of the Independent\nDirectors, unanimously approved the Agreement and Plan of Merger with respect to each Fund. As a result of the Merger:\neach GDF Common Share will convert into an equivalent dollar amount (to the nearest $0.001) of full EHI Common Shares, based on the net asset value per\nshare of each Fund calculated at 4:00 p.m. on the business day preceding the Closing Date;\neach holder of GDF Common Shares will become a holder of EHI Common Shares and will receive, on the Closing\n...\npreamble to this Agreement, in each case to the attention of its President.\n17.\nENFORCEABILITY; HEADINGS; COUNTERPARTS; GOVERNING LAW; SEVERABILITY; ASSIGNMENT; LIMITATION OF LIABILITY\n17.1 Enforceability . Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction\nshall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.\n17.2 Headings . The Article headings contained in this Agreement are for reference purposes only and shall not affect in any way\nthe meaning or interpretation of this Agreement. 17.3 Counterparts . This Agreement may be executed in any number of\ncounterparts, each of which shall be deemed an original. 17.4 Governing Law . This Agreement shall be governed by and\nconstrued and interpreted in accordance with the internal laws of the State of New York. 17.5 Successors and Assigns .\nThis Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written\nconsent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or\nremedies under or by reason of this Agreement.\nA-16\nIN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be\nexecuted by its duly authorized officer.\nWestern Asset Global Partners Income Fund Inc.\nBy:\nName: Jane E. Trust\nTitle: President, Chairman and Chief Executive Officer\nWestern Asset Global High Income Fund Inc.\nBy:\nName: Jane E. Trust\nTitle: President, Chairman and Chief Executive Officer\n(With respect to paragraph 9.2 only)\nLegg Mason Partners Fund Advisor, LLC\nBy:\nName:\nTitle: President\nA-17\nAPPENDIX B\nDESCRIPTION O F MOODY S A ND S P RATINGS\nThe definitions of the applicable rating symbols are set forth below:\nStandard Poor s Ratings Service ( Standard Poor s ) Ratings from AA to\nCCC may be modified by the addition of a plus ( ) or minus (-) sign to show relative standings within the major rating categories.\nAAA\nBonds rated AAA have the highest rating assigned by Standard Poor s. The obligor s capacity to meet its financial commitment on the\nobligation is extremely strong.\nAA\nBonds rated AA differ from the highest-rated obligations only to a small degree. The obligor s capacity to meet its financial commitment on the\nobligation is very strong.\nA\nBonds rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated\ncategories. However, the obligor s capacity to meet its financial commitment on the obligation is still strong.\nBBB\nBonds rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened\ncapacity of the obligor to meet its financial commitment on the obligation.\nBB\nBonds rated BB are less vulnerable to nonpayment than other speculative issues. However, they face major ongoing uncertainties or exposure to adverse\nbusiness, financial, or economic conditions which could lead to the obligor s inadequate capacity to meet its financial commitment on the obligation.\nB\nBonds rated B are more vulnerable to nonpayment than obligations rated BB , but the obligor curre", "ontology": {"Fund": {"seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}}, "target_triples": [{"s": "fund:Western_Asset_Global_High_Income_Fund_Inc", "p": "seriesOf", "o": "trust:Western_Asset_Global_High_Income_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Western_Asset_Global_High_Income_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Global_High_Income_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Global_High_Income_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Pte_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Western Asset Global High Income Fund Inc. <predicate_marker> seriesOf <object_marker> Western Asset Global High Income Fund Inc. <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Limited <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Pte. Ltd. <triple_end>", "target_serialized_plain": "Western Asset Global High Income Fund Inc. seriesOf Western Asset Global High Income Fund Inc. ; subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited , Western Asset Management Company Pte. Ltd. .", "stats": {"input_chars": 7379, "n_triples": 4, "text_to_json_ratio": 17.4}}
{"sample_id": "0001244183:ALL", "cik": "0001244183", "trust_name": "PIMCO Income Strategy Fund", "input_text": "performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. These and other developments may adversely affect the liquidity of the Fund's holdings (see \"Liquidity Risk\" in the Prospectus for further details).\nNo Other Changes . Except as described in this supplement, the terms of the Offering and all other information the Fund described in the Prospectus remain unchanged.\nInvestors Should Retain This Supplement for Future Reference\nPFL_SUPP1_041320\n\n\f\n\n497\n1\nd903267d497.htm\n497\n497\nTable of Contents\nPROSPECTUS\nSUPPLEMENT (To Prospectus dated November 27, 2019)\nPIMCO Income Strategy Fund Up to $47,700,000 Common Shares of Beneficial\nInterest PIMCO Income Strategy Fund (the \"Fund\") has entered into an amended and restated sales\nagreement (the \"Sales Agreement\") with JonesTrading Institutional Services LLC (\"JonesTrading\") relating to its common shares of beneficial interest, par value $0.00001 per share (\"Common Shares\"), offered by this Prospectus Supplement and the\naccompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell its Common Shares under this Prospectus Supplement and accompanying Prospectus having an aggregate offering price of up to $47,700,000 from\ntime to time through JonesTrading as its agent for the offer and sales of the Common Shares. As of March 6, 2020, the Fund had sold in a prior \"at the market\" offering, an aggregate of 4,461,928 Common Shares under the Fund's current shelf\nregistration statement, representing net proceeds to the Fund of $51,749,545 after payment of commissions. Under the Investment Company Act of 1940, as amended (the \"1940 Act\"), the Fund may not sell any Common Shares at a price below the current\nnet asset value (\"NAV\") of such common shares, exclusive of any distributing commission or discount. The Fund's investment objective is to seek high current income, consistent with the preservation of capital.\nThe Fund's outstanding Common Shares are listed on the New York Stock Exchange (\"NYSE\") under the symbol \"PFL,\" as\nwill be the Common Shares offered in this Prospectus Supplement and the accompanying Prospectus, subject to notice of issuance. The last reported sale price for the Common Shares on March 6, 2020 was $11.38 per share. The NAV of the Common\nShares at the close of business on March 6, 2020 was $10.65 per share. Sales of the Common Shares, if\nany, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be \"at the market\" as defined in Rule 415 under the\n...\nInc. or Fitch, Inc.) or unrated but determined by PIMCO (as defined below) to be of comparable\nquality, the Fund's exposure to foreign and emerging markets securities and currencies and to mortgage-related and other asset-backed securities, and the Fund's use of leverage. Debt securities of below investment grade quality are regarded as\nhaving predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as \"high yield\" securities or \"junk bonds.\" The Fund's exposure to foreign securities and currencies, and\nparticularly to emerging markets securities and currencies, involves special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, unreliable or untimely\ninformation or economic and financial instability. Mortgage-related and other asset-backed securities are subject to extension and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks\nassociated with investing in high yield securities, foreign and emerging market securities (and related exposure to foreign currencies) and mortgage-related and other asset-backed securities, and using leverage, an investment in the Fund should be\nconsidered speculative. Before investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in \"Principal Risks of the Fund\" in the accompanying Prospectus. Certain of these risks are summarized in\n\"Prospectus Summary Principal Risks of the Fund\" in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund.\nInvestment Manager Pacific Investment Management Company LLC serves as the investment manager of the Fund. Subject to the supervision of the Board of Trustees of the Fund, PIMCO is responsible for managing the investment\nactivities of the Fund and the Fund's business affairs and other administrative matters. The Investment Manager receives an annual fee from the Fund, payable monthly, in an amount equal to 0.86% of the Fund's average weekly \"total managed assets.\"\n\"Total managed assets\" includes the total assets of the Fund (including any assets attributable to any preferred shares or other forms of leverage that may be outstanding) minus accrued liabilities (other than liabilities representing\nleverage).PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to registered investment\ncompanies. PIMCO is a majority-owned indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of December 31, 2019, PIMCO had approximately $1.91 trillion in assets under management.\nS-4\nSUPPLEMENT | March 12, 2020\nTable of Contents The\nOffering The Fund and the Investment Manager have entered into the Sales Agreement with\nJonesTrading relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell its Common Shares having a aggregate offering price of\nup to $47,700,000 through JonesTrading as its agent for the offer and sale of the Common Shares. As of\nMarch 6, 2020, the Fund had sold in a prior \"at the market\" offering an aggregate of 4,461,928 Common Shares under the Fund's current she\n...\nistributions are not taxable, such distributions would reduce the basis of a shareholder's Common Shares and therefore may increase a shareholder's capital gains, or decrease a shareholder's capital\nloss, upon a sale of Common Shares, thereby potentially increasing a shareholder's tax liability. The Fund will prepare and make available to shareholders detailed tax information with respect to the Fund's distributions annually. See \"Tax\nMatters.\" The 1940 Act currently limits the number of times the Fund may distribute long-term capital\ngains in any tax year, which may increase the variability of the Fund's distributions and result in certain distributions being comprised more or less heavily than others of long-term capital gains currently eligible for favorable income tax rates.\nThe Fund, as well as several other PIMCO-managed closed end funds, has received exemptive relief from the SEC permitting it to make a greater number of capital gains distributions to holders of the ARPS than would otherwise be permitted by Section\n19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act. Unless a Common Shareholder elects to receive\ndistributions in cash, all distributions of Common Shareholders whose shares are registered with the plan agent will be automatically reinvested in additional Common Shares of the Fund under the Fund's Dividend Reinvestment Plan. For more\ninformation on the Fund's dividend and distributions, see \"Distributions\" and \"Dividend Reinvestment Plan.\" Shareholder Servicing\nAgent, Custodian and Transfer Agent The Investment Manager, at its own expense, has retained Merrill\nLynch Co., Merrill Lynch, Pierce, Fenner Smith, Incorporated, and Wells Fargo Securities LLC (formerly, Wachovia Capital Markets LLC) to serve as shareholder servicing agents for the Fund. State Street Bank and Trust Company serves as\ncustodian of the Fund's assets and also provides certain fund accounting and sub-administrative services to the Investment Manager on behalf of the Fund. American Stock Transfer Trust Company, LLC serves as the Fund's transfer agent and\ndividend disbursement agent. See \"Shareholder Servicing Agent, Custodian and Transfer Agent.\"\n6\nPROSPECTUS | PIMCO Income Strategy Fund\nTable of Contents\nBase Prospectus\nListing The Fund's outstanding Common Shares are\nlisted on the NYSE under the trading or \"ticker\" symbol \"PFL,\" as will be the Common Shares offered in this prospectus, subject to notice of issuance. Market Price of Shares Shares of closed-end\ninvestment companies frequently trade at prices lower than NAV. Shares of closed-end investment companies have during some periods traded at prices higher than NAV and during other periods traded at prices lower than NAV. The Fund cannot assure you\nthat Common Shares will trade at a price equal to or higher than NAV in the future. NAV will be reduced immediately following an offering by any sales load and/ or commissions and the amount of offering expenses paid or reimbursed by the Fund. See\n\"Use of Proceeds.\" In addition to NAV, market price may be affected by factors relating to the Fund such as dividend levels and stability (which will in turn be affected by Fund expenses, including the costs of any leverage used by the Fund, levels\nof interest payments by the Fund's portfolio holdings, levels of appreciation/depreciation of the Fund's portfolio holdings, regulation affecting the timing and character of Fund distributions and other factors), portfolio credit quality, liquidity,\ncall protection, market supply and demand and similar factors relating to the Fund's portfolio holdings. Se", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:PIMCO_Income_Strategy_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Income_Strategy_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_Income_Strategy_Fund", "p": "underwrittenBy", "o": "org:JonesTrading_Institutional_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Income Strategy Fund <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Income Strategy Fund <predicate_marker> underwrittenBy <object_marker> JonesTrading Institutional Services LLC <triple_end>", "target_serialized_plain": "PIMCO Income Strategy Fund advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .\nPIMCO Income Strategy Fund underwrittenBy JonesTrading Institutional Services LLC .", "stats": {"input_chars": 10808, "n_triples": 3, "text_to_json_ratio": 29.4}}
{"sample_id": "0001274676:ALL", "cik": "0001274676", "trust_name": "AB CORPORATE SHARES", "input_text": "26, 2026\nFILE NOS. 333 112207\n811 21497\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre Effective Amendment No.\nPost-Effective Amendment No. 47\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 50\nAB CORPORATE SHARES\n(Exact Name of Registrant as Specified in Charter)\n66 Hudson Boulevard East, 26th Floor, New York, New York 10001\n(Address of Principal Executive Office) (Zip Code)\nRegistrant s Telephone Number, including Area Code:\n(212) 969 1000\nNancy E. Hay\nc/o AllianceBernstein L.P.\n66 Hudson Boulevard East, 26th Floor\nNew York, New York 10001\n(Name and address of agent for service)\nCopies of communications to:\nPaul M. Miller\nSeward Kissel LLP\n901 K Street, N.W.\nSuite 800\nWashington, D.C. 20001\nApproximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\non January 27, 2026 pursuant to paragraph (b)\non (date) pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nTitle of Securities Being Registered: Shares of beneficial interest.\nThis Post-Effective Amendment No. 47 relates solely to shares of AB Municipal Income Shares C and AB Municipal Income Shares N. No information contained in the Registrant s Registration Statement relating to the other series of the Registrant not included herein is amended or superseded.\nPROSPECTUS | JANUARY 27, 2026\nAB Corporate Shares\nFund (Exchange Ticker Symbol)\nAB Municipal Income Shares C (MICAX)\nAB Municipal Income Shares N (MISNX)\nThe Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nInvestment Products Offered\nAre Not FDIC Insured\nMay Lose Value\nAre Not Bank Guaranteed\nTABLE OF CONTENTS\nPage\nSUMMARY INFORMATION\n4\nAB Municipal Income Shares C\n4\nAB Municipal Income Shares N\n8\nADDITIONAL INFORMATION ABOUT THE FUNDS STRATEGIES, RISKS AND INVESTMENTS\n13\nINVESTING IN THE FUNDS\n25\nHow The Funds Value Their Shares\n25\nHow to Buy Shares\n25\nHow to Sell Shares\n26\nFrequent Purchases and Redemptions of Fund Shares\n26\nMANAGEMENT OF THE FUNDS\n29\nDIVIDENDS, DISTRIBUTIONS AND TAXES\n30\nGENERAL INFORMATION\n32\nGLOSSARY\n33\nFINANCIAL HIGHLIGHTS\n34\nAPPENDIX A BOND RATINGS\nA 1\nAPPENDIX B HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION\nB 1\nSUMMARY INFORMATION\nAB Municipal Income Shares C\nINVESTMENT OBJECTIVE:\nThe investment objective of the Fund is to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk.\nFEES AND EXPENSES OF THE FUND:\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nShareholder Fees (fees paid directly from your investment)\nMaximum Sales Charge (Load) Imposed on Purchases\n(as a percentage of offering price)\nNone\nMaximum Deferred Sales Charge (Load)\n(as a percentage of original purchase price or redemption proceeds, whichever is lower)\nNone\nExchange Fee\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees(a)\n0.00 %\nDistribution and/or Service (12b 1) Fees\nNone\nOther Expenses:\nTransfer Agent\n0.00 %\nInterest Expense\n0.30 %\nOther Expenses\n0.00 %\nTotal Other Expenses\n0.30 %\nTotal Annual Fund Operating Expenses(b)\n0.30 %\n(a)\nThe Fund does not pay an advisory fee to AllianceBernstein L.P. (the Adviser ) under the advisory agreement between AB Corporate Shares, on behalf of the Fund, and the Adviser (the Advisory Agreement ). Shares of the Fund are available only to (i) investors with accounts established under a wrap fee program or other similar fee based investment program sponsored and maintained by a registered investment adviser or broker-dealer and for which the Adviser is providing advisory and administrative and other similar services for compensation and (ii) institutional advisory clients of the Adviser. Such investors pay a wrap fee, advisory fee or other fee that covers advisory and administrative and other similar services, which fee is paid at the wrap fee program or fee based account level. Participants in a wrap fee program or other similar fee based investment program should review the program brochure or literature provided by the sponsor for a discussion of fees and expenses charged.\n(b)\nUnder the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the Fund s expenses included as Other Expenses of the Fund, except certain extraordinary expenses, taxes, brokerage fees and commissions and the costs of borrowing money and other leveraging methods, including interest expenses. This obligation will continue in effect for so long as the Adviser serves as the investment adviser to the Fund pursuant to the Advisory Agreement.\nExamples\nThe Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% ret\n...\ns shares, the Fund must receive the order in proper form. Proper form generally means that your instructions:\nAre signed and dated by the person(s) authorized in accordance with the Fund s policies and procedures to access the account and request transactions;\nInclude the fund and account number; and\nInclude the amount of the transaction (stated in dollars, shares, or percentage).\nWritten instructions also must include:\nMedallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)\nAny supporting documentation that may be required.\nThe Funds reserve the right, without notice, to revise the requirements for proper form.\nHOW TO BUY SHARES\nYou may purchase shares of a Fund at NAV without a sales charge or other fee. Your order for purchase, sale, or exchange of shares is priced at the next-determined NAV calculated after your order is received in proper form by the Fund.\nShares of the Funds are available only to (i) investors with accounts established under a wrap fee program or other similar fee based investment program sponsored and maintained by a registered investment adviser or broker-dealer and for which the Adviser is providing advisory, administrative and other similar services for compensation and (ii) institutional advisory clients of the Adviser.\nInitial and Additional Investments\nThere are no maximum or minimum investment requirements. Purchase orders are made based on instructions from your registered investment adviser to the broker-dealer who executes trades for your program or advised account. To make a purchase, your broker-dealer must submit a purchase order to the Funds transfer agent, AllianceBernstein Investor Services, Inc. ( ABIS ), P.O. Box 786003, San Antonio, Texas 78278-6003,\n25\n((800) 221 5672), either directly or through an appropriate clearing agency ( e.g. , the National Securities Clearing Corporation Fund/SERV).\nOther Purchase Information\nA Fund may issue shares upon purchase in full and fractional shares. Certificates for shares will not be issued. The payment for shares to be purchased shall be wired to ABIS. Wiring instructions may be obtained by calling (800) 221 5672.\nA Fund may, at its sole option, accept securities as payment for shares if the Adviser believes that the securities are appropriate investments for the Fund. The securities are valued by the method described under How the Funds Value Their Shares above as of the date the Fund receives the securities and corresponding documentation necessary to transfer the securities to the Fund. This is a taxable transaction to the shareholder.\nA Fund is required by law to obtain, verify and record certain personal information from you or persons authorized to act on your behalf in order to establish your account. Required information includes name, date of birth, physical address and social security/taxpayer identification number. A Fund may also ask to see other identifying documents. If you do not provide the information, the Fund will not be able to open your account. If a Fund is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the Fund believes it has identified potentially criminal activity, the Fund reserves the right to take action as it deems appropriate, which may include closing your account. If you are not a U.S. citizen or resident alien, your account must be affiliated with a Financial Industry Regulatory Authority, or\n...\nards. She has\nserved as a director or trustee of the AB Funds since June 2016, and has served as Chair of the Audit Committees of such Funds since February\n2023. She has served as a director or trustee of the AB Funds Complex and as Chair of the Audit Committee of the AB Funds Complex since\nJanuary 2025.\nINTERESTED\nTRUSTEES\nAlexander Chaloff, +\n54\n(January 2025)\nSenior Vice President\nof the Adviser ++ , with which he has been associated since prior to 2021. He has been Chief Investment Officer and Head of Investment\nWealth Strategies of Bernstein Private Wealth Management since April 2023. He previously served as Co-Head of the Investment\nStrategy Group since 2020. Prior to joining\n90\nNone\n70\nTable of Contents\nNAME,\nADDRESS*, AGE AND (YEAR FIRST ELECTED**)\nPRINCIPAL\nOCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION\nPORTFOLIOS\nIN AB FUNDS COMPLEX OVERSEEN BY TRUSTEE\nOTHER\nPUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE\nBernstein Private\nWealth Management in 2005, he was a managing director at Wilshire Associates, a leading global investment consultant, serving on the firm s\ninvestment committee. He has served as President and Chief Executive Officer of the SCB Funds and AMMAF since April 2023. He has served\nas a director or trustee of the Unitary Board since January 2025 and has served as a director or trustee of the AB Funds Complex since\nMarch 2025.\nEmilie D. Wrapp, +\n70\n(January 2025)\nPrivate Investor since\nJuly 2023. Formerly, Senior Vice President, Counsel, Assistant Secretary Senior Mutual Fund Legal Advisor of the Adviser ++\n(January 2023 June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund Retail\nLegal of the Adviser ++ ; Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments,\nInc. ( ABI ) since prior to 2020 until June 2023. She served as a member of the Advisory Board to the AB Funds from January\n2024 to December 2024 (to May 2025 with respect to ANMIF and AGHIF). She served as a director or trustee of the Unitary Board since January\n2025, and has served as a director or trustee of the AB Funds Complex since May 2025.\n90\nNone\n___________________________________________________\n*\nThe address for each of the Company s\nTrustees is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department Mutual Fund Legal, 66 Hudson Boulevard East,\n26 th Floor, New York, NY 10001.\n**\nThere is no stated term of office for the Company s\nTrustees.\n#\nMember of the Audit Committee, the Governance and Nominating\nCommittee and the Independent Directors Committee.\n71\nTable of Contents\n+\nMr. Chaloff is an interested person,\nas defined in Section 2(a)(19) of the 1940 Act, of the Company because of his affiliation with the Adviser. Ms. Wrapp is an\ninterested person, as defined in Section 2(a)(19) of the 1940 Act, of the Company because of her former role with the Adviser.\n++\nThe Adviser is an affiliate of the Funds .\nThe business and affairs of the Funds are overseen\nby the Board. Trustees who are not interested persons of the Funds as defined in the 1940 Act, are referred to as Independent\nTrustees, and Trustees who are interested persons of the Funds are referred to as Interested Trustees.\nCertain information concerning the Funds governance structure and each Trustee is set forth below.\nExperience,\nSkills, Attributes, and Qualifications of the Trustees . The Governance and Nominating Committee of the Board, which is composed\nof Independent Trustees, reviews the experience, qualifications, attributes and skills of potential ca\n...\na Fund and will purchase shares for resale only against orders therefor.\nExcept as noted in the Prospectus, the Funds shares are distributed in a continuous offering.\nThe Trustees approved the Distribution Agreement\nfor an initial two-year term at their meetings on November 4-6, 2025. After the initial term, the Distribution Agreement continues in\neffect with respect to each Fund and shares thereof for successive one-year periods provided that such continuance is specifically approved\nat least annually by the Trustees or by vote of the holders of a majority of the outstanding voting securities (as defined in the 1940\nAct) of each Fund, and in either case, by a majority of the Trustees who are not parties to the Distribution Agreement or interested persons,\nas defined in the 1940 Act, of any such party (other than as trustees of the Company).\nAll material amendments to the Distribution Agreement\nwill become effective only upon approval as provided in the preceding paragraph. The Distribution Agreement may be terminated (a) by the\nCompany with respect to any Fund without penalty at any time by a majority vote of the holders of the Fund s outstanding voting\nsecurities, or by a majority vote of the independent Trustees or (b) by ABI. To terminate the Distribution Agreement, any party must give\nthe other parties 60 days written notice. The Distribution Agreement will terminate automatically in the event of its assignment.\nTransfer Agency Agreement\nABIS, P.O. Box 786003, San Antonio, TX 78278-6003,\nis the Funds Transfer Agent. ABIS, an indirect wholly-owned subsidiary of the Adviser, acts as the Funds registrar, transfer\nagent and dividend disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares.\n88\nTable of Contents\nSecurities Lending Agreement\nState Street Bank and Trust Company ( State\nStreet ) serves as the securities lending agent to the Funds and is responsible for the implementation and administration of a securities\nlending program pursuant to a Securities Lending Authorization Agreement ( Securities Lending Agreement ). Pursuant to the\nSecurities Lending Agreement, State Street provides the following services: effecting loans of Fund securities to any person on a list\nof approved borrowers; determining whether a loan shall be made and negotiating and establishing the terms and conditions of the loan\nwith the borrower; ensuring that payments relating to distributions on loaned securities are timely and properly credited to a Fund s\naccount; collateral management (including valuation and daily mark-to-market obligations); cash collateral reinvestment in accordance\nwith the Securities Lending Agreement; and maintaining records and preparing reports regarding loans that are made and the income derived\ntherefrom.\nPURCHASE OF SHARES\nThe following information supplements that set\nforth in the Prospectus under Purchase and Sale of Shares How to Buy Shares.\nGeneral\nShares of the Funds are offered on a continuous\nbasis at their NAV. Purchase orders are made based on instructions from your registered investment adviser to the broker-dealer who executes\ntrades for your program or advised account. To make a purchase, your broker-dealer must submit a purchase order to the Funds transfer\nagent, ABIS, either directly or through an appropriate clearing agency ( e.g. the National Securities Clearing Corporation\nFund/SERV). 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transferAgent AllianceBernstein Investor Services, Inc. .\nAB Taxable Multi-Sector Income Shares advisedBy AllianceBernstein L.P. ; custodian State Street Bank and Trust Company ; seriesOf AB CORPORATE SHARES ; transferAgent AllianceBernstein Investor Services, Inc. .\nAB CORPORATE SHARES underwrittenBy AllianceBernstein Investments, Inc. .", "stats": {"input_chars": 16682, "n_triples": 17, "text_to_json_ratio": 10.5}}
{"sample_id": "0001281790:ALL", "cik": "0001281790", "trust_name": "FRANK FUNDS", "input_text": ":shares\nxbrli:pure\nSecurities Act Registration No. 333-113657\nInvestment Company Act Registration No. 811-21532\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D. C. 20549\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective\nAmendment No.___\nPost-Effective\nAmendment No. 46\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY\nACT OF 1940\nAmendment No.\n48\n(Check appropriate box or boxes.)\nFrank Funds File Nos. 333-113657 and 811-21532\n(Exact Name of Registrant as Specified in Charter)\n781 Crandon Blvd. Unit 602\nKey Biscayne, FL 33149\n(Address of Principal Executive Offices)(Zip Code)\nRegistrant s Telephone Number, including Area\nCode: 973-887-7698\nBrian J. Frank, Frank Capital Partners LLC\n781 Crandon Blvd. Unit 602\nKey Biscayne, FL 33149\n(Name and Address of Agent for Service)\nWith copy to:\nJoAnn M. Strasser\nThompson Hine LLP\n41 South High Street, Suite 1700\nColumbus, Ohio 43215\nIt is proposed that this filing will become effective:\nImmediately\nupon filing pursuant to paragraph (b) of Rule 485\nOn\n(date) pursuant to paragraph (b) of Rule 485\n60\ndays after filing pursuant to paragraph (a)(1) of Rule 485\nOn\n(date) pursuant to paragraph (a)(1) of Rule 485\n75\ndays after filing pursuant to paragraph (a)(2) of Rule 485\nOn\n(date) pursuant to paragraph (a)(2) of Rule 485.\nIf appropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nMain Index\nFrank Value Fund Prospectus\nFrank Value Fund Statement of Additional Information\nCamelot Event-Driven Fund Prospectus\nCamelot Event-Driven Fund Statement of Additional Information\nFRANK FUNDS\nFRANK VALUE FUND\n781 Crandon Blvd., Unit 602\nKey Biscayne, FL 33149\nTelephone: (973) 887-7698 Toll Free: (866) 706-9790\nWebsite: http://www.frankfunds.com\nInvestor Class Shares:\nFRNKX\nClass C Shares:\nFNKCX\nInstitutional Class Shares:\nFNKIX\nPROSPECTUS\nNovember 1, 2025\nAdvised by: Frank Capital Partners\nLLC\nAs\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus\nis truthful or complete. Any representation to the contrary is a criminal offense.\nThis\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for\nfuture reference.\nTABLE OF CONTENTS\nFRANK VALUE FUND SUMMARY\n3\nInvestment Objective\n3\nFees and Expenses\n3\nPortfolio Turnover\n3\nPrincipal Investment Strategies\n3\nPrincipal Investment Risks\n4\nPerformance\n5\nManagement\n7\nPurchase and Sale of Fund Shares\n7\nTax Information\n7\nPayments to Broker-Dealers and Other Financial Intermediaries\n7\nADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES\n9\nInvestment Objective\n9\nPrincipal Investment Strategies\n9\nTemporary Defensive Positions\n10\nPrincipal Investment Risks\n10\nPortfolio Holdings Disclosure\n11\nCybersecurity\n11\nMANAGEMENT OF THE FUND\n11\nPURCHASING FUND SHARES\n12\nShare Classes\n12\nDetermination of Net Asset Value\n12\nPurchasing of Fund Shares\n13\nOpening An Account\n13\nREDEEMING FUND SHARES\n14\nRedemption Requirements\n14\nRedemption Price\n14\nRedemption Fee/Market Timing\n14\nRedemption Payment\n15\nDIVIDENDS, DISTRIBUTIONS AND TAXES\n15\nDividends and Distributions\n15\nTaxes\n15\nDISTRIBUTION\n16\nDistributor\n16\nDistribution Plan\n16\nFINANCIAL HIGHLIGHTS\n17\nFRANK VALUE FUND SUMMARY\nInvestment\nObjective.\nThe\nFrank Value Fund s (the Fund ) investment objective is to provide long-term capital appreciation.\nFees\nand Expenses.\nThis\ntable describes fees and expenses that you may pay if you buy and hold the Fund s shares. You\nmay be required to pay commission and/or other forms of compensation to a broker for transactions in Institutional Class shares, which\nare no\n...\nhe NYSE on the next following business day. The Fund reserves the right at its sole discretion to reject purchase orders\nwhen, in the judgment of management, such rejection is in the best interest of the Fund.\nIf you buy and redeem shares of\nthe Fund through a member of the Financial Industry Regulatory Authority, Inc. ( FINRA ) that member may charge a fee for\nthat service. The Fund has authorized one or more brokers to accept on its behalf purchase and redemption orders. Such brokers are authorized\nto designate intermediaries to accept orders on the Fund s behalf. The Fund will be deemed to have received the order when an authorized\nbroker or a broker authorized designee accepts your order. Your order will be priced at the Fund's NAV next computed after it is received\nby the authorized broker or broker authorized designee.\nOpening\nAn Account\nTo help the government fight the\nfunding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information\nthat identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other\ninformation that will allow us to identify you. We may also ask for other identifying documents or information. We may not be able to\nopen your account or complete a transaction for you until we are able to verify your identity.\nInitial\nInvestments: When making your initial purchase request, make sure your request is in good order. Good order means that\nyour purchase request includes the name of the purchaser, the dollar amount of shares to be purchased, a completed account application,\nand a check payable to the Frank Value Fund. Send the application and check via U.S. Mail or overnight\ncourier to Frank Value Fund , c/ o Mutual\nShareholder Services LLC. , 8000 Town Centre Drive, Suite 400, Broadview Heights,\nOH 44147.\nInitial purchase of shares of\nthe Fund may be made by application submitted to the Fund s transfer agent by mail or in person. A check made out to the Frank Value\nFund for the initial share purchase should be included with the account application. The minimum purchase of Investor Class and Class\nC shares is $1,500, and the minimum purchase for Institutional Class shares is $1,000,000. The Fund reserves the right to change the amount\nof these minimums from time to time or to waive them in whole or in part for certain accounts. For the convenience of investors, an account\napplication is included in every request for a Prospectus. To receive this information, visit our website at http://www.frankfunds.com,\ncall the Fund s transfer agent toll free at 1-888-217-5426, or write to the Fund, c/o Mutual Shareholder Services LLC, 8000\nTown Centre Drive, Suite 400, Broadview Heights, OH 44147 . You also may make your initial purchase\nby wiring funds from your bank, which may charge you a fee for doing so. To wire money, you must call the Fund s transfer agent\nat 1-888-217-5426 to notify the Fund of your purchase and obtain an account number and wire instructions.\nWire orders will be accepted only\non a day on which the Fund, the custodian, and the transfer agent are open for business. A wire purchase will not be considered made until\nthe wired money is received and the purchase is accepted by the Fund. Any delays that may occur in wiring money, including delays that\nmay occur in processing by the banks, are not the responsibility of the Fund or the transfer agent. The Fund presently charges no fee\nfor the receipt of wired funds, but the Fund may charge shareholders for this service in\n...\nby holding these securities. The Fund\nwill not issue in kind redemptions using illiquid securities. To the extent feasible, the Fund expects that a redemption in kind would\nbe a pro rata allocation of the Fund s portfolio.\nDIVIDENDS, DISTRIBUTIONS,\nAND TAXES\nDividends\nand Distributions\nThe Fund typically distributes\nsubstantially all of its net investment income in the form of dividends and taxable capital gains to its shareholders. These distributions\nare automatically reinvested in the Fund unless you request cash distributions on your application or through a written request. The Fund\nexpects that its distributions will consist primarily of capital gains.\nTaxes\nIn general, selling or exchanging\nshares of the Fund and receiving distributions (whether reinvested or taken in cash) are taxable events. Depending on the purchase price\nand the sale price, you may have a gain or a loss on any shares sold. Any tax liabilities generated by your transactions or by receiving\ndistributions are your responsibility. You may want to avoid making a substantial investment when the Fund is about to make a taxable\ndistribution because you would be responsible for any taxes on the distribution regardless of how long you have owned your shares.\nEarly each year, the Fund will\nmail to you a statement setting forth the federal income tax information for all distributions made during the previous year. If you do\nnot provide your taxpayer identification number, your account will be subject to backup withholding.\nThe tax considerations described\nin this section do not apply to tax-deferred accounts or other non-taxable entities. Because each investor s tax circumstances are\nunique, please consult with your tax adviser about your investment.\n15\nDISTRIBUTION\nDistributor\nThe\nFund s distributor is Arbor Court Capital LLC, 8000 Town Centre Drive Suite 400, Broadview Heights, OH 44147.\nDistribution\nPlan\nThe Fund has adopted plans under\nRule 12b-1 that allow the Fund to pay distribution fees for the sale and distribution of its Investor Class and Class C shares, as well\nas shareholder services. Investor Class and Class C shareholders of the Fund may pay annual 12b-1 expenses of up to 0.25% and 1.00%, respectively.\nBecause these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment\nand may cost you more than paying other types of sales charges.\n16\nFINANCIAL HIGHLIGHTS\nThe\nfollowing tables are intended to help you understand the Fund s financial performance for the past five years. Certain information\nreflects financial results for a single Fund share. Total returns in the tables represent the rate you would have earned (or lost) on\nan investment in the Fund, assuming reinvestment of all dividends and distributions. The information was audited by Sanville Company,\nwhose report, along with the Fund s financial statements, are included in the Fund s annual Form N-CSR, which is available\nupon request.\nFinancial\nHighlights\nFrank Value\nFund\n(For\na Share Outstanding Throughout the Year)\nInvestor Class\nYears Ended June 30,\n6/30/2025\n6/30/2024\n6/30/2023\n6/30/2022\n6/30/2021\nNet Asset Value, at Beginning of Year\n$ 14.50\n$ 14.48\n$ 13.36\n$ 14.85\n$ 13.13\nIncome From Investment Operations:\nNet Investment Income (Loss) *\n0.14\n0.29\n0.34\n0.08\n0.05\nNet Gain (Loss) on Securities\n(Realized and Unrealized)\n3.36\n1.15\n1.87\n(0.88)\n1.67\nTotal from Investment Operations\n3.50\n1.44\n2.21\n(0.80)\n1.72\nDistributions:\nNet Investment Income\n(0.18)\n(0.54)\n(0.09)\n(0.16)\n- (a)\nRealized Gains\n(0.56)\n(0.88)\n(1.00)\n(0.53)\n-\nTotal from Dis\n...\nccounts may result in unequal time and attention\nbeing devoted to the Fund and the other accounts. Another potential conflict of interest may arise where another account has the same\ninvestment objective as the Fund, whereby the Portfolio Manager could favor one account over another. Further, a potential conflict could\ninclude the Portfolio Manager s knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio\nManager could use this information to the advantage of the other accounts and to the disadvantage of the Fund. These potential conflicts\nof interest could create the appearance that the Portfolio Manager is favoring one investment vehicle over another. The Adviser has adopted\na trade allocation policy requiring combined ( blocked ) execution of trades when more than one account managed by the Adviser\nis purchasing the same security. Where the Fund and other accounts managed by the Portfolio Manager are purchasing the same security,\nthe Adviser will execute the transaction on a blocked basis.\n15\nWhile the Fund pays the\nAdviser a fee based on assets under management, Mr. Brian Frank s compensation from the Adviser is not fixed. Because Mr. Frank\nco-owns the Adviser, his compensation is based upon the Adviser s profitability. Mr. Brian Frank participates directly in all profits\nand losses of the Adviser, including the advisory fees paid by the Fund, and is paid in cash. There are no bonuses, options, deferred\ncompensation or retirement plans associated with his service to the Fund.\nThe following table shows\nthe dollar range of equity securities beneficially owned by the Portfolio Manager in the Fund as of June 30, 2025.\nName of Portfolio Manager\nDollar Range of Equity Securities in the Fund\nBrian Frank\nOver $100,000\nCustodian\nThe UMB Financial Corporation,\nlocated at 1010 Grand Boulevard, Kansas City, MO 64106, is custodian of the Fund s investments. The custodian acts as the Fund s\ndepository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses funds\nat the Fund s request, and maintains records in connection with its duties.\nFund Services\nMutual Shareholder Services,\nLLC ( MSS ), 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147, acts as the Fund s transfer agent. MSS\nmaintains the records of the shareholder s account, answers shareholders inquiries concerning their accounts, processes purchases\nand redemptions of the Fund s shares, acts as dividend and distribution disbursing agent, and performs other transfer agent and\nshareholder service functions. MSS receives an annual fee from the Adviser of $11.50 per shareholder (subject to a minimum monthly fee\nof $775.00 per fund in the Fund Complex) for these transfer agency services.\nIn addition, MSS provides the\nFund with fund accounting services, which includes certain monthly reports, record-keeping and other management-related services. For\nits services as fund accountant, MSS receives an annual fee from the Adviser based on the average value of the Fund. These fees are: from\n$0 to $25 million in assets the annual fee is $21,000, from $25 million to $50 million in assets the annual fee is $30,500, from $50 million\nto $75 million in assets the annual fee is $36,250, from $75 million to $100 million in assets the annual fee is $42,000, from $100 million\nto $125 million in assets the annual fee is $47,750, from $125 million to $150 million in assets the annual fee is $53,500, and for asset\nabove $150 million the annual fee is $59,250. The Fund will receive a discoun\n...\npanies. However, Section\n12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired\nby the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment\ncompany is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund is not proposing to offer or sell any security\nissued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1 %\npercent. Because the Funds may rely on Section 12(d)(1)(F), each Fund (or the Adviser acting on behalf of the Fund) must comply with the\nfollowing voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned\nby the Fund, the Fund will either seek instruction from the Fund s shareholders with regard to the voting of all proxies and vote\nin accordance with such instructions, or vote the share s held by the Fund in the same proportion as the vote of all other holders of\nsuch security.\nA copy of these Proxy Voting Policies and Procedures are\navailable, without charge, upon request, by calling the Trust s toll-free telephone number at (866) 313-1344 and on the\nCommission s website at http://www.sec.gov. The Trust will send a copy of the Trust s Proxy Voting Policies and\nProcedures within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt\ndelivery.\n24\nFRANK FUNDS\nCAMELOT EVENT-DRIVEN FUND\n781 Crandon Blvd., Unit 602\nKey Biscayne, FL 33149\nTelephone: (973) 887-7698 Toll Free: (866) 706-9790\nClass A Shares:\nEVDAX\nInstitutional Class Shares:\nEVDIX\nPROSPECTUS\nNovember 1, 2025\nAdvised by: Camelot Event-Driven\nAdvisors, LLC\nAs\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus\nis truthful or complete. Any representation to the contrary is a criminal offense.\nThis\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for\nfuture reference.\nTABLE OF CONTENTS\nCAMELOT EVENT DRIVEN FUND SUMMARY\n3\nInvestment Objective\n3\nFees and Expenses\n3\nPortfolio Turnover\n4\nPrincipal Investment Strategies\n4\nPrincipal Investment Risks\n5\nPerformance\n8\nManagement\n11\nPurchase and Sale of Fund Shares\n11\nTax Information\n11\nPayments to Broker-Dealers and Other Financial Intermediaries\n11\nADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES\n12\nInvestment Objective\n12\nPrincipal Investment Strategies\n12\nTemporary Defensive Positions\n15\nPrincipal Investment Risks\n15\nPortfolio Holdings Disclosure\n19\nCybersecurity\n19\nMANAGEMENT OF THE FUND\n19\nPURCHASING FUND SHARES\n20\nShare Classes\n20\nDetermination of Net Asset Value\n20\nPurchasing Fund Shares\n21\nOpening An Account\n21\nREDEEMING FUND SHARES\n24\nRedemption Requirements\n24\nRedemption Price\n25\nRedemption Fee/Market Timing\n25\nRedemption Payment\n25\nDIVIDENDS, DISTRIBUTIONS AND TAXES\n26\nDividends and Distributions\n26\nTaxes\n26\nDISTRIBUTION\n27\nDistributor\n27\nDistribution Plan\n27\nFINANCIAL HIGHLIGHTS\n27\nCAMELOT EVENT-DRIVEN\nFUND SUMMARY\nInvestment\nObjective.\nThe\nCamelot Event-Driven Fund s (the Fund ) investment objective is to provide long-term growth of capital.\nFees and Expenses.\nT his table describes\nfees and expenses that you may pay if you buy and hold Fund shares. You may qualify for sales charge discounts if you and your\nfamily invest, or agree to invest in the future, at lea", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Camelot_Event_Driven_Fund", "p": "administrator", "o": "org:Frank_Capital_Partners_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Camelot_Event_Driven_Fund", "p": "advisedBy", "o": "org:Camelot_Event_Driven_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Camelot_Event_Driven_Fund", "p": "custodian", "o": "org:UMB_Financial_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Camelot_Event_Driven_Fund", "p": "seriesOf", "o": "trust:FRANK_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Camelot_Event_Driven_Fund", "p": "transferAgent", "o": "org:Mutual_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frank_Value_Fund", "p": "administrator", "o": "org:Frank_Capital_Partners_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Frank_Value_Fund", "p": "advisedBy", "o": "org:Frank_Capital_Partners_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frank_Value_Fund", "p": "custodian", "o": "org:UMB_Financial_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frank_Value_Fund", "p": "seriesOf", "o": "trust:FRANK_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Frank_Value_Fund", "p": "transferAgent", "o": "org:Mutual_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:FRANK_FUNDS", "p": "underwrittenBy", "o": "org:Arbor_Court_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Camelot Event Driven Fund <predicate_marker> administrator <object_marker> Frank Capital Partners, LLC <predicate_marker> advisedBy <object_marker> Camelot Event-Driven Advisors, LLC <predicate_marker> custodian <object_marker> UMB Financial Corporation <predicate_marker> seriesOf <object_marker> FRANK FUNDS <predicate_marker> transferAgent <object_marker> Mutual Shareholder Services, LLC <triple_end>\n<triple_start> Frank Value Fund <predicate_marker> administrator <object_marker> Frank Capital Partners, LLC <predicate_marker> advisedBy <object_marker> Frank Capital Partners, LLC <predicate_marker> custodian <object_marker> UMB Financial Corporation <predicate_marker> seriesOf <object_marker> FRANK FUNDS <predicate_marker> transferAgent <object_marker> Mutual Shareholder Services, LLC <triple_end>\n<triple_start> FRANK FUNDS <predicate_marker> underwrittenBy <object_marker> Arbor Court Capital, LLC <triple_end>", "target_serialized_plain": "Camelot Event Driven Fund administrator Frank Capital Partners, LLC ; advisedBy Camelot Event-Driven Advisors, LLC ; custodian UMB Financial Corporation ; seriesOf FRANK FUNDS ; transferAgent Mutual Shareholder Services, LLC .\nFrank Value Fund administrator Frank Capital Partners, LLC ; advisedBy Frank Capital Partners, LLC ; custodian UMB Financial Corporation ; seriesOf FRANK FUNDS ; transferAgent Mutual Shareholder Services, LLC .\nFRANK FUNDS underwrittenBy Arbor Court Capital, LLC .", "stats": {"input_chars": 18160, "n_triples": 11, "text_to_json_ratio": 19.4}}
{"sample_id": "0001282850:ALL", "cik": "0001282850", "trust_name": "First Trust Senior Floating Rate Income Fund II", "input_text": "FFER OR SALE IS NOT PERMITTED. THE INFORMATION APPEARING IN THIS\nPROSPECTUS SUPPLEMENT AND IN THE ACCOMPANYING PROSPECTUS IS ACCURATE ONLY AS OF\nTHE DATES ON THEIR COVERS OR THE DATES OF SUCH INFORMATION, AS APPLICABLE. THE\nFUND'S BUSINESS, FINANCIAL CONDITION AND PROSPECTS MAY HAVE CHANGED SINCE SUCH\nDATES.\n- iii -\nPROSPECTUS SUPPLEMENT SUMMARY\nThe following summary contains basic information about the Fund and its\nsecurities. It is not complete and may not contain all of the information you\nmay want to consider. You should review the more detailed information contained\nin this prospectus supplement and in the accompanying prospectus and in the SAI,\nespecially the information set forth under the heading \"Risks\" beginning on page\nS-7 of this prospectus supplement and page 28 of the accompanying prospectus.\nTHE FUND .............. First Trust Senior Floating Rate Income Fund II is a\ndiversified, closed-end management investment company\nwhich commenced operations in May 2004. The Fund's\nprimary investment objective is to seek a high level of\ncurrent income. As a secondary objective, the Fund\nattempts to preserve capital. The Fund pursues these\nobjectives through investments in a portfolio of senior\nsecured floating rate corporate loans (\"Senior Loans\").\nUnder normal market circumstances, the Fund invests at\nleast 80% of its Managed Assets (as defined below) in a\ndiversified portfolio of Senior Loans. The Fund\ncommenced operations upon completion of its initial\npublic offering of common shares in May 2004, raising\napproximately $438 million in equity after the payment\nof offering expenses. As of August 19, 2013, the Fund\nhad 26,686,784 Common Shares outstanding and net assets\nattributable to Common Shares of approximately\n$399,896,267.\nTHE OFFERING .......... The Fund and First Trust Advisors L.P. (\"First Trust\nAdvisors\" or the \"Advisor\") entered into a sales\nagreement with JonesTrading Institutional Services LLC\n(\"JonesTrading\") relating to the Common Shares offered\nby this prospectus supplement and the accompanying\nprospectus. In accordance with the terms of the sales\nagreement, the Fund may offer and sell up to 4,225,967\nCommon Shares from time to time through JonesTrading as\nour agent for the offer and sale of the Common Shares.\nAs of August 19, 2013, the Fund has sold 1,225,967\nCommon Shares pursuant to the sales agreement, resulting\nin proceeds (net of all fees, expenses and commissions)\nof $19,345,003.\nThe Fund's common shares are listed on the New York\nStock Exchange under the symbol \"FCT.\" As of August 19,\n2013, the last reported sale price for the common shares\nwas $15.99 and the net asset value per share of the\ncommon shares was $14.98.\nSales of the Common Shares, if any, under this\nprospectus supplement and the accompanying prospectus\nmay be made in negotiated transactions or transactions\nthat are deemed to be \"at the market\" as defined in Rule\n415 under the 1933 Act, including sales made directly on\nthe New York Stock Exchange or sales made to or through\na market maker other than on an exchange. The Common\nShares may not be sold through agents, underwriters or\ndealers without delivery or deemed delivery of a\nprospectus and a prospectus supplement describing the\nmethod and terms of the offering of our securities.\nUnder the Investment Company Act of 1940, as amended\n(the \"1940 Act\"), the Fund may not sell any Common\nShares at a price below the current net asset value of\nsuch Common Shares, exclusive of any distributing\ncommission or discount, except with the consent of a\nmajority of its common shareholders, or under certain\not\n...\n, the Fund will generate more return or\nincome than will be needed to pay such dividends or\ninterest payments. In this event, the excess will be\navailable to pay higher dividends to common\nshareholders. When leverage is employed, the NAV and\nmarket prices of the common shares and the yield to\ncommon shareholders will be more volatile.\nTAX MATTERS .......... Distributions with respect to the Common Shares will\nconstitute dividends to the extent of the Fund's current\nand accumulated earnings and profits, as calculated for\nU.S. federal income tax purposes. Such dividends\ngenerally will be taxable as ordinary income to common\nshareholders. Distributions of net capital gain that are\ndesignated by the Fund as capital gain dividends will be\ntreated as long-term capital gains in the hands of\ncommon shareholders receiving such distributions. In\naddition, distributions generally will not constitute\n\"qualified dividends\" for U.S. federal income tax\npurposes and thus will not be eligible for the lower tax\nrates on qualified dividends. See \"Tax Matters.\"\nLISTING .............. The Fund's currently outstanding common shares are, and\nthe Common Shares offered in this prospectus and any\napplicable prospectus supplement will be, subject to\nnotice of issuance, listed on the New York Stock\nExchange under the trading or \"ticker\" symbol \"FCT.\" The\nnet asset value of the Fund's common shares at the close\nof business on July 31, 2013 was $15.07 per common\nshare, and the last sale price of the common shares on\nthe New York Stock Exchange on such date was $15.74.\n-5-\nCUSTODIAN,\nADMINISTRATOR\nAND TRANSFER AGENT.... BNY Mellon Investment Servicing (US) Inc. serves as the\nFund's Administrator, Fund Accountant, Transfer Agent\nand Board Administrator in accordance with certain fee\narrangements. The Bank of New York Mellon serves as the\nFund's Custodian in accordance with certain fee\narrangements.\nCLOSED-END\nSTRUCTURE ............ Closed-end funds differ from open-end management\ninvestment companies (commonly referred to as mutual\nfunds) in that closed-end funds generally list their\nshares for trading on a securities exchange and do not\nredeem their shares at the option of the shareholder. By\ncomparison, mutual funds issue securities redeemable at\nnet asset value at the option of the shareholder and\ntypically engage in a continuous offering of their\nshares. Mutual funds are subject to continuous asset\nin-flows and out-flows that can complicate portfolio\nmanagement, whereas closed-end funds generally can stay\nmore fully invested in securities consistent with the\nclosed-end fund's investment objective and policies. In\naddition, in comparison to open-end funds, closed-end\nfunds have greater flexibility in their ability to make\ncertain types of investments, including investments in\nilliquid securities.\nShares of closed-end investment companies listed for\ntrading on a securities exchange frequently trade at a\ndiscount from net asset value, but in some cases trade\nat a premium. See \"Market and Net Asset Value\nInformation.\" The market price may be affected by net\nasset value, dividend or distribution levels (which are\ndependent, in part, on expenses), supply of and demand\nfor the shares, stability of dividends or distributions,\ntrading volume of the shares, general market and\neconomic conditions and other factors beyond the control\nof the closed-end fund. The foregoing factors may result\nin the market price of the common shares of the Fund\nbeing greater than, less than or equal to, net asset\nvalue. The Board of Trustees has reviewed the structure\nof the Fund in light of i\n...\nalyst designation.\nFirst Trust Advisors, a registered investment advisor, is an Illinois limited\npartnership formed in 1991 and an investment advisor registered with the\nSecurities and Exchange Commission under the Investment Advisors Act of 1940\n(the \"Advisers Act\"). First Trust Advisors is a limited partnership with one\nlimited partner, Grace Partners of DuPage L.P. (\"Grace Partners\"), and one\ngeneral partner, The Charger Corporation. Grace Partners is a limited\npartnership with one general partner, The Charger Corporation, and a number of\nlimited partners. Grace Partners' and The Charger Corporation's primary business\nis investment advisory and broker-dealer services through their ownership\ninterests in various entities.\nThe Charger Corporation is an Illinois corporation that was previously\ncontrolled by the Robert Donald Van Kampen family. On August 24, 2010, members\nof the Robert Donald Van Kampen family entered into a stock purchase agreement\nwith James A. Bowen, the President of the Advisor, to sell 100% of the common\n-37-\nstock of The Charger Corporation to Mr. Bowen (who holds the interest through a\nlimited liability company of which he is the sole member) (the \"Advisor\nTransaction\"). The Advisor Transaction was completed in accordance with its\nterms on October 12, 2010.\nFour Corners Capital Management, LLC (\"Four Corners\") served as the Fund's\ninvestment sub-advisor and managed the Fund's portfolio subject to First Trust\nAdvisor's supervision until October 12, 2010. Effective October 12, 2010, the\nLeveraged Finance Investment Team of First Trust assumed the day-to-day\nresponsibility for management of the Fund's portfolio. Additionally, effective\nOctober 12, 2010, the Fund's name was changed from First Trust/Four Corners\nSenior Floating Rate Income Fund II to \"First Trust Senior Floating Rate Income\nFund II.\"\nFor additional information concerning First Trust Advisors, including a\ndescription of the services provided, see \"Investment Advisor\" in the SAI.\nINVESTMENT MANAGEMENT AGREEMENT\nPursuant to an investment management agreement between the Advisor and the\nFund (the \"Investment Management Agreement\"), the Fund has agreed to pay a fee\nfor the services and facilities provided by the Advisor at the annual rate of\n0.75% of Managed Assets.\nFor purposes of calculation of the management fee, the Fund's \"Managed\nAssets\" means the average daily gross asset value of the Fund (which includes\nassets attributable to the Fund's Preferred Shares, if any, and the principal\namount of Borrowings), minus the sum of the Fund's accrued and unpaid dividends\non any outstanding Preferred Shares and accrued liabilities (other than the\nprincipal amount of any Borrowings incurred, commercial paper or notes issued by\nthe Fund).\nIn addition to the management fee, the Fund pays all other costs and expenses\nof its operations, including the compensation of its trustees (other than those\naffiliated with the Advisor), custodian, transfer agency, administrative,\naccounting and dividend disbursing expenses, legal fees, leverage expenses,\nrating agency fees, listing fees and expenses, expenses of the independent\nregistered public accounting firm, expenses of repurchasing Common Shares,\nexpenses of preparing, printing and distributing shareholder reports, notices,\nproxy statements and reports to governmental agencies and taxes, if any.\nBecause the fee paid to the Advisor will be calculated on the basis of the\nFund's Managed Assets, which include the proceeds of leverage, the dollar amount\nof the Advisor's fees will be higher (and the Advisor will be benefited t", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"]}}, "target_triples": [{"s": "fund:First_Trust_Senior_Floating_Rate_Income_Fund_II", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:First_Trust_Senior_Floating_Rate_Income_Fund_II", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:First_Trust_Senior_Floating_Rate_Income_Fund_II", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:First_Trust_Senior_Floating_Rate_Income_Fund_II", "p": "seriesOf", "o": "trust:First_Trust_Senior_Floating_Rate_Income_Fund_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> First Trust Senior Floating Rate Income Fund II <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Senior Floating Rate Income Fund II <triple_end>", "target_serialized_plain": "First Trust Senior Floating Rate Income Fund II administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Senior Floating Rate Income Fund II .", "stats": {"input_chars": 10810, "n_triples": 4, "text_to_json_ratio": 27.9}}
{"sample_id": "0001296250:ALL", "cik": "0001296250", "trust_name": "PIMCO Income Strategy Fund II", "input_text": "mance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. These and other developments may adversely affect the liquidity of the Fund's holdings (see \"Liquidity Risk\" in the Prospectus for further details).\nNo Other Changes . Except as described in this supplement, the terms of the Offering and all other information the Fund described in the Prospectus remain unchanged.\nInvestors Should Retain This Supplement for Future Reference\nPFN_SUPP1_041320\n\n\f\n\n497\n1\nd825593d497.htm\n497\n497\nTable of Contents\nPROSPECTUS\nSUPPLEMENT (To Prospectus dated November 27, 2019)\nPIMCO Income Strategy Fund II Up to $76,800,000 Common Shares of Beneficial\nInterest PIMCO Income Strategy Fund II (the \"Fund\") has entered into an amended and restated sales\nagreement (the \"Sales Agreement\") with JonesTrading Institutional Services LLC (\"JonesTrading\") relating to its common shares of beneficial interest, par value $0.00001 per share (\"Common Shares\"), offered by this Prospectus Supplement and the\naccompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell its Common Shares under this Prospectus Supplement and accompanying Prospectus having an aggregate offering price of up to $76,800,000, from\ntime to time through JonesTrading as its agent for the offer and sales of the Common Shares. As of March 6, 2020, the Fund had sold in a prior \"at the market\" offering an aggregate of 9,320,350 Common Shares under the Fund's current shelf\nregistration statement, representing net proceeds to the Fund of $97,187,788 after payment of commissions. Under the Investment Company Act of 1940, as amended (the \"1940 Act\"), the Fund may not sell any Common Shares at a price below the current\nnet asset value (\"NAV\") of such common shares, exclusive of any distributing commission or discount. The Fund's investment objective is to seek high current income, consistent with the preservation of capital.\nThe Fund's outstanding Common Shares are listed on the New York Stock Exchange (\"NYSE\") under the symbol \"PFN,\" as\nwill be the Common Shares offered in this Prospectus Supplement and the accompanying Prospectus, subject to notice of issuance. The last reported sale price for the Common Shares on March 6, 2020 was $10.22 per share. The NAV of the Common Shares at\nthe close of business on March 6, 2020 was $9.56 per share. Sales of the Common Shares, if any,\nunder this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be \"at the market\" as defined in Rule 415 under the\n...\nInc. or Fitch, Inc.) or unrated but determined by PIMCO (as defined below) to be of comparable\nquality, the Fund's exposure to foreign and emerging markets securities and currencies and to mortgage-related and other asset-backed securities, and the Fund's use of leverage. Debt securities of below investment grade quality are regarded as\nhaving predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as \"high yield\" securities or \"junk bonds.\" The Fund's exposure to foreign securities and currencies, and\nparticularly to emerging markets securities and currencies, involves special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, unreliable or untimely\ninformation or economic and financial instability. Mortgage-related and other asset-backed securities are subject to extension and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks\nassociated with investing in high yield securities, foreign and emerging market securities (and related exposure to foreign currencies) and mortgage-related and other asset-backed securities, and using leverage, an investment in the Fund should be\nconsidered speculative. Before investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in \"Principal Risks of the Fund\" in the accompanying Prospectus. Certain of these risks are summarized in\n\"Prospectus Summary Principal Risks of the Fund\" in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund.\nInvestment Manager Pacific Investment Management Company LLC serves as the investment manager of the Fund. Subject to the supervision of the Board of Trustees of the Fund, PIMCO is responsible for managing the investment\nactivities of the Fund and the Fund's business affairs and other administrative matters. The Investment Manager receives an annual fee from the Fund, payable monthly, in an amount equal to 0.83% of the Fund's average weekly \"total managed assets.\"\n\"Total managed assets\" includes the total assets of the Fund (including any assets attributable to any preferred shares or other forms of leverage that may be outstanding) minus accrued liabilities (other than liabilities representing\nleverage).PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to registered investment\ncompanies. PIMCO is a majority-owned indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of December 31, 2019, PIMCO had approximately $1.91 trillion in assets under management.\nS-4\nSUPPLEMENT | March 12, 2020\nTable of Contents The\nOffering The Fund and the Investment Manager have entered into the Sales Agreement with\nJonesTrading relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell its Common Shares having an aggregate offering price\nof up to $76,800,000 through JonesTrading as its agent for the offer and sale of the Common Shares. As of\nMarch 6, 2020, the Fund had sold in a prior \"at the market\" offering an aggregate of 9,320,350 Common Shares under the Fund's current sh\n...\nn the Fund in \"Principal Risks of the Fund.\" Certain of these risks are summarized in \"Prospectus Summary Principal Risks of the Fund.\" You should rely only\non the information contained or incorporated by reference in this prospectus and any related prospectus supplement. The Fund has not authorized any other person to provide you with inconsistent information. If anyone provides you with inconsistent\ninformation, you should not assume that the Fund has authorized or verified it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information\ncontained in this prospectus or any prospectus supplement is accurate as of any date other than the dates on their respective front covers. The Fund's business, financial condition, results of operations and prospects may have changed since the date\nof this prospectus or the date of any prospectus supplement.\niv\nTable of Contents\nPage\nProspectus Summary\n1\nSummary of Fund Expenses\n22\nFinancial Highlights\n24\nUse of Proceeds\n27\nThe Fund\n27\nInvestment Objective and Policies\n27\nPortfolio Contents\n28\nUse of Leverage\n48\nPrincipal Risks of the Fund\n50\nHow the Fund Manages Risk\n65\nManagement of the Fund\n67\nNet Asset Value\n69\nDistributions\n71\nDividend Reinvestment Plan\n72\nDescription of Capital Structure\n73\nPlan of Distribution\n77\nMarket and Net Asset Value Information\n77\nAnti-Takeover and Other Provisions in the Declaration of Trust\n78\nRepurchase of Common Shares; Conversion to Open-End Fund\n79\nTax Matters\n79\nShareholder Servicing Agent, Custodian and Transfer Agent\n81\nIndependent Registered Public Accounting Firm\n81\nLegal Matters\n81\nTable of Contents for Statement of Additional Information\n82\nAppendix A - Description of Securities Ratings\nA-1\nPIMCO Income Strategy Fund II\nProspectus Summary This is only a summary. This summary may not contain all of the information that you should consider before investing in the Fund's common shares of beneficial interest, par value $0.00001 per share\n(the \"Common Shares\"). You should review the more detailed information contained in this prospectus and in any related prospectus supplement and in the Statement of Additional Information, especially the information set forth under the heading\n\"Principal Risks of the Fund.\" The Fund\nPIMCO Income Strategy Fund II (the \"Fund\") is a diversified, closed-end management investment company. The Fund\ncommenced operations on October 29, 2004, following the initial public offering of its Common Shares. Effective March 1, 2010, the Fund changed its name from PIMCO Floating Rate Strategy Fund to its current name, PIMCO Income Strategy Fund\nII. The Common Shares are listed on the New York Stock Exchange (\"NYSE\") under the symbol \"PFN.\" As of\nOctober 31, 2019, the net assets of the Fund attributable to Common Shares were $633,893,055 and the Fund had outstanding 66,417,191 Common Shares and 3,497 auction rate preferred shares of beneficial interest (\"ARPS\" and, together with any other\npreferred shares issued by the Fund, \"Preferred Shares\"). The last reported sale price of the Common Shares, as reported by the NYSE on October 31, 2019, was $10.56 per Common Share. The net asset value (\"NAV\") of the Common Shares at the close of\nbusiness on October 31, 2019, was $9.54 per Common Share. See \"Description of Capital Structure.\" The Offering\nThe Fund may offer, from time to time, in one or more offerings, up to $175,000,000 of Common\nShares on terms to be determined at the time of the offering. The Common Shares may be offered at prices and on t\n...\na\nparticular period. Although return of capital distributions are not taxable, such distributions would reduce the basis of a shareholder's Common Shares and therefore may increase a shareholder's capital gains, or decrease a shareholder's capital\nloss, upon a sale of Common Shares, thereby potentially increasing a shareholder's tax liability. The Fund will prepare and make available to shareholders detailed tax information with respect to the Fund's distributions annually. See \"Tax\nMatters.\" The 1940 Act currently limits the number of times the Fund may distribute long-term capital\ngains in any tax year, which may increase the variability of the Fund's distributions and result in certain distributions being comprised more or less heavily than others of long-term capital gains currently eligible for favorable income tax rates.\nThe Fund, as well as several other PIMCO-managed closed end funds, has received exemptive relief from the SEC permitting it to make a greater number of capital gains distributions to holders of the ARPS than would otherwise be permitted by Section\n19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act. Unless a Common Shareholder elects to receive\ndistributions in cash, all distributions of Common Shareholders whose shares are registered with the plan agent will be automatically reinvested in additional Common Shares of the Fund under the Fund's Dividend Reinvestment Plan. For more\ninformation on the Fund's dividend and distributions, see \"Distributions\" and \"Dividend Reinvestment Plan.\" Shareholder Servicing\nAgent, Custodian and Transfer Agent The Investment Manager, at its own expense, has retained Merrill\nLynch Co., Merrill Lynch, Pierce, Fenner Smith, Incorporated, and UBS Securities LLC to serve as shareholder servicing agents for the Fund. State Street Bank and Trust Company serves as custodian of the Fund's assets and also provides\ncertain fund accounting and sub-administrative services to the Investment Manager on behalf of the Fund. American Stock Transfer Trust Company, LLC serves as the Fund's transfer agent and dividend disbursement agent. See \"Shareholder Servicing\nAgent, Custodian and Transfer Agent.\"\n6\nPROSPECTUS | PIMCO Income Strategy Fund II\nTable of Contents\nBase Prospectus\nListing The Fund's outstanding Common Shares are\nlisted on the NYSE under the trading or \"ticker\" symbol \"PFN,\" as will be the Common Shares offered in this prospectus, subject to notice of issuance. Market Price of Shares Shares of closed-end\ninvestment companies frequently trade at prices lower than NAV. Shares of closed-end investment companies have during some periods traded at prices higher than NAV and during other periods traded at prices lower than NAV. The Fund cannot assure you\nthat Common Shares will trade at a price equal to or higher than NAV in the future. NAV will be reduced immediately following an offering by any sales load and/ or commissions and the amount of offering expenses paid or reimbursed by the Fund. See\n\"Use of Proceeds.\" In addition to NAV, market price may be affected by factors relating to the Fund such as dividend levels and stability (which will in turn be affected by Fund expenses, including the costs of any leverage used by the Fund, levels\nof interest payments by the Fund's portfolio holdings, levels of appreciation/depreciation of the Fund's portfolio holdings, regulation affecting the timing and character of Fund distributions and other factors), portfolio credit quality, liquidity,\ncall protection, market supply and demand and similar factors relating to the Fund's portfolio holdings.", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:PIMCO_Income_Strategy_Fund_II", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Income_Strategy_Fund_II", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Income_Strategy_Fund_II", "p": "seriesOf", "o": "trust:PIMCO_Income_Strategy_Fund_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_Income_Strategy_Fund_II", "p": "underwrittenBy", "o": "org:JonesTrading_Institutional_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Income Strategy Fund II <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Income Strategy Fund II <triple_end>\n<triple_start> PIMCO Income Strategy Fund II <predicate_marker> underwrittenBy <object_marker> JonesTrading Institutional Services LLC <triple_end>", "target_serialized_plain": "PIMCO Income Strategy Fund II advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Income Strategy Fund II .\nPIMCO Income Strategy Fund II underwrittenBy JonesTrading Institutional Services LLC .", "stats": {"input_chars": 14412, "n_triples": 4, "text_to_json_ratio": 32.2}}
{"sample_id": "0001314414:ALL", "cik": "0001314414", "trust_name": "NORTHERN LIGHTS FUND TRUST", "input_text": "er is responsible for ongoing performance evaluation and monitoring\nof the subadviser. The subadviser may engage in frequent trading of securities in managing the Fund s portfolio.\nSubadviser s Security Selection Process\nThe subadviser focuses on meeting the Fund s\ninterest income goal while maintaining liquidity and limiting credit and interest rate risk by considering the influence of overall economic\nconditions on interest rates and by selecting individual bonds that it believes will enhance the Fund s income. In selecting investments\nfor the Fund, the subadviser s research analysts work closely with the Fund s portfolio managers to develop an outlook on\nthe economy from research generated internally, and from that produced by various other financial firms and specific forecasting services,\nand from economic data released by the U.S. and foreign governments as well as the Federal Reserve Bank. The analysts also conduct a thorough\nreview of individual securities to identify what they consider attractive values in the U.S. government security marketplace through the\nuse of quantitative tools such as internal and external systems and software. The subadviser seeks to balance opportunities for yield\nand price performance by combining macroeconomic analysis with individual security selection. The subadviser seeks to increase the opportunity\nfor higher income while maintaining the greater price stability that shorter duration portfolios exhibit relative to long duration fixed\nincome securities and portfolios.\nThe subadviser buys securities to meet the Fund s\nincome goal and sells securities to adjust duration or to purchase other securities that the subadviser believes may perform better.\nPrincipal Investment Risks\nShares of the Fund are not deposits or obligations\nof any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other government agency.\nCredit Risk: There is a risk that issuers will not make payments on securities held by the Fund,\nresulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer s financial\ncondition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit\nquality also may affect liquidity and make it difficult for the Fund to sell the security. Default, or the market s perception that\nan issuer is likely to default, could reduce the value and liquidity of securities held by the Fund, thereby reducing the value of your\ninvestment in Fund shares. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its\nportfolio holdings.\nFixed Income and Interest Rate Risk: When the Fund invests in fixed income securities, the value\nof your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in\nthe value of the fixed income securities owned by the Fund. In general, the market price of debt securities with longer maturities will\nincrease or decrease more in response to changes in interest rates than shorter-term securities. Any U.S. Federal Reserve System revisions\nto its current policy of maintaining the federal funds rate at a low level and purchasing large quantities of securities issued or guaranteed\nby the U.S. government, its agencies or instrumentalities on the open market to support U.S. economic recovery will have uncertain impacts\non U.S. interest rates and fixed income market volatility.\no Changing Fixed Income Market Conditions Risk: When the\n...\nh High Street, Suite 1700\nColumbus, OH 43215\nIndependent\nRegistered Public\nAccounting Firm\nCohen\nCompany, Ltd.\n1350 Euclid Ave., Suite 800\nCleveland, OH 44115\nTransfer\nAgent\nUltimus\nFund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nAdditional information about the Fund is included\nin the Fund s Statement of Additional Information dated April 30, 2026 (the SAI ). The SAI is incorporated into this\nProspectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund s policies\nand management. Additional information about the Fund s investments is also available in the Fund s Annual and Semi-Annual\nFinancial Statements to Shareholders. In the Fund s Annual Financial Statements, you will find a discussion of the market conditions\nand investment strategies that significantly affected the Fund s performance during its last fiscal year.\nTo obtain a free copy of the SAI and the Annual and\nSemi-Annual Financial Statements to Shareholders, or other information about the Fund, or to make shareholder inquiries about the Fund,\nplease call (855) 881-2380 or visit www.TransWesternCapital.com. You may also write to:\nTransWestern Institutional Short Duration Government\nBond Fund\nc/o Ultimus Fund Solutions, LLC\nRegular/Express Mail\nP.O. Box 46707\nCincinnati, OH 45246\nor overnight to\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nReports and other information about the Fund are available\non the EDGAR Database on the SEC s Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying\na duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.\nInvestment Company Act File #811-21720\nTransWestern\nInstitutional Short Duration Government Bond Fund\nA Series of Northern Lights Fund Trust\nSYMBOL: TWSGX\nSTATEMENT OF ADDITIONAL INFORMATION\nApril 30, 2026\nThis Statement\nof Additional Information (\"SAI\") is not a prospectus and should be read in conjunction with the prospectus of the TransWestern\nInstitutional Short Duration Government Bond Fund (the \"Fund\") dated April 30, 2026. The Fund's prospectus is hereby incorporated\nby reference, which means it is legally part of this document. You can obtain copies of the Fund's prospectus, annual or semi-annual\nfinancial statements without charge by contacting the Fund's Transfer Agent, Ultimus Fund Services, LLC, 225 Pictoria Drive, Suite 450,\nCincinnati, Ohio 45246 or by calling 1-855-881-2380. You may also obtain a prospectus by visiting the Fund s website at www.TransWesternCapital.com.\nTABLE OF CONTENTS\nTHE FUND\n1\nTYPES\nOF INVESTMENTS\n2\nINVESTMENT\nRESTRICTIONS\n7\nPOLICIES\nAND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS\n9\nMANAGEMENT\n11\nCONTROL\nPERSONS AND PRINCIPAL HOLDERS\n19\nINVESTMENT\nADVISER\n20\nSUB-ADVISER\n22\nPORTFOLIO\nMANAGERS\n24\nALLOCATION\nOF PORTFOLIO BROKERAGE\n27\nPORTFOLIO\nTURNOVER\n27\nOTHER\nSERVICE PROVIDERS\n28\nDESCRIPTION\nOF SHARES\n30\nANTI-MONEY\nLAUNDERING PROGRAM\n33\nPURCHASE,\nREDEMPTION AND PRICING OF SHARES\n33\nTAX\nSTATUS\n39\nINDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM\n43\nLEGAL\nCOUNSEL\n43\nFINANCIAL\nSTATEMENTS\n43\nAPPENDIX\nA SUB-ADVISER'S PROXY VOTING POLICIES AND PROCEDURES\n44\n1\nTHE FUND\nThe Fund is a series of Northern\nLights Fund Trust, a Delaware statutory trust organized on January 19, 2005 (the Trust ). The Trust is registered as\nan open-end management investment company. The Trust is governed by its Board of Trustees (the Board or Trustees ).\nThe Fund may issue an unlimited\nnumber of shares, in classes, of beneficial interest. All shares of the Fund have equal rights\n...\nhas adopted policies\nand procedures that govern the disclosure of the Fund's portfolio holdings. These policies and procedures are designed to ensure that\nsuch disclosure is in the best interests of Fund shareholders.\nThe Fund may disclose its portfolio\nholdings by mailing a quarterly report to its shareholders. In addition, the Fund will disclose its portfolio holdings reports on\nForms N-CSR and Form N-PORT by two months after the end of each quarter/semi-annual period.\nThe Fund may choose to make available\nto rating agencies such as Lipper, Morningstar or Bloomberg earlier and more frequently on a confidential basis.\nUnder limited circumstances, as\ndescribed below, the Fund's portfolio holdings may be disclosed to, or known by, certain third parties in advance of their filing with\nthe SEC on Form N-CSR or Form N-PORT. In each case, a determination has been made that such advance disclosure is supported by a\nlegitimate business purpose and that the recipient is subject to a duty to keep the information confidential and not to trade on any material,\nnon-public information.\nThe Adviser and Sub-adviser. Personnel of the Adviser and Sub-adviser, including personnel responsible\nfor managing the Fund's portfolio, may have full daily access to Fund portfolio holdings because that information is necessary in order\nfor the Adviser and Sub-adviser to provide management, administrative, and investment services to the Fund. As required for purposes\nof analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as\nwell as for the assistance of portfolio manager in the trading of such securities, Adviser and Sub-adviser personnel may also release\nand discuss certain portfolio holdings with various broker-dealers.\nUltimus Fund Solutions, LLC. Ultimus Fund Solutions, LLC is the transfer agent, fund accountant\nand administrator for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings because that information\nis necessary in order for them to provide the agreed-upon services for the Trust.\n9\nU.S. Bank, National Association. U.S. Bank, National Association is the custodian for the Fund; therefore,\nits personnel have full daily access to the Fund s portfolio holdings since that information is necessary in order for them to provide\nthe agreed-upon services for the Trust.\nCohen Company, Ltd. Cohen Company, Ltd. is the Fund s Independent Registered\nPublic Accounting Firm; therefore, its personnel have access to the Fund s portfolio holdings in connection with auditing of the\nFund s annual financial statements and providing assistance and consultation in connection with SEC filings.\nThompson Hine LLP. Thompson Hine LLP is counsel to the Trust;\ntherefore, its personnel have access to the Fund's portfolio holdings in connection with the review of the Fund's annual and semi-annual\nfinancial statements and SEC filings.\nCounsel to the Trust s Independent Trustees. Counsel to the\nTrust s Independent Trustees and its personnel have access to the Fund's portfolio holdings in connection with the review of the\nFund's annual and semi-annual financial statements and SEC filings.\nDerivatives Risk Consultant: The Trust has engaged a derivatives risk consultant ( Consultant )\nto consult with the Board , and the Adviser , regarding the effectiveness of derivatives risk management. The Consultant therefore may\nhave access to the Fund s portfolio holdings in order to provide such services to the Trust.\nAdditions to List of Approved\nRecipients. The Trust's Chief Compli\n...\nies with maturities at the time of acquisition of one year or less. High portfolio\nturnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund.\nA 100% turnover rate would occur if all of the Fund s portfolio securities were replaced once within a one-year period. For the\nfiscal year ended December 31, 2024, the Fund s portfolio turnover rate was 208%. For the fiscal year ended December 31, 2025, the\nFund s portfolio turnover rate was 205%.\nOTHER SERVICE PROVIDERS\nFund Administration, Fund Accounting and Transfer Agent Services\nUltimus\nFund Solutions, LLC ( UFS ), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves\nas administrator, fund accountant and transfer agent for the Fund pursuant to a Fund Services Agreement (the Agreement )\nwith the Trust and subject to the supervision of the Board. UFS is primarily in the business of providing administrative, fund accounting\nand transfer agent services to retail and institutional mutual funds. UFS may also provide persons to serve as officers of the Fund. Such\nofficers may be directors, officers or employees of UFS or its affiliates.\nUFS may recommend the engagement\nof certain service providers, such as trading sub-advisors, securities lending agents and other service providers, to the Trust and advisers\nand sub-advisers of Funds in the Trust. UFS may receive a referral or revenue sharing fee from such service providers in connection with\nsuch engagements. Any agreement between the Trust and such service providers is subject to the approval of the Trustees.\nEffective February 1, 2019, NorthStar\nFinancial Services Group, LLC, the parent company of Gemini Fund Services, LLC and its affiliated companies including Northern Lights\nDistributors, LLC and Northern Lights Compliance Services, LLC (collectively, the Gemini Companies ), sold its interest in\nthe Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent\nmutual fund administration firm) and its affiliates (collectively, the Ultimus Companies ). As a result of these separate\ntransactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group,\nLLC.\nThe Agreement became effective\non June 22, 2011 and remained in effect for two years from the applicable effective date for the Fund, and continues in effect for successive\ntwelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Board. The Agreement\nis terminable by the Board or UFS on 90 days written notice and may be assigned by either party, provided that the Trust may not\nassign this\n27\nagreement without the prior written consent of UFS.\nThe Agreement provides that UFS shall be without liability for any action reasonably taken or omitted pursuant to the Agreement.\nUnder the Agreement, UFS performs\nadministrative services, including: (1) monitoring the performance of administrative and professional services rendered to the Trust by\nothers service providers; (2) monitoring Fund holdings and operations for post-trade compliance with the Fund s registration statement\nand applicable laws and rules; (3) preparing and coordinating the printing of semi-annual and annual financial statements and tailored\nshareholder reports; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and disseminating\nmaterials for and attending and participating in mee\n...\nstment Partners Asset Management, Inc. and the Registrant, with respect to Investment Partners Opportunities\nFund previously filed on October 30, 2009 to the Registrant s Registration Statement in Post-Effective Amendment No. 111, and hereby\nincorporated by reference.\n(d)(16)\nAmendment\nto the Investment Advisory Agreement between Princeton Fund Advisors, LLC and the Registrant, with respect to Princeton Futures Strategy\nFund, filed previously filed on July 28, 2016 to the Registrant s Registration Statement in Post-Effective Amendment No. 847, and\nhereby incorporated by reference.\n(d)(17)\nSub-Advisory\nAgreement between Princeton Fund Advisors, LLC and 6800 Capital, LLC, with respect to the Princeton Futures Strategy Fund previously filed\non May 28, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.\n(d)(18)\nSub-Advisory\nAgreement between Princeton Fund Advisors, LLC and Congress Asset Management Company, LLP, with respect to the Princeton Futures Strategy\nFund previously filed on October 9, 2013 to the Registrant s Registration Statement in Post-Effective Amendment No. 540, and hereby\nincorporated by reference.\n(d)(19)\nInvestment\nAdvisory Agreement between Chadwick D Amato, LLC and the Registrant, with respect to Chadwick D Amato Fund previously\nfiled on June 10, 2010 to the Registrant s Registration Statement in Post-Effective Amendment No. 157, and hereby incorporated by\nreference.\n(d)(20)\nInvestment\nAdvisory Agreement between 13D Management, LLC and the Registrant, with respect to 13D Activist Fund previously filed on December 29,\n2011 to the Registrant s Registration Statement in Post-Effective Amendment No. 345, and hereby incorporated by reference.\n(d)(21)\nInvestment\nAdvisory Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Managed Futures Strategy Fund, Altegris\nMacro Strategy Fund, Altegris Futures Evolution Fund, Altegris Equity Long Short Fund, Altegris Fixed Income Long Short Fund, Altegris\nMulti-Strategy Alternatives Fund and Altegris GSA Trend Strategy Fund previously filed on April 19, 2017 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 960, and hereby incorporated by reference.\n(d)(22)\nInvestment\nAdvisory Agreement between W.E. Donoghue Co., Inc. and the Registrant, with respect to Power Income Fund previously filed on August\n27, 2010 to the Registrant s Registration Statement in Post-Effective Amendment No. 170, and hereby incorporated by reference.\n(d)(23)\nInvestment\nAdvisory Agreement between Portfolio Strategies, Inc. and the Registrant, with respect to PSI Market Neutral Fund, PSI Total Return Fund,\nPSI Strategic Growth Fund and PSI Tactical Growth Fund previously filed on August 27, 2010 to the Registrant s Registration Statement\nin Post-Effective Amendment No. 170, and hereby incorporated by reference.\n(d)(24)\nInvestment\nAdvisory Agreement between CWC Advisors, LLC and the Registrant, with respect to CWC Small Cap Aggressive Value Fund previously filed\non November 30, 2010 to the Registrant s Registration Statement in Post-Effective Amendment No. 186, and hereby incorporated by\nreference.\n(d)(25)\nInvestment\nAdvisory Agreement between Traub Capital Management, LLC and the Registrant, with respect to The FX Strategy Fund previously filed on\nJanuary 20, 2011 to the Registrant s Registration Statement in Post-Effective Amendment No. 201, and hereby incorporated by reference.\n(d)(26)\nInvestment\nAdvisory Agreement between TransWestern Capital Advisors, LLC and the Registrant, with r\n...\nles\nFund previously filed on January 23, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 659, and hereby\nincorporated by reference.\n(d)(92)\nAmendment\nto the Investment Advisory Agreement between Genesis Capital LLC, and Registrant with respect to the Granite Harbor Alternative Fund and\nGranite Harbor Tactical Fund previously filed on January 23, 2015 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 659, and hereby incorporated by reference.\n(d)(93)\nAmendment\nto the Investment Advisory Agreement between W.E. Donoghue Co. Inc., and Registrant with respect to the Power Income Fund previously\nfiled on January 23, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated\nby reference.\n(d)(94)\nAmendment\nto the Investment Advisory Agreement between Clark Capital Management Group, Inc. and Registrant with respect to the Navigator Duration\nNeutral Bond Fund previously filed on January 23, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No.\n659, and hereby incorporated by reference.\n(d)(95)\nAmendment\nto the Investment Advisory Agreement between BTS Asset Management, Inc. and Registrant with respect to the BTS Tactical Fixed Income Fund\npreviously filed on March 9, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 693, and hereby incorporated\nby reference.\n(d)(96)\nInvestment\nSub-Advisory Agreement between Altegris Advisors, L.L.C. and MAST Capital Management, LLC, with respect to the Altegris Fixed Income Long\nShort Fund previously filed on April 15, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 697, and\nhereby incorporated by reference.\n(d)(97)\nInvestment\nAdvisory Agreement between Ladenburg Thalmann Asset Management, Inc. and Registrant with respect to the Ladenburg Aggressive Growth Fund,\nLadenburg Growth Fund, Ladenburg Growth Income Fund, Ladenburg Income Growth Fund and Ladenburg Income Fund previously filed\non September 1, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No, 749, and hereby incorporated by\nreference.\n(d)(98)\nInvestment\nAdvisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously\nfiled on September 8, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 750, and hereby incorporated\nby reference.\n(d)(99)\nInvestment\nAdvisory Agreement between Dearborn Capital Management, LLC and Registrant with respect to Grant Park Absolute Return Fund and Grant Park\nFixed Income Fund previously filed on April 30, 2015 to the Registrant s Registration Statement and hereby incorporated by reference.\n(d)(100)\nInvestment\nSub-Advisory Agreement between Dearborn Capital Management, LLC and Revolution Capital Management, LLC previously filed on August 7, 2015\nto the Registrant s Registration Statement in Post-Effective Amendment No. 734, and hereby incorporated by reference.\n(d)(101)\nInvestment\nSub-Advisory Agreement between Princeton Fund Advisors, LLC and Deer Park Road Management Company, LP, with respect to Deer Park Total\nReturn Credit Fund previously filed on October 23, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No.\n762, and hereby incorporated by reference.\n(d)(102)\nInvestment\nSub-Advisory Agreement between Dearborn Capital Management, LLC and Middleton Dickinson Capital Management, LLC, with respect to Grant\nPark Fixed Income Fund previously filed on July 31, 2015 to the Registran\n...\nes Evolution Strategy Fund and Altegris/AACA Real Estate Opportunistic\nFund previously filed on March 24, 2021 to the Registrant s Registration Statement in Post-Effective Amendment No. 1,338, and hereby\nincorporated by reference.\n(d)(152)\nFirst\nAmendment to Investment Advisory Agreement between Pacific Financial Group, LLC and PFG American Funds Growth Strategy Fund, PFG American\nFunds Conservative Income Strategy Fund, PFG BR Equity Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index\nFocused Strategy Fund, PFG Tactical Income Strategy Fund, PFG Fidelity Institutional AM Bond ESG Strategy Fund, PFG Janus Henderson\nBalanced Strategy Fund and PFG Invesco Thematic ESG Strategy Fund previously filed on January 26, 2022 to the Registrant s\nRegistration Statement in Post-Effective Amendment No.1386 .\n(d)(153)\nInvestment\nAdvisory Agreement between Altegris Advisors, LLC and Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022 to the\nRegistrant s Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference .\n(d)(154)\nInvestment\nAdvisory Agreement between the Registrant and Osterweis Capital Management, LLC, Zeo Short Duration Income Fund and Zeo Sustainable Credit\nFund previously filed on October 24, 2022 to the Registrant s Registration Statement in Post-Effective Amendment No. 1406, and hereby\nincorporated by reference.\n(d)(155)\nSeventh\nAmendment to Investment Advisory Agreement between Registrant and CMG Capital Management Group with respect to CMG Mauldin Core Fund previously\nfiled on November 1, 2022 to the Registrant s Registration Statement in Post-Effective Amendment No. 1408, and hereby incorporated\nby reference.\n(d)(156)\nSecond\nAmendment to the Investment Advisory Agreement between Donoghue Forlines LLC and Registrant previously filed on January 26, 2023 to the\nRegistrant s Registration Statement in Post-Effective Amendment No. 1416, and hereby incorporated by reference .\n(d)(157)\nInvestment\nAdvisory Agreement between Wright Fund Management, LLC and Sierra Tactical Core Growth Fund previously filed on September 27, 2023 to\nthe Registrant s Registration Statement in Post-Effective Amendment No. 1437, and hereby incorporated by reference.\n(d)(158)\nThird\nAmendment to the Investment Advisory Agreement between Pacific Financial Group, LLC and the Registrant, with respect to PFG Global Equity\nIndex Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.\n(d)(159)\nInvestment\nAdvisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to BTS Enhanced Equity Income Fund previously filed\non June 26, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated by reference.\n(d)(160)\nInvestment\nAdvisory Agreement between Ocean Park Asset Management, LLC and the Registrant, with respect to Ocean Park Domestic ETF, Ocean Park International\nETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 1, 2024 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 1463, and hereby incorporated by reference .\n(d)(161)\nSub\nAdvisory Agreement between Ocean Park Asset Management, LLC and Exchange Traded Concepts, LLC with respect to Ocean Park Domestic ETF,\nOcean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income previously filed on July 1, 2024 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference.\n(d)(162)\nFirst\nAmendment to the Investment Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total\nReturn Credit Fund previously filed on July 29, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No.\n1464, and hereby incorporated by reference.\n(d)(163)\nInvestment\nAdvisory Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Dynamic Allocation Fund previously\nfiled on December 16, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 1475, and hereby incorporated\nby reference.\n(d)(164)\nSub\nAdvisory Agreement between Dearborn Capital Management, LLC and EMC Capital Advisors, LLC with respect to Grant Park Dynamic Allocation\nFund previously filed on December 16, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 1475, and\nhereby incorporated by reference.\n(d)(165)\nSub\nAdvisory Agreement between Dearborn Capital Management, LLC and Richmond Quantitative Advisors, LLC with respect to Grant Park Dynamic\nAllocation Fund previously filed on December 16, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No.\n1475, and hereby incorporated by reference.\n(d)(166)\nInvestment\nAdvisory Agreement between Toews Asset Management and the Registrant, with respect to Toews Agility Shares Hedged-Qs ETF and Toews Agility\nShares Hedged Equal Weight ETF previously filed on January 26, 20\n...\n, Ladenburg Growth Income Fund, Ladenburg Growth Fund and Ladenburg Aggressive Growth Fund previously filed on January 23, 2024\nto the Registrant s Registration Statement in Post-Effective Amendment No. 1446, and hereby incorporated by reference.\n(f)\nBonus or Profit Sharing Contracts\n- NONE\n(g)(1)\nCustody\nAgreement between the Registrant and The Bank of New York Mellon, previously filed on October 3, 2007 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 29, and hereby incorporated by reference.\n(g)(2)\nCustody\nAgreement between the Registrant and the First National Bank of Omaha is hereby incorporated by reference to Post-Effective Amendment\nNo. 17 to the Registrant s Registration Statement on Form N-1A, filed on March 2, 2007 and hereby incorporated by reference.\n(g)(3)\nAmended and Restated Global Custody\nAgreement between the Registrant and Union Bank, N.A., previously filed on November 13,\n2020 to the Registrant s Registration Statement in Post-Effective Amendment No. 1312, and hereby incorporated by reference.\n(g)(4)\nCustody\nAgreement between the Registrant and Fifth Third Bank, previously filed on October 20, 2008 to the Registrant s Registration Statement\nin Post-Effective Amendment No. 66, and hereby incorporated by reference.\n(g)(5)\nCustody\nAgreement between the Registrant and JPMorgan Chase Bank, N.A. previously filed on August 29, 2011 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 302, and hereby incorporated by reference.\n(g)(6)\nCustody\nAgreement between the Registrant and U.S. Bank National Association previously filed on April 17, 2020 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.\n(g)(7)\nCustody\nAgreement between the Registrant and Brown Brothers Harriman Co., dated March 2, 2020, previously filed on November 21, 2024\nto the Registrant s Registration Statement in Post-Effective Amendment No. 1473, and hereby incorporated by reference .\n(h)(1)\nFund\nServices Agreement between the Registrant and Gemini Fund Services, LLC, dated June 22, 2011, previously filed on September 27, 2013 to\nthe Registrant s Registration Statement in Post-Effective Amendment No. 535, and hereby incorporated by reference.\n(h)(2)\nAmended\nExpense Limitation Agreement between the Registrant, with respect to the Adaptive Allocation Fund and Critical Math Advisors LLC previously\nfiled on April 17, 2020 to the Registrant s Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated\nby reference.\n(h)(3)\nExpense\nLimitation Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC, previously filed\non April 29, 2014 to the Registrant s Registration Statement in Post-Effective Amendment No. 605, and hereby incorporated by reference.\n(h)(4)\nExpense\nLimitation Agreement between the Registrant, with respect to the Pacific Financial Faith Values Based Moderate Fund was previously\nfiled on August 26, 2014 to the Registrant s Registration Statement in Post-Effective Amendment No. 628, and hereby incorporated\nby reference.\n(h)(5)\nRevised\nExpense Limitation Agreement between the Registrant, with respect to Sierra Core Retirement Fund and Wright Fund Management, LLC previously\nfiled on March 9, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 694, and hereby incorporated by\nreference.\n(h)(6)\nCustody\nAdministration Agreement between Registrant and the Administrator, with respect to certain Funds of the Trust that use First National\nBank of", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator", "Custodian"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Altegris_Futures_Evolution_Strategy_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Altegris_Futures_Evolution_Strategy_Fund", "p": "advisedBy", "o": "org:Altegris_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Altegris_Futures_Evolution_Strategy_Fund", "p": "seriesOf", "o": "trust:NORTHERN_LIGHTS_FUND_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Altegris_Futures_Evolution_Strategy_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Dividend_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Dividend_Fund", "p": "advisedBy", "o": "org:Donoghue_Forlines_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Dividend_Fund", "p": "seriesOf", "o": "trust:NORTHERN_LIGHTS_FUND_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Dividend_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Momentum_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Momentum_Fund", "p": "advisedBy", "o": "org:Donoghue_Forlines_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Momentum_Fund", "p": "seriesOf", "o": "trust:NORTHERN_LIGHTS_FUND_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Momentum_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Risk_Managed_Income_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Risk_Managed_Income_Fund", "p": "advisedBy", "o": "org:Donoghue_Forlines_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Risk_Managed_Income_Fund", "p": "seriesOf", "o": "trust:NORTHERN_LIGHTS_FUND_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Risk_Managed_Income_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Tactical_Allocation_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Donoghue_Forlines_Tactical_Allocation_Fund", "p": "advisedBy", "o": "org:Donoghue_Forlines_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, 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{"sample_id": "0001318025:ALL", "cik": "0001318025", "trust_name": "PIMCO Global StocksPLUS & Income Fund", "input_text": "497\n1\nd497.htm\nPIMCO GLOBAL STOCKSPLUS & INCOME 497\nPIMCO GLOBAL STOCKSPLUS INCOME 497\nTable of Contents\nPROSPECTUS\n9,300,000 Shares PIMCO Global StocksPLUS Income Fund Common Shares $25.00 per Share Investment\nObjective . The Fund is a newly organized , non-diversified, closed-end management investment company. The Fund s investment objective is to seek total return comprised of current income, current gains and\nlong-term capital appreciation. The Fund cannot assure you that it will achieve its investment objective. Portfolio Management\nStrategies . The Fund normally attempts to achieve its investment objective by investing in equity index derivative instruments relating to U.S. and non-U.S. markets, backed by an actively-managed, low duration (one to\nthree year) debt portfolio with an average credit quality that is investment grade. The Fund currently intends to gain substantially all of its equity index exposure by investing in equity index derivatives based on the Standard Poor s\n500 Composite Stock Price Index ( S P 500 Index ) and the Morgan Stanley Capital International Europe, Australasia, Far East Index (the MSCI EAFE Index ). The Fund s initial equity market exposure will be weighted approximately equally between the S P 500 Index and the MSCI EAFE Index. The Fund also will employ a strategy of writing (selling) call options on U.S. equity indexes, seeking to\ngenerate gains from option premiums (the Index Option Strategy ) which may limit the Fund s gains from increases in the S P 500 Index. Substantially all of the Fund s assets ordinarily will be invested in a portfolio (the\nDebt Portfolio ) of income-producing debt securities and debt-related derivative securities. Pacific Investment Management Company LLC ( PIMCO or the Sub-Adviser ), the Fund s portfolio manager, actively manages\nthe Debt Portfolio using its top down short-term (cyclical) and longer-term (secular) economic outlook in an effort to generate income and capital appreciation beyond that obtained from the Fund s equity index exposure. The Debt Portfolio may\ngenerate income and gains sufficient to support distributions even in situations when the Fund is experiencing a decline in net asset value. Exposure to foreign securities involves special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, unreliable or untimely information or\neconomic and financial instability. Under certain circumstances, generally in a market in which the value of both equity securities and debt securities are declining, the Fund may experience substantial losses. No Prior History . Because the Fund is newly organized, the Fund s common shares have no history of public trading.\nShares of closed-end investment companies frequently trade at a discount from their net asset value, which creates a risk of loss for the investors purchasing shares in the initial public offering. The Fund has been approved for listing of\nthe common shares on the New York Stock Exchange, subject to notice of issuance, under the trading or ticker symbol PGP. (continued on following page) Investing in the Fund s common shares involves certain risks. See Risks\nbeginning on page 49 of this prospectus. Certain of these risks are summarized in Prospectus Summary Special Risk Considerations beginning on page 17 of this prospectus.\nPer Share\nTotal\nPublic offering price\n$25.00\n$\n232,500,000\nSales load\n$1.125\n$10,462,500\nEstimated offerin\n...\nTax Matters.\n15\nTable of Contents\nAs portfolio and market conditions change, the rate of distributions on the common shares and the Fund s distribution policy could change.\nOver time, the Fund intends to distribute all or substantially all of its net investment income and net short-term capital gains. In addition, at least annually, the Fund intends to distribute net realized long-term capital gains not previously\ndistributed, if any. The 1940 Act currently limits the number of times the Fund may distribute long-term capital gains in any tax year, which may increase the variability of the Fund s distributions and result in certain dividends being\ncomprised more heavily of long-term capital gains eligible for favorable income tax rates. See Tax Matters.\nYour initial distribution is expected to be declared approximately 45 days, and paid approximately 60 to 90 days, from the completion of this\noffering, depending on market conditions. Unless you elect to receive distributions in cash, all of your distributions will be automatically reinvested in additional common shares under the Fund s Dividend Reinvestment Plan. See\nDistributions and Dividend Reinvestment Plan. Although it does not now intend to do so, the Board of Trustees may change the Fund s distribution policy and the amount or timing of the distributions, based on a number of\nfactors, including the amount of the Fund s undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.\nListing\nThe Fund has been approved for listing of the common shares on the New York Stock Exchange, subject to notice of issuance, under the trading or\nticker symbol PGP. See Description of Shares.\nCustodian and Transfer Agent\nState Street Bank and Trust Company will serve as custodian of the Fund s assets. PFPC Inc. will serve as the Fund s transfer and\ndividend disbursement agent. See Custodian and Transfer Agent.\nMarket Price of Shares\nShares of closed-end investment companies frequently trade at prices lower than net asset value. The Fund cannot assure you that the common shares\nwill trade at or above the Fund s net asset value in the future. Net asset value will be reduced immediately following the offering by the sales load and the amount of offering expenses paid or reimbursed by the Fund. See Use of\nProceeds. The market price of the common shares may be influenced by such factors relating to the Fund or its portfolio holdings as general market and economic conditions, and particularly those affecting U.S. and non-U.S. equity markets and\nglobal debt securities markets, conditions affecting individual issuers, the Fund s dividend levels (which in turn are affected by expenses), net asset value, portfolio credit quality, relative demand for and supply of the common shares in the\nmarket and other factors. See Risks, Description of Shares and Repurchase of Common Shares; Conversion to Open-End Fund in this prospectus, and Repurchase of Common Shares; Conversion to Open-End Fund\n16\nTable of Contents\nin the Statement of Additional Information. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle\nfor trading purposes.\nSpecial Risk Considerations\nThe following describes the principal risks of investing in the Fund. A more detailed description of these and other risks of investing in the\nFund are described under Risks in this prospectus and under Investment Objective and Policies in the Statement of Additional Information.\nNewly Organi", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"]}}, "target_triples": [{"s": "fund:PIMCO_Global_StocksPLUS_Income_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Global_StocksPLUS_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Global StocksPLUS & Income Fund <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>", "target_serialized_plain": "PIMCO Global StocksPLUS & Income Fund advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .", "stats": {"input_chars": 7110, "n_triples": 2, "text_to_json_ratio": 30.5}}
{"sample_id": "0001319067:ALL", "cik": "0001319067", "trust_name": "360 Funds", "input_text": "xMember\n2025-01-01\n2025-12-31\n0001319067\nfin:SAndPIndexMember\n2021-01-01\n2025-12-31\n0001319067\nfin:SAndPIndexMember\n2016-01-21\n2025-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAs\nfiled with the Securities and Exchange Commission on March 30, 2026\nSecurities\nAct Registration No. 333-123290\nInvestment\nCompany Act Reg. No. 811-21726\nUNITED\nSTATES\nSECURITIES\nAND EXCHANGE COMMISSION\nWASHINGTON,\nDC 20549\nFORM\nN-1A\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective\nAmendment No.\nPost-Effective\nAmendment No. 199\nand/or\nREGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment\nNo. 200\n(Check\nappropriate box or boxes.)\n360\nFUNDS\n(Exact\nName of Registrant as Specified in Charter)\n4300\nShawnee Mission Parkway, Suite 100, Fairway, Kansas 66205\n(Address\nof Principal Executive Offices) (Zip Code)\nRegistrant s\nTelephone Number, including Area Code: (877) 244-6235\nThe\nCorporation Trust Company\nCorporation\nTrust Center\n1209\nOrange Street\nWilmington,\nDelaware 19801\n(Name\nand Address of Agent for Service)\nWith\nCopies To:\nBo\nJ. Howell\nFinTech\nLaw\n6224\nTurpin Hills Dr.\nCincinnati,\nOhio 45244\nIt\nis proposed that this filing will become effective (check appropriate box)\nimmediately\nupon filing pursuant to paragraph (b)\nOn\n______________ pursuant to paragraph (b)\n60\ndays after filing pursuant to paragraph (a)(1)\non\n(date) pursuant to paragraph (a)(1)\n75\ndays after filing pursuant to paragraph (a)(2)\non\n(date) pursuant to paragraph (a)(2) of rule 485.\nIf\nappropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nM3Sixty\nIncome and Opportunity Fund\nClass\nA Shares (Ticker Symbol: HROAX)\nInstitutional\nClass Shares (Ticker Symbol: HIOIX)\na\nseries of the\n360\nFunds\nPROSPECTUS\nMarch\n30, 2026\nThis\nProspectus relates to M3Sixty Income and Opportunity Fund classes of shares (Class A and Institutional Class Shares). For questions\nor Shareholder Services, please call (877) 244-6235.\nThese\nsecurities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission,\nnor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy or adequacy of this\nprospectus. Any representation to the contrary is a criminal offense.\nTable\nof Contents\nSUMMARY\n1\nINVESTMENT OBJECTIVE, STRATEGIES, RISKS, AND PORTFOLIO HOLDINGS\n9\nMANAGEMENT\n14\nADMINISTRATION\n15\nINVESTING IN THE FUND\n16\nPURCHASING SHARES\n17\nREDEEMING SHARES\n21\nADDITIONAL INFORMATION ABOUT PURCHASES AND REDEMPTIONS\n24\nOTHER IMPORTANT INFORMATION\n25\nSUMMARY\nInvestment\nObjective.\nThe investment objective of the M3Sixty Income and Opportunity Fund (the Fund ) is total return\ncomprised of income and capital appreciation.\nFees\nand Expenses of the Fund.\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell shares\nof the Fund. You may pay other fees, such as brokerage commissions and other fees, to financial intermediaries, which are not\nreflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree\nto invest in the future, at least $ 50,000 in the Fund. More information about these and other discounts is available from your\nfinancial professional and in the section captioned Purchasing Shares on page 17 of this prospectus and the section\ncaptioned Purchases, Redemptions, and Special Shareholder Services beginning on page 33 of the Fund s statement\nof additional information ( SAI ).\nShareholder\nFees (fees paid directly from your investment)\nClass\nA\nshares\nInstitutional\nClass\nshares\nMaximum\nSales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n5.50 %\nNone\nMaximum\nContingent Deferred Sales Charge (Load)\n(as a percentage of original purchase price or the amount redeemed, whichever is less) 1\n1.00 %\nNone\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass\nA\nshares\nInstitutional\nClass\nshares\nManagement\nFees\n1.25 %\n1.25 %\nDistribution\nand Service (12b-1) Fees\n0.25 %\nNone\nOther\nExpenses\nInterest\nand Dividend Expense on Securities Sold Short\n0.00 %\n0.00 %\nOther\nOperating Expenses\n1.21 %\n1.21 %\nAcquired\nFund Fees and Expenses\n0.08 %\n0.08 %\nTotal\nAnnual Fund Operating Expenses\n2.79 %\n2.54 %\nFee\nWaivers and Expense Reimbursement 2\n( 0.51 )%\n( 0.51 )%\nTotal\nAnnual Fund Operating Expenses After Waivers and/or Expense Reimbursements\n2.28 %\n2.03 %\n1 Contingent\nDeferred Sales Charge applies only when a shareholder purchase in the Fund totals $1\nmillion or more, and shares are redeemed within one year from the date of purchase.\n2 M3Sixty\nCapital, LLC (the Adviser ) has entered into an Expense Limitation Agreement\nwith the Fund under which it has agreed to waive or reduce its fees and to assume other\nexpenses of the Fund, if necessary, in an amount that limits the Fund s annual\noperating expenses (excluding interest, borrowing expenses, distribution fees pursuant\nto Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage fees and commissions,\ndividend expenses on short sales, litigation expenses, expenditures which are capitalized\nfollowing generally accepted accounting principles, and other extraordinary expenses\nnot incurred in the ordinary course of such Fund s business) to not more than 1.95%\nthrough at least March 31, 2027 . Each waiver or reimbursement of an expense by the Adviser\nis subject to repayment by the Fund within three years from the date of the waiver or\nreimbursement, provided that the Fund can make the repayment without exceeding the expense\nlimitation in place at the time of the waiver or reimbursement and at the time of recoupment.\nThe current contractual agreement cannot be terminated for at least one year after the\neffective date without the Board of Trustees (the Board ) approval.\n1\nExample.\nThe following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other\nmutual funds.\nThis\nexpense example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all of your shares at the\nend of those periods. The expense example also assumes that your investment has a 5% return each year, the Fund s operating\nexpenses remain the same, and the contractual agreement to limit expenses remains in effect only through March 31, 2027.\nAlthough your actual costs may be higher or lower, based on thes\n...\ncontractual agreement is expected to continue annually, provided such\ncontinuance is agreed to by the Adviser and approved by the Board.\nFor the fiscal year ended November 30, 2025, the Adviser received compensation of 0.74% of the Fund s average daily net assets after\nfee waivers and/or expense reimbursement. A discussion regarding the basis for the most recent approval by the Board of the Advisory Agreement\nis available in the Fund s annual report for the period ended November 30, 2024.\nIn\naddition to the advisory fees described above, the Adviser may also receive certain benefits from its management of the Fund in\nthe form of brokerage or research services received from brokers under arrangements under Section 28(e) of the 1934 Act and the\nterms of the Advisory Agreement. For a description of these potential benefits, see the description under Portfolio Transactions\nAnd Brokerage Allocation -- Brokerage Selection in the SAI.\nPortfolio\nManagers.\nVincent\ndu Vigneaud, has more than 20 years of investment management experience. Mr. du Vigneaud holds a B.S. in Finance and Entrepreneurial\nManagement from the University of South Carolina.\n14\nThe SAI provides additional information about the compensation of the portfolio managers, other accounts they manage, and their ownership\nof securities in the Fund.\nBoard\nof Trustees . The Fund is a series of 360 Funds, an open-end management investment company organized as a Delaware statutory\ntrust on February 24, 2005. The Board supervises the operations of the Fund according to applicable state and federal law\nand is responsible for the overall management of the Fund s business affairs.\nADMINISTRATION\nCustodian.\nFifth Third Bank (the Custodian ) serves as the custodian of the Fund s securities.\nFund\nAdministration and Distribution. M3Sixty Administration, LLC ( M3Sixty ) serves as the Fund s administrator,\nproviding the Fund with administrative, accounting, and compliance services. In addition, M3Sixty serves as the transfer\nagent and dividend-disbursing agent of the Fund. As indicated below under the caption Investing in the Fund,\nM3Sixty will handle your orders to purchase and redeem Shares of the Fund and will disburse dividends paid by the Fund. M3Sixty\nis owned by the same holding company that owns the Distributor (defined below).\nDistribution\nof Shares . Matrix 360 Distributors, LLC (the Distributor ) serves as the Fund s principal underwriter.\nThe Distributor may sell the Fund s Shares to or through qualified securities dealers or other approved entities. The Fund\nhas adopted a Distribution Plan in accordance with Rule 12b-1 ( Distribution Plan ) under the 1940 Act. The Distribution\nPlan provides that the Fund may compensate or reimburse the Distributor for services rendered and expenses borne in connection\nwith activities primarily intended to result in the sale of the Fund s Shares (this compensation is commonly referred to\nas 12b-1 fees ). Sales charges (including, without limitation, sales loads, Contingent Deferred Sales Charges ( CDSCs ),\nand 12b-1 fees) may be paid to broker-dealers, banks, and any other financial intermediary eligible to receive such fees for sales\nof Fund shares and for services provided to shareholders. The Distributor may also retain a portion of these fees as the Fund s\ndistributor. Pursuant to the Distribution Plan, the Fund may annually pay the Distributor up to 0.25% of the average daily\nnet assets attributable to the Class A shares. The 0.25% fee for the Class A shares is a service fee. Because 12b-1\nfees are paid out of the Fund s assets on an ongoing basis, over time, these fees will increase the cost of your investment\nand may cost you more than paying other types of sales charges.\nThe\nFund offers two classes of shares (Class A shares and Institutional Class shares). Class A shares are available for purchase by\nall investors. Institutional Class shares are available for purchase by investing institutions. Each class represents interests\nin the same portfolio of investments and has the same rights, but the classes differ with respect to sales loads and expenses\nto which they are subje\n...\ne not issued.)\n(d)(1)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the IMS Capital Value Fund and IMS Strategic Income Fund (together\nthe IMS Funds ), and Pinnacle Wealth Advisors, Inc. , is incorporated by reference to Post-Effective\nAmendment No. 196 to the Registrant s Registration Statement on Form N-1A filed on October 28, 2025.\n(d)(2)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the Timber Point Global Allocations Fund and Timber Point Alternative\nIncome Fund (together, the Timber Point Funds ), and Timber Point Capital Management LLC , is incorporated\nby reference to Post-Effective Amendment No. 144 to the Registrant s Registration Statement on Form N-1A filed on\nJune 29, 2020.\n(d)(2)(i)\nAmended\nSchedule A to the Investment Advisory Agreement between the Trust, on behalf of the Timber Point Funds, and Timber Point\nCapital Management LLC , is incorporated by reference to Post-Effective Amendment No. 155 to the Registrant s\nRegistration Statement on Form N-1A filed on January 28, 2021.\n(d)(3)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the M3Sixty Small Cap Growth Fund, and M3Sixty Capital, LLC , is\nincorporated by reference to Post-Effective Amendment No. 170 to the Registrant s Registration Statement on Form N-1A\nfiled on June 27, 2023 .\n(d)(3)(i)\nAmended\nSchedule A of the Investment Advisory Agreement between the Registrant, on behalf of the M3Sixty Small Cap Growth Fund,\nM3Sixty Onchain U.S. Government Money Market Fund, and M3Sixty Income and Opportunity Fund, and M3Sixty Capital, LLC ,\nis incorporated by reference to Post-Effective Amendment No. 189 to the Registrant s Registration Statement on\nForm N-1A filed on October 28, 2024.\n(d)(4)\nSub-Advisory\nAgreement between M3Sixty Capital, LLC and Bridge City Capital, LLC for the M3Sixty Small Cap Growth Fund , is incorporated\nby reference to Post-Effective Amendment No. 170 to the Registrant s Registration Statement on Form N-1A filed on\nJune 27, 2023 .\n(e)(1)\nDistribution\nAgreement between the Registrant, on behalf of the IMS Funds, and the Distributor , is incorporated by reference\nto Post-Effective Amendment No. 112 to the Registrant s Registration Statement on Form N-1A filed August 28, 2018.\n(e)(2)\nDistribution\nAgreement between the Registrant, on behalf of the M3Sixty Income and Opportunity Fund, and the Distributor , is\nincorporated by reference to Post-Effective Amendment No. 192 to the Registrant s Registration Statement on Form\nN-1A filed June 27, 2025.\n(e)(2)(i)\nAmended\nSchedule A to the Distribution Agreement between the Registrant, on behalf of the M3Sixty Income and Opportunity Fund,\nand the Distributor , is incorporated by reference to Post-Effective Amendment No. 192 to the Registrant s\nRegistration Statement on Form N-1A filed June 27, 2025.\n(e)(3)\nDistribution\nAgreement between the Registrant, on behalf of the Timber Point Funds, and the Distributor , is incorporated by\nreference to Post-Effective Amendment No. 153 to the Registrant s Registration Statement on Form N-1A filed on October\n28, 2020.\n(e)(4)\nDistribution\nAgreement between the Registrant, on behalf of the M3Sixty Small Cap Growth Fund, and the Distributor , is incorporated\nby reference to Post-Effective Amendment No. 170 to the Registrant s Registration Statement on Form N-1A filed on\nJune 27, 2023 .\n(e)(4)(i)\nAmended\nSchedule A to the Distribution Agreement between the Registrant, on behalf of the M3Sixty Small Cap Growth Fund and the\nM3Sixty Onchain U.S. Government Money Market Fund, and the Distributor , is incorporated by reference to Post-Effective\nAmendment No. 189 to the Registrant s Registration Statement on Form N-1A filed on October 28, 2024.\n(f)\nNot\nApplicable.\n(g)(1)\nCustodian\nAgreement between the Registrant and Fifth Third Bank, is incorporated by reference to Post-Effective Amendment\nNo. 17 to the Registrant s Registration Statement on Form N-1A filed March 27, 2013.\n(g)(1)(i)\nAmended\nand Restated Exhibit A to the Custodian Agreement between the Registrant, on behalf of the Timber Point Funds, and the\nM3Sixty Income and Opportunity Fund, and Fifth Third Bank, N.A. , Is incorporated by reference to Post-Effective\nAmendment No. 138 to the Registrant s Registration Statement on Form N-1A filed on January 29, 2020.\n(g)(2)\nCustodian\nAgreement between the Registrant, on behalf of the IMS Funds, and Huntington National Bank , is incorporated by reference\nto Post-Effective Amendment No. 28 to the Registrant s Registration Statement on Form N-1A filed June 20, 2014.\n(g)(2)(i)\nAmended\nand Restated Appendix B to the Custodian Agreement between the Registrant, on behalf of the IMS Funds and the M3Sixty\nSmall Cap Growth Fund, and Huntington National Bank , is incorporated by reference to Post-Effective Amendment No.\n170 to the Registrant s Registration Statement on Form N-1A filed on June 27, 2023 .\n(g)(3)\nCustodian\nAgreement between the Registrant, on behalf of the M3Sixty Onchain U.S. Government Money Market Fund, and Huntington Bank ,\nis incorporated by reference to Post-Effective Amendment No. 189 to the Registrant s Registration Statement on\nForm N-1A filed on October 28, 2024.\n(h)(1)\nAmended\nand Restated Master Fund Services Agreement between the Registrant, on behalf of the IMS Funds, and the Administrator ,\nis incorporated by reference to Post-Effective Amendment No. 159 to the Registrant s Registration Statement on\nForm N-1A filed on June 28, 2021.\n(h)(2)\nAmended\nand Restated Master Fund Services Agreement between the Registrant, on behalf of the M3Sixty Income and Opportunity Fund,\nand the Administrator, is incorporated by reference to Post-Effective Amendment No. 159 to the Registrant s\nRegistration Statement on Form N-1A filed on June 28, 2021.\n(h)(3)\nInvestment\nCompany Services Agreement between the Registrant, on behalf of the Timber Point Funds, and the Administrator , is\nincorporated by reference to Post-Effective Amendment No. 153 to the Registrant s Registration Statement on Form\nN-1A filed on October 28, 2020.\n(h)(4)\nMaster\nFund Services Agreement between the Registrant, on behalf of the M3Sixty Small Cap Growth Fund, and the Administrator,\nis incorpor", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:M3Sixty_Small_Cap_Growth_Fund", "p": "administrator", "o": "org:M3Sixty_Administration_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": 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"org:Matrix_360_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> M3Sixty Small Cap Growth Fund <predicate_marker> administrator <object_marker> M3Sixty Administration, LLC <predicate_marker> advisedBy <object_marker> M3Sixty Capital, LLC <predicate_marker> custodian <object_marker> Huntington National Bank <predicate_marker> seriesOf <object_marker> 360 Funds <predicate_marker> subAdvisedBy <object_marker> Bridge City Capital, LLC <predicate_marker> transferAgent <object_marker> M3Sixty Administration, LLC <triple_end>\n<triple_start> 360 Funds <predicate_marker> underwrittenBy <object_marker> Matrix 360 Distributors, LLC <triple_end>", "target_serialized_plain": "M3Sixty Small Cap Growth Fund administrator M3Sixty Administration, LLC ; advisedBy M3Sixty Capital, LLC ; custodian Huntington National Bank ; seriesOf 360 Funds ; subAdvisedBy Bridge City Capital, LLC ; transferAgent M3Sixty 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{"sample_id": "0001322252:ALL", "cik": "0001322252", "trust_name": "CRM Mutual Fund Trust", "input_text": "14 %\n26.00 %\n- 3.07 %\n17.01 %\n- 6.08 %\n9.87 %\n18.23 %\n2.62 %\nCalendar YTD Total Return as of December 31, 2025 : 2.62 %\nBest Quarter During the Period Covered in the Bar Chart\nWorst Quarter During the Period Covered in the Bar Chart\n34.17 % For the quarter ended December 31, 2020\n( 38.56 )% For the quarter ended March 31, 2020\n6\nAverage Annual Total Returns as of December 31, 2024\nAverage Annual Total Returns as of December 31, 2025\n1 Year\n5 Years\n10 Years\nInstitutional Shares\nBefore Taxes\n2.62 %\n7.93 %\n8.07 %\nAfter Taxes on Distributions\n0.77 %\n5.75 %\n5.88 %\nAfter Taxes on Distributions and Sale of Shares\n2.88 %\n5.91 %\n5.95 %\nInvestor Shares\nBefore Taxes\n2.48 %\n7.71 %\n7.83 %\nRussell 2000 Value Total Return Index ( reflects no deduction for fees, expenses or taxes )\n12.59 %\n8.88 %\n9.27 %\nRussell 3000 Total Return Index ( reflects no deduction for fees, expenses or taxes )\n17.15 %\n13.15 %\n14.29 %\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on your tax situation, may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors. After-tax returns are shown only for Institutional Shares. After-tax returns for Investor Shares will vary. Returns after taxes on distributions and sale of shares are higher than returns before taxes for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of shares.\nINVESTMENT ADVISER\nCramer Rosenthal McGlynn, LLC.\nPORTFOLIO MANAGERS\nBrian M. Harvey, CFA, leads the team that is responsible for the day-to-day management of the Fund. Mr. Harvey has served as a portfolio manager of the Fund since 2011.\nPURCHASE AND SALE OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\nFor important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to Other Information on page 38 of the prospectus.\n7\nCRM SMALL/MID CAP VALUE FUND\nINVESTMENT OBJECTIVE\nCRM Small/Mid Cap Value Fund seeks long-term capital appreciation.\nFEES AND EXPENSES\nThis table sets forth the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.\nANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)\nInvestor Shares\nInstitutional Shares\nManagement Fees\n0.75 %\n0.75 %\nDistribution (12b-1) Fees\nNone\nNone\nOther Expenses\nShareholder Servicing Fee\n0.25 %\nNone\nOther Miscellaneous Expenses\n0.22 %\n0.27 %\nTotal Other Expenses\n0.47 %\n0.27 %\nTotal Annual Fund Operating Expenses\n1.22 %\n1.02 %\nEXAMPLE\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.\nThe Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your inves\n...\nyou take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors. Returns after taxes on distributions and sale of shares are higher than returns before taxes for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of shares.\nINVESTMENT ADVISER\nCramer Rosenthal McGlynn, LLC.\nPORTFOLIO MANAGERS\nMimi Morris leads the team that is responsible for the day-to-day management of the Fund. Ms. Morris has served as a portfolio manager of the Fund since 2018.\nPURCHASE AND SALE OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\nFor important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to Other Information on page 38 of the prospectus.\n37\nOTHER INFORMATION\nPURCHASE AND SALE OF FUND SHARES\nYou may purchase or redeem shares of a Fund each day the New York Stock Exchange is open at the Fund s NAV next determined after receipt of your request in good order.\nCRM Small Cap Value Fund, CRM Small/Mid Cap Value Fund, CRM Mid Cap Value Fund and CRM All Cap Value Fund:\nThe minimum initial investment in a Fund is $2,500 ($1,000 for individual retirement accounts or automatic investment plans) for Investor Shares and $1,000,000 for Institutional Shares. The minimum additional investment for direct investors in each Fund s Investor Shares is $50. Your financial intermediary may impose higher investment minimums. There is no minimum amount for additional investments in Institutional Shares.\nYou may purchase or redeem Fund shares by contacting your financial intermediary or, if you hold your shares directly with the Fund, by contacting the Funds transfer agent, Ultimus Fund Solutions, LLC.\n(i)\nin writing at:\nRegular Mail\nOvernight Mail\nCRM Funds c/o Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, Ohio 45246\nCRM Funds c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246\n(ii)\nby telephone at 800-CRM-2883\nCRM Long/Short Opportunities Fund:\nShares are generally available for purchase and sale by registered investment advisers acting in a fiduciary capacity on behalf of their clients and by or through other qualified intermediaries and programs sponsored by such qualified financial intermediaries. Initial investments in the Fund are subject to a $10,000 minimum per registered investment adviser or qualified financial intermediary. Your financial intermediary may set different minimum investments or limitations on buying or selling shares. There is no minimum amount for additional investments in the Fund.\nYou may purchase or redeem Fund shares by contacting your financial intermediary.\n38\nTAX INFORMATION\nEach Fund s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains, and it is generally a taxable event for you if you redeem, sell or exchange Fund shares, except when your investment in the Fund is made through an individual retirement account, 401(k) or other tax-advantaged account. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.\nPAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\nIf you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a\n...\ninvestors and to make reasonable efforts to detect and deter excessive trading. The Funds reserve the right to reject any purchase order or exchange request at any time and for any reason, without prior written notice. The Funds also reserve the right to revoke the exchange privileges of any person at any time and for any reason. In making determinations concerning the revocation of exchange privileges, the Funds may consider an investor s trading history in any of the Funds, including the person s trading history in any accounts under a person s common ownership or control.\nThe Funds will generally monitor trading activity within a 90-day period. The Funds may consider trading activity over a longer period than 90 days and may take into account market conditions, the number of trades and the amount of the trades in making such determinations. In applying these policies, the Funds consider the information available to them at the time and may consider trading activity in multiple accounts under common ownership, control or influence.\nWhen excessive or short-term trading is detected, the party involved may be banned from future purchases and exchanges in the Funds. Judgments related to the rejection of purchase and the banning of future trades are inherently subjective and involve some selectivity in their application. The Adviser will seek to make judgments and applications that are consistent with the interests of the Funds shareholders.\nThe Funds policies for deterring excessive trading in Fund shares are intended to be applied uniformly to all Fund shareholders, whether an individual account or omnibus accounts maintained by Intermediaries in which the Intermediaries aggregate orders of multiple investors and forward the aggregated orders to the Funds. The Funds or ALPS Distributors, Inc. (the Distributor ), in accordance with applicable law, enter into agreements with Intermediaries requiring the Intermediaries to provide certain information to help identify excessive trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. Nonetheless, the Funds ability to identify and deter frequent purchases and redemptions of a Fund s shares through omnibus accounts is limited, and the Funds success in accomplishing the objectives of the policies concerning excessive trading in Fund shares in this context depends significantly upon the cooperation of the Intermediaries, which may have adopted their own policies regarding excessive trading which are different than those of the Funds.\n69\nDIVIDENDS AND DISTRIBUTIONS\nAs a shareholder of a Fund, you are entitled to dividends and other distributions arising from net investment income and net realized gains, if any, earned on the investments held by the Fund. Dividends and distributions, if any, are generally declared and paid to you annually.\nDistributions are payable to the shareholders of record at the time the distributions are declared (including holders of shares being redeemed, but excluding holders of shares being purchased). All distributions are reinvested in additional Fund shares unless you have elected to receive the distributions in cash.\nTAXES\nFederal Income Taxes. As long as a Fund meets the requirements for treatment as a regulated investment company, it pays no federal income tax on the earnings and gains it distributes to shareholders. Each Fund will notify you following the end of the calendar year of the amount of dividends and other distributions it pays that year.\nYou will normally have to pay federal\n...\nfiscal year. In the Funds filings on Form N-CSR you will find the Funds annual and semi-annual financial statements.\nStatement of Additional Information ( SAI ):\nThe SAI provides additional technical and legal descriptions of the Funds policies, investment restrictions, risks, and business structure.\nThe information in the SAI, and the independent registered public accounting firm s report and financial statements in the Funds filing on Form N-CSR for the fiscal year ended June 30, 2025 are incorporated into this prospectus by reference.\nCopies of these documents and answers to questions about the Funds may be obtained, free of charge, by (i) visiting the Funds website at www.crmfunds.com , (ii) calling the Funds at 800-CRM-2883; and (iii) writing to the CRM Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.\nReports and other information about the Funds are available on the EDGAR Database on the SEC s Internet site at www.sec.gov , and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov .\nFOR MORE INFORMATION ON OPENING A NEW ACCOUNT, MAKING CHANGES TO EXISTING ACCOUNTS, PURCHASING, EXCHANGING OR REDEEMING SHARES, OR OTHER INVESTOR SERVICES, PLEASE CALL 800-CRM-2883.\nThe investment company registration number is 811-21749.\nCRM SMALL CAP VALUE FUND\nCRM SMALL/MID CAP VALUE FUND\nCRM MID CAP VALUE FUND\nCRM ALL CAP VALUE FUND\nCRM LONG/SHORT OPPORTUNITIES FUND\nCRM Funds c/o Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, Ohio 45246\nwww.crmfunds.com\n83\nStatement of Additional Information\nMarch 1, 2026\nCRM Small Cap Value Fund CRM Small/Mid Cap Value Fund CRM Mid Cap Value Fund CRM All Cap Value Fund CRM Long/Short Opportunities Fund\n(Series of CRM Mutual Fund Trust, each a Fund and collectively, the Funds )\nThis Statement of Additional Information ( SAI ) is not a prospectus. This SAI sets forth information which may be of interest to investors, but which is not necessarily included in the Funds Prospectus dated March 1, 2026, and supplemented from time to time (the Prospectus ). This SAI should be read in conjunction with the Prospectus. Information about the Funds investments is available in the Funds audited annual report to shareholders and annual financial statements ( Annual Reports ) and unaudited semi-annual report to shareholders and semi-annual financial statements ( Semi-Annual Reports ). The Funds filing on Form N-CSR for the fiscal period from July 1, 2025 to October 31, 2025 contains the Funds Annual Report for the fiscal period from July 1, 2025 to October 31, 2025, which is incorporated herein by reference. An investor may obtain copies of the Funds Prospectus, this SAI, and the Annual and Semi-Annual Reports without charge by (i) visiting the Funds website at www.crmfunds.com or (ii) calling 800-CRM-2883.\nClass\nFund Name\nTicker Symbol\nInvestor\nCRM Small Cap Value Fund\nCRMSX\nCRM Small/Mid Cap Value Fund\nCRMAX\nCRM Mid Cap Value Fund\nCRMMX\nCRM All Cap Value Fund\nCRMEX\nInstitutional\nCRM Small Cap Value Fund\nCRISX\nCRM Small/Mid Cap Value Fund\nCRIAX\nCRM Mid Cap Value Fund\nCRIMX\nCRM All Cap Value Fund\nCRIEX\nCRM Long/Short Opportunities Fund\nCRIHX\nTable of Contents\nGENERAL INFORMATION\n1\nPRIOR HISTORY\n1\nINVESTMENT OBJECTIVE\n1\nINVESTMENT STRATEGIES AND RISKS\n1\nDISCLOSURE OF PORTFOLIO HOLDINGS\n16\nMANAGEMENT\n18\nCODE OF ETHICS\n23\nPROXY VOTING POLICIES\n23\nCONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n24\nINVESTMENT ADVISORY AND OTHER SERVICES\n27\nSERVICE PROVIDERS\n32\nDISTRIBUTION OF SHARES\n35\nBROKERAG\n...\nt the disclosure of portfolio holdings of separate accounts or investment funds (other than the Funds) managed by CRM. Separate account and unregistered investment fund clients of CRM have access to their portfolio holdings, and prospective clients have access to representative holdings. The Chief Compliance Officer shall be responsible for resolving any conflicts of interest between the Fund s shareholders on one hand, and the Fund s vendors or service providers on the other, provided that the Chief Compliance Officer shall submit any conflict between the Adviser and the Fund s shareholders to the Board of Trustees for resolution. The Board of Trustees of the Fund shall review the Portfolio Holdings Disclosure Policy on a periodic basis and receives reports from the Chief Compliance Officer of any material violations of the Policy on a quarterly basis.\nThe chart below identifies each party that in the normal course of business receives from the Trust non-public portfolio holdings information of the Funds, the frequency at which that information is received, and the length of the lag, if any, between the date of the information and the date on which the information is disclosed to such party.\nRecipient of Portfolio Information\nFrequency of Portfolio Information Received\nTime Lag between Date of Information and Disclosure\nCramer Rosenthal McGlynn, LLC (Adviser)\nContinuously provided on a daily basis\nNone\nTait, Weller Baker LLP (Independent Registered Public Accounting Firm)\nDuring the preparation of the Fund s financial statements and tax returns\nTypically 10 days, but in certain circumstances there could be no time lag\nErnst Young LLP (Accountant)\nDuring the PFIC Analysis for tax preparation\nTypically 10 days, but in certain circumstances there could be no time lag\nThe Bank of New York Mellon Corporation (Custodian)\nDaily access to portfolio holdings\nNone\nUltimus Fund Solutions, LLC (Administrator and Accounting Agent)\nDaily access to portfolio holdings\nNone\nConfluence Accounting platform (performance calculations and regulatory reporting)\nMonthly\nTypically 30 business days\nPrinters/Typesetters (FGS, Inc., Blu Giant, LLC and FilePoint EDGAR Services, LLC)\nQuarterly\nTypically 30 business days\nDLA Piper LLP (US) (Counsel)\nQuarterly\nTypically 30 business days\n17\nRecipient of Portfolio Information\nFrequency of Portfolio Information Received\nTime Lag between Date of Information and Disclosure\nIndependent Trustees\nQuarterly\nTypically 30 business days\nInstitutional Shareholder Services (Proxy Voting Provider)\nDaily access to portfolio holdings\nNone\nMorningstar, Inc. (Ratings Agency)\nQuarterly\nTypically 60 business days\nBloomberg LP (Portfolio Management/Research Software)\nDaily\nNone\nRefinitiv Ltd. (Portfolio Management/Research Software)\nDaily\nNone\nAbel Noser (Liquidity and Transaction Cost Analysis)\nMonthly\nNone\nMorgan Stanley Prime Brokerage (Portfolio Analytics and Trading)\nDaily\nNone\nReFlow Fund, LLC (Liquidity Services)\nDaily\nNone\nMANAGEMENT\nThe Funds are supervised by the Board. The Board is responsible for the general oversight of the Funds, including general supervision and review of the Funds investment activities. The Board, in turn, elects the officers who are responsible for administering the Funds day-to-day operations.\nThe trustees including the trustees who are not interested persons of the Funds as defined in the 1940 Act (the Independent Trustees ), and officers of the Funds, their ages, their principal occupations during the past five years, the number of CRM Funds they oversee, and other directorships they hold are set for", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:CRM_All_Cap_Value_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_All_Cap_Value_Fund", "p": "advisedBy", "o": "org:Cramer_Rosenthal_McGlynn_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_All_Cap_Value_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_All_Cap_Value_Fund", "p": "seriesOf", "o": "trust:CRM_Mutual_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_All_Cap_Value_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Long_Short_Opportunities_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Long_Short_Opportunities_Fund", "p": "advisedBy", "o": "org:Cramer_Rosenthal_McGlynn_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": 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"org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Small_Cap_Value_Fund", "p": "seriesOf", "o": "trust:CRM_Mutual_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Small_Cap_Value_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Small_Mid_Cap_Value_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Small_Mid_Cap_Value_Fund", "p": "advisedBy", "o": "org:Cramer_Rosenthal_McGlynn_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:CRM_Small_Mid_Cap_Value_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", 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{"sample_id": "0001323737:ALL", "cik": "0001323737", "trust_name": "Managed Account Series", "input_text": "S000057852Member mas:C000206474Member mas:InstitutionalMember 2024-01-01 2024-12-31 0001323737 mas:S000057852MSCIWorldIndexNetMember mas:ClassKMember 2024-01-01 2024-12-31 0001323737 mas:S000057852MSCIWorldIndexNetMember mas:InstitutionalMember 2024-01-01 2024-12-31 0001323737 mas:S000057851Member mas:C000206473Member mas:InstitutionalMember 2025-04-30 2025-04-30 0001323737 mas:S000057851Member mas:InstitutionalMember 2025-04-30 2025-04-30 0001323737 mas:S000057852Member mas:C000186832Member mas:ClassKMember 2025-04-30 2025-04-30 0001323737 mas:S000057852Member mas:C000206474Member mas:InstitutionalMember 2025-04-30 2025-04-30 0001323737 mas:S000057852Member mas:ClassKMember 2025-04-30 2025-04-30 0001323737 mas:S000057852Member mas:InstitutionalMember 2025-04-30 2025-04-30 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 26, 2025 Securities Act File No. 333-124463 Investment Company Act File No. 811-21763 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 52 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 54 (Check appropriate box or boxes) MANAGED ACCOUNT SERIES (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski MANAGED ACCOUNT SERIES 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nJesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019-6018\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On August 28, 2025 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $0.01 per share. This filing relates solely to BlackRock GA Disciplined Volatility Equity Fund and BlackRock GA Dynamic Equity Fund. AUGUST 28, 2025\nProspectus Managed Account Series BlackRock GA Disciplined Volatility Equity Fund Institutional: BIDVX BlackRock GA Dynamic Equity Fund Institutional: BIEEX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nKey Facts About BlackRock GA Disciplined Volatility Equity Fund\n3\nKey Facts About BlackRock GA Dynamic Equity Fund\n13\nDetails About the Funds\nHow Each Fund Invests\n...\nfer Institutional Shares through a no-load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\nNo subsequent minimum. 11 Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 12 Fund Overview Key Facts About BlackRock GA Dynamic Equity Fund Investment Objective The investment objective of the BlackRock GA Dynamic Equity Fund (the Fund ) is to seek to provide total return. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ( BlackRock ) and its affiliates) (each, a Financial Intermediary ), which are not reflected in the table and example below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nInstitutional Shares\nManagement Fee 1\n0.40 %\nDistribution and/or Service (12b-1) Fees\nNone\nOther Expenses\n0.15 %\nAcquired Fund Fees and Expenses 2\n0.02 %\nTotal Annual Fund Operating Expenses 2\n0.57 %\nFee Waivers and/or Expense Reimbursements 1,3\nTotal Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1,3\n0.57 % 1 As described in the Management of the Funds section of the Fund s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of\n...\nge requests on any given day where purchases, redemptions and exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and exchangers whose orders are aggregated may not be known by a Fund. While the Funds monitor for market timing activity, the Funds may be unable to identify such activities because the netting effect in omnibus accounts often makes it more difficult to locate and eliminate market timers from the Funds. The Distributor has entered into agreements with respect to Financial Intermediaries that maintain omnibus accounts with the Funds pursuant to which such Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent short-term or excessive trading in the Funds shares through such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In the event that a Financial Intermediary is determined by a Fund to be engaged in market timing or other improper trading activity, the Distributor may terminate such Financial Intermediary s agreement with the Distributor, suspend such Financial Intermediary s trading privileges or take other appropriate actions. 51 There is no assurance that the methods described above will prevent market timing or other trading that may be deemed abusive. The Funds may from time to time use other methods that they believe are appropriate to deter market timing or other trading activity that may be detrimental to a Fund or long-term shareholders. 52 Management of the Funds BlackRock BlackRock, each Fund s investment adviser, manages each Fund s investments and its business operations subject to the oversight of the Board of Managed Account Series (the Trust ). While BlackRock is ultimately responsible for the management of the Funds, it is able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of BlackRock, Inc. BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment companies. BlackRock and its affiliates had approximately $12.5 trillion in investment company and other portfolio assets under management as of June 30, 2025. The Trust, on behalf of each Fund, has entered into a management agreement (the Management Agreement ) with BlackRock pursuant to which BlackRock is entitled to receive a fee from each Fund. The annual management fees payable to BlackRock by each of BlackRock GA Disciplined Volatility Equity Fund and BlackRock GA Dynamic Equity Fund Portfolio (as a percentage of average daily net assets) are as follows:\nAverage Daily Net Assets\nRate of Management Fee\nFirst $1 billion\n0.40 %\n$1 billion $3 billion\n0.38 %\n$3 billion $5 billion\n0.36 %\n$5 billion $10 billion\n0.35 %\nGreater than $10 billion\n0.34 % BlackRock has contractually agreed to waive the management fee with respect to any portion of each Fund s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of advisory fees each Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the a\n...\nthe Fund. Distribution Fees fees used to support the Fund s marketing and distribution efforts, such as compensating Financial Intermediaries, advertising and promotion. Management Fee a fee paid to BlackRock for managing the Fund. MSCI ACWI Minimum Volatility (USD) Index an index that aims to reflect the performance characteristics of a minimum variance strategy applied to large- and mid-cap equities across 23 developed markets and 24 emerging markets countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). MSCI World Index an index that captures large and mid-cap representation across 23 developed markets countries. With 1,352 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Other Expenses includes accounting, transfer agency, custody, professional fees and registration fees. Service Fees fees used to compensate Financial Intermediaries for certain shareholder servicing activities. Shareholder Fees fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell shares of the Fund. 63 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] For More Information Funds and Service Providers FUNDS Managed Account Series BlackRock GA Disciplined Volatility Equity Fund BlackRock GA Dynamic Equity Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 537-4942 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER State Street Bank and Trust Company One Congress Street, Suite 1 Boston, Massachusetts 02114-2016 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN Brown Brothers Harriman Co. 40 Water Street Boston, Massachusetts 02109 COUNSEL Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR Each Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes each Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected a Fund s performance for the last fiscal year. In Form N-CSR, you will find each Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 28, 2025, has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about a Fund, may be obtained free of charge, along with a Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 537-4942 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 537-4942 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_GA_Disciplined_Volatility_Equity_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Disciplined_Volatility_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Disciplined_Volatility_Equity_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_GA_Disciplined_Volatility_Equity_Fund", "p": "seriesOf", "o": "trust:Managed_Account_Series", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Disciplined_Volatility_Equity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Dynamic_Equity_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Dynamic_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Dynamic_Equity_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_GA_Dynamic_Equity_Fund", "p": "seriesOf", "o": "trust:Managed_Account_Series", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_GA_Dynamic_Equity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Managed_Account_Series", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock GA Disciplined Volatility Equity Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Managed Account Series <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock GA Dynamic Equity Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Managed Account Series <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Managed Account Series <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock GA Disciplined Volatility Equity Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf Managed Account Series ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock GA Dynamic Equity Fund administrator State Street Bank and Trust Company ; advisedBy BlackRock Advisors, LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf Managed Account Series ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nManaged Account Series underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 14832, "n_triples": 11, "text_to_json_ratio": 14.3}}
{"sample_id": "0001330967:ALL", "cik": "0001330967", "trust_name": "MFS SERIES TRUST XII", "input_text": "e daily net assets annually for Class R6 shares. This written agreement will continue\nuntil modified by the fund's Board of Trustees, but such agreement will continue until at least August\n31, 2027.\n2 MFS Lifetime 2070 Fund\nExample\nThis example is intended to help you compare the cost of investing\nin the fund with the cost of investing in other mutual funds. The example\nassumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares\nat the end of the time periods (unless otherwise indicated); your investment has a 5% return each year;\nand the fund s operating expenses remain the same. Although\nyour actual costs will likely be higher or lower, under these assumptions your costs would be: 1 YEAR 3 YEARS Class\nA Shares $ 652 $ 1,577 Class\nC Shares assuming redemption at end of period $ 258 $ 1,279\nno\nredemption at end of period $ 158\n$ 1,279\nClass\nI Shares $ 56 $ 990 Class R1\nShares $ 158\n$ 1,279\nClass\nR2 Shares $ 107 $ 1,136 Class R3\nShares $ 82\n$ 1,063\nClass\nR4 Shares $ 56 $ 990 Class R6 Shares $ 42\n$ 949\nPortfolio\nTurnover The fund pays transaction costs, such as commissions, when\nit buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may\nindicate higher transaction costs and may result in higher taxes when shares are held in a taxable account.\nThese transaction costs, which are not reflected in Annual Fund Operating Expenses or in the Example,\naffect the fund s performance. The portfolio turnover rate for the fund is not available because the\nfund had not commenced operations as of the date of this prospectus. Principal Investment Strategies The fund is designed to provide diversification among different asset classes\nfor investors with the approximate retirement year in the fund's name. MFS (Massachusetts Financial Services\nCompany, the fund's investment adviser) invests substantially all of the fund's assets in other MFS mutual\nfunds, referred to as underlying funds. MFS selects the asset class\nallocations based on a strategic asset allocation process that takes into account a variety of factors,\nincluding historical risk and performance, projected performance, and other factors. MFS analyses\nof projected performance are primarily based on quantitative models using various inputs such as valuation\nmetrics, growth rates, profitability, yields, and inflation. MFS may also consider current market conditions,\nits qualitative assessment of the risk/return characteristics of asset classes, and other factors in\ndetermining these allocations. MFS employs the strategic\nasset allocation process described above to determine the amount of the fund's assets invested in (1)\nunderlying funds that invest primarily in equity securities ( Equity Funds ) and underlying funds\nthat provide exposure to less traditional asset classes, currently real estate and commodities ( Non-Traditional\nFunds ) and (2) underlying funds that invest primarily in debt instruments ( Bond Funds ) and an\nunderlying fund that invests in cash and/or cash equivalents ( Money Market Fund ). MFS selects the underlying funds within each asset class based on underlying fund\nclassifications, historical risk, historical and projected performance of the represented asset classes,\nas well as other factors. Within the Equity Fund\nallocation, MFS seeks to diversify by geography (by including domestic and international underlying funds,\nincluding emerging market underlying funds), in terms of market capitalization (by including large, mid,\nand small capitalization underlying funds) and by style (by including bot\n...\ny disclosed full holdings\nof the underlying MFS funds are available by selecting an underlying fund s name under MFS Fund\nHoldings (%) on the fund s Website at mfs.com. For purposes of full holdings, cash, cash equivalents,\nand short-term investments are aggregated and currency derivatives and the cash portion of other derivatives\nare aggregated. Note that the fund or MFS may suspend the posting\nof this information or modify the elements of this Web posting policy without notice to shareholders.\nOnce posted, the above information will generally remain available on mfs.com until at least the date\non which the fund files a Form N-CSR or Form N-PORT for the period that includes the date as of which\nthe mfs.com information is current. Portfolio Manager(s) Information\nregarding the portfolio manager(s) of the fund is set forth below. Further information regarding the\nportfolio manager(s), including other accounts managed, compensation, ownership of fund shares, and possible\nconflicts of interest, is available in the fund s SAI.\n13 MFS Lifetime 2070 Fund\nPortfolio\nManager Primary Role Five Year History Benjamin Nastou Portfolio\nManager, General Oversight of a Team of Investment\nProfessionals Employed in the investment area of MFS since 2001 Natalie\nShapiro Portfolio\nManager, General Oversight of a Team of Investment\nProfessionals Employed in the investment area of MFS since 1997 Erich\nShigley Portfolio\nManager, General Oversight of a Team of Investment\nProfessionals Employed in the investment area of MFS since 2013 Administrator MFS provides the fund with certain financial, legal, and other administrative\nservices under a Master Administrative Services Agreement between the fund and MFS. Under the Agreement,\nMFS is paid an annual fee for providing these services. Distributor MFS\nFund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the\nfund. Shareholder Servicing Agent MFS Service\nCenter, Inc. (MFSC), a wholly-owned subsidiary of MFS, provides dividend and distribution disbursing\nand transfer agent and recordkeeping functions in connection with the issuance, transfer, and redemption\nof each class of shares of the fund under a Shareholder Servicing Agent Agreement. MFSC receives a fee\nbased on the costs it incurs in providing these services and a target profit margin. In addition, MFSC\nis reimbursed for payments made to service providers that provide certain sub-accounting and other shareholder\nservices (shareholder servicing payments) and its out-of-pocket expenses. No shareholder servicing payments\nare made for Class R6 shares. Description\nof Share Classes The fund offers Class A, Class C, Class I,\nClass R1, Class R2, Class R3, Class R4, and Class R6 shares through this prospectus. All classes of the\nfund have the same investment objective and investments, but each class has its own sales charge and\nexpense structure. Your financial intermediary may also charge you additional fees, commissions, or other\ncharges. You should consult with your financial intermediary to help you determine which class is most\nappropriate for you. Purchases of Class R1 and Class R2 shares are\nclosed to new eligible investors. Existing eligible investors can make additional purchases and reinvest\ndistributions in Class R1 and Class R2 shares in any account open. Existing eligible investors may also\nexchange their Class R1 and Class R2 shares for the same share class of another MFS fund, open new Class\nR1 and Class R2 share accounts in other MFS funds, or transfer some or all of the shares in their account\nto another account and such account will be treated as an open account. Subject to the approval of the\nfund s Board of Trustees, the fund may in the futur\n...\nfined currently in the 1940 Act to be the lesser of (i) 67% or more of\nthe voting securities present at a meeting at which holders of voting securities representing more than\n50% of the outstanding voting securities are present or represented by proxy, or (ii) more than 50% of\nthe outstanding voting securities. \"MFD\"\nor the \"Distributor\" MFS Fund Distributors, Inc., a Delaware corporation. \"MFS\" Massachusetts Financial Services Company, a\nDelaware corporation. \"MFSC\"\nMFS Service Center, Inc., a Delaware corporation. \"MFS Fund\" a fund managed by MFS and overseen by the Board. \"MFS Funds\" collectively, the funds managed by MFS\nand overseen by the Board. \"Prospectus\"\nthe Prospectus of the Fund, dated May 27, 2026, as may be amended or supplemented from time to\ntime. \"SEC\" U.S.\nSecurities and Exchange Commission. \"Trust\"\nreferences to a \"Trust\" mean the Massachusetts business trust of which the Fund is a series,\nor, if the Fund is itself a Massachusetts business trust, references to a \"Trust\" shall mean the Fund.\nMANAGEMENT OF THE FUND Organization\nof the Fund MFS Corporate Bond Fund, MFS Limited Maturity Fund, MFS Municipal\nLimited Maturity Fund, and MFS Total Return Bond Fund, each an open-end investment company, are series\nof MFS Series Trust IX, a Massachusetts business trust organized in 1985. MFS Corporate Bond Fund, MFS\nLimited Maturity Fund, MFS Municipal Limited Maturity Fund, and MFS Total Return Bond Fund are diversified\nfunds. MFS Core Bond Fund, MFS Lifetime Income Fund,\nMFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime\n2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, MFS Lifetime 2065\nFund, and MFS Lifetime 2070 Fund, each an open-end investment company, are series of MFS Series Trust\nXII, a Massachusetts business trust organized in 2005. MFS Core Bond Fund, MFS Lifetime Income Fund,\nMFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime\n2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, MFS Lifetime 2065\nFund, and MFS Lifetime 2070 Fund are diversified funds. Trustees/Officers Board\nLeadership Structure and Oversight The following provides an overview of the leadership structure\nof the Board and the Board s oversight of the MFS Funds risk management process. As of\nthe date of this SAI, the Board consists of 11 Trustees, 10 of whom are Independent Trustees. An Independent\nTrustee serves as Chair of the Board. Taking into account the number, the diversity and the complexity\nof the MFS Funds overseen by the Board and the aggregate amount of assets under management in the MFS\nFunds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate\nresponsibility for certain specific matters to Committees of the Board. Each of the seven standing Committees\nof the Board, to which the Board has delegated certain authority and oversight responsibilities, consists\nexclusively of Independent Trustees. In connection with each of the Board s regular meetings,\nthe Independent Trustees meet separately from MFS with their counsel. The Independent Trustees also meet\nregularly with the MFS Funds Chief Compliance Officer (who is also MFS' Chief Compliance Officer)\nto receive reports regarding the compliance of the MFS Funds with the federal securities laws and the\nMFS Funds compliance policies and procedures. The Board reviews its leadership structure periodically\nand believes that its structure is appropriate to enable the Board to e\n...\nyments made under agreements with service\nproviders that provide sub-accounting, transaction processing, and/or other shareholder services (\"Shareholder\nServicing Payments\"), that may include receiving instructions for the purchase, exchange or redemption\nof shares; preparing and transmitting periodic statements; providing or causing to be provided prospectuses,\nannual reports, semiannual reports, shareholder notices, and other shareholder communications; providing\nrequired tax services and documents; calculating and assessing sales charges; and calculating and recording\nor distributing distributions to shareholders. Service providers receive an annualized fee based on\nthe Fund s average daily net assets serviced by the service provider and/or a fee for each year,\nor portion thereof, for the Fund account serviced by the service provider. Payments vary by service\nprovider and may be significant to the service provider. Proceeds\nfrom Fund purchases, redemptions, and distribution payments may be held in one or more demand deposit\nbank accounts registered to MFSC, who acts as agent for the Fund when opening, closing, and conducting\nbusiness in the bank account(s). MFSC may invest overnight balances in money market instruments, including\nmoney market funds. Any balances not invested remain in the bank account(s) overnight. Pursuant to\nthe Shareholder Servicing Agent Agreement, if MFSC has acted in good faith and with reasonable care,\ninvestment risks associated with such bank account(s) are risks of the Fund. Distributor MFD, a wholly-owned subsidiary of MFS, serves as distributor for the continuous\noffering of shares of the Fund pursuant to a Distribution Agreement. Under the Agreement, MFD agrees\nto use its best efforts to find purchasers for shares of the Fund. Custodian State\nStreet Bank and Trust Company (\"State Street ), with a place of business at One Congress Street,\nBoston, MA 02114, serves as the custodian of the assets of MFS Lifetime Income Fund, MFS Lifetime 2025\nFund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund,\nMFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, MFS Lifetime 2065, and MFS Lifetime\n2070 Fund. State Street is responsible for safekeeping cash and securities, handling the receipt and\ndelivery of securities, collecting interest and dividends on investments, serving as the foreign custody\nmanager, providing reports on foreign securities depositaries, maintaining books of original entry and\nother required books and accounts, and calculating the daily net asset value of each class of shares.\nJPMorgan Chase Bank (\"JPMorgan ), with a place of business\nat 270 Park Avenue, New York, NY 10017, serves as the custodian of the assets of MFS Core Bond Fund,\nMFS Corporate Bond Fund, MFS Limited Maturity Fund, MFS Municipal Limited Maturity Fund, and MFS Total\nReturn Bond Fund. JPMorgan is responsible for safekeeping cash and securities, handling the receipt and\ndelivery of securities, collecting interest and dividends on investments, serving as the foreign custody\nmanager, and providing reports on foreign securities depositaries. JPMorgan Chase Bank, N.A., as successor\nin interest to an affiliate of JPMorgan, J.P. Morgan Investor Services Co., with a place of business\nat One Beacon Street, Boston, MA 02108, is responsible for maintaining books of original entry and other\nrequired books and accounts and calculating the daily net asset value of each class of shares.\n6\nThere is an expense offset arrangement that reduces the Fund s custodian\nfees based upon the amount of U.S. Dollars deposited by the Fund with JPMorgan. Certain Service\nProvider Compensation Compensation paid by the Fund to certain of\nits service providers for advisory services, administrative services, and transfer agency-related services,\nfor certain specified periods, is set forth in APPENDIX F. Code of Ethics The\nFund, MFS, its subadvisor (if applicable), and MFD have adopted separate codes of ethics (\"Codes of Ethics\")\nas required under the 1940 Act. The Codes of Ethics contain provisions and requirements designed to identify\nand address certain conflicts of interest between personal investment activities of MFS employees and\nthe interests of the Fund. Subject to certain conditions and restrictions, each code permits personnel\nsubject to the code to invest in securities for their own accounts, inclu", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:MFS_Core_Bond_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Core_Bond_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Core_Bond_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Core_Bond_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Core_Bond_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2025_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2025_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2025_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2025_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2025_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2030_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2030_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2030_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2030_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2030_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2035_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2035_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2035_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2035_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2035_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2040_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2040_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2040_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2040_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2040_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2045_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2045_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2045_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2045_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2045_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2050_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2050_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2050_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2050_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2050_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2055_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2055_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2055_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2055_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2055_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2060_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2060_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2060_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2060_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2060_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2065_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_2065_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2065_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2065_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_2065_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_Income_Fund", "p": "administrator", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:MFS_Lifetime_Income_Fund", "p": "advisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_Income_Fund", "p": "seriesOf", "o": "trust:MFS_SERIES_TRUST_XII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MFS_Lifetime_Income_Fund", "p": "transferAgent", "o": "org:MFS_Service_Center_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:MFS_SERIES_TRUST_XII", "p": "underwrittenBy", "o": "org:MFS_Fund_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> MFS Core Bond Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, National Association <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST XII <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Lifetime 2025 Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS 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<triple_end>\n<triple_start> MFS Lifetime 2040 Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST XII <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Lifetime 2045 Fund <predicate_marker> administrator <object_marker> Massachusetts Financial Services Company <predicate_marker> advisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> MFS SERIES TRUST XII <predicate_marker> transferAgent <object_marker> MFS Service Center, Inc. <triple_end>\n<triple_start> MFS Lifetime 2050 Fund <predicate_marker> administrator <object_marker> 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{"sample_id": "0001352280:ALL", "cik": "0001352280", "trust_name": "Columbia Funds Series Trust II", "input_text": "-01 2025-12-31 0001352280 cfstii:FormerBlendedBenchmarkConsistingOf60Russell3000IndexMember 2016-01-01 2025-12-31 0001352280 cfstii:FormerBlendedBenchmarkConsistingOf66BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:NewBlendedBenchmarkConsistingOf45BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:NewBlendedBenchmarkConsistingOf60Russell3000IndexMember 2016-01-01 2025-12-31 0001352280 cfstii:NewBlendedBenchmarkConsistingOf75BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:Russell3000IndexMember 2016-01-01 2025-12-31 0001352280 cfstii:Russell3000ValueIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:S000031347BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:S000031358BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:S000031358Russell3000IndexMember 2016-01-01 2025-12-31 0001352280 cfstii:S000031362BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001352280 cfstii:S000031362Russell3000IndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on May 22 , 2026 . Registration Nos. 333-131683 811-21852 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 255 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 280 (Check Appropriate Box or Boxes) COLUMBIA FUNDS SERIES TRUST II (Exact Name of Registrant as Specified in Charter) 290 Congress Street, Boston, Massachusetts 02210 (Address of Principal Executive Offices) (Zip Code) Registrant s Telephone Number, Including Area Code: (800) 345-6611\nMichael G. Clarke c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210\nRyan C. Larrenaga, Esq. c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, Massachusetts 02210 (Name and Address of Agents for Service) Approximate Date of Proposed Public Offering: It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On June 1, 2026 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. This Post-Effective Amendment relates solely to the Registrant s Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Income Builder Fund series. Information contained in the Registrant s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.\nColumbia Capital Allocation Portfolios Prospectus June 1, 2026 Columbia Capital Allocation Conservative Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nTicker Symbol\nABDAX\nRPCCX\nCBVZX Columbia Capital Allocation Moderate Conservative Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nR\nTicker Symbol\nNLGAX\nNIICX\nNIPAX\nCLIRX Columbia Capital Allocation Moderate Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nInstitutional 3 (Class Inst3)\nTicker Symbol\nABUAX\nAMTCX\nCBMZX\nCPDMX Columbia Capital Allocation Moderate Aggressive Portfolio\nClass\nA\nC\nInstitutional (Class Inst)\nInstitution\n...\n58\nAdditional Investment Strategies and Policies\n65\nPrimary Service Provider Contracts\n69\nOther Roles and Relationships of Ameriprise Financial and its Affiliates Certain Conflicts of Interest\n71\nCertain Legal Matters\n72\nChoosing a Share Class\n73\nThe Funds\n73\nSummary of Share Class Features\n73\nSales Charges and Commissions\n80\nReductions/Waivers of Sales Charges\n85\nDistribution and Service Fees\n89\nFinancial Intermediary Compensation\n91\nBuying, Selling and Exchanging Shares\n93\nShare Price Determination\n93\nTransaction Rules and Policies\n94\nOpening an Account and Placing Orders\n99\nBuying Shares\n101\nSelling Shares\n106\nExchanging Shares\n109\nDistributions and Taxes\n112\nDistributions to Shareholders\n112\nTaxes\n113\nFinancial Highlights\n117\nAppendix A: Financial Intermediary-Specific Reductions/Waivers of Sales Charges\nA - 1\nAppendix B: Underlying Funds Investment Objectives and Strategies\nB - 1\nAppendix C: Underlying Funds Principal Risks\nC - 1 2 Prospectus 2026 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Conservative Portfolio Investment Objective Columbia Capital Allocation Conservative Portfolio (Conservative Portfolio or the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $ 50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.\nShareholder Fees (fees paid directly from your investment)\nClass A\nClass C\nClass Inst\nMaximum sales charge (load) imposed on purchases (as a % of offering price)\n4.75 %\nNone\nNone\nMaximum deferred sales charge (load) imposed on redemptions (as a % of the lower of the original purchase price or current net asset value)\n1.00 % (a)\n1.00 % (b)\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass A\nClass C\nClass Inst\nManagement fees\n0.06 %\n0.06 %\n0.06 %\nDistribution and/or service (12b-1) fees\n0.25 %\n1.00 %\n0.00 %\nOther expenses\n0.21 %\n0.21 %\n0.21 %\nAcquired fund fees and expenses\n0.44 %\n0.44 %\n0.44 %\nTotal annual Fund operating expenses (c)\n0.96 %\n1.71 %\n0.71 %\nLess: Fee waivers and/or expense reimbursements (d)\n( 0.01 %)\n( 0.01 %)\n( 0.01 %)\nTotal annual Fund operating expenses after fee waivers and/or expense reimbursements\n0.95 %\n1.70 %\n0.70 % (a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. (b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. ( c )\n...\ns of the Fund through your account with the intermediary. The minimum initial investment amounts for the share classes offered by the Fund are shown below: Prospectus 2026 11 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Conservative Portfolio (continued) Minimum Initial Investment\nClass\nCategory of eligible account\nFor accounts other than Systematic Investment Plan accounts (as described in the Fund s Prospectus)\nFor Systematic Investment Plan accounts\nClasses A C\nAll accounts other than IRAs\n$2,000\n$100\nIRAs\n$1,000\n$100\nClass Inst\nAll eligible accounts\n$0, $1,000 or $2,000 depending upon the category of eligible investor\n$100 More information about these minimums can be found in the Buying, Selling and Exchanging Shares - Buying Shares section of the prospectus. There is no minimum additional investment for any share class. Tax Information The Fund normally distributes net investment income and net realized capital gains, if any, to shareholders. These distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an IRA. The use of a fund-of-funds structure could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. If you are investing through a tax-advantaged account, you may be taxed upon withdrawals from that account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. (the Distributor) and Columbia Management Investment Services Corp. (the Transfer Agent) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. 12 Prospectus 2026 Columbia Capital Allocation Portfolios Summary of Columbia Capital Allocation Moderate Conservative Portfolio Investment Objective Columbia Capital Allocation Moderate Conservative Portfolio (Moderate Conservative Portfolio or the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.\nShareholder Fees (fees paid direct\n...\nServices Other Roles and Relationships of Ameriprise Financial and its Affiliates Certain Conflicts of Interest section of the SAI. Investors in the Columbia Funds should carefully review these disclosures and consult with their financial advisor if they have any questions. Certain Legal Matters Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Information regarding certain pending and settled legal proceedings may be found in the Fund s Form N-CSR and in the SAI. Additionally, Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at sec.gov. 72 Prospectus 2026 Columbia Capital Allocation Portfolios Choosing a Share Class The Funds The Columbia Funds (referred to as the Funds) generally share the same policies and procedures for investor services, as described below. Each Fund is a series of Columbia Acorn Trust (CAT), Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I) or Columbia Funds Series Trust II (CFST II), and certain features of distribution and/or service plans may differ among these trusts. Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Aggressive Portfolio and Columbia Capital Allocation Moderate Portfolio are series of CFST II, and Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio are series of CFST. Columbia Funds with names that include the words Tax-Exempt, Municipal or Muni (the Tax-Exempt Funds) have certain policies that differ from other Columbia Funds (the Taxable Funds). The Funds offered by this prospectus are treated as Taxable Funds for these purposes. Funds Contact Information Additional information about the Funds, including sales charges and other class features and policies, can be obtained, free of charge, at columbiathreadneedleus.com,* by calling toll-free 800.345.6611, or by writing (regular mail) to Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or (express mail) Columbia Management Investment Services Corp., 801 Pennsylvania Ave., STE. 219104, Kansas City, MO 64105-1307. * The website references in this prospectus are inactive links and information contained in or otherwise accessible through the referenced websites does not form a part of this prospectus. FUNDamentals Financial Intermediaries The term financial intermediary refers to the selling and servicing agents that are authorized to sell and/or service shares of the Funds. Financial intermediaries include broker-dealers and financial advisors as well as firms that employ broker-dealers and financial advisors, including, for example, brokerage firms, banks, investment advisers, third party administrato", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Columbia_Commodity_Strategy_Fund", "p": "administrator", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Commodity_Strategy_Fund", "p": "advisedBy", "o": "org:Columbia_Management_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Columbia_Commodity_Strategy_Fund", "p": "seriesOf", "o": "trust:Columbia_Funds_Series_Trust_II", 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"org:Columbia_Management_Investment_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Columbia Commodity Strategy Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust II <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Dividend Opportunity Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust II <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. 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<predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Select Large Cap Value Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust II <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Select Small Cap Value Fund <predicate_marker> administrator <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> advisedBy <object_marker> Columbia Management Investment Advisers, LLC <predicate_marker> seriesOf <object_marker> Columbia Funds Series Trust II <predicate_marker> transferAgent <object_marker> Columbia Management Investment Services Corp. <triple_end>\n<triple_start> Columbia Seligman Technology and 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{"sample_id": "0001354917:ALL", "cik": "0001354917", "trust_name": "NexPoint Funds I", "input_text": "nt, L.P. 300 Crescent Court, Suite 700 Dallas, Texas 75201\nJon Luc Dupuy, Esq. K L Gates LLP 1 Congress Street, Suite 2900 Boston, Massachusetts 02114 It is proposed that this filing will become effective: (check appropriate box)\nimmediately upon filing pursuant to paragraph (b); or\non October 31, 2025 pursuant to paragraph (b); or\n60 days after filing pursuant to paragraph (a)(1); or\non pursuant to paragraph (a)(1); or\n75 days after filing pursuant to paragraph (a)(2); or\non pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nNexPoint Funds I Prospectus October 31, 2025\nClass A\nClass C\nClass Z\nNexPoint Event Driven Fund\nHHCAX\nHHCCX\nHHCZX\nNexPoint Merger Arbitrage Fund\nHMEAX\nHMECX\nHMEZX\nNexPoint Credit Catalyst Fund\nNEDAX\nNEDCX\nNEDZX Although these securities have been registered with the U.S. Securities and Exchange Commission ( SEC ), the SEC has not approved or disapproved any shares offered in this Prospectus or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nSummary Section\nNexPoint Event Driven Fund\n1\nNexPoint Merger Arbitrage Fund\n11\nNexPoint Credit Catalyst Fund\n21\nMore on Strategies, Risks and Disclosure of Portfolio Holdings\n28\nAdditional Information About Investment Strategies\n28\nAdditional Information About Risks\n32\nDisclosure of Portfolio Holdings\n50\nManagement of the Funds\n50\nBoard of Trustees and Investment Adviser\n50\nAdministrator/Sub Administrator\n52\nMulti-Manager Structure\n52\nAbout the Funds Portfolio Managers\n52\nAbout the Funds Underwriter\n54\nShareowner Guide How to Invest in NexPoint Funds I\n55\nHow to Buy Shares\n55\nChoosing a Share Class\n56\nDistribution and Shareholder Service Fees\n58\nRedemption of Shares\n60\nExchange of Shares\n64\nNet Asset Value (NAV)\n64\nDividends and Other Distributions\n65\nTaxation\n66\nFinancial Highlights\n69\nMailings to Shareholders\n76\nNexPoint Event Driven Fund Investment Objective The investment objective of NexPoint Event Driven Fund (the Event Driven Fund or the Fund ) is to seek long-term capital appreciation. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples . You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $ 50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the Reduced Sales Charges for Class A Shares section on page 57 of the Fund s Prospectus and the Programs for Reducing or Eliminating Sales Charges section on page 53 of the Fund s Statement of Additional Information. Investors investing in the Fund through an intermediary should consult the Appendix to the Fund s Prospectus, which includes information regarding financial intermediary-specific sales charges and related discount policies that apply to purchases through certain specified intermediaries. Shareholder Fees (fees paid directly from your investment)\nClass A\nClass C\nClass Z\nMaximum Sales Charge (Load) Imposed On Purchases (as a % of offering price)\n5.50 %\nNone\nNone\nMaximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a % of offering price)\nNone\nNone\nNone\nMaximum Deferred Sales Charge (Load) (as a % of the net asset value at the time of purchase or redemption, whichever is lower)\n1.00 %\n1\n1.00 %\n2\nNone\nExchange Fee\nNone\nNone\nNone\nRedemption Fee\nNone\nNone\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 3\nClass A\nClass C\nClass Z\nManagement fee\n1.00 %\n1.00 %\n1.00 %\nDistribution and/or Service (12b 1) Fees\n0.35 %\n1.00 %\nNone\nOther Expenses 4\n1.72 %\n1.72 %\n1.72 %\nInterest Payments and Commitment Fees on Borrowed Funds\n0.26 %\n0.26 %\n0.26 %\nDividend Expense on Short Sales\n0.51 %\n0.51 %\n0.51 %\nRemainder of Other Expenses\n0.95 %\n0.95 %\n0.95 %\nAcquired Fund Fees and Expenses\n0.03 %\n0.03 %\n0.03 %\nTotal Annual Fund Operating Expenses\n3.10 %\n3.75 %\n2.75 %\nExpense Reimbursement 4\n- 0.45 %\n- 0.45 %\n- 0.45 %\nTotal Annual Fund Operating Expenses After Expense Reimbursement\n2.65 %\n3.30 %\n2.30 %\n1\nClass A Shares bought without an initial sales charge in accounts aggregating $500,000 or more at the time of purchase are subject to a 1.00% contingent deferred sales charge ( CDSC ) if the shares are sold within 18 months of purchase.\n2\nClass C Shares are subject to a 1% CDSC for redemptions of shares within one year of purchase. This CDSC does not apply to redemptions under a systematic withdrawal plan.\n3\nTotal Annual Fund Operating Expenses differ from the ratios of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.\n4\nNexPoint Asset Management, L.P. ( NexPoint or the Adviser ) has contractually agreed to limit the total annual operating expenses (exclusive of fees paid by the Fund pursuant to its distribution plan under Rule 12b 1 under the Investment Company Act of 1940, as amended (the 1940 Act ), taxes, dividend expenses on short sales, interest payments, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses (collectively, the Excluded Expenses )) of the Fund to 1.50% of average daily net assets attributable to any class of the Fund (the Expense Cap ). The Expense Cap will continue through at least October 31, 2026 , and may not be terminated prior to this date without the action or consent of the Fund s Board of Trustees. Under the expense limitation agreement, the Adviser may recoup waived and/or reimbursed amounts with respect to the Fund within thirty six months of the date such amounts were waived or reimbursed, provided the Fund s total annual operating expenses, including such recoupment, do not exceed the Expense Cap in effect at the time of such waiver/reimbursement. Expense Example This Example helps you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example assumes that (i) you invest $10,000 in the Fund for the time periods indicated and then sell or redeem all your shares at the end of those periods, (ii) your investment has a 5% return each year, and (iii) operating expenses remain the same. Only the first year of each period in the Example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.\n1 Year\n3 Years\n5 Years\n10 Years\nClass A\n$ 803\n$ 1,414\n$ 2,049\n$ 3,744\nClass C\nif you do not sell your shares\n$ 333\n$ 1,105\n$\n...\nhrough October 31, 2026. Information on the Fund s current expense limitation agreement is provided below. NexPoint has contractually agreed to limit the total annual operating expenses of each of the NexPoint Event Driven Fund, NexPoint Merger Arbitrage Fund and NexPoint Credit Catalyst Fund (exclusive of fees paid by each Fund pursuant to its distribution plan under Rule 12b 1 under the 1940 Act, 51 Management of the Funds taxes, dividend expenses on short sales, interest payments, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses (collectively, the Excluded Expenses )) to 1.50%, 1.54% and 1.30% of average daily net assets attributable to any class of each Fund, respectively (the Expense Caps ). The Event Driven Fund, Merger Arbitrage Fund and Credit Catalyst Fund Expense Caps will continue through at least October 31, 2026, and may not be terminated prior to this date without the action or consent of the Board of Trustees. Under the expense limitation agreements, the Adviser may recoup waived and/or reimbursed amounts with respect to each Fund within thirty six months of the date such amounts were waived or reimbursed, provided the Fund s total annual operating expenses, including such recoupment, do not exceed the applicable Expense Cap in effect at the time of such waiver/reimbursement. Administrator/Sub Administrator NexPoint provides administration services to the Funds for a monthly administration fee. In such capacity, NexPoint generally assists the Funds in all aspects of their administration and operations. Additionally, NexPoint furnishes offices, necessary facilities, equipment and personnel. Under a separate Sub Administration agreement, NexPoint has delegated certain administrative functions to SEI Investments Global Funds Services ( SEI ), One Freedom Valley Drive, Oaks, Pennsylvania 19456, and pays SEI a portion of the fee it receives from the Fund. Under the Sub Administration agreement, SEI has agreed to provide fund accounting services; asset data services; fund administration and reporting services; and regulatory administration services, including preparation and filing of various reports with the appropriate regulatory agencies and the SEC for the Funds. NexPoint generally assists in all aspects of the Funds administration and operations and furnishes offices, necessary facilities, equipment and personnel. For more information about the Funds administration agreements, please see Administrator/Sub Administrator in the SAI. Multi-Manager Structure The Trust and the Adviser qualify for exemptive relief under a multi-managers exemptive order (the Order ) from certain provisions of the 1940 Act, pursuant to which the Adviser will, subject to the oversight of the Board, be permitted to enter into and materially amend sub advisory agreements on behalf of each Fund with sub advisers unaffiliated with the Adviser without such agreements being approved by the shareholders of each Fund (the Multi-Manager Structure ). The Board and the Adviser will therefore have the right to hire, terminate or replace sub advisers without first obtaining shareholder approval, including in the event that a sub advisory agreement has automatically terminated as a result of an assignment. The Adviser will continue to have the ultimate responsibility to oversee each sub adviser and recommend its hiring, termination and replacement. Shareholders of the Funds, except for NexPoint Event Driven Fund, have already approved the adoption of a Multi-Manager Structure, which enables these Fu\n...\nng a number of civic and cultural institutions in the Dallas-Fort Worth area. He is a member of the Southern Methodist University Cox School of Business Executive Board and the George W. Bush Presidential Center Executive Advisory Council. Mr. Dondero graduated from the University of Virginia, where he earned the highest honors (Beta Gamma Sigma, Beta Alpha Psi) from the McIntire School of Commerce with dual majors in accounting and finance. He has received certification as a Certified Public Accountant (CPA) and a Certified Managerial Accountant (CMA), and has earned the right to use the Chartered Financial Analyst (CFA) designation. Mr. Johnson is a Managing Director and Portfolio Manager at NexPoint Advisors, L.P. He has over 25 years of investment management experience with extensive experience in private equity, mergers and acquisitions and long/short hedge funds. Prior to joining NexPoint he was the CEO of Enviroklean Product Development which he purchased along with a private equity group. Previously, Mr. Johnson also held positions as President of Trisun Energy Services and was the Portfolio Manager of the Income Fund, L.P., an investment fund focused on making opportunistic investments in public and private debt and equity securities. Prior to managing the Income Fund, he was a Portfolio Manager at HCMLP. Prior to joining HCMLP, Mr. Johnson was an Associate at Wellspring Capital Management, a private equity firm focused on control- oriented buyout investments. Mr. Johnson started his career as an Analyst in the Mergers Acquisitions group at Lehman Brothers. Mr. Johnson received a B.B.A. in Finance with honors from the University of Texas at Austin and an MBA from Harvard Business School. About the Funds Underwriter The Funds shares are offered for sale through NexPoint Securities, Inc. (the Underwriter ), 200 Crescent Court, Suite 700, Dallas, Texas 75201. Shareholders and Financial Advisors (as defined under How to Buy Shares ) should not send any transaction or account requests to this address. Transaction or account requests should be directed to NexPoint Funds I (Fund Name), 801 Pennsylvania Ave, Kansas City, Missouri, 64105. 54 NexPoint Funds | Prospectus October 31, 2025 Shareowner Guide How to Invest in NexPoint Funds I How to Buy Shares You can purchase shares of the Funds on any day that the New York Stock Exchange ( NYSE ) is open for business (see Net Asset Value ). You can purchase shares of the Funds from any financial advisor, broker-dealer or other financial intermediary that has entered into an agreement with the Underwriter or the Funds with respect to the sale of shares of the Funds (a Financial Advisor ), or SS C Technologies, Inc., 430 W. 7 th Street, Suite 219424, Kansas City, Missouri 64105-1407, the Funds transfer agent (the Transfer Agent ). Your Financial Advisor can help you establish an appropriate investment portfolio, buy shares, and monitor your investments. The Funds have authorized Financial Advisors to receive purchase and redemption orders on their behalf. Financial Advisors are authorized to designate other intermediaries to receive purchase and redemption orders on the Funds behalf. The Funds will be deemed to have received a purchase or redemption order when a Financial Advisor or its authorized designee receives the order in good order. The specific requirements for good order depend on the type of transaction and method of purchase. Contact the Adviser if you have questions about your circumstances. Generally, good order means that you placed your order with your Financial Advisor or its\n...\necurities. Each Fund will not invest more than 10% of its total assets in restricted securities (excluding Rule 144A securities). If the Adviser determines, pursuant to the LRM Program and related procedures, that specific Section 4(a)(2) commercial paper or securities that are restricted as to resale but for which a ready market is available pursuant to an exemption provided by Rule 144A under the 1933 Act or other exemptions from the registration requirements of the 1933 Act, are liquid, they will not be subject to a Fund s limitation on investments in illiquid securities. Borrowing and Lending Borrowing. Each Fund may borrow money from banks (including their custodian bank) or from other lenders to the extent permitted under applicable law. The 1940 Act requires a Fund maintain asset coverage of at\n9\nleast 300% for all such borrowings, and should such asset coverage at any time fall below 300%, the Fund would be required to reduce its borrowings within three days to the extent necessary to meet the requirements of the 1940 Act. No Fund will make any borrowing that would cause its outstanding borrowings to exceed one-third of the value of its total assets. To reduce its borrowings, a Fund might be required to sell securities at a time when it would be disadvantageous to do so. In addition, because interest on money borrowed is a Fund expense that it would not otherwise incur, the Fund may have less net investment income during periods when its borrowings are substantial. The interest paid by the Fund on borrowings may be more or less than the yield on the securities purchased with borrowed funds, depending on prevailing market conditions. Securities Loans . Each Fund may seek additional income by making secured loans of its portfolio securities through its custodian, Bank of New York Mellon ( BNY Mellon ). Such loans will be in an amount not greater than one-third of the value of the Fund s total assets. BNY Mellon will charge a Fund fees based on a percentage of the securities lending income. The Funds will receive collateral consisting of cash (U.S. and foreign currency), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, sovereign debt, convertible bonds, irrevocable bank letters of credit or such other collateral as may be agreed on by the parties to a securities lending arrangement, initially with a value of 102% or 105% of the market value of the loaned securities and thereafter maintained at a value of 100% of the market value of the loaned securities. If the collateral consists of non-cash collateral, the borrower will pay the Fund a loan premium fee. If the collateral consists of cash, BNY Mellon will reinvest the cash. Although voting rights, or rights to consent, with respect to the loaned securities pass to the borrower, the Fund will recall the loaned securities upon reasonable notice in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund also may call such loans in order to sell the securities involved. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delays in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. A Fund also bears the risk that the value of investments made with collateral may decline. Although a Fund has the right to call loans at any time on reasonable notice and will do so if holders of a loaned security are asked to vote upon or c", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:NexPoint_Event_Driven_Fund", "p": "administrator", "o": "org:NexPoint_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Event_Driven_Fund", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Event_Driven_Fund", "p": "advisedBy", "o": "org:NexPoint_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Event_Driven_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Event_Driven_Fund", "p": "seriesOf", "o": "trust:NexPoint_Funds_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Merger_Arbitrage_Fund", "p": "administrator", "o": "org:NexPoint_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Merger_Arbitrage_Fund", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Merger_Arbitrage_Fund", "p": "advisedBy", "o": "org:NexPoint_Asset_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Merger_Arbitrage_Fund", "p": "custodian", "o": "org:Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NexPoint_Merger_Arbitrage_Fund", "p": "seriesOf", "o": "trust:NexPoint_Funds_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NexPoint_Funds_I", "p": "underwrittenBy", "o": "org:NexPoint_Securities_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> NexPoint Event Driven Fund <predicate_marker> administrator <object_marker> NexPoint Asset Management, L.P. <predicate_marker> administrator <object_marker> SEI Investments Global Funds Services <predicate_marker> advisedBy <object_marker> NexPoint Asset Management, L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> NexPoint Funds I <triple_end>\n<triple_start> NexPoint Merger Arbitrage Fund <predicate_marker> administrator <object_marker> NexPoint Asset Management, L.P. <predicate_marker> administrator <object_marker> SEI Investments Global Funds Services <predicate_marker> advisedBy <object_marker> NexPoint Asset Management, L.P. <predicate_marker> custodian <object_marker> Bank of New York Mellon <predicate_marker> seriesOf <object_marker> NexPoint Funds I <triple_end>\n<triple_start> NexPoint Funds I <predicate_marker> underwrittenBy <object_marker> NexPoint Securities, Inc <triple_end>", "target_serialized_plain": "NexPoint Event Driven Fund administrator NexPoint Asset Management, L.P. , SEI Investments Global Funds Services ; advisedBy NexPoint Asset Management, L.P. ; custodian The Bank of New York Mellon ; seriesOf NexPoint Funds I .\nNexPoint Merger Arbitrage Fund administrator NexPoint Asset Management, L.P. , SEI Investments Global Funds Services ; advisedBy NexPoint Asset Management, L.P. ; custodian Bank of New York Mellon ; seriesOf NexPoint Funds I .\nNexPoint Funds I underwrittenBy NexPoint Securities, Inc .", "stats": {"input_chars": 17813, "n_triples": 11, "text_to_json_ratio": 18.0}}
{"sample_id": "0001359057:ALL", "cik": "0001359057", "trust_name": "Manager Directed Portfolios", "input_text": "gistrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) (Registrant s Telephone Number, including Area Code) (201) 708-9796 Ryan S. Frank, President Manager Directed Portfolios c/o U.S. Bank Global Fund Services 777 East Wisconsin Avenue, 5th Floor Milwaukee, WI 53202 (Name and Address of Agent for Service) Copies to: Ellen Drought, Esq. Godfrey Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202 (414) 273-3500 It is proposed that this filing will become effective (check appropriate box) [ ] Immediately upon filing pursuant to Rule 485(b). [X] on April 30, 2026 pursuant to Rule 485(b). [ ] on (date) pursuant to Rule 485(a)(1). [ ] 60 days after filing pursuant to Rule 485(a)(1). [ ] 75 days after filing pursuant to Rule 485(a)(2). [ ] on (date) pursuant to Rule 485(a)(2). If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note: This Post-Effective Amendment No. 187 to the Registration Statement of Manager Directed Portfolios is being filed to add the audited financial statements and certain related financial information for the fiscal year ended December 31, 2025 for the Spyglass Growth Fund and to make permissible changes under Rule 485(b). Spyglass Growth Fund Institutional Shares (Trading Symbol: SPYGX) Retail Shares (not currently offered) Prospectus April 30, 2026 Telephone: 1-888-878-5680 www.spygx.com The Securities and Exchange Commission ( SEC ) has not approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Spyglass Growth Fund a series of Manager Directed Portfolios (the Trust ) TABLE OF CONTENTS SUMMARY SECTION 1 INVESTMENT STRATEGIES, RISKS, AND DISCLOSURE OF PORTFOLIO HOLDINGS 8 Investment Objective 8 Principal Investment Strategies 8 Principal Risks of Investing in the Fund 9 Portfolio Holdings Information 12 Voluntary Fee Waivers and/or Expense Reimbursements . 13 MANAGEMENT OF THE FUND 13 Investment A dvis e r 13 Portfolio Manager 14 SHAREHOLDER INFORMATION 14 Pricing of Shares 14 Description of Share Classes 15 Purchase of Shares 16 Redemption of Shares 18 Purchasing and Redeeming Shares Through a Financial Intermediary 21 Conversions Between Share Classes 21 Frequent Purchases and Redemptions 21 Other Fund Policies 23 DISTRIBUTION OF FUND SHARES 23 The Distributor 23 Distribution and Shareholder Servicing (Rule 12b-1) Plan Retail Shares 24 Payments to Financial Intermediaries 24 DISTRIBUTIONS AND TAXES 24 Distributions 24 Federal Income Tax Consequences 25 FINANCIAL HIGHLIGHTS 27 Privacy Notice 29 Summary Section Investment Objective The Spyglass Growth Fund (the Fund ) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) Institutional Shares Retail Shares None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 1.00 % 1.00 % Distribution and/or Service (12b-1) Fees None 0.25 % Other Expenses (1) 0.09 % 0.09 % Total Annual Fund Operating Expenses 1.09 % 1.34 % Less: Fee Waiver and/or Expense Reimbursement ( 0.09 )% ( 0.09 )% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (2) 1.00 % 1.25 % (1) As Retail Shares are not currently offered, other expenses for Retail Shares are estimated for the current fiscal year and are based on those of the Institutional Shares. (2) Pursuant to an operating expense limitation agreement between Spyglass Capital Management LLC (the Advisor ), the Fund s investment adviser, and the Fund, the Advisor has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage ( i.e. , any expenses incurred in connection with borrowings made by the Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation (collectively, Excludable Expenses )) do not exceed 1.00% of the Fund s average daily net assets, through at least April 30, 2027 , unless terminated sooner by, or with the consent of, the Trust s Board of Trustees (the Board of Trustees or the Board ). To the extent the Fund incurs Excludable Expenses, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will exceed 1.00%. The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for up to three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund s total expense ratio to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment. 1 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. The fee waiver/expense reimbursement arrangement included in the table above is reflected only through April 30, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Share Class One Year Three Years Five Years Ten Years Institut\n...\ninvestor services, nor does it share the same investment adviser with any other series of the Trust. Portfolio Manager James A. Robillard, Portfolio Manager, performs day to day portfolio management for the Fund using the investment strategies and policies described in this Prospectus. Mr. Robillard is the Founder, President and Chief Investment Officer of the Advisor. Prior to founding the Advisor in 2015, Mr. Robillard spent 11 years at Edgewood Management LLC ( Edgewood ), first as a Senior Research Analyst and then as a Managing Director and member of the portfolio management team for the Edgewood Growth Fund. Prior to Mr. Robillard s time at Edgewood, he held positions at Baron Capital Management and Van Wagoner Capital Management. Mr. Robillard graduated from Vanderbilt University in 1994, and he received his MBA from the University of Chicago Graduate School of Business with concentrations in Finance and Accounting in 2004. The SAI provides additional information about the Portfolio Manager s compensation, other accounts managed, and ownership of the Fund s securities. Shareholder Information Pricing of Shares The price of the Fund s shares is based on its NAV. The NAV per share of the Fund is determined as of the close of regular trading on the New York Stock Exchange ( Exchange ) (generally 4:00 p.m. Eastern Time) ( Market Close ) on each day that the Exchange is open for business (each, a Business Day ). The NAV is calculated by adding the value of all securities and other assets in the Fund, deducting its liabilities, and dividing the balance by the number of outstanding shares in the Fund. The price at which a purchase or redemption is effected is based on the next calculation of NAV after the order is received by an authorized financial institution or U.S. Bancorp Fund Services, LLC, the Fund s transfer agent (the Transfer Agent ), and under no circumstances will any order be accepted for purchase or redemption after the NAV calculation. Shares will only be priced on Business Days. In addition, foreign securities held by the Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Any order received after the close of trading on the Exchange will be processed at the NAV as determined as of the close of trading on the next day the Exchange is open. The Fund values its assets based on current market values when such values are available. These prices normally are supplied by an independent pricing service. Equity securities held by the Fund which are listed on a national securities exchange, except those traded on the NASDAQ Stock Market, Inc. ( NASDAQ ), and for which market quotations are available, are valued at the last quoted sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ are valued in accordance with the NASDAQ Official Closing Price, which may not be the last sale price. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. The Board has appointed the Advisor as its designee (the Valuation Designee ) for all fair value determinations and responsibilities for the Fund, subject to oversight by the Board. Assets and securities for which market quotations are not readily available are valued in good faith in accordance with the Valuation Designee s procedures. 14 When the Fund uses fair value pricing to determine\n...\nor bank account not on record; When a redemption is received by the Transfer Agent and the account address has been changed within the last 30 calendar days; or For all redemptions in excess of $50,000 from any shareholder account. The Fund may waive any of the above requirements in certain instances. In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation. Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source. Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and 20 savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ( STAMP ). A notary public is not an acceptable signature guarantor. Purchasing and Redeeming Shares Through a Financial Intermediary You may purchase and redeem shares of the Fund through certain financial intermediaries (and their agents) that have made arrangements with the Fund to sell its shares and receive purchase and redemption orders on behalf of the Fund. When you place your purchase or redemption order with such a financial intermediary, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next NAV calculated by the Fund. Financial intermediaries may be authorized by ALPS Distributors Inc., the Fund s distributor (the Distributor ) to designate other financial intermediaries to accept orders on the Fund s behalf. An order is deemed to be received when the Fund, a financial intermediary or, if applicable, a financial intermediary s authorized designee accepts the order. The financial intermediary holds your shares in an omnibus account in the financial intermediary s name, and the financial intermediary maintains your individual ownership records. Your financial intermediary may charge you a fee for handling your purchase and redemption orders. The financial intermediary is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund s Prospectus. The Distributor, on behalf of the Fund, may enter into agreements with financial intermediaries that provide recordkeeping, transaction processing and other administrative services for customers who own Fund shares. The Advisor and/or its affiliates may pay financial intermediaries for such services. The fee charged by financial intermediaries may be based on the number of accounts or may be a percentage of the average value of accounts for which the financial intermediary provides services. Conversions Between Share Classes You may convert shares of one share class of the Fund for a different share class of the Fund if you meet the minimum initial investment, eligibility criteria and other requirements for investment in the share class you are converting into. Share class conversions are based on the relevant NAVs of the applicable share classes at the time of the conversion, and no charge is imposed. 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LLC .\nTwin Oak Short Horizon Absolute Return ETF administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf Manager Directed Portfolios ; transferAgent U.S. Bancorp Fund Services, LLC .\nManager Directed Portfolios underwrittenBy ALPS Distributors, Inc. .", "stats": {"input_chars": 13479, "n_triples": 17, "text_to_json_ratio": 8.3}}
{"sample_id": "0001364924:ALL", "cik": "0001364924", "trust_name": "Fidelity Rutland Square Trust II", "input_text": "485APOS\n1\nfiling12056.htm\nPRIMARY DOCUMENT\nSecurities Act of 1933 Registration No. 333-139427\nInvestment Company Act of 1940 Registration No. 811-21991\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]\n[ ] Pre-Effective Amendment No. &#xa0;______\n[X] Post-Effective Amendment No. &#xa0; 139\nand\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]\n[X] Amendment No. &#xa0; 142\nFidelity Rutland Square Trust II\n&#xa0;(Exact Name of Registrant as Specified in Charter)\n245 Summer Street, Boston, Massachusetts 02210\n(Address of Principal Executive Offices)(Zip Code)\nRegistrant&#x92;s Telephone Number: 617-563-7000\nNicole Macarchuk\nSecretary and Chief Legal Officer\n245 Summer Street\nBoston, Massachusetts 02210\n(Name and Address of Agent for Service)\nWith copies to:\nJohn V. O&#x92;Hanlon, Esq.\nDechert LLP\nOne International Place, 40 th Floor\n100 Oliver Street\nBoston, Massachusetts 02110\nIt is proposed that this filing will become effective on July 30, 2026 pursuant to paragraph (a)(1) of Rule 485 at 12:01 a.m. Eastern Time.\n&#xa0;\n&#xa0;\n&#xa0;\nFund /Ticker\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund /FIWGX\nOffered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public\n&#xa0;\nProspectus\nJuly 30, 2026\n&#xa0;\n&#xa0;\n&#xa0;\nLike securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.\n245 Summer Street, Boston, MA 02210\n&#xa0;\n&#xa0;\n&#xa0;\n&#xa0;\nContents\nFund Summary\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund\nFund Basics\nInvestment Details\nValuing Shares\nShareholder Information\nAdditional Information about the Purchase and Sale of Shares\nDividends and Capital Gain Distributions\nTax Consequences\nFund Services\nFund Management\nFund Distribution\nAppendix\nFinancial Highlights\nAdditional Index Information\n&#xa0;\nFund Summary\nFund:\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund\nInvestment Objective\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund seeks a high level of current income.\nFee Table\nThe following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.\n&#xa0;\n&#xa0;\nShareholder fees\n(fees paid directly from your investment)\nNone\n&#xa0;\n[Information to be provided in a subsequent amendment.]\nThis example helps compare the cost of investing in the fund with the cost of investing in other funds.\nLet's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates t\n...\nhe factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.\nAn investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency . &#xa0; You could lose money by investing in the fund.\nPerformance\nThe following information is intended to help you understand the risks of investing in the fund.\nThe information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the \"Additional Index Information\" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.\nVisit www.fidelity.com for more recent performance information.\nYear-by-Year Returns\n&#xa0;\n[Information to be provided in a subsequent amendment.]\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\n[Information to be provided in a subsequent amendment.]\n&#xa0;\nInvestment Adviser\nStrategic Advisers (the Adviser) is the fund's manager. FIAM LLC (FIAM) has been retained to serve as a sub-adviser for the fund.\nFMR Investment Management (UK) Limited (FMR UK), Fidelity Management Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management Research (Japan) Limited (FMR Japan) have been retained to serve as sub-subadvisers for the fund.\nThe Adviser may change a sub-adviser's asset allocation at any time, including allocating no assets to, or terminating the sub-advisory contract with, a sub-adviser.\nPortfolio Manager(s)\nJonathan Duggan (Lead Portfolio Manager) has managed the fund since 2018.\nPurchase and Sale of Shares\nThe fund is not available for sale to the general public.\nThe price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.\nThe price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.\n&#xa0;\nFund Basics\nInvestment Details\nInvestment Objective\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund seeks a high level of current income.\nPrincipal Investment Strategies\nThe fund normally invests at least 80% of its assets in debt securities and in shares of other debt funds.\nDebt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures).\nDebt funds are funds (including mutual funds and ETFs) that invest at least 80% of assets in debt securities. Whether an underlying fund is included in the fund's 80% policy is determined at the time of investment and eval\n...\nany number of underlying funds or sub-advisers. The Adviser may actively adjust allocations among underlying funds or sub-advisers at any time, including making no allocation at all to one or more sub-advisers.\nThe Adviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in allocating the fund's assets among underlying funds and sub-advisers.\nThe Adviser allocates the fund's assets among underlying funds and sub-advisers to attempt to diversify the fund's portfolio among different market sectors (for example, corporate, asset-backed or government securities) and different maturities based on its view of the relative value of each sector or maturity.\nThe Adviser pursues a disciplined, benchmark-driven approach to portfolio construction, and monitors and adjusts allocations to underlying funds and sub-advisers as necessary to favor those underlying funds and sub-advisers that the Adviser believes will provide the most favorable outlook for achieving the fund's investment objective.\nWhen determining how to allocate the fund's assets among sub-advisers and underlying funds, the Adviser uses proprietary fundamental and quantitative research, considering factors including, but not limited to, performance in different market environments, manager experience and investment style, management company infrastructure, costs, asset size, and portfolio turnover.\nThe fund may invest in affiliated funds ( i.e., Fidelity &#xae; &#xa0; funds, including mutual funds and ETFs), non-affiliated funds &#xa0; and non-affiliated ETFs. Underlying funds include funds managed by Fidelity Management Research Company LLC (FMR) (an affiliated company that, together with the Adviser, is part of Fidelity Investments) or an affiliate and funds managed by investment advisers other than Fidelity. Fidelity may receive service fees that typically are at an annual rate of up to 0.40% of a non-affiliated underlying fund's average daily net assets attributable to purchases of underlying funds through Fidelity's FundsNetwork &#xae; , though such fees may be higher or lower, or may be charged as transaction and/or account fees. In addition, the fund may invest in mutual funds and ETFs in transactions not occurring through Fidelity's FundsNetwork &#xae; .\nThe Adviser generally classifies underlying funds by reference to a fund's name, policies, or investments.\nFor information on the underlying funds, see the underlying funds' prospectuses. A copy of any underlying Fidelity &#xae; &#xa0; fund's prospectus is available at www.fidelity.com or institutional.fidelity.com. For a copy of any other underlying fund's prospectus, visit the web site of the company that manages or sponsors that underlying fund.\nIt is not possible to accurately predict the extent to which the fund's assets will be invested by a particular sub-adviser at any given time.\nTo select investments, a sub-adviser may analyze the credit quality of the issuer, security-specific features, current valuation relative to alternatives in the market, short-term trading opportunities resulting from market inefficiencies, and potential future valuation. In managing the fund's exposure to various risks, including interest rate risk, a sub-adviser may consider, among other things, the market's overall risk characteristics, the market's current pricing of those risks, and internal views of potential future market conditions.\nIn selecting foreign securities, a sub-adviser's analysis may also consider the credit, currency, and economic risks associated with the security and the country of its issuer. A sub-adviser may al\n...\nused in the analysis, the weight placed on each factor, and changes in the factors' historical trends.\nAn investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency . &#xa0; You could lose money by investing in the fund.\nPerformance\nThe following information is intended to help you understand the risks of investing in the fund.\nThe information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the \"Additional Index Information\" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.\nVisit www.fidelity.com for more recent performance information.\nYear-by-Year Returns\n&#xa0;\n[Information to be provided in a subsequent amendment.]\nAverage Annual Returns\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.\n[Information to be provided in a subsequent amendment.]\n&#xa0;\nInvestment Adviser\nStrategic Advisers (the Adviser) is the fund's manager. FIAM LLC, FIL Investment Advisors, Fidelity Diversifying Solutions LLC, and Geode Capital Management, LLC have been retained to serve as sub-advisers for the fund.\nFIL Investment Advisors (UK) Limited (FIA(UK)), FMR Investment Management (UK) Limited (FMR UK), Fidelity Management Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management Research (Japan) Limited (FMR Japan) have been retained to serve as sub-subadvisers for the fund.\nThe Adviser may change a sub-adviser's asset allocation at any time, including allocating no assets to, or terminating the sub-advisory contract with, a sub-adviser.\nPortfolio Manager(s)\nWilfred Chilangwa (Lead Portfolio Manager) has managed the fund since 2018.\nSean McCarthy (Co-Portfolio Manager) has managed the fund since 2026.\nPurchase and Sale of Shares\nThe fund is not available for sale to the general public.\nThe price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.\nThe price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.\nThe fund is open for business each day the New York Stock Exchange (NYSE) is open.\nThere is no purchase minimum for fund shares.\nTax Information\nDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement pl\n...\nected performance. In Form N-CSR, you will find the fund's annual and semi-annual financial statements.\nFor a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or the fund's financial statements or to request other information.\nThe SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.\nInvestment Company Act of 1940, File Number(s), 811-21991 &#xa0;\nFidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.\nFidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. &#xa9; 2026 FMR LLC. All rights reserved.\n1.9887481.\nTSF-PRO-0726\nFund\nTicker\nStrategic Advisers&#xae; Fidelity&#xae; Core Income Fund\nFIWGX\nFund of Fidelity Rutland Square Trust II\n&#xa0;\nSTATEMENT OF ADDITIONAL INFORMATION\n&#xa0;\nJuly 30, 2026\n&#xa0;\nOffered exclusively to certain clients of Strategic Advisers LLC (Strategic Advisers) or its affiliates - not available for sale to the general public.&#xa0;\nThis Statement of Additional Information (SAI) is not a prospectus. Portions of the fund's annual report are incorporated herein. The annual report(s) are supplied with this SAI.\nTo obtain a free additional copy of a prospectus or SAI, dated July 30, 2026, an annual report,&#xa0;a fund's financial statements, or a free copy of a fund's proxy voting record, please call Fidelity at 1-800-544-3455 or visit Fidelity's web site at www.fidelity.com.\nFor more information on any Fidelity &#xae; fund, including charges and expenses, call Fidelity at the number indicated above for a free prospectus. Read it carefully before investing or sending money.\n245 Summer Street, Boston, MA 02210 &#xa0;\n&#xa0;\nCOI-PTB-0726\n1.9887937.\nTABLE OF CONTENTS\nINVESTMENT POLICIES AND LIMITATIONS\nSPECIAL GEOGRAPHIC CONSIDERATIONS\nPORTFOLIO TRANSACTIONS\nVALUATION\nBUYING AND SELLING INFORMATION\nDISTRIBUTIONS AND TAXES\nTRUSTEES AND OFFICERS\nCONTROL OF INVESTMENT ADVISERS\nMANAGEMENT CONTRACT\nPROXY VOTING GUIDELINES\nDISTRIBUTION SERVICES\nTRANSFER AND SERVICE AGENT SERVICES\nSECURITIES LENDING\nDESCRIPTION OF THE TRUST\nFUND HOLDINGS INFORMATION\nFINANCIAL STATEMENTS\nAPPENDIX\n&#xa0;\nINVESTMENT POLICIES AND LIMITATIONS&#xa0;\nThe following policies and limitations supplement those set forth in the prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of the fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage\n...\nect payment by the fund of distribution expenses.\nThe Plan adopted for the fund or class, as applicable, is described in the prospectus.\nUnder the Plan, if the payment of management fees by the fund to Strategic Advisers is deemed to be indirect financing by the fund of the distribution of its shares, such payment is authorized by the Plan.\nThe Plan specifically recognizes that Strategic Advisers may use its management fee revenue, as well as its past profits or its other resources, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of the fund and/or shareholder support services. In addition, the Plan provides that Strategic Advisers, directly or through FDC, may pay significant amounts to intermediaries that provide those services.\nCurrently, the Board of Trustees has authorized such payments for shares of the fund.\nPrior to approving the Plan, the Trustees carefully considered all pertinent factors relating to the implementation of the Plan, and determined that there is a reasonable likelihood that the Plan will benefit the fund or class, as applicable, and its shareholders.\nIn particular, the Trustees noted that the Plan does not authorize payments by shares of the fund other than those made to Strategic Advisers under its management contract with the fund.\nTo the extent that the Plan gives Strategic Advisers and FDC greater flexibility in connection with the distribution of shares, additional sales of shares or stabilization of cash flows may result.\nFurthermore, certain shareholder support services may be provided more effectively under the Plan by local entities with whom shareholders have other relationships.\nTRANSFER AND SERVICE AGENT SERVICES\nThe fund has entered into a transfer agent agreement with Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of Strategic Advisers, which is located at 245 Summer Street, Boston, Massachusetts 02210. Under the terms of the agreement, FIIOC (or an agent, including an affiliate) performs transfer agency services.\nFor providing transfer agency services, FIIOC receives no fees from the fund; however, certain underlying Fidelity&#xae; funds pay their respective transfer agent (either FIIOC or an affiliate of FIIOC) fees based, in part, on the number of positions in and/or assets of the fund invested in such underlying Fidelity&#xae; fund, or pay a management fee that covers certain administrative services such as transfer agency services. Strategic Advisers or an affiliate of Strategic Advisers will bear the costs of the transfer agency services with respect to assets managed by one or more sub-advisers and assets invested in non-affiliated ETFs under the terms of an agreement between Strategic Advisers and FIIOC.\nFIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.\nFIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.\nThe fund has entered into a service agent agreement with Fidelity Service Company, Inc. (FSC), an affiliate of Strategic Advisers &#xa0; (or an agent, including an affiliate). Under the terms of the agreement, FSC calculates the NAV and dividends for shares, maintains the fund's portfolio and general accounting records, and administers the fund's secur\n...\nso provides that a fund shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which Delaware law does not apply, no contractual limitation of liability was in effect, and a fund is unable to meet its obligations. Strategic Advisers LLC believes that, in view of the above, the risk of personal liability to shareholders is extremely remote.\nVoting Rights. The fund's capital consists of shares of beneficial interest. Shareholders are entitled to one vote for each dollar of net asset value they own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate, by fund, and by class.\nThe shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading \"Shareholder Liability\" above.\nThe trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of a trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of a trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.\nCustodian(s).\nState Street Bank and Trust Company, One Congress Street, Boston, Massachusetts, is custodian of the assets of the fund.\nThe custodian is responsible for the safekeeping of the fund's assets and the appointment of any subcustodian banks and clearing agencies.\nThe Bank of New York Mellon, headquartered in New York, also may serve as special purpose custodian of certain assets in connection with repurchase agreement transactions.\nFrom time to time, subject to approval by a fund's Treasurer, a Fidelity&#xae; fund may enter into escrow arrangements with other banks if necessary to participate in certain investment offerings.\nStrategic Advisers, its officers and directors, its affiliated companies, Members of the Advisory Board (if any), and Members of the Board of Trustees may, from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by Strategic Advisers. Transactions that have occurred to date include mortgages and personal and general business loans. In the judgment of the fund's adviser, the terms and conditions of those transactions were not influenced by existing or potential custodial or other fund relationships.\nIndependent Registered Public Accounting Firm.\n[_______________], independent registered public accounting firm, audits financial statements for the fund and provides other audit, tax, and related services.\n&#xa0;\nFUND HOLDINGS INFORMATION\nThe fund views holdings information as sensitive and limits its dissemination. The Board authorized Strategic Advisers, in consultation with FMR, to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Executive Holdings Policy Committee (comprising executive officers of FMR) evaluates disclosure policy with the goal of serving the fund's best interests by striking an appropriate balance between providing information about the fund's portfolio and protecting the fund from potentially harmful disclosure. 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true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "advisedBy", "o": "org:Strategic_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Rutland_Square_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:FIAM_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:FIL_Investment_Advisors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:Fidelity_Diversifying_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:Geode_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Fidelity_U_S_Total_Stock_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Strategic_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Fidelity_Rutland_Square_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:FIAM_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "advisedBy", "o": "org:Strategic_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "custodian", "o": "org:STATE_STREET_BANK_AND_TRUST_COMPANY", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "seriesOf", "o": "trust:Fidelity_Rutland_Square_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "subAdvisedBy", "o": "org:FIAM_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Short_Duration_Fund", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Tax_Sensitive_Short_Duration_Fund", "p": "administrator", "o": "org:Fidelity_Service_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Strategic_Advisers_Tax_Sensitive_Short_Duration_Fund", "p": "advisedBy", "o": "org:Strategic_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_Tax_Sensitive_Short_Duration_Fund", "p": "custodian", "o": 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true}, {"s": "fund:Strategic_Advisers_U_S_Total_Stock_Fund", "p": "advisedBy", "o": "org:Strategic_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_U_S_Total_Stock_Fund", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_U_S_Total_Stock_Fund", "p": "seriesOf", "o": "trust:Fidelity_Rutland_Square_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:FIAM_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategic_Advisers_U_S_Total_Stock_Fund", "p": "subAdvisedBy", "o": "org:FIL_Investment_Advisors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, 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{"sample_id": "0001368135:ALL", "cik": "0001368135", "trust_name": "T. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC.", "input_text": "ded in the table is compared with a regulatory required index\nthat represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.\nT. Rowe Price\n8\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n09/29/2006\nReturns\nbefore taxes\n4.08\n%\n2.54\n%\n2.07\n%\n%\nReturns after\ntaxes on distributions\n2.41\n0.95\n0.97\nReturns after\ntaxes on distributions and sale\nof\nfund shares\n2.42\n1.29\n1.12\nI\nClass\n09/29/2015\nReturns\nbefore taxes\n4.20\n2.77\n2.40\nZ\nClass\n03/16/2020\nReturns before\ntaxes\n4.41\n3.55\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.33\na\n1.25\n- 0.33\n1.35\n- 1.00\nb\nStrategy\nBenchmark(s)\nBloomberg\nU.S. 1-5 Year Treasury TIPS Index (reflects no deduction for fees, expenses, or taxes)\n2.67\na\n4.38\n3.15\n2.49\n3.63\nb\na Return\nsince 9/29/15.\nb Return\nsince 3/16/20.\nUpdated\nperformance information is available through troweprice.com .\nSUMMARY\n9\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund Since\nJoined\nInvestment\nAdviser\nAmit\nDeshpande\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2017\nRobert\nM. Larkins\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2003\nYongheon\nLee\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2024\n2010\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a\ncustodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum.\nThese investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting\norders on behalf of their customers.\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nThe\nZ Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates\nthat are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum\nfor additional purchases.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor inst\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nInformation About Accounts in T. Rowe Price Funds\n37\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price\n(for this purpose, total assets include investments through T. Rowe Price Brokerage\nand investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services);\nor\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call\n1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be pu\n...\nined Equity Fund\nPRCNX\nT.\nRowe Price International Disciplined Equity Fund Advisor Class\nPRNCX\nT.\nRowe Price International Disciplined Equity Fund I Class\nRICIX\nT.\nRowe Price International Discovery Fund\nPRIDX\nT.\nRowe Price International Discovery Fund I Class\nTIDDX\nT.\nRowe Price International Discovery Fund Z Class\nTRZKX\n4\nT.\nRowe Price International Stock Fund\nPRITX\nT.\nRowe Price International Stock Fund Advisor Class\nPAITX\nT.\nRowe Price International Stock Fund I Class\nPRIUX\nT.\nRowe Price International Stock Fund R Class\nRRITX\nT.\nRowe Price International Stock Fund Z Class\nTRNZX\nT.\nRowe Price International Value Equity Fund\nTRIGX\nT.\nRowe Price International Value Equity Fund Advisor Class\nPAIGX\nT.\nRowe Price International Value Equity Fund I Class\nTRTIX\nT.\nRowe Price International Value Equity Fund R Class\nRRIGX\nT.\nRowe Price International Value Equity Fund Z Class\nTROZX\nT.\nRowe Price Japan Fund\nPRJPX\nT.\nRowe Price Japan Fund I Class\nRJAIX\nT.\nRowe Price Japan Fund Z Class\nTRZJX\nT.\nRowe Price Latin America Fund\nPRLAX\nT.\nRowe Price Latin America Fund I Class\nRLAIX\nT.\nRowe Price Latin America Fund Z Class\nTRZYX\nT.\nRowe Price New Asia Fund\nPRASX\nT.\nRowe Price New Asia Fund I Class\nPNSIX\nT.\nRowe Price New Asia Fund Z Class\nTRZNX\nT.\nRowe Price Overseas Stock Fund\nTROSX\nT.\nRowe Price Overseas Stock Fund Advisor Class\nPAEIX\nT.\nRowe Price Overseas Stock Fund I Class\nTROIX\nT.\nRowe Price Overseas Stock Fund Z Class\nTRZSX\nT.\nROWE PRICE INTERNATIONAL INDEX FUND, INC.\nT.\nRowe Price International Equity Index Fund\nPIEQX\nT.\nRowe Price International Equity Index Fund Z Class\nTLIEX\nT.\nROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.\nT.\nRowe Price Limited Duration Inflation Focused Bond Fund\nTRBFX\nT.\nRowe Price Limited Duration Inflation Focused Bond Fund I Class\nTRLDX\nT.\nRowe Price Limited Duration Inflation Focused Bond Fund Z Class\nTRPZX\nT.\nROWE PRICE MID-CAP GROWTH FUND, INC.\nT.\nRowe Price Mid-Cap Growth Fund\nRPMGX\nT.\nRowe Price Mid-Cap Growth Fund Advisor Class\nPAMCX\nT.\nRowe Price Mid-Cap Growth Fund I Class\nRPTIX\nT.\nRowe Price Mid-Cap Growth Fund R Class\nRRMGX\nT.\nRowe Price Mid-Cap Growth Fund Z Class\nTRQZX\nT.\nROWE PRICE MID-CAP VALUE FUND, INC.\nT.\nRowe Price Mid-Cap Value Fund\nTRMCX\nT.\nRowe Price Mid-Cap Value Fund Advisor Class\nTAMVX\nT.\nRowe Price Mid-Cap Value Fund I Class\nTRMIX\nT.\nRowe Price Mid-Cap Value Fund R Class\nRRMVX\nT.\nRowe Price Mid-Cap Value Fund Z Class\nTRTZX\nT.\nROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.\nT.\nRowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio\nT.\nROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.\nT.\nRowe Price Multi-Strategy Total Return Fund\nTMSRX\nT.\nRowe Price Multi-Strategy Total Return Fund I Class\nTMSSX\nT.\nROWE PRICE NEW ERA FUND, INC.\nT.\nRowe Price New Era Fund\nPRNEX\nT.\nRowe Price New Era Fund I Class\nTRNEX\nT.\nROWE PRICE NEW HORIZONS FUND, INC.\nT.\nRowe Price New Horizons Fund\nPRNHX\nT.\nRowe Price New Horizons Fund I Class\nPRJIX\nT.\nRowe Price New Horizons Fund Z Class\nTRUZX\nT.\nROWE PRICE NEW INCOME FUND, INC.\nT.\nRowe Price New Income Fund\nPRCIX\nT.\nRowe Price New Income Fund Advisor Class\nPANIX\nT.\nRowe Price New Income Fund I Class\nPRXEX\nT.\nRowe Price New Income Fund R Class\nRRNIX\nT.\nRowe Price New Income Fund Z Class\nTRVZX\n5\nT.\nROWE PRICE QM U.S. BOND INDEX FUND, INC.\nT.\nRowe Price QM U.S. Bond Index Fund\nPBDIX\nT.\nRowe Price QM U.S. Bond Index Fund I Class\nTSBLX\nT.\nRowe Price QM U.S. Bond Index Fund Z Class\nTSBZX\nT.\nROWE PRICE REAL ASSETS FUND, INC.\nT.\nRowe Price Real Assets Fund\nPRAFX\nT.\nRowe Price Real Assets Fund I Class\nPRIKX\nT.\nRowe Price Real Assets Fund Z Class\nTRZRX\nT.\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nlying fund are voted by other shareholders.\n(c)\nT.\nRowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares\nowned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception\nthat provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership\nindicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders\nfor vote.\n(d)\nT.\nRowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly\nowned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is\nnot the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and\nare normally voted by various retirement plans and retirement plan participants.\n199\ninvestment\nadviser and INVESTMENT MANAGEMENT AGREEMENTS\nT.\nRowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each\nfund.\nFor\ncertain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price\nInternational, Price Australia, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management,\nPrice International, Price Australia, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively\nas Price Advisers . T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. Price Investment\nManagement and Price International are wholly owned subsidiaries of T. Rowe Price. Price Australia, Price Hong Kong, Price Japan,\nand Price Singapore are wholly owned subsidiaries of Price International.\nInvestment\nManagement Services\nUnder\nthe Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of\nthe funds in accordance with the funds investment objectives, programs, and restrictions as provided in the funds\nprospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including\nmaintaining the funds corporate existence and corporate records; registering and qualifying fund shares under federal laws;\nmonitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed\nby the funds such as the funds custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination\nof such agents activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee\nmembers of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory\nagreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally\nresponsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business\nand portfolio brokerage.\nT.\nRowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the\ntable below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate\nthe trading of securities and make discretionary investment decisions with respect\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_LIMITED_DURATION_INFLATION_FOCUSED_BOND_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Limited_Duration_Inflation_Focused_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_LIMITED_DURATION_INFLATION_FOCUSED_BOND_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC. <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc. advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE LIMITED-DURATION INFLATION FOCUSED BOND FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 26153, "n_triples": 8, "text_to_json_ratio": 30.4}}
{"sample_id": "0001380936:ALL", "cik": "0001380936", "trust_name": "Guggenheim Strategic Opportunities Fund", "input_text": "sked to separately consider and vote on the following proposals, which are described in the enclosed Combined Proxy Statement/Prospectus:\nFor shareholders of GPM (a Target Fund ) : approval of an Agreement and Plan of Merger between GPM and GOF (the GPM Merger Agreement ),\nwhich would effect the merger of GPM with and into GOF (a Merger ).\nFor shareholders of GGM (a Target Fund ) : approval of an Agreement and Plan of Merger between GGM and GOF (the GGM Merger Agreement ),\nwhich would effect the merger of GGM with and into GOF (a Merger ).\nFor shareholders of GOF (the Acquiring Fund ) : (i) approval of the GPM Merger Agreement, including issuance of additional common shares\nof beneficial interest of GOF; and (ii) approval of the GGM Merger Agreement, including issuance of additional common shares of beneficial interest of GOF.\nThe GPM Merger Agreement and the GGM Merger Agreement are referred to herein as the Merger Agreements. The term Combined Fund as used herein refers to GOF as the surviving Fund after a Merger or\nthe Mergers.\nA Merger will be consummated if a Target Fund s shareholders approve the Merger Agreement with respect to that Target Fund and the Acquiring Fund s shareholders approve the\nMerger Agreement with respect to that Target Fund. Neither Merger is contingent on the approval of the other Merger. If a Merger is not consummated, then the Target Fund for which such Merger was not consummated would continue to exist and\noperate on a standalone basis.\nQ:\nWhy are the Mergers being recommended?\nA:\nIt is anticipated that the Mergers would benefit the shareholders of each Target Fund and the Acquiring Fund by providing the potential for:\nEnhanced investment opportunities. Guggenheim Funds Investment Advisers, LLC ( GFIA ), each Fund s investment adviser, and Guggenheim Partners Investment Management, LLC ( GPIM ), each Fund s\nsub-adviser (GFIA and GPIM together comprising the Adviser ), believe that, in the current, unpredictable, changing economic and market environments, the expanded flexibility offered by GOF s investment strategies as compared to those\nof GPM and GGM and the potential to adjust GOF s portfolio to optimize asset allocations in response to investment views would benefit existing shareholders of GPM and GGM. The Adviser also believes that such flexibility would be\nbeneficial in other economic and market environments that may arise and that GOF could benefit from the additional assets of GPM and GGM to further diversify its investments and seek to mitigate risk. While GPM invests primarily in\nequity instruments and GGM invests primarily in fixed-income instruments, GOF has a less constrained strategy and has the ability to invest in a wide range of both debt (without limitation) and equity securities (up to 50% of its\ntotal assets).\nBetter performance potential and risk/return profile . Compared to GPM and GGM, GOF has the strongest long-term historical performance since the inception of each Fund and the strongest ratings\nby market research firms.\nGOF has provided better historical performance than GPM and GGM over the 5-year and 10-year periods (each as of March 31, 2021) and since inception periods. GOF has also provided a better\nrisk/return profile and carries higher ratings by market research firms. Since its inception (July 26, 2007), GOF has provided\niii\naverage annual returns of approximately 11% and over that period, has significantly outperformed relevant equity and fixed income indices, including the S P 500 Index (average annual yearly\nreturns of approximately 9.5%) and the Bloomberg Barclays US\n...\njoined Guggenheim in 2012. He works directly with sector traders, research heads, and risk managers\nand is responsible for buy and sell recommendations, day-to-day risk monitoring, and various special projects for Guggenheim s Total Return mandates. In addition to his fixed-income responsibilities, Mr. Bloch helps with implementation of various\nmacro overlays on certain portfolios. Prior to joining Guggenheim, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and\ncorporate refinancing across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.\nPerry Hollowell, Director and Portfolio Manager . Mr. Hollowell is a portfolio manager of Enhanced Equity Strategies at Guggenheim Partners. Mr. Hollowell\njoined Guggenheim in 2013 as the Senior Research Analyst on the Investment Research Team. Prior to joining Guggenheim, Mr. Hollowell worked at Goldman Sachs for six years as a Macro Portfolio Manager in the internal hedge fund Principal\nStrategies. Mr. Hollowell holds a B.S. in Accounting and Finance from Georgetown University and an MBA from the University of Chicago Booth School of Business. Mr. Hollowell is also a charter holder of the Chartered Financial Analyst (CFA),\nChartered Market Technician (CMT), and Chartered Alternative Investment Analyst (CAIA) designations.\nThe Statement of Additional Information provides additional information about the portfolio managers compensation of, other accounts managed and ownership of securities in each Fund by each\nportfolio manager of the Combined Fund.\nOther Service Providers. Certain other service providers for the Funds are as follows:\nService\nService Provider to the Funds\nCustodian\nThe Bank of New York Mellon\nTransfer Agent and Registrar\nComputershare Trust Company, N.A.\nDividend Disbursing Agent\nComputershare Trust Company, N.A.\nAdministrator\nMUFG Investor Services (US) LLC*\nFund Accounting Agent\nMUFG Investor Services (US) LLC*\nIndependent Registered Public Accounting Firm\nErnst Young LLP\nFund Counsel\nDechert LLP\nCounsel to the Independent Trustees\nVedder Price P.C.\n*\nFormerly Rydex Fund Services, LLC. On October 4, 2016, Guggenheim completed a sale of Rydex Fund Services, LLC to the global asset servicing group of Mitsubishi UFJ Financial Group which was later renamed MUFG Investor Services (US)\nLLC. Pursuant to an administration agreement, MUFG provides certain administrative, bookkeeping and accounting services to the Funds. Pursuant to a fund accounting agreement, MUFG performs certain accounting services, including\nmaintaining ledgers; computing per share NAV, income, gains, yields; verifying and reconciling daily trade activity; accruing expenses and determining outstanding receivables and payables; providing accounting reports; and providing\naccounting services and data in connection with regulatory filings.\nAll securities owned by the Funds and all cash, including proceeds from the sale of securities in each Fund s investment portfolio, are held by The Bank of New York Mellon, 101 Barclay Street,\nNew York, New York 10286, as custodian. Computershare Trust Company, N.A., P.O. Box 30170, College Station, TX 77842, serves as transfer agent, registrar, dividend disbursing agent and agent under the Fund s Dividend Reinvestment Plan, for the\ncommon shares of the Fund.\nIt is not anticipated that the Merger will result in any change in the organizations providing services to the Acquiring Fund as set forth above. As a result of the Mergers, the service providers\nto the Acquiring are anticipated to be the service providers to the Combined Fund.\n69\nCapitalization\nThe tables below set forth (i) the capitalizat\n...\nichever is entitled to the benefit thereof), except as\nprohibited by law.\n(e)\nThe respective representations and warranties contained in Sections 1 and 2 of this Agreement shall expire with, and be terminated by, the consummation of the Merger, and neither the Funds, nor any of their respective officers,\ndirectors, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. This provision shall not protect any officer, director, trustee, agent or shareholder of\neither of the Funds against any liability to the entity for which that officer, director, trustee, agent or shareholder so acts or to its shareholders, to which that officer, director, trustee, agent or shareholder otherwise would be\nsubject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of his or her duties in the conduct of such office.\n11.\nOTHER MATTERS.\n(a)\nAll covenants, agreements, representations and warranties made under this Agreement and any certificates delivered pursuant to this Agreement shall be deemed to have been material and relied upon by each of the parties,\nnotwithstanding any investigation made by them or on their behalf.\n(b)\nAll notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally or sent by registered mail or certified mail, postage prepaid. Notice to the Target Fund shall be addressed to\n_____________________, c/o Guggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7 th Floor, Chicago, Illinois 60606, Attention: Mark E.\nMathiasen, Secretary of the Target Fund, or at such other address as the Target Fund may designate by written notice to the Acquiring Fund. Notice to the Acquiring Fund shall be addressed to Guggenheim Strategic Opportunities Fund, c/o\nGuggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7 th Floor, Chicago, Illinois 60606, Attention: Mark E. Mathiasen, Secretary of the\nAcquiring Fund, or at such other address and to the attention of such other person as the Acquiring Fund may designate by written notice to the Target Fund. Any\nB-13\nnotice shall be deemed to have been served or given as of the date such notice is delivered personally or mailed.\n(c)\nThis Agreement supersedes all previous correspondence and oral communications between the Funds regarding the Merger, constitutes the only understanding with respect to the Merger, and shall be governed by and construed in accordance\nwith the laws of the State of Delaware applicable to agreements made and to be performed in said state.\n(d)\nThis Agreement may be amended or modified by the parties hereto by an instrument in writing signed on behalf of each of the Funds except as prohibited by law.\n(e)\nThis Agreement is not intended to confer upon any person other than the parties hereto (or their respective successors and assigns) any rights, remedies, obligations or liabilities hereunder. If any provision of this Agreement shall\nbe held or made invalid by statute rule, regulation, decision of a tribunal or otherwise, the remainder of this Agreement shall not be affected thereby and, to such extent, the provisions of this Agreement shall be deemed severable\nprovided that this Agreement shall be deemed modified to give effect to the fullest extent permitted under applicable law to the intentions of the party as reflected by this Agreement prior to the invalidity of such provision.\n(f)\nIt is expressly agreed that the obligations of the Funds hereunder shall not be binding upon any of their respective di\n...\nncluding Vice President and Portfolio Manager for Nuveen Asset Management, an asset management firm, Mr.\nToupin is experienced in financial, regulatory and investment matters.\nEach Trustee also has considerable familiarity with the Funds, the Funds investment advisers and other service providers, and their operations, as well as\nthe special regulatory requirements governing registered investment companies and the special responsibilities of investment company trustees as a result of his/her substantial prior service as a Trustee of the Funds and/or other funds in the\nFund Complex, or with respect to Ms. Lee, her extensive experience in the financial industry, including her experience with the parent of the investment advisers of the funds of the Fund Complex.\nExecutive Officers\nThe executive officers of the Fund, their year of birth and their principal occupations during the past five years (their titles may have varied during that period) are shown in the table below.\nThe business address of each officer is c/o Guggenheim Partners, 227 West Monroe Street, Chicago, IL 60606.\nThe following information relates to the executive officers of the Fund who are not Trustees. Each executive officer is an interested person of the Funds (as defined in the 1940 Act) by virtue\nof that individual s position with Guggenheim or its affiliates described in the table below.\nName, Address (1)\nand Year of Birth\nPosition(s) held with the Funds\nTerm of Office (2)\nand Length of\nTime Served\nPrincipal Occupations(s) During Past 5 Years\nBrian E. Binder\nYear of Birth: 1972\nPresident and Chief Executive Officer\nSince 2018\nCurrent: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present);\nPresident and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim\nInvestments (2018-present).\nFormer: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd.\n(2010-2012).\nBryan J. Stone\nYear of Birth: 1979\nVice President\nSince 2014\nCurrent: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).\nFormer: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).\nS-22\nName, Address (1)\nand Year of Birth\nPosition(s) held with the Funds\nTerm of Office (2)\nand Length of\nTime Served\nPrincipal Occupations(s) During Past 5 Years\nJoanna M. Catalucci\nYear of Birth: 1966\nChief Compliance Officer\nSince 2012\nCurrent: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present).\nFormer: Anti-Money Laundering Compliance Officer, certain funds in the Fund Complex (2016-2020); Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President Chief Compliance\nOfficer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisers, LLC and certain affiliates (2010-2011).\nJohn L. Sullivan\nYear of Birth: 1955\nChief Financial Officer, Chief Accounting Officer and Treasurer\nSince 2010\nCurrent: Chief F\n...\nreciation. The Fund pursues a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between\nsecurities that deviate from their perceived fair value and/or historical norms. The Fund s sub-adviser seeks to combine a credit-managed fixed-income portfolio with access to a diversified pool of alternative investments and equity\nstrategies. The Fund s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and\nlower correlation of returns as compared to such benchmark indexes. The Fund cannot ensure investors that it will achieve its investment objective.\nThe Fund seeks to achieve its investment objective by investing in a wide range of fixed-income and other debt and senior equity securities ( Income Securities )\nselected from a variety of sectors and credit qualities, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and agency securities, mezzanine and preferred securities\nand convertible securities, and in common stocks, limited liability company interests, trust certificates and other equity investments ( Common Equity Securities ) that the Fund s sub-adviser believes offer attractive yield and/or capital\nappreciation potential, including employing a strategy of writing (selling) covered call and put options on such equities.\nThe Fund has entered into a Controlled Equity Offering SM Sales Agreement, dated July\n1, 2019 (the Sales Agreement ), among the Fund, the Fund s investment advisor, Guggenheim Funds Investment Advisors, LLC (the Investment Adviser ), and Cantor Fitzgerald Co. ( Cantor Fitzgerald ) relating to the Fund s common shares\nof beneficial interest, par value $0.01 per share (the Common Shares ), offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell up to 11,250,000\nCommon Shares, from time to time, through Cantor Fitzgerald as agent for the Fund for the offer and sale of Common Shares. As of September 20, 2019, the Fund had sold 1,445,719 Common Shares pursuant to the Sales Agreement and 9,804,281\nCommon Shares remained available for sale pursuant to this Prospectus Supplement and the accompanying Prospectus.\nCantor Fitzgerald will be entitled to compensation of up to 2.00% of the gross proceeds of the sale of any Common Shares under the Sales Agreement, with the exact\namount of such compensation to be mutually agreed upon by the Fund and Cantor Fitzgerald from time to time. In connection with the sale of the Common Shares on behalf of the Fund, Cantor Fitzgerald may be deemed to be an underwriter within\nthe meaning of the Securities Act of 1933, as amended (the 1933 Act ) and the compensation of Cantor Fitzgerald may be deemed to be underwriting commissions or discounts.\nSales of Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or by any method permitted by\nlaw deemed to be an at the market offering as defined in Rule 415(a)(4) under the 1933 Act.\nThe Fund s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus will be, listed on the\nNew York Stock Exchange ( NYSE ) under the symbol GOF. As of September 20, 2019, the net asset value per share of the Fund s Com", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "administrator", "o": "org:MUFG_Investor_Services_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "advisedBy", "o": "org:Guggenheim_Funds_Investment_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "seriesOf", "o": "trust:Guggenheim_Strategic_Opportunities_Fund", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:Guggenheim_Partners_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Strategic_Opportunities_Fund", "p": "transferAgent", "o": "org:Computershare_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Guggenheim_Strategic_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Cantor_Fitzgerald_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Guggenheim Strategic Opportunities Fund <predicate_marker> administrator <object_marker> MUFG Investor Services (US), LLC <predicate_marker> advisedBy <object_marker> Guggenheim Funds Investment Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Guggenheim Strategic Opportunities Fund <predicate_marker> subAdvisedBy <object_marker> Guggenheim Partners Investment Management, LLC <predicate_marker> transferAgent <object_marker> Computershare Inc. <triple_end>\n<triple_start> Guggenheim Strategic Opportunities Fund <predicate_marker> underwrittenBy <object_marker> Cantor Fitzgerald & Co. <triple_end>", "target_serialized_plain": "Guggenheim Strategic Opportunities Fund administrator MUFG Investor Services (US), LLC ; advisedBy Guggenheim Funds Investment Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf Guggenheim Strategic Opportunities Fund ; subAdvisedBy Guggenheim Partners Investment Management, LLC ; transferAgent Computershare Inc. .\nGuggenheim Strategic Opportunities Fund underwrittenBy Cantor Fitzgerald & Co. .", "stats": {"input_chars": 18181, "n_triples": 7, "text_to_json_ratio": 26.0}}
{"sample_id": "0001392116:ALL", "cik": "0001392116", "trust_name": "Voya Separate Portfolios Trust", "input_text": "or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause the Fund s Other Expenses set forth in the fee table below to increase.\nShareholder Fees\nFees paid directly from your investment\nClass\nMaximum sales charge (load) as a % of\noffering price imposed on purchases\nMaximum deferred sales charge (load) as a % of\npurchase or sales price, whichever is less\nA\n5.75\nNone 1\nI\nNone\nNone\nR\nNone\nNone\nR6\nNone\nNone\nAnnual Fund Operating Expenses 2\nExpenses you pay each year as a % of the value of your investment\nClass\nA\nI\nR\nR6\nManagement Fees\n%\n0.18\n0.18\n0.18\n0.18\nDistribution and/or Shareholder Services (12b-1) Fees\n%\n0.25\nNone\n0.50\nNone\nOther Expenses\n%\n0.03\n0.04\n0.03\n0.01\nAcquired Fund Fees and Expenses\n%\n0.17\n0.17\n0.17\n0.17\nTotal Annual Fund Operating Expenses 3\n%\n0.63\n0.39\n0.88\n0.36\nWaivers and Reimbursements 4\n%\nNone\nNone\nNone\n( 0.11 )\nTotal Annual Fund Operating Expenses After Waivers and\nReimbursements\n%\n0.63\n0.39\n0.88\n0.25\n1\nA contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.\n2\nExpense information has been restated to reflect current contractual rates.\n3\nTotal Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.\n4\nVoya Investments, LLC (the Investment Adviser ) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 2026 . The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Fund s Board of Trustees (the Board ) who are not interested persons, as that term is defined in the 1940 Act. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund s Board.\n1\nVoya Target In-Retirement Fund\nExpense Example\nThis Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Example also assumes that your investment had a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the time periods indicated . Although your actual costs may be higher or lower, based o\n...\nons\n%\n6.13\n1.96\n2.79\nN/A\nAfter tax on distributions with sale\n%\n4.27\n2.17\n2.75\nN/A\nBloomberg U.S. Aggregate Bond Index 1\n%\n1.25\n- 0.33\n1.35\nN/A\nMSCI ACWI 2\n%\n17.49\n10.06\n9.23\nN/A\nS P Target Date Retirement Income Index 2\n%\n6.54\n3.62\n4.14\nN/A\nVoya Target In-Retirement Fund\n8\n1 Yr\n5 Yrs\n10 Yrs\nSince\nInception\nInception\nDate\nClass R before taxes\n%\n6.46\n2.94\n3.58\nN/A\n6/1/2018\nBloomberg U.S. Aggregate Bond Index 1\n%\n1.25\n- 0.33\n1.35\nN/A\nMSCI ACWI 2\n%\n17.49\n10.06\n9.23\nN/A\nS P Target Date Retirement Income Index 2\n%\n6.54\n3.62\n4.14\nN/A\nClass R6 before taxes\n%\n7.08\n3.57\n4.18\nN/A\n12/21/2015\nBloomberg U.S. Aggregate Bond Index 1\n%\n1.25\n- 0.33\n1.35\nN/A\nMSCI ACWI 2\n%\n17.49\n10.06\n9.23\nN/A\nS P Target Date Retirement Income Index 2\n%\n6.54\n3.62\n4.14\nN/A\n1\nThe index returns do not reflect deductions for fees, expenses, or taxes.\n2\nThe index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.\nAfter-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts ( IRAs ). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.\nPortfolio Management\nInvestment Adviser\nVoya Investments, LLC\nSub-Adviser\nVoya Investment Management Co. LLC\nPortfolio Managers\nLanyon Blair, CFA, CAIA\nPortfolio Manager (since 05/23)\nBarbara Reinhard, CFA\nPortfolio Manager (since 09/19)\nPurchase and Sale of Fund Shares\nShares of the Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of the Fund through a broker-dealer or other financial intermediary; by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports; by writing to us at Voya Investment Management, P.O. Box 534480, Pittsburgh, Pennsylvania 15253-4480; or by calling us at 1-800-992-0180.\nMinimum Initial Investment $ by share class\nClass\nA\nI\nR\nR6\nNon-retirement accounts\n$\n1,000\n250,000\nNone\n1,000,000\nRetirement accounts\n$\n250\n250,000\nNone\nNone\nCertain omnibus accounts\n$\n250\nNone\nNone\nNone\nPre-authorized investment plan\n$\n1,000\n250,000\nNone\nNone\nThere are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ( Voya IM ) who are eligible to participate in notional bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms omnibus accounts.\nTax Information\nThe Fund's distributions are generally taxable to you as ordinary in\n...\nS ). He\nis responsible for manager research and selection\nactivities across all asset classes for the MASS\ngroup s multi-manager products. Prior to joining Voya\nIM, Mr. Blair was an analyst at Wells Fargo, focusing\non research and due diligence of equity, real estate,\nand multi-asset managers. Prior to that, he was an\nanalyst with Fidelity Investments, covering equity\nand real estate managers. Mr. Blair began his career\nas a consultant with FactSet Research Systems\nwhere he worked closely with equity, fixed income,\nand real estate research teams.\nBarbara Reinhard, CFA\nVoya IM\nVoya Target In-Retirement Fund\nVoya Target Retirement 2030 Fund\nVoya Target Retirement 2035 Fund\nVoya Target Retirement 2040 Fund\nVoya Target Retirement 2045 Fund\nVoya Target Retirement 2050 Fund\nVoya Target Retirement 2055 Fund\nVoya Target Retirement 2060 Fund\nVoya Target Retirement 2065 Fund\nVoya Target Retirement 2070 Fund\nMs. Reinhard, Portfolio Manager, joined Voya IM in\n2016 and is the head of asset allocation for\nMulti-Asset Strategies and Solutions ( MASS ). She\nis responsible for strategic and tactical asset\nallocation decisions for the MASS team s\nmulti-asset strategies. Prior to joining Voya IM, Ms.\nReinhard was the chief investment officer for Credit\nSuisse Private Bank in the Americas (2011-2016)\nwhere she managed discretionary multi-asset\nportfolios, was a member of the global asset\nallocation committee, and the pension investment\ncommittee. Prior to that, she spent 20 years at\nMorgan Stanley.\nAdditional Information Regarding the Portfolio Managers\nThe SAI provides additional information about each portfolio manager s compensation, other accounts managed by each portfolio manager, and the securities each portfolio manager owns in the Fund(s) the portfolio manager manages.\nDistributor\nVoya Investments Distributor, LLC (the Distributor ), a Delaware limited liability company, is the principal underwriter and distributor of each Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. The Distributor s principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. See Principal Underwriter in the SAI.\nThe Distributor is a member of the Financial Industry Regulatory Authority, Inc. ( FINRA ). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or the Public Disclosure Hotline at 800-289-9999.\nContractual Arrangements\nEach Fund has contractual arrangements with various service providers, which may include, among others, investment advisers, distributors, custodians and fund accounting agents, shareholder service providers, and transfer agents, who provide services to each Fund. Shareholders are not parties to, or intended ( third-party ) beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of a Fund. This paragraph is not intended to limit any rights granted to shareholders under federal or state securities laws.\n128\nCLASS OF SHARES\nChoosing a Share Class\nWhen choosing between classes, you should carefully consider: (1) how long you plan to hold shares of a Fund; (2) the amount of your investment; (3) the expenses you will pay for each class, including ongoing annual expenses along with the initial sales charge or the contingent\n...\nee the SAI; or\nPurchases by Certain Accounts Class A shares may be purchased at NAV by certain fee-based programs offered through selected registered investment advisers, broker-dealers, and other financial intermediaries. Class A shares may also be purchased at NAV by shareholders that purchase a Fund through a financial intermediary that offers our Class A shares uniformly on a no load (or reduced load) basis to you and all similarly situated customers of the intermediary in accordance with the intermediary's prescribed fee schedule for purchases of fund shares, including by shareholders that purchase shares through a financial intermediary that has entered into an agreement with the Distributor to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers.\nSee the Account Application or the SAI for additional information regarding the reduction of Class A shares' charges, or contact your financial intermediary or a Shareholder Services Representative for more information.\nRequired Shareholder Information and Records. In order for investors in Class A shares of a Fund to take advantage of sales charge reductions, an investor or his/her financial intermediary must notify the Distributor that the investor qualifies for such reduction. If the Distributor is not notified that the investor is eligible for these reductions, the Distributor will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for breakpoint privileges or other sales charge waivers.\nCDSC Waivers. If you notify a Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), at the time of redemption, the CDSC for Class A shares will be waived in the following cases:\nRedemptions following the death or permanent disability of a shareholder if made within one year of death or the initial determination of permanent disability. The waiver is available only for shares held at the time of death or initial determination of permanent disability.\nMandatory distributions from employee benefit plans or an IRA.\nReinvestment of dividends and capital gains distributions.\nIn addition, the CDSC will be waived on the redemption of shares held through an intermediary if the intermediary has entered into an agreement with the Distributor to waive the CDSC. If you think you may be eligible for a CDSC waiver, contact your financial intermediary or a Shareholder Services Representative.\nReinstatement Privilege. If you sell Class A shares of a Fund you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within 90 days of the eligible sale. This privilege can be used only once per calendar year. If you want to use the Reinstatement Privilege, contact your financial intermediary or a Shareholder Services Representative, or see the SAI for more information. An investor may be asked to provide information or records, including account statements, regarding shares of a Fund held in all of the investor's accounts held directly with the Trust or through a financial intermediary; any account of the investor at another financial intermediary; and accounts of related parties of the investor, such as members of the same family or household, at any financial intermediary.\n133\nHOW SHARES ARE PRICED\nEach Fund is o\n...\nFund Class/Ticker: A /VTRSX; I /VRSAX; R /VRROX; R6 /VTRUX Voya Target Retirement 2065 Fund Class/Ticker: A /VTAUX; I /VTIUX; R /VTURX; R6 /VTUFX Voya Target Retirement 2070 Fund Class/Ticker: A /VTRAX; I /VTRTX; R /VTRLX; R6 /VTRBX\nThis Statement of Additional Information (the SAI ) contains additional information about each fund listed above (each, a Fund and collectively, the Funds ). This SAI is not a prospectus and should be read in conjunction with each Fund s prospectus dated September 30, 2025, as supplemented or revised from time to time (the Prospectus ). Each Fund's financial statements for the fiscal year ended May 31, 2025, including the independent registered public accounting firm's report thereon found in the Fund's Form N-CSR for the fiscal year ended May 31 , 2025, are incorporated into this SAI by reference. Each Fund's Prospectus, shareholder reports, financial statements and other information may be obtained free of charge by contacting the Fund at the address and phone number written above or by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports.\nTable of Contents\nINTRODUCTION AND GLOSSARY\n1\nHISTORY OF the Trust\n2\nSUPPLEMENTAL DESCRIPTION OF Fund INVESTMENTS AND RISKS\n2\nPORTFOLIO TURNOVER\n45\nFUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS\n46\nDISCLOSURE OF each Fund s PORTFOLIO SECURITIES\n47\nMANAGEMENT OF the Trust\n49\nCODE OF ETHICS\n63\nPROXY VOTING POLICY\n63\nPRINCIPAL SHAREHOLDERS AND CONTROL PERSONS\n64\nINVESTMENT ADVISER\n70\nEXPENSES\n72\nEXPENSE LIMITATIONS\n72\nNET FUND FEES WAIVED, REIMBURSED, OR RECOUPED\n72\nSub-Adviser\n73\nPORTFOLIO MANAGEMENT\n74\nPRINCIPAL UNDERWRITER\n77\nDISTRIBUTION AND/OR SHAREHOLDER SERVICE PLANS\n81\nOTHER SERVICE PROVIDERS\n84\nPORTFOLIO TRANSACTIONS\n85\nADDITIONAL INFORMATION ABOUT VOYA SEPARATE PORTFOLIOS TRUST\n88\nPURCHASE, EXCHANGE, AND REDEMPTION OF SHARES\n89\nTAX CONSIDERATIONS\n95\nFINANCIAL STATEMENTS\n106\nAPPENDIX A DESCRIPTION OF CREDIT RATINGS\nA-1\nAPPENDIX B PROXY VOTING POLICY\nB-1\nINTRODUCTION AND GLOSSARY\nThis SAI is designed to elaborate upon information contained in each Fund s Prospectus, including the discussion of certain securities and investment techniques. The more detailed information contained in this SAI is intended for investors who have read the Prospectus and are interested in a more detailed explanation of certain aspects of some of each Fund s securities and investment techniques. Some investment techniques are described only in the Prospectus and are not repeated here.\nCapitalized terms used, but not defined, in this SAI have the same meaning as in the Prospectus and some additional terms are defined particularly for this SAI.\nFollowing are definitions of general terms that may be used throughout this SAI:\n1933 Act : Securities Act of 1933, as amended\n1934 Act : Securities Exchange Act of 1934, as amended\n1940 Act : Investment Company Act of 1940, as amended, including the rules and regulations thereunder, and the terms of applicable no-action relief or exemptive orders granted thereunder\nAffiliated Fund : A fund within the Voya family of funds\nBoard : The Board of Trustees for the Trust\nBusiness Day : Each day the NYSE opens for regular trading\nCDSC : Contingent deferred sales charge\nCFTC: United States Commodity Futures Trading Commission\nCode : Internal Revenue Code of 1986, as amended\nDistributor : Voya Investments Distributor, LLC\nDistribution Agreement : The Distribution Agreement for each Fund, as described herein\nETF : Exchange-Traded Fund\nEU : European Union\nExpense Limitation Agreement : The Expense Limitation Agr\n...\n,108\nVoya Target Retirement 2055\nFund\nA\n$365\n$ 6,940\n$146,205\n$118,034\n$ 5,403\n$276,947\nI\n$ 206\n$ 3,910\n$ 28,213\n$ 6,248\n$ 3,443\n$ 42,020\nR\n$ 49\n$ 928\n$ 20,214\n$ 13,381\n$ 1,332\n$ 35,905\nR6\n$ 206\n$ 3,910\n$ 54,609\n$ 6,248\n$ 1,742\n$ 66,716\nVoya Target Retirement 2060\nFund\nA\n$ 72\n$ 1,376\n$ 29,342\n$ 16,564\n($ 3,887)\n$ 43,466\nI\n$ 206\n$ 3,910\n$ 25,743\n$ 6,248\n$ 1,922\n$ 38,029\nR\n$ 32\n$ 617\n$ 13,469\n$ 9,623\n$ 927\n$ 24,668\nR6\n$ 206\n$ 3,910\n$ 47,370\n$ 6,248\n$ 1,742\n$ 59,477\nVoya Target Retirement 2065\nFund\nA\n$ 72\n$ 1,365\n$ 39,727\n$ 14,038\n$ 2,638\n$ 57,839\nI\n$ 206\n$ 3,910\n$ 23,980\n$ 6,248\n$ 1,742\n$ 36,086\nR\n$ 6\n$ 107\n$ 2,856\n$ 1,142\n$ 247\n$ 4,358\nR6\n$ 206\n$ 3,910\n$ 35,471\n$ 6,248\n$ 1,742\n$ 47,577\nVoya Target Retirement 2070\nFund\nA\nN/A\nN/A\nN/A\nN/A\nN/A\nN/A\nI\nN/A\nN/A\nN/A\nN/A\nN/A\nN/A\nR\nN/A\nN/A\nN/A\nN/A\nN/A\nN/A\nR6\nN/A\nN/A\nN/A\nN/A\nN/A\nN/A\n83\nTotal Distribution and Shareholder Service Fees Paid:\nThe table below sets forth the total distribution and shareholder service fees paid by each Fund to the Distributor for the last three fiscal years. N/A in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.\nFund\n2025\n2024\n2023\nVoya Target In-Retirement Fund\n$106,823\n$18,896\n$21,597\nVoya Target Retirement 2030 Fund\n$ 110,404\n$ 54,800\n$ 35,157\nVoya Target Retirement 2035 Fund\n$183,773\n$53,018\n$34,559\nVoya Target Retirement 2040 Fund\n$ 57,197\n$ 47,462\n$ 34,382\nVoya Target Retirement 2045 Fund\n$137,026\n$34,804\n$21,949\nVoya Target Retirement 2050 Fund\n$ 42,671\n$ 34,069\n$ 22,580\nVoya Target Retirement 2055 Fund\n$ 99,686\n$26,761\n$14,329\nVoya Target Retirement 2060 Fund\n$ 25,331\n$ 19,686\n$ 11,925\nVoya Target Retirement 2065 Fund\n$ 9,907\n$ 4,328\n$ 3,236\nVoya Target Retirement 2070 Fund\nN/A\nN/A\nN/A\nOTHER SERVICE PROVIDERS\nCustodian\nThe Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, serves as custodian for each Fund.\nThe custodian s responsibilities include safekeeping and controlling each Fund s cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund s investments. The custodian does not participate in determining the investment policies of a Fund, in deciding which securities are purchased or sold by the Fund, or in the declaration of dividends and distributions. A Fund may, however, invest in obligations of the custodian and may purchase or sell securities from or to the custodian.\nFor portfolio securities that are purchased and held outside the United States, the custodian has entered into sub-custodian arrangements with certain foreign banks and clearing agencies which are designed to comply with Rule 17f-5 under the 1940 Act.\nIndependent Registered Public Accounting Firm\nErnst Young LLP serves as an independent registered public accounting firm for each Fund. Ernst Young LLP provides audit services and tax return preparation services. Ernst Young LLP is located at 200 Clarendon Street, Boston, Massachusetts 02116.\nLegal Counsel\nLegal matters for the Trust are passed upon by Ropes Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199-3600.\nTransfer Agent and Dividend Paying Agent\nBNY Mellon Investment Servicing (U.S.) Inc. (the Transfer Agent ) serves as the transfer agent and dividend-paying agent for each Fund. Its principal business address is 103 Bellevue Parkway, Wilmington, Delaware 19809. As transfer agent and dividend-paying agent, BNY Mellon Investment Servicing (U.S.) Inc. is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:VOYA_TARGET_IN_RETIREMENT_FUND", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_IN_RETIREMENT_FUND", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_IN_RETIREMENT_FUND", "p": "seriesOf", "o": "trust:Voya_Separate_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:VOYA_TARGET_IN_RETIREMENT_FUND", "p": "subAdvisedBy", "o": "org:Voya_Investment_Management_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_IN_RETIREMENT_FUND", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2025_FUND", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2025_FUND", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2025_FUND", "p": "seriesOf", "o": "trust:Voya_Separate_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2025_FUND", "p": "subAdvisedBy", "o": "org:Voya_Investment_Management_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2025_FUND", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2030_FUND", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2030_FUND", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2030_FUND", "p": "seriesOf", "o": "trust:Voya_Separate_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2030_FUND", "p": "subAdvisedBy", "o": "org:Voya_Investment_Management_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2030_FUND", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2035_FUND", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2035_FUND", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2035_FUND", "p": "seriesOf", "o": "trust:Voya_Separate_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2035_FUND", "p": "subAdvisedBy", "o": "org:Voya_Investment_Management_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2035_FUND", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2040_FUND", "p": "advisedBy", "o": "org:Voya_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2040_FUND", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VOYA_TARGET_RETIREMENT_2040_FUND", "p": "seriesOf", "o": "trust:Voya_Separate_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, 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{"sample_id": "0001398078:ALL", "cik": "0001398078", "trust_name": "BlackRock Funds II", "input_text": "bf2:C000174022Member bf2:InvestorACAndInstitutionalMember 2016-01-01 2025-12-31 0001398078 bf2:ClassKMember bf2:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001398078 bf2:ClassKMember bf2:SeventeenFivePercentageMSCIWorldHighDividendYieldIndexMember 2016-01-01 2025-12-31 0001398078 bf2:ClassKMember bf2:SeventyPercentageBloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001398078 bf2:InvestorACAndInstitutionalMember bf2:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001398078 bf2:InvestorACAndInstitutionalMember bf2:SeventeenFivePercentageMSCIWorldHighDividendYieldIndexMember 2016-01-01 2025-12-31 0001398078 bf2:InvestorACAndInstitutionalMember bf2:SeventyPercentageBloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on April 29, 2026 Securities Act File No. 333-142592 Investment Company Act File No. 811-22061 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 387 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 389 (Check appropriate box or boxes) BLACKROCK FUNDS II (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski BLACKROCK FUNDS II 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nBryan Chegwidden, Esq. Jeremy C. Smith, Esq. Ropes Gray LLP 1211 Avenue of the Americas New York, New York 10036\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On April 30, 2026 pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest, par value $0.001 per share. This filing relates solely to BlackRock Managed Income Fund. APRIL 30, 2026\nProspectus BlackRock Funds II | Investor and Institutional Shares BlackRock Managed Income Fund Investor A: BLADX Investor C: BMICX Institutional: BLDIX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund, the Underlying Funds and/or the ETFs\n5\nPerformance Information\n15\nInvestment Mana\n...\ndo not reflect deductions for fees, expenses, or taxes)\n7.30 %\n( 0.36 )%\n2.01 %\n17.5% MSCI World High Dividend Yield Index (Net) 1 /22.5% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/60% Bloomberg U.S. Aggregate Bond Index (Returns do not reflect deductions for fees, expenses, or taxes, except for withholding taxes on reinvested dividends for net indexes)\n9.54 %\n2.40 %\n4.25 %\n70% Bloomberg U.S. Aggregate Bond Index/30% S P 500 Index (Reflects no deduction for fees, expenses or taxes)\n10.52 %\n4.04 %\n5.92 % 1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund s applicable withholding tax rates, if any. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C Shares and Institutional Shares will vary. Investment Manager The Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-advisers are BlackRock International Limited and BlackRock (Singapore) Limited (the Sub-Advisers ). Where applicable, BlackRock refers also to the Sub-Advisers. 16 Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nJustin Christofel, CFA\n2016\nManaging Director of BlackRock, Inc.\nLouis Arranz, CFA\n2025\nDirector of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762 , by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment\n$1,000 for all accounts except: $50, if establishing an Automatic Investment Plan. There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). There is no investment minimum for certain fee- based programs.\nThere is no minimum initial investment for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund s distributor to offer Institutional Shares through a no-load program or investment platform. Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons. 17\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 18 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Managed Income Fund (the Fund ) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek to maximize current income with consideration for risk-managed total return. The investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days prior notice to shareholders. Investment Process The management team will tactically allocate to asset classes around the world that are deemed to offer attractive levels of income relative to the level of expected risk. The team will seek to manage the portfolio to generate a stable cash flow and dividend yield. In selecting fixed-income investments, the management team evaluates sectors of the bond market including, but not limited to, U.S. Treasuries and agency securities, commercial and residential mortgage backed securities, collateralized mortgage obligations ( CMOs ), asset-backed securities and corporate bonds. The management team may shift the Fund s assets among these and other various sectors based upon changing market conditions. In selecting equity investments, the management team will generally use a bottom-up app\n...\nices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. 65 The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary, or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Pleas\n...\nny given day where purchases, redemptions and 74 exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent short-term or excessive trading in the Fund s shares through such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper trading activity, the Fund s Distributor may terminate such Financial Intermediary s agreement with the Distributor, suspend such Financial Intermediary s trading privileges or take other appropriate actions. There is no assurance that the methods described above will prevent market timing or other trading that may be deemed abusive. The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other trading activity that may be detrimental to the Fund or long-term shareholders. 75 Management of the Fund BlackRock BlackRock, the Fund s investment adviser, manages the Fund s investments and its business operations subject to the oversight of the Board of BlackRock Funds II (the Trust ). While BlackRock is ultimately responsible for the management of the Fund, it is able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of BlackRock, Inc. BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment companies. BlackRock (Singapore) Limited ( BSL ) is a registered investment adviser organized in 2000, and BlackRock International Limited ( BIL and together with BSL, the Sub-Advisers ), a registered investment adviser organized in 1995, are affiliates of BlackRock and each acts as a sub-adviser for the Fund. BlackRock and its affiliates had approximately $13.9 trillion in investment company and other portfolio assets under management as of March 31, 2026. The Fund has entered into a management agreement (the Management Agreement ) with BlackRock. Under the Management Agreement, BlackRock receives for its services to the Fund a fee as a percentage of the Fund s average daily net assets. The annual management fees payable to BlackRock (as a percentage of average daily net assets) are calculated as follows:\nAverage Daily Net Assets\nRate of Management Fee\nFirst $1 billion\n0.35 %\n$1 billion $2 billion\n0.34 %\n$2 billion $3 billion\n0.33 %\nGreater than $3 billion\n0.32 % BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Global_Dividend_Portfolio", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Dividend_Portfolio", "p": "seriesOf", "o": "trust:BlackRock_Funds_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Dividend_Portfolio", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Dividend_Portfolio", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BlackRock_Funds_II", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Global Dividend Portfolio <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds II <predicate_marker> subAdvisedBy <object_marker> BlackRock International Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Funds II <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Global Dividend Portfolio advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds II ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Funds II underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18326, "n_triples": 5, "text_to_json_ratio": 37.4}}
{"sample_id": "0001408970:ALL", "cik": "0001408970", "trust_name": "AdvisorShares Trust", "input_text": "false\n485BPOS\n0001408970\n2020-06-30\n2018-12-31\n2020-06-30\n2022-06-30\n2020-06-30\n2020-03-31\n2020-03-31\n2020-06-30\n2020-06-30\n2020-03-31\n2024-03-31\n2022-06-30\n2023-12-31\n2022-06-30\n2020-12-31\n2020-03-31\n2023-09-30\n2024-12-31\n2024-12-31\n2022-06-30\n2020-12-31\n2022-06-30\n2023-09-30\n2022-06-30\n2023-03-31\n2022-06-30\n2022-06-30\n2020-12-31\n2023-12-31\n2022-06-30\n2020-06-30\n2020-03-31\n2020-06-30\n2020-03-31\n0001408970\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:AmericanDepositaryReceiptRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:CurrencyRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:EmergingMarketsRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:EquityRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:EtfMarketRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:ForeignInvestmentRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:ManagementRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:MarketRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:ModelsAndDataRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:PortfolioTurnoverRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrightADRETFMember\nck0001408970:S000026954Member\nck0001408970:RepurchaseAgreementRiskMember\n2025-11-01\n2025-11-01\n0001408970\nck0001408970:AdvisorSharesDorseyWrig\n...\nTFMember\nck0001408970:C000194564Member\nck0001408970:Sp500IndexMember\n2024-01-01\n2024-12-31\n0001408970\nck0001408970:AdvisorSharesViceETFMember\nck0001408970:C000194564Member\nck0001408970:Sp500IndexMember\n2020-01-01\n2024-12-31\n0001408970\nck0001408970:AdvisorSharesViceETFMember\nck0001408970:C000194564Member\nck0001408970:Sp500IndexMember\n2017-12-11\n2024-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nFile No 333-157876\n811-22110\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 230\nand\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 232\nAdvisorShares Trust\n(Exact Name of Registrant as Specified in Charter)\n4800 Montgomery Lane, Suite 150\nBethesda, Maryland 20814\n(Address of Principal Executive Offices, including Zip Code)\nRegistrant s Telephone Number, including Area Code: (877) 843-3831\nName and Address of Agent for Service:\nCopy to:\nNoah Hamman\nAdvisorShares Trust\n4800 Montgomery Lane, Suite 150\nBethesda, Maryland 20814\nW. John McGuire, Esq.\nMorgan, Lewis Bockius LLP\n1111 Pennsylvania Avenue, NW\nWashington, DC 20004\nIt is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b) of Rule 485\non November 1, 2025 pursuant to paragraph (b)(1)(v) of Rule 485\n60 days after filing pursuant to paragraph (a)(1) of Rule 485\non (date) pursuant to paragraph (a)(1) of Rule 485\n75 days after filing pursuant to paragraph (a)(2) of Rule 485\non (date) pursuant to paragraph (a)(2) of rule 485\nIf appropriate, check the following box:\nthis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nNASDAQ Ticker: AADR\nManaged by:\nAdvisorShares Investments, LLC\nADVISORSHARES TRUST\n4800 Montgomery Lane Suite 150\nBethesda, Maryland 20814\nwww.advisorshares.com\n877.843.3831\nProspectus dated November 1, 2025\nThis Prospectus provides important information about the AdvisorShares Dorsey Wright ADR ETF, a series of AdvisorShares Trust. Before you invest, please read this Prospectus and the Fund s Statement of Additional Information carefully and keep them for future reference.\nThe shares of the Fund have not been approved or disapproved by the U.S. Securities and Exchange Commission nor has the U.S. Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nFUND SUMMARY\n1\nINVESTMENT OBJECTIVE\n1\nFUND FEES AND EXPENSES\n1\nPORTFOLIO TURNOVER\n2\nPRINCIPAL INVESTMENT STRATEGIES\n2\nPRINCIPAL RISKS OF INVESTING IN THE FUND\n2\nFUND PERFORMANCE\n3\nMANAGEMENT\n5\nPURCHASE AND SALE OF FUND SHARES\n5\nTAX INFORMATION\n5\nPAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\n5\nMORE INFORMATION ABOUT THE TRUST AND THE FUND\n6\nMORE INFORMATION ABOUT THE FUND S INVESTMENT OBJECTIVE\n6\nMORE INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES\n6\nMORE INFORMATION ABOUT PRINCIPAL RISKS OF INVESTING IN THE FUND\n7\nOTHER INVESTMENT PRACTICES AND STRATEGIES\n9\nPORTFOLIO HOLDINGS\n9\nMANAGEMENT OF THE FUND\n10\nSHAREHOLDER INFORMATION\n11\nDISTRIBUTION PLAN\n12\nADDITIONAL TAX INFORMATION\n13\nFINANCIAL HIGHLIGHTS\n15\nADDITIONAL INFORMATION\n17\nADVISORSHARES DORSEY WRIGHT ADR ETF\nNASDAQ Ticker: AADR\nFUND SUMMARY\nINVESTMENT OBJECTIVE\nThe AdvisorShares Dorsey Wright ADR ETF (the Fund ) seeks long-term capital appreciation above international benchmarks such as the MSCI EAFE Index.\nFUND FEES AND EXPENSES\nThis table describes the fees\n...\nsor believe that a change would benefit the Fund. The Prospectus will be supplemented if a sub-adviser is hired for the Fund.\nA discussion regarding the basis for the Board s most recent approval of the Fund s investment advisory agreement is available in the Trust s report on Form N-CSR dated June 30, 2025.\nPORTFOLIO MANAGER\nThe following portfolio manager is primarily responsible for the day-to-day portfolio management of the Fund.\nDan S. Ahrens, Managing Director, Chief Operating Officer, Chief Investment Officer Portfolio Manager\nMr. Ahrens is a Managing Director, Chief Operating Officer and the Chief Investment Officer of the Advisor. Prior to joining the Advisor in 2008, Mr. Ahrens founded Ahrens Advisors, L.P., an SEC-registered investment adviser, where he acted as portfolio manager to a mutual fund. Before forming Ahrens Advisors, he was President of a mutual fund company, where he launched and served as portfolio manager to multiple funds. During that time, he also was President and Chief Compliance Officer of the funds adviser, and acted as President, Treasurer and Financial Operations Officer of an affiliated broker-dealer firm. He is a published author and has appeared on numerous financial programs, including CNBC, CNN, Fox Business, ABC News and Bloomberg. He has been featured, along with funds under his management, in major national and trade publications including The Economist, New York Times, Financial Times, and The Wall Street Journal. He earned a Bachelor in Business Administration in Finance from Texas Tech University.\nAdditional information about the portfolio manager s compensation, other accounts managed by the portfolio manager, and the portfolio manager s ownership of securities in the Fund is available in the SAI.\n10\nOTHER SERVICE PROVIDERS\nForeside Fund Services, LLC (the Distributor ) serves as the principal underwriter and distributor of the Fund s shares. The Distributor s principal address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor will not distribute shares in less than whole Creation Units, and it does not maintain a secondary market in the shares. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc. The Distributor is not affiliated with the Advisor, The Bank of New York Mellon or any of their respective affiliates.\nThe Bank of New York Mellon, located at 240 Greenwich Street, New York, New York 10286, serves as the administrator, custodian, transfer agent and fund accounting agent for the Fund.\nMorgan, Lewis Bockius LLP, located at 1111 Pennsylvania Avenue, N.W., Washington, D.C. 20004, serves as legal counsel to the Trust.\nTait, Weller Baker LLP, located at Two Liberty Place, 50 South 16 th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Fund s independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.\nSHAREHOLDER INFORMATION\nCALCULATING NET ASSET VALUE\nThe Fund calculates NAV by (i) taking the current market value of its total assets, (ii) subtracting any liabilities, and (iii) dividing that amount by the total number of shares owned by shareholders.\nThe Fund calculates NAV once each business day as of the regularly scheduled close of normal trading on the Exchange (normally 4:00 p.m. Eastern Time). The Exchange is typically closed on weekends and most national holidays.\nIn calculating NAV, the Fund generally values its portfolio investments at their current market value as reflected by readily available market quotations. When market quotations are not readily available, the Advisor will determine their fair value as described below and such fair valuations will be used in calculating the Fund s NAV.\nFAIR VALUE PRICING\nThe Board has adopted valuation policies and procedures pursuant to which it has designated the Advisor to determine the fair value of the Fund s investments, subject to the Board s oversight, when market prices for those investments are not readily available, including wh\n...\nr Agent\nThe Bank of New York Mellon\n240 Greenwich Street\nNew York, New York 10286\nADDITIONAL INFORMATION\nAdditional information about the Fund is included in the Fund s SAI. The SAI has been filed with the SEC and is incorporated by reference into this Prospectus and, therefore, legally forms a part of this Prospectus. Additional information about the Fund s investments is available in the Fund s annual and semi-annual reports to shareholders and in Form N-CSR. Also in the Fund s annual report is a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during the last fiscal year. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements.\nThe SAI, reports, and other information about the Fund are available on the EDGAR database on the SEC s website at http://www.sec.gov. You may request documents from the SEC, upon payment of a duplication fee, by emailing the SEC at publicinfo@sec.gov.\nYou also may obtain a copy of the SAI, annual and semi-annual reports to shareholders, and other information such as the Fund s financial statements without charge by calling 877.843.3831, visiting the website at www.advisorshares.com, or writing to the Trust at 4800 Montgomery Lane, Suite 150, Bethesda, Maryland 20814.\nNo one has been authorized to give any information or to make any representations not contained in this Prospectus or in the SAI in connection with the offering of Fund shares. Do not rely on any such information or representations as having been authorized by the Fund. This Prospectus does not constitute an offering by the Fund in any jurisdiction where such an offering is not lawful.\nThe Trust s SEC Investment Company Act File Number is 811-22110.\n17\nNYSE Arca Ticker: GK\nSub-advised by:\nGerber Kawasaki, Inc.\nADVISORSHARES TRUST\n4800 Montgomery Lane Suite 150\nBethesda, Maryland 20814\nwww.advisorshares.com\n877.843.3831\nProspectus dated November 1, 2025\nThis Prospectus provides important information about the AdvisorShares Gerber Kawasaki ETF, a series of AdvisorShares Trust. Before you invest, please read this Prospectus and the Fund s Statement of Additional Information carefully and keep them for future reference.\nThe shares of the Fund have not been approved or disapproved by the U.S. Securities and Exchange Commission nor has the U.S. Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nFUND SUMMARY\n1\nINVESTMENT OBJECTIVE\n1\nFUND FEES AND EXPENSES\n1\nPORTFOLIO TURNOVER\n2\nPRINCIPAL INVESTMENT STRATEGIES\n2\nPRINCIPAL RISKS OF INVESTING IN THE FUND\n2\nFUND PERFORMANCE\n4\nMANAGEMENT\n6\nPURCHASE AND SALE OF FUND SHARES\n6\nTAX INFORMATION\n6\nPAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\n6\nMORE INFORMATION ABOUT THE TRUST AND THE FUND\n7\nMORE INFORMATION ABOUT THE FUND S INVESTMENT OBJECTIVE\n7\nMORE INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES\n7\nMORE INFORMATION ABOUT THE PRINCIPAL RISKS OF INVESTING IN THE FUND\n7\nOTHER INVESTMENT PRACTICES AND STRATEGIES\n10\nPORTFOLIO HOLDINGS\n11\nMANAGEMENT OF THE FUND\n11\nSHAREHOLDER INFORMATION\n13\nDISTRIBUTION PLAN\n14\nADDITIONAL TAX INFORMATION\n14\nFINANCIAL HIGHLIGHTS\n17\nADDITIONAL INFORMATION\n19\nADVISORSHARES GERBER KAWASAKI ETF\nNYSE Arca Ticker: GK\nFUND SUMMARY\nINVESTMENT OBJECTIVE\nThe 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{"s": "fund:AdvisorShares_STAR_Global_Buy_Write_ETF", "p": "seriesOf", "o": "trust:AdvisorShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AdvisorShares_Vice_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AdvisorShares_Vice_ETF", "p": "advisedBy", "o": "org:AdvisorShares_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AdvisorShares_Vice_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AdvisorShares_Vice_ETF", "p": "seriesOf", "o": "trust:AdvisorShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AdvisorShares_Trust", "p": "underwrittenBy", "o": 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{"sample_id": "0001415995:ALL", "cik": "0001415995", "trust_name": "New York Life Investments ETF Trust", "input_text": "rs\n95\nFrequent Trading\n97\nDistribution and Service Plan\n97\nDetermination of Net Asset Value (NAV)\n98\nPremium/Discount Information\n99\nDividends, Distributions and Taxes\n99\nCode of Ethics\n103\nFund Website and Disclosure of Portfolio Holdings\n104\nOther Information\n104\nFinancial Highlights\n105\n4\nSummary Information\nNYLI Hedge Multi-Strategy Tracker ETF\nInvestment Objective\nThe Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the NYLI Hedge Multi-Strategy Index (the Underlying Index ).\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Shares ). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below.\nShareholder Fees (fees paid directly from your investment):\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nManagement Fee\n0.75\n%\nDistribution and/or Service (12b-1) Fees\n0.00\n%\nOther Expenses\n0.01\n%\nAcquired Fund Fees Expenses (a)\n0.34\n%\nTotal Annual Fund Operating Expenses\n1.10\n%\nFee Waiver (b)\n0.22\n%\nTotal Annual Fund Operating Expenses After Fee Waiver\n0.88\n%\n(a) The Total Annual Fund Operating\nExpenses may not correlate to the ratio of expenses to average net assets as reported in the Financial Highlights section\nof the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees Expenses. Acquired\nFund Fees Expenses represent the Fund s pro rata share of fees and expenses incurred indirectly as a result of investing\nin other funds, including ETFs and money market funds.\n(b) New York Life Investment\nManagement LLC ( New York Life Investments or Advisor ) has contractually agreed to waive a portion of the\nmanagement fee equal to 0.22% of average daily net assets. The agreement will remain in effect permanently unless terminated by the Board\nof Trustees of the Fund.\nExample .\nThis\nexample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example\nassumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of\nyour Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the\nFund s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes\nonly, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the\nestimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 90\n$ 281\n$ 488\n$ 1,084\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 65 % of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. Principal Investment Strategies\nThe Fund is a fund of funds whi\n...\nof the Russell 1000 Growth Index and FTSE All-World Index or the NYLI U.S. Large Cap R D Leaders Index and NYLI Global Equity R D Leaders Index (upon which the Funds are based), (ii) the figure at which the NYLI U.S. Large Cap R D Leaders Index and NYLI Global Equity R D Leaders Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the constituents of the Russell 1000 Growth Index and FTSE All-World Index or NYLI U.S. Large Cap R D Leaders Index and NYLI Global Equity R D Leaders Index for the purpose to which it is being put in connection with the Funds.\nFTSE Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the constituents of the Russell 1000 Growth Index and FTSE All-World Index or NYLI U.S. Large Cap R D Leaders Index and NYLI Global Equity R D Leaders Index to the Advisor or to its clients. The Russell 1000 Growth\n97\nIndex and FTSE All-World Index are calculated by FTSE Russell or its agent. FTSE Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in relation to the constituents of the Russell 1000 Growth Index and FTSE All-World Index or (b) under any obligation to advise any person of any error therein.\nWithout limiting any of the foregoing, in no event shall any FTSE Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the constituents of the Russell 1000 Growth Index and FTSE All-World Index, the Funds or the NYLI U.S. Large Cap R D Leaders Index and NYLI Global Equity R D Leaders Index.\nFund Administrator, Custodian, Transfer Agent and Securities Lending Agent\nThe Bank of New York Mellon ( BNY Mellon ), located at 240 Greenwich Street, New York, New York 10286, serves as the Funds Administrator, Custodian, Transfer Agent and Securities Lending Agent. BNY Mellon is the principal operating subsidiary of The Bank of New York Mellon Corporation.\nUnder the Fund Administration and Accounting Agreement (the Administration Agreement ), BNY Mellon serves as Administrator for the Funds. Under the Administration Agreement, BNY Mellon provides necessary administrative, legal, tax, accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, BNY Mellon makes available the office space, equipment, personnel and facilities required to provide such services.\nBNY Mellon supervises the overall administration of the Trust, including, among other responsibilities, assisting in the preparation and filing of documents required for compliance by the Funds with applicable laws and regulations and arranging for the maintenance of books and records of the Funds. BNY Mellon provides persons satisfactory to the Board to serve as officers of the Trust.\nDistributor\nALPS Distributors, Inc. ( ALPS or Distributor ), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as the Distributor of Creation Units for the Funds on an agency basis. The Distributor does not maintain a Secondary Market in Funds Shares. NYLIFE Distributors LLC has entered into a Services Agreement with ALPS to market the Funds.\nIndependent Registered Public Accounting Firm\nPricewaterhouseCoopers LLP, located at 300 Madison Avenue, New York, NY 10017, serves as the independent registered public accounting firm for the Trust.\nLegal Counsel\nChapman and Cutler LLP, located at 1717 Rhode Island Avenue, Washington, D.C. 20036, serves as counsel to the Trust and the Funds.\nFrequent Trading\nThe Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Shares by Fund shareholders ( market timing ). In determining not to adopt market timing policies and procedures, the Board evaluated the risks posed by market timing activities, including dilution, disruption of portfolio management, increases in a Fund s trading costs and the realization of capital gains. The Board ultimately determined that due to an ETF s creation/redemption mechanism, whereby Fund Shares can only be pur chased and redeemed directly from the Fund in Creation Units by Authorized Participants, and that the vast majority of trading in Fund Shares occurs on the Secondary Market and does not involve a Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing. Accordingly, the Board determined that it is not necessary to adopt market timing policies and procedures.\nDistribution and Service Plan\nThe Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its\n...\nnd the value of such securities used in computing the Fund s NAV are generally determined as of such times. A Fund s foreign securities may trade on weekends or other days when Shares do not trade. Consequently, the value of portfolio securities of a Fund may change on days when Shares of the Fund cannot be purchased or sold.\nA Fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund s approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. An amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.\nGenerally, trading in U.S. government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the NAV of the Funds are determined as of such times.\nWhen market quotations are not readily available or are deemed unreliable or not representative of an investment s fair value, investments are valued using fair value pricing as determined in good faith by the Advisor, pursuant to the New York Life Investments ETF Trust s Valuation Procedures. The Valuation Procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds assets and liabilities) rests with the Advisor. Investments that may be valued using fair value pricing include, but are not limited to: (1) securities that are not actively traded, including restricted securities and securities received in private placements for which there is no public market; (2) securities of an issuer that becomes bankrupt or enters into a restructuring; (3) securities whose trading has been halted or suspended; and (4) foreign securities traded on exchanges that close before each Fund s NAV is calculated.\nThe frequency with which the Funds investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the respective Fund invests pursuant to its investment objective, strategies and limitations. If the Funds invest in other open-end management investment companies registered under the 1940 Act, such investments are generally valued using the investment company s NAV per share or public offering price. Those companies may also use fair value pricing under some circumstances.\n99\nValuing each Fund s investments using fair value pricing results in using prices for those investments that may differ from current market valuations. Accordingly, fair value pricing could result in a difference between the prices used to calculate NAV and the prices used to determine each Fund s indicative intra-Day value ( IIV ), which could result in the market prices for Shares deviating from NAV.\nPremium/Discount Information\nInformation", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:NYLI_Candriam_International_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_International_Equity_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_International_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_International_Equity_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Large_Cap_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Large_Cap_Equity_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Large_Cap_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Large_Cap_Equity_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Mid_Cap_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Mid_Cap_Equity_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Mid_Cap_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Candriam_U_S_Mid_Cap_Equity_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_FTSE_International_Equity_Currency_Neutral_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_FTSE_International_Equity_Currency_Neutral_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_FTSE_International_Equity_Currency_Neutral_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_FTSE_International_Equity_Currency_Neutral_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Global_Equity_R_D_Leaders_ETF", "p": "administrator", "o": 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"org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Healthy_Hearts_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Healthy_Hearts_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Hedge_Multi_Strategy_Tracker_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Hedge_Multi_Strategy_Tracker_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Hedge_Multi_Strategy_Tracker_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Hedge_Multi_Strategy_Tracker_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Merger_Arbitrage_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Merger_Arbitrage_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Merger_Arbitrage_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Merger_Arbitrage_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_U_S_Large_Cap_R_D_Leaders_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_U_S_Large_Cap_R_D_Leaders_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_U_S_Large_Cap_R_D_Leaders_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_U_S_Large_Cap_R_D_Leaders_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:New_York_Life_Investments_ETF_Trust", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> NYLI Candriam International Equity ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> New York Life Investments ETF Trust <triple_end>\n<triple_start> NYLI Candriam U.S. Large Cap Equity ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> New York Life Investments ETF Trust <triple_end>\n<triple_start> NYLI Candriam U.S. Mid Cap Equity ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> New York Life Investments ETF Trust <triple_end>\n<triple_start> NYLI FTSE International Equity Currency Neutral ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> New York Life Investments ETF Trust <triple_end>\n<triple_start> NYLI Global Equity R&D Leaders ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New 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{"sample_id": "0001423799:ALL", "cik": "0001423799", "trust_name": "Dreyfus Institutional Reserves Funds", "input_text": "File\nNo .\n333-148652 811-22169 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [__] Post-Effective\nAmendment No. 48 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF\n1940 [X] Amendment No. 48 [X] (Check appropriate box\nor boxes.) Dreyfus Institutional Reserves Funds (Exact Name of Registrant\nas Specified in Charter) c/o BNY Mellon Investment Adviser, Inc. 240\nGreenwich Street, New York, New York 10286 (Address of Principal Executive Offices)\n(Zip Code) Registrant's Telephone Number, including\nArea Code: (212) 922-6400 Deirdre Cunnane, Esq. 240\nGreenwich Street New York, New York 10286 (Name and Address of\nAgent for Service) It is proposed that this filing will become effective (check\nappropriate box) __ immediately upon filing pursuant to paragraph (b) X on\nAugust\n29, 2025 pursuant to paragraph (b) ____\ndays after filing pursuant to paragraph (a)(1) __ on\n(date) pursuant to paragraph (a)(1) ____\ndays after filing pursuant to paragraph (a)(2) __ on\n(date) pursuant to paragraph (a)(2) of Rule 485 If\nappropriate, check the following box: __ this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nThe following post-effective amendment to the Registrant's\nRegistration Statement on Form N-1A only affects the Registration Statement of the series\nlisted below: Dreyfus Institutional Preferred Treasury\nObligations Fund\nDreyfus Institutional Preferred Treasury\nObligations Fund Prospectus\n| August 29, 2025 Hamilton\nShares ( DHLXX ) As\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these\nsecurities or passed upon the adequacy of this prospectus. Any representation to the contrary is a\ncriminal offense.\nContents Fund Summary Fund\nSummary 1 Fund Details Goal and Approach 4 Investment Risks 4 Management 6 Shareholder Guide Buying and Selling Shares 8 General Policies 10 Distributions and Taxes 10 Services for Fund Investors 11 Financial Highlights Financial Highlights 12 For More Information See back cover.\nFund\nSummary Dreyfus\nInstitutional Preferred Treasury Obligations Fund Investment Objective The\n...\ncertain counterparties, such data, including ESG ratings and scores,\nmay not be available, complete or accurate. Dreyfus's evaluation of ESG factors relevant to the financial\ncondition or risk profile of a particular repurchase agreement counterparty, or otherwise, may be adversely\naffected in such instances. As a result,\n5\nthe fund's investments may differ from, and\npotentially underperform, funds that incorporate ESG data from other sources or utilize other methodologies. Management\nInvestment Adviser The\nfund's investment adviser is BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York, New\nYork 10286. BNYIA manages approximately $368 billion in 87 mutual fund portfolios. For the fiscal year\nended April 30, 2025, the fund paid BNYIA a management fee at the effective annual rate of .09% of the\nvalue of the fund's average daily net assets. A discussion regarding the basis for the board approving\nthe fund's management agreement with BNYIA is available in the fund's Form N-CSR for the six-month period\nended October 31, 2024. BNYIA is the primary mutual fund business of The Bank of New York Mellon Corporation\n(BNY), a global investments company dedicated to helping its clients manage and service their financial\nassets throughout the investment lifecycle. Whether providing financial services for institutions, corporations\nor individual investors, BNY delivers informed investment management and investment services in 35 countries.\nBNY is a leading investment management and investment services company, uniquely focused to help clients\nmanage and move their financial assets in the rapidly changing global marketplace. BNY has $55.8 trillion\nin assets under custody and administration and $2.1 trillion in assets under management. BNY is the\ncorporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation\nas a whole and/or its various subsidiaries generally. BNY Investments is one of the world's leading\ninvestment management organizations, and one of the top U.S. wealth managers, encompassing BNY's affiliated\ninvestment management firms, wealth management services and global distribution companies. Additional\ninformation is available at www.bny.com/investments. The asset\nmanagement philosophy of BNYIA is based on the belief that discipline and consistency are important to\ninvestment success. For each fund, BNYIA seeks to establish clear guidelines for portfolio management\nand to be systematic in making decisions. This approach is designed to provide each fund with a distinct,\nstable identity. Sub-Adviser BNYIA has\nengaged its affiliate, Dreyfus, to serve as the fund's sub-adviser, pursuant to a sub-investment advisory\nagreement between BNYIA and Dreyfus. Dreyfus, subject to BNYIA's supervision and approval, provides\ninvestment advisory assistance and research and the day-to-day management of the fund's assets. Dreyfus\nis a division of Mellon Investments Corporation (MIC), a registered investment adviser and an indirect\nwholly-owned subsidiary of BNY, with its principal office located at 500 Ross Street, Pittsburgh, PA\n15258. As of June 30, 2025, MIC had approximately $929.5 billion of assets under management, which includes\napproximately $416.1 billion in assets managed by investment personnel of MIC acting in their capacity\nas officers of affiliated entities (including BNYIA) and the Dreyfus division of MIC. A discussion regarding\nthe basis for the board approving the sub-investment advisory agreement between BNYIA and Dreyfus is\navailable in the fund's Form N-CSR for the six-month period ended October 31, 2024. Distributor BNY Mellon Securities Corporation (BNYSC), a wholly-owned subsidiary of BNYIA,\nserves as distributor of the fund and of the other funds in the BNY Mellon Family of Funds. Any shareholder\nservices fees are paid to BNYSC for the provision of shareholder account service and maintenance. BNYIA\nor BNYSC may provide cash payments out of its own resources to financial intermediaries that sell shares\nof funds in the BNY Mellon Family of Funds or provide other services. Such payments are separate from\nany shareholder services fees or other expenses that may be paid by a fund to those financial intermediaries.\nBecause those payments are not made by fund shareholders or the fund, the fund's total expense ratio\nwill not be affected by any such payments. These payments may be made to financial intermediaries, including\naffiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer\nagency services, marketing support and/or access to sales meetings, sales representatives and management\nrepresentatives of the financial intermediary. Cash compensation also may be paid from BNYIA's or BNYSC's\nown resources to financial intermediaries for inclusion of a fund on a sales list, including a preferred\nor select sales list or in other sales programs. These payments sometimes are referred to as \"revenue\nsharing.\" From time to time, BNYIA or BNYSC also may provide cash or non-cash compensation to financial\nintermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or\nother entertainment; support for due diligence trips; educational conference sponsorships; support for\nrecognition programs; technology or infrastructure support; and other forms of cash or non-cash compensation\npermissible under broker-dealer regulations\n...\ns\nprimarily of providing investment management services as the investment adviser, manager and distributor\nfor sponsored investment companies registered under the Investment Company Act of 1940 and as an investment\nadviser to institutional and individual accounts. BNYIA also serves as sub-investment adviser to and/or\nadministrator of other investment companies. BNY Securities Corporation, a wholly-owned subsidiary of\nBNYIA, serves primarily as a registered broker-dealer of shares of investment companies sponsored by\nBNYIA and of other investment companies for which BNYIA acts as investment adviser, sub-investment adviser\nor administrator. Item 31. (b) Business and Other Connections of Sub-Investment\nAdviser Dreyfus,\na division of Mellon Investments Corporation, serves as sub-adviser to the fund. The Registrant is fulfilling\nthe requirement of this Item 31 to provide a list of the officers and directors of Mellon Investments\nCorporation, together with information as to any other business, profession, vocation or employment of\na substantial nature engaged in by Mellon Investments Corporation, or those of its o cers and directors\nduring the past two years, by incorporating by reference the information contained in the Form ADV led\nwith the SEC pursuant to the Investment Advisers Act of 1940 by Mellon Investments Corporation (SEC File\nNo. 801-19785).\nItem 31. Business\nand Other Connections of Investment Adviser (continued) Officers and Directors of Investment\nAdviser Name and Position With BNY Mellon\nInvestment Adviser, Inc. Other\nBusinesses Position Held Dates Kenneth Bradle Vice President and Director BNY Mellon Investment Adviser, Inc. ++ Director Vice President 10/20\nPresent 6/19 Present BNY\nMellon Securities Corporation ++ Director President 10/20 Present 5/09 Present BNY Mellon Transfer, Inc. ++ Chairman Director 6/19\nPresent 10/20 Present The\nBank of New York Mellon ++ Vice\nPresident 2/21 Present David DiPetrillo Vice President and Director BNY Mellon Advisors, Inc. Director 12/23\nPresent BNY Mellon Asset Management Canada Ltd.\n******** Director 3/23 Present BNY\nMellon ETF Investment Adviser, LLC ++ Chief\nExecutive Officer Manager 12/23 Present 10/20\nPresent BNY Mellon ETF Trust ++ President 3/20\nPresent BNY Mellon ETF Trust II ++ President 6/24\nPresent BNY Mellon Family of Funds ++ President 1/21\nPresent BNY Mellon Investment Adviser, Inc. ++ Director and Vice President 2/21\nPresent BNY Mellon Investor Solutions, LLC * Manager 1/20\n1/24 BNY Mellon Securities Corporation ++ Director and Executive Vice President 1/21\nPresent DTR Commodity Fund Ltd. ######### President Director 8/21\nPresent 10/21 2/23 GRR\nCommodity Fund Ltd. ######### President\nDirector 8/21 Present 10/21 2/23 The\nBank of New York Mellon ++ Vice\nPresident 1/20 Present Bushra Mannan Vice President and Director Alternative Holdings II,\nLLC ** Manager President 3/23 Present 7/23 Present BNY Mellon Investment Adviser,\nInc. ++ Director Vice\nPresident 8/23 Present 12/21\nPresent\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position\nHeld Dates CenterSquare\nInvestment Management Holdings, Inc. +++ Director 3/23 2/25 DTR Commodity Fund Ltd.\n######### Director 2/23 Present GRR Commodity Fund Ltd.\n######### Director 2/23 Present Mellon Global Investing Corp. + Chair, Chief Executive Officer, and President Director 11/23 Present 6/23 Present The Bank of New York Mellon ++ Director 1/22\nPresent Irene Papadoulis Director BNY Mellon Investment Adviser,\nInc. ++ Director 8/23 Present BNY Mellon Securities Corporation ++ Director Executive Vice President\n...\nAssistant Treasurer 5/21 4/23 B.N.Y. Holdings (Delaware)\nCorporation # Assistant\nVice President 7/21\nPresent\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates Tax BNY Administrative Services\nLLC ** Assistant Treasurer Tax 5/21 Present BNY Alcentra Group Holdings, Inc. Assistant Treasurer Tax 5/21 11/22 BNY Aurora Holding Corp. ++ Vice President 5/21 Present BNY Capital Corporation ** Vice President Tax 7/21 Present BNY Capital Funding LLC ++ Assistant Treasurer Tax Manager 4/21 3/24 3/22 Present BNY Capital Markets\nHoldings, Inc. ++ Assistant\nTreasurer Tax 3/22 Present BNY Capital Resources Corporation ++ Assistant Treasurer Tax 5/21 Present BNY Foreign Holdings, Inc. ++ Vice President Tax 1/22 8/23 Assistant Treasurer Tax 8/23 Present BNY International Financing Corporation ++ Vice President 1/25 Present BNY Investment Management Services LLC # Assistant Treasurer Tax 5/21 Present BNY Lease Equities (Cap Funding) LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Advisors, Inc. Assistant\nTreasurer Tax 5/21 Present BNY Mellon Asset Management\nOperations LLC &#x5E;&#x5E; Assistant\nTreasurer 5/21 12/22 BNY Mellon Capital Markets, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon ETF Investment Adviser, LLC ++ Assistant Treasurer Tax 5/21 Present BNY Mellon Government Securities Services Corp. ++ Vice President Tax 5/21 Present BNY\nMellon Insurance Agency, Inc. ++ Vice\nPresident Tax 5/21 Present BNY International Financing\nCorporation ++ Vice\nPresident 1/25 Present BNY Mellon Investment\nAdviser, Inc. ++ Vice\nPresident Tax 5/21 Present BNY\nMellon Investment Management Assistant\nVice President 5/21 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates Holdings LLC # Tax BNY Mellon Investment Servicing (US) Inc. ********** Assistant Treasurer Tax 8/21 Present BNY Mellon Investment Servicing Trust Company # Assistant Treasurer Tax 8/21 Present BNY Mellon Investor Solutions, LLC * Assistant Treasurer Tax 7/21 1/24 BNY Mellon Performance Risk Analytics, LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nMellon Securities Corporation ++ Vice\nPresident - Tax 5/21 Present BNY Mellon Trust Company of Illinois Assistant Treasurer Tax 5/21 Present BNY Mellon Trust of Delaware # Assistant Treasurer 5/21 Present BNY Mellon US Services Holdings LLC ++ Assistant Treasurer - Tax 6/21 Present BNY Mellon, National Association ++ Vice President Tax 10/23 Present BNY Partnership Funding LLC ++ Assistant Treasurer Tax 5/21 Present BNY\nReal Estate Holdings LLC ++ Assistant\nTreasurer Tax 4/21 Present BNY Salvage Inc.\n++ Assistant Treasurer Tax 5/21 Present BNY-N.J. II Corp. ++ Assistant Treasurer Tax 8/21 9/24 CenterSquare Investment Management Holdings, Inc. +++ Assistant Treasurer Tax 5/21 2/25 ClearSky Subsidiary,\nLLC ++ Assistant Treasurer Tax 11/24 Present Colson Services Corp. ++ Assistant Treasurer Tax 6/21 Present Eagle Access LLC ++ Assistant\nTreasurer Tax 6/21 Present Eagle Investment Systems LLC ++ Assistant Treasurer Tax 6/21 Present ECM DE, LLC ++ Assistant\nTreasurer Tax 5/21 Present iNautix (USA) LLC ### Assistant Treasurer Tax 5/21 7/25 Insight North America\nLLC ++ Assistant Treasurer - Tax 5/21 Present Madison Pershing LLC ### Assistant Treasurer Tax 8/21 Present\nName\nand Position With BNY Mellon Investment Adviser, Inc. Other Businesses Position Held Dates MBC Investments Corporation # Assistant Treasurer Tax 5/21 Present Mellon Financial Services Corporation #1 + Assistant Treasurer Tax 5/21 Present Mellon Global Investing Corp. + Assistant", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "advisedBy", "o": "org:BNY_Mellon_Investment_Adviser_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "seriesOf", "o": "trust:Dreyfus_Institutional_Reserves_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "subAdvisedBy", "o": "org:Dreyfus", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Dreyfus_Institutional_Preferred_Treasury_Obligations", "p": "transferAgent", "o": "org:BNY_Mellon_Transfer_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Dreyfus_Institutional_Reserves_Funds", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Dreyfus Institutional Preferred Treasury Obligations <predicate_marker> advisedBy <object_marker> BNY Mellon Investment Adviser, Inc. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Dreyfus Institutional Reserves Funds <predicate_marker> subAdvisedBy <object_marker> Dreyfus <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Transfer, Inc. <triple_end>\n<triple_start> Dreyfus Institutional Reserves Funds <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "Dreyfus Institutional Preferred Treasury Obligations advisedBy BNY Mellon Investment Adviser, Inc. ; custodian The Bank of New York Mellon ; seriesOf Dreyfus Institutional Reserves Funds ; subAdvisedBy Dreyfus ; transferAgent BNY Mellon Investment Servicing (US) Inc. , BNY Mellon Transfer, Inc. .\nDreyfus Institutional Reserves Funds underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 14894, "n_triples": 7, "text_to_json_ratio": 21.7}}
{"sample_id": "0001426439:ALL", "cik": "0001426439", "trust_name": "New York Life Investments Active ETF Trust", "input_text": "at market prices. The market price for the Fund s shares may be different from its net asset value per share (the NAV ). The Fund has a CUSIP number and an exchange trading symbol.\n3\nTable of Contents\nNYLI Investment Grade CLO ETF\n4\nOverview\n12\nDescription of the Principal Strategies of the Fund\n12\nAdditional Investment Strategies\n13\nAdditional Information About Risks\n13\nBuying and Selling Shares in the Secondary Market\n24\nManagement\n25\nOther Service Providers\n27\nFrequent Trading\n27\nDistribution and Service Plan\n27\nDetermination of Net Asset Value (NAV)\n28\nPremium/Discount Information\n29\nDividends, Distributions and Taxes\n29\nCode of Ethics\n33\nFund Website and Disclosure of Portfolio Holdings\n34\nOther Information\n34\nFinancial Highlights\n34\n4\nSummary Information\nNYLI Investment Grade CLO ETF\nInvestment Objective\nThe NYLI Investment Grade CLO ETF (the Fund ) seeks capital preservation and current income.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Shares ). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below.\nShareholder Fees (fees paid directly from your investment):\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nManagement Fee\n0.25\n%\nDistribution and/or Service (12b-1) Fees\n0.00\n%\nOther Expenses (a)\n0.19\n%\nTotal Annual Fund Operating Expenses\n0.44\n%\nExpense Waiver/Reimbursement (b)\n0.19\n%\nTotal Annual Fund Operating Expenses After Expense Waiver/Reimbursement\n0.25\n%\n(a) The Fund has not yet commenced\noperations, and Other Expenses are based on estimated amounts for the current fiscal year.\n(b) New York Life Investment\nManagement LLC ( New York Life Investments or Advisor ) has contractually agreed to waive or reduce its management\nfee and/or reimburse expenses of the Fund in an amount that limits Total Annual Fund Operating Expenses (exclusive of interest,\ntaxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized\nin accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the\nFund s business) to not more than 0.25% of the average daily net assets of the Fund. The agreement will remain in effect permanently\nunless terminated by the Board of Trustees of the Fund.\nExample.\nThis example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n$ 26\n$ 80\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected i\n...\nthe SAI.\nNYL Investors Portfolio Managers:\nArthur Torrey, Managing Director\nMr. Torrey is a Managing Director in Fixed Income Investors within NYL Investors in the High Yield Credit Group. Mr. Torrey has served as a portfolio manager of the Fund since its inception. Mr. Torrey joined New York Life Investments in 2006, and oversees the investment activity of all non-investment-grade assets including floating rate loans and high-yield bonds. Prior to joining New York Life Investments, Mr. Torrey was a portfolio manager and investment analyst for Carlyle High-Yield Partners. He was also a corporate relationship manager for Fleet Securities, as well as a corporate banker with Credit Agricole/Indosuez and ABN-AMRO Bank. Mr. Torrey has been in the investment management industry since 1993. Mr. Torrey received a B.S. and B.A. from the University of Denver.\nChristian Saltaformaggio, Managing Director\nMr. Saltaformaggio is a Managing Director and Portfolio Manager at NYL Investors responsible for CLO tranche investing across multiple strategies. Mr. Saltaformaggio has served as a portfolio manager of the Fund since its inception. Mr. Saltaformaggio has experience investing in leveraged loans, asset backed securities, and short-term interest rate securities. He joined New York Life Investments in 2004 as an Assistant Trader and Portfolio\n27\nAnalyst in the High Yield Credit Group. Prior to joining New York Life Investments, Mr. Saltaformaggio was an Associate at New York Life Insurance Company in the Variable Annuity business. Mr. Saltaformaggio received a B.A. in Economics from Seton Hall University and an M.B.A from Fordham University. He has 23 years of investment experience.\nOther Service Providers\nFund Administrator, Custodian, Transfer Agent and Securities Lending Agent\nThe Bank of New York Mellon ( BNY Mellon ), located at 240 Greenwich Street, New York, New York 10286, serves as the Fund s Administrator, Custodian, Transfer Agent and Securities Lending Agent. BNY Mellon is the principal operating subsidiary of The Bank of New York Mellon Corporation.\nUnder the Fund Administration and Accounting Agreement (the Administration Agreement ), BNY Mellon serves as Administrator for the Fund. Under the Administration Agreement, BNY Mellon provides necessary administrative, legal, tax, accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, BNY Mellon makes available the office space, equipment, personnel and facilities required to provide such services.\nBNY Mellon supervises the overall administration of the Trust, including, among other responsibilities, assisting in the preparation and filing of documents required for compliance by the Fund with applicable laws and regulations and arranging for the maintenance of books and records of the Fund. BNY Mellon provides persons satisfactory to the Board to serve as officers of the Trust.\nDistributor\nALPS Distributors, Inc. ( ALPS or the Distributor ), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as the Distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a Secondary Market in the Fund s Shares. NYLIFE Distributors LLC has entered into a Services Agreement with ALPS to market the Fund.\nIndependent Registered Public Accounting Firm\nPricewaterhouseCoopers LLP, located at 300 Madison Avenue, New York, NY 10017, serves as the independent registered public accounting firm for the Trust.\nLegal Counsel\nChapman and Cutler LLP, located at 1717 Rhode Island Avenue, Washington, D.C. 20036, serves as counsel to the Trust and the Fund.\nFrequent Trading\nThe Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Shares by Fund shareholders ( market timing ). In determining not to adopt market timing policies and procedures, the Board evaluated the risks posed by market timing activities, including dilution, disruption of portfolio management, increases in the Fund s trading costs and the realization of capital gains. The Board ultimately determined that due to an ETF s creation/redemption mechanism, whereby Fund Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants, and that the vast majority of trading in Fund Shares occurs on the Secondary Market and does not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing. Accordingly, the Board determined that it is not necessary to adopt market timing policies and procedures.\nDistribution and Service Plan\nThe Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance\n...\nother information such as the Fund s financial statements, from dfinview.com/NYLIM.\nT o obtain other information and for shareholder inquiries:\nBy telephone: 1-888-474-7725 By mail: New York Life Investments Active ETF Trust c/o Marketing Department 51 Madison Avenue New York, NY 10010 On the Internet: SEC Edgar database: http://www.sec.gov; or dfinview.com/NYLIM\nYou may review and obtain copies of Fund documents (including the SAI) by visiting the SEC s public reference room in Washington, D.C. You may also obtain copies of Fund documents, after paying a duplicating fee, by writing to the SEC s Public Reference Section, Washington, D.C. 20549-0102 or by electronic request to: publicinfo@sec.gov. Information on the operation of the public reference room may be obtained by calling the SEC at (202) 551-8090.\nNo person is authorized to give any information or to make any representations about the Fund and its Shares not contained in this Prospectus and you should not rely on any other information. Read and keep the Prospectus for future reference.\nDealers effecting transactions in the Fund s Shares, whether or not participating in this distribution, may be generally required to deliver a Prospectus. This is in addition to any obligation dealers have to deliver a Prospectus when acting as underwriters.\nNew York Life Investment Management is the brand name and service mark used to represent a group of affiliated investment advisors of New York Life Insurance Company, including New York Life Investment Management LLC, a registered investment advisor. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.\nThe Trust s investment company registration number is 811-22739.\nREG-00117-05/26\nSTATEMENT OF ADDITIONAL INFORMATION\nNEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST\n51 MADISON AVENUE\nNEW YORK, NEW YORK 10010\nPHONE: (888) 474-7725\nMAY 1, 2026\nThis Statement of Additional Information (this\nSAI ) is not a prospectus. It should be read in conjunction with and is incorporated by reference into the prospectus dated\nMay 1, 2026, as it may be revised from time to time (the Prospectus ), for the fund listed below (the Fund ),\na series of the New York Life Investments Active ETF Trust (the Trust ).\nFund Name\nNYLI Investment Grade CLO ETF (CLOO)\nThe Prospectus and the Fund s Annual Report\nor Semi-Annual Report may be obtained without charge, by writing to the Trust, c/o Marketing Department, 51 Madison Avenue, New York,\nNY 10010, by calling (888) 474-7725, or by visiting dfinview.com/NYLIM. Shares of the Fund are principally listed on a national securities\nexchange, the NYSE Arca, Inc. ( NYSE Arca or the Exchange ).\nCapitalized terms used but not defined herein\nhave the same meaning as in the Prospectus, unless otherwise noted.\nNo person has been authorized to give any information\nor to make any representations other than those contained in this SAI and the Prospectus and, if given or made, such information or representations\nmay not be relied upon as having been authorized by the Trust. The SAI does not constitute an offer to sell securities.\n1\nTABLE OF CONTENTS\nPage\nGENERAL DESCRIPTION OF THE TRUST AND THE FUND\n3\nEXCHANGE LISTING AND TRADING\n4\nINVESTMENT OBJECTIVES AND POLICIES\n4\nINVESTMENT STRATEGIES AND RISKS\n5\nMANAGEMENT\n35\nPROXY VOTING POLICIES\n40\nCONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n41\nMANAGEMENT SERVICES\n41\nOTHER SERVICE PROVIDERS\n43\nPORTFOLIO TRANSACTIONS AND BROKERAGE\n45\nDISCLOSURE OF PORTFOLIO HOLDINGS\n46\nADDITIONAL INFORMATION CONCERNING SHARES\n46\nPURCHASE AND REDEMPTION O\n...\nons.\nR-3 : Lowest end of adequate credit quality.\nThere is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty\nof meeting such obligations could be impacted by a variety of developments.\nR-4 : Speculative credit quality. The capacity\nfor the payment of short-term financial obligations as they fall due is uncertain.\nR-5 : Highly speculative credit quality.\nThere is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.\nD : When the issuer has filed under\nany applicable bankruptcy, insolvency or winding-up statute or there is a failure to satisfy an obligation after the exhaustion of\ngrace periods, a downgrade to D may occur. DBRS Morningstar may also use SD (Selective Default) in cases where only some securities\nare impacted, such as the case of a distressed exchange. See Default definition for more information.\nREG-00118-05/26\nA- 6\nNew\nYork Life Investments Active ETF Trust\nPart\nC Other Information\nItem\n28. Exhibits\n(a) Declaration\nof Trust\n(1) Second\nAmended and Restated Declaration of Trust ( Trust Instrument ) of the Registrant.(6)\n(b) Amended\nand Restated Bylaws of the Registrant.(6)\n(c) Instruments\nDefining Rights of Security Holders Articles 4, 7, 8 and 9 of the Trust Instrument,\nincorporated by reference in Exhibit 28(a) above.(6)\n(d) Investment\nAdvisory Agreements\n(1) Amended\nand Restated Investment Advisory Agreement dated August 28, 2024, between Registrant\nand New York Life Investment Management LLC ( Advisor ).(6)\n(a) Amendment to Amended and Restated Investment Advisory Agreement dated March 18, 2026, between Registrant and Advisor.(11 )\n(2) Amended\nand Restated Subadvisory Agreement dated August 28, 2024, between Advisor and MacKay Shields LLC.(6)\n(a) Amendment\nto Amended and Restated Subadvisory Agreement dated December\n11, 2025, between Advisor and MacKay Shields LLC.(10)\n(3) Amended\nand Restated Subadvisory Agreement dated August 28, 2024, between Advisor and Winslow\nCapital Management, LLC.(6)\n(4) Amended\nand Restated Subadvisory Agreement dated August 28, 2024, between Advisor and CBRE Investment\nManagement Listed Real Assets LLC.(9)\n(5) Subadvisory Agreement dated March 27, 2026, between Advisor and Ausbil Investment Management Limited.(11)\n(6) Subadvisory Agreement dated March 27, 2026, between Advisor and NYL Investors LLC.(12)\n(e) Underwriting\nAgreements\n(1) Distribution\nAgreement dated April 16, 2018, between Registrant and ALPS Distributors, Inc.(2)\n(a) Amendment 11 to Distribution Agreement dated August 28, 2024, between Registrant and ALPS Distributors, Inc.(6)\n(b) Amendment to Distribution Agreement effective March 18, 2026, between Registrant and ALPS Distributors, Inc.(11)\n(2) Form\nof Authorized Participant Agreement.(6)\n(f) Not\nApplicable.\n- 1 -\n(g) Custody\nAgreements\n(1) Custody\nAgreement dated November 18, 2013, between Registrant and The Bank of New York Mellon.(1)\n(a) Amendment\nto Custody Agreement dated August 28, 2024, between Registrant and The Bank of New York Mellon.(6)\n(b) Amendment to Amended Custody Agreement dated March 18, 2026, between Registrant and The Bank of New York Mellon.(11)\n(h) Other\nMaterial Agreements\n(1) Fund\nAdministration and Accounting Agreement dated November 18, 2013, between Registrant and\nThe Bank of New York Mellon.(1)\n(a) Investment\nCompany Reporting Modernization Services Amendment to Fund Administration and Accounting\nAgreement dated June 14, 2018, between Registrant and The Bank of New York Mellon.(3)\n(b) Amendment\nto Fund Administration and Accounting Agreement dated April 12, 2024, between Registrant\nand The Bank of New York Mellon.(5)\n(c) Amendment\nto Fund Administration and Accounting Agreement dated August 28, 2024, between Registrant\nand The Bank of New York Mellon.(6)\n(d) Amendment to Amended Fund Administration and Accounting Agreement dated March 18, 2026, between Registrant and The Bank", "ontology": {"Fund": 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"trust:New_York_Life_Investments_Active_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_California_Muni_Intermediate_ETF", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Core_Plus_Bond_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Core_Plus_Bond_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Core_Plus_Bond_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Core_Plus_Bond_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_Active_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Core_Plus_Bond_ETF", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_High_Income_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_High_Income_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_High_Income_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_High_Income_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_Active_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_High_Income_ETF", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Muni_Insured_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Muni_Insured_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Muni_Insured_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_Muni_Insured_ETF", "p": "seriesOf", "o": 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"context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Focused_Large_Cap_Growth_ETF", "p": "subAdvisedBy", "o": "org:Winslow_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Large_Cap_Growth_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Large_Cap_Growth_ETF", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Large_Cap_Growth_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Large_Cap_Growth_ETF", "p": "seriesOf", "o": "trust:New_York_Life_Investments_Active_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Winslow_Large_Cap_Growth_ETF", "p": "subAdvisedBy", "o": "org:Winslow_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:New_York_Life_Investments_Active_ETF_Trust", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> NYLI CBRE Real Assets ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> New York Life Investments Active ETF Trust <predicate_marker> subAdvisedBy <object_marker> CBRE Investment Management Listed Real Assets LLC 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{"sample_id": "0001437249:ALL", "cik": "0001437249", "trust_name": "Valued Advisers Trust", "input_text": "0123870Member\noef:AfterTaxesOnDistributionsMember\n2016-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2025-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2021-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2016-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:SAndP500IndexMember\n2025-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:SAndP500IndexMember\n2021-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:SAndP500IndexMember\n2016-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:BloombergUSAggregateBondIndexMember\n2025-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:BloombergUSAggregateBondIndexMember\n2021-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:BloombergUSAggregateBondIndexMember\n2016-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:WeightedIndex60PercentOfTheSAndP500TotalReturnIndexand40PercentOfTheBloombergUSAggregateBondIndexMember\n2025-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:WeightedIndex60PercentOfTheSAndP500TotalReturnIndexand40PercentOfTheBloombergUSAggregateBondIndexMember\n2021-01-01\n2025-12-31\n0001437249\nVAT:C000123870Member\nVAT:WeightedIndex60PercentOfTheSAndP500TotalReturnIndexand40PercentOfTheBloombergUSAggregateBondIndexMember\n2016-01-01\n2025-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nSecurities Act File No. 333-151672\nInvestment Company Act File No. 811-22208\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. _____\nPost-Effective Amendment No. 419\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 420\nVALUED ADVISERS TRUST\n(Exact Name of Registrant as Specified in Charter)\n225 Pictoria Dr., Suite 450, Cincinnati, Ohio 45246 (Address of Principal Executive Offices, Zip Code)\nRegistrant s Telephone Number, including Area Code: (513) 587-3400\nCapitol Services, Inc.\n108 Lakeland Ave., Dover, Delaware 19901 (Name and Address of Agent for Service)\nWith Copies to :\nTerry Davis and Tanya Boyle\nDLA Piper LLP\nOne Atlantic Center\n1201 West Peachtree Street, Suite 2900\nAtlanta, GA 30309\nIt is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b);\non (date)\npursuant to paragraph (b);\n60 days after filing pursuant to paragraph (a)(1);\non (date) pursuant to paragraph (a)(1);\n75 days after filing pursuant to paragraph (a)(2); or\non (date) pursuant to paragraph (a)(2) of rule 485.\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nSOUND MIND INVESTING FUND (SMIFX)\nSMI MULTI-STRATEGY FUND (SMILX)\nSMI DYNAMIC ALLOCATION FUND (SMIDX)\nPROSPECTUS\nMarch 1, 2026\nSMI Advisory Services, LLC 4400 Ray Boll Blvd. Columbus, IN 47203\n(877) 764-3863 (877) SMI-Fund www.smifund.com\nThe Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nSUMMARY SECTION SOUND MIND INVESTING FUND\n1\nInvestment Objective\n1\nFees and Expenses of the Fund\n1\nPrincipal Investment Strategies\n2\nPrincipal Risks\n3\nPerformance\n10\nPortfolio Management\n11\nSUMMARY SECTION SMI MULTI-STRATEGY FUND\n13\nInvestment Objective\n13\nFees and Expenses of the Fund\n13\nPrincipal Investment Strategies\n14\nPrincipal Risks\n17\nPerformance\n26\nPortf\n...\nhe actual returns of the index would be lower).\nCurrent performance of the Dynamic Allocation Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877) 764-3863 , a toll-free number, or data current to the most recent month end may be accessed on the Fund s website at www.smifund.com .\nPortfolio Management\nInvestment Adviser SMI Advisory Services, LLC, serves as the investment adviser to the Dynamic Allocation Fund.\nPortfolio Managers The following portfolio managers are jointly responsible for managing the day-to-day investment operations of the Fund since its inception in February 2013, subject to the ultimate decision-making authority over all portfolio decisions and trading practices by the Senior Portfolio Manager. Each portfolio manager has been managing the Fund since its inception.\nMark Biller; Senior Portfolio Manager\nEric Collier, CFA; Co-Portfolio Manager\nAnthony Ayers, CFA; Co-Portfolio Manager\nFor important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to the section of this prospectus entitled Purchase and Sale of Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries beginning on page 43 of the prospectus.\n42\nPurchase and Sale of Fund Shares\nMinimum Initial Investment\nTo Place Buy or Sell Orders\n$500 general accounts, retirement accounts or custodial accounts\n$0 for Automatic Investment Plans\nMinimum Additional Purchases $50\nBy\nRegular Mail: Sound Mind Investing Funds [insert name of specific Fund(s)]\nc/o Ultimus Fund Solutions, LLC\nP.O. Box 46707\nCincinnati,\nOH 45246\nBy\nOvernight Mail: Sound Mind Investing Funds [insert name of specific Fund(s)]\nc/o\nUltimus Fund Solutions, LLC\n225\nPictoria Drive, Suite 450\nCincinnati,\nOH 45246\nBy Phone: (877) 764-3863\nYou may purchase or sell (redeem) your shares on any day the New York Stock Exchange is open, either directly through the Fund s Transfer Agent by calling (877) 764-3863, or through your broker-dealer or financial intermediary. You may also redeem shares by submitting a written request to the address above.\nTax Information\nEach Fund s distributions are taxable and will be taxed as ordinary income or capital gains, or some combination of both, unless you are investing through a tax-advantaged account, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan. Distributions from a tax-advantaged account may be subject to taxation at ordinary income tax rates when withdrawn from such account.\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n43\nADDITIONAL INFORMATION\nABOUT THE FUNDS PRINCIPAL STRATEGIES AND RELATED RISKS\nPrincipal Investment Strategies of the SMI Fund\nThe SMI Fund seeks to achieve its objective by investing\nin a diversified portfolio of Underlying Funds using a Stock Upgrading strategy. The Stock Upgrading investment approach\nis a systematic investment approach that is based on the belief of the Fund s Advisor that superior returns c\n...\nrchase\nBy Mail\nTo be considered in good order , your initial purchase request must include:\na completed and signed investment\nnew account application form;\nthe\nexact dollar amount of the investment (subject to minimum amount);\npayment\nin U.S. dollars, payable to the applicable Fund;\nAny\ndocumentation reasonably required by the Funds or its transfer agent to verify the identity\nor authority of the purchaser, if applicable.\nRequests that\nare incomplete or submitted without the required documentation may be delayed or rejected. The Funds or its transfer agent are not responsible\nfor delays or losses due to requests that are not received in good order .\nMail the application and check to:\nU.S. Mail: Sound Mind Investing\nFunds\nc/o Ultimus Fund Solutions, LLC\nP.O. Box 46707\nCincinnati,\nOH 45246\nOvernight: Sound Mind Investing\nFunds\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Dr., Suite 450\nCincinnati, OH 45246\nBy Wire You may also purchase shares\nof a Fund by wiring federal funds from your bank, which may charge you a fee for doing so. To wire money, you must call Shareholder Services\nat (877) 764-3863 to obtain instructions on how to set up your account and to obtain an account number.\n64\nYou must provide a signed application to Ultimus\nFund Solutions, LLC, at the above address in order to complete your initial wire purchase. Wire orders will be accepted only on a day\non which the Funds, their custodian and transfer agent are open for business. A wire purchase will not be considered made until the wired\nmoney is received and the purchase is accepted by a Fund. The purchase price per share will be the net asset value next determined after\nthe wire purchase is received by a Fund. Any delays which may occur in wiring money, including delays which may occur in processing by\nthe banks, are not the responsibility of the Funds or the transfer agent. There is presently no fee for the receipt of wired funds, but\nthe Funds may charge shareholders for this service in the future.\nAdditional Investments\nYou may purchase additional shares of a Fund at any\ntime by mail, wire, automated clearing house, automatic investment, or online at the Funds website (www.smifund.com). Each additional\npurchase must be for a minimum of $50. Each additional mail purchase request must contain:\nyour name\nthe name on your\naccount(s)\nyour account number(s)\nthe name of the\nFund\na check made payable\nto the applicable Fund\nChecks should be sent to the applicable Fund at the\naddress listed under the heading Initial Purchase By Mail in this prospectus. To send a bank wire, call Shareholder\nServices at (877) 764-3863 to obtain instructions.\nAutomated Clearing House (ACH)\nShareholders\nmay purchase shares of the Funds through the ACH network from a U.S. bank or other U.S. financial institution. All payments must be made\nin U.S. dollars.\nACH may be used\nfor both initial and subsequent investments. To establish ACH instructions, shareholders must provide the required banking information\non the account application (or other documentation acceptable to the Funds or its transfer agent). The designated bank account must be\nmaintained at a U.S. financial institution, and the registration of the bank account must exactly match the registration of the shareholder s\naccount(s) with the Funds. ACH payments initiated from a third-party bank account will not be accepted.\nThe Funds or\nits transfer agent reserve the right to reject any ACH purchase that is not received in good order. A request is in good\norder when all required information, authorizations, and documentation have been received in\n...\ndance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer s treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.\nShareholder Reporting Obligations with Respect to Foreign Financial Assets. S pecified individuals and specified domestic entities that have an interest in a specified foreign financial asset above a certain threshold amount must disclose annually their interests in such assets on IRS Form 8938, which is filed with their U.S. federal income tax return.\nShares Purchased through Tax-Qualified Plans. Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of a Fund as an investment through such plans, and the precise effect of an investment on their particular tax situation.\nSummary\nThe foregoing is a general and abbreviated summary of the provisions of the Internal Revenue Code and the Treasury regulations in effect as they directly govern the taxation of the Funds and their shareholders, and should not be considered tax advice. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.\nCUSTODIAN\nHuntington National Bank, 41\nSouth High Street, Columbus, Ohio 43215, is Custodian of each Fund s investments. The Custodian acts as the Funds\ndepository, safekeeps portfolio securities, collects all income and other payments with respect thereto, disburses funds at the\nFunds request and maintains records in connection with its duties.\n50\nFUND SERVICES\nUltimus Fund Solutions, LLC ( Ultimus ), 225 Pictoria Dr., Suite 450, Cincinnati, Ohio 45246, acts as the Funds transfer agent, dividend disbursing agent, fund accountant, and administrator. Ultimus is the parent company of the Distributor, Ultimus Fund Distributors, LLC (the Distributor ). The officers of the Trust are also officers and/or employees of Ultimus, and/or NLCS (defined below).\nUltimus maintains the records of each shareholder s account, answers shareholders inquiries concerning their accounts, processes purchases and redemptions of each Fund s shares, acts as dividend and distribution disbursing agent, and performs other transfer agent and shareholder service functions.\nIn addition, Ultimus provides the Funds with fund accounting services, which includes certain monthly reports, record keeping and other management-related services.\nUltimus also provides the Funds with administrative services, including all regulatory reporting and necessary office equipment, personnel and facilities.\nThe following table provides information regarding administrative services fees paid by the Funds during the fiscal periods indicated. The amounts given include reimbursement for various out-of-pocket expenses, and may include amounts paid to various third parties as compensation for sub-transfer agency services.\nFund\nFiscal Year Ended October 31, 2023\nFiscal Year Ended October 31, 2024\nFiscal Year Ended\nOctober 31,\n2025\nSound Mind Investing Fund\n$35,155\n$34,902\n$36,936\nSMI Dynamic Allocation Fund\n$27,923\n$31,645\n$33,950\nSMI Multi-Strategy Fund\n$19,801\n$31,645\n$33,950\nNorthern Lights Compliance Services, LLC (NLCS ), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nCohen\nCompany, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115 has been selected as the Independent\nRegistered Public Accounting Firm for the Funds for the fiscal year en\n...\nrest involving the candidate and the Trust; and (viii) such other factors as the Governance and Nominating Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Governance and Nominating Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.\nC- 3\nPART C\nFORM N-1A\nOTHER INFORMATION\nITEM 28.\nExhibits .\n(a)(1)\nCertificate\nof Trust - Incorporated by reference to Registrant s Registration Statement on Form N-1A filed June 16, 2008 (Fil e\nNo.\n811-22208).\n(a)(2)\nAgreement\nand Declaration of Trust Incorporated by reference to Registrant s Pre-Effective Amendment No. 1 filed October\n6, 2008 (File No. 811-22208).\n(a)(3)\nAmended\nSchedule A to the Agreement and Declaration of Trust Incorporated by reference to Registrant s Post-Effective\nAmendment\nNo. 404 filed November 26, 2024 (File No. 811-22208).\n(b)(1)\nBylaws\nIncorporated by reference to Registrant s Pre-Effective Amendment No. 1 filed October 6, 2008 (File No. 811-22208).\n(b)(2)\nAmendment,\ndated September 22, 2009, to Bylaws Incorporated by reference to Registrant s Post-Effective Amendment No. 13\nfiled\nMarch 16, 2010 (File No. 811-22208).\n(c)\nCertificates\nfor shares are not issued. Provisions of the Agreement and Declaration of Trust define the rights of holders of share s\nof\nthe Trust\nIncorporated by reference to Registrant s Pre-Effective Amendment No. 1 filed October 6, 2008 (File No. 811 -\n22208).\n(d)(1)\nInvestment\nAdvisory Agreement between the Trust and Summitry LLC Incorporated by reference to Registrant s Post-Effective\nAmendment\nNo. 404 filed November 26, 2024 (File No. 811-22208).\n(d)(2)\nInvestment\nAdvisory Agreement between the Trust and Long Short Advisors, LLC Incorporated by reference to Registrant s\nPost- Effective\nAmendment No. 19 filed June 29, 2010 (File No. 811-22208).\n(d)(3)\nInterim Investment Subadvisory Agreement between Long Short Advisors, LLC and Gator Capital Management, LLC Incorporated by reference to Registrant s Post-Effective Amendment No. 416 filed February 27, 2026 (File No. 811-22208).\n(d)(4)\nInvestment\nAdvisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the SMI Dynamic Allocation\nFund\nIncorporated by reference to Registrant s Post-Effective Amendment No. 100 filed February 20, 2013 (Fil e\nNo.\n811-22208).\n(d)(5)\nInvestment\nAdvisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the Sound Mind Investing Fund\nIncorporated by reference to Registrant s Post-Effective Amendment No. 101 filed February 22, 2013 (File No. 811 -\n22208).\n(d)(6)\nInvestment\nAdvisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the SMI Multi-Strategy Investment Advisory Agreement\nbetween the Trust and SMI Advisory Services, LLC, with respect to the SMI Multi-Strategy(formerly known as the Sound Mind Investing Balanced\nFund, the SMI Conservative Allocation Fund, and the SMI 50/40/10 Fund) Incorporated by reference to Registrant s Post-Effective\nAmendment No. 101 filed February 22, 2013 (File No. 811-22208).\n(d)(7)\nInvestment\nAdvisory Agreement between the Trust and Bradley , Foster Sargent, Inc. Incorporated by reference to Registrant s\nPost-Effective\nAmendment No. 402 filed September 27, 2024 (File No. 811-22208).\n(d)(8)\nInvestment\nAdvisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Large Cap Equity\nFund\nIncorporated by reference to Registrant s Post-Effective Amendment No. 132 filed October 28, 2013 (File No .\n811-22208).\n(d)(9)\nAmendment\nto the Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to th e\nDana\nLarge\nCap Equity Fund Incorporated by reference to Registrant s Post-Effective Amendment No. 296 filed August 31, 2018\n(File No.\n811-22208).\n(d)(10)\nInvestment\nAdvisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Epiphany Small\nCap Equity\nFund (formerly known as the Dana Small Cap Equity Fund) Incorporated by reference to Registrant s Post-Effective\nAmendment\nNo. 222 filed November 2, 2015 (File No. 811-22208).\n(d)(11)\nAmendment\nto the Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to th e\nDana\nEpiphany\nSmall Cap Equity Fund (formerly known as the Dana Small Cap Equity Fund) Incorporated by reference t o\nRegistrant s\nPost-Effective\nAmendment No. 296 filed August 31, 2018 (File No. 811-22208).\n(d)(12)\nInvestment\nAdvisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Epiphany Equity\nFund\n(formerly known as the Dana Epiphany ESG Equity Fund) Incorporated by reference to Registrant s Post- Effective\nAmendment\nNo. 306 filed February 28, 2019 (File No. 811-22208).\n(d)(13)\nInvestment\nAdvisory Agreement between the Trust and Channing Capital Management, LLC with respect to the Channing Intrinsic\nValue\nSmall Cap\n...\nand the Sub-Advisor. A discussion of the factors that the Board of Trustees (the Board )\nconsidered in approving the Fund s advisory agreement is contained in the Fund s annual report dated May 31, 2025, and a discussion\nof the factors that the Board considered in approving the sub-advisory agreement will be contained in the Fund s annual report dated\nMay 31, 2026.\nThe Advisor has contractually agreed\nto waive its management fee and/or reimburse certain Fund operating expenses, but only to the extent necessary so that the Fund s\nnet expenses (excluding borrowing costs such as interest and dividends on securities sold short, taxes, brokerage commissions, other expenditures\nwhich are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary\ncourse of the Fund s business, expenses incurred under a Rule 12b-1 plan of distribution, acquired fund fees and expenses\n(i.e., investment companies in which the Fund may invest), and expenses that the Fund has incurred but did not actually pay because of\nan expense offset arrangement) do not exceed 1.95% of net assets. The contractual agreement is effective through September 30, 2027. Each\nwaiver or reimbursement of an expense by the Advisor is subject to repayment by the Fund within the three years following such waiver\nor reimbursement, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of\nthe waiver or reimbursement and the expense limitation in place at the time of the repayment .\nFor the fiscal year ended May 31,\n2025, the Advisor received fees equal to 1.72% of the average daily net assets of the Fund, after fee waivers. For the fiscal year ended\nMay 31, 2025, the Fund s previous sub-advisor, Prospector Partners, LLC, received fees equal to 0.86% of the average daily net assets\nof the Fund from the Advisor and stopped serving as sub-adviser to the Fund on December 30, 2025. The Fund s interim sub-adviser,\nGator Capital Management, LLC, served as an interim sub-adviser from December 30, 2025-May 29, 2026, so it was not paid any fees during\nthe fiscal year ended May 31, 2025. The current Sub-Adviser began serving as the sub-adviser to the Fund on May 29, 2026, so it was not\npaid any fees during the fiscal year ended May 31, 2025.\nManager-of-Managers Order.\nThe Advisor has applied for an exemptive order (the Order ) from the SEC that will permit the Advisor, with the Board s\napproval, to enter into and materially amend sub-advisory agreements with one or more sub-advisors without obtaining shareholder approval.\nThe Advisor has responsibility, subject to oversight by the Board, to oversee the sub-advisors and recommend their hiring, termination\nand replacement. The Fund s shareholders approved the Fund s operation in this manner and approved the Fund s reliance\non the Order. The Order, once granted, will permit the Advisor, subject to the approval of the Board, to replace sub-advisors or amend\nsub-advisory agreements, including fees, without shareholder approval whenever the Advisor and the Trustees believe such action will benefit\nthe Fund and its shareholders.\n5\nPortfolio Management\nTom Hancock and Lucas White serve as the Portfolio\nManagers for the Fund and are jointly responsible for the day-to-day management of the Fund s portfolio.\nTom Hancock\nDr. Hancock is the Head of GMO s Focused Equity\nteam and a portfolio manager for GMO s Quality Strategies. Dr. Hancock is a partner of the firm. Previously at GMO, he was Co-Head\nof the Global Equity team. Prior to j", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BFS_Equity_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BFS_Equity_Fund", "p": "advisedBy", "o": "org:Bradley_Foster_Sargent_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BFS_Equity_Fund", "p": "custodian", "o": "org:Huntington_National_Bank", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BFS_Equity_Fund", "p": "seriesOf", "o": "trust:Valued_Advisers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BFS_Equity_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "advisedBy", "o": "org:Long_Short_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "custodian", "o": "org:U_S_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "seriesOf", "o": "trust:Valued_Advisers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "subAdvisedBy", "o": "org:Prospector_Partners_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LS_Opportunity_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Valued_Advisers_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BFS Equity Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Bradley, Foster & Sargent, Inc. <predicate_marker> custodian <object_marker> Huntington National Bank <predicate_marker> seriesOf <object_marker> Valued Advisers Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> LS Opportunity Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Long Short Advisors, LLC <predicate_marker> custodian <object_marker> U.S. Bank <predicate_marker> seriesOf <object_marker> Valued Advisers Trust <predicate_marker> subAdvisedBy <object_marker> Prospector Partners, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Valued Advisers Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "BFS Equity Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Bradley, Foster & Sargent, Inc. ; custodian Huntington National Bank ; seriesOf Valued Advisers Trust ; transferAgent Ultimus Fund Solutions, LLC .\nLS Opportunity Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Long Short Advisors, LLC ; custodian U.S. Bank ; seriesOf Valued Advisers Trust ; subAdvisedBy Prospector Partners, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nValued Advisers Trust underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 23658, "n_triples": 12, "text_to_json_ratio": 23.5}}
{"sample_id": "0001447346:ALL", "cik": "0001447346", "trust_name": "T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.", "input_text": "quired index\nthat represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes\nthat more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn\naddition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns.\nAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from\nthose shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements,\nsuch as a 401(k) account or an IRA . After-tax returns are shown only for the Investor Class and will differ for other share classes.\nSUMMARY\n9\nAverage Annual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n12/15/2008\nReturns\nbefore taxes\n4.24\n%\n1.39\n%\n3.05\n%\n%\nReturns\nafter taxes on distributions\n2.66\n- 0.21\n1.48\nReturns\nafter taxes on distributions and sale of\nfund shares\n2.50\n0.40\n1.67\nI\nClass\n03/23/2016\nReturns\nbefore taxes\n4.42\n1.56\n3.33\nAdvisor\nClass\n12/15/2008\nReturns\nbefore taxes\n3.95\n1.11\n2.77\nRegulatory\nBenchmark\nBloomberg\nGlobal Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n- 1.69\n- 1.96\n0.15\n0.00\na\nStrategy\nBenchmark(s)\nBloomberg\nGlobal Aggregate Bond USD Hedged Index (reflects no deduction for fees, expenses, or taxes)\n3.40\n0.48\n2.01\n1.83\na\nLipper\nGlobal Income Funds Average\n0.90\n- 0.69\n0.87\n0.94\nb\na Return\nsince 3/23/16.\nb Return\nsince 3/31/16.\nUpdated\nperformance information is available through troweprice.com.\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nInvestment\nSubadviser T. Rowe Price International Ltd (Price International)\nInvestment\nSubadviser T. Rowe Price Hong Kong Limited (Price Hong Kong)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nKenneth\nAntony Orchard\nPortfolio\nManager and Chair of Investment Advisory\nCommittee\n2018\n2010\nPurchase\nand Sale of Fund Shares\nThe\nInvestor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening\nan IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require\na $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement\nplans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial\nintermediary or retirement plan.\nT. ROWE PRICE\n10\nThe\nI Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum\ngenerally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe\nPrice or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.\nFor\ninvestors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail;\nby telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790\nfor institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through\ntroweprice.com.\nIf\nyou hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund\nthrough your intermediary or retirement plan. You should check wit\n...\nfiliates may influence\nfinancial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment\noptions for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation).\nIn addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of\nthe T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or\nproviding preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments\nare not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor\npays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor.\nYou may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or its affiliates.\nComparison\nof Distribution and Shareholder Servicing Fees\nThe\nfollowing table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class\nbased on its average daily net assets.\nClass\n12b-1\nFee Payments\nAdministrative\nFee Payments\nInvestor\nClass\nNone\nUp\nto 0.15% per year\nI\nClass\nNone\nNone\nAdvisor\nClass\nUp\nto 0.25% per year\nUp\nto 0.15% per year\nR\nClass\nUp\nto 0.50% per year\nUp\nto 0.15% per year\nZ\nClass\nNone\nNone\nAccount\nSERVICE FEE\nInvestor\nClass\nIn\nan effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts\nthat are held directly with the T. Rowe Price Funds transfer agent, an annual $20 account service fee (paid to T. Rowe\nPrice Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The\ndetermination of whether a fund account is subject to the account service fee is based on account balances and services selected\nfor accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance\nbelow $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from\nan account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may\nresult in a taxable gain or loss to you.\nT. ROWE PRICE\n40\nThe\naccount service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts\nin employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services,\naccounts held through the T. Rowe Price ActivePlus Portfolios program or Retirement Advisory Service ,\nor money market funds that are used as a T. Rowe Price Brokerage sweep account. The account service fee is automatically\nwaived for accounts that satisfy any of the following conditions as of the last business day in August:\nAny\naccounts for which the shareholder has elected to receive electronic delivery of all\nof the following: account statements, transaction confirmations, prospectuses, and shareholder\nreports (paper copies of fund documents are available, free of charge, upon request,\nto any shareholder regardless of whether the shareholder has elected electronic delivery);\nAny\naccounts of a shareholder with at least $50,000 in total assets with T. Rowe Price\n(for this purpose, total assets include investments through T. Rowe Price Brokerage\nand investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services);\nor\nCertain\naccounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call\n1-800-332-6161 for more information).\nT.\nRowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment\nof the account service fee. Fund shares held in a T. Rowe Price individual retirement account (IRA), Education Savings Account,\nor small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee\nand may be subject to additional administrative fees when distributing all fund shares from such accounts.\nPOLICIES\nFOR opening an account\nInvestor\nClass and I Class shares may be p\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "subAdvisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "subAdvisedBy", "o": "org:T_Rowe_Price_International_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Global_Multi_Sector_Bond_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_GLOBAL_MULTI_SECTOR_BOND_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Global Multi-Sector Bond Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> subAdvisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> subAdvisedBy <object_marker> T. Rowe Price International Ltd <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Global Multi-Sector Bond Fund, Inc. advisedBy T. Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; subAdvisedBy T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 19072, "n_triples": 8, "text_to_json_ratio": 23.7}}
{"sample_id": "0001450011:ALL", "cik": "0001450011", "trust_name": "PIMCO ETF Trust", "input_text": "155395 811-22250 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Post-Effective Amendment No. 497 And REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 499 PIMCO ETF TRUST (Exact name of Registrant as Specified in Charter) 650 Newport Center Drive Newport Beach, California 92660 (Address of Principal Executive Offices) (Zip Code) Registrant s Telephone Number, including Area Code (888) 400-4383\nDouglas P. Dick, Esq. Adam T. Teufel, Esq. Dechert LLP 1900 K Street, N.W. Washington, D.C. 20006\nJoshua D. Ratner Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, California 92660\n(Name and Address of Agent for Service)\nIt is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b)\non February 21, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of rule 485.\nIf appropriate, check the following box:\nthis post-effective amendment designates a new effective date for a previously filed post-effective amendment. EXPLANATORY NOTE This Post-Effective Amendment No. 497 to the Registration Statement of PIMCO ETF Trust (the Trust or the Registrant ) on Form N-1A (File No. 333-155395) (the Amendment ) is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended, to register shares of PIMCO Inflation PLUS Active Exchange-Traded Fund, a new series of the Registrant. This Amendment does not affect the currently effective prospectuses and Statement of Additional Information for other series of the Trust's shares not included herein.\nPIMCO ETF Trust Prospectus February 21, 2026\nTICKER EXCHANGE\nPIMCO Inflation PLUS Active Exchange-Traded Fund\nPCPI Nasdaq\nNeither the U.S. Securities and Exchange Commission nor the U.S. Commodity Futures Trading Commission has approved or disapproved these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Table of Contents\nPage\nFund Summary\n3\nPIMCO Inflation PLUS Active Exchange-Traded Fund\n3\nSummary Information About the Fund\n8\nDescription of Principal Risks\n8\nDisclosure of Portfolio Holdings\n21\nManagement of the Fund\n21\nBuying and Selling Shares\n24\nHow Net Asset Value Is Determined\n27\nFund Distributions\n29\nTax Consequences\n29\nCharacteristics and Risks of Securities and Investment Techniques\n31\nFinancial Highlights\n47\nAppendix A - Description of Securities Ratings\nA 1 2\nPIMCO Inflation PLUS Active Exchange-Traded Fund Investment Objective The Fund seeks real return, consistent with prudent investment management. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below . Shareholder Fees (fees paid directly from your investment): N/A Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nManagement Fees\n0.25 %\nOther Expenses (1)\n0.08 %\nTotal Annual Fund Operating Expenses\n0.33 %\nFee Waiver and/or Expense Reimbursement (2)\n0.08 %\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\n0.25 %\n1\nOther Expenses reflect estimated expenses for the Fund s first fiscal year.\n2\nPacific Inv\n...\ncertain cases, have adopted) bans on, and/or reporting requirements for, short sales of certain securities, including short positions on such securities acquired through swaps. Restrictions on and/or reporting requirements applicable to short selling and short positions may negatively impact and materially impair the Fund s ability to execute certain transactions. Also, there is the risk that the third party to the short sale or short position will not fulfill its contractual obligations, causing a loss to the Fund. Disclosure of Portfolio Holdings Please see Disclosure of Portfolio Holdings in the SAI for information about the availability of the complete schedule of the Fund s holdings. Management of the Fund Investment Manager PIMCO serves as the investment manager for the Fund. Subject to the supervision of the Board of Trustees, PIMCO is responsible for managing the investment activities of the Fund and the Fund s business affairs and other administrative matters. PIMCO is located at 650 Newport Center Drive, Newport Beach, CA 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to mutual funds. As of December 31, 2025, PIMCO had approximately $2.26 trillion in assets under management, including $1.84 trillion in third-party client assets. Assets include $81.0 billion (as of September 30, 2025) in assets managed by Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH, that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO. 21 PIMCO ETF Trust Management Fees The Fund pays for the advisory and supervisory and administrative services it requires under what is essentially an all in fee structure. The Fund pays monthly Management Fees to PIMCO at the following annual rate (stated as a percentage of the average daily net assets of the Fund taken separately) of 0.25%. In addition to providing investment advisory services, PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Fund bears other expenses which are not covered under the management fee which may vary and affect the total level of expenses paid by shareholders, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so called broken-deal costs (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)), organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles, costs of borrowing money, including interest expenses, securities lending e\n...\nhe management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Investment Manager, the Distributor (as defined below), and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this prospectus nor summary prospectus, the Trust s SAI, any contracts filed as exhibits to the Trust s registration statement, nor any other communications, disclosure documents or regulatory filings from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend this, or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions 23 PIMCO ETF Trust applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust s then-current prospectus or SAI. Distributor The Trust s Distributor is PIMCO Investments LLC (the Distributor ). The Distributor, located at 1633 Broadway, New York, NY 10019, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund and does not maintain a secondary market in shares of the Fund. Distribution and Servicing Plan The Trust has adopted a Distribution and Servicing Plan (the 12b 1 Plan ) for shares of the Fund pursuant to Rule 12b 1 under the Investment Company Act of 1940, as amended (the 1940 Act ). The 12b 1 Plan permits compensation in connection with the distribution and marketing of Fund shares and/or the provision of certain shareholder services. The 12b 1 Plan permits the Fund to pay compensation at an annual rate of up to 0.25% of the Fund s average daily net assets. However, the Board of Trustees has determined not to authorize payment of a 12b 1 Plan fee at this time. The 12b 1 fee may only be imposed or increased when the Board of Trustees determines that it is in the best interests of shareholders to do so. Because these fees are paid out of the Fund s assets on an ongoing basis, to the extent that a fee is authorized, over time they will increase the cost of an investment in the Fund and therefore, the 12b 1 Plan fee may cost an investor more than other types of sales charges. Payments to Broker-Dealers and Other Financial Intermediaries PIMCO or the Distributor (for purposes of this subsection only, collectively, PIMCO ) makes payments to broker-dealers or other financial intermediaries (each, an Intermediary ) related to activities that are designed to make registered representatives, other professionals and individual investors more knowledgeable about the Fund or for other activities, such as participation in marketing activities and presentations, educational trainin\n...\nions whose initial maturity is viewed as short term based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets. F1: Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added + to denote any exceptionally strong credit feature. F2: Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments. F3: Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate. B: Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. C: High short-term default risk. Default is a real possibility. RD: Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. D: Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. For the short-term rating category of F1 , a + may be appended. For VRs, the modifiers + or may be appended to a rating to denote relative status within categories from aa to ccc . For Derivative Counterparty Ratings, the modifiers + or may be appended to the ratings within AA(dcr) to CCC(dcr) categories. A-8 INVESTMENT MANAGER PIMCO, 650 Newport Center Drive, Newport Beach, CA 92660 DISTRIBUTOR PIMCO Investments LLC, 1633 Broadway, New York, NY 10019 CUSTODIAN State Street Bank Trust Co., 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108 TRANSFER AGENT State Street Bank Trust Co., 1776 Heritage Drive, North Quincy, MA 02171 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP, 1100 Walnut Street, Suite 1300, Kansas City, MO 64106 LEGAL COUNSEL Dechert LLP, 1900 K Street N.W., Washington, D.C. 20006 For further information about the PIMCO ETF Trust, call 1.888.400.4ETF or visit our website at www.pimcoetfs.com.\nPIMCO ETF Trust 650 Newport Center Drive Newport Beach, CA 92660\nThe Trust s SAI, Form N CSR and annual and semi-annual reports to shareholders include additional information about the Fund. The SAI is incorporated by reference into this prospectus, which means it is part of this prospectus for legal purposes. The SAI contains detailed information about the Fund s purchase, redemption and exchange options and procedures and other information about the Fund. The Fund s annual report discusses the market conditions and investment strategies that significantly affected the Fund s performance during its last fiscal year. In Form N CSR, you will find the Fund s annual and semi-annual financial statements. You may get free copies of any of these materials or request other information about the Fund by calling the Trust at 1.888.400.4ETF (1.888.400.4383), by visiting www.pimcoetfs.com or by writing to: PIMCO ETF Trust 650 Newport Center Drive Newport Beach, CA 92660 Reference the Trust s Investment Company Act file number in your correspondence. Paper copies of the Fund s shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request. 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"advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Senior_Loan_Active_Exchange_Traded_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Senior_Loan_Active_Exchange_Traded_Fund", "p": "seriesOf", "o": "trust:PIMCO_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Senior_Loan_Active_Exchange_Traded_Fund", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Short_Term_Municipal_Bond_Active_Exchange_Traded_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:PIMCO_Short_Term_Municipal_Bond_Active_Exchange_Traded_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Short_Term_Municipal_Bond_Active_Exchange_Traded_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Short_Term_Municipal_Bond_Active_Exchange_Traded_Fund", "p": "seriesOf", "o": "trust:PIMCO_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Short_Term_Municipal_Bond_Active_Exchange_Traded_Fund", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Ultra_Short_Government_Active_Exchange_Traded_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:PIMCO_Ultra_Short_Government_Active_Exchange_Traded_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Ultra_Short_Government_Active_Exchange_Traded_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Ultra_Short_Government_Active_Exchange_Traded_Fund", "p": "seriesOf", "o": "trust:PIMCO_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Ultra_Short_Government_Active_Exchange_Traded_Fund", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_ETF_Trust", "p": "underwrittenBy", "o": "org:PIMCO_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Active Bond Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Broad U.S. TIPS Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Commodity Strategy Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Enhanced Low Duration Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Enhanced Short Maturity Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Multisector Bond Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Municipal Income Opportunities Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Preferred and Capital Securities Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Senior Loan Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Short Term Municipal Bond Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Ultra Short Government Active Exchange-Traded Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO ETF Trust <predicate_marker> underwrittenBy <object_marker> PIMCO Investments LLC <triple_end>", "target_serialized_plain": "PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Active Bond Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Broad U.S. TIPS Index Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Commodity Strategy Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Enhanced Low Duration Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Enhanced Short Maturity Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Investment Grade Corporate Bond Index Exchange-Traded 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State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Preferred and Capital Securities Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Senior Loan Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO Short Term Municipal Bond Active Exchange-Traded Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO ETF Trust ; transferAgent State Street Bank and Trust Company .\nPIMCO 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{"sample_id": "0001452937:ALL", "cik": "0001452937", "trust_name": "EXCHANGE TRADED CONCEPTS TRUST", "input_text": "h the Fund invests. All returns assume reinvestment of dividends and distributions. The Fund s past performance (before\nand after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available\nonline at www.6meridianfunds.com/sixl or by calling toll-free 866-SIXM-ETF ( 749-6383 ).\n5\nAnnual\nTotal Returns as of 12/31\nBest\nand Worst Quarter Returns (for the period reflected in the bar chart above)\nReturn Quarter/Year Highest Return 10.12 % Q4/2022 Lowest Return - 7.60 % Q3/2022\nAverage\nAnnual Total Returns for the Periods Ended December 31, 2025\nETC 6 Meridian Low Beta Equity Strategy ETF 1 Year 5 Years Since Inception ( 5-8-2020 ) Return Before Taxes 1.22 % 5.53 % 8.12 % Return After Taxes on Distributions 0.62 % 5.15 % 7.76 % Return After Taxes on Distributions and Sale of Fund Shares 1.05 % 4.28 % 6.40 % S P Total Market Index ( reflects no deduction for fees, expenses, or taxes ) 17.05 % 13.07 % 17.34 % Equal Blend of the S P 500 Index, S P SmallCap 600 Index, and S P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes) 10.43 % 10.39 % 15.60 %\nAfter-tax\nreturns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state\nand local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown\nare not relevant to investors who hold their shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual\nretirement accounts ( IRA ). In some cases, the return after taxes may exceed the return before taxes due to an assumed tax\nbenefit from any losses on a sale of shares of the Fund at the end of the measurement period.\nInvestment\nAdvisers\nExchange\nTraded Concepts, LLC serves as the investment adviser to the Fund. Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian)\nserves as the sub-adviser to the Fund.\n6\nPortfolio\nManagers\nAndrew\nMies, Founder/Partner and Chief Investment Officer of the Sub-Adviser, has served as a portfolio manager of the Fund since its inception\nin 2020.\nAmmie\nWeidner, Partner Director of Trading and Operations of the Sub-Adviser, has served as a portfolio manager of the Fund since its\ninception in 2020.\nJason\nMayers, Senior Associate, Investment Management of the Sub-Adviser, has served as a portfolio manager of the Fund since 2022.\nAlberto\nJimenez, Investment Management Analyst of the Sub-Adviser, has served as a portfolio manager of the Fund since 2026.\nAndrew\nSerowik, Co-Chief Executive Officer and Portfolio Manager of the Adviser, has served as a portfolio manager of the Fund since its inception\nin 2020.\nTodd\nAlberico, Portfolio Manager of the Adviser, has served as a portfolio manager of the Fund since 2021.\nGabriel\nTan, Portfolio Manager of the Adviser, has served as a portfolio manager of the Fund since 2021.\nBrian\nCooper, Portfolio Manager of the Adviser, has served as a portfolio manager of the Fund since 2022.\nPurchase\nand Sale of Fund Shares\nThe\nFund issues shares to, and redeems shares from, certain institutional investors known as Authorized Participants (typically\nmarket makers or other broker-dealers) only in large blocks of shares known as Creation Units. Creation Unit transactions\nfor the Fund generally are conducted in exchange for the deposit or delivery of a portfolio of securities closely approximating the holdings\nof the Fund and a specified cash payment. Individual shares of the Fund may only be purchased and sold in the secondary market throu\n...\ntor up to the maximum amount to finance any activity primarily\nintended to result in the sale of Creation Units of the Fund or for providing or arranging for others to provide shareholder services\nand for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (i) delivering copies of a Fund s\nthen current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (ii) marketing and promotional\nservices, including advertising; (iii) paying the costs of and compensating others, including Authorized Participants with whom the Distributor\nhas entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of a Fund; (iv) compensating\ncertain Authorized Participants for providing assistance in distributing the Creation Units of a Fund, including the travel and communication\nexpenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of a Fund; (v) payments\nto financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors,\nbroker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust s service providers as compensation for\nservices or reimbursement of expenses incurred in connection with distribution assistance; (vi) facilitating communications with beneficial\nowners of shares of a Fund, including the cost of providing (or paying others to provide) services to beneficial owners of shares of a\nFund, including, but not limited to, assistance in answering inquiries related to shareholder accounts, and (vii) such other services\nand obligations as are set forth in the Distribution Agreement.\nTHE ADMINISTRATOR\nSEI Investments Global Funds Services (the Administrator )\nhas its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456, and serves as administrator of the Trust and\nthe Fund. SEI Investments Management Corporation ( SIMC ), a wholly-owned subsidiary of SEI Investments, is the owner of all\nbeneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading\nproviders of funds evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional\ninvestors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other exchange-traded\nfunds and mutual funds.\n29\nThe Trust and the Administrator have entered into\nan amended and restated administration agreement dated November 10, 2011 (the Administration Agreement ). Under the Administration\nAgreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office\nspace, equipment, personnel and facilities. Pursuant to a schedule to the Administration Agreement, the Administrator also serves as the\nshareholder servicing agent for the Fund whereby the Administrator provides certain shareholder services to the Funds.\nFor its services under the Administration Agreement,\nthe Administrator is entitled to a fee, paid by the Adviser, based on assets under management, subject to a minimum fee. The following\ntable shows the fees paid to the Administrator by each Fund for each of the indicated periods:\nFund\nFiscal\nYear Ended\nNovember 30, 2025\nFiscal\nYear Ended\nNovember 30, 2024\nFiscal\nYear Ended\nNovember 30, 2023\nETC\n6 Meridian Low Beta Equity Strategy ETF\n$128,622\n$113,131\n$101,984\nETC\n6 Meridian Mega Cap Equity ETF\n$266,314\n$170,290\n$125,847\nETC\n6 Meridian Small Cap Equity ETF\n$66,257\n$55,112\n$44,720\nETC\n6 Meridian Hedged Equity-Index Option Strategy ETF\n$343,741\n$282,919\n$240,890\nETC\n6 Meridian Quality Growth ETF\n$39,419\n$28,432\n$20,189\nNeither the ETC 6 Meridian Quality Value ETF nor\nthe ETC 6 Meridian Quality Dividend Yield ETF had commenced operations as of the end of the most recent fiscal year. Accordingly, the\nAdviser has not paid the Administrator any administrator fees related to these Funds.\nTHE CUSTODIAN\nThe Bank of New York Mellon (the Custodian ),\nlocated at 240 Greenwich Street, New York, New York 10286, serves as the custodian for the Funds pursuant to a custodian agreement with\nthe Trust on behalf of the Funds. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.\nTHE TRANSFER AGENT\nThe Bank of New York Mellon (the Transfer\nAgent ), located at 240 Greenwich Street, New York, New York 10286, serves as the Funds transfer agent and dividend disbursing\nagent under a transfer agency agreement with the Trust.\nLEGAL COUNSEL\nChapman and Cutler LLP, located at 320 South Canal\nStreet, Chicago, IL 60606, serves as legal counsel to the Trust.\n1 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nCohen Company, Ltd., located at 1350 Euclid\nAvenue, Suite 800, Cleveland, Ohio 44115, serves as the independent registered public accounting firm for the Funds.\nPORTFOLIO HOLDINGS DISCLOSURE POLICIES AND\nPROCEDURES\nThe Board has adopted a policy regarding the disclosure\nof information about each Fund s security holdings.\n30\nEach Fund s entire portfolio holdings are\npublicly disseminated each day that Fund is open for business through financial reporting and news services including publicly available\ninternet websites. In addition, the composition of the in-kind creation basket and the in-kind redemption basket is publicly disseminated\ndaily prior to the opening of the Exchange via the NSCC.\nGreater than daily access to information concerning\na Fund s portfolio holdings will be permitted (i) to certain personnel of service providers to the Fund involved in portfolio management\nand providing administrative, operational, risk management, or other support to portfolio management, and (ii) to other personnel of the\nFund s service providers who deal directly w\n...\n9456, and serves as administrator of the Trust and\neach Fund. SEI Investments Management Corporation ( SIMC ), a wholly-owned subsidiary of SEI Investments, is the owner of\nall beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading\nproviders of funds evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional\ninvestors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other exchange-traded\nfunds and mutual funds.\nThe Trust and the Administrator have entered into\nan amended and restated administration agreement dated November 10, 2011 (the Administration Agreement ). Under the Administration\nAgreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office\nspace, equipment, personnel and facilities. Pursuant to a schedule to the Administration Agreement, the Administrator also serves as the\nshareholder servicing agent for each Fund whereby the Administrator provides certain shareholder services to the Funds.\n33\nFor its services under the Administration Agreement,\nthe Administrator is entitled to a fee, paid by the Adviser, based on assets under management, subject to a minimum fee. The following\ntable shows the fees paid to the Administrator by each Fund for each of the indicated periods:\nFund\nFund\nInception Date\nFiscal\nYear Ended\nNovember 30, 2025\nFiscal\nPeriod Ended\nNovember 30, 2024 1\nRange\nNuclear Renaissance Index ETF\nJanuary\n23, 2024\n$248,720\n$35,505\nRange\nGlobal Coal Index ETF\nJanuary\n23, 2024\n$39,991\n$33,989\n1 Fees\nshown are for the fiscal period from the Fund s inception date.\nTHE CUSTODIAN\nBrown Brothers Harriman Co. ( BBH ),\nlocated at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Funds custodian pursuant to a custodian agreement\nwith the Trust on behalf of the Funds. The custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.\nTHE TRANSFER AGENT\nBBH, located at 50 Post Office Square, Boston,\nMassachusetts 02110, serves as the Funds transfer agent and dividend disbursing agent under a transfer agency and service agreement\nwith the Trust.\nLEGAL COUNSEL\nChapman and Cutler LLP, located at 320 South Canal\nStreet Chicago, IL 60606, serves as legal counsel to the Trust.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nCohen Company, Ltd., located at 1350 Euclid\nAvenue, Suite 800, Cleveland, Ohio 44115, serves as the independent registered public accounting firm for the Funds.\nPORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES\nThe Board has adopted a policy regarding the disclosure\nof information about each Fund s security holdings. Each Fund s entire portfolio holdings are publicly disseminated each day\nthe Fund is open for business through financial reporting and news services including publicly available internet websites. In addition,\nthe composition of the in-kind creation basket and the in-kind redemption basket is publicly disseminated daily prior to the opening of\nthe Exchange via the NSCC.\nGreater than daily access to information\nconcerning a Fund s portfolio holdings will be permitted (i) to certain personnel of service providers to the Fund involved in\nportfolio management and providing administrative, operational, risk management, or other support to portfolio management, and (ii)\nto other personnel of the Fund s service providers who deal directly with, or assist in, functions related to invest", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}}, "target_triples": [{"s": "fund:MUSQ_Global_Music_Industry_ETF", "p": "administrator", "o": "org:SEI_INVESTMENTS_GLOBAL_FUNDS_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MUSQ_Global_Music_Industry_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MUSQ_Global_Music_Industry_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MUSQ_Global_Music_Industry_ETF", "p": "seriesOf", "o": "trust:EXCHANGE_TRADED_CONCEPTS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:MUSQ_Global_Music_Industry_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Artificial_Intelligence_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Artificial_Intelligence_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Artificial_Intelligence_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Artificial_Intelligence_ETF", "p": "seriesOf", "o": "trust:EXCHANGE_TRADED_CONCEPTS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Artificial_Intelligence_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Healthcare_Technology_and_Innovation_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Healthcare_Technology_and_Innovation_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Healthcare_Technology_and_Innovation_ETF", "p": "custodian", "o": "org:Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Healthcare_Technology_and_Innovation_ETF", "p": "seriesOf", "o": "trust:EXCHANGE_TRADED_CONCEPTS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Healthcare_Technology_and_Innovation_ETF", "p": "transferAgent", "o": "org:Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Robotics_and_Automation_Index_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Robotics_and_Automation_Index_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Robotics_and_Automation_Index_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Robotics_and_Automation_Index_ETF", "p": "seriesOf", "o": "trust:EXCHANGE_TRADED_CONCEPTS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ROBO_Global_R_Robotics_and_Automation_Index_ETF", "p": "transferAgent", "o": "org:Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Range_India_Financials_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Range_India_Financials_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Range_India_Financials_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Range_India_Financials_ETF", "p": "seriesOf", "o": "trust:EXCHANGE_TRADED_CONCEPTS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Range_India_Financials_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": 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<object_marker> Exchange Traded Concepts, LLC <predicate_marker> custodian <object_marker> BROWN BROTHERS HARRIMAN & CO. <predicate_marker> seriesOf <object_marker> EXCHANGE TRADED CONCEPTS TRUST <predicate_marker> transferAgent <object_marker> BROWN BROTHERS HARRIMAN & CO. <triple_end>", "target_serialized_plain": "MUSQ Global Music Industry ETF administrator SEI INVESTMENTS GLOBAL FUNDS SERVICES ; advisedBy Exchange Traded Concepts, LLC ; custodian The Bank of New York Mellon ; seriesOf EXCHANGE TRADED CONCEPTS TRUST ; transferAgent The Bank of New York Mellon .\nROBO Global(R) Artificial Intelligence ETF administrator SEI Investments Global Funds Services ; advisedBy Exchange Traded Concepts, LLC ; custodian The Bank of New York Mellon ; seriesOf EXCHANGE TRADED CONCEPTS TRUST ; transferAgent The Bank of New York Mellon .\nROBO Global(R) Healthcare Technology and Innovation ETF administrator SEI Investments Global Funds Services ; advisedBy Exchange Traded Concepts, LLC ; custodian Bank of New York Mellon ; seriesOf EXCHANGE TRADED CONCEPTS TRUST ; transferAgent Bank of New York Mellon .\nROBO Global(R) Robotics and Automation Index ETF administrator SEI Investments Global Funds Services ; advisedBy Exchange Traded Concepts, LLC ; custodian The Bank of New York Mellon ; seriesOf EXCHANGE TRADED CONCEPTS TRUST ; transferAgent Bank of New York Mellon .\nRange India Financials ETF administrator SEI Investments Global Funds Services ; advisedBy Exchange Traded Concepts, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf EXCHANGE TRADED CONCEPTS TRUST ; transferAgent BROWN BROTHERS HARRIMAN & CO. .", "stats": {"input_chars": 13167, "n_triples": 25, "text_to_json_ratio": 5.8}}
{"sample_id": "0001464413:ALL", "cik": "0001464413", "trust_name": "Starboard Investment Trust", "input_text": "be cyclical, subject to sharp price movements, and significantly affected by government spending policies.\nInformation Technology. The performance of companies in this sector may be adversely affected by intense competition both domestically and internationally; limited product lines, markets, financial resources, or personnel; rapid product obsolescence and frequent new product introduction; dramatic and unpredictable changes in growth rates; and dependence on patent and intellectual property rights.\nSmall-Cap and Mid-Cap Securities Risk. The Fund or ETFs held by the Fund may invest in securities of small-cap and mid-cap companies, which involve greater volatility than investing in larger and more established companies. Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies. Securities of these types of companies have limited market liquidity, and their prices may be more volatile. You should expect that the value of the Fund s shares will be more volatile than a fund that invests exclusively in large-capitalization companies.\n6\nPerformance Information\nThe following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund s performance from year to year and by showing how the Fund s average annual total returns compare to those of a broad-based securities market index. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at https://fundinfopages.com /NAVFX .\nThe Fund was reorganized on June 27, 2011, from a series of the World Funds Trust, a Delaware statutory trust (the Predecessor Fund ), to a series of Starboard Investment Trust (the Trust), a Delaware statutory trust (the Reorganization ). The performance information shown below includes information for the Predecessor Fund. The Predecessor Fund commenced operations on December 30, 2009. Shareholders of the Predecessor Fund approved the Reorganization on June 22, 2011 and received shares of the Fund on June 27, 2011. The performance information shown below is intended to serve as an illustration of the variability of the Fund s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objectives and strategies and substantially the same investment policies as the Predecessor Fund. While the Fund is substantially similar to the Predecessor Fund, and, theoretically, would have invested in the same portfolio of securities, the Fund s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.\nCalendar Year Returns\nDuring the periods shown in the bar chart above, the Fund s highest quarterly return was 19.36 % (quarter ended June 30, 2020 ) and the Fund s lowest quarterly return was - 20.81 % (quarter ended March 31, 2020 ).\n7\nAverage Annual Total Returns Period Ended December 31, 202 5 Past 1 Year Past 5 Years Past 10 Years Since Inception ( 12/31/2009 ) Sector Rotation Fund Return Before Taxes 13.33 % 10.27 % 10.17 % 9.39 % Return After T axes on Distributions 12.56 % 8.71 % 8.62 % 7.74 % Return After T axes on Distributions and Sale of Shares 8.12 % 7.53 % 7.72 % 7.11 % S P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes) 17.88 % 14.42 % 14.81 % 14.12 %\nAfter-tax returns are calculated using the historical highest individual federal marginal inco\n...\nCFS, the Fund s portfolio manager, has been\nthe founder, president, and part owner of the Advisor since 1996. Mr. Grimaldi has also served as vice president of The Prestige Organization, Inc, since 1996. He began his career in money management in 1986 as an investment coordinator at Meyer\nHandelman Company in New York. After two years, he joined Prime Financial Services as director of operations. In 1992, Mr. Grimaldi accepted a position as manager of the Securities Operations division at Marshall Sterling Consultants in\nPoughkeepsie, New York. In 1997, he earned the Certified Fund Specialist (CFS) designation. Mr. Grimaldi has held various securities licenses including Series 6, 7, 24, and 63. From March of 1989 through October 2005, Mr. Grimaldi coordinated\nand taught securities training classes at Dutchess Community College in Poughkeepsie, New York. In 2004, Mr. Grimaldi became chief portfolio manager of the Navigator Newsletters for which he currently writes the lead economic forecast article.\nMr. Grimaldi co-managed the ETF Market Opportunity Fund (formerly known as the Navigator Fund), a series of the Aviemore Funds, from January 1, 2008, through January 30, 2009. Mr. Grimaldi served as the portfolio manager of the Fund s predecessor,\na fund series of the World Funds Trust, from its inception in 2009 until its reorganization into the Trust in 2011. Mr. Grimaldi graduated from Albany State University in 1985 with a Bachelor of Arts degree in Economics. In 2014, Mr. Grimaldi\nco-authored his first book entitled The Money Compass: Where Your Money Went and How to Get it Back .\nThe Statement of Additional Information provides additional information about the portfolio manager s compensation, other accounts managed and ownership of\nsecurities in the Fund.\nDistributor\nCapital Investment Group, Inc. ( Distributor ), is the principal underwriter and distributor of the Fund s shares and serves as the Fund s exclusive agent for the distribution\nof the Fund s shares. The Distributor may sell the Fund s shares to or through qualified securities dealers or others.\nRule 12b-1 Distribution Plan. The Fund has adopted a plan of distribution pursuant to Rule 12b-1 under the Investment Company Act of\n1940, as amended (the 1940 Act ) ( Distribution Plan ) that allows the Fund to pay distribution and/or service fees in connection with the distribution of its shares and for services provided to shareholders. Under the Fund s Plan, the Fund may\npay an annual fee up to 0.25% of the average daily net assets of the Fund for shareholder services and distribution related expenses. Because the 12b-1 fees are paid out of the Fund s assets on an on-going basis, these fees, over time, will\nincrease the cost of your investment and may cost you more than paying other types of sales loads.\n16\nInvesting in the Fund\nPurchase and Redemption Price\nShares of the Fund are sold and redeemed at net asset value. Shares may be purchased by any account managed by the Advisor and any other institutional investor or any\nbroker-dealer authorized to sell shares in the Fund. The minimum initial investment is $2,500. The minimum additional investment is $100. The Fund may, in the Advisor s sole discretion, accept certain accounts with less than the minimum\ninvestment.\nDetermining the Fund s Net Asset Value. The price at which you purchase or redeem shares is based on the next calculation of the NAV\nafter an order is received by the Fund or its designated agent in good form. An order is considered to be in good form if it includes all necessary information and documentation rela\n...\ns on behalf of\nthe Fund. Such orders will be deemed to have been received by the Fund when an authorized designee, or broker-authorized designee, receives the order, subject to the order being in good form. The orders will be priced at the NAV next computed after\nthe orders are received by the Fund, the authorized broker, or broker-authorized designee. Orders received in good form prior to the close of the NYSE (normally 4:00 p.m. Eastern Time) will receive a share price based on that day s NAV and orders\nreceived after the close of the NYSE will receive a price based on the NAV determined at the close of regular trading on the next day that the NYSE is open. Investors may also be charged a fee by a broker or agent if shares are purchased through a\nbroker or agent.\n18\nThe Fund reserves the right to (i) refuse any request to purchase shares for any reason and (ii) suspend the offering of shares at any time. An investor that has placed a\npurchase order will be notified as soon as possible in such circumstances.\nRegular Mail Orders. Payment for shares by mail must be made by check from a U.S. financial institution and payable in U.S. dollars.\nCash, money orders, and traveler s checks will not be accepted by the Fund. If checks are returned due to insufficient funds or other reasons, your purchase will be canceled. You will also be responsible for any losses or expenses incurred by the\nFund and its administrator and transfer agent. The Fund will charge a $35 fee and may redeem shares of the Fund owned by the purchaser or another identically registered account in another series of the Trust to recover any such losses. For regular\nmail orders, please complete the Fund Shares Application and mail it, along with your check made payable to the Fund, to:\nSector Rotation Fund\nc/o Nottingham Shareholder Services\n116 South Franklin Street\nPost Office Box 4365\nRocky Mount, North Carolina 27803-0365\nThe application must contain your social security number or taxpayer identification number. If you have applied for a number prior to completing your account application but\nyou have not received your number, please indicate this on the application and include a copy of the form applying for your number. Taxes are not withheld from distributions to U.S. investors if certain requirements of the Internal Revenue Service\nare met regarding the social security number and taxpayer identification number.\nBank Wire Purchases. Purchases may also be made through bank wire orders. To establish a new account or add to an existing account by\nwire, please call the Fund at 1-800-773-3863 for wire instructions and to advise the Fund of the investment, dollar amount, and the account identification number.\nAdditional Investments. You may also add to your account by mail or wire at any time by purchasing shares at the then current NAV.\nThe minimum additional investment is $100 ($50 under an automatic investment plan). Before adding funds by bank wire, please call the Fund at 1-800-773-3863 for wire instructions and to advise the Fund of the investment, dollar amount, and the\naccount identification number. Mail orders should include, if possible, the Invest by Mail stub that is attached to your confirmation statement. Otherwise, please identify your account in a letter accompanying your purchase payment.\nAutomatic Investment Plan. The automatic investment plan enables shareholders to make regular monthly or quarterly investments in\nshares through automatic charges to their checking account. With shareholder authorization and bank approval, the Fund will automatically charge\n...\n, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve\ncopies of the Plan, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.\nAny agreement related to the Plan will be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time upon sixty days written notice, without\nthe payment of any penalty, by vote of a majority of the respective Rule 12b-1 Trustees, or by vote of a majority of the outstanding voting shares of the Fund; (b) it will automatically terminate in the event of its assignment (as defined in the\n1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the\nRule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.\nThe following chart shows the distribution and service fees the Fund accrued for the three most recent fiscal years ended September 30.\nFund\n2025\n2024\n2023\nSector Rotation Fund\n$97,227\n$84,862\n$71,133\nThe following chart describes the dollar amount and the manner in which amounts accrued by the Fund under the Plan were spent\nduring the past fiscal year ended September 30, 202 5 .\nAdvertising\n$0\nPrinting and Mailing of Prospectuses to Other than Current Shareholders\n$0\nCompensation to Underwriters\n$ 97,188\nCompensation to Broker-Dealers\n$0\nCompensation to Sales Personnel\n$0\nInterest, Carrying, or Other Financing Charges\n$0\nOther\n$0\nCustodian. UMB Bank, n.a., with its principal place of business located at 1010 Grand Boulevard, Kansas City,\nMissouri 64106, serves as custodian for the Fund s assets (the Custodian ). The Custodian acts as the depository for the Fund, safekeeps its portfolio securities, collects all income and other payments with respect to portfolio securities,\ndisburses monies at the Fund s request, and maintains records in connection with its duties as custodian. For its services, the custodian is entitled to receive a monthly fee from the Administrator based on the average net assets of the Fund plus\nadditional out-of-pocket and transaction expenses as incurred by the Fund\nCompliance Services Administrator. The Trust has entered into a compliance services arrangement with The\nNottingham Company, located at 116 S. Franklin Street, Rocky Mount, North Carolina, 27802. The Trust s CCO will prepare and update the Trust s compliance manual and monitor and test compliance with the policies and procedures under the Trust s\ncompliance manual.\nIndependent Registered Public Accounting Firm. Tait, Weller Baker, LLP, located at 50 S 16 th Street, Philadelphia,\nPennsylvania, 19102, serves as the independent registered public accounting firm for the Fund. The independent registered public accounting firm conducts an annual audit of the Fund s financial statements, and prepares the\nFund s federal, state, and excise tax returns. Shareholders will receive annual audited and semi-annual (unaudited) reports and financial statements when published and written confirmation of all transactions in their account. A copy of the\nmost recent annual report and financial statements will accompany the SAI whenever a shareholder or a prospective investor requests it.\nLegal Counsel. DLA Piper LLP serves as legal counsel to\n...\ninvestment advisor for the Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF,\nRH Tactical Outlook ETF, and RH Tactical Rotation ETF is incorporated herein by reference to Post-Effective Amendment No. 417 to the Registration Statement filed on March 29, 2022.\n(d)(1)(iii)\nInvestment Advisory Agreement dated March 9, 2023 between the Registrant\nand Cavalier Investments, LLC (d/b/a Adaptive Investments), as investment advisor for the RH Hedged Multi-Asset Income (Cayman) Fund Ltd., a subsidiary of Adaptive Hedged Multi-Asset Income ETF, is incorporated herein by reference to\nPost-Effective Amendment Number 434 to the Registration Statement filed on June 9, 2023.\n(d)(2)\nInvestment Advisory Agreement dated April 28, 2011 between the Registrant\nand Grimaldi Portfolio Solutions, Inc., as investment advisor for the Sector Rotation Fund, is incorporated herein by reference to Post-Effective Amendment No. 42 to the Registration Statement filed on June 27, 2011.\n(d)(3)\nInvestment Advisory Agreement dated August 1, 2024 between the\nRegistrant and Deschutes Portfolio Strategy, LLC d/b/a Matisse Capital, as investment advisor for the Matisse Discounted Closed-End Fund Strategy, is incorporated herein by reference to Post-Effective Amendment No. 440 to the Registration\nStatement filed on July 29, 2024.\n(d)(4)\nInvestment Advisory Agreement dated August 1, 2024 between the\nRegistrant and Deschutes Portfolio Strategy, LLC d/b/a Matisse Capital, as investment advisor for the Matisse Discounted Bond CEF Strategy, is incorporated herein by reference to Post-Effective Amendment No. 440 to the Registration Statement\nfiled on July 29, 2024.\n(d)(5)\nInvestment Sub-Advisory Agreement dated December 17, 2020 between\nCavalier Investments, LLC (d/b/a Adaptive Investments) and Bluestone Capital Management, LLC, as sub-advisor for the Adaptive Alpha Opportunities ETF is incorporated herein by reference to Post-Effective Amendment No. 373 to the Registration\nStatement filed on January 12, 2021.\n(e)(1)(i)\nDistribution Agreement dated July 16, 2009 between the Registrant and\nCapital Investment Group, Inc., as distributor for each mutual fund series of the Trust, is incorporated herein by reference to Post-Effective Amendment No. 219 to the Registration Statement filed on September 28, 2015.\n(e)(1)(ii)\nAmended and Restated Appendix A dated December 5, 2024 to the\nDistribution Agreement between the Registrant and Capital Investment Group, Inc., as distributor for each mutual fund series of the Trust, is incorporated herein by reference to Post-Effective Amendment No. 444 to the Registration Statement\nfiled on July 29, 2025.\n(e)(2)(i)\nETF Distribution Agreement dated March 11, 2021 between the Registration\nand Capital Investment Group, Inc., as distributor for each ETF series of the Trust, is incorporated herein by reference to Post-Effective Amendment No. 388 filed on July 20, 2021.\n(e)(2)(ii)\nAmended and Restated Schedule A dated September 9, 2021 to the ETF\nDistribution Agreement dated March 11, 2021 between the Registration and Capital Investment Group, Inc., as distributor for each ETF series of the Trust, is incorporated herein by reference to Post-Effective Amendment No. 417 to the\nRegistration Statement filed on March 29, 2022.\n(f)\nNot Applicable.\n(g)(1)(i)\nCustody Agreement dated December 9, 2011, between the Registrant, UMB Bank,\nn.a., and The Nottingham Company ( Custody Agreement ) is incorporated herein by reference to Post-Effective Amendment No. 219 to the Registration Statement filed on September 28, 2015.\n(g)(1)(ii)\nAmended and Restated Appendix A dated September 11, 2019 to the Custody\nAgreement between the Registrant, UMB Bank, n.a., and The Nottingham Company is incorporated herein by reference to Post-Effective Amendment No. 350 filed on December 27, 2019.\n(g)(1)(iii)\nAmended and Restated Appendix B dated November 1, 2022 to the\nCustody Agreement between the Registrant, UMB Bank, n.a., and The Nottingham Company is incorporated herein by reference to Post-Effective Amendment No. 429 to the Registration Statement filed on December 29, 2022.\n(g)(1)(iv)\nRule 17f-5 Delegation Agreement dated October 21, 2019 between the\nRegistrant and UMB Bank, n.a., is incorporated herein by reference to Post-Effective Amendment No. 350 filed on December 27, 2019.\n(g)(1)(v)\nAmended and Restated Appendix dated November 1, 2022 to Rule 17f-5\nDelegation Agreement dated October 21, 2019 between the Registrant and UMB Bank, n.a., is incorporated herein by reference to Post-Effective Amendment No. 429 to the Registration Statement filed on December 29, 2022.\n(g)(2)(i)\nCustody Agreement dated December 17, 2020 between the\nRegistrant and Clear Street, LLC is incorporated herein by reference to Post-Effective Amendment No. 376 to the Registration Statement filed on January 28, 2021.\n(g)(2)(ii)\nAmended and Restated Exhibit B dated October 8, 2021 to the Custody\nAgreement dated December 17, 2020 between the Registrant and Clear Street, LLC is incorporated herein by reference to Post-Effective Amendment No. 428 to the Registration Statement filed on October 20, 2022.\n(g)(2)(iii)\nSide Letter dated March 30, 2022 to the Custody Agreement dated December\n17, 2020 between the Registrant and Clear Street, LLC is incorporated herein by reference to Post-Effective Amendment No. 423 to the Registration Statement filed on June 21, 2022.\n(h)(1)\nFund Accounting and Administration Agreement dated April 15, 2016, as\namended March 9, 2023, between the Registrant and The Nottingham Company, as administrator for the Registrant ( Fund Accounting and Administration Agreement ), is incorporated herein by reference to Post-Effective Amendment No. 432 to the\nRegistration Statement filed on April 28, 2023.\n(h)(2)(i)\nDividend Disbursing and Transfer Agent Agreement dated December 8, 2014\nbetween the Registrant and Nottingham Shareholder Services, LLC, as transfer agent for the Registrant, ( Dividend Disbursing and Transfer Agent Agreement ) is incorporated herein by reference to Post-Effective Amendment No. 190 to the\nRegistration Statement filed on December 11, 2014.\n(h)(2)(ii)\nAmended and Restated Schedule 1 dated December 5, 2024 to Dividend\nDistributing and Transfer Agent Agreement dated December 8, 2014 between the Registrant and Nottingham Shareholder Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 444 to the Registration Statement filed on\nJuly 29, 2025.\n(h)(3)(i)\nETF Dividend Disbursing an", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Adaptive_Alpha_Opportunities_ETF", "p": "administrator", "o": "org:The_Nottingham_Company", 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adaptive_Hedged_Multi_Asset_Income_ETF", "p": "custodian", "o": "org:Clear_Street_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adaptive_Hedged_Multi_Asset_Income_ETF", "p": "custodian", "o": "org:UMB_Bank_n_a", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adaptive_Hedged_Multi_Asset_Income_ETF", "p": "seriesOf", "o": "trust:Starboard_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adaptive_Hedged_Multi_Asset_Income_ETF", "p": "transferAgent", "o": "org:Nottingham_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Outlook_ETF", "p": "administrator", "o": "org:The_Nottingham_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Outlook_ETF", "p": "custodian", "o": "org:Clear_Street_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Outlook_ETF", "p": "seriesOf", "o": "trust:Starboard_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Outlook_ETF", "p": "transferAgent", "o": "org:Nottingham_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Rotation_ETF", "p": "administrator", "o": "org:The_Nottingham_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RH_Tactical_Rotation_ETF", "p": "custodian", "o": "org:Clear_Street_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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{"sample_id": "0001469192:ALL", "cik": "0001469192", "trust_name": "NEW YORK LIFE INVESTMENTS FUNDS TRUST", "input_text": "15 % 13.15 % 14.29 % Alerian Midstream Energy Select Index 2 6.58 % 24.26 % 12.70 % Cushing MLP Premier Tiered Index 3 6.59 % 24.26 % 7.97 % Alerian\nMLP Index 4 9.76 % 25.96 % 8.85 % 1. The\nRussell 3000 Index measures the performance of the largest\n3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. 2. The\nAlerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure\ncompanies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization-weighted\nindex, whose constituents earn the majority of their cash flow from midstream activities involving energy\ncommodities. 3. The returns for the tiered benchmark represent the returns\nof the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select\nIndex thereafter. 4. The\nAlerian\nMLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge\nof energy MLPs. After-tax returns are\ncalculated using the highest individual federal marginal income tax rates in effect at the time of each\ndistribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state\nand local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed\ntax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax\nreturns depend on your tax situation and may differ from those shown. After-tax returns are not relevant\nif you hold your shares through tax-\n9 NYLI\nCushing MLP Premier Fund\ndeferred arrangements, such as 401(k) plans or individual retirement accounts.\nAfter-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. Management New York Life Investment Management LLC\nserves as the Manager. Cushing Asset Management, LP serves as the Subadvisor.\nThe individuals listed below are jointly and primarily responsible for day-to-day portfolio management. Subadvisor Portfolio\nManager Service Date Cushing Asset Management,\nLP John M. Musgrave, President, Chief Executive\nOfficer, Chief Investment Officer and Portfolio Manager Since 2020 Todd Sunderland, Chief Risk Officer, Chief Operating Officer and\nPortfolio Manager Since 2024 How to Purchase and\nSell Shares You may purchase or sell shares of the Fund on any day the Fund is open for business\nby contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone\nat 800-624-6782 , by mail at New York Life Investments Funds, P.O. Box 219003,\nKansas City, MO 64121-9000, by overnight mail to 430 West 7 th Street, Suite\n219003, Kansas City, MO 64105-1407, or by accessing our website at nylim.com/accounts. Generally, an\ninitial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000\nfor Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with\nthe Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE\nDistributors LLC, the Fund s principal underwriter and distributor, or its affiliates. A subsequent\ninvestment minimum of $50 applies to investments in Investor Class and Class C shares. These initial\ninvestment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased\nthrough AutoInvest, New York Life Investment Management's systematic investment plan. Class A shares\nhave no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or\nsubsequent investment minimums. Certain financial intermediaries through\nwhom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing\nand selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information,\nand which will depend on the policies, procedures and trading platforms of the financial intermediary.\nConsult a representative of your financial intermediary about the availability of shares of the Fund\nand the intermediary's policies, procedures and other information. Tax Information The Fund's distributions are generally taxable to you as ordinary income, capital\ngains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such\nas a 401(k) plan or an individual retirement account. The Fund intends to qualify as a regulated investment\ncompany for federal income tax purposes annually. If the Fund did not so qualify, the Fund could incur\na tax liability and would not be eligible to pay capital gain distributions. Compensation to Financial\nIntermediary Firms If you purchase Fund shares through a financial\nintermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary\nfor the sale of Fund\n...\nResearch Equity Fund. \"New York Life\nInvestments Mixed Asset Funds\" collectively refers to the NYLI Balanced Fund, NYLI Income Builder Fund\nand NYLI MacKay Convertible Fund. New\nYork Life Investments Tax-Exempt Funds collectively refers to the NYLI MacKay Arizona Muni Fund, NYLI\nMacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI\nMacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay\nStrategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund. \"New\nYork Life Investments Taxable Bond Funds\" collectively refers to the NYLI Candriam Emerging Markets Debt\nFund, NYLI Floating Rate Fund, NYLI MacKay High Yield Corporate Bond Fund, NYLI MacKay Short Duration\nHigh Income Fund, NYLI MacKay Strategic Bond Fund, NYLI MacKay Total Return Bond Fund, NYLI MacKay U.S.\nInfrastructure Bond Fund, NYLI Money Market Fund and NYLI Short Term Bond Fund. \"New York Life\nInvestments U.S. Equity Funds\" collectively refers to the NYLI CBRE Real Estate Fund, NYLI Epoch U.S.\nEquity Yield Fund, NYLI Fiera SMID Growth Fund, NYLI S P 500 Index Fund, NYLI PineStone U.S. Equity\nFund, NYLI Winslow Large Cap Growth Fund, NYLI WMC Enduring Capital Fund, NYLI WMC Growth Fund, NYLI\nWMC Small Companies Fund and NYLI WMC Value Fund. The Board of Trustees of New York Life Investments Funds Trust\nand the Board of Trustees of New York Life Investments Funds are collectively referred to as the \"Board.\" The\nInvestment Company Act of 1940, as amended, is referred to as the \"1940 Act.\" New York Life Investment\nManagement LLC is referred to as the \"Manager\" or \"New York Life Investment Management.\" New\nYork Life Insurance Company is referred to as \"New York Life.\"\n30 Shareholder\nGuide\nNYLIM\nService Company LLC is referred to as the \"Transfer Agent\" or \"NYLIM Service Company.\" NYLIFE Distributors\nLLC, the New York Life Investments Group of Funds principal underwriter and distributor, is referred\nto as the \"Distributor\" or \"NYLIFE Distributors.\" The New York Stock Exchange is referred to as the \"Exchange.\" Net\nasset value is referred to as \"NAV.\" The\nSecurities and Exchange Commission is referred to as the \"SEC.\" Automated Clearing\nHouse, the electronic process by which shares may be purchased or redeemed, is referred to as ACH. BEFORE YOU INVEST DECIDING WHICH CLASS OF SHARES TO BUY The New York Life Investments Group of Funds offers Investor\nClass, Class A, A2, C, C2, I, P, R1, R2, R3, R6, Z and SIMPLE Class shares, as applicable. Each share\nclass may not currently be offered by each New York Life Investments Fund or through your financial intermediary\nand may be offered through a separate prospectus. Each share class of a New York Life Investments Fund\nrepresents an interest in the same portfolio of securities, has the same rights and is identical in all\nrespects to the other classes (unless otherwise disclosed in this Shareholder Guide or as set forth in\nthe New York Life Investments Group of Funds multiple class plan adopted pursuant to Rule 18f-3 under\nthe 1940 Act), except that, to the extent applicable, each class also bears its own service and distribution\nexpenses and may bear incremental transfer agency costs resulting from its investor base. In addition,\neach class has its own sales charge and expense structure, providing you with different choices for meeting\nthe needs of your situation. Depending upon the number of shares of a New York Life Investments Fund\nyou choose to purchase, how you wish to purchase shares of a New York Life Investm\n...\ngic Muni Allocation Fund NYLI MacKay Total Return Bond Fund NYLI\nMacKay Utah Muni Fund NYLI Short Term Bond Fund New York Life Investments U.S. Government Liquidity Fund Prospectus dated February\n28, 2026 Fiscal Year End October 31\n1\nNYLI\nU.S. Government Liquidity Fund* New York Life Investments Cushing Fund Prospectus\ndated March 27, 2026 Fiscal Year End November 30 NYLI\nCushing MLP Premier Fund * Shares of the NYLI U.S. Government Liquidity Fund are currently only available\nto other investment companies advised by New York Life Investments in private placement transactions\nthat do not involve any public offering within the meaning of Section 4(a)(2) of the Securities\nAct of 1933. The NYLI U.S. Government Liquidity Fund is not covered by this SAI. General The Boards of Trustees of the New York Life Investments Funds and New York Life\nInvestments Funds Trust may be referred to as the \"Trustees,\" and collectively referred to as the \"Board.\"\nEach Fund is authorized to offer shares in one or more of the following classes (although one or more\nclasses of a Fund may not currently be offered for sale): Class A, Class A2, Investor Class, Class C,\nClass C2, Class I, Class P, Class R1, Class R2, Class R3, Class R6, Class Z and SIMPLE Class shares.\nEach Fund may offer one or more of these share classes.\nTHE\nMANAGER AND SUBADVISORS New York Life Investment Management LLC (\"New\nYork Life Investment Management\" or the \"Manager\") serves as the investment adviser for the Funds and\nhas entered into subadvisory agreements with the following subadvisors to manage the day-to-day operations\nof certain Funds: Subadvisor Fund Name Candriam New York Life Investments Funds Trust NYLI\nCandriam Emerging Markets Equity Fund New York Life Investments Funds NYLI Candriam Emerging Markets Debt Fund CBRE Investment Management Listed Real Assets LLC ( CBRE ) New\nYork Life Investments Funds Trust NYLI CBRE Global Infrastructure Fund NYLI CBRE Real\nEstate Fund Cushing\nAsset Management, LP ( Cushing ) New York Life Investments Funds Trust NYLI\nCushing MLP Premier Fund Epoch\nInvestment Partners, Inc. (\"Epoch\") New York Life Investments Funds NYLI Income Builder\nFund (equity portion) New York Life Investments Funds Trust NYLI Epoch Capital\nGrowth Fund NYLI Epoch Global Equity Yield Fund NYLI Epoch International Choice Fund NYLI\nEpoch U.S. Equity Yield Fund Fiera\nCapital, Inc. ( Fiera Capital ) New York Life Investments Funds Trust NYLI\nFiera SMID Growth Fund MacKay Shields LLC (\"MacKay\nShields\") New York Life Investments Funds NYLI Income Builder Fund (fixed-income\nportion) NYLI MacKay Convertible Fund NYLI MacKay High Yield Corporate Bond Fund NYLI\nMacKay Strategic Bond Fund NYLI MacKay Tax Free Bond Fund NYLI MacKay U.S.\nInfrastructure Bond Fund New York Life Investments Funds Trust NYLI MacKay Arizona\nMuni Fund NYLI MacKay California Muni Fund NYLI MacKay Colorado Muni Fund NYLI\nMacKay High Yield Muni Bond Fund NYLI MacKay New York Muni Fund NYLI MacKay Oregon\nMuni Fund NYLI MacKay Short Duration High Income Fund NYLI MacKay Short\nTerm Muni Fund NYLI MacKay Strategic Muni Allocation Fund NYLI MacKay Total\nReturn Bond Fund NYLI MacKay Utah Muni Fund NYL Investors LLC ( NYL Investors ) New York Life Investments\nFunds NYLI\nMoney Market Fund New York Life Investments Funds Trust NYLI Balanced Fund\n(fixed-income portion) NYLI Floating Rate Fund NYLI Short Term\nBond Fund PineStone Asset Management Inc. ( PineStone ) New York Life Investments Funds Trust NYLI\nPineStone Global Equity Fund NYLI PineStone International Equity Fund NYLI\nPineStone U.S. Equity Fund\n2\nSubadvisor Fu", "ontology": {"Fund": {"advisedBy": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:NYLI_CBRE_Global_Infrastructure_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Global_Infrastructure_Fund", "p": "seriesOf", "o": "trust:NEW_YORK_LIFE_INVESTMENTS_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Global_Infrastructure_Fund", "p": "subAdvisedBy", "o": "org:CBRE_Investment_Management_Listed_Real_Assets_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Global_Infrastructure_Fund", "p": "transferAgent", "o": "org:NYLIM_Service_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Real_Estate_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Real_Estate_Fund", "p": "seriesOf", "o": "trust:NEW_YORK_LIFE_INVESTMENTS_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Real_Estate_Fund", "p": "subAdvisedBy", "o": "org:CBRE_Investment_Management_Listed_Real_Assets_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_CBRE_Real_Estate_Fund", "p": "transferAgent", "o": "org:NYLIM_Service_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Conservative_ETF_Allocation_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Conservative_ETF_Allocation_Fund", "p": "seriesOf", "o": "trust:NEW_YORK_LIFE_INVESTMENTS_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Conservative_ETF_Allocation_Fund", "p": "transferAgent", "o": "org:NYLIM_Service_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Equity_ETF_Allocation_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Equity_ETF_Allocation_Fund", "p": "seriesOf", "o": "trust:NEW_YORK_LIFE_INVESTMENTS_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Equity_ETF_Allocation_Fund", "p": "transferAgent", "o": "org:NYLIM_Service_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Growth_ETF_Allocation_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Growth_ETF_Allocation_Fund", "p": "seriesOf", "o": "trust:NEW_YORK_LIFE_INVESTMENTS_FUNDS_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Growth_ETF_Allocation_Fund", "p": "transferAgent", "o": "org:NYLIM_Service_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_Moderate_ETF_Allocation_Fund", "p": "advisedBy", "o": 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{"sample_id": "0001478482:ALL", "cik": "0001478482", "trust_name": "John Hancock Exchange-Traded Fund Trust", "input_text": "ets for certain of the fund s securities, shares may trade at a larger premium or discount to the NAV than shares of other ETFs. In addition, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund s underlying portfolio holdings. While the creation/redemption feature is designed to make it more likely that the fund's shares normally will trade on stock exchanges at prices close to the fund s next calculated NAV, exchange prices are not expected to correlate exactly with the fund s NAV due to timing reasons, supply and demand imbalances and other factors. Real estate investment trust (REIT) risk. REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by\nreal estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.\nTrading issues risk. Trading in shares on NYSE Arca, Inc. (NYSE Arca) may be halted in certain circumstances.\nThere can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the fund will continue to be met.\nValue investment style risk. Value securities may underperform the market as a whole, which may cause value-oriented\nfunds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.\nPast performance\nThis section normally shows how the fund s total returns have varied from year to year, along with a broad-based securities market index for\nreference. Because the fund had not commenced operations as of the date of this prospectus, there is no past performance to report.\n3\nFund summary\nInvestment management\nInvestment advisor John Hancock Investment Management LLC\nSubadvisor Manulife Investment Management (US) LLC\nPortfolio management\nThe following individuals are jointly and primarily responsible for the day-to-day management of the fund s portfolio.\nLeigh Pressman, CFA\nMichael J. Scanlon, Jr., CFA\nPortfolio Manager Managed the fund since inception\nPortfolio Manager Managed the fund since inception\nPurchase and sale of fund shares\nThe fund will issue and redeem shares at NAV only with authorized participants and only in a large specified number of shares, each called a\ncreation unit, or multiples thereof, in exchange for the deposit or delivery of a basket of securities and/or cash. Except when aggregated in creation units,\nthe shares are not redeemable securities of the fund. Individual shares of the fund may be purchased and sold only in secondary market transactions through brokers or financial intermediaries. Shares of the fund are listed and traded on the NYSE Arca. Because shares trade at market prices rather than NAV, shares of the fund may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares of the fund (ask) when buying or selling shares in the secondary market (bid-ask spread).\nRecent information, including information about the fund s NAV, market price,\npremiums and discounts, and bid-ask spreads, is included on the fund s website at jhinvestments.com/etf.\nTaxes\nThe fund s distributions are taxable, and will be taxed as ordinary income and/or capital gains, unless you are investing through a tax-deferred\narrangement, such as a 401(k) plan or individual retirement account. Withdrawals from such tax-defer\n...\nhigher advisory fee rate if any advisory fee\nbreakpoints are not achieved; (ii) a significant decrease in average net assets may result in an increase in the expense ratio because certain fund expenses do\nnot decrease as asset levels decrease; or (iii) fees may be incurred for extraordinary events such as\nfund tax expenses. Subadvisor The subadvisor handles the fund s portfolio management activities, subject to oversight by the\nadvisor. Manulife Investment Management (US)\nLLC 197 Clarendon Street Boston, MA 02116\nManulife Investment Management (US) LLC (Manulife IM (US)) provides investment advisory services to individual and institutional investors. Manulife IM (US) is a wholly owned\nsubsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial\nCorporation) and, as of March 31, 2026, had total assets under management of approximately $[TBU]\nbillion. The following are brief biographical profiles of the\nleaders of the fund s investment management team, in alphabetical order. These managers are\njointly and primarily responsible for the day-to-day management of the fund s portfolio. These managers are employed by Manulife IM (US). For more details about these individuals, including information about their compensation, other accounts they\nmanage, and any investments they may have in the fund, see the SAI.\nLeigh Pressman, CFA\nPortfolio Manager\nManaged the fund since inception\nJoined the subadvisor in 2023\nBegan business career in 2012\nMichael J.\nScanlon, Jr., CFA\nPortfolio Manager\nManaged the fund since inception\nJoined the subadvisor in 2004\nBegan business career in 2000\nCustodian The custodian holds the fund s assets, settles all portfolio trades, and collects most of the valuation\ndata required for calculating the fund s net asset value.\nState Street Bank and Trust Company One\nCongress Street, Suite 1 Boston, MA 02114\nPrincipal distributor\nThe principal distributor distributes creation units for the fund on an\nagency basis, does not maintain a secondary market in shares of the fund, and has no role in\ndetermining the investment policies of the fund or the securities that are purchased or sold by the fund. The distributor is not affiliated with the advisor, the subadvisor or any other service provider for the fund.\n12\nFund details\nForeside Fund Services, LLC, a wholly owned subsidiary of\nForeside Financial Group, LLC (dba ACA Group)\n190 Middle Street, Suite 301 Portland, ME 04101\nTransfer agent\nThe transfer agent handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of creation and redemption\norders. State Street Bank and Trust Company\nOne Congress Street, Suite 1 Boston, MA 02114\nAdditional information\nThe fund has entered into contractual arrangements with various parties that provide services to the fund, which may include, among others, the advisor, subadvisor, custodian,\nprincipal distributor, and transfer agent, as described above and in the SAI. Fund shareholders are not parties to, or intended or third-party beneficiaries of, any of these contractual arrangements. These\ncontractual arrangements are not intended to, nor do they, create in any individual shareholder or group of shareholders any right, either directly or on behalf of the fund, to either: (a) enforce such contracts against the service\nproviders; or (b) seek any remedy under such contracts against the service providers.\nThis prospectus provides information concerning the fund that you should\nconsider in determining whether to purchase shares of the fund. Each of this prospectus, the SAI, or any contract that is an exhibit to the fund s registration statement, is not intended to, nor does it, give rise to an agreement or contract\nbetween the fund and any investor. Each such document also does not give rise to any contract or create rights in any individual shareholder, group of shareholders, or other person. The foregoing disclosure should not be read to\nsuggest any waiver of any rights conferred by federal or state securities laws.\n13\nFund\ndetails Financial highlights\nT\n...\nstment Company\nRPS\nJohn Hancock Retirement Plan Services\nSARSEP\nSalary Reduction Simplified Employee Pension Plan\nSEC\nSecurities and Exchange Commission\nSEP\nSimplified Employee Pension\nSIMPLE\nSavings Incentive Match Plan for Employees\nS P\nS P Global Ratings\nSLMA\nStudent Loan Marketing Association\nSOFR\nSecured Overnight Financing Rate\nSPACs\nSpecial Purpose Acquisition Companies\nState Street\nState Street Bank and Trust Company\nsubadvisor\nAny subadvisors employed by John Hancock within this SAI as noted in Appendix B and as the context may\nrequire\nTAC\nTarget Amortization Class\nTIGRs\nTreasury Receipts, Treasury Investors Growth Receipts\nTrust\nJohn Hancock Bond Trust John Hancock California Tax-Free Income Fund John Hancock Capital Series John Hancock Current Interest John Hancock Exchange-Traded Fund Trust John Hancock Funds II John Hancock Funds III John Hancock Investment Trust John Hancock Investment Trust II John Hancock Municipal Securities Trust John Hancock Sovereign Bond Fund John Hancock Strategic Series John Hancock Variable Insurance Trust\nTSA\nTax-Sheltered Annuity\nunaffiliated underlying funds\nunderlying funds that are advised by an entity other than John Hancock s investment advisor or its affiliates\nunderlying funds\nfunds in which the funds of funds invest\nUK\nUnited Kingdom\n3\n4\nOrganization of the TRUST\nThe Trust is organized as a Massachusetts business trust under the laws of The Commonwealth of Massachusetts and is an open-end management investment company registered under the 1940 Act. The fund is a non-diversified series of the Trust, as that term is used in the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. The following table sets forth the date the Trust was organized:\nTrust\nDate of Organization\nJohn Hancock Exchange-Traded Fund Trust\nNovember 24, 2009 The Advisor is a Delaware limited liability company whose principal offices are located at 200 Berkeley Street, Boston, Massachusetts 02116. The Advisor is registered as an investment advisor under the Advisers Act. The Advisor is an indirect principally owned subsidiary of JHLICO U.S.A. JHLICO U.S.A. and its subsidiaries today offer a broad range of financial products, including life insurance, annuities, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found on the Internet at johnhancock.com. The ultimate controlling parent of the Advisor is MFC, a publicly traded company based in Toronto, Canada. MFC is the holding company of The Manufacturers Life Insurance Company and its subsidiaries, collectively known as Manulife Financial.\nThe Advisor has retained for the fund a subadvisor that is responsible for providing investment advice to the fund subject to the review of the Board\nand the overall supervision of the Advisor. Manulife Financial is a leading international financial services group with principal operations in Asia, Canada, and the United States. Operating primarily as John Hancock in the United States and Manulife elsewhere, it provides financial protection products and advice, insurance, as well as wealth and asset management services through its extensive network of solutions for individuals, groups, and institutions. Its global headquarters are in Toronto, Canada, and it trades as MFC on the Toronto Stock Exchange, NYSE, and the Philippine Stock Exchange, and under '945' in Hong Kong. Manulife Financial can be found on the Internet at manulife.com. The following table sets forth the fund's inception date\n...\nengage a third-party service provider to assist in their proxy voting processes. Manulife\nInvestment Management (Taiwan) Co., Ltd. uses the third-party proxy voting service provider to execute votes for non-Taiwanese entities only.\nGLBL-86315 03/25 AODA\nPart C Other Information\nItem 28. Exhibits\n(a)(1)\nAmended and Restated Agreement and Declaration of Trust dated January 22,\n2016 previously filed as exhibit (a)(3) to\npost-effective amendment no. 7 filed on March 24, 2016, accession number 0001133228-16-008431 .\n(a)(2)\nAmendment dated December 13, 2018 to the Amended and Restated Agreement and\nDeclaration of Trust dated January 22, 2016\npreviously filed as exhibit (a)(2) to post-effective amendment no. 24 filed on February 26, 2019,\naccession number 0001133228-19-000570 .\n(b)(1)\nBy-Laws of the Trust dated November 24, 2009 as amended June 25, 2015\npreviously filed as exhibit (b)(1) to\npre-effective amendment no. 2 filed on July 13, 2015, accession number 0001133228-15-003578 .\n(b)(2)\nAmendment dated March 10, 2016 to the By-Laws\npreviously filed as exhibit (b)(1)(A) to post-effective amendment no. 6\nfiled on March 10, 2016, accession number 0001133228-16-008046 .\n(c)\nSee Exhibits (a) and (b).\n(d)\nAdvisory Agreement and Subadvisory Agreements.\n(d)(1)\nAmended and Restated Advisory Agreement dated June 30, 2020 between the\nRegistrant and John Hancock Investment Management LLC -\npreviously filed as exhibit (d)(1) to post-effective amendment no. 28 filed on August 24, 2020,\naccession number 0001133228-20-005328.\n(d)(1)(A)\nAmendment dated March 26, 2026 to Appendix\nA to the Amended and Restated Advisory Agreement between the Registrant and John Hancock Investment Management LLC FILED HEREWITH .\n(d)(2)\nSubadvisory Agreement between John Hancock Investment Management LLC 1 and Dimensional Fund Advisors LP\ndated September 23, 2015\npreviously filed as exhibit (d)(2) to post-effective amendment no. 6 filed on March 10, 2016,\naccession number 0001133228-16-008046 .\n(d)(2)(A)\nAmendment dated May 11, 2020 to Appendix A to the Subadvisory Agreement\nbetween John Hancock Investment Management LLC 1 and Dimensional Fund Advisors LP\npreviously filed as exhibit (d)(2)(A) to post-effective\namendment no. 28 filed on August 24, 2020, accession number 0001133228-20-005328.\n(d)(3)\nSubadvisory Agreement between John Hancock Investment Management LLC 1 and Manulife Investment Management (US)\nLLC dated March 25, 2021 -\npreviously filed as exhibit (d)(3) to post-effective amendment no. 31 filed on March 26, 2021,\naccession number 0001133228-21-001611 .\n(d)(3)(A)\nAmendment dated March 26, 2026 to Appendix\nA to the Subadvisory Agreement between John Hancock Investment Management LLC1 and Manulife Investment Management (US) LLC FILED HEREWITH .\n(d)(4)\nSubadvisory Agreement between John Hancock Investment Management LLC 1 and Boston Partners Global Investors,\nInc. dated December 14, 2023 -\npreviously filed as exhibit (d)(4) to post-effective amendment no. 61 filed on December 15,\n2023, accession number 0001193125-23-295587.\n(d)(4)(A)\nAmendment dated June 26, 2025 to Appendix A to the Subadvisory Agreement\nbetween John Hancock Investment Management LLC 1 and Boston Partners Global Investors,\nInc. - previously filed as exhibit (d)(4)(A) to post-effective\namendment no. 73 filed on August 1, 2025, accession number 0001193125-25-170643.\n(d)(5)\nSubadvisory Agreement between John Hancock Investment Management LLC 1 and Marathon Asset Management, L.P.\ndated March 28, 2024 -\npreviously filed as exhibit (d)(5) to post-effective amendment no. 63 filed on April 17, 2024,\naccession number 0001193125-24-097958 .\n(d)(6)\nSubadvisory Agreement between John Hancock Investment Management LLC 1 and CQS (US), LLC dated July 18, 2025\npreviously filed as exhibit (d)(6) to post-effective amendment no. 74 filed on August 5, 2025, accession number\n0001193125-25-172729.\n(e)\nUnderwriting Contracts.\n(e)(1)\nETF Distribution Agreement dated September 30, 2021 between the Registrant and Foreside Fund Services, LLC\npreviously filed as exhibit (e)(1) to post-effective amendment no. 46 filed on December 10, 2021, accession number\n0001133228-21-005966.\nC-1\n(e)(1)(A)\nAmended and Restated ETF Distribution Agreement dated December 11, 2020\nbetween the Registrant and Foreside Fund Services, LLC\npreviously filed as exhibit (e)(1) to post-effective\namendment no.30 filed on January 08, 2021, accession\nnumber 0001133228-21-000047 .\n(e)(1)(B)\nAmendment dated March 27, 2026 to Exhibit\nA to the Amended and Restated ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC FILED HEREWITH .\n(e)(2)\nForm of Authorized Participant Agreement\npreviously filed as exhibit (e)(1) to pre-effective amendment no. 3 filed on\nSeptember 15, 2015, accession number\n0001133228-15-004716 .\n(f)\nNot applicable.\n(g)\nCustodian Agreement.\n(g)(1)\nMaster Custodian Agreement dated September 10, 2008 among John Hancock Mutual\nFunds and State Street Bank and Trust Company\npreviously filed as exhibit (g) to pre-effective amendment no. 2 filed on July 13, 2015, accession number\n0001133228-15-003578 .\n(g)(1)(A)\nAddendum to Master Custodian Agreement\npreviously filed as exhibit (g)(1)(A) to post-effective amendment no. 6 filed on\nMar", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:John_Hancock_Core_Bond_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Core_Bond_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Core_Bond_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Core_Bond_ETF", "p": "subAdvisedBy", "o": 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"fund:John_Hancock_Corporate_Bond_ETF", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Corporate_Bond_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Disciplined_Value_International_Select_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Disciplined_Value_International_Select_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Disciplined_Value_International_Select_ETF", "p": "seriesOf", "o": 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"org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Mortgage_Backed_Secrities_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Mortgage_Backed_Secrities_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Mortgage_Backed_Secrities_ETF", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Mortgage_Backed_Secrities_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Developed_International_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Developed_International_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Developed_International_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Developed_International_ETF", "p": "subAdvisedBy", "o": "org:Dimensional_Fund_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Developed_International_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Emerging_Markets_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Emerging_Markets_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Emerging_Markets_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Emerging_Markets_ETF", "p": "subAdvisedBy", "o": "org:Dimensional_Fund_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Emerging_Markets_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Large_Cap_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Large_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Large_Cap_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Large_Cap_ETF", "p": "subAdvisedBy", "o": "org:Dimensional_Fund_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Large_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Mid_Cap_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Mid_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Mid_Cap_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Mid_Cap_ETF", "p": "subAdvisedBy", "o": "org:Dimensional_Fund_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Mid_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Small_Cap_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Small_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Small_Cap_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Small_Cap_ETF", "p": "subAdvisedBy", "o": "org:Dimensional_Fund_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Multifactor_Small_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Preferred_Income_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Preferred_Income_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Preferred_Income_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Preferred_Income_ETF", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Preferred_Income_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_U_S_High_Dividend_ETF", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_U_S_High_Dividend_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_U_S_High_Dividend_ETF", "p": "seriesOf", "o": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_U_S_High_Dividend_ETF", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_U_S_High_Dividend_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:John_Hancock_Exchange_Traded_Fund_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> John Hancock Core Bond ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Core Plus Bond ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Corporate Bond ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Disciplined Value International Select ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Boston Partners Global Investors, Inc <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Dynamic Municipal Bond ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Fundamental All Cap Core ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock High Yield ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Marathon Asset Management LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock International High Dividend ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Mortgage-Backed Secrities ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Multifactor Developed International ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Dimensional Fund Advisors LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Multifactor Emerging Markets ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Dimensional Fund Advisors LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Multifactor Large Cap ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Dimensional Fund Advisors LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Multifactor Mid Cap ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Dimensional Fund Advisors LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Multifactor Small Cap ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Dimensional Fund Advisors LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Preferred Income ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock U.S. High Dividend ETF <predicate_marker> advisedBy <object_marker> John Hancock Investment Management LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> John Hancock Exchange-Traded Fund Trust <predicate_marker> subAdvisedBy <object_marker> Manulife Investment Management (US) LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> John Hancock Exchange-Traded Fund Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "John Hancock Core Bond ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Core Plus Bond ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Corporate Bond ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Disciplined Value International Select ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Boston Partners Global Investors, Inc ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Dynamic Municipal Bond ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Fundamental All Cap Core ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock High Yield ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Marathon Asset Management LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock International High Dividend ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Mortgage-Backed Secrities ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Multifactor Developed International ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Dimensional Fund Advisors LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Multifactor Emerging Markets ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Dimensional Fund Advisors LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Multifactor Large Cap ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Dimensional Fund Advisors LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Multifactor Mid Cap ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Dimensional Fund Advisors LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Multifactor Small Cap ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Dimensional Fund Advisors LP ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Preferred Income ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock U.S. High Dividend ETF advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf John Hancock Exchange-Traded Fund Trust ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent State Street Bank and Trust Company .\nJohn Hancock Exchange-Traded Fund Trust underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 16609, "n_triples": 81, "text_to_json_ratio": 2.1}}
{"sample_id": "0001479360:ALL", "cik": "0001479360", "trust_name": "PIMCO Equity Series", "input_text": "ed Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)\nNone\nNone\nNone\n1.00 %\n1.00 % Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nInst Class\nI-2\nI-3\nClass A\nClass C\nManagement Fees\n0.69 %\n0.79 %\n0.89 %\n0.79 %\n0.79 %\nDistribution and/or Service (12b-1) Fees\nN/A\nN/A\nN/A\n0.25 %\n1.00 %\nOther Expenses (1)\n0.24 %\n0.24 %\n0.24 %\n0.24 %\n0.24 %\nTotal Annual Fund Operating Expenses\n0.93 %\n1.03 %\n1.13 %\n1.28 %\n2.03 %\nFee Waiver and/or Expense Reimbursement (2)(3)\n( 0.01 %)\n( 0.01 %)\n( 0.06 %)\n( 0.01 %)\n( 0.01 %)\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\n0.92 %\n1.02 %\n1.07 %\n1.27 %\n2.02 % 1 Other Expenses include interest expense of 0.23% and expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ( PIMCO ). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.69%, 0.79%, 0.84%, 1.04% and 1.79% for Institutional Class, I-2, I-3, Class A and Class C shares respectively. 2 PIMCO has contractually agreed, through October 31, 2026 , to waive a portion of the Fund s supervisory and administrative fees, or reimburse the Fund, to the extent that the Fund s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the Expense Limit ) (calculated as a percentage of average daily net assets attributable to each class). This Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to PIMCO Equity Series at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the Reimbursement Amount ) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: 1) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. 3 PIMCO has contractually agreed, through October 31, 2026, to reduce its supervisory and administrative fee for the Fund s I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days prior notice to the end of the contract term. Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Class A or Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then hold or redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be hig\n...\nng-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $ 50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the Classes of Shares section on page 50 of the Fund s prospectus, Appendix B to the Fund s prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial professional. Shareholder Fees (fees paid directly from your investment):\nInst Class\nI-2\nClass A\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\nNone\nNone\n3.75 %\nMaximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)\nNone\nNone\n1.00 % Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nInst Class\nI-2\nClass A\nManagement Fees\n0.75 %\n0.85 %\n0.85 %\nDistribution and/or Service (12b-1) Fees\nN/A\nN/A\n0.25 %\nOther Expenses (1)\n0.01 %\n0.01 %\n0.01 %\nTotal Annual Fund Operating Expenses\n0.76 %\n0.86 %\n1.11 %\nFee Waiver and/or Expense Reimbursement (2)\n( 0.01 %)\n( 0.01 %)\n( 0.01 %)\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\n0.75 %\n0.85 %\n1.10 % 1 Other Expenses include expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ( PIMCO ). 2 PIMCO has contractually agreed, through October 31, 2026 , to waive a portion of the Fund s supervisory and administrative fees, or reimburse the Fund, to the extent that the Fund s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the Expense Limit ) (calculated as a percentage of average daily net assets attributable to each class). This Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to PIMCO Equity Series at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the Reimbursement Amount ) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: 1) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2 or Class A shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then hold or redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you redeem your shares at the end of each period:\n1 Year\n3 Years\n5 Years\n10 Years\nInstitutional Class\n$ 77\n$ 242\n$ 421\n$ 941\nI-2\n$ 87\n$ 273\n$ 476\n$ 1,060\nClass A\n$ 483\n$ 714\n$ 963\n$ 1,675 If you do not redeem your shares:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A\n$ 483\n$ 714\n$ 963\n$ 1,675 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example tables, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 48 % of the average value of its portfolio. Principal Investment Strategies The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries ( RAE Emerging Markets Portfolio ) through investment in the securities that comprise the RAE Emerging Markets Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ( Sub-Adviser ), from a broad universe of companies which satisfy certain liquidity and capacity requirements. The Sub-Adviser uses the RAE methodology for portfolio construction. The RAE methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, e.g., value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, e.g. , sales, cash flow, dividends and book value. Actual stock positions in the RAE Emerging Markets Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE methodology's systematic portfolio rebalancing reflects a PIMCO Equity Series | Prospectus 7\nPIMCO RAE Emerging Markets Fund value orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE methodology. The RAE methodology is not updated according to any predetermined schedule. The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Emerging Markets Portfolio by, among other things, providing PIMCO with the constituents and target weights in the RAE Emerging Markets Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE Emerging Markets Portfolio even when the value of the RAE Emerging Markets Portfolio is declining. The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. Equity-related securities include securities having an equity component ( e.g., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of\n...\noverseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Investment Adviser, the Distributor (as defined below), the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this prospectus nor summary prospectus, the Trust s SAI, any contracts filed as exhibits to the Trust s registration statement, nor any other communications, disclosure documents or regulatory filings from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend this, or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust s then-current prospectus or SAI. Distributor The Trust s Distributor is PIMCO Investments LLC (the Distributor ). The Distributor, located at 1633 Broadway, New York, NY 10019, is a broker-dealer registered with the SEC. Please note all direct account requests or inquiries should be mailed to the Trust s transfer agent at P.O. Box 219294, Kansas City, MO 64121-9294 and should not be mailed to the Distributor. October 31, 2025 | Prospectus 49\nPIMCO Equity Series Classes of Shares Class A, Class C, Institutional Class, I-2, and I-3 shares of the Funds are offered in this prospectus. Each share class represents an investment in the same Fund, but each class has its own expense structure and arrangements for shareholder services or distribution, which allows you to choose the class that best fits your situation and eligibility requirements. The class of shares that is best for you depends upon a number of factors, including the amount and the intended length of your investment, the expenses borne by each class, which are detailed in the fee table and example at the front of this prospectus, any initial sales charge or contingent deferred sales charge ( CDSC ) applicable to a class and whether you qualify for any reduction or waiver of sales charges, and the availability of the share class for purchase by you. Certain classes have higher expenses than other classes, which may lower the return on your investment when compared to a less expensive class. Individual investors can generally invest in Class A and Class C shares. Class C shares of each Fund will automatically convert into Class A shares of the same Fund after they have been held for eight years. In addition, any Class C shares held in Orphaned Accounts (as defined below) will automatically convert into Class A shares of the same Fund. Certain shareholder accounts are maintained with th\n...\nath or disability of the shareholder.\nShares sold as part of a systematic withdrawal plan as described in a fund s prospectus.\nShares purchased in connection with a return of excess contributions from an IRA account.\nShares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.\nShares acquired through a right of reinstatement.\nFront-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation and letters of intent\nBreakpoints as described in this prospectus.\nRights of Accumulation ( ROA ) which entitle shareholders to breakpoint discounts as described in this prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.\nLetters of Intent ( LOI ) which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the LOI calculation only if the shareholder notifies their financial advisor about such assets. October 31, 2025 | Prospectus B-9\nINVESTMENT ADVISER AND ADMINISTRATOR PIMCO, 650 Newport Center Drive, Newport Beach, CA 92660 SUB-ADVISER Research Affiliates, LLC, 660 Newport Center Drive, Suite 300, Newport Beach, CA 92660 DISTRIBUTOR PIMCO Investments LLC, 1633 Broadway, New York, NY 10019 CUSTODIAN State Street Bank Trust Co., 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108 TRANSFER AGENT SS C Global Investor and Distribution Solutions, Inc. Institutional Class, I-2 and I-3 80 Lamberton Road, Windsor, CT 06095 Class A or Class C 80 Lamberton Road, Windsor, CT 06095 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP, 1100 Walnut Street, Suite 1300, Kansas City, MO 64106 LEGAL COUNSEL Dechert LLP, 1900 K Street N.W., Washington, D.C. 20006 For further information about the PIMCO Equity Series, call 1.888.87.PIMCO or visit our website at www.pimco.com. Sign-up for e-delivery pimco.com/edeliverypimco.com\nPIMCO Equity Series 650 Newport Center Drive Newport Beach, CA 92660 The Trust s SAI, Form N-CSR and annual and semi-annual reports to shareholders include additional information about the Funds. The SAI is incorporated by reference into this prospectus, which means it is part of this prospectus for legal purposes. The SAI contains detailed information about the Funds' purchase, redemption and exchange options and procedures and other information about the Funds. The Funds' annual report discusses the market conditions and investment strategies that significantly affected each Fund s performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements. You may get free copies of any of these materials or request other information about a Fund by calling the Trust at 1.888.87.PIMCO (1.888.877.4626) or by writing to: PIMCO Equity Series 650 Newport Center Drive Newport Beach, CA 92660 Daily updates on the NAV of a Fund may be obtained by calling 1.888.87.PIMCO. Paper copies of the Funds shareholder reports are required to be provided free of charge by a Fund or financial intermediary upon request. You may access reports and other information about the Trust on the EDGAR Database on t", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:PIMCO_Dividend_and_Income_Fund", "p": "administrator", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:PIMCO_Dividend_and_Income_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Dividend_and_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_REALPATH_Blend_Income_Fund", "p": "transferAgent", "o": "org:SS_C_Global_Investor_Distribution_Solutions_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_Equity_Series", "p": "underwrittenBy", "o": "org:PIMCO_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Dividend and Income Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAE Emerging Markets Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> subAdvisedBy <object_marker> Research Affiliates, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAE Global ex-US Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> subAdvisedBy <object_marker> Research Affiliates, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAE International Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> subAdvisedBy <object_marker> Research Affiliates, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAE US Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> subAdvisedBy <object_marker> Research Affiliates, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAE US Small Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> subAdvisedBy <object_marker> Research Affiliates, LLC <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <triple_end>\n<triple_start> PIMCO RAFI Dynamic Multi-Factor International Equity ETF <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <triple_end>\n<triple_start> PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <triple_end>\n<triple_start> PIMCO RAFI ESG U.S. ETF <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <triple_end>\n<triple_start> PIMCO REALPATH Blend 2030 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2035 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2040 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2045 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2050 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2055 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2060 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2065 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend 2070 Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO REALPATH Blend Income Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> PIMCO Equity Series <predicate_marker> transferAgent <object_marker> SS&C Global Investor & Distribution Solutions, Inc. <triple_end>\n<triple_start> PIMCO Equity Series <predicate_marker> underwrittenBy <object_marker> PIMCO Investments LLC <triple_end>", "target_serialized_plain": "PIMCO Dividend and Income Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAE Emerging Markets Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; subAdvisedBy Research Affiliates, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAE Global ex-US Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; subAdvisedBy Research Affiliates, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAE International Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; subAdvisedBy Research Affiliates, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAE US Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; subAdvisedBy Research Affiliates, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAE US Small Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; subAdvisedBy Research Affiliates, LLC ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series .\nPIMCO RAFI Dynamic Multi-Factor International Equity ETF administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series .\nPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series .\nPIMCO RAFI ESG U.S. ETF administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series .\nPIMCO REALPATH Blend 2030 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2035 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2040 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2045 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2050 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2055 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2060 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2065 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend 2070 Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO REALPATH Blend Income Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company ; seriesOf PIMCO Equity Series ; transferAgent SS&C Global Investor & Distribution Solutions, Inc. .\nPIMCO Equity Series underwrittenBy PIMCO Investments LLC .", "stats": {"input_chars": 18169, "n_triples": 102, "text_to_json_ratio": 1.9}}
{"sample_id": "0001479599:ALL", "cik": "0001479599", "trust_name": "AGF Investments Trust", "input_text": "ntents\nPAGE\nFund Summary\n1\nAGF U.S. Market Neutral Anti-Beta Fund\n1\nMore Information About the Fund\n7\nMore Information About Dividend, Interest and Brokerage Expenses on Short Positions\n7\nMore Information About the Fund s Investment Objectives\n7\nMore Information About the Fund s Principal Investment Strategies\n7\nMore Information About the Fund s Principal Investment Risks\n8\nInvestment Advisory Services\n14\nInvestment Adviser\n14\nPricing Fund Shares\n15\nShareholder Information\n16\nCertain Legal Risks\n16\nInvestments by Registered Investment Companies\n17\nFrequent Trading\n17\nBook Entry\n17\nPortfolio Holdings Information\n18\nDistribution and Service Plan\n18\nDividends and Other Distributions\n18\nTaxes\n18\nTrademark Notice/Disclaimers\n21\nService Providers\n22\nAdditional Information\n22\nHouseholding Policy\n22\nFinancial Highlights\n23\n1\nFund Summary\nAGF U.S. Market Neutral Anti-Beta Fund\nInvestment Objective\nThe Fund seeks to provide a consistent negative beta exposure to the U.S. equity market.\nFees and Expenses\nThis\ntable describes the fees and expenses you may pay if you buy, hold, and sell shares in the Fund. You may also pay transaction costs,\nsuch as brokerage commissions and other fees to financial intermediaries, on the purchase and sale of Fund shares, which are not reflected\nin the table and examples below.\nAnnual Fund Operating Expenses (expenses you pay each year as a % of the value of your investment)\nManagement Fees\n0.45 %\nDistribution and/or Service (12b-1) Fees\n0.00 %\nOther Expenses\n1.20 %\nDividend, Interest and Brokerage Expenses on Short Positions\n0.95 %\nTotal Annual Fund Operating Expenses\n1.65 %\nFee Waiver and Expense Reimbursement (1)\n( 0.25 )%\nTotal Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (1)\n1.40 %\n(1) The Fund s investment\nadviser, AGF Investments LLC ( Adviser ), has contractually agreed to waive the fees and reimburse expenses of the Fund so\nthat the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in\naccordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund\nfees and expenses, and extraordinary expenses) ( Operating Expenses ) of the Fund are limited to 0.45% of average net assets.\nIn addition, the Adviser has contractually agreed to reduce its management fees to the extent of any acquired fund fees and expenses\nincurred by the Fund that are attributable to the management fee paid to the Adviser (or an affiliated person of the Adviser) by an underlying\nfund in which the Fund invests. This undertaking can only be changed with the approval of the Board. The Fund has agreed that it will\nrepay the Adviser for fees and expenses forgone or reimbursed during the last 36 months, provided that repayment does not cause the Operating\nExpenses to exceed the lower of 0.45% of the Fund s average net assets and the expense cap in place at the time of the Adviser s\nwaiver or reimbursement. This agreement will remain in effect until November 1, 2028 , and shall renew automatically for one-year terms\nunless the Adviser provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees\nof the Fund.\nExample\nThe following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your i\n...\nSIONS, OR DELAYS THEREIN. S P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY AGF MANAGEMENT LIMITED, OWNERS OF THE AGF U.S. MARKET NEUTRAL ANTI-BETA FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES U.S. THEMATIC MARKET NEUTRAL LOW BETA INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S P DOW JONES INDICES AND AGF MANAGEMENT LIMITED, OTHER THAN THE LICENSORS OF S P DOW JONES INDICES.\nShares of the Fund are not sponsored, endorsed or promoted by NYSE Arca, Inc. NYSE Arca is not responsible for, nor has it participated, in the determination of the timing of, prices of, or quantities of shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. NYSE Arca has no obligation or liability to owners of the shares of the Fund in connection with the administration, marketing or trading of the shares of the Fund. Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.\n22\nAGF Funds\nService Providers\nDistributor\nForeside Fund Services, LLC (the Distributor ) is the principal underwriter and distributor of Fund shares. The Distributor will not distribute shares in less than whole Creation Units, and it does not maintain a secondary market in the shares. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc. The Distributor is not affiliated with the Adviser, J.P. Morgan Chase Bank, N.A., Dow Jones or their affiliates.\nAdministrator, Transfer Agent and Custodian\nJ.P. Morgan Chase Bank, N.A. serves as the Administrator and Transfer Agent of the Fund and also serves as Custodian of the Fund s investments.\nCompliance Support\nForeside Fund Officer Services, LLC ( FFOS ), an affiliate of the Distributor, provides a Chief Compliance Officer as well as certain additional compliance support functions to the Fund. FFOS is not affiliated with the Adviser, J.P. Morgan Chase Bank, N.A. or their affiliates.\nForeside Management Services, LLC ( FMS ), an affiliate of the Distributor, provides a Principal Financial Officer ( PFO ) to the Fund. FMS is not affiliated with the Adviser, Sponsor, J.P. Morgan Chase Bank, N.A. or their affiliates.\nAdditiona l Information\nThe Trust enters into contractual arrangements with various parties, including, among others, the Fund s investment adviser, custodian, principal underwriter and transfer agent who provide services to the Fund. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them against the service providers or to seek any remedy under them against the service providers, eithe\n...\nnd s shareholders, no conflict exists between the interests of the Fund s shareholders and those\nof the Adviser or Distributor and such disclosure serves a legitimate business purpose. The length of lag, if any, between the\ndate of the information and the date on which the information is disclosed shall be determined by the officer authorizing the disclosure.\nINFORMATION ABOUT OTHER SERVICE\nPROVIDERS\nAdministrator, Fund Accounting Agent,\nTransfer Agent and Custodian\nJ.P. Morgan Chase Bank, N.A., ( Administrator ),\n70 Fargo Street, Boston, Massachusetts 02210, acts as administrator, fund accounting agent and transfer agent to the Fund pursuant\nto an administration agreement and a transfer agency agreement (collectively, the service agreements ).\nPursuant to the service agreements, the\nAdministrator provides the Fund with all required general administrative services, including, without limitation, office space,\nequipment, and personnel; clerical and general back office services; bookkeeping, internal accounting, and secretarial services;\nthe determination of NAVs; and the preparation and filing of all reports, registration statements, proxy statements, and all other\nmaterials required to be filed or furnished by the Fund under federal and state securities laws. The Administrator pays all fees\nand expenses that are directly related to the services provided by the Administrator to the Fund; the Fund reimburses the Administrator\nfor all fees and expenses incurred by the Administrator which are not directly related to the services the Administrator provides\nto the Fund under the service agreements. The Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred\nby the Administrator in the performance of its duties pursuant to the service agreements.\nJPMorgan Chase Bank, N.A., ( Custodian ),\n4 Chase MetroTech Center, Brooklyn, New York 11245, acts as custodian to the Fund pursuant to a global custody agreement.\n28\nThe following table sets forth the administration,\nfund accounting, transfer agent and custodian expenses of the Fund paid to JPMorgan Chase Bank, N.A. for the fiscal years noted:\nAdministration,\nFund Accounting,\nTransfer Agent and Custodian\nFees Paid During Fiscal Year\nEnded\nJune 30, 2025\nAdministration,\nFund Accounting,\nTransfer Agent and Custodian Fees\nPaid During Fiscal Year Ended\nJune 30, 2024\nAdministration,\nFund Accounting,\nTransfer Agent and Custodian Fees\nPaid During Fiscal Year Ended\nJune 30, 2023\n$185,680\n$149,898\n$181,307\nIndependent Registered Public Accounting\nFirm\nCohen Company, Ltd., 342 North\nWater Street, Suite 830, Milwaukee, Wisconsin 53202, serves as the independent registered public accounting firm for the Fund.\nIts services include auditing the Fund s financial statements and consultation in connection with certain SEC filings. Cohen\nCo Advisory, LLC, an affiliate of Cohen Company, Ltd., provides tax services as requested.\nLegal Counsel\nK L Gates LLP, 1601 K Street, NW,\nWashington, D.C. 20006-1600, serves as the Trust s legal counsel.\nDistributor\nForeside Fund Services, LLC, (the Distributor ),\na Delaware limited liability company, serves as the distributor of Creation Units for the Fund on an agency basis. The Trust has\nentered into a Distribution Agreement ( Distribution Agreement ), under which the Distributor, as agent, receives orders\nfrom Authorized Participants to create and redeem shares in Creation Unit Aggregations and transmits such orders to the Trust s\nCustodian and Transfer Agent. The Distributor s principal address is 190 Middle Street, Suite 301, Portland, Maine 04101", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AGF_U_S_Market_Neutral_Anti_Beta_Fund", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AGF_U_S_Market_Neutral_Anti_Beta_Fund", "p": "advisedBy", "o": "org:AGF_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AGF_U_S_Market_Neutral_Anti_Beta_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AGF_U_S_Market_Neutral_Anti_Beta_Fund", "p": "seriesOf", "o": "trust:AGF_Investments_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AGF_U_S_Market_Neutral_Anti_Beta_Fund", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AGF_Investments_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AGF U.S. Market Neutral Anti-Beta Fund <predicate_marker> administrator <object_marker> JPMorgan Chase Bank N.A. <predicate_marker> advisedBy <object_marker> AGF Investments LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank N.A. <predicate_marker> seriesOf <object_marker> AGF Investments Trust <predicate_marker> transferAgent <object_marker> JPMorgan Chase Bank N.A. <triple_end>\n<triple_start> AGF Investments Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services LLC <triple_end>", "target_serialized_plain": "AGF U.S. Market Neutral Anti-Beta Fund administrator JPMorgan Chase Bank N.A. ; advisedBy AGF Investments LLC ; custodian JPMorgan Chase Bank N.A. ; seriesOf AGF Investments Trust ; transferAgent JPMorgan Chase Bank N.A. .\nAGF Investments Trust underwrittenBy Foreside Fund Services LLC .", "stats": {"input_chars": 10810, "n_triples": 6, "text_to_json_ratio": 19.9}}
{"sample_id": "0001484018:ALL", "cik": "0001484018", "trust_name": "Spinnaker ETF Series", "input_text": "accordance with the policies and procedures approved by the Board. Market quotations may not be readily available or may be determined to be\nunreliable when a security s value or a meaningful portion of the Fund s portfolio is believed to have been materially affected by a significant event. A significant event is an event that is likely to materially affect the value of the Fund s\ninvestment. Such events may include a natural disaster, an economic event like a bankruptcy filing, a trading halt in a security, an unscheduled early market close or a substantial fluctuation in domestic and foreign markets that has occurred\nbetween the close of the principal exchange and the Exchange. In such a case, the value for a security is likely to be different from the last quoted market price. In addition, due to the subjective and variable nature of fair market value pricing,\nit is possible that the value determined for a particular asset may be materially different from the value realized upon such asset s sale.\nTrading in securities on many foreign securities exchanges and over-the-counter markets is normally completed before the close of\nbusiness on the NYSE. In addition, securities trading in a particular country or countries may not take place on all U.S. business days or may take place on days that are not U.S. business days. Changes in valuations of certain securities may occur\nat times or on days on which the Fund s NAV is not calculated and on which the Fund does not affect sales or redemptions of its shares.\nCreation Units. Investors such as market makers, large investors, and institutions who\nwish to deal in Creation Units (large specified blocks of 10,000 shares or multiples thereof) directly with the Fund must have entered into an authorized participant agreement with Capital Investment Group, Inc. (the Distributor ), and be\naccepted by the transfer agent, or purchase through a dealer that has entered into such an agreement. Set forth below is a brief description of the procedures applicable to purchase and redemption of Creation Units. For more detailed information,\nsee Creation and Redemption of Creation Unit Aggregations in the Statement of Additional Information.\n23\nHow to Buy Creation Units. In order to purchase Creation Units of the Fund, an investor\nmust generally deposit a designated portfolio of securities (the Deposit Securities ) (and/or an amount in cash in lieu of some or all of the Deposit Securities) and generally make a cash payment referred to as the Cash Component. For those APs\nthat are not eligible for trading a Deposit Security, and in such other circumstances as the Advisor believes are in the best interests of the Fund, custom orders are available. The list of the names and the amounts of the Deposit\nSecurities is made available by the Fund s custodian through the facilities of the NSCC immediately prior to the opening of business each day of the Exchange. The Cash Component represents the difference between the NAV of a Creation Unit and the\nmarket value of the Deposit Securities. In the case of custom orders, cash- in-lieu may be added to the Cash Component to replace any Deposit Securities that either the AP may not be eligible to trade, or the Advisor believes are in the best\ninterests of the Fund not to accept in-kind.\nOrders must be placed in proper form by or through an AP that is a participant of the DTC ( DTC Participant ). All standard\norders must be placed for one or more whole Creation Units of Shares of the Fund and must be received by the Distributor in proper form no later than the close of regul\n...\nares were\npurchased makes such option available.\nFrequent Purchases and Redemptions\nShares can only be purchased and sold directly from the Fund in Creation Units by APs, and the vast majority of\ntrading in Shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of\nportfolio management, increases in the Fund s trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind ( i.e. ,\nfor securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction\ncosts, which could negatively impact the Fund s ability to achieve its investment objective. However, direct trading by APs is critical to ensuring that Shares trade at or close to NAV. The Fund also employs fair valuation pricing to\nminimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an\ninvestor substitutes cash in part or in whole for securities, reflecting the fact that a =the Fund s trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and\nprocedures to detect and deter market timing of the Fund s shares.\n25\nFund Service\nProviders\nAdministrator . The Trust has\nentered into a Fund Accounting Administration Agreement with The Nottingham Company (the Administrator ), located at 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802-0069. Under the Fund Administration\nAgreement, The Nottingham Company serves as fund accountant, administrator and in other capacities for the Fund.\nCustodian . UMB Bank, n.a., ( the\nCustodian ) located at 1010 Grand Blvd, Kansas City, Missouri 64106 serves as the custodian for the Fund. The Custodian is responsible for holding all cash assets and all portfolio securities of the Fund, releasing and delivering\nsuch securities as directed by the Fund, maintaining bank accounts in the names of the Fund, receiving for deposit into such accounts payments for Shares , collecting income and other payments due the Fund with respect to portfolio\nsecurities, and paying out monies of the Fund.\nTransfer Agent . Nottingham\nShareholder Services LLC (the Transfer Agent ), located at 116 South Franklin Street, PO Box 4365, Rocky Mount, North Carolina 27803-0365, serves as the transfer agent for the Fund and serves as the dividend disbursing agent for the Fund.\nCounsel . Stradley Ronon\nStevens Young, LLP, located at 2005 Market Street, Suite 2600, Philadelphia, PA 19103 serves as counsel to the Trust.\nIndependent Registered Public Accounting Firm . Tait, Weller Baker, LLP, located at Two Liberty Place, 50 S. 16 th Street, Suite 2900, Philadelphia, PA 19102-2529 serves as the Fund s independent\nregistered public accounting firm. They audit the Fund s financial statements and perform other related audit services.\nFederal Income Taxation\nAs with any investment, you should consider how your investment in the Fund will be taxed. The tax information in this Prospectus\nis provided as general information. You should consult your own tax professional about tax consequences of an investment in Shares.\n26\nUnless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an IRA, you need\nto be aware of the possible tax consequences when:\nThe Fund makes distributions,\nYou sell your Shares listed on the Exchange, and\nYou purchase or redeem Creation Units.\nTaxes on Distributions\nDistributions from the Fund's net investment income (other than qualified dividend\nincome), including distributions of income from securities lending and distributions out of the Fund's net short-term capital gains, if any, are taxable to you as ordinary income. Distributions by the Fund of net long-term capital gains in excess\nof net short-term capital losses (capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund\n...\n, 2024.\n31\nADDITIONAL\nINFORMATION\nLangar Global HealthTech ETF\n(Ticker: LGHT)\nFor more information visit www.langarfunds.com\nor call 1-800-773-3863\nAdditional information about the Fund is available in the Fund s Statement of Additional Information ,\nwhich is incorporated by reference into this Prospectus (and is legally considered part of this Prospectus. Additional information about the Fund s investments is available in the annual and semi-annual\nreports to shareholders and in the\nForm N-CSR . The annual report will include a discussion of market conditions and investment strategies that significantly\naffected the Fund s performance during its last fiscal year. In the Form N-CSR, you will find the Fund s annual and semi-annual financials.\nThe Fund s Statement of Additional Information and the annual and semi-annual reports and other information such as Fund\nfinancial statements are available, free of charge, on www.langarfunds.com and upon request by contacting the Fund (you may also request other information about the Fund or make shareholder inquiries) as follows:\nCall:\n1-800-773-3863(toll free)\nMonday through Friday, 8:30 a.m. to 5:00 p.m. (Eastern time)\nE-mail:\nshareholders@ncshare.com\nWrite:\nLangar Global HealthTech ETF\n116 South Franklin Street\nPost Office Box 4365\nRocky Mount, North Carolina 27803-0365\nReports and other information about the Fund are available on the EDGAR database on the SEC s website at www.sec.gov, and copies\nof this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.\nInvestment Company Act File Number 811-22398\nSTATEMENT OF ADDITIONAL INFORMATION\nFund\nTicker\nPrincipal Listing\nExchange\nLangar Global HealthTech ETF\nLGHT\nNYSE Arca\nMay 1, 202 6\nA series of the\nSpinnaker ETF Series\n116 South Franklin Street\nRocky Mount, North Carolina 27804\nTelephone 1-800-773-3863\nThis Statement of Additional Information ( SAI ) is meant to be read in conjunction with the prospectus for the Langar Global HealthTech ETF (the\nFund ), dated May 1, 202 6 , (the Prospectus ) as supplemented from time to time, and is incorporated by reference in its entirety into the Prospectus . Because this SAI is not itself a prospectus, no investment in shares of\nthe Fund should be made solely upon the information contained herein. Capitalized terms used herein that are not defined have the same meaning as in the applicable Prospectus, unless otherwise noted. The Fund s financial statements are\nincorporated herein by reference to the Fund s most recent Form N-CSR for the fiscal year ended December 31, 2025,\nand are hereby deemed to be part of this SAI. A copy of the Prospectus, Annual Report , Semi-Annual Report , financial statements , and Form N-CSR may be obtained, without charge, by\nwriting or calling the Fund at the address or phone number shown above or online at www.langarfunds.com .\nReference to the Investment Company Act of 1940, as amended, (the Investment Company Act or the 1940 Act ), or other\napplicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the U.S. Securities and Exchange Commission (the SEC ), SEC staff or other authority with appropriate jurisdiction, including\ncourt interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.\nTable of Contents\ngeneral description of the trust and the fund\n2\nexchange listing and trading\n2\ninvestment restrictions and policies\n2\ninvestment policies and risks\n4\nspecial considerations and risks\n1\n...\ne Advisor or its affiliates and the interests of Fund\nshareholders, the Advisor will take necessary actions to resolve the conflict and to protect the interests of shareholders.\nII. Oversight of Third-Party Solicitation Firm\nThe Advisor has reviewed the principles and procedures employed by Glass Lewis in making recommendations on voting proxies on\neach issue presented and has satisfied itself that Glass Lewis s recommendations are (i) based upon an appropriate level of diligence and research, and (ii) designed to further the interests of shareholders, and not serve other unrelated or\nimproper interests. The Advisor shall review its determinations as to Glass Lewis at least annually.\nIII. Record of Proxy Voting\nInformation on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period from July 1\nto June 30 is available (1) without charge, upon request, by calling 1-888-843-7824 and (2) on the SEC's website at www.sec.gov.\n46\nFile Nos. 333-215942 and 811-22398\nSPINNAKER ETF SERIES\nPART C\nOTHER INFORMATION\nITEM 28. Exhibits\n(a)\nDeclaration of Trust dated December 21, 2016, ( Trust Instrument ), is\nincorporated herein by reference to Pre-Effective Amendment No. 3 to Registrant s registration statement on Form N-1A ( Registration Statement ) filed on August 16, 2017.\n(b)\nBy-Laws are incorporated herein by reference to Pre-Effective Amendment No. 3\nto the Registration Statement filed on August 16, 2017.\n(c)\nArticles III, V, and VI of the Trust Instrument define the rights of\nholders of the securities being registered and are incorporated herein by reference to Pre-Effective Amendment No. 3 to the Registration Statement filed on August 16, 2017.\n(d)(1)(i)\nInvestment Advisory Agreement dated December 21, 2016, between the\nRegistrant and OBP Capital, LLC, as investment advisor for the UVA Unconstrained Medium-Term Fixed Income ETF, is incorporated herein by reference to Pre-Effective Amendment No. 2 to Registration Statement filed on June 23, 2017.\n(d)(1)(ii)\nAmended and Restated Appendix A to Investment Advisory Agreement\nbetween the Registrant and OBP Capital, LLC, as investment advisor for the UVA Unconstrained Medium-Term Fixed Income ETF, is incorporated by reference to Post-Effective Amendment No. 68 to Registration Statement filed on October 26, 2021.\n(d)(2)\nInvestment Advisory Agreement between the Registrant and Langar\nInvestment Management, LLC, as investment advisor for the Langar Global HealthTech ETF is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registration Statement filed on September 27, 2024.\n(d)(3)\nInvestment Advisory Agreement between the Registrant and Tuttle Capital\nManagement, LLC, as investment advisor for the Tuttle Capital Inverse ESG ETF is incorporated herein by reference to Post-Effective Amendment No. 96 to the Registration Statement filed on April 16, 2024.\n(d)(4)\nInvestment Advisory Agreement between the Registrant and Split Rock Private\nTrading and Wealth Management, LLC, investment advisor for the North Shore Equity Rotation ETF is incorporated herein by reference to Post-Effective Amendment No. 92 to the Registration Statement filed on March 18, 2024.\n(d)(5)\nInvestment Advisory Agreement between the Registrant and Obra Fund\nManagement, LLC, as investment advisor for the Obra Opportunistic Structured Products ETF, Obra High Grade Structured Products ETF, and the Obra Defensive High Yield ETF is incorporated herein by reference to Post-Effective Amendment No. 125\nto the Registration Statement filed on January 6, 2025.\n(d)(6)\nInvestment Advisory Agreement between the Registrant and OBP Capital,\nLLC, as investment advisor for the Genter Capital Taxable Quality Intermediate ETF and the Genter Capital Municipal Quality Intermediate ETF is incorporated herein by reference to Post-Effective Amendment No. 98 to the Registration Statement\nfiled on May 10, 2024.\n(d)(7)\nInvestment Sub-Advisory Agreement dated July 11, 2017, between\nthe Registrant, OBP Capital, LLC and Ancora West Advisors, LLC dba Universal Value Advisors, as sub-advisor for the UVA Unconstrained Medium-Term Fixed Income ETF, is incorporated herein by reference to Pre-Effective Amendment No. 3 to the\nRegistration Statement filed on August 16, 2017.\n(d)(8)\nInvestment Advisory Agreement between the Registrant and Tuttle Capital\nManagement, LLC, as investment advisor for the Select STOXX Europe Aerospace Defense ETF is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registration Statement filed on September 27, 2024.\n(d)(9)\nInvestment Sub-Advisory Agreement between the Registrant, OBP Capital,\nLLC and RNC Capital Management, LLC dba Genter Capital Management, as sub-advisor for the Genter Capital Taxable Quality Intermediate ETF and the Genter Capital Municipal Quality Intermediate ETF is incorporated herein by reference to\nPost-Effective Amendment No. 98 to the Registration Statement filed on May 10, 2024.\n(d)(10)\nInvestment Advisory Agreement between the Registrant and Indexperts, LLC, as\ninvestment advisor for the Indexperts Gorilla Aggressive Growth ETF, the Indexperts Quality Earnings Focused ETF, and the Indexperts Yield Focused Fixed Income ETF is incorporated herein by reference to Post-Effective Amendment No. 126 to\nthe Registration Statement filed on April 30, 2025.\n(d)(11)\nInvestment Advisory Agreement between the Registrant and OBP Capital,\nLLC, as investment advisor for the Genter Capital Dividend Income ETF and the Genter Capital International Dividend ETF is incorporated herein by reference to Post-Effective Amendment No. 125 to the Registration Statement filed on January 6,\n2025.\n(d)(12)\nInvestment Sub-Advisory Agreement between the Registrant, OBP Capital,\nLLC and RNC Capital Management, LLC dba Genter Capital Management, as sub-advisor for the Genter Cap", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "administrator", "o": "org:The_Nottingham_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "advisedBy", "o": "org:OBP_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "custodian", "o": "org:UMB_Bank_n_a", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "seriesOf", "o": "trust:Spinnaker_ETF_Series", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "subAdvisedBy", "o": "org:Universal_Value_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UVA_Unconstrained_Medium_Term_Fixed_Income_ETF", "p": "transferAgent", "o": "org:Nottingham_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Spinnaker_ETF_Series", "p": "underwrittenBy", "o": "org:Capital_Investment_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> UVA Unconstrained Medium-Term Fixed Income ETF <predicate_marker> administrator <object_marker> The Nottingham Company <predicate_marker> advisedBy <object_marker> OBP Capital, LLC <predicate_marker> custodian <object_marker> UMB Bank, n.a. <predicate_marker> seriesOf <object_marker> Spinnaker ETF Series <predicate_marker> subAdvisedBy <object_marker> Universal Value Advisors, LLC <predicate_marker> transferAgent <object_marker> Nottingham Shareholder Services, LLC <triple_end>\n<triple_start> Spinnaker ETF Series <predicate_marker> underwrittenBy <object_marker> Capital Investment Group, Inc. <triple_end>", "target_serialized_plain": "UVA Unconstrained Medium-Term Fixed Income ETF administrator The Nottingham Company ; advisedBy OBP Capital, LLC ; custodian UMB Bank, n.a. ; seriesOf Spinnaker ETF Series ; subAdvisedBy Universal Value Advisors, LLC ; transferAgent Nottingham Shareholder Services, LLC .\nSpinnaker ETF Series underwrittenBy Capital Investment Group, Inc. .", "stats": {"input_chars": 17515, "n_triples": 7, "text_to_json_ratio": 27.9}}
{"sample_id": "0001485894:ALL", "cik": "0001485894", "trust_name": "J.P. Morgan Exchange-Traded Fund Trust", "input_text": "ties in kind. As such, investments in Shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in kind. Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund s Shares being more sensitive to economic results of those issuing the securities. The value of the Fund s Shares may also be more volatile than the value of a fund which invests in more securities.\nInvestments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. The Fund s Past Performance The Fund has not commenced operations as of the date of this prospectus and therefore, has no reportable performance history. Once the Fund has operated for at least one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund s performance history from year to year and showing how the Fund s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383 (844-4JPM ETF) . Management J.P. Morgan Investment Management Inc. (the adviser)\nPortfolio Manager\nManaged the Fund Since\nPrimary Title with Investment Adviser\nYazann Romahi\n2026\nManaging Director\nKartik Aiyar\n2026\nExecutive Director\nWei (Victor) Li\n2026\nExecutive Director\nGarrett Norman\n2026\nExecutive Director Purchase and Sale of Shares Individual Shares of the Fund may only be purchased and sold in secondary market transactions through brokers or financial intermediaries. Shares of the Fund are listed for trading on the Exchange, and because Shares trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than NAV (premium) or less than NAV (discount). Certain affiliates of the Fund and the adviser may purchase and resell Shares pursuant to this prospectus. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the Fund (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the bid-ask spread). Recent information, including information about the Fund s NAV, market price, premiums and discounts, and bid-ask spreads (when available), is included on the Fund s website at jpmorganfunds.com. Tax Information To the extent the Fund makes distributions, those distributions will be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the adviser and its related companies may pay the financial intermediary for the sale of Shares and related services. These payments may 6 | J.P. Morgan Exchange-Traded Funds\ncreate a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. Wholly-Owned Subsidiary The Subsidiary is a company organized under the laws of the Cayman Islands and is overseen by its own board of directors. The Fund is the sole shareholder of the Subsidiary, and it is currently expected that shares of the Subsidiary will not be sold or offered to other investors. The Subsidiary will be managed pursuant to compliance policies and procedures that are the same in all material respects as the policies and procedures adopted by the Fund. As a result, in managing the Subsidiary s portfolio, JPMIM is subject to the same investment policies and restrictions that apply to the management of the Fund, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage and the timing and method of the valuation of the Subsidiary s portfolio investments and shares of the Subsidiary. The Fund and the Subsidiary will test for compliance with certain investment restrictions and limitations on a consolidated basis. These policies and restrictions are described in detail in the Fund s SAI. The Fund s Chief Compliance Officer oversees implementation of the Subsidiary s policies and procedures, and makes periodic reports to the Fund s Board regarding the Subsidiary s compliance with its policies and procedures. The Subsidiary has entered into separate contracts with JPMIM and its affiliates to provide investment advisory and other services to the Subsidiary. JPMIM is responsible for the expenses of the Subsidiary pursuant to the Fund s management agreeme\n...\nof significant market volatility. 16 | J.P. Morgan Exchange-Traded Funds\nGiven the nature of the relevant markets for certain of the securities for the Fund, Shares may trade at a larger premium or discount to NAV than shares of other kinds of ETFs. In addition, the securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid/ask spreads and the resulting premium or discount to the Shares NAV may widen. Cost of Buying or Selling Shares. When you buy or sell Shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of Shares, like the price of any exchange-traded security, includes a bid-ask spread charged by the market makers or other participants that trade the particular security. The spread of the Fund s Shares varies over time based on the Fund s trading volume and market liquidity and may increase as a result of a decrease in the Fund s trading volume, the spread of the Fund s underlying securities, or reduced market liquidity. In times of severe market disruption, including when trading of the Fund s holdings may be halted, the bid-ask spread may increase significantly. This means that Shares may trade at a discount to the Fund s NAV. Such discount is likely to be greatest during significant market volatility. No Guarantee of Active Trading Market Risk. While Shares are listed on the Exchange, there can be no assurance that active trading markets for the Shares will be maintained by market makers or by authorized participants. JPMorgan Distribution Services, Inc., the distributor of the Fund s Shares, does not maintain a secondary market in the Shares. Trading Issues Risk. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange circuit breaker rules. If a trading halt or unanticipated early closing of the Exchange occurs, a shareholder may be unable to purchase or sell Shares of the Fund. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may experience disruptions to the Fund s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Authorized Participant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemptio\n...\ny also be inconsistent with the Fund s main investment strategies. Therefore, the Fund will pursue a temporary defensive position only when market conditions warrant. 20 | J.P. Morgan Exchange-Traded Funds\nDisclosure of Portfolio Holdings A description of the policies and procedures with respect to the disclosure of the Fund s portfolio securities is available in the Fund s Statement of Additional Information. Additional Fee Waiver and/or Expense Reimbursement Service providers to the Fund may, from time to time, voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. The Fund s service providers may discontinue or modify these voluntary actions at any time without notice. Performance for the Fund, when available, will reflect the voluntary waiver of fees and/or the reimbursement of expenses, if any. Without these voluntary waivers and/or expense reimbursements, performance would be less favorable. April 15, 2026 | 21\nThe Fund s Management and Administration The Fund is a series of J.P. Morgan Exchange-Traded Fund Trust, a Delaware statutory trust (the Trust). The Trust is governed by the Board of Trustees, which is responsible for overseeing all business activities of the Fund. The Fund s Investment Adviser and Administrator J.P. Morgan Investment Management Inc. (JPMIM or the adviser) is the investment adviser and administrator to the Fund. JPMIM is located at 270 Park Avenue, New York, NY 10017. In addition to managing the Fund s portfolio, JPMIM also provides administrative services for and oversees the other service providers of the Fund. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase Co. (JPMorgan Chase), a bank holding company. In rendering investment advisory services to the Fund, JPMIM uses the portfolio management, research and other resources of a foreign (non-U.S.) affiliate of JPMIM and may provide services to the Fund through a participating affiliate arrangement, as that term is used in relief granted by the staff of the SEC. Under this relief, U.S. registered investment advisers are allowed to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. Management Fee and Other Expenses Pursuant to the Fund s management agreement, JPMIM is entitled to a management fee, incurred daily and paid monthly of the Fund s average daily net assets at the rate of 0.59%. Under the management agreement, JPMIM is responsible for substantially all the expenses of the Fund (including expenses of the Trust relating to the Fund and any subsidiary expenses), except for the management fees, payments under the Fund s 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/ or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund s business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund s securities lending program, if applicable. A discussion of the basis the Board of Trustees of the Trust used in approving the management agreement for the Fund will be in the financial statements and other information filed with the SEC on", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:JPMorgan_Active_Growth_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Growth_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Growth_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Growth_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Growth_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Small_Cap_Value_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Small_Cap_Value_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Small_Cap_Value_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Small_Cap_Value_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Small_Cap_Value_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Value_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Value_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Value_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Value_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Active_Value_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Focus_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Focus_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Focus_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Focus_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Focus_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Fundamental_Data_Science_Large_Core_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Fundamental_Data_Science_Large_Core_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Fundamental_Data_Science_Mid_Core_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Fundamental_Data_Science_Mid_Core_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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"fund:JPMorgan_Small_Mid_Cap_Enhanced_Equity_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Mid_Cap_Enhanced_Equity_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Mid_Cap_Enhanced_Equity_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Small_Mid_Cap_Enhanced_Equity_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Research_Enhanced_Large_Cap_ETF", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Research_Enhanced_Large_Cap_ETF", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Research_Enhanced_Large_Cap_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Research_Enhanced_Large_Cap_ETF", "p": "seriesOf", "o": "trust:J_P_Morgan_Exchange_Traded_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Research_Enhanced_Large_Cap_ETF", "p": "transferAgent", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_U_S_Tech_Leaders_ETF", "p": "administrator", "o": 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Morgan Investment Management Inc. <predicate_marker> advisedBy <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> J.P. Morgan Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> JPMorgan Chase Bank, N.A. <triple_end>\n<triple_start> JPMorgan Active Small Cap Value ETF <predicate_marker> administrator <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> advisedBy <object_marker> J.P. Morgan Investment Management Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> J.P. Morgan Exchange-Traded Fund Trust <predicate_marker> transferAgent <object_marker> JPMorgan Chase Bank, N.A. <triple_end>\n<triple_start> JPMorgan Active Value ETF <predicate_marker> administrator <object_marker> J.P. 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{"sample_id": "0001493580:ALL", "cik": "0001493580", "trust_name": "BNY Mellon ETF Trust", "input_text": "risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of\nterrorism, natural disasters, the spread of infectious illness and other public health issues, or other events could have a significant\nimpact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries\nor sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies,\nindustries or sectors.\n3\nNon-diversification risk: The fund is non-diversified, and, therefore, the fund's performance may\nbe more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with\na single economic, political or regulatory occurrence than a diversified fund.\nNew fund risk : The fund is newly organized with limited operating history and there can be no assurance that the fund will\ngrow to or maintain sufficient assets to achieve investment and trading efficiencies.\nPerformance\nSince the fund does not have a full calendar year\nof operations, past performance information for the fund is not presented in this prospectus. Annual performance returns provide some\nindication of the risks of investing in the fund by showing changes in performance from year to year. Comparison of fund performance to\nan appropriate index indicates how the fund's average annual returns compare with those of a broad measure of market performance. The\nfund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Recent performance\ninformation may be available at www.bny.com/investments.\nPortfolio\nManagement\nThe fund's investment adviser is BNY Mellon ETF\nInvestment Adviser, LLC (Adviser). The Adviser has engaged its affiliate, Mellon Investments Corporation (Mellon), to serve as the fund's\nsub-adviser.\nDavid France, CFA, Todd Frysinger, CFA, Vlasta\nSheremeta, CFA, Michael Stoll, and Marlene Walker Smith are the fund's primary portfolio managers, positions they have held since the\nfund's inception in [____]. Ms. Walker Smith is a Senior Director and Chief Investment Officer at Mellon. Messrs. France, Frysinger and\nStoll and Ms. Sheremeta are each a Senior Vice President and Senior Portfolio Manager at Mellon. Each portfolio manager is jointly and\nprimarily responsible for the day-to-day management of the fund's portfolio.\nPurchase\nand Sale of Fund Shares\nThe fund issues (or redeems) fund shares to certain\ninstitutional investors known as Authorized Participants (typically market makers or other broker-dealers) only in large blocks\nof fund shares known as Creation Units. Creation Unit transactions are conducted in exchange for the deposit or delivery of\na portfolio of in-kind securities designated by the fund and/or cash.\nIndividual fund shares may only be purchased and\nsold on [ ], other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer\nat market prices. Because fund shares trade at market prices rather than at net asset value, fund shares may trade at a price greater\nthan net asset value (premium) or less than net asset value (discount). When buying or selling shares in the secondary market, you may\nincur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and\nthe lowest price a seller is willing to accept for shares of the fund (ask) (the bid-ask spread ). When available, recent information\nregarding the fund's net asset value, market price, pre\n...\npart of a creation or redemption transaction than it would if the fund had transacted\nentirely in-kind. The fund imposes transaction fees to offset all or a part of the costs associated with utilizing cash as part of a creation\nor redemption transaction. To the extent that the transaction fees do not offset the costs associated with a cash transaction, the fund's\nperformance may be negatively impacted.\nCosts of buying and selling shares\nrisk: Investors buying or selling fund shares in the secondary market will pay brokerage commissions or other charges imposed by brokers,\nas determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors\nseeking to buy or sell relatively small amounts of fund shares. In addition, secondary market investors will also incur the cost of the\ndifference between the price that an investor is willing to pay for fund shares (the bid price) and the price at which an\ninvestor is willing to sell fund shares (the ask price). This difference in bid and ask prices is often referred to as the\nspread or bid/ask spread. The bid/ask spread varies over time for fund shares based on trading volume and market\nliquidity, and is generally lower if fund shares have more trading volume and market liquidity and higher if fund shares have little trading\nvolume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling\nfund shares, including bid/ask spreads, frequent trading of fund shares may significantly reduce investment results and an investment\nin fund shares may not be advisable for investors who anticipate regularly making small investments.\nIndex licensing\nrisk : It is possible that the index license, to which The\nBank of New York Mellon Corporation (BNY) is the licensee and under which the Adviser or the fund is permitted to use the index, will\nbe terminated or may be disputed, impaired or cease to remain in effect. In such a case, the Adviser may be required to replace the index\nwith another index which it considers to be appropriate in light of the investment strategy of the fund. The use of any such substitute\nindex may have an adverse impact on the fund's performance. In the event that the Adviser is unable to identify a suitable replacement\nfor the index, it may determine to terminate the fund.\nIndex sampling risk : The\nuse of sampling techniques by the sub-adviser may result in the fund holding a smaller number of securities than are in the index. The\nsampling techniques used by the sub-adviser to select the securities in which the fund invests may not track the index the same as if\nthe fund were replicating the index and may result in investment\n8\nperformance that differs from the\nindex. For example, an adverse development respecting an issuer of securities held by the fund could result in a greater decline in the\nfund's net asset value than would be the case if the fund held all of the securities in the index. Conversely, a positive development\nrelating to an issuer of securities in the index that is not held by the fund could cause the fund to underperform the index. To the extent\nthe assets in the fund are smaller, these risks will be greater. To the extent that the fund invests in securities not included in the\nindex to maintain liquidity, it may not achieve its goal of tracking the total return of the index.\nETF risk: To the extent the\nfund invests in other ETFs, the fund will be affected by the investment policies, practices and performance of such entities in dire\n...\nto-day management of the fund's investments. As of March\n31, 2026, Mellon had assets under management of approximately $[__] trillion.\nA discussion regarding the basis for the board's approval of the fund s\nmanagement agreement with the Adviser and the sub-investment advisory agreement between the Adviser and Mellon, as sub-adviser for the\nfund, will be available in the fund's Form N-CSR filing for the period ending [ ], 2026.\nThe Adviser has obtained from the SEC an exemptive\norder, upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and\napproval by the fund's board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who\nare either unaffiliated or affiliated with the Adviser without obtaining shareholder approval. The exemptive order also relieves the fund\nfrom disclosing the sub-investment advisory fee paid by the Adviser to a sub-adviser in documents filed with the SEC and provided to shareholders.\nThe fund is required to disclose (as a dollar amount and a percentage of the fund's assets) (1) the aggregate fees paid to the Adviser\nand any wholly-owned sub-adviser and (2) the aggregate fees paid to affiliated (i.e., less than wholly-owned) and unaffiliated sub-advisers.\nThe Adviser has ultimate responsibility (subject to oversight by the fund's board) to supervise any sub-adviser and recommend the hiring,\ntermination, and replacement of any sub-adviser to the fund's board. The fund's board, including a majority of the non-interested\nboard members, must approve each new sub-adviser. In addition, the fund is required to provide shareholders with information about each\nnew sub-adviser within 90 days of the hiring of any new sub-adviser.\nThe Adviser or BNY Mellon Securities Corporation\n(BNYSC), the fund's distributor, may provide cash payments out of its own resources to financial intermediaries that sell shares of the\nfund or provide other services that facilitate investment in the fund. Such payments are separate from any 12b-1 fees and/or other expenses\nthat may be paid by the fund. Because\n10\nthose payments are not made by fund shareholders\nor the fund, the fund's total expense ratio will not be affected by any such payments. These payments may be made to financial intermediaries,\nincluding affiliates, that provide sub-administration and/or recordkeeping services, marketing support and/or access to sales meetings,\nsales representatives and management representatives of the financial intermediary. Cash compensation also may be paid from the Adviser's\nor BNYSC's own resources to financial intermediaries that make shares of the fund available to their clients, develop new products that\nfeature the fund, create educational content about the fund, or otherwise promote the fund or include the fund on a sales list, including\na preferred or select sales list or in other sales programs. These payments sometimes are referred to as revenue sharing.\nFrom time to time, the Adviser or BNYSC also may provide cash or non-cash compensation to financial intermediaries or their representatives\nin the form of occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational conference\nsponsorships; support for recognition programs; technology or infrastructure support; and other forms of cash or non-cash compensation\npermissible under broker-dealer regulations. In some cases, these payments or compensation may create an incentive for a financial intermediary\nor its employees to recommend", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "advisedBy", "o": "org:BNY_Mellon_ETF_Investment_Adviser_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "seriesOf", "o": "trust:BNY_Mellon_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "subAdvisedBy", "o": "org:Mellon_Investments_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BNY_Mellon_Ultra_Short_Income_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:BNY_Mellon_ETF_Trust", "p": "underwrittenBy", "o": "org:BNY_Mellon_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BNY Mellon Ultra Short Income ETF <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> BNY Mellon ETF Investment Adviser, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> BNY Mellon ETF Trust <predicate_marker> subAdvisedBy <object_marker> Mellon Investments Corporation <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> BNY Mellon ETF Trust <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon Ultra Short Income ETF administrator The Bank of New York Mellon ; advisedBy BNY Mellon ETF Investment Adviser, LLC ; custodian The Bank of New York Mellon ; seriesOf BNY Mellon ETF Trust ; subAdvisedBy Mellon Investments Corporation ; transferAgent The Bank of New York Mellon .\nBNY Mellon ETF Trust underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 10896, "n_triples": 7, "text_to_json_ratio": 16.8}}
{"sample_id": "0001495825:ALL", "cik": "0001495825", "trust_name": "Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust", "input_text": "eciation. The Trust cannot assure investors that it will achieve its investment objectives.\nThe Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of taxable municipal securities. Under normal market\nconditions, the Trust will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes ( Managed Assets ) in taxable municipal securities, including Build America Bonds ( BABs ), which qualify for federal subsidy\npayments under the American Recovery and Reinvestment Act of 2009 (the Act ). Additionally, under normal market conditions, the Trust may invest up to 20% of its Managed Assets in securities other than taxable municipal securities, including\ntax-exempt municipal securities, from which interest income is exempt from regular federal income tax (sometimes referred to as tax-exempt municipal securities ), asset-backed securities ( ABS ), senior loans, and other income-producing\nsecurities. At least 80% of the Trust s Managed Assets are invested in securities that, at the time of investment, are investment grade quality. The Trust may invest up to 20% of its Managed Assets in securities that, at the time of investment, are\nbelow investment grade quality. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. The Trust does not invest more than 25% of\nits Managed Assets in municipal securities in any one state of origin or more than 15% of its Managed Assets in municipal securities that, at the time of investment, are illiquid.\nThe Trust has entered into a Controlled Equity Offering SM Sales Agreement (the Sales Agreement ), among the Trust, the Trust s investment advisor,\nGuggenheim Funds Investment Advisors, LLC (the Investment Adviser ), and Cantor Fitzgerald Co. ( Cantor Fitzgerald ) relating to the Trust s common shares of beneficial interest, par value $0.01 per share (the Common Shares ), offered by\nthis Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Trust may offer and sell up to 3,000,000 Common Shares, from time to time, through Cantor Fitzgerald as agent for the Trust for the\noffer and sale of Common Shares.\nCantor Fitzgerald will be entitled to compensation of up to 2.00% of the gross proceeds of the sale of any Common Shares under the Sales Agreement, with the exact\namount of such compensation to be mutually agreed upon by the Trust and Cantor Fitzgerald from time to time. In connection with the sale of the Common Shares on behalf of the Trust, Cantor Fitzgerald may be deemed to be an underwriter within the\nmeaning of the Securities Act of 1933, as amended (the 1933 Act ), and the compensation of Cantor Fitzgerald may be deemed to be underwriting commissions or discounts.\nSales of Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or by any method permitted\nby law deemed to be an at the market offering as defined in Rule 415(a)(4) under the 1933 Act.\nThe Trust s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus will be, subject\nto notice of issuance, listed on the New York Stock Exchange ( NYSE ) under the symbol GBAB. As of October 10, 2019, the net asset value ( NAV ) per share of the Trust s Common Shares was $22.99 per share, and the last reported sale price of the\nTrust s Common Shares on the NYSE was\n...\nr the SAI, you should rely on this Prospectus Supplement. You may\nrequest a free copy of the SAI, the table of contents of which is on page 78 of the accompanying Prospectus, or request other information about the Trust (including the Trust s annual and semi-annual reports) or make shareholder inquiries by\ncalling (800) 345-7999 or by writing the Trust, or you may obtain a copy (and other information regarding the Trust) from the SEC s website (www.sec.gov). Free copies of the Trust s reports and the SAI will also be available from the Trust s\nwebsite at www.guggenheiminvestments.com/gbab.\nThe Trust s Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and\nare not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.\nCapitalized terms used herein that are not otherwise defined shall have the meanings assigned to them in the accompanying Prospectus.\n* * *\nBeginning on January 1, 2021, paper copies of the Trust s annual and semi-annual shareholder reports will no longer be sent by\nmail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.\nIf you already elected to receive shareholder reports electronically, you will not be affected by this change, and you need not\ntake any action. At any time, you may elect to receive shareholder reports and other communications from the Trust electronically by contacting your financial intermediary or, if you are a registered shareholder and your shares are held with the\nTrust s transfer agent, Computershare, you may log into your Investor Center account at www.computershare.com/investor and go to Communication Preferences or call 1-866-488-3559.\nYou may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial\nintermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Trust, you may call Computershare at 1-866-488-3559. Your election to\nreceive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all closed-end funds you hold.\nCAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS\nThis Prospectus Supplement and the accompanying Prospectus contain or incorporate by reference forward-looking statements, within the meaning of the federal\nsecurities laws, that involve risks and uncertainties. These statements describe the Trust s plans, strategies, and goals and our beliefs and assumptions concerning future economic and other conditions and the outlook for the Trust, based on\ncurrently available information. In this Prospectus Supplement and the accompanying Prospectus, words such as anticipates, believes, expects, objectives, goals, future, intends, seeks, will, may, could, should, and similar\nexpressions are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently. The Trust is not entitled to the safe harbor for forward-looking statements pursuant to Section 27A of\nthe Securities Act of 1933, as amended.\nTABLE OF CONTENTS\nPage\nProspectus Supplement\nProspectus Supplement Summary\nS-1\nSummary of Trust Expenses\nS-3\nCapitalization\nS-5\nUse of Proceeds\nS-\n...\nompanying Prospectus is accurate only as of the\nrespective dates on their front covers. The Trust s business, financial condition and prospects may have changed since such dates. The Trust will advise investors of any material changes to the extent required by applicable law.\nThis page intentionally left blank.\nPROSPECTUS SUMMARY\nThis is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This\nsummary does not contain all of the information that you should consider before investing in the Trust s Common Shares. You should carefully read the more detailed information contained in this Prospectus Supplement and the accompanying\nProspectus and the Statement of Additional Information, dated October 16, 2019 (the SAI ), especially the information set forth under the headings Investment Objective and Policies and Risks, prior to making an investment in the Trust.\nCapitalized terms used herein that are not otherwise defined shall have the meanings assigned to them in the accompanying Prospectus.\nThe Trust\nGuggenheim Taxable Municipal Managed Duration Trust (the Trust ) is a diversified, closed-end management investment company that commenced operations on October 27, 2010. The Trust s primary investment objective is to provide current\nincome with a secondary objective of long-term capital appreciation.\nThe Trust s common shares of beneficial interest, par value $0.01 per share, are called Common Shares and the holders of Common Shares are called Common Shareholders throughout this Prospectus Supplement and the accompanying\nProspectus.\nManagement of the Trust\nGuggenheim Funds Investment Advisors, LLC (the Investment Adviser ) serves as the Trust s investment adviser and is responsible for the management of the Trust. Guggenheim Partners Investment Management, LLC (the Sub-Adviser ) serves\nas the Trust s investment sub-adviser and is responsible for the management of the Trust s portfolio of securities. Each of the Investment Adviser and the Sub-Adviser is a wholly-owned subsidiary of Guggenheim Partners, LLC ( Guggenheim\nPartners ). Guggenheim Partners is a diversified financial services firm with wealth management, capital markets, investment management and proprietary investing businesses, whose clients are a mix of individuals, family offices,\nendowments, foundation insurance companies and other institutions that have entrusted Guggenheim Partners with the supervision of more than $270 billion of assets as of June 30, 2019. Guggenheim Partners is headquartered in Chicago and New\nYork with a global network of offices throughout the United States, Europe and Asia. The Investment Adviser and the Sub-Adviser are referred to herein collectively as the Adviser.\nListing and Symbol\nThe Trust s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus will be, subject to notice of issuance, listed on the New York Stock Exchange (the NYSE )\nunder the symbol GBAB. The net asset value ( NAV ) per share of the Trust s Common Shares at the close of business on October 10, 2019 was $22.99, and the last reported sale price for the Trust s Common Shares on the NYSE as of October\n10, 2019 was $25.12, representing a premium to NAV of 9.26%.\nDistributions\nThe Trust has paid distributions to Common Shareholders monthly since inception. Payment of future distributions is subject to approval by the Trust s Board of Trustees, as well as meeting the covenants of any outstanding borrowings and\nthe asset coverage requirements of the\n...\na vehicle for trading purposes.\nPortfolio Turnover Risk. The Trust s annual portfolio turnover rate may vary greatly from year to year. Portfolio\nturnover rate is not considered a limiting factor in the execution of investment decisions for the Trust. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are\nborne by the Trust. High portfolio turnover may result in an increased realization of net short-term capital gains by the Trust which, when distributed to Common Shareholders, will be taxable as ordinary income. Additionally, in a\ndeclining market, portfolio turnover may create realized capital losses. See Taxation.\nAdditional Risks . For additional risks relating to investments in the Trust, including UK Departure from EU Risk, Redenomination Risk, LIBOR\nRisk, Recent Market Developments Risk, Legislation and Regulation Risk, Geopolitical and Market Disruption Risk, Technology Risk and Cyber Security Risk, please see Risks beginning on page 48 of this Prospectus.\nAnti-Takeover\nProvisions in the Trust s\nGoverning Documents\nThe Trust s Agreement and Declaration of Trust (the Declaration of Trust ) and the Trust s Bylaws (collectively, the Governing Documents ) include provisions that could limit the ability of other in the Trust s entities or persons to\nacquire control of the Trust or convert the Trust to an open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price\nof the Common Shares. See Anti-Takeover and Other Provisions in the Trust s Governing Documents and Risks Anti-Takeover Provisions.\n23\nCustodian, Administrator, Transfer Agent and\nDividend Disbursing Agent\nThe Bank of New York Mellon serves as the custodian of the Trust s assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Trust s assets in compliance with the\n1940 Act. For its services, the custodian receives a monthly fee based upon, among other things, the average value of the total assets of the Trust, plus certain charges for securities transactions.\nComputershare Trust Company, N.A. serves as the Trust s dividend disbursing agent and agent under the Trust s Automatic Dividend Reinvestment Plan (the Plan Agent ) and Computershare Inc. serves\nas transfer agent and registrar with respect to the Common Shares of the Trust.\nMUFG Investor Services (US) LLC ( MUFG ), serves as the Trust s administrator. Pursuant to an administration agreement, MUFG provides certain administrative services to the Trust. Pursuant to a\nfund accounting agreement, MUFG is responsible for maintaining the books and records of the Trust s securities and cash.\n24\nSUMMARY OF TRUST EXPENSES\nThe following table contains information about the costs and expenses that Common Shareholders will bear directly or indirectly. The table is based on the capital\nstructure of the Trust as of May 31, 2019 (except as noted below). The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.\nCommon Shareholder Transaction Expenses\nSales load paid by you (as a percentage of offering price)\n% (1)\nOffering expenses borne by the Trust (as a percentage of offering price)\n0.60% (1)(2)\nDividend Reinvestment Plan fees (3)\nNone\nAs a Percentage of\nNet Assets\nAnnual Expenses\nAttributable to Common Shares (4)\nManagement fees (5)\n0.75%\nInterest expense (6)\n0.78%\nOther expenses (7)\n0.22%\nTotal annual expenses\n1.75%\n(1)\nIf Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Trust.\n(2)\nThe Adviser has incurred on behalf of the Trust all costs associated with the Trust s registration statement and any offerings pursuant to such registration statement. The Trust has agreed, in connection with offerings under this\nregistration statement, to reimburse the Adviser for offering expenses incurred by the Adviser on the Trust s behalf in an amount up to the lesser of the Trust s actual offering costs or 0.6", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:Guggenheim_Taxable_Municipal_Bond_Investment_Grade_Debt_Trust", "p": "administrator", "o": "org:MUFG_Investor_Services_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Taxable_Municipal_Bond_Investment_Grade_Debt_Trust", "p": "advisedBy", "o": "org:Guggenheim_Funds_Investment_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Taxable_Municipal_Bond_Investment_Grade_Debt_Trust", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Taxable_Municipal_Bond_Investment_Grade_Debt_Trust", "p": "subAdvisedBy", "o": "org:Guggenheim_Partners_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Guggenheim_Taxable_Municipal_Bond_Investment_Grade_Debt_Trust", "p": "transferAgent", "o": "org:Computershare_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust <predicate_marker> administrator <object_marker> MUFG Investor Services (US), LLC <predicate_marker> advisedBy <object_marker> Guggenheim Funds Investment Advisors, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> subAdvisedBy <object_marker> Guggenheim Partners Investment Management, LLC <predicate_marker> transferAgent <object_marker> Computershare Inc. <triple_end>", "target_serialized_plain": "Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust administrator MUFG Investor Services (US), LLC ; advisedBy Guggenheim Funds Investment Advisors, LLC ; custodian The Bank of New York Mellon ; subAdvisedBy Guggenheim Partners Investment Management, LLC ; transferAgent Computershare Inc. .", "stats": {"input_chars": 15083, "n_triples": 5, "text_to_json_ratio": 30.4}}
{"sample_id": "0001495922:ALL", "cik": "0001495922", "trust_name": "EntrepreneurShares Series Trust", "input_text": "0001495922\nershares:C000194842Member\noef:AfterTaxesOnDistributionsMember\n2017-11-06\n2024-12-31\n0001495922\nershares:C000194842Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2024-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2020-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2017-11-06\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:Russell1000GrowthIndexMember\n2024-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:Russell1000GrowthIndexMember\n2020-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:Russell1000GrowthIndexMember\n2017-11-06\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:EntrepreneurShares30TotalReturnIndexMember\n2024-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:EntrepreneurShares30TotalReturnIndexMember\n2020-01-01\n2024-12-31\n0001495922\nershares:C000194842Member\nershares:EntrepreneurShares30TotalReturnIndexMember\n2017-11-06\n2024-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAs filed with the Securities and Exchange Commission on October 28, 2025 Registration No. 333-168040 811-22436\nSECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. ___\nPost-Effective Amendment No. 52\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 55 (Check appropriate box or boxes.)\nENTREPRENEURSHARES SERIES TRUST\n(Exact Name of Registrant as Specified in Charter)\n175 Federal Street, Suite 875\nBoston, Massachusetts\n02210\n(Address of Principal Executive Offices)\n(Zip Code)\n(800) 287-9469\n(Registrant s Telephone Number, including Area Code)\nCopy to:\nDr. Joel M. Shulman Capital Impact Advisors, LLC Seaport Global Advisors, LLC 175 Federal Street, Suite 875 Boston, Massachusetts 02210\nGeorge Zornada K L Gates LLP One Congress Street, Suite 2900 Boston, MA 02114\n(Name and Address of Agent for Service)\nApproximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.\nIt is proposed that this filing become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\non October 28, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a) (1)\n75 days after filing pursuant to paragraph (a)(2)\nIf appropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nProspectus\nEntrepreneurShares Series Trust TM\nEntrepreneurShares Series Trust ( Trust ) is a registered investment company consisting of separate investment portfolios. This Prospectus relates solely to the following portfolio (the Fund ):\nName\nTicker Symbol\nERShares Private-Public Crossover ETF\nXOVR\nThe Fund is an exchange-traded fund. This means that shares of the Fund are listed on The NASDAQ Stock Market, LLC. ( NASDAQ or the Exchange ) and trade at market prices. The market price for the Fund s shares (the Shares ) may be different from its net asset value ( NAV ) per share.\nOctober 28, 2025\n175 Federal Street\nSuite #875\nBoston, MA 02110\nToll Free: 877-271-8811\nThe Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.\nTable of Contents\nERShares PRIVATE-PUBLIC CROSSOVER ETF\n1\nInvestment Objective\n1\nFees and Expenses of th\n...\nness and includes any day that the Fund is required to be open under Section 22(e) of the Investment Company Act of 1940, as amended (the 1940 Act ) ( Business Day ).\nTax Information\nThe Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains. A sale of shares may result in capital gain or loss.\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its related companies may pay the intermediary for the sale of Fund shares and related services or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n8\nOVERVIEW\nThe Trust is an investment company consisting of separate investment portfolios (each, a Fund and collectively, the Funds ). The Fund listed in this Prospectus is an ETF. ETFs are funds whose shares are listed on a stock exchange and traded like equity securities at market prices. An ETF, such as the Fund, allows you to buy or sell shares that represent the collective performance of a selected group of securities.\nShares of the Fund are listed and trade at market prices on the NASDAQ. The market price for a Share of the Fund may be different from the Fund s most recent NAV per Share. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, Shares of the Fund may be purchased or redeemed directly from the Funds at NAV solely by certain large institutions that enter into agreements with Foreside Financial LLC, the distributor of Creation Units for the Funds (the Distributor ), and are authorized to transact in Creation Units with the Fund ( Authorized Participants ). Also unlike shares of a mutual fund, Shares of the Fund are listed on a national securities exchange and trade through a broker-dealer on a national securities exchange or in the over-the-counter market (the Secondary Market ) at market prices that change throughout the day.\nThis Prospectus provides the information you need to make an informed decision about investing in the Fund. It contains important facts about the Trust as a whole and the Fund.\nADDITIONAL DESCRIPTION OF THE PRINCIPAL STRATEGIES AND RISKS OF THE FUND\nINVESTMENT OBJECTIVE\nThe ERShares Public-Private Crossover ETF (the Fund or the Crossover ETF ) seeks long-term capital appreciation.\nThe Fund s investment objective may be changed without shareholder approval on 60 days written notice to shareholders.\nPRINCIPAL INVESTMENT STRATEGIES\nThe Fund is an actively managed exchange-traded fund ( ETF ) that invests primarily in companies that meet the highest conviction threshold (top quartile) of the Advisor s proprietary Entrepreneur Factor ( EF ) model. The Advisor believes that companies that meet the EF model are led by dynamic leaders who engage innovation and implement solutions that create value for shareholders and other stakeholders. The companies that are relevant to this theme tend to rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to various categories (cited below). The EF model incorporates a bottom-up investment orientation, that includes investment criteria such as management attributes, sector, growth, value, leverage,\n...\nindex methodology and selection of index constituents with the benefit of hindsight and knowledge of factors that may have positively affected its performance, cannot account for all financial risk that may affect results and may be considered to reflect survivor/look ahead bias. Actual returns may differ significantly from, and be lower than, so-called back-tested returns. Past performance is not an indication or guarantee of future results. This so-called back-tested data may have been created using backward data assumptions. The returns are presented from both the launch date and the so-called back-tested start date.\nAnnualized Total Returns\n(for\nthe periods ended June 30, 2025)\nIndex\nYtd.\nOne\nYear\nThree\nYears\nFive\nYears\nSince\nInception 11-8-2017\nEntrepreneurShares\n30 Total Return Index\n7.41%\n23.53%\n33.70%\n15.51%\n16.99%\n23\nAnnualized Total Returns\n(for\nthe periods ended June 30, 2025)\nIndex\nYtd.\nOne\nYear\nThree\nYears\nFive\nYears\nTen\nYears\nSince\nInception 6-30-2005\nEntrepreneurShares\n30 Total Return Index\n7.41%\n23.53%\n33.70%\n15.51%\n17.22%\n16.70%\nPast performance does not guarantee future results. Although the Fund s investment objective is to track the Index, the returns of the Index do not represent the performance of the Fund. The Index does not charge any fees, including management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Investors cannot invest directly in the Index. In addition, the result actual investors in the Fund might have achieved would have differed from these shown because of, among other things, differences in the timing, amounts of their investments and fees and expenses associated with an investment in the Fund.\nOTHER SERVICE PROVIDERS\nFund Administrator, Custodian, Accounting and Transfer Agent\nUltimus Fund Solutions, LLC ( Ultimus ), located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, acts as the administrator, dividend disbursing agent and fund accounting agent for the Fund pursuant to a services agreement by and among the Trust, and Ultimus (the Services Agreement ). Pursuant to the Fund Servicing Agreement with the Trust, Ultimus provides administrative, regulatory, tax, financial reporting and fund accounting services for the maintenance and operation of the Trust and the Funds. In connection with its role as fund accounting agent, Ultimus performs record maintenance, accounting, financial statement and regulatory filing services for the Fund.\nBrown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110-1548, serves as the Fund s custodian and index receipt agent pursuant to a Global Custodial and Agency Services Agreement (the Custodian Agreement ) and transfer agent pursuant to the Services Agreement. Pursuant to the Custodian Agreement, the custodian maintains cash, securities and other assets of the Trust and the Funds in separate accounts, keeps all required books and records and provides other necessary services. The custodian is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Fund.\nDistributor\nForeside Financial LLC, serves as the Distributor on an agency basis. The Distributor does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor s principal address is 3 Canal Plz Ste. 100, Portland, ME 04101.\nIndependent Registered Public Accounting Firm\nTait, Weller Baker LLP, Two Liberty Place, 50 S. 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102,, serves as the independent registered public accounting firm for the Trust.\nLegal Counsel\nK L Gates LLP, One Congress Street, Suite 2900, Boston, MA 02114, serves as counsel to the Trust.\n24\nFREQUENT TRADING\nThe Board has evaluated the risks of frequent purchases and redemptions of the Fund s Shares ( market timing ) by the Fund s shareholders. The Board noted that Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants and that the vast majority of trading in Shares occurs on the Secondary Market. Because the Secondary Market trades do not involve the Fund d\n...\nFund by reading the Fund s annual and semi-annual reports to shareholders and in Form N-CSR. The annual report includes a discussion of the market conditions and investment strategies that significantly affected the performance of the Fund during the last fiscal year. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements.\nThe SAI and the annual and semi-annual reports are all available to shareholders and prospective investors without charge, upon request by calling 833-ENTR-ETF. The Fund also makes available the SAI and the annual and semi-annual reports, free of charge, on its Internet website ( http://www.entrepreneurshares.com ).\nProspective investors and shareholders who have questions about the Fund also may call the following number or write to the following address:\nEntrepreneurShares Series Trust\n175 Federal Street\nSuite #875\nBoston, MA 02110\nReports and other information about the Fund also are available at the SEC s website at http://www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov .\nPlease refer to the Investment Company Act File No. 811-22436 of EntrepreneurShares Series Trust when seeking information about the Fund from the SEC.\nStatement of Additional Information\nEntrepreneurShares Series\nTrust\nName\nTicker Symbol\nERShares Private-Public Crossover ETF\nXOVR\nOctober 28,\n2025\n175 Federal Street\nSuite #875\nBoston, MA 02110\nToll Free: 877-271-8811\nThis\nStatement of Additional Information ( SAI ) for the ERShares Private-Public Crossover ETF (the Fund ) is not\na prospectus and should be read in conjunction with the Prospectus dated October 28, 2025, as supplemented from time to time, for\nthe Fund, a series of the EntrepreneurShares Series Trust (the Trust ). A copy of the Prospectus may be obtained without\ncharge from the Trust at the address and telephone number set forth above. The Fund s financial statements, accompanying notes and\nreport of independent registered public accounting firm contained in the Annual\nReport of the Fund, dated June 30, 2025, is incorporated by reference into this SAI. This SAI, the annual reports and the semi-annual\nreports of the Fund are available to shareholders and prospective investors without charge upon request.\nEntrepreneurShares and\nEntrepreneurShares. Invest in Visionary Leadership are registered trademarks of EntrepreneurShares LLC and Dr. Joel M. Shulman,\nrespectively, and have been licensed for use by Capital Impact Advisors, LLC (the Advisor ).\nNo\nperson has been authorized to give any information or to make any representations other than those contained in this SAI and the Prospectus\ndated October 28, 2025, and, if given or made, such information or representations may not be relied upon as having been authorized\nby the Trust or the Fund.\nTABLE OF CONTENTS\nFUND HISTORY AND CLASSIFICATION\n1\nEXCHANGE LISTING AND TRADING\n1\nINVESTMENT OBJECTIVE, STRATEGIES AND RISKS\n1\nINVESTMENT RESTRICTIONS\n15\nPORTFOLIO TURNOVER\n17\nDISCLOSURE OF PORTFOLIO HOLDINGS\n17\nMANAGEMENT\n18\nCONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS\n24\nADVISORY AND OTHER SERVICES\n24\nPORTFOLIO MANAGER\n26\nPORTFOLIO TRANSACTIONS AND BROKERAGE\n28\nNET ASSET VALUE\n29\nBOOK ENTRY ONLY SYSTEM\n30\nPURCHASE AND REDEMPTION OF CREATION UNITS\n31\nCONTINUOUS OFFERING\n38\nDIVIDENDS AND DISTRIBUTIONS\n38\nINACTIVE ACCOUNTS\n39\nTAXES\n40\nGENERAL INFORMATION\n45\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n47\nFINANCIAL STATEMENTS\n47\ni\nFUND HISTORY AND CLASSIFICATION\nThis\nStatement of Additional Infor", "ontology": {"Fund": {"administrator": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "advisedBy": ["InvestmentAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:ERShares_Global_Entrepreneurs", "p": "administrator", "o": "org:ULTIMUS_FUND_SOLUTIONS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Global_Entrepreneurs", "p": "seriesOf", "o": "trust:EntrepreneurShares_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Global_Entrepreneurs", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Private_Public_Crossover_ETF", "p": "administrator", "o": "org:ULTIMUS_FUND_SOLUTIONS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Private_Public_Crossover_ETF", "p": "advisedBy", "o": "org:Capital_Impact_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Private_Public_Crossover_ETF", "p": "seriesOf", "o": "trust:EntrepreneurShares_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ERShares_Private_Public_Crossover_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:EntrepreneurShares_Series_Trust", "p": "underwrittenBy", "o": "org:Foreside_Financial_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> ERShares Global Entrepreneurs <predicate_marker> administrator <object_marker> ULTIMUS FUND SOLUTIONS, LLC <predicate_marker> seriesOf <object_marker> EntrepreneurShares Series Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> ERShares Private-Public Crossover ETF <predicate_marker> administrator <object_marker> ULTIMUS FUND SOLUTIONS, LLC <predicate_marker> advisedBy <object_marker> Capital Impact Advisors, LLC <predicate_marker> seriesOf <object_marker> EntrepreneurShares Series Trust <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co <triple_end>\n<triple_start> EntrepreneurShares Series Trust <predicate_marker> underwrittenBy <object_marker> Foreside Financial LLC <triple_end>", "target_serialized_plain": "ERShares Global Entrepreneurs administrator ULTIMUS FUND SOLUTIONS, LLC ; seriesOf EntrepreneurShares Series Trust ; transferAgent Ultimus Fund Solutions, LLC .\nERShares Private-Public Crossover ETF administrator ULTIMUS FUND SOLUTIONS, LLC ; advisedBy Capital Impact Advisors, LLC ; seriesOf EntrepreneurShares Series Trust ; transferAgent Brown Brothers Harriman & Co .\nEntrepreneurShares Series Trust underwrittenBy Foreside Financial LLC .", "stats": {"input_chars": 15091, "n_triples": 8, "text_to_json_ratio": 19.1}}
{"sample_id": "0001496254:ALL", "cik": "0001496254", "trust_name": "Alternative Strategies Income Fund", "input_text": "generation.\nSecurities Offered. The Fund engages in a continuous offering of shares. The Fund has registered 5,000,000 shares and is authorized as a Delaware statutory trust to issue an unlimited number of shares. The Fund is offering to sell, through its distributor, under the terms of this prospectus, 5,000,000 shares of beneficial interest less the amount of shares sold to date, at net asset value plus the applicable sales load. As of October 2, 2012, the Fund's net asset value per share was $10.10. The maximum sales load is 6.00% of the amount invested. The minimum initial investment by a shareholder is $5,000. Subsequent investments may be made with at least $100 under the Fund's automatic investment program. Subsequent investment not made pursuant to the automatic investment program must be made with at least $1,000. The Fund is offering to sell its shares, on a continual basis, through its distributor. The distributor is not required to sell any specific number or dollar amount of the Fund's shares, but will use its best efforts to sell the shares. Funds received will be invested promptly and no arrangements have been made to place such funds in an escrow, trust or similar account. During the continuous offering, shares will be sold at the net asset value of the Fund next determined plus the applicable sales load. See Plan of Distribution. The Fund's continuous offering is expected to continue in reliance on Rule 415 under the Securities Act of 1933 until the Fund has sold shares in an amount equal to approximately $5 billion.\nThe shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. Investing in the Fund's shares involves risks. See Risk Factors below in this prospectus.\nInvestment Adviser\nLadenburg Thalmann Asset Management, Inc. (the Adviser )\nTABLE OF CONTENTS\nPage\nPROSPECTUS SUMMARY\n1\nSUMMARY OF FUND EXPENSES\n8\nCONSOLIDATED FINANCIAL HIGHLIGHTS\n9\nTHE FUND\n9\nUSE OF PROCEEDS\n10\nINVESTMENT OBJECTIVE, POLICIES AND STRATEGIES\n10\nRISK FACTORS\n17\nMANAGEMENT OF THE FUND\n28\nDETERMINATION OF NET ASSET VALUE\n30\nCONFLICTS OF INTEREST\n32\nQUARTERLY REPURCHASE OF SHARES\n32\nDISTRIBUTION POLICY\n35\nDIVIDEND REINVESTMENT POLICY\n35\nU.S. FEDERAL INCOME TAX MATTERS\n37\nDESCRIPTION OF CAPITAL STRUCTURE AND SHARES\n38\nANTI-TAKEOVER PROVISIONS IN DECLARATION OF TRUST\n39\nPLAN OF DISTRIBUTION\n39\nLEGAL MATTERS\n44\nREPORTS TO SHAREHOLDERS\n45\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n45\nADDITIONAL INFORMATION\n45\nTABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION\n46\nPRIVACY NOTICE\n47\nPROSPECTUS SUMMARY\nThis summary does not contain all of the information that you should consider before investing in the shares. You should review the more detailed information contained or incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set forth under the heading Risk Factors.\nThe Fund. Ladenburg Thalmann Alternative Strategies Fund is a continuously offered, non-diversified, closed-end management investment company. See The Fund. The Fund is an interval fund that will offer to make quarterly repurchases of shares at net asset value. See Quarterly Repurchases of Shares.\nInvestment Objective and Policies. The Fund's investment objective is to seek attractive risk-adjusted returns with low to moderate volatility and low correlation to the broader markets, through a concentrated multi-strategy alternative investment approach with an emphasis on income generation. The Fund pursues its investment objective by investing pr\n...\nrchase Policy Risks. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's net asset value.\nU.S. Federal Income Tax Matters.\nThe Fund has elected to be treated and intents to qualify each year for taxation as a regulated investment company under Subchapter M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements. See U.S. Federal Income Tax Matters.\nDividend Reinvestment Policy\nUnless a shareholder elects otherwise, the shareholder's distributions will be reinvested in additional shares under the Fund's dividend reinvestment policy. Shareholders who elect not to participate in the Fund's dividend reinvestment policy will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). See Dividend Reinvestment Policy.\nCustodian\nUnion Bank, N.A. ( Union Bank ) will serve as the Fund's custodian. See Management of the Fund.\nSUMMARY OF FUND EXPENSES\nShareholder Transaction Expenses\nMaximum Sales Load (as a percent of offering price) 1\n6.00%\nAnnual Expenses (as a percentage of net assets attributable to shares)\nManagement Fees\n0.75%\nOther Expenses\n1.53%\nShareholder Servicing Expenses\n0.25%\nAll Non-Shareholder Servicing Other Expenses 2\n1.28%\nAcquired Fund Fees and Expenses 3\n0.59%\nTotal Annual Expenses 4\n2.87%\nFee Waiver and Reimbursement\n(0.53)%\nTotal Annual Expenses (after fee waiver and reimbursement)\n2.34%\n1 Other expenses have been restated (lowered) to remove the effect of non-recurring offering expenses.\n2 Purchases of $1,000,000 or more may be subject to a contingent deferred sales charge on shares redeemed during the first 12 months after their purchase in the amount of the commissions paid on those shares redeemed.\n3 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights,\n7\nwhen issued, because the financial statements, when issued, include only the direct operating expenses incurred by the Fund.\n4 The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense Limitation Agreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.75% per annum of the Fund's average daily net assets (the Expense Limitation). In consideration of the Adviser\n...\ninvestments,\nexcept that the Fund may invest in securities or other instruments backed by or linked to commodities, and\n2\ninvest in companies that are engaged in a commodities\nbusiness or have a significant portion of their assets in commodities, and may\ninvest in commodity pools and other entities that purchase and sell commodities and commodity contracts.\n(8) Make loans to others,\nexcept (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) to the extent the entry\ninto a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities.\nIn addition, the Fund has\nadopted a fundamental policy that it will make quarterly repurchases offers for no less than for 5% of the shares outstanding at net asset\nvalue ( NAV ) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase\npricing shall occur no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th is not a business\nday.\nIf a restriction on the\nFund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain\nsecurities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value\nof the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement\napplicable to borrowings shall be maintained in the manner contemplated by applicable law.\nCertain Portfolio Securities and Other Operating Policies\nNo assurance can be given that\nany or all investment strategies, or the Fund's investment program, will be successful. The Fund's investment adviser is SCG Asset Management,\nLLC (the Adviser ). The Adviser is responsible for allocating the Fund's assets among various alternative investment strategies,\nsubject to policies adopted by the Board. Additional information regarding the types of securities and financial instruments in which\nthe Fund may invest are set forth below.\nNon-U.S. Securities\nThe Fund may invest in equity and\nfixed-income securities of non-U.S. issuers and in depositary receipts, such as American Depositary Receipts ( ADRs ), that\nrepresent an indirect interest in securities of non-U.S. issuers. Non-U.S. securities in which the Fund invests may be listed on non-U.S.\nsecurities exchanges, traded in non-U.S. over-the-counter markets, or purchased in private placements and not be publicly traded. Investments\nin non-U.S. securities are affected by risk factors generally not thought to be present in the U.S.\nThe Fund is not required to hedge\nagainst non-U.S. currency risks, including the risk of changing currency exchange rates, which could reduce the value of non-U.S. currency\ndenominated portfolio securities irrespective of the underlying investment. However, from time to time, the Fund may enter into forward\ncurrency exchange contracts ( forward contracts ) for hedging purposes or speculative purposes to pursue its investment objective.\nForward contracts are transactions involving the Fund's obligation to purchase or sell a specific currency at a future date at a specified\nprice. Forward contracts may be used by the Fund for hedging purposes to protect against uncertainty in the level of future non-U.S. currency\nexchange rates, such as when the Fund anticipates purchasing or selling a non-U.S. security. This technique would allow the Fund to lock\nin the U.S. dollar price of the security. Forward contract\n...\nnd President, Orizon Investment Counsel, LLC (since 2000); Chief\nInvestment Officer (2006 -2010); Partner, Orizon Group, Inc. (a financial services company)\n(2002-2006).\n1\nAdvisorOne Funds (since 2003); Northern Lights Fund Trust (since 2005); Northern Lights Variable Trust (since 2006); CLA Strategic Allocation Fund (2014-2015)\nMark H. Taylor\nBorn in 1964\nTrustee\nSince June 2010.\nDirector, Lynn Pippenger School of Accountancy Muma College of Business, University of South Florida, Tampa FL (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009-2019); Vice President-Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association (2012-15). AICPA Auditing Standards Board Member (2009-2012).\n1\nNorthern Lights Fund Trust (since 2007); Northern Lights Fund Trust\nIII (since 2012); Northern Lights Variable Trust (since 2007)\nJohn V. Palancia\nBorn in 1954\nTrustee\nSince 2012\nRetired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner Smith Inc. (1975-2011).\n1\nNorthern Lights Variable Trust (since 2011); Northern Lights Fund Trust (since 2001); Northern Lights Fund Trust III (since February 2012)\n17\nOfficers\nName, Address and Age\nPosition/Term of Office*\nPrincipal Occupation\nDuring the Past Five Years\nNumber of Portfolios in Fund Complex\nOverseen by Trustee\nOther Directorships held by Trustee During Last 5 Years\nGregory Sachs\nBorn in 1965\nPresident\nSince June 2022.\nChairman and Chief Executive Officer of Sachs Capital\nGroup LP and SCG Asset Management LLC\n(since 2020)\nN/A\nN/A\nJames Colantino\nBorn in 1969\nTreasurer\nSince 2017\nSenior Vice President - Fund Administration,\nUltimus Fund Solutions, LLC (2012-Present)\nN/A\nN/A\nStephanie Shearer\nBorn in 1979\nSecretary\nSince February 2013.\nAssociate Director of Legal Administration, Ultimus Fund Solutions, LLC (since 2022) Manager of Legal Administration, Gemini Fund Services, LLC (2018-2022); and Senior Paralegal, Gemini Fund Services, LLC (2013 - 2018);\nN/A\nN/A\nLynn Bowley\n1958\nChief Compliance Officer\nSince 2016\nManager and Senior Compliance Officer, Northern Lights Compliance Services, LLC, (2010 2019), Senior Vice President, Senior Compliance Officer, Northern Lights Compliance Services, LLC (since 2020).\nN/A\nN/A\n* The term of office for each Trustee and officer listed above will\ncontinue indefinitely.\n** The term Fund Complex refers to the Alternative Strategies\nFund.\nBoard Committees\nAudit Committee\nThe Board has an Audit Committee\nthat consists of all the Independent Trustees each of whom is not an interested person of the Trust within the meaning of\nthe 1940 Act. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of\nthe Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit;\n(iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment\nto such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic\nbasis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors\nany relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors\nand recommending that the B", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Alternative_Strategies_Income_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alternative_Strategies_Income_Fund", "p": "advisedBy", "o": "org:SCG_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alternative_Strategies_Income_Fund", "p": "custodian", "o": "org:U_S_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Alternative_Strategies_Income_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Alternative_Strategies_Income_Fund", "p": "underwrittenBy", "o": "org:Ladenburg_Thalmann_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Alternative Strategies Income Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC. <predicate_marker> advisedBy <object_marker> SCG Asset Management, LLC <predicate_marker> custodian <object_marker> U.S. Bank <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC. <triple_end>\n<triple_start> Alternative Strategies Income Fund <predicate_marker> underwrittenBy <object_marker> Ladenburg Thalmann & Co <triple_end>", "target_serialized_plain": "Alternative Strategies Income Fund administrator Ultimus Fund Solutions, LLC. ; advisedBy SCG Asset Management, LLC ; custodian U.S. Bank ; transferAgent Ultimus Fund Solutions, LLC. .\nAlternative Strategies Income Fund underwrittenBy Ladenburg Thalmann & Co .", "stats": {"input_chars": 14415, "n_triples": 5, "text_to_json_ratio": 30.0}}
{"sample_id": "0001497186:ALL", "cik": "0001497186", "trust_name": "Western Asset High Yield Defined Opportunity Fund Inc.", "input_text": "ional shares at the public offering price, less the sales load, solely to cover\noverallotments, if any. If this option is exercised in full, the total public offering price, sales load, estimated offering expenses and proceeds, after expenses, to the Fund will be approximately $479,265,160, $21,566,932, $958,530 and\n$456,739,698, respectively. See Underwriting. The underwriters expect to deliver the shares of common\nstock to purchasers on or about October 29, 2010.\nBofA Merrill Lynch\nCiti\nMorgan Stanley\nWells Fargo Securities\nJanney Montgomery Scott\nLadenburg Thalmann Co. Inc.\nMaxim Group LLC\nRBC Capital Markets\nThe date of\nthis prospectus is October 26, 2010\n(continued from cover\npage) As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as\npreferred shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes as permitted by the Investment Company Act of 1940, as amended (the 1940 Act ). The Fund may take on leveraging risk by, among other\nthings, purchasing securities on a when-issued or delayed delivery basis, entering into credit default swaps or futures contracts, engaging in short sales or writing options on portfolio securities. To the extent the Fund covers its commitment under\nsuch portfolio management techniques, such instruments will not be considered senior securities for the purposes of the 1940 Act. See The Fund s Investments Leverage and Risks Leverage Risk.\nFor more information on the Fund s investment strategy, see The Fund s Investments and Risks.\nManager and Subadvisers. LMPFA, the Fund s investment manager, will provide administrative\nand management services to the Fund. As of June 30, 2010, LMPFA s total assets under management were approximately $188.5 billion. Western Asset Management Company ( Western Asset ), the Fund s subadviser, will be responsible for the day-to-day portfolio management of the Fund, subject to the supervision of the\nFund s Board of Directors and LMPFA. As of June 30, 2010, Western Asset and its supervised affiliates had approximately $457 billion in assets under management. In connection with Western Asset s service to the Fund, Western Asset Management Company Pte. Ltd. in Singapore ( Western Singapore ), Western Asset Management Company Ltd. in Japan\n( Western Japan ) and Western Asset Management Company Limited in London ( Western Asset Limited and, together with Western Singapore and Western Japan, the Non-U.S. Subadvisers ) will act as subadvisers to the Fund\nand be responsible, generally, for managing Asian (excluding Japan), Japanese, global and non-U.S. dollar fixed income mandates, respectively. See Management of the Fund Non-U.S. Subadvisers.\nLimited Term. The Fund intends to terminate on or about September 30, 2025. Upon its termination, the\nFund will distribute substantially all of its net assets to stockholders, after making appropriate provision for any liabilities of the Fund. The Fund does not seek to return $20.00 per share upon termination. As the assets of the Fund will be\nliquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. Upon termination,\nthe final distribution of net assets may be more than, equal to or less than $20.00 per share. You should read this\nprospectus, which contains important information about the Fund that you should know before deciding whether to invest, and retain it for future reference.\n...\na wholly-owned subsidiary of Legg Mason Inc. ( Legg Mason ), is a registered investment adviser and will be responsible for\nadministrative and management services to the Fund. As of June 30, 2010, LMPFA s total assets under management were approximately $188.5 billion. Legg Mason is a global asset management firm. As of June 30, 2010, Legg Mason s\nasset management operation had aggregate assets under management of approximately $644 billion. LMPFA will receive an annual fee, payable monthly, in an amount equal to .80% of the Fund s average daily net assets. The Fund will pay all of its\noffering expenses\n6\nup to and including $.04 per share of Common Stock. The Fund s management fees and other expenses are borne by the stockholders. LMPFA has agreed to pay (i) all of the Fund s\norganizational expenses, which are estimated to be $65,000, and (ii) the Fund s offering expenses (other than sales load, but inclusive of the $.00667 per share reimbursement of underwriters expenses) in excess of $.04 per share. See\nSummary of Fund Expenses and Management of the Fund.\nSubadviser\nWestern Asset will be the Fund s subadviser. Western Asset, a wholly-owned subsidiary of Legg Mason, is a registered investment adviser and will be responsible for the day-to-day portfolio\nmanagement of the Fund subject to the supervision of the Fund s Board and LMPFA. As of June 30, 2010, Western Asset, and its supervised affiliates, had approximately $457 billion in assets under management. Western Asset will receive an\nannual subadvisory fee, payable monthly, from LMPFA in an amount equal to 70% of the management fee paid to LMPFA. No advisory fee will be paid by the Fund directly to Western Asset. See Management of the Fund.\nNon-U.S. Subadvisers\nIn connection with Western Asset s service to the Fund, Western Asset Management Company Pte. Ltd. in Singapore ( Western Singapore ), Western Asset Management Company Ltd. in\nJapan ( Western Japan ) and Western Asset Management Company Limited in London ( Western Asset Limited and, together with Western Singapore and Western Japan, the Non-U.S. Subadvisers ) will provide certain\nsubadvisory services to the Fund pursuant to subadvisory agreements between Western Asset and each of Western Singapore, Western Japan and Western Asset Limited (collectively, the Non U.S. Subadvisory Agreements ). Western Singapore,\nWestern Japan and Western Asset Limited are generally responsible for managing Asian (excluding Japan), Japanese, global and non-U.S. dollar fixed income mandates, respectively. Western Asset will pay each of Western Singapore, Western Japan and\nWestern Asset Limited a fee for its services at no additional expense to the Fund. Each of Western Singapore, Western Japan and Western Asset Limited will receive a fee from Western Asset, payable monthly, in an amount equal to an annual rate of\n.56% of the Fund s average daily net assets that Western Asset allocates to each such Non-U.S. Subadviser to manage. See Management of the Fund.\nListing and Symbol\nThe Fund s Common Stock has been authorized for listing on the New York Stock Exchange (the NYSE ), subject to notice of issuance. The trading or ticker symbol is\nHYI.\nCustodian and Transfer Agent\nState Street Bank and Trust Company LLC will serve as custodian of the Fund s assets. American Stock Transfer Trust Company LLC will serve as the Fund s transfer agent. See\nCustodian and Transfer Agent.\nSelected Risk Considerations\nAn investment in the Fund s Common Stock involves various material risks. The following is a summary of certain of these risks. It is not complete and you", "ontology": {"Fund": {"subAdvisedBy": ["SubAdviser"]}}, "target_triples": [{"s": "fund:Western_Asset_High_Yield_Defined_Opportunity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Defined_Opportunity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Defined_Opportunity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Defined_Opportunity_Fund_Inc", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Pte_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Western Asset High Yield Defined Opportunity Fund Inc. <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Limited <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Ltd <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Pte. Ltd. <triple_end>", "target_serialized_plain": "Western Asset High Yield Defined Opportunity Fund Inc. subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited , Western Asset Management Company Ltd , Western Asset Management Company Pte. Ltd. .", "stats": {"input_chars": 7204, "n_triples": 4, "text_to_json_ratio": 16.6}}
{"sample_id": "0001501072:ALL", "cik": "0001501072", "trust_name": "RiverNorth Opportunities Fund, Inc.", "input_text": "deemed to be an underwriter within the meaning of the Securities Act and the compensation of JonesTrading may be deemed to be underwriting commissions or discounts.\nInvesting in the Fund s Common Shares involves certain risks. You could lose some or all of your investment. See Risks beginning on page 31 of the accompanying Prospectus. You should consider carefully these risks together with all of the other information contained in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase the Fund s Common Shares.\nNeither the Securities and Exchange Commission ( SEC ) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nProspectus Supplement dated July 16, 2020\n(continued on following page)\ni\nPrincipal Investment Strategies. The Fund seeks to achieve its investment objective by pursuing a tactical asset allocation strategy and opportunistically investing under normal circumstances in closed-end funds, which may include foreign closed-end funds, and exchange-traded funds ( Underlying Funds ). Underlying Funds also may include BDCs and SPACs. Under normal market conditions, the Fund will invest at least 65% of its Managed Assets in closed-end funds and at least 80% of its Managed Assets in Underlying Funds. Managed Assets means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). The Underlying Funds in which the Fund invests will not include those that are advised or subadvised by ALPS Advisors, Inc. (the Adviser or ALPS ), RiverNorth Capital Management, LLC (the Subadviser ) or their affiliates.\nIn selecting closed-end funds, the Subadviser will opportunistically utilize a combination of short-term and longer-term trading strategies to seek to derive value from the discount and premium spreads associated with closed-end funds. The Subadviser employs both a quantitative and qualitative approach in its selection of closed-end funds and has developed proprietary screening models and trading algorithms to trade closed-end funds. The Fund will invest in other Underlying Funds (that are not closed-end funds) to gain exposure to specific asset classes when the Subadviser believes closed-end fund discount or premium spreads are not attractive or to manage overall closed-end fund exposure in the Fund.\nThe Subadviser has the flexibility to change the Fund s asset allocation based on its ongoing analysis of the equity, fixed income and alternative asset markets. The Subadviser considers various quantitative and qualitative factors relating to the domestic and foreign securities markets and economies when making asset allocation and security selection decisions. While the Subadviser continuously evaluates these factors, material shifts in the Fund s asset class exposures will typically take place over longer periods of time.\nUnder normal market conditions, the Fund intends to maintain long positions in Underlying Funds, but may engage in short sales for investment purposes. When the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a broker or other institution. The Fund may benefit from a short position when the shorted security decreased in value. The Fund may also at times establish hedging positions. Hedging positions may i\n...\n20549. The SEC maintains a web site at http://www.sec.gov containing reports, proxy and information statements and other information regarding registrants, including the Fund, that file electronically with the SEC.\nThis Prospectus Supplement and accompanying Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the 1940 Act. This Prospectus Supplement and accompanying Prospectus omits certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC s website (http://www.sec.gov).\nS-8\nRiverNorth Opportunities Fund, Inc.\nTable of Contents\nPerformance Overview\n2\nStatement of Investments\n6\nStatement of Assets and Liabilities\n13\nStatement of Operations\n14\nStatements of Changes in Net Assets\n15\nFinancial Highlights\n16\nNotes to Financial Statements\n19\nApproval of Investment Advisory and Sub-Advisory Agreements\n32\nDividend Reinvestment Plan\n35\nAdditional Information\n37\nPortfolio Holdings\n37\nProxy Voting\n37\nUnaudited Tax Information\n37\nCustodian and Transfer Agent\n37\nLegal Counsel\n37\nIndependent Registered Public Accounting Firm\n37\nData Privacy Policies and Procedures\n38\nRiverNorth Opportunities Fund, Inc.\nPerformance Overview\nJanuary 31, 2020 (Unaudited)\nINVESTMENT OBJECTIVE\nRiverNorth Opportunities Fund, Inc. s (the Fund )\ninvestment objective is total return consisting of capital appreciation and current income.\nPERFORMANCE OVERVIEW\nFor the six month period ended January\n31, 2020, the Fund returned 3.84% on a net asset value ( NAV ) basis and 2.74% on a market price basis. The S P\n500 Total Return Index returned 9.31% during the same period.\nThe Fund benefited from discount narrowing among fixed income\nclosed-end funds in addition to them generally having positive NAV performance over the period.\nThe Fund s holdings in closed-end\nfunds that had exposure to energy related securities detracted from performance. In addition, the Fund had short positions in several\nexchange-traded funds ( ETFs ) for hedging purposes, and this detracted from performance as these ETFs posted positive\nreturns over the period.\nPERFORMANCE as of January 31, 2020\nCUMULATIVE\nAVERAGE ANNUAL\nTOTAL RETURNS (1)\n6 Months\n1 Year\n3 Year\nSince Inception (2)\nRiverNorth\nOpportunities Fund, Inc. - NAV (3)\n3.84%\n9.91%\n5.99%\n9.16%\nRiverNorth\nOpportunities Fund, Inc. - Market Price (4)\n2.74%\n11.23%\n7.05%\n8.06%\nS P 500 Total Return Index\n9.31%\n21.68%\n14.54%\n13.76%\n(1) Total returns assume reinvestment of all distributions.\n(2) The Fund commenced operations on December 24, 2015.\n(3) Performance returns are net of management fees and other Fund expenses.\n(4) Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.\nPerformance data quoted represents\npast performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted.\nThe principal value and investment r\n...\nLoss) on Derivatives\nChange in Unrealized Appreciation/ (Depreciation) on Derivatives\nEquity Contracts (Rights)\nNet realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments\n$ 155\n$ 13,342\nEquity Contracts (Warrants)\nNet realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments\n83,374\n25,380\nTotal\n$ 83,529\n$ 38,722\nThe Fund s average value of rights and\nwarrants held for the six months ended January 31, 2020 were $81,942 and $303,200 respectively.\n24\nwww.rivernorthcef.com\nRiverNorth Opportunities Fund, Inc.\nNotes to Financial Statements\nJanuary 31, 2020 (Unaudited)\nOther: The Fund holds certain investments\nwhich pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed\nthe underlying investments taxable earnings and profits resulting in the excess portion of such dividends being designated\nas a return of capital. Distributions received from investments in securities that represent a return of capital or long - term\ncapital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.\n3. INVESTMENT ADVISORY AND OTHER AGREEMENTS\nALPS Advisors, Inc. ( AAI ) serves\nas the Fund s investment adviser pursuant to an Investment Advisory Agreement with the Fund. As compensation for its services\nto the Fund, AAI receives an annual investment advisory fee of 1.00% based on the Fund s average daily Managed Assets (as\ndefined below). Pursuant to an Investment Sub - Advisory Agreement,\nAAI has retained RiverNorth Capital Management, LLC ( RiverNorth or the Sub - Adviser )\nas the Fund s sub - adviser and AAI pays RiverNorth an annual\nfee of 0.85% based on the Fund s average daily Managed Assets.\nALPS Fund Services, Inc. ( AFS ),\nan affiliate of AAI, serves as administrator to the Fund. Under an Administration, Bookkeeping and Pricing Services Agreement,\nAFS is responsible for calculating the net asset values, providing additional fund accounting and tax services, and providing fund\nadministration and compliance - related services to the Fund. AFS\nis entitled to receive a monthly fee, accrued daily based on the Fund s average Managed Assets, as defined below, plus a\nfixed fee for completion of certain regulatory filings and reimbursement for certain out - of - pocket\nexpenses.\nDST Systems, Inc. ( DST ),\nthe parent company of AAI and AFS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible\nfor maintaining all shareholder records of the Fund. DST is entitled to receive an annual minimum fee of $22,500 plus out - of - pocket\nexpenses. DST is a wholly - owned subsidiary of SS C Technologies\nHoldings, Inc. ( SS C ), a publicly traded company listed on the NASDAQ Global Select Market.\nThe Fund pays no salaries or compensation to\nits officers or to interested Directors employed by the Sub - Adviser.\nFor their services, the Directors of the Fund, which are not affiliated with the Adviser or Sub - Adviser,\nreceive an annual retainer in the amount of $17,000, an additional $2,000 for attending each meeting of the Board and $1,000 for\nattending a special meeting of the Board. In addition, the Independent Chairman receives an additional $10,000 annually. The Directors,\nwhich are not affiliated with the Adviser or Sub - Adviser, are also\nreimbursed for all reasonable out - of - pocket\nexpenses relating to attendance at meetings of the Board.\nCertain officers of the Fund are also employees\nof AAI and AFS. A Director is an officer of RiverNorth.\nManaged Assets: For these purposes,\nthe term Managed Assets is defined as the total assets of the Fund, including assets attributable to leverage, minus liabilities\n(other than debt representing leverage and any preferred stock that may be outstanding), calculated as of 4:00 p.m. Eastern time\non such day or as of such other time or times as the Board may determine in accordance with the provisions of applicable law and\nof the declaration and bylaws of the Fund and with resolutions of the Board as from time to time in force.\nSemi-Annual Report | January 31, 2020\n25\nRiverN\n...\ndministrator at Mail Stop: RiverNorth Opp, 430 West 7th Street, Kansas City, MO 64105 - 1407.\n36\nwww.rivernorthcef.com\nRiverNorth Opportunities Fund, Inc.\nAdditional Information\nJanuary 31, 2020 (Unaudited)\nPORTFOLIO HOLDINGS\nThe Fund files a complete schedule of portfolio\nholdings with the U.S. Securities and Exchange Commission ( SEC ) for the first and third quarters of each fiscal year\non Form N - PORT within 60 days after the end of the period. Copies\nof the Fund s Form N - PORT are available without a charge,\nupon request, by contacting the Fund at 1 - 855 - 830 - 1222\nand on the SEC s website at http://www.sec.gov.\nPROXY VOTING\nA description of the Fund s proxy voting\npolicies and procedures is available (1) without charge, upon request, by calling 1 - 855 - 830 - 1222,\n(2) on the Fund s website located at http://www.rivernorthcef.com, or (3) on the SEC s website at http://www.sec.gov.\nInformation regarding how the Fund voted proxies relating to portfolio securities during the twelve - month\nperiod ended June 30th is available on the SEC s website at http://www.sec.gov.\nUNAUDITED TAX INFORMATION\nOf the distributions paid by the Fund from\nordinary income for the calendar year ended December 31, 2019, the following percentages met the requirements to be treated as\nqualifying for the corporate dividends received deduction and qualified dividend income:\nDividend Received Deduction\nQualified Dividend Income\nRiverNorth Opportunities Fund\n9.22%\n9.40%\nIn early 2020, if applicable, shareholders\nof record received this information for the distributions paid to them by the Funds during the calendar year 2019 via Form 1099.\nThe Fund will notify shareholders in early 2021 of amounts paid to them by the Fund, if any, during the calendar year 2020.\nCUSTODIAN AND TRANSFER AGENT\nState Street Bank and Trust Company, located\nat State Street Financial Center, One Lincoln Street, Boston, MA 02111, serves as the Fund s custodian and maintains custody\nof the securities and cash of the Fund.\nDST Systems, Inc., located at 333 West 11th\nStreet, 5th Floor, Kansas City, Missouri 64105, serves as the Fund s transfer agent and registrar.\nLEGAL COUNSEL\nDechert LLP, located at 1095 Avenue of the\nAmericas, New York, New York 10036, serves as legal counsel to the Fund.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nCohen Company, Ltd. is the independent\nregistered public accounting firm for the Fund.\nSemi-Annual Report | January 31, 2020\n37\nRiverNorth Opportunities Fund, Inc.\nData Privacy Policies and Procedures\nFACTS\nWHAT DOES RIVERNORTH OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?\nWHY?\nFinancial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.\nWHAT?\nThe types of personal information we collect and share depend on the product or service you have with us. This information can include:\nSocial Security number\nPurchase History\nAssets\nAccount Balances\nRetirement Assets\nAccount Transactions\nTransaction History\nWire Transfer Instructions\nChecking Account Information\nWhen you are no longer our customer, we continue to share your information as described in this notice.\nHOW?\nAll financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons RiverNorth Opportunities F", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:RiverNorth_Opportunities_Fund_Inc", "p": "administrator", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunities_Fund_Inc", "p": "advisedBy", "o": "org:RiverNorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunities_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_Trust_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:RiverNorth_Opportunities_Fund_Inc", "p": "seriesOf", "o": "trust:RiverNorth_Opportunities_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunities_Fund_Inc", "p": "transferAgent", "o": "org:DST_Systems_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> RiverNorth Opportunities Fund, Inc. <predicate_marker> administrator <object_marker> ALPS Fund Services, Inc. <predicate_marker> advisedBy <object_marker> RiverNorth Capital Management, LLC <predicate_marker> custodian <object_marker> State Street Bank & Trust Co. <predicate_marker> seriesOf <object_marker> RiverNorth Opportunities Fund, Inc. <predicate_marker> transferAgent <object_marker> DST Systems, Inc. <triple_end>", "target_serialized_plain": "RiverNorth Opportunities Fund, Inc. administrator ALPS Fund Services, Inc. ; advisedBy RiverNorth Capital Management, LLC ; custodian State Street Bank & Trust Co. ; seriesOf RiverNorth Opportunities Fund, Inc. ; transferAgent DST Systems, Inc. .", "stats": {"input_chars": 15005, "n_triples": 5, "text_to_json_ratio": 34.2}}
{"sample_id": "0001503123:ALL", "cik": "0001503123", "trust_name": "DBX ETF Trust", "input_text": "ll the telephone number included in this prospectus .\nPrior to August 4, 2026, the fund operated with a different investment strategy. The fund operated as a passive ETF that tracked the Solactive Municipal Infrastructure Revenue Bond Index. Fund returns prior to August 4, 2026 reflect fund returns when it was tracking the Solactive Municipal Infrastructure Revenue Bond Index. The fund's past performance may have been different if the fund was actively managed using the current investment strategies and process.\nCALENDAR YEAR TOTAL RETURNS (%)\n&#x2009; &#x2003;\nProspectus&#x2003; August 4, 2026\n6\nXtrackers Municipal Infrastructure Revenue Bond Active ETF\nReturns\nPeriod\nending\nBest\nQuarter\n%\nWorst\nQuarter\n%\nYear-to-Date\n%\nAverage Annual Total Returns\n(For periods ended 12/31/ 2025 expressed as a %)\nAll after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold shares of the fund in tax-deferred accounts such as individual retirement accounts ( &#x201c; IRAs &#x201d; ) or employee-sponsored retirement plans. &#x2003;\nInception\nDate\n1\nYear\n5\nYears\n10\nYears\nReturns\nbefore tax\n6/4/2013\nAfter\ntax on distribu-\ntions\nAfter\ntax on distribu-\ntions\nand sale of fund\nshares\nBloomberg\nMunicipal\nBond\nIndex (reflects\nno\ndeductions\nfor fees,\nexpenses\nor taxes)\n[ADDITIONAL\nPERFORMANCE\nINDEX]\n(reflects\nno\ndeductions\nfor fees,\nexpenses\nor taxes)\n[ADDITIONAL PERFORMANCE\nINDEX] is a more narrowly based index that the Advisor believes more closely aligns with the fund&#x2019;s investment strategy.\nManagement\nInvestment Advisor\nDBX Advisors LLC\nPortfolio Managers\nBenjamin Spalding, CESGA, Vice President of DBX Advisors LLC, Director and Senior Portfolio Engineer Team Lead, Xtrackers, of DWS Investment Management Americas, Inc. Portfolio Manager of the fund. Began managing the fund in 2022.\nNancy Thai, Vice President of DBX Advisors LLC, Assistant Vice President and Portfolio Engineer, Xtrackers, of DWS Investment Management Americas, Inc. Portfolio Manager of the fund. Began managing the fund in 2024.\nMatthew J. Caggiano, CFA, Vice President of DBX Advisors LLC, Managing Director and Head of Investment Strategy Fixed Income, of DWS Investment Management Americas, Inc. Portfolio Manager of the fund. Began managing the fund in 2026.\nChad H. Farrington , CFA , Vice President of DBX Advisors LLC, Managing Director and Head of Investment Strategy Fixed Income , of DWS Investment Management Americas, Inc. Portfolio Manager of the fund. Began managing the fund in 2026 .\nPurchase and Sale of Fund Shares\nThe fund is an exchange-traded fund (commonly referred to as an &#x201c; ETF &#x201d; ). Individual fund shares may only be purchased and sold through a brokerage firm. The price of fund shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund will only issue or redeem shares that have been aggregated into blocks of 50,000 shares or multiples thereof ( &#x201c; Creation Units &#x201d; ) to APs who have entered into agreements with ALPS Distributors, Inc., the fund&#x2019;s distributor. You may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares of the fund (ask) when buying or selling shares (the &#x201c; bid-ask spread &#x201d; ). Information on the fund&#x2019;s net asset value, market price, premiums and discounts and bid-ask spreads may be found at Xtrackers.com (the website does not form a part of this prospectus).\nTax Information\nThe fund intends to meet certain federal income tax requirements so that distributions of tax-exempt interest income will be treated as &#x201c; exempt-interest dividends. &#x201d; These dividends are not subject to regular federal income tax. The fund may invest an unlimited amount of its net assets in municipal securities that generate interest income subject to the AMT. All exempt interest dividends may increase certain corporate shareholders&#x2019; alternative minimum tax liability. The fund expects that its distributions will consist primarily of exempt-interest dividends. The fund&#x2019;s exempt-interest dividends may be subject to state and local taxes.\nFor more information regarding the tax consequences that may be associated with investing in the fund, please refer to the section of this Prospectus entitled &#x201c; Taxes. &#x201d;\nPayments to Broker-Dealers and\nOther Financial Intermediaries\nIf you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, the support of technology\nProspectus&#x2003; August 4, 2026\n7\nXtrackers Municipa\n...\nion has been derived from the financial statements audited by [ AUDITOR] , independent registered public accounting firm, whose report, along with the fund&#x2019;s financial statements, is included in the fund&#x2019;s Annual\nFinancial Statements and Other Information Report (see &#x201c; For More Information &#x201d; on the back cover). Effective as of the date of this prospectus, Xtrackers Municipal Infrastructure Revenue Bond ETF changed its name to Xtrackers Municipal\nInfrastructure Revenue Bond Active ETF.\nXtrackers Municipal\nInfrastructure Revenue Bond Active ETF &#x2003;\nProspectus&#x2003; August 4, 2026\n24\nFinancial Highlights\nFOR MORE INFORMATION:\nXTRACKERS.COM\n1-844-851-4255\nAdditional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected fund performance during its last fiscal year. In Form N-CSR, you will find the fund's annual and semi-annual financial statements. Copies of the prospectus, SAI and recent shareholder and other fund reports, when available, can be found on our website at Xtrackers.com. For more information about the fund, you may request a copy of the SAI. The SAI provides detailed information about the fund and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.\nIf you have any questions about the Trust or shares of the fund or you wish to obtain the SAI or a shareholder or other fund report free of charge, please: &#x2003;\nCall:\n1-844-851-4255 (toll free)\nMonday through Friday\n8:30 a.m. to 6:30 p.m. (Eastern time)\n&#x2003;\nE-mail: dbxquestions@list.db.com\nWrite:\nDBX ETF Trust\nc/o ALPS Distributors, Inc.\n1290 Broadway, Suite 1000\nDenver, Colorado 80203\nInformation about the fund (including the SAI), reports and other information about the fund (such as fund financial statements) are available on our website at Xtrackers.com and on the EDGAR Database on the SEC&#x2019;s website at sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov . The fund's recent shareholder reports and financial statements are also in the fund's annual and semi-annual filings with the SEC on Form N-CSR, which are available on the EDGAR Database on the SEC's website at sec.gov.\nHouseholding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.\nNo person is authorized to give any information or to make any representations about the fund and their shares not contained in this prospectus and you should not rely on any other information. Read and keep the prospectus for future reference.\n&#x2002;\nInvestment Company Act File No.: 811-22487 &#x2003;\n&#x2009;\n(06/__/26) RVNU-1\nStatement of Additional Information\nAugust 4 , 2026\nDBX ETF TRUST\nXtrackers Municipal Infrastructure Revenue Bond Active ETF\nNYSE Arca, Inc.: RVNU\nThis Statement of Additional Information ( SAI ) is not a prospectus and should be read in conjunction with the prospectus for the fund dated August 4 , 2026 , as supplemented, a copy of which may be obtained without charge by calling 1-844-851-4255; by visiting Xtrackers.com (the Web site does not form a part of this SAI); or by writing to the Trust s distributor, ALPS Distributors, Inc. (the Distributor ), 1290 Broadway, Suite 1000, Denver, Colorado 80203. This SAI is incorporated by reference into the prospectus.\nPortions of the Annual Financial Statements and Other Information Report of the fund are incorporated herein by reference, and are hereby deemed to be part of this SAI. Such reports may also be obtained without charge by calling the number provided in the preceding paragraph.\nThis SAI is divided into two Parts Part I and Part II. Part I contains information that is specific to the fund, while Part II contains information that generally applies to each of the funds in the Xtrackers funds.\nStatement of Additional Information (SAI) Part I\nPage\nPart I\nI - 1\nDefinitions\nI - 1\nFund Organization\nI - 2\nManagement of the Fund\nI - 2\nPortfolio Transactions, Brokerage Commissions and Securities Lending Activities\nI - 2\nInvestments\nI - 2\nInvestment Restrictions\nI - 2\nTaxes\nI - 4\nIndependent Registered Public Accounting Firm, Reports to Shareholders and Financial\nStatements\nI - 5\nAdditional Information\nI - 5\nPart I: Appendix I-A Board Member Share Ownership and Control Persons\nI - 6\nPart I: Appendix I-B Board Committees and Meetings\nI - 8\nPart I: Appendix I-C Board Member Compensation\nI - 10\nPart I: Appendix I-D Portfolio Management\nI - 11\nPart I: Appendix I-E Service Provider Compensation\nI - 13\nPart I: Appendix I-F Portfolio Transactions and Brokerage Commissions\nI - 14\nPart I: Appendix I-G Investments, Practices and Techniques, and Risks\nI - 15\nPart I: Appendix I-H Securities Lending Activities\nI - 16\nPart I: Appendix I-I Additional Information\nI - 17\nPart II\nII-1\nDetailed Part II table of contents precedes page II-1\nPart I\nDefinitions\n1933 Act the Securities Act of 1933, as amended\n1934 Act the Securities Exchange Act of 1934, as amended\n1940 Act the Investment Company Act of 1940, as amended\nAdministrator or Custodian or Transfer Agent or BNY The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286\nAdvisor or DBX DBX Advisors LLC, 875 Third Avenue, New York, New York 10022\nALPS or Distributor ALPS Distributors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203\nBoard Board of Trustees of the Trust\nBoard Members Members of the Board of Trustees of the Trust\nBusiness Day any day on which the Exchange on which the fund is listed for trading is open for business\nCash Component deposit of a specified cash payment\nCreation Units shares that have been aggregated into blocks\nCode the Internal Revenue Code of 1986, as amended\nDTC Depository Trust Company\nDWS refers to the asset management activities conducted by DWS Group GmbH Co. KGaA or any of its subsidiaries, including the Advisor and other affiliated investment advisors\nDWS Group a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG.\nETF exchange-traded fund\nExchange NYSE Arca, Inc.\nFitch Fitch Ratings, an NRSRO\nFund Legal Counsel Vedder Price P.C., 222 North LaSalle Street, Chicago, Illinois 60601\nfund or series Xtrackers Municipal Infrastructure Revenue Bond Active ETF\nIndependent Board Members Board Members who are not interested persons (as defined in the 1940 Act) of the fund, the investment advisor or the distributor\nIndependent Registered Public Accounting Firm [ Auditor name ] , [ Auditor address ]\nIndependent Trustee Legal Counsel K L Gates LLP, 1601 K Street, NW, Washington, DC 20006\nIOPV Indicative Optimized Portfolio Value\nMoody s Moody s Investors Service, Inc., an NRSRO\nNRSRO a nationally recognized statistical rating organization\nSEC the Securities and Exchange Commission\nShares shares of beneficial interest registered under the 1933 Act\nTrust DBX ETF Trust\nUnita\n...\npayments to a Subadvisor, if any, the cost of transfer agency, custody, fund administration, compensation paid to the Independent Board Members in respect of the Independent Board Members service to the fund, legal, audit and other services) except for the fee payments under the Investment Advisory Agreement, interest expense, taxes, brokerage expenses, future distribution fees or expenses, litigation expenses and other extraordinary expenses.\nThe Investment Advisory Agreement with respect to each fund continues in effect for two years from its effective date, and thereafter is subject to annual approval by (i) the Board or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the applicable fund, provided that in either event such continuance also is approved by a majority of the Board who are not interested persons (as defined in the 1940 Act) of the applicable fund, by a vote cast in person at a meeting called for the purpose of voting on such approval.\nThe Investment Advisory Agreement with respect to each fund is terminable without penalty, on 60 days notice, by the Board or by a vote of the holders of a majority of the applicable fund s outstanding voting securities (as defined in the 1940 Act). The Investment Advisory Agreement is also terminable upon 60 days notice by the Advisor and will terminate automatically in the event of its assignment (as defined in the 1940 Act).\nThe annual Unitary Advisory Fee rate for each fund is set forth in Part II Appendix II-C .\nII-1\nSubadvisor (applicable only to those funds that have a Subadvisory arrangement as described in Part I) . Each Subadvisor serves as Subadvisor to a fund pursuant to the terms of an Investment Sub-Advisory Agreement between it and DBX (Subadvisory Agreement).\nHarvest Global Investments Limited (HGI), located at Level 32, Lee Garden One, 33 Hysan Ave, Causeway Bay, Hong Kong, serves as the investment Subadvisor to all the assets of two funds. HGI is an investment advisor registered with the SEC. In addition, HGI is an affiliate of DWS Group.\nRREEF America L.L.C. (RREEF), 222 South Riverside Plaza, Chicago, Illinois 60606, serves as Subadvisor to all of the assets of one fund. RREEF is an investment advisor registered with the SEC. RREEF is an affiliate of DBX and an indirect, wholly-owned subsidiary of DWS Group. RREEF has provided real estate investment management services to institutional investors since 1975 and has been an investment advisor of real estate securities since 1993.\nTerms of the Subadvisory Agreement with HGI . Pursuant to the terms of the Subadvisory Agreement, the Subadvisor makes the investment decisions, buys and sells securities, and conducts the research that leads to these purchase and sale decisions for a fund. The Subadvisor is also responsible for selecting brokers and dealers to execute portfolio transactions and for negotiating brokerage commissions and dealer charges on behalf of a fund. Under the terms of the Subadvisory Agreement, the Subadvisor manages the investment and reinvestment of a fund's assets and provides such investment advice, research and assistance as DBX may, from time to time, reasonably request.\nThe Subadvisory Agreement provides that the Subadvisor will not be liable for any error of judgment or mistake of law or for any loss suffered by a fund in connection with matters to which the Subadvisory Agreement relates, except a loss resulting from (a) the Subadvisor causing a fund to be in violation of any applicable federal or state law, rule or regulation or any investment polic", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Xtrackers_Artificial_Intelligence_and_Big_Data_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Artificial_Intelligence_and_Big_Data_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Artificial_Intelligence_and_Big_Data_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Artificial_Intelligence_and_Big_Data_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Artificial_Intelligence_and_Big_Data_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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"fund:Xtrackers_Cybersecurity_Select_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Cybersecurity_Select_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Cybersecurity_Select_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Cybersecurity_Select_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Cybersecurity_Select_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_300_China_A_Shares_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_300_China_A_Shares_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_300_China_A_Shares_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_300_China_A_Shares_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_300_China_A_Shares_ETF", "p": "subAdvisedBy", "o": "org:Harvest_Global_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_500_China_A_Shares_Small_Cap_ETF", "p": "subAdvisedBy", "o": "org:Harvest_Global_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_Harvest_CSI_500_China_A_Shares_Small_Cap_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_International_Real_Estate_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_International_Real_Estate_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_International_Real_Estate_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_International_Real_Estate_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_International_Real_Estate_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_All_World_ex_US_Hedged_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_All_World_ex_US_Hedged_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_All_World_ex_US_Hedged_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_All_World_ex_US_Hedged_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_All_World_ex_US_Hedged_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_Hedged_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_Hedged_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_Hedged_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_Hedged_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_Hedged_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_High_Dividend_Yield_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_High_Dividend_Yield_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_High_Dividend_Yield_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_High_Dividend_Yield_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_EAFE_High_Dividend_Yield_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Emerging_Markets_Hedged_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Emerging_Markets_Hedged_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Emerging_Markets_Hedged_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Emerging_Markets_Hedged_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Emerging_Markets_Hedged_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Europe_Hedged_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Europe_Hedged_Equity_ETF", "p": "advisedBy", "o": "org:DBX_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Europe_Hedged_Equity_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Europe_Hedged_Equity_ETF", "p": "seriesOf", "o": "trust:DBX_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Europe_Hedged_Equity_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Xtrackers_MSCI_Eurozone_Hedged_Equity_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": 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{"sample_id": "0001506213:ALL", "cik": "0001506213", "trust_name": "Strategy Shares", "input_text": "about the Fund that you should know before investing. Please read it carefully and keep it\nfor future reference.\nNeither\nthe Securities and Exchange Commission nor the Commodity Futures Trading Commission has approved or disapproved these securities or determined\nif this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nTABLE\nOF CONTENTS\nFUND SUMMARY STRATEGY SHARES GOLD ENHANCED YIELD ETF\n3\nADDITIONAL INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES AND\nRELATED RISKS\n15\nSHAREHOLDER INFORMATION\n38\nDISTRIBUTION OF THE FUND\n41\nMANAGEMENT OF THE FUND\n41\nDIVIDENDS AND DISTRIBUTIONS\n42\nTAX CONSEQUENCES\n43\nFINANCIAL HIGHLIGHTS\n45\nPREMIUM/DISCOUNT INFORMATION\n46\nFUND\nSUMMARY STRATEGY SHARES GOLD ENHANCED YIELD ETF\nInvestment\nObjective:\nThe Fund s investment objective is to seek income and long-term capital appreciation.\nFees\nand Expenses:\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may\npay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example\nbelow.\nShareholder Fees (fees paid directly from your investment)\nShareholder\nFees\n(fees paid directly from your investment)\nNone\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\nManagement\nFee (1)\n0.79 %\nDistribution\nand/or Service Fee (12b-1) Fees\n0.00 %\nOther\nExpenses\n0.00 %\nAcquired\nFund Fees and Expenses (2) (3)\n0.11 %\nTotal\nAnnual Fund Operating Expenses\n0.90 %\n(1) The\nmanagement fee is structured as a unified fee, out of which the Fund s investment adviser, Rational Advisors, Inc.\n(the Advisor ), pays all routine expenses of the Fund, except for the Fund s management fee; payments under any 12b-1\nplan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends\nand interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or\nreorganizational costs), each of which is paid by the Fund.\n(2) Acquired\nFund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in\nthis fee table will not correlate to the expense ratio in the Fund s financial highlights because the financial statements include\nonly the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.\n(3) Estimated\nfor the current fiscal year\nExample:\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.\nThe Example\nassumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those\nperiods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the\npurchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund s operating\nexpenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\n$ 92\n$ 287\n$ 498\n$ 1,108\nPortfolio\nTurnover:\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its\nportfolio). A higher portfol\n...\nimbursements had not occurred, the ratios would have been as indicated.\n(f) Commencement\nof operations.\n(g) Amount\nis less than ($0.005).\n(h) The\namount of net realized and unrealized gain on investments per share does not accord with the amounts in the Statements of Operations\ndue to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year.\n(i) Portfolio\nturnover increases/decreases due to change within the portfolio holdings during the period.\n* Statement\nhas been consolidated.\n45\nPREMIUM/DISCOUNT\nINFORMATION\nThe\nFund s daily NAV, and information showing the number of days the market price of the Fund s shares was greater (at a premium)\nand less (at a discount) than the Fund s NAV for the most recently completed calendar year, and the most recently completed calendar\nquarters since that year (or the life of the Fund, if shorter), is available at www.strategysharesetfs.com.\nMore\ninformation about the Fund is available free of charge, upon request, including the following:\nAnnual\nand Semi-Annual Reports\nAdditional\ninformation about the Fund s investments is available in the Fund s annual and semi-annual reports to shareholders and Form\nN-CSR filed with the SEC. In the Fund s annual report, you will find a discussion of the market conditions and investment strategies\nthat significantly affected the Fund s performance during its last fiscal year. In Form N-CSR, you will find the Fund s annual\nand semi-annual financial statements.\nStatement\nof Additional Information (SAI)\nThe\nSAI provides more detailed information about the Fund and its policies. A current SAI is on file with the SEC and is incorporated by\nreference into (considered a legal part of) this Prospectus.\nRational\nAdvisors, Inc. is the Advisor to the Fund.\nForeside\nFund Services, LLC is the Distributor.\nTo\nobtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries:\nCall\n(855)\n4SS-ETFS or (855) 477-3837\nWrite\nStrategy\nShares, 36 North New York Avenue, Huntington, New York 11743\nLog\non the Internet\nYou\nmay also access Fund information, including copies of the most current SAI and annual and semi-annual reports, information on the Fund s\nNAV, market price, premiums and discounts, and bid-ask spreads, at www.strategysharesetfs.com. Reports and other information about the\nFund are available on the EDGAR Database on the SEC s website at www.sec.gov.\nContact\nthe SEC\nYou\nmay request Fund information from the SEC by e-mail at publicinfo@sec.gov. A duplicating fee will apply.\nInvestment\nCompany Act of 1940 No. 811-22497\n46\n36\nNorth New York Avenue\nHuntington, NY 11743\nSeries\nof the Trust\nCboe\nBZX Exchange, Inc. Ticker Symbol\nStrategy\nShares Gold Enhanced Yield ETF\nGOLY\nSTATEMENT\nOF ADDITIONAL INFORMATION\nThis\nStatement of Additional Information ( SAI ) contains information that may be of interest to investors in Strategy Shares\nGold Enhanced Yield ETF (the Fund ), a series of Strategy Shares (the Trust ), but that is not included in\nthe Fund s prospectus, dated May 6, 2026 (the Prospectus ). This SAI is not a prospectus and is only authorized\nfor distribution when accompanied or preceded by the Prospectus. This SAI should be read together with the Prospectus. This SAI incorporates\nby reference the audited financial statements and Report of Independent Registered Public Accounting Firm in the Fund s Annual\nReport for the fiscal year ended April 30, 2025 and the Fund s Semi-Annual\nReport to shareholders for the fiscal period ended October 31, 2025. Investors may obtain a free copy of the Prospectus by writing\nthe Trust at 36 North New York Avenue, Huntington, NY 11743, or by telephoning toll free 800-253-0412. This SAI is also available on\nthe Fund s website at www.strategysharesetfs.com .\nMay 6 ,\n2026\nTABLE\nOF CONTENTS\nDEFINITIONS\n1\nOVERVIEW\nOF THE TRUST\n2\nEXCHANGE\nLISTING AND TRADING\n2\nINVESTMENT\nPRACTICES\n3\nINVESTMENT\nRISKS\n18\nINVESTMENT\nRESTRICTIONS\n27\nMANAGEMENT\n29\nSERVICE\nPROVIDERS\n35\nSUPPLEMENTAL\nPAYMENTS TO FINANCIAL INTERMEDIARIES\n39\nPURCHASE\nAND REDEMPTION OF CREATION UNITS\n39\nBROKERAGE\nTRANSACTIONS\n48\nADDITIONAL\nINFORMATION ABOUT THE TRUST\n49\nFEES\nPAID FOR SERVICES\n49\nPRINCIPAL\nHOLDERS OF SECURITIES\n50\nBOOK\nENTRY ONLY SYSTEM\n50\nVOTING\nPROXIES OF FUND PORTFOLIO SECURITIES\n51\nPORTFOLIO\nHOLDINGS DISCLOSURE PRACTICES\n51\nORGANIZATION\nAND MANAGEMENT OF WHOLLY OWNED SUBSIDIARY\n52\nCODE\nOF ETHICS\n52\nPORTFOLIO\nTURNOVER\n53\nDETERMINATION\nOF NET ASSET VALUE\n53\nTAXES\n53\nDIVIDENDS\nAND DISTRIBUTIONS\n62\nFINANCIAL\nSTATEMENTS\n62\nAPPENDIX\n1\n63\nAPPENDIX\n2\n66\nDEFINITIONS\nFor\nconvenience, we will use the following defined terms throughout this SAI.\nDefined\nTerm\nDefinition\nAdvisor\nRational\nAdvisors, Inc.\nAdvisers\nAct\nInvestment\nAdvisers Act of 1940, as amended.\nAuthorized\nParticipant\nAn\nentity that has entered a Participant Agreement with the Distributor that has been accepted by the Custodian with respect to the\noffer and sale of the Fund s Creation Units and is either a participant in the CNS System or is a DTC Participant.\nBoard\nBoard\nof Trustees of the Trust.\nBusiness\nDay\nAny\nday that the Exchange is open for business. As of the date of this SAI, the Exchange observes the following holidays: New Year s\nDay, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence\nDay, Labor Day, Thanksgiving Day, and Christmas Day.\nCiti\nCiti\nFund Services Ohio, Inc., the financial administrator, fund accountant, and transfer agent of the Trust.\nCNS\nSystem\nContinuous\nNet Settlement System of the NSCC.\nCNS\nParticipant\nAn\nentity that participates in the CNS System.\nCode\nInternal\nRevenue Code of 1986, as amended.\nCreation\nUnit\nBlock\nof 10,000 Fund shares.\nCustodian\nCitibank,\nN.A.\nDistributor\nForeside\nFund Services, LLC.\nDTC\nDepository\nTrust Company.\nDTC\nParticipant\nAn\nentity for which DTC holds securities and which has access to the DTC system.\nETF\nExchange-traded\nfund.\nExchange\nCboe\nBZX Exchange, Inc.\nFund\nStrategy\nShares Gold Enhanced Yield ETF.\nIndependent\nTrustees\nTrustees\nwho are not interested persons of the Trust, as defined in the 1940 Act.\nInterested\nTrustees\nTrustees\nwho are interested persons of the Trust, as defined in the 1940 Act.\nNAV\nNet\nasset value.\nNRSRO\nNationally\nRecognized Statistical Ratings Organization, such as Moody s Investors Service ( Moody s ) or S P Global\nRatings ( S P ).\nNSCC\nNational\nSecurities Clearing Corporation, a clearing agency registered with the SEC.\nSEC\nU.S.\nSecurities and Exchange Commission.\nSubsidiary\nSSGBI\nFund Limited, a Cayman Islands company.\nTransfer\nAgent\nCiti.\n1933\nAct\nThe\nSecurities Act of 1933, as amended.\n1934\nAct\nThe\nSecurities Exchange Act of 1934, as amended.\n1940\nAct\nThe\nInvestment Company Act of 1940, as amended.\n1\nOVERVIEW\nOF THE TRUST\nThe\nTrust was organized on September 7, 2010 as a Delaware statutory trust and is registered under the 1940 Act as an open-end management\ninvestment company.\nThe\nDeclaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest in one or more series representing\ninterests in separate portfolios of securities. The Declaration of Trust also permits the Trust to offer two or more classes of shares.\nCurrently, the Trust offers its shares in several separate series. The Fund is a diversified exchange-traded series of the Trust and\nseeks income and long-term capital appreciation. The Fund commenced operations on May 17, 2021. Additional series may be created from\ntime to time.\nThe\nFund only offers, sells, and re\n...\npermitted by law, in no event shall ISS have any liability regarding any of the\nInformation for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified\nof the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded\nor limited.\n2025 | Institutional Shareholder Services and/or its affiliates\nPART C: OTHER INFORMATION\nItem 28.\nExhibits\n(a)(1)\nCertificate\nof Trust of Huntington Strategy Shares (now known as Strategy Shares) (the Trust or the Registrant )\nIncorporated herein\nby reference to Registrant s Initial Registration Statement on Form N-1A filed on November 22, 2010.\n(a)(2)\nRegistrant s\nAgreement and Declaration of Trust Incorporated herein by reference to Registrant s Initial Registration Statement on\nForm\nN-1A filed on November 22, 2010.\n(a)(3)\nCertificate\nof Amendment to Certificate of Trust - Incorporated herein by reference to Registrant s Post-Effective Amendment No. 8\nfiled\non June 8, 2016.\n(b)\nRegistrant s\nBy-Laws Incorporated herein by reference to Registrant s Initial Registration Statement on Form N-1A filed on November\n22,\n2010.\n(c)\nInstruments Defining Rights of Security Holders:\nNone (other than in the Declaration of Trust and By-laws of\nthe Registrant).\n(d)(1)\nManagement\nAgreement between Registrant and Rational Advisors, Inc. dated January 1, 2016 - Incorporated herein by reference to Registrant s\nPost-Effective Amendment No. 8 filed on June 8, 2016.\n(d)(2)\nExhibit\nA to Management Agreement between Registrant and Rational Advisors, Inc. dated December 10, 2021 - Incorporated herein by reference to\nRegistrant s Post-Effective Amendment No. 91 filed on December 13, 2021.\n(d)(3)\nManagement\nAgreement between Registrant and Day Hagan Asset Management dated January 9, 2020 Incorporated herein by reference to Registrant s\nPost- Effective\nAmendment No. 63 filed on January 10, 2020.\n(d)(4)\nExhibit\nto Management Agreement between Registrant and Day Hagan Asset Management dated February 7, 2025 Incorporated herein by reference\nto Registrant s Post-Effective Amendment No. 140 filed on February 12, 2025.\n(d)(5)\nManagement\nAgreement dated February 19, 2021, between Registrant and Rational Advisors, Inc. - Incorporated herein by reference to Registrant s\nPost-Effective Amendment No. 76 filed on February 19, 2021.\n(d)(6)\nExhibit\nto Management Agreement between Registrant and Rational Advisors, Inc. effective May 17, 2021 - Incorporated herein by reference\nto Registrant s Post-Effective Amendment No. 142 filed on May 13, 2025.\n(d)(7)\nSub-Advisory\nAgreement between Rational Advisors, Inc. and Rareview Capital LLC dated May 9, 2025, relating to the Monopoly\nETF Incorporated herein by reference to Registrant s\nPost-Effective Amendment No. 142 filed on May 13, 2025.\n(d)(8)\nInvestment\nAdvisory Agreement dated August 23, 2024, between Registrant and Eventide Asset Management, LLC Incorporated herein\nby\nreference to Registrant s Post-Effective Amendment No. 127 filed on August 26, 2024.\n(d)(9)\nExhibit\n1 to Investment Advisory Agreement between Registrant and Eventide Asset Management, LLC dated December 12, 2024. Incorporated\nherein by reference to Registrant s Post-Effective Amendment No. 135 filed on December 13, 2024.\n(d)(10)\nExhibit\n1 to Investment Advisory Agreement between Registrant and Eventide Asset Management, LLC dated September 16, 2025 Incorporated\nherein by reference to Registrant s Post-Effective Amendment No. 146 filed on September 19, 2025.\n(d)(11)\nAmendment\nto Management Agreement dated January 1, 2016, between Registrant and Rational Advisors, Inc. dated March 25, 2025 Incorporated\nherein by reference to Registrant s Post-Effective Amendment No. 145 filed on August 27, 2025.\n(d)(12)\nAmendment\nto Management Agreement dated January 9, 2020, between Registrant and Day Hagan Asset Management dated March 25, 2025 Incorporated\nherein by reference to Registrant s Post-Effective Amendment No. 145 filed on August 27, 2025 .\n(d)(13)\nAmendment\nto Management Agreement dated February 19, 2021, between Registrant and Rational Advisors, Inc. dated March 25, 2025 Incorporated\nherein by reference to Registrant s Post-Effective Amendment No. 145 filed on August 27, 2025 .\n(e)(1)\nETF\nDistribution Agreement between Registrant and Foreside Fund Services, LLC dated May 1, 2016 - Incorporated herein by reference\nto\nRegistrant s Post-Effective Amendment No. 8 filed on June 8, 2016.\n(e)(2)\nNovation\nof ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC, effective as of September 30, 2021 -\nIncorporated\nherein by reference to Registrant s Post-Effective Amendment No. 95 filed on December 28, 2", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Day_Hagan_Smart_Buffer_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Buffer_ETF", "p": "advisedBy", "o": "org:Day_Hagan_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Buffer_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Buffer_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Buffer_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_ETF", "p": 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"org:Day_Hagan_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_Fixed_Income_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_Fixed_Income_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_Fixed_Income_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_International_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_International_ETF", "p": "advisedBy", "o": "org:Day_Hagan_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_International_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_International_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Day_Hagan_Smart_Sector_International_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_High_Dividend_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_High_Dividend_ETF", "p": "advisedBy", "o": "org:Eventide_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_High_Dividend_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_High_Dividend_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_High_Dividend_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_US_Market_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_US_Market_ETF", "p": "advisedBy", "o": "org:Eventide_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_US_Market_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_US_Market_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eventide_US_Market_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Gold_Enhanced_Yield_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Gold_Enhanced_Yield_ETF", "p": "advisedBy", "o": "org:Rational_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Gold_Enhanced_Yield_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Gold_Enhanced_Yield_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Gold_Enhanced_Yield_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Nasdaq_7_HANDL_TM_Index_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Nasdaq_7_HANDL_TM_Index_ETF", "p": "advisedBy", "o": "org:Rational_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Nasdaq_7_HANDL_TM_Index_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Nasdaq_7_HANDL_TM_Index_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Nasdaq_7_HANDL_TM_Index_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Newfound_ReSolve_Robust_Momentum_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Newfound_ReSolve_Robust_Momentum_ETF", "p": "advisedBy", "o": "org:Rational_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Newfound_ReSolve_Robust_Momentum_ETF", "p": "custodian", "o": "org:Citibank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Newfound_ReSolve_Robust_Momentum_ETF", "p": "seriesOf", "o": "trust:Strategy_Shares", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Strategy_Shares_Newfound_ReSolve_Robust_Momentum_ETF", "p": "transferAgent", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Strategy_Shares", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Day Hagan Smart Buffer ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Day Hagan Asset Management <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Day Hagan Smart Sector ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Day Hagan Asset Management <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Day Hagan Smart Sector Fixed Income ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Day Hagan Asset Management <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Day Hagan Smart Sector International ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Day Hagan Asset Management <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Eventide High Dividend ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Eventide Asset Management, LLC <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Eventide US Market ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Eventide Asset Management, LLC <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Strategy Shares Gold Enhanced Yield ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Rational Advisors, Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Strategy Shares Nasdaq 7 HANDL(TM) Index ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Rational Advisors, Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Strategy Shares Newfound/ReSolve Robust Momentum ETF <predicate_marker> administrator <object_marker> Citi Fund Services Ohio, Inc. <predicate_marker> advisedBy <object_marker> Rational Advisors, Inc. <predicate_marker> custodian <object_marker> Citibank, N.A. <predicate_marker> seriesOf <object_marker> Strategy Shares <predicate_marker> transferAgent <object_marker> Citi Fund Services Ohio, Inc. <triple_end>\n<triple_start> Strategy Shares <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Day Hagan Smart Buffer ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Day Hagan Asset Management ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nDay Hagan Smart Sector ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Day Hagan Asset Management ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nDay Hagan Smart Sector Fixed Income ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Day Hagan Asset Management ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nDay Hagan Smart Sector International ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Day Hagan Asset Management ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nEventide High Dividend ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Eventide Asset Management, LLC ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nEventide US Market ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Eventide Asset Management, LLC ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nStrategy Shares Gold Enhanced Yield ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Rational Advisors, Inc. ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nStrategy Shares Nasdaq 7 HANDL(TM) Index ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Rational Advisors, Inc. ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nStrategy Shares Newfound/ReSolve Robust Momentum ETF administrator Citi Fund Services Ohio, Inc. ; advisedBy Rational Advisors, Inc. ; custodian Citibank, N.A. ; seriesOf Strategy Shares ; transferAgent Citi Fund Services Ohio, Inc. .\nStrategy Shares underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 15899, "n_triples": 46, "text_to_json_ratio": 4.1}}
{"sample_id": "0001506980:ALL", "cik": "0001506980", "trust_name": "Clark Fork Trust", "input_text": "hat you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to\nfinancial intermediaries, which are not reflected in the tables and examples below.\nAnnual Fund Operating Expenses (expenses\nthat you pay each year as a percentage of the value of your investment)\nManagement Fees\n0.75 %\nDistribution Fees/Service (12b-1) Fees\n0.00 %\nOther Expenses\n0.25 %\nTotal Annual Fund Operating Expenses\n1.00 %\nExpense Example\nThe following example is intended\nto help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest\n$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes\nthat your investment has a 5% annual return each year and that the Fund s operating expenses remain the same each year. Although\nyour actual costs may be higher or lower, based on these assumptions your costs would be:\nOne Year\nThree Years\nFive Years\nTen Years\n$ 102\n$ 318\n$ 552\n$ 1,225\nPortfolio Turnover\nThe Fund pays transaction costs,\nsuch as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate\nhigher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected\nin annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year end, the Fund s\nportfolio turnover rate was 19.20 % of the average value of its portfolio.\nPrincipal Investment Strategies of the Fund\nThe guiding principle of the Tarkio\nFund is the belief that a long-term investor in common stock is a partner with the business in which it invests. Front Street Capital\nManagement, Inc. (the Adviser ) pursues long-term capital appreciation for its shareholders by employing a disciplined bottom\nup, fundamental approach to identify equity investments that satisfy its quality and valuation standards. The Fund is non-diversified, which means it has the ability\nto take larger positions in a smaller number of companies.\n1\nQuality companies are defined by the Adviser as\nenterprises run by a management team focused on creating long-term value in the business. The Adviser s qualitative review of a\ncompany focuses on company culture, and also includes an analysis of corporate integrity, capital allocation (historically, and on an\nongoing basis), and long-term focus of management. As part of this review process, the Adviser will review publicly available information\ndocumenting management actions and capital allocation decisions.\nSpecifically, the Adviser looks for companies\nthat demonstrate high levels of integrity, humility, trust, long-term focus, purpose and passion, teamwork (cooperation, not internal\ncompetition), and a focus on employee empowerment (driving fear out of the organization), as well as discipline with respect to capital\nallocation. The Adviser looks for companies that focus on these criteria both historically and on an ongoing basis and really lives with\nthese companies and considers each company it invests in as a long-term partner. With trust, integrity, and humility, empowered and engaged\nemployees can solve problems using continuous improvement principles to drive more value to customers. If employees can cooperate and\nshare information over time, company margins, market share, and customer loyalty (and consequently earnings) can compound over the long\nterm.\nWhen making an investment decision, the Advi\n...\nhe Adviser\nreceived an aggregate fee of 0.75% for investment advisory services performed, expressed as a percentage of average net assets of the\nFund.\nUnder the Services Agreement the Adviser\nreceives an additional fee of 0.25% and is obligated to provide executive and administrative services, assist in the preparation of the\nTrust s Board meeting materials, tax returns, various reports to shareholders, including annual and semi-annual reports, amendments\nto the registration statement, Blue Sky filings, provide the services of a Chief Compliance Officer, and provide non-investment related\nstatistical and research data. It is possible the Adviser could earn a profit from its Services Agreement with the Trust.\n13\nShareholder Information\nPricing of Fund Shares\nThe price you pay for a share\nof the Fund, and the price you receive upon selling a share of the Fund, is the net asset value next determined by the Fund ( NAV ).\nThe NAV is calculated by taking the total value of the Fund s assets, subtracting its liabilities, and then dividing by the total\nnumber of shares outstanding, rounded to the nearest cent:\nNet Asset Value = Total Assets - Liabilities\n/ Number of Shares Outstanding\nThe NAV is generally\ncalculated as of the close of trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time) every day the Exchange is open\nfor trading. In addition to Saturday and Sunday, the NYSE is closed on the following holidays: New Year s Day,\nMartin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day,\nand Christmas Day, as observed. All purchases, redemptions or reinvestments of Fund shares will be priced\nat the next NAV calculated after your order is received in proper form by the Fund s Transfer Agent, Mutual Shareholder Services.\nIf you purchase shares directly\nfrom the Fund, your order must be placed with the Transfer Agent prior to the close of the day s trading of the New York Stock Exchange\nin order to be confirmed for that day's NAV. The Fund s assets are generally valued at their market value. If market prices are\nnot available or, in the Adviser s opinion, market prices do not reflect fair value, or if an event occurs after the close of trading\n(but prior to the time the NAV is calculated) that materially affects fair value, the Adviser may value the Fund s assets at their\nfair value according to policies approved by the Fund s Board of Trustees. For example, if trading in a portfolio security is halted\nand does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Fund s fair value pricing\nguidelines. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term\ninvestors. Fair valuation of a Fund s portfolio securities can serve to reduce arbitrage opportunities available to short term traders,\nbut there is no assurance that fair value pricing policies will prevent dilution of the Fund s NAV by short term traders. The Fund s\ninvestments are valued at market value or, if a market quotation is not readily available, at the fair value determined in good faith\nby the Adviser, subject to the review and oversight of the Fund's Board of Trustees. The Fund may use pricing services to help determine\nmarket value.\nWhen pricing securities using the fair value guidelines\nestablished by the Board of Trustees, the Fund (with the assistance of its service providers) seeks to assign the value that represents\nthe amount that the Fund might reasonably expect to rec\n...\nd s\nstanding method and will be able to do so at the time of your purchase or upon the sale of Fund shares. Please consult your tax adviser\nwith regard to your personal circumstances.\nThe Fund is responsible for maintaining accurate\ncost basis and tax lot information for tax reporting purposes in accordance with the law. The Fund is not responsible for the reliability\nor accuracy of the information for any securities not covered by law. The Fund and its service providers do not provide tax advice. You\nshould consult independent sources, which should include a tax professional, with respect to any decisions you may make with respect to\nchoosing a tax lot identification method.\n25\nFinancial Highlights\nThe following table is intended to help you better\nunderstand the financial performance of the Fund for the last five years. Certain information reflects financial results for a single\nFund share. Total return represents the rate you would have earned (or lost) on an investment in the Fund, assuming reinvestment of all\ndividends and distributions. The information has been audited by Cohen Company, Ltd., the independent registered public accounting\nfirm, whose report, along with the Fund s financial statements, is included in the Fund s annual report to shareholders. The\nannual report is available from the Fund upon request without charge.\nSelected data for a share outstanding throughout\nthe fiscal year period:\n* Per share net investment income (loss) has been determined\non the basis of average shares method.\n** Total Return represents the rate that the investor would have earned\nor lost on an investment in the Fund assuming reinvestment of all Fund distributions.\n26\nTarkio\nFund\nOther Fund Service Providers\nInvestment Adviser\nFront Street Capital Management, Inc.\nDistributor\nArbor Court Capital, LLC\nCustodian\nHuntington National Bank\nIndependent Registered Public Accounting\nFirm\nCohen Company, Ltd.\nLegal Counsel\nPractus, LLP\nTransfer Agent\nMutual Shareholder Services, LLC\n27\nPrivacy Notice\nThe following is a description\nof the Fund's policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from\nother sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy\nof your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.\nCategories of Information the\nFund Collects . The Fund collects the following non-public personal information about you:\nInformation the Fund receives\nfrom you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security\nnumber, assets, income and date of birth); and\nInformation about your transactions\nwith the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis\ninformation, and other financial information).\nCategories of Information the\nFund Discloses . The Fund does not disclose any non-public personal information about its current or former shareholders to unaffiliated\nthird parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as\ndescribed above, to its service providers (such as the Fund's custodian, administrator, and transfer agent) to process your transactions\nand otherwise provide services to you.\nConfidentiality and Security .\nThe Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or\nservices to you. The Fund maintains physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic\npersonal information.\nThe\nFund s Privacy Notice is not part of the Prospectus.\n28\nHow to Get More Information\nWhere to Go for Information\nFor shareholder inquiries, please call (866) 738-3629.\nThe Fund s Statement of Additional Information\non file with the Securities and Exchange Commission ( SEC ) contains additional and more detailed information about the Fund,\nand is incorporated into this Prospectus by reference. Additional information about the Fund s investments is available in the Fund s\nannual and semi-annual reports to shareholders. In the Fund's annual report, you will find a discussion of the market conditions and investment\nstrategies that significantly affected the Fund's performance during its last fiscal year. There are three ways to get a copy of these\ndocuments.\n1. Call or write to request a copy from the Fund s Transfer Agent, and a copy will be sent without\ncharge. General inquires about the Fund may also be directed to the below address and phone number.\nTarkio Fund\nc/o Mutual Shareholder Services\n8000 Town Centre Drive, Suite 400\nBroadview Heights, Ohio 44147\n(866) 738-3629\n2. Go to the Fund s website at www.tarkiofund.com .\n3. Information about the Fund (including the Fund s SAI, financial reports and other information) are\navailable on the EDGAR Database on the Commission s Internet site at http://www.sec.gov , and copies of this information may\nbe obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov .\nNo dealer, salesman, or other person has been\nauthorized to give any information or to make any representations, other than those contained in this Prospectus, and, if given or made,\nsuch other information or representations must not be relied upon as having been authorized by the Funds or the Adviser. This Prospectus\ndoes not constitute an offering in any state in which such offering may not lawfully be made.\nThe Adviser s Contact Information is:\nFront Street Capital Management, Inc.\n218 East Front Street\nSuite 205\nMissoula, MT 59802\n406-541-0130\nSEC File Number: 811-22504\n29\nTarkio Fund\n(TARKX)\nCLARK FORK TRUST\nTarkio Fund (TARKX)\nSTATEMENT OF ADDITIONAL INFORMATION\nSeptember 28, 2023\nThis Statement of Additional Information\n( SAI ) is not a prospectus. It should be read in conjunction with the Prospectus of the Tarkio Fund dated September 28, 2023,\nas may be supplemented from time to time. This SAI incorporates by reference the Fund s Annual Report for the fiscal year ended\nMay 31, 2023. A free copy of the Prospectus and Annual Report can be obtained by writing the Transfer Agent at 8000 Town Centre Drive,\nSuite 400, Broadview Heights, OH 44147, or by calling 1-866-738-3629.\nTABLE OF CONTENTS\nDESCRIPTION OF THE TRUST AND THE FUND\n2\nADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS\n3\nINVESTMENT LIMITATIONS\n7\nMANAGEMENT\n9\nSHAREHOLDER INFORMATION\n16\nTAX INFORMATION\n18\nPRICING AND PURCHASE OF FUND SHARES\n29\nANTI-MONEY LAUNDERING PROGRAM\n30\nREDEMPTIONS IN-KIND\n30\nADDITIONAL SERVICE PROVIDERS\n30\nDISCLOSURE OF PORTFOLIO HOLDINGS\n31\nPROXY VOTING POLICIES\n32\nFINANCIAL STATEMENTS\n33\nEXHIBIT A\n34\nEXHIBIT B\n38\nEXHIBIT C\n40\nDESCRIPTION OF THE TRUST AND\nTHE FUND\nThe Clark\nFork Trust (the Trust ) is an open-end management investment company organized as a statutory trust under the laws of Delaware\nby the filing of a Certificate of Trust on October 28, 2010. The Trust s fiscal year ends on May 31 st of each year. The\nTrust currently consists of one series of units of beneficial interest ( shares ) called the Tarkio Fund (the Fund ).\nThe Fund is a non-diversified fund. Much of the information contained in this SAI expands on subjects discussed in the Fund s Prospectus.\nNo investment in shares of the Fund should be made without first reading the Prospectus.\nThe Declaration\nof Trust permits the Trustees to issue an unlimited number of full and fractional sh", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Tarkio_Fund", "p": "advisedBy", "o": "org:Front_Street_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Tarkio_Fund", "p": "custodian", "o": "org:Huntington_National_Bank", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Tarkio_Fund", "p": "seriesOf", "o": "trust:Clark_Fork_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Tarkio_Fund", "p": "transferAgent", "o": "org:Mutual_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Clark_Fork_Trust", "p": "underwrittenBy", "o": "org:Arbor_Court_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Tarkio Fund <predicate_marker> advisedBy <object_marker> Front Street Capital Management, Inc. <predicate_marker> custodian <object_marker> Huntington National Bank <predicate_marker> seriesOf <object_marker> Clark Fork Trust <predicate_marker> transferAgent <object_marker> Mutual Shareholder Services, LLC <triple_end>\n<triple_start> Clark Fork Trust <predicate_marker> underwrittenBy <object_marker> Arbor Court Capital, LLC <triple_end>", "target_serialized_plain": "Tarkio Fund advisedBy Front Street Capital Management, Inc. ; custodian Huntington National Bank ; seriesOf Clark Fork Trust ; transferAgent Mutual Shareholder Services, LLC .\nClark Fork Trust underwrittenBy Arbor Court Capital, LLC .", "stats": {"input_chars": 14928, "n_triples": 5, "text_to_json_ratio": 32.8}}
{"sample_id": "0001510599:ALL", "cik": "0001510599", "trust_name": "PIMCO Dynamic Income Fund", "input_text": "s or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. These and other developments may adversely affect the liquidity of the Fund's holdings (see \"Liquidity Risk\" in the Prospectus for further details).\nNo Other Changes . Except as described in this supplement, the terms of the Offering and all other information the Fund described in the Prospectus remain unchanged.\nInvestors Should Retain This Supplement for Future Reference\nPDI_SUPP1_041320\n\n\f\n\n497\n1\nd828636d497.htm\n497\n497\nTable of Contents\nPROSPECTUS\nSUPPLEMENT (To Prospectus dated November 6, 2019) PIMCO Dynamic Income\nFund Up to $560,000,000\nPIMCO Dynamic Income Fund (the \"Fund\") has entered into a sales agreement (the \"Sales Agreement\") with\nJonesTrading Institutional Services LLC (\"JonesTrading\") relating to its common shares of beneficial interest, par value $0.00001 per share (\"Common Shares\") offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with\nthe terms of the Sales Agreement, the Fund may offer and sell up to $560,000,000 of its Common Shares, from time to time through JonesTrading as its agent for the offer and sales of the Common Shares. As of September 30, 2019, the Fund has sold an\naggregate of 8,903,586 Common Shares pursuant to a prior sales agreement with JonesTrading, representing net proceeds to the Fund of $272,643,809 after payment of commissions. Under the Investment Company Act of 1940, as amended (the \"1940 Act\"),\nthe Fund may not sell any Common Shares at a price below the current net asset value of such common shares, exclusive of any distributing commission or discount. The Fund seeks current income as a primary objective and capital appreciation as a\nsecondary objective. The Fund's outstanding Common Shares are listed on the New York Stock\nExchange (\"NYSE\") under the symbol \"PDI,\" as will be the Common Shares offered in this Prospectus Supplement and the accompanying Prospectus, subject to notice of issuance. The last reported sale price for the Common Shares, as reported by the NYSE\non September 30, 2019, was $32.54 per share. The net asset value of the Common Shares at the close of business on September 30, 2019 was $27.26 per share.\nSales of the Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus\nmay be made in negotiated transactions or transactions that are deemed to be \"at the market\" as defined in Rule 415 under the Securities Act of 1933, as amended (the \"1933 Act\"), including sales made directly on the\n...\nInc. (\"S P\") or Fitch, Inc. (\"Fitch\")) or unrated but determined by PIMCO to be of comparable quality, the Fund's exposure to foreign and emerging markets securities and currencies and to mortgage-related and other asset-backed securities, and\nthe Fund's use of leverage. Debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as \"high\nyield\" securities or \"junk bonds.\" The Fund's exposure to foreign securities and currencies, and particularly to emerging markets securities and currencies, involves special risks, including foreign currency risk and the risk that the securities may\ndecline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Mortgage-related and other asset-backed securities are subject to extension and prepayment risk and often\nhave complicated structures that make them difficult to value. Because of the risks associated with investing in high yield securities, foreign and emerging market securities (and related exposure to foreign currencies) and mortgage-related and\nother asset-backed securities, and using leverage, an investment in the Fund should be considered speculative. Before investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in \"Principal Risks of the Fund\" in the accompanying Prospectus. Certain of these\nrisks are summarized in \"Prospectus Summary Principal Risks of the Fund\" in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objectives, and you could lose all of your investment in the\nFund. Investment Manager Pacific Investment Management Company LLC (\"PIMCO\" or the \"Investment Manager\") serves as the investment manager of the Fund. Subject to the supervision of the Board of Trustees of the Fund (the \"Board\"),\nPIMCO is responsible for managing the investment activities of the Fund and the Fund's business affairs and other administrative matters. The Investment Manager receives an annual fee from the Fund, payable monthly, in an amount equal to 1.15% of\nthe Fund's average daily total managed assets. Total managed assets includes the total assets of the Fund (including any assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding)\nminus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings). For purposes of calculating total managed assets, the Fund's derivative investments will be valued based on their market\nvalue. PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO\nprovides investment management and advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned indirect subsidiary of Allianz SE, a publicly traded European\ninsurance and financial services company. As of September 30, 2019, PIMCO had approximately $1.88 trillion in assets under management.\nThe Offering The Fund and the Investment Manager have entered into the Sales Agreement with JonesTrading relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In\naccordance with the terms of the Sales Agreement, the Fund may offer and sell up to $560,000,000 Common Shares, through JonesTrading as its agent for the offer an\n...\npital gains would generally be\ntreated as a tax-free return of capital up to the amount of a shareholder's tax basis in his or her Common Shares, with any amounts exceeding such basis treated as gain from the sale of Common Shares. In general terms, a return of capital would\noccur where the Fund distribution (or portion thereof) represents a return of a portion of your investment, rather than net income or capital gains generated from your investment during a particular period. Although return of capital distributions\nare not taxable, such distributions would reduce the basis of a shareholder's Common Shares and therefore may increase a shareholder's capital gains, or decrease a shareholder's capital loss, upon a sale of Common Shares, thereby potentially\nincreasing a shareholder's tax liability. The Fund will prepare and make available to shareholders detailed tax information with respect to the Fund's distributions annually. See \"Tax Matters.\"\nThe 1940 Act currently limits the number of times the Fund may distribute long-term capital gains in any tax year,\nwhich may increase the variability of the Fund's distributions and result in certain distributions being comprised more or less heavily than others of long-term capital gains currently eligible for favorable income tax rates.\nUnless a Common Shareholder elects to receive distributions in cash, all distributions of Common Shareholders whose shares are registered with the plan agent will be automatically reinvested in additional Common Shares\nof the Fund under the Fund's Dividend Reinvestment Plan. For more\nNovember 6, 2019 | PROSPECTUS\n5\nTable of Contents\nPIMCO Dynamic Income Fund\ninformation on the Fund's dividends and distributions, see \"Distributions\" and \"Dividend Reinvestment Plan.\"\nCustodian and Transfer Agent State Street Bank and Trust Company serves as custodian of the Fund's assets and also provides certain fund accounting and sub-administrative services to the Investment Manager on behalf of the Fund.\nAmerican Stock Transfer Trust Company, LLC serves as the Fund's transfer agent and dividend disbursement agent. See \"Custodian and Transfer Agent.\" State Street Bank and Trust Company serves as custodian of certain assets held by the Fund's Subsidiaries. Listing The Fund's outstanding Common Shares are\nlisted on the NYSE under the trading or \"ticker\" symbol PDI, as will be the Common Shares offered in this prospectus, subject to notice of issuance. Market Price of Shares Shares of closed-end\ninvestment companies frequently trade at prices lower than NAV. Shares of closed-end investment companies have during some periods traded at prices higher than NAV and during other periods traded at prices lower than NAV. The Fund cannot assure you\nthat Common Shares will trade at a price equal to or higher than NAV in the future. NAV will be reduced immediately following an offering by any sales load and/ or commissions and the amount of offering expenses paid or reimbursed by the Fund. See\n\"Use of Proceeds.\" In addition to NAV, market price may be affected by factors relating to the Fund such as dividend levels and stability (which will in turn be affected by Fund expenses, including the costs of any leverage used by the Fund, levels\nof interest payments by the Fund's portfolio holdings, levels of appreciation/depreciation of the Fund's portfolio holdings, regulation affecting the timing and character of Fund distributions and other factors), portfolio credit quality, liquidity,\ncall protection, market supply and demand and similar factors relating to the Fund's portfolio holdings. Se", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:PIMCO_Dynamic_Income_Fund", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:PIMCO_Dynamic_Income_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Dynamic_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_Dynamic_Income_Fund", "p": "underwrittenBy", "o": "org:JonesTrading_Institutional_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Dynamic Income Fund <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Dynamic Income Fund <predicate_marker> underwrittenBy <object_marker> JonesTrading Institutional Services LLC <triple_end>", "target_serialized_plain": "PIMCO Dynamic Income Fund administrator State Street Bank and Trust Company ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .\nPIMCO Dynamic Income Fund underwrittenBy JonesTrading Institutional Services LLC .", "stats": {"input_chars": 10806, "n_triples": 4, "text_to_json_ratio": 24.0}}
{"sample_id": "0001511699:ALL", "cik": "0001511699", "trust_name": "Managed Portfolio Series", "input_text": "bonds, derivatives, etc .), and the allocation to each, is determined by several factors related to each investment type when the investment is made, including but not limited to, capacity constraints, the expected duration of the trade, fees or commissions, and the quality of beta ( i.e. , sensitivity to the securities markets) offered by the investment type. The use of derivative instruments is just one option that the Fund may use and such use is determined in the same manner as the other investments. The fixed-income securities to which the Fund may have exposure, either directly or indirectly, include bills, notes, bonds, debentures, bank loans, loan participations, syndicated loan assignments and other evidence of indebtedness and are not restricted as to issuer credit quality, country, capitalization, security maturity, currency, or leverage. The specific fixed-income securities in which the Fund invests or has exposure to is determined by the Adviser s systematic investment approach, which takes into account several key elements, including but not limited to, the evaluation of relative value and trends across the spectrum of fixed-income opportunities, and the risks related to credit and duration for those opportunities in the current market environment. In its Risk-On position, a majority of the Fund s portfolio is typically exposed to high-yield securities, which are debt instruments rated lower than Baa3 by Moody s Investors Service, Inc. ( Moody s ) or lower than BBB- by Standard and Poor s Rating Group ( S P ), or, if unrated, 2 determined by the Adviser, or underlying fund s adviser where applicable, to be of similar credit quality. High-yield securities are also known as junk bonds. The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. The Fund may also take short positions from time to time to hedge or offset existing long positions. In its Risk-Off position, the Fund will primarily hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities of various maturities. The Fund may also take short positions in the Risk-Off position to offset existing long holdings from when the Fund was in the Risk-On position. In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio composition and strategy of such underlying funds. The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. The Fund will typically limit its investment in a single underlying fund to three percent of such underlying fund s net assets, although the percentage of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund s overall portfolio changes. The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower. Principal Investment Risks As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund s net asset value and performance. The following risks apply to the Fund directly and indirectly through the Fund s investment in underlying funds. Management Risk: The Adviser\n...\n0,000 to $249,999 3.75% 3.83% 3.25% $250,000 to $499,999 2.50% 2.56% 2.00% $500,000 to $999,999 2.00% 2.04% 1.75% $1,000,000 and above 0.00% 0.00% 0.00% (1) Offering price includes the front-end sales load. The sales charge you pay may differ slightly from the amount set forth above because of rounding that occurs in the calculations used to determine your sales charge. 40 Rights of Accumulation: To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you may combine your new purchases of Class A shares with Class A shares of the same Fund that you already own. The applicable initial sales charge for the new purchase is based on the total of your current purchase and the current value of all other Class A shares that you own. The reduced sales charge will apply only to current purchases and must be requested in writing when you buy your shares. Shares of the Funds held as follows cannot be combined with your current purchase for purposes of reduced sales charges: Shares held indirectly through financial intermediaries other than your current purchase broker-dealer (for example, a different broker-dealer, a bank, a separate insurance company account or an investment adviser); Shares held through an administrator or trustee/custodian of an Employer Sponsored Retirement Plan (for example, a 401(k) plan) other than employer-sponsored IRAs; and Shares held directly in the Funds account on which the broker-dealer (financial adviser) of record is different than your current purchase broker-dealer. Letters of Intent: Under a Letter of Intent ( LOI ), you commit to purchase a specified dollar amount of Class A shares of a Fund, with a minimum of $50,000, during a 13-month period. You may combine purchases of Class A shares of other funds in Managed Portfolio Series that are advised by the Adviser for purposes of meeting specified dollar amounts. At your written request, Class A shares purchases made during the previous 90 days may be included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is not invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount invested. You are not legally bound by the terms of your LOI to purchase the amount of your shares stated in the LOI. The LOI does, however, authorize the Funds to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13-month period, the Funds transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased). Repurchase of Class A Shares: If you have redeemed Class A shares of a Fund within the past 120 days, you may repurchase an equivalent amount of Class A shares of the same Fund at NAV, without the normal front-end sales charge. In effect, this allows you to reacquire shares that you may have had to redeem, without repaying the front-end sales charge. You may exercise this privilege only once and must notify the respective Fund that you intend to do so in writing. The Fund must receive your purchase order within 120 days of your redemption. Note that if you reacquire shares through separate installments (e.g., through monthly or quarterly repurchases), the sales charge waiver will only apply to those portions of your repurchase order rece\n...\nin October, November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31. Shareholders who sell, or redeem, shares generally will have a capital gain or loss from the sale or redemption. The amount of the gain or loss and the applicable rate of federal income tax will depend generally upon the amount paid for the shares, the amount of reinvested taxable distributions, if any, the amount received from the sale or redemption and how long the shares were held by a shareholder. Any loss arising from the sale or redemption of shares held for six months or less, however, is treated as a long-term capital loss to the extent of any amounts treated as distributions of net capital gain received on such shares. In determining the holding period of such shares for this purpose, any period during which your risk of loss is offset by means of options, short sales or similar transactions is not counted. If you purchase Fund shares within 30 days before or after redeeming other Fund shares at a loss, all or part of that loss will not be deductible and will instead increase the basis of the newly purchased shares. Shareholders will be advised annually as to the federal tax status of all distributions made by each Fund for the preceding year. Distributions by the Funds may also be subject to state and local taxes. Additional tax information may be found in the SAI. This section assumes you are a U.S. shareholder and is also not intended to be a full discussion of federal tax laws and the effect of such laws on you. There may be other federal, state, foreign or local tax considerations applicable to a particular investor. You are urged to consult your own tax adviser. DISTRIBUTION OF SHARES Distributor: Quasar Distributors, LLC (the Distributor ) is located at 3 Canal Plaza, Suite 100, Portland, Maine 04101, and serves as distributor and principal underwriter to the Fund. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. Shares of the Fund are offered on a continuous basis. 51 Distribution Fees: The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (a Plan ) under the 1940 Act with respect to the sale and distribution of Class A shares and Class C shares of the Managed Income Fund and Dynamic Allocation Fund. Pursuant to the Plan, the Funds pays the distributor an annual fee for distribution and shareholder servicing expenses of 0.25% of the relevant Fund s average daily net assets attributable to the Class A shares; and 1.00% of relevant Fund s average daily net assets attributable to Class C shares. A portion of the fee payable pursuant to the Plan, equal to up to 0.25% of the average daily net assets, may be characterized as a service fee as such term is defined under Rule 2341 of the FINRA Conduct Rules. A service fee includes payment made for personal service and/or the maintenance of shareholder accounts. Because 12b-1 fees are paid out of the relevant Fund s assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Additional Compensation to Financial Intermediaries: The Funds may pay service fees to intermediaries, such as banks, broker-dealers, financial advisers or other financial institutions, including affiliates of the Adviser, for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held of record in omnibus accounts, other\n...\nce and account holdings). The Funds do not disclose any non-public personal information about their shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Funds, as well as the Funds investment adviser who is an affiliate of the Funds. If you maintain a retirement/educational custodial account directly with the Funds, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Funds limit access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Funds. All shareholder records will be disposed of in accordance with applicable law. The Funds maintain physical, electronic and procedural safeguards to protect your Personal Information and requires their third-party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality. In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, credit union or trust company, the privacy policy of your financial intermediary governs how your non-public personal information is shared with unaffiliated third parties. 62 Adviser Kensington Asset Management, LLC Barton Oaks Plaza, Bldg II, 901 S Mopac Expressway, Suite 225 Austin, Texas 78746 Distributor Quasar Distributors, LLC Three Canal Plaza, Suite 100 Portland, Maine 04101 Transfer Agent U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 Independent Registered Public Accounting Firm Cohen Company, Ltd. 342 North Water Street, Suite 830 Milwaukee, Wisconsin 53202 Custodian U.S. Bank N.A. 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212 Legal Counsel Morgan, Lewis Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 Additional information about the Funds is included in the Fund s SAI dated April 30, 2026, and is incorporated into this Prospectus by reference ( i.e. , legally made a part of this Prospectus). The SAI provides more details about the Funds policies and management. Additional information about the Funds investments is available in the Funds annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds a nnual r eport , you will find a discussion of the market conditions and investment strategies that significantly affected each Fund s performance during its last fiscal year. In Form N-CSR, you will find the Funds annual and semi-annual financial statements. To obtain a free copy of the SAI and the annual and semi-annual reports to shareholders, or other information about a Fund, such as the Fund s financial statements, or to make shareholder inquiries about the Fund, please call toll-free 866-303-8623 or visit www.kensingtonassetmanagement.com/funds/documents. You may also write to: Regular Mail Overnight or Express Mail [Name of Fund(s)] [Name of Fund(s)] [Name of Class] [Name of Class] c/o U.S. Bank Global Fund Services c/o U.S. Bank Global Fund Services P.O. Box 219252 801 Pennsylvania Ave, Suite 219252 Kansas City, MO 64121-9252 Kansas City, MO 64105-1307 Reports and other information about the Fund are available on the EDGAR Database on the SEC s Internet site at http", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuance_Concentrated_Value_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuance_Concentrated_Value_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Nuance_Concentrated_Value_Fund", "p": "seriesOf", "o": "trust:Managed_Portfolio_Series", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuance_Concentrated_Value_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuance_Mid_Cap_Value_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuance_Mid_Cap_Value_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Nuance_Mid_Cap_Value_Fund", "p": "seriesOf", "o": "trust:Managed_Portfolio_Series", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuance_Mid_Cap_Value_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Managed_Portfolio_Series", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuance Concentrated Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Managed Portfolio Series <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Nuance Mid Cap Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Managed Portfolio Series <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Managed Portfolio Series <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "Nuance Concentrated Value Fund administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank National Association ; seriesOf Managed Portfolio Series ; transferAgent U.S. Bancorp Fund Services LLC .\nNuance Mid Cap Value Fund administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank National Association ; seriesOf Managed Portfolio Series ; transferAgent U.S. Bancorp Fund Services LLC .\nManaged Portfolio Series underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 14412, "n_triples": 9, "text_to_json_ratio": 17.0}}
{"sample_id": "0001516212:ALL", "cik": "0001516212", "trust_name": "SSGA Active Trust", "input_text": "Fund ) seeks to provide current income while maintaining prospects for long term growth of capital. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Fund Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):\nManagement fees\n0.25 %\nDistribution and service (12b-1) fees\nNone\nOther expenses\n0.00 %\nTotal annual Fund operating expenses\n0.25 % Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\nYear 1\nYear 3\nYear 5\nYear 10\n$ 26\n$ 80\n$ 141\n$ 318 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18 % of the average value of its portfolio. The Fund's Principal Investment Strategy SSGA Funds Management, Inc. (the Adviser or SSGA FM ) invests, under normal circumstances, 80% of the Fund's net assets (plus any borrowings for investment purposes) in a combination of equity securities of U.S. companies and investments that produce premium income. The Fund considers a company to be a U.S. company if it (i) generates at least 50% of its revenues or profits from business activities in the U.S., (ii) has at least 50% of its assets situated in the U.S., or (iii) has the principal trading market for its securities in the U.S. At times, the Fund's investments may be focused in one or more market sectors. As of February 28, 2026, a significant portion of the Fund comprised securities of companies in the technology sector, although this may change from time to time. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% investment policy. The Fund seeks to achieve its investment objective by (1) creating an actively managed portfolio of equity securities that primarily include common stocks of large and medium capitalization U.S. companies and (2) selling call options (a type of derivative instrument) to generate additional income, including call options on a U.S. large capitalization equity index, such as the S P 500 Index, and call options on exchange-traded funds that seek to track a U.S. large capitalization equity index. Futures contracts (another type of derivative instrument) may also be used by the Fund for investment purposes and in managing cash flows. 1\nWhen creating the Fund's portfolio of equity securities, the Adviser utilizes fundamental company research, involving analysis of financial statements and other information about a company. The Adviser primarily seeks to identify securities of large\n...\nki, CFA, is a Managing Director of State Street Investment Management and a Portfolio Manager in the Fundamental Growth and Core U.S. Equity Group. Mr. Sierakowski joined State Street Investment Management through the acquisition of GEAM by the ultimate parent company of State Street Investment Management in July 2016. Prior to joining State Street Investment Management, Mr. Sierakowski served in various investment roles at GEAM since 1999, including portfolio management and as a research analyst providing coverage for the software, computer hardware, semiconductors, business services, and payments industries. Prior to GEAM, Mr. Sierakowski spent several years in consulting and as an officer in the U.S. Army. Mr. Sierakowski has a Bachelor of Science in Economics from the United States Military Academy and a Master of Business Administration in Finance, Strategy, and Accounting from the University of Chicago Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and has been a member of the CFA Institute since 2002. Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of the Fund is available in the SAI. Administrator, Sub-Administrator, Custodian and Transfer Agent. The Adviser serves as Administrator for the Fund. State Street, part of State Street Corporation, serves as the Sub-Administrator for the Fund and the Custodian for the Fund's assets, and serves as Transfer Agent to the Fund. Lending Agent. State Street serves as the securities lending agent for the Trust. For its services, the lending agent would typically receive a portion of the net investment income, if any, earned on the collateral for the securities loaned. Distributor. State Street Global Advisors Funds Distributors, LLC serves as the Fund's distributor ( SSGA FD or the Distributor ) pursuant to the Distribution Agreement between SSGA FD and the Trust. The Distributor will not distribute Fund Shares in less than Creation Units, and it does not maintain a secondary market in Fund Shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of Creation Units of Fund Shares. Additional Information . The Board oversees generally the operations of the Fund and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, the Fund's investment sub-adviser, custodian, transfer agent, and accountants, who provide services to the Fund. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers. This Prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase Fund Shares. Neither this Prospectus nor the related SAI is intended, or should be read, to be or give rise to an agreement or contract between the Trust or the Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived. Additional Purchase and Sale Information Fund Shares are listed for secondary trading on the Exchange and individual Fund Shares may only be purchased and sold in the sec\n...\ne ( i.e. , it is legally part of this Prospectus). These materials may be obtained without charge, upon request, by writing to the Distributor, State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, by visiting the Fund's website at www.statestreet.com/im or by calling the following number: Investor Information: 1-866-787-2257 The Registration Statement, including this Prospectus, the SAI, and the exhibits as well as any shareholder reports may be reviewed on the EDGAR Database on the SEC's website (http://www.sec.gov). You may also obtain copies of this and other information, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov. Shareholder inquiries may be directed to the Fund in writing to State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, or by calling the Investor Information number listed above. No person has been authorized to give any information or to make any representations other than those contained in this Prospectus in connection with the offer of Fund Shares, and, if given or made, the information or representations must not be relied upon as having been authorized by the Trust or the Fund. Neither the delivery of this Prospectus nor any sale of Fund Shares shall under any circumstance imply that the information contained herein is correct as of any date after the date of this Prospectus. Dealers effecting transactions in Fund Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters. SPDRSUSEQPREPRO The Trust's Investment Company Act Number is 811-22542.\nSSGA ACTIVE TRUST (THE TRUST ) STATEMENT OF ADDITIONAL INFORMATION April 30, 2026 This Statement of Additional Information ( SAI ) is not a prospectus. With respect to the Trust's series listed below (the Fund ) this SAI should be read in conjunction with the prospectus dated April 30, 2026 (the Prospectus ), as may be revised from time to time.\nFUND\nTICKER\nSTATE STREET US EQUITY PREMIUM INCOME ETF\nSPIN Principal U.S. Listing Exchange for the ETF: Cboe BZX Exchange, Inc. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. Copies of the Prospectus, the Fund's Form N-CSR filing and the Fund's Annual Report to Shareholders may be obtained without charge by writing to State Street Global Advisors Funds Distributors, LLC, the Trust's principal underwriter (referred to herein as Distributor or Principal Underwriter ), One Congress Street, Boston, Massachusetts 02114, by visiting the Trust's website at www.statestreet.com/im or by calling 1-866-787-2257. The Reports of Independent Registered Public Accounting Firm, financial highlights and financial statements of the Fund included in the Trust's Form N-CSR filing for the fiscal year ended December 31, 2025 are incorporated by reference into this SAI. SPDRATSPINSAI 1\nTABLE OF CONTENTS\nGeneral Description of the Trust\n3\nInvestment Policies\n3\nSpecial Considerations and Risks\n17\nInvestment Restrictions\n22\nExchange Listing and Trading\n23\nManagement of the Trust\n24\nInvestment Advisory and Other Services\n32\nBrokerage Transactions\n36\nBook Entry Only System\n38\nControl Persons and Principal Holders of Securities\n39\nPurchase and Redemption of Creation Units\n40\nDetermination of Net Asset Value\n46\nDividends and Distributions\n46\nTaxes\n47\nCapital Stock and Other Securities\n54\n...\nst or the Registrant ), dated March 30, 2011 (the Declaration of Trust ), is incorporated herein by reference to Exhibit (a) to the Registrant s initial Registration Statement on Form N-1A, as filed with the U.S. Securities and Exchange Commission (the SEC ) on April 1, 2011.\n(a)(ii)\nAmendment No. 1, dated December 5, 2014, to the Declaration of Trust is incorporated herein by reference to Exhibit (a)(ii) of Post-Effective Amendment No. 50 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on August 27, 2015.\n(a)(iii)\nAmendment No. 2, dated February 20, 2025, to the Declaration of Trust is incorporated herein by reference to Exhibit (a)(iii) of Post-Effective Amendment No. 231 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on February 26, 2025.\n(b)\nRegistrant s Amended and Restated By-Laws, dated February 20, 2025, are incorporated herein by reference to Exhibit (b) of Post-Effective Amendment No. 231 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on February 26, 2025 .\n(c)\nNot applicable.\n(d)(i)(1)\nInvestment Advisory Agreement, dated April 25, 2012, between the Trust and SSGA Funds Management, Inc. ( SSGA FM ) (the Advisory Agreement ) is incorporated herein by reference to Exhibit (d)(i) of Post-Effective Amendment No. 11 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 9, 2013.\n(d)(i)(2)\nExhibit A (Schedule of Series), dated March 4, 2026, to the Advisory Agreement is incorporated herein by reference to Exhibit (d)(i)(3) of Post-Effective Amendment No. 253 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on March 4, 2026.\n(d)(ii)\nInvestment Sub-Advisory Agreement, dated March 27, 2013, between SSGA FM and Blackstone Liquid Credit Strategies, LLC (formerly, GSO/Blackstone Debt Funds Management, LLC) ( Blackstone ) is incorporated herein by reference to Exhibit (d)(iii) of Post-Effective Amendment No. 11 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 9, 2013.\n(d)(iii)\nInvestment Sub-Advisory Agreement, dated February 23, 2015, between SSGA FM and DoubleLine Capital LP ( DoubleLine ) is incorporated herein by reference to Exhibit (d)(vi) of Post-Effective Amendment No. 43 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on April 23, 2015.\n(d)(iv)\nInvestment Sub-Advisory Agreement, dated January 26, 2021, between SSGA FM and Nuveen Asset Management, LLC ( Nuveen Asset Management ) is incorporated herein by reference to Exhibit (d)(iv) of Post-Effective Amendment No. 198 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on April 1, 2022.\n(d)(v)\nInvestment Sub-Advisory Agreement, dated September 15, 2021, between SSGA FM and Loomis, Sayles Company, L.P. ( Loomis ) is incorporated herein by reference to Exhibit (d)(v) of Post-Effective Amendment No. 180 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on September 27, 2021.\n(d)(vi)\nInvestment Sub-Advisory Agreement, dated August 15, 2024, between SSGA FM and Galaxy Digital Capital Management LP ( Galaxy ) is incorporated herein by reference to Exhibit (d)(vi) of Post-Effective Amendment No. 219 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on September 9, 2024.\n(d)(vii)\nInvestment Sub-Advisory Agreement, dated February 28, 2025, between SSGA FM and Bridgewater Associates, LP ( Bridgewater ) is incorporated herein by reference to Exhibit (d)(vii) of Post-Effective Amendment No. 232 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on March 5, 2025.\n(e)(i)(1)\nAmended and Restated Distribution Agreement, dated May 1, 2017, between the Trust and State Street Global Advisors Funds Distributors, LLC ( SSGA FD ) (the Distribution Agreement ) is incorporated herein by reference to Exhibit (e)(i)(1) of Post-Effective Amendment No. 137 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 30, 2017.\n(e)(i)(2)\nAnnex I (Schedule of Series), dated March 4, 2026, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(i)(3) of Post-Effective Amendment No. 253 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on March 4, 2026.\n(e)(ii)\nForm of Authorized Participant Agreement is incorporated herein by reference to Exhibit (e)(ii) of Pre-Effective Amendment No. 2 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on January 6, 2012.\n(f)\nNot applicable.\n(g)(i)(1)\nCustodian Agreement, dated April 18, 2012, between the Trust and State Street Bank and Trust Company (the Custodian Agreement ) is incorporated herein by reference to Exhibit (g)(i) of Post-Effective Amendment No. 11 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 9, 2013. 1\n(g)(i)(2)\nAmendment, dated September 30, 2020, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(i)(2) of Post-Effective Amendment No. 163 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on November 20, 2020.\n(g)(i)(3)\nAppendix A (Schedule of Series), dated March 4, 2026, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(i)(4) of Post-Effective Amendment No. 253 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on March 4, 2026.\n(h)(i)(1)\nAdministration Agreement, dated June 1, 2015, between the Trust and SSGA FM (the Administration Agreement ) is incorporated herein by reference to Exhibit (h)(i) of Post-Effective Amendment No. 58 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2015.\n(h)(i)(2)\nSchedule A (Schedule of Series), dated March 4, 2026 is incorporated herein by reference to Exhibit (h)(i)(3) of Post- Effective Amendment No. 253 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on March 4, 2026.\n(h)(ii)(1)\nMaster Sub-Administration Agreement, dated June 1, 2015, between SSGA FM and State Street Bank and Trust Company (the Sub-Administration Agreement ) is incorporated herein by reference to Exhibit (h)(ii) of Post- Effective Amendment No. 58 to the Registrant s Registration Statement on Form N-1A, as filed with the SEC on October 28, 2015.\n(h)(ii)(2)\nAmendment, dated June 29, 2018, to the Sub-Administration Agreement is inc", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "subAdvisedBy", "o": "org:Blackstone_Liquid_Credit_Strategies_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_High_Income_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "subAdvisedBy", "o": "org:Blackstone_Liquid_Credit_Strategies_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Blackstone_Senior_Loan_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Emerging_Markets_Fixed_Income_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": 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"org:DoubleLine_Capital_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Emerging_Markets_Fixed_Income_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "subAdvisedBy", "o": "org:DoubleLine_Capital_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Short_Duration_Total_Return_Tactical_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "subAdvisedBy", "o": "org:DoubleLine_Capital_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_DoubleLine_Total_Return_Tactical_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "subAdvisedBy", "o": "org:Loomis_Sayles_Company_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Loomis_Sayles_Opportunistic_Bond_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_Nuveen_Municipal_Bond_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_Nuveen_Municipal_Bond_ESG_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_R_SSGA_U_S_Sector_Rotation_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_R_SSGA_U_S_Sector_Rotation_ETF", "p": "administrator", "o": 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"administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_SSGA_Fixed_Income_Sector_Rotation_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Fixed_Income_Sector_Rotation_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Fixed_Income_Sector_Rotation_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Fixed_Income_Sector_Rotation_ETF", "p": "seriesOf", "o": "trust:SSGA_Active_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Fixed_Income_Sector_Rotation_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Global_Allocation_ETF", "p": "administrator", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:SPDR_SSGA_Global_Allocation_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Global_Allocation_ETF", "p": "advisedBy", "o": "org:SSGA_Funds_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Global_Allocation_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": 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true, "context_grounded": true, "extractable": true}, {"s": "fund:SPDR_SSGA_Ultra_Short_Term_Bond_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:SSGA_Active_Trust", "p": "underwrittenBy", "o": "org:State_Street_Global_Advisors_Funds_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> SPDR Blackstone High Income ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> Blackstone Liquid Credit Strategies LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR Blackstone Senior Loan ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> Blackstone Liquid Credit Strategies LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR DoubleLine Emerging Markets Fixed Income ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> DoubleLine Capital LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR DoubleLine Short Duration Total Return Tactical ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> DoubleLine Capital LP <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR DoubleLine Total 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Trust <predicate_marker> subAdvisedBy <object_marker> Loomis, Sayles & Company, L.P. <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR Nuveen Municipal Bond ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) Nuveen Municipal Bond ESG ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR(R) SSGA U.S. Sector Rotation ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA Fixed Income Sector Rotation ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA Global Allocation ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA Income Allocation ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA Multi-Asset Real Return ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA US Equity Premium Income ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SPDR SSGA Ultra Short Term Bond ETF <predicate_marker> administrator <object_marker> SSGA Funds Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> SSGA Funds Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> SSGA Active Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> SSGA Active Trust <predicate_marker> underwrittenBy <object_marker> State Street Global Advisors Funds Distributors, LLC <triple_end>", "target_serialized_plain": "SPDR Blackstone High Income ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy Blackstone Liquid Credit Strategies LLC ; transferAgent State Street Bank and Trust Company .\nSPDR Blackstone Senior Loan ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy Blackstone Liquid Credit Strategies LLC ; transferAgent State Street Bank and Trust Company .\nSPDR DoubleLine Emerging Markets Fixed Income ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy DoubleLine Capital LP ; transferAgent State Street Bank and Trust Company .\nSPDR DoubleLine Short Duration Total Return Tactical ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy DoubleLine Capital LP ; transferAgent State Street Bank and Trust Company .\nSPDR DoubleLine Total Return Tactical ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy DoubleLine Capital LP ; transferAgent State Street Bank and Trust Company .\nSPDR Loomis Sayles Opportunistic Bond ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy Loomis, Sayles & Company, L.P. ; transferAgent State Street Bank and Trust Company .\nSPDR Nuveen Municipal Bond ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent State Street Bank and Trust Company .\nSPDR(R) Nuveen Municipal Bond ESG ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent State Street Bank and Trust Company .\nSPDR(R) SSGA U.S. Sector Rotation ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; transferAgent State Street Bank and Trust Company .\nSPDR SSGA Fixed Income Sector Rotation ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; transferAgent State Street Bank and Trust Company .\nSPDR SSGA Global Allocation ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, Inc. ; custodian State Street Bank and Trust Company ; seriesOf SSGA Active Trust ; transferAgent State Street Bank and Trust Company .\nSPDR SSGA Income Allocation ETF administrator SSGA Funds Management, Inc. , State Street Bank and Trust Company ; advisedBy SSGA Funds Management, 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{"sample_id": "0001518042:ALL", "cik": "0001518042", "trust_name": "Northern Lights Fund Trust II", "input_text": "after filing pursuant to paragraph (a)(2).\no on\n(date) pursuant to paragraph (a)(2) of Rule 485.\nIf\nappropriate, check the following box:\no this\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nPursuant\nto Rule 24f-2 under the Investment Company Act of 1940, as amended, Registrant hereby elects to register an indefinite number of shares\nof Registrant and any series thereof hereinafter created.\nEXPLANATORY\nNOTE\nThis Post-Effective Amendment No. 618\nto the Registration Statement contains the Prospectus and Statement of Additional Information describing the Acclivity Small Cap Value\nFund, Dynamic International Opportunity Fund and the Dynamic U.S.\nOpportunity Fund, (the Funds ), a series of the Registrant. This Post-Effective Amendment to the Registration\nStatement is organized as follows: (a) Prospectus relating to the Funds; (b) Statement of Additional Information relating to the\nFunds; and (c) Part C Information relating to all series of the Registrant. The Prospectuses and Statements of Additional Information\nfor the other series of the Registrant are not affected hereby.\nAcclivity\nSmall Cap Value Fund\nClass\nI Shares (Symbol: AXVIX)\nClass\nN Shares (Symbol: AXVNX)\nDynamic\nInternational Opportunity Fund\nClass\nI Shares (Symbol: ICCIX)\nClass\nN Shares (Symbol: ICCNX)\nDynamic\nU.S. Opportunity Fund\nClass\nI Shares (Symbol: ICSIX)\nClass\nN Shares (Symbol: ICSNX)\nProspectus\nApril\n30, 2026\nThe\nU.S. Securities and Exchange Commission ( SEC ) has not approved or disapproved of these securities or determined if this\nProspectus is truthful or complete. Any representation to the contrary is a criminal offense.\nAcclivity\nSmall Cap Value Fund\nDynamic\nInternational Opportunity Fund\nDynamic U.S. Opportunity Fund\neach a series of the Northern Lights Fund Trust II (the Trust )\nTABLE\nOF CONTENTS\nSUMMARY\nSECTION ACCLIVITY SMALL CAP VALUE FUND\n1\nSUMMARY\nSECTION DYNAMIC INTERNATIONAL OPPORTUNITY FUND\n5\nSUMMARY\nSECTION DYNAMIC U.S. OPPORTUNITY FUND\n13\nINVESTMENT\nSTRATEGIES, RELATED RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS\n20\nACCLIVITY\nSMALL CAP VALUE FUND\n20\nInvestment\nObjective\n20\nPrincipal\nInvestment Strategies\n20\nPrincipal\nRisks of Investing in the Small Cap Value Fund\n21\nDYNAMIC\nINTERNATIONAL OPPORTUNITY FUND\n23\nInvestment\nObjective\n23\nPrincipal\nInvestment Strategies\n23\nPrincipal\nRisks of Investing in the Dynamic International Opportunity Fund\n25\nDYNAMIC\nU.S. OPPORTUNITY FUND\n29\nInvestment\nObjective\n29\nPrincipal\nInvestment Strategies\n29\nPrincipal\nRisks of Investing in the Dynamic U.S. Opportunity Fund\n32\nSECURITIES\nLENDING ALL FUNDS\n37\nOTHER\nRISKS ALL FUNDS\n37\nPORTFOLIO\nHOLDINGS INFORMATION\n37\nMANAGEMENT\nOF THE FUNDS\n38\nThe\nAdviser\n38\nPortfolio\nManagers\n38\nSHAREHOLDER\nINFORMATION\n39\nChoosing\na Share Class\n39\nMore\nAbout Class I Shares\n39\nMore\nAbout Class N Shares\n39\nShare\nPrice\n39\nHow\nto Purchase Shares\n40\nHow\nto Redeem Shares\n43\nExchange\nPrivilege\n46\nInternet\nTransactions\n46\nTools\nto Combat Frequent Transactions\n47\nDistribution\nof Fund Shares\n47\nDISTRIBUTIONS\nAND TAXES\n48\nTax\nStatus, Dividends and Distributions\n48\nFINANCIAL\nHIGHLIGHTS\n50\nPRIVACY\nPOLICY\n56\nSummary\nSection Acclivity Small Cap Value Fund\nInvestment\nObjective.\nThe investment objective of the Acclivity Small Cap Value Fund (the Small Cap Value Fund ) is to seek long-term\ncapital appreciation.\nFees\nand Expenses of the Small Cap Value Fund.\nThis table describes the fees and expenses that you may pay if you buy and hold shares of\nthe Small Cap Value Fund.\nShareholder Fees (fees paid directly from your investment)\nShareholder\nFees\n(fees paid\n...\nthe most recent fiscal year, the Small Cap Value Fund s\nportfolio turnover rate was 57 % of the average value of the portfolio.\n1\nPrincipal\nInvestment Strategies.\nThe Small Cap Value Fund employs a quantitatively driven, factor-based investment strategy. Particularly, the\nAdviser selects, from the U.S. publicly traded stock universe, securities that the Adviser considers to be small capitalization value\nstocks.\nUnder\nnormal market conditions, the Small Cap Value Fund is expected to hold approximately 500 different stocks, where no individual issuer\nrepresents more than 5% of the portfolio total value. The Adviser defines a small capitalization value company as any company that simultaneously\nmeets the following two requirements: (i) be in the lowest 8% of U.S. aggregate market capitalization; and (ii) exhibit a low market\nvalue relative to its book value. Thus, the market capitalization threshold for a company to be categorized as a small capitalization\ncompany will fluctuate along with market prices. For context, the Adviser, as of the date of this Prospectus, places the small capitalization\nupper threshold at approximately $10 billion and the lower threshold at approximately $10 million. These thresholds will change throughout\nthe year as market conditions evolve and prices fluctuate. The strategy aims to invest in a broad and well-diversified basket of securities\nthat are eligible in accordance with the aforementioned requirements. As a non-fundamental policy (i.e., one that can be changed by the\nBoard of Trustees without shareholder approval), under normal market conditions, the Small Cap Value Fund will invest at least 80% of\nits total assets in equity securities of small cap U.S. companies. The Small Cap Value Fund may obtain exposure to equity securities\nthrough futures and options on futures contracts. Such derivative investments will be valued at market value rather than notional value\nand will not exceed more than 20% of the Small Cap Value Fund s total assets.\nThe\nAdviser will use a set of investment factors, which in some peer-reviewed academic journals have been linked to higher expected returns,\nto over- or underweight securities in the Small Cap Value Fund, relative to their market weight. Some of the factors considered include\nmarket capitalization, book-to-market, profitability, re-investment of earnings, and momentum. In addition, the Adviser will use a set\nof investment variables, that the Adviser believes are linked to higher expected returns, during the strategy implementation stage (e.g.,\ntrading), to further over- or underweight securities in the Small Cap Value Fund, relative to their multi-factor adjusted weight. Some\nof the variables considered include stock-specific market interest rate in security lending markets, market liquidity, and price reversals.\nFrom time to time, the Adviser may consider additional factors or investment variables as deemed appropriate by the investment committee\nof the Adviser. The Small Cap Value Fund is long-only (no shorting) and does not directly use hedging or leverage, although it will use\nfutures for cash management purposes (these instruments may have embedded economic leverage). The Small Cap Value Fund will normally\ninvest 5% or less of its total assets in futures, although it can invest up to 20% of its total assets in such instruments.\nThe\nSmall Cap Value Fund will also use futures and options on futures contracts for U.S. equity securities and indices, and exchange-traded-funds\n( ETFs ) to adjust market exposure or manage cash needs. Such equity-related futures and opti\n...\ne time of the waiver or currently in effect, whichever is lower, to be exceeded. Each Fund must pay its current ordinary operating\nexpenses before the Adviser is entitled to any reimbursement of management fees and/or expenses. This Operating Expense Limitation Agreement\ncan be terminated only by, or with the consent, of the Board of Trustees. For the most recent fiscal year ended December 31, 2025,\nthe Adviser received an advisory fee net of fee waivers and expense reimbursements equal to 0.81% of the Dynamic International\nOpportunity Fund s average daily net assets, 0.90% of the Dynamic U.S. Opportunity Fund s, 0.00% of the Small\nCap Value Fund s average daily net assets.\nA\ndiscussion regarding the basis for the Board of Trustees approval of the renewal of the Advisory Agreement for the Dynamic\nInternational Opportunity Fund, Dynamic U.S. Opportunity Fund and Small Cap Value Fund s is available in the Funds annual\nfinancial statement to shareholders dated December 31, 2025.\nPortfolio\nManagers\nVito\nSciaraffia, Ph.D. is the Chief Investment Officer of Innealta Capital, LLC. He is responsible for ensuring prudent management of\nall Innealta client assets, designing novel quantitative strategies, and leading the research activities of the investment team.\nDr.\nSciaraffia s present role both emphasizes and builds upon his professional experience, focused heavily on the quantitative evaluation\nof equity securities and financial markets. In addition, he is actively involved with clients through conference presentations, webinars,\nand written market commentaries. Dr. Sciaraffia has been in the financial industry since 2004. His previous work experience includes:\nSenior Researcher on the Strategy Research Team at Dimensional Fund Advisors, Management Associate in the Investment Banking Division\nat Citigroup, and member of the Market Risk Team at JP Morgan. While at Dimensional, Dr. Sciaraffia conducted empirical asset pricing\nresearch, wrote research papers, enhanced the design of investment strategies, and collaborated with their marketing and sales departments\nby delivering technical presentations to various clients.\nAdditionally,\nDr. Sciaraffia serves as Clinical Professor of Finance at the McCombs School of Business of the University of Texas at Austin, where\nhe focuses his research on empirical asset pricing and teaches the quantitative investment strategy course for graduate students. He\nearned his Ph.D. in business administration from the Haas School of Business at the University of California, Berkeley. In addition,\nhe has an MA in Mathematics with an emphasis in stochastic processes and an MS in Business from the University of California, Berkeley,\nan MBA and an M.S. in Finance from the University of Chile, and a B.S. in Economics and Management from the Catholic University of Chile.\nFranco\nFava is a Portfolio Manager and Financial Quantitative Analyst of Innealta Capital, joined Innealta Capital 2019. Mr. Fava is part\nof Innealta s quantitative and implementation team, providing analytical support through in-depth research and quantitative analysis\nof the sector, region, and country fundamentals. Mr. Fava received a B.S. in Engineering from the Pontifical Catholic University of Chile\nin 2016 and a graduate degree in Industrial Engineering from the same University in 2018.\n38\nShareholder\nInformation\nChoosing\na Share Class\nThe\nTrust has adopted a multiple class plan that allows each Fund to offer one or more classes of shares. Each Dynamic Fund has registered\nthree classes of shares Class A shares, Class I shares and Class N shares. Cu\n...\nial intermediaries. For example,\nshould it occur, a Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult\nto identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all\ntheir customers. More specifically, unless the financial intermediaries have the ability to apply the Funds Market Timing Trading\nPolicy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading\nactivity for what might be market timing, a Fund may not be able to determine whether trading by customers of financial intermediaries\nis contrary to the Funds Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Funds have agreed to provide\nshareholder transaction information to the extent known to the broker to the Funds upon request. If a Fund or its transfer agent\nor shareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the\nservice provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers\nmay take immediate action to stop any further short-term trading by such participants.\nHouseholding.\nTo reduce expenses, the Funds mail only one copy of the Prospectus and each annual and semi-annual report to those addresses shared\nby two or more accounts. If you wish to receive individual copies of these documents, please call the Funds at 1-855-873-3837 on days\nthe Funds are open for business or contact your financial institution. The Funds will begin sending you individual copies thirty days\nafter receiving your request.\nDistribution\nof Fund Shares\nThe\nDistributor\nNorthern\nLights Distributors, LLC (the Distributor ) is located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, and serves\nas distributor and principal underwriter to the Funds. The Distributor is a registered broker-dealer and member of the Financial Industry\nRegulatory Authority, Inc. ( FINRA ). Shares of the Funds are offered on a continuous basis.\n47\nDistribution\nand Shareholder Servicing (12b-1) Plans\nEach\nFund has adopted a Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 (the 12b-1 Plans ) under the 1940\nAct for Class N shares. Under the 12b-1 Plans, the Funds are authorized to pay the Funds distributor, or such other entities as\napproved by the Board of Trustees, a fee for the promotion and distribution of the Funds and the provision of personal services to shareholders.\nThe maximum amount of the fee authorized is 0.25% of the Funds average daily net assets annually for Class N shares. The distributor\nmay pay any or all amounts received under the 12b-1 Plans to other persons, including the Adviser, for any distribution or service activity.\nBecause these fees are paid out of a Fund s assets on an on-going basis, over time these fees will increase the cost of your investment\nin the Fund and may cost you more than paying other types of sales charges.\nIn\naddition to the fees paid under the 12b-1 Plan, the Funds may pay service fees to intermediaries such as banks, broker-dealers, financial\nadvisors or other financial institutions, including the Adviser and affiliates of the Adviser, for sub-administration, sub-transfer agency\nand other shareholder services associated with shareholders whose shares are held of record in omnibus, other group accounts or accounts\ntraded through registered securities clearing agents.\nAdditional\nCompensation t\n...\nmeasures that comply with federal law. These\nmeasures include computer safeguards and secured files and buildings.\nHow\ndoes NLFT II collect my personal information?\nWe\ncollect your personal information, for example, when you\nopen\nan account\ngive\nus your income information\nprovide\nemployment information\nprovide\naccount information\ngive\nus your contact information\nWe\nalso collect your personal information from others, such as credit bureaus, affiliates, or other companies.\nWhy\ncan t I limit all sharing?\nFederal\nlaw gives you the right to limit only\nsharing\nfor affiliates everyday business purposes information about your creditworthiness\naffiliates\nfrom using your information to market to you\nsharing\nfor nonaffiliates to market to you\nState\nlaws and individual companies may give you additional rights to limit sharing.\nDefinitions\nAffiliates\nCompanies\nrelated by common ownership or control. They can be financial and nonfinancial companies.\nNLFT\nII has no affiliates.\nNonaffiliates\nCompanies\nnot related by common ownership or control. They can be financial and nonfinancial companies.\nNLFT\nII does not share with nonaffiliates so they can market to you.\nJoint\nmarketing\nA\nformal agreement between nonaffiliated financial companies that together market financial\nproducts and services to you.\nOur\njoint marketing partners include other financial service companies.\n57\nInvestment\nAdviser\nInnealta Capital, LLC\n8312 Verde Mesa Cv Austin, TX 78738\nIndependent\nRegistered Public Accounting Firm\nCohen Company, Ltd.\n1835 Market Street, Suite 310\nPhiladelphia, PA 19103\nLegal\nCounsel\nVedder Price P.C.\n1401 New York Avenue NW\nWashington, D.C. 20005\nCustodian\nU.S. Bank, National Association\n1555 North River Center Drive\nMilwaukee, WI 53212\nTransfer\nAgent, Fund Accountant and Fund Administrator\nUltimus Fund Solutions, LLC\n4221 North 203rd Street, Suite 100\nElkhorn, NE 68022\nDistributor\nNorthern Lights Distributors, LLC\n4221 North 203rd Street, Suite 100\nElkhorn, NE 68022\nDynamic\nInternational Opportunity Fund\nDynamic\nU.S. Opportunity Fund\neach\na series of the Northern Lights Fund Trust II\nFOR\nMORE INFORMATION\nYou\ncan find more information about the Funds in the following documents:\nStatement\nof Additional Information\nThe\nSAI provides additional details about the investments and techniques of the Funds and certain other additional information. A current\nSAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part\nof this Prospectus even though it is not physically within this Prospectus.\nAnnual\nand Semi-Annual Reports\nAdditional\ninformation about the Funds investments will also be available in the Funds Annual and Semi-Annual Reports to Shareholders.\nIn the Funds Annual Tailored Shareholder Report, you will find a discussion of the market conditions and investment strategies\nthat significantly affected each Fund s performance during its last fiscal year.\nTo\nobtain a free copy of the SAI and, when issued, the Annual and Semi-Annual Reports to Shareholders, or make general inquiries about the\nFunds by calling the Funds (toll-free) at 1-855-873-3837, or by writing to:\nAcclivity\nSmall Cap Value Fund\nDynamic International Opportunity Fund or\nDynamic U.S. Opportunity Fund\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nInformation\nis also available at www.innealtafunds.com .\nYou\ncan review and copy information, including the Funds reports and SAI, at the SEC s Public Reference Room in Washington,\nD.C. You can obtain information on the operation of the Publi\n...\nh information to a Client who itself may decide or may be required\nto make public such information. Upon a request from a person other than a Client for information on the Company s proxy voting,\nCompany personnel are prohibited from disclosing such information unless otherwise directed to do so by a Client, in which case Company\npersonnel shall direct the requesting party to the CCO who will handle the request.\n81\nQuestions related to this Proxy Voting Policy, the proxy\nvoting process and/or information regarding how the Company voted proxies relating to a Client s portfolio of securities may be\nobtained by Clients, free of charge, by contacting the CCO at (737) 808-4637or cfava@innealtacapital.com.\n82\nNorthern Lights Fund Trust II\nPART C\nOTHER INFORMATION\nITEM 28.\nEXHIBITS.\n(a)(1)\nAgreement\nand Declaration of Trust dated August 26, 2010. 3\n(a)(2)\nAmended\nAgreement and Declaration of Trust effective May 23, 2019 286\n(a)(3)\nCertificate\nof Trust as filed with the State of Delaware on August 26, 2010. 3\n(b)\nBy-Laws,\neffective as of August 26, 2010. 3\n(c)\nInstruments Defining\nRights of Security Holders. See Article III, Shares and Article V Shareholders Voting Powers and Meetings\nof the Registrant s Agreement and Declaration of Trust. See also, Article II, Meetings of Shareholders of the Registrant s\nBy-Laws.\n(d)(1)\nInvestment\nAdvisory Agreement between the Registrant and North Star Investment Management Corp., with respect to the North Star Opportunity Fund,\nNorth Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund .\n247\n(d)(2)\nInvestment\nAdvisory Agreement between the Registrant and Kovitz Investment Group Partners, LLC, on behalf of the Al Frank Fund. 180\n(d)(3)\nInvestment\nAdvisory Agreement between the Registrant and Longboard Asset Management, LP on behalf of the Longboard Managed Futures Strategy Fund\nand Longboard Alternative Growth Fund. 177\n(d)(4)\nInvestment\nAdvisory Agreement between the Registrant and KKM Financial, LLC on behalf of the Essential 40 Stock ETF .\n268\n(d)(5)\nInvestment\nAdvisory Agreement between the Registrant and Innealta Capital, LLC on behalf of the Dynamic International Opportunity Fund, Dynamic U.S.\nOpportunity Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Acclivity Broad\nEquity Multi-Style Fund and the Dynamic Global Diversified Fund. 199\n(d)(6)\nInvestment\nAdvisory Agreement between the Registrant and Invenomic Capital Management, LP on behalf of the Invenomic Fund. 193\n(d)(7)\nInvestment\nSub-Advisory Agreement between LifeGoal Investments, LLC and Penserra Capital Management, LLC with respect to LifeGoal Conservative Wealth\nBuilder ETF, LifeGoal Home Down Payment Investment ETF, and LifeGoal Wealth Builder ETF. 223\n(d)(8)\nInvestment\nAdvisory Agreement between the Registrant and The Future Fund, LLC with respect to One Global ETF and The Future Fund Long/Short ETF .\n250\n(d)(9)\nInvestment\nAdvisory Agreement between the Registrant and Beacon Capital Management, Inc. with respect to the Beacon Selective Risk ETF and the Beacon\nTactical Risk ETF. 244\n(d)(10)\nInvestment\nAdvisory Agreement between the Registrant and Hodges Capital Management, LLC on behalf of the Hodges Fund, Hodges Blue Chip Equity Income\nFund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund. 255\n(d)(11)\nInvestment\nSub-Advisory Agreement between Beacon Capital Management, Inc. and Exchange Traded Concepts, LLC with respect to the Beacon Selective\nRisk ETF and the Beacon Tactical Risk ETF . 242\n(d)(12)\nInvestment\nAdvisory Agreement between the Registrant and PeakShares LLC on behalf of the PeakShares Sector Rotation Fund .\n260\n(d)(13)\nInvestment\nAdvisory Agreement between the Registrant and Weitz Investm\n...\ntar Bond Fund and North Star Small Cap Value Fund .\n286\n(d)(25)\nInvestment\nAdvisory Agreement between the Registrant and M Financial Investment Advisers, Inc with respect to M International Equity Fund, M\nLarge Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund 287\n(d)(26)\nInvestment\nSub-Advisory Agreement between M Financial Investment Advisers, Inc. and Brandywine Global Investment Management, LLC\n287\n(d)(27)\nInvestment\nSub-Advisory Agreement between M Financial Investment Advisers, Inc. and Dimensional Fund Advisors LP\n287\n(d)(28)\nInvestment\nSub-Advisory Agreement between M Financial Investment Advisers, Inc. and Federated MDTA LLC\n287\n(d)(29)\nInvestment\nSub-Advisory Agreement between M Financial Investment Advisers, Inc. and Frontier Capital Management Company, LLC\n287\n(d)(30)\nInterim\nAdvisory Agreement between the Registrant and Focus Partners Wealth, LLC on behalf of the Al Frank Fund\n288\n(e)(1)\nUnderwriting\nAgreement between the Registrant and Northern Lights Distributors LLC. 187\n(e)(2)\nETF\nDistribution Agreement between the Registrant and Northern Lights Distributors, LLC. 223\n(e)(3)\nUnderwriting\nAgreement between Registrant and M-Holdings Securities, Inc. with respect to M International Equity Fund, M Large Cap Growth Fund,\nM Capital Appreciation Fund and M Large Cap Value Fund 287\n(f)\nBonus or Profit\nSharing Contracts - Not Applicable\n(g)(1)\nCustody\nAgreement between the Registrant and U.S. Bank, N.A., on behalf of the Al Frank Fund. 46\n(g)(2)\nFourth\nAmendment, effective June 1, 2017, to the Custody Agreement dated May 26, 2015 between the Registrant and U.S. Bank, N.A., on behalf of\nthe Balter L/S Small Cap Equity Fund, Balter European L/S Small Cap Fund, and Balter Invenomic Fund. 155\n(g)(3)\nCustody\nAgreement between the Registrant and Brown Brothers Harriman Co. 222\n(g)(4)\nAmendment to the\nCustody Agreement between the Registrant and Brown Brothers Harriman Co.\n(g)(5)\nAmendment\nto the U.S. Bank Custody Agreement to add the North Star Small Cap Value Fund. 248\n(g)(6)\nAmendment\nto the U.S. Bank Custody Agreement to add the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges\nSmall Intrinsic Value Fund. 255\nC - 2\n(g)(7)\nAmendment\nto the U.S. Bank Custody Agreement to add the Beacon Dynamic Allocation Fund 283\n(g)(8)\nCustody\nAgreement between the Registrant and State Street Bank and Trust Company with respect to M International Equity Fund, M Large Cap\nGrowth Fund, M Capital Appreciation Fund and M Large Cap Value Fund 287\n(h)(1)\nMaster\nFund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated October 19, 2021. 228\n(h)(2)\nAmendment\nNo.1 to the Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated November 1, 2023. 261\n(h)(3)\n18f-4\nAddendum to the Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated August 1, 2022 . 261\n(h)(4)\nMaster\nETF Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated October 19, 2021 .\n261\n(h)(5)\nAmendment\nNo.1 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated May 17, 2023 .\n261\n(h)(6)\nAmendment\nNo.2 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated November 1, 2023 .\n261\n(h)(7)\nAmendment\nNo.3 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated April 11, 2024 .\n261\n(h)(8)\n18f-4\nAddendum to the ETF Master Fund Services Agreement between the Registrant and", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator", "Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Essential_40_Stock_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "advisedBy", "o": "org:KKM_Financial_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Essential_40_Stock_ETF", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Longboard_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Longboard_Fund", "p": "advisedBy", "o": "org:Longboard_Asset_Management_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Longboard_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Longboard_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Longboard_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:One_Global_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:One_Global_ETF", "p": "advisedBy", "o": "org:The_Future_Fund_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:One_Global_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:One_Global_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:One_Global_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Future_Long_Short_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Future_Long_Short_ETF", "p": "advisedBy", "o": "org:The_Future_Fund_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Future_Long_Short_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Future_Long_Short_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:The_Future_Long_Short_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Northern_Lights_Fund_Trust_II", "p": "underwrittenBy", "o": "org:Northern_Lights_Distributors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Essential 40 Stock ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> KKM Financial, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust II <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Longboard Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Longboard Asset Management, LP <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust II <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> One Global ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> The Future Fund LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust II <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <triple_end>\n<triple_start> The Future Long/Short ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> The Future Fund LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust II <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <triple_end>\n<triple_start> Northern Lights Fund Trust II <predicate_marker> underwrittenBy <object_marker> Northern Lights Distributors <triple_end>", "target_serialized_plain": "Essential 40 Stock ETF administrator Ultimus Fund Solutions, LLC ; advisedBy KKM Financial, LLC ; custodian Brown Brothers Harriman & Co. , U.S. Bank National Association ; seriesOf Northern Lights Fund Trust II ; transferAgent Brown Brothers Harriman & Co. , Ultimus Fund Solutions, LLC .\nLongboard Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Longboard Asset Management, LP ; custodian U.S. Bank National Association ; seriesOf Northern Lights Fund Trust II ; transferAgent Ultimus Fund Solutions, LLC .\nOne Global ETF administrator Ultimus Fund Solutions, LLC ; advisedBy The Future Fund LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf Northern Lights Fund Trust II ; transferAgent Brown Brothers Harriman & Co. .\nThe Future Long/Short ETF administrator Ultimus Fund Solutions, LLC ; advisedBy The Future Fund LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf Northern Lights Fund Trust II ; transferAgent Brown Brothers Harriman & Co. .\nNorthern Lights Fund Trust II underwrittenBy Northern Lights Distributors .", "stats": {"input_chars": 25420, "n_triples": 23, "text_to_json_ratio": 12.9}}
{"sample_id": "0001518557:ALL", "cik": "0001518557", "trust_name": "NYLI MacKay DefinedTerm Muni Opportunities Fund", "input_text": "et conditions, at least 80% of its Managed Assets (as defined below) in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax).\nNo Prior Trading History. Because the Fund is recently organized, its shares have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value ( NAV ), which may increase investor risk. This risk may be greater for investors expecting to sell their shares in a relatively short period of time after completion of the public offering.\nInvesting in the Common Shares involves certain risks. You could lose some or all of your investment. See Risks beginning on page 40 of this prospectus. Investing in junk bonds is speculative and presents a high degree of risk.\nThe NAV per Common Share will be reduced immediately following this offering as a result of the payment of certain offering costs. See Risks Market Discount From Net Asset Value Risk.\nThe Fund s Common Shares have been authorized for listing on the New York Stock Exchange, subject to notice of issuance. The trading or ticker symbol of the Common Shares is MMD.\nNeither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nPer Share\nTotal 3\nPublic offering price\n$\n20.00\n$\n495,000,000\nSales load 1\n$.90\n$22,275,000\nEstimated offering costs\n$.04\n$990,000\nProceeds, after expenses, to the Fund 2\n$\n19.06\n$\n471,735,000\n(1)\nNew York Life Investment Management LLC ( New York Life Investments or the Manager ) and MacKay Shields LLC ( MacKay Shields or Sub-Advisor ) (and not the Fund) have agreed to pay from their own assets structuring fees to Merrill Lynch, Pierce, Fenner Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley Co. LLC, Wells Fargo Securities, LLC and Raymond James Associates, Inc. in connection with this offering. The Manager and the Sub-Advisor (and not the Fund) may also pay certain qualifying underwriters a structuring fee, sales incentive fee or additional compensation with the offering. Each of the Manager and the Sub-Advisor will be responsible for one-half of such structuring fee, sales incentive fee or additional compensation. See Underwriting.\n(2)\nThe Fund has agreed to pay the underwriters $165,083, or $188,040 (if the underwriters exercise the overallotment in full) representing $.00667 per Common Share as a partial reimbursement of expenses. Total offering expenses to be paid by the Fund (other than the sales load but inclusive of such $.00667 per Common Share reimbursement of underwriters expenses) are estimated to be approximately $990,000, which represents $.04 per Common Share. The Manager has agreed to pay (i) all of the Fund s organizational expenses, which are estimated to be $330,000, and (ii) the Fund s offering expenses (other than the sales load but inclusive of such $.00667 per Common Share as reimbursement of the underwriters expenses), which are estimated to be $78,000 to the extent offering expenses are in excess of $.04 per share.\n(3)\nThe Fund has granted the underwriters an option to purchase up to 3,441,908 additional shares at the public offering price, less the sales load, within 45 days of the date of this prospectus solely to cover overallotments, if any. If this option is exercised in full, the total public offering price, sales load, estimated offering costs and proceeds, after expenses, to the Fund will be approximately $563,838,160, $25,372,717, $1,127,676, and $537,337,767, respectively. See Underwriting.\nThe underwriters expect to deliver the Common Shares to purchasers on or\n...\nany outstanding Preferred Shares or other forms of leverage utilized by the Fund. The Fund intends to pay any capital gains distributions at least annually. If the Fund realizes a long-term capital gain, it will be required to allocate such gain between the Common Shares and any Preferred Shares issued by the Fund in proportion to the total dividends paid to each class for the year in which the income is realized.\nVarious factors will affect the level of the Fund s income, including the asset mix and average maturity of the Fund s portfolio, the amount of leverage utilized by the Fund and the cost of such leverage and the Fund s use of hedging. To permit the Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund s NAV (and\n7\nTABLE OF CONTENTS\nindirectly benefits the Manager and the Sub-Advisor by increasing their fees) and, correspondingly, distributions from undistributed income will reduce the Fund s NAV. See Distributions and Leverage Program.\nCash distributions to the holders of the Common Shares may be reinvested under the Fund s Dividend Reinvestment Plan (the Plan ) in additional whole and fractional shares if you or your representative elect to enroll in ( opt-in ) the Plan. See Distributions and Dividend Reinvestment Plan.\nCustodian, Transfer Agent and Sub-Administrator\nThe Fund has retained State Street Bank and Trust Company ( State Street ) as custodian, and Computershare Trust Company, N.A. as the transfer agent for the Fund. Pursuant to an agreement with the Manager, State Street provides sub-administration and sub-accounting services for the Fund. The Manager and the Board of Trustees will be responsible for overseeing the activities of the custodian, transfer agent, and sub-administrator. See Custodian, Transfer Agent and Sub-Administrator.\nListing\nThe Fund s Common Shares have been authorized for listing on the New York Stock Exchange ( NYSE ), subject to notice of issuance. The trading or ticker symbol of the Common Shares is MMD.\nClosed-End Structure\nClosed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows, whereas closed-end funds can generally stay more fully invested in securities consistent with the closed-end fund s investment objectives and policies. In addition, in comparison to open-end funds, closed-end funds have greater flexibility in their ability to make certain types of investments, including investments in illiquid securities.\nShares of closed-end funds listed for trading on a securities exchange frequently trade at a discount from NAV. The market price of such shares may be affected by NAV, dividend or distribution levels and their stability (which in turn will be affected by levels of dividend or interest payments by the fund s portfolio holdings, the timing and success of t", "ontology": {"Fund": {"advisedBy": ["Administrator"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "advisedBy", "o": "org:New_York_Life_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "transferAgent", "o": "org:Computershare_Trust_Company_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "trust:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Citigroup_Global_Markets_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Merrill_Lynch_Pierce_Fenner_Smith_Incorporated", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Morgan_Stanley_Co_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Raymond_James_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NYLI_MacKay_DefinedTerm_Muni_Opportunities_Fund", "p": "underwrittenBy", "o": "org:Wells_Fargo_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> NYLI MacKay DefinedTerm Muni Opportunities Fund <predicate_marker> advisedBy <object_marker> New York Life Investment Management LLC <predicate_marker> subAdvisedBy <object_marker> MacKay Shields LLC <predicate_marker> transferAgent <object_marker> Computershare Trust Company, National Association <triple_end>\n<triple_start> NYLI MacKay DefinedTerm Muni Opportunities Fund <predicate_marker> underwrittenBy <object_marker> Citigroup Global Markets, Inc. <predicate_marker> underwrittenBy <object_marker> Merrill Lynch, Pierce, Fenner & Smith Incorporated <predicate_marker> underwrittenBy <object_marker> Morgan Stanley & Co. LLC <predicate_marker> underwrittenBy <object_marker> Raymond James & Associates, Inc. <predicate_marker> underwrittenBy <object_marker> Wells Fargo Securities LLC <triple_end>", "target_serialized_plain": "NYLI MacKay DefinedTerm Muni Opportunities Fund advisedBy New York Life Investment Management LLC ; subAdvisedBy MacKay Shields LLC ; transferAgent Computershare Trust Company, National Association .\nNYLI MacKay DefinedTerm Muni Opportunities Fund underwrittenBy Citigroup Global Markets, Inc. , Merrill Lynch, Pierce, Fenner & Smith Incorporated , Morgan Stanley & Co. LLC , Raymond James & Associates, Inc. , Wells Fargo Securities LLC .", "stats": {"input_chars": 7563, "n_triples": 8, "text_to_json_ratio": 9.2}}
{"sample_id": "0001529390:ALL", "cik": "0001529390", "trust_name": "Cambria ETF Trust", "input_text": "AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 28, 2025.\nNo. 811 -22704\nNo. 333-180879\nFORM N-1A\nUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre -Effective Amendment No. Post -Effective Amendment No. 253\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 255\n(Check appropriate box or boxes)\n__________________________________________\nCAMBRIA ETF TRUST\n(Exact Name of Registrant as Specified in Charter)\n__________________________________________\n3300 Highland Avenue Manhattan Beach, CA 90266 (Address of Principal Executive Offices, Zip Code)\n(310) 683 -5500 (Registrant s Telephone Number, including Area Code)\nCorporation Service Company 2711 Centreville Road Suite 400 Wilmington, DE 19808 (Name and Address of Agent for Service)\n__________________________________________\nCopy to: W. John McGuire Morgan, Lewis Bockius LLP 1111 Pennsylvania Ave, NW Washington, DC 20004\n__________________________________________\nIt is proposed that this filing will become effective (check appropriate box):\nImmediately upon filing pursuant to paragraph (b)\nOn September 1, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\nOn (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn (date) pursuant to paragraph (a)(2) of Rule 485.\nIf appropriate, check the following box:\nThis post -effective amendment designates a new effective date for a previously filed post -effective amendment.\nProspectus\nSeptember 1, 2025\nCambria Superinvestors ETF (SUPR)\nCambria Buyout ETF (PE)\nCambria Venture ETF (VCAP)\nThis Prospectus provides important information about each of the Funds listed above (each, a Fund and, collectively, the Funds ), each a series of Cambria ETF Trust (the Trust ), that you should know before investing. Please read it carefully and keep it for future reference.\nShares of each Fund ( Shares ) will be listed and traded on [CBOE BZX Exchange, Inc.] (the Exchange ).\nAs of the date of this Prospectus, no Shares are available for purchase for any of the Funds.\nthe U.S. Securities and Exchange Commission ( SEC ) HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nPage\nFUND SUMMARIES\nCAMBRIA SUPERINVESTORS ETF\n2\nCAMBRIA BUYOUT ETF\n7\nCAMBRIA VENTURE ETF\n12\nADDITIONAL INFORMATION ABOUT THE FUNDS\n17\nFUND MANAGEMENT\n22\nPORTFOLIO MANAGERS\n23\nOTHER SERVICE PROVIDERS\n24\nDISCLAIMERS\n24\nBUYING AND SELLING FUND SHARES\n24\nBUYING AND SELLING SHARES ON THE SECONDARY MARKET\n25\nACTIVE INVESTORS AND MARKET TIMING\n26\nDISTRIBUTION AND SERVICE PLAN\n26\nNET ASSET VALUE\n26\nFUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS\n27\nINVESTMENTS BY OTHER INVESTMENT COMPANIES\n27\nDIVIDENDS, OTHER DISTRIBUTIONS AND TAXES\n28\nHOUSEHOLDING POLICY\n31\nFINANCIAL HIGHLIGHTS\n31\nNo person has been authorized to give any information or to make any representations other than those contained in this Prospectus and the Funds Statement of Additional Information dated September 1, 2025 (the SAI ) (which is incorporated by reference into this Prospectus and is legally a part of this Prospectus) and, if given or made, such information or representations may not be relied upon as having been authoriz\n...\n* Based on estimated amounts for the current fiscal year.\nExample\nThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:\nOne Year:\nThree Years:\n$ 60\n$ 189\nPortfolio Turnover\nThe Fund may pay transaction costs, including commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund s performance. Because the Fund had not yet commenced operations as of the date of this Prospectus, it does not have a portfolio turnover rate to provide.\n2\nPrincipal Investment Strategies\nThe Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in U.S. -listed equity securities that are favored by prominent Superinvestors, including the common stock of U.S. companies and American Depositary Receipts ( ADRs ). To be considered a Superinvestor, an institutional investor must have a publicly available track record of at least ten years. In addition, as determined by the Fund s investment adviser, Cambria Investment Management, L.P. ( Cambria or the Adviser ), Superinvestors must exhibit style purity ( i.e. , a consistent investment approach and trading style) with respect to their long -term investments in equity securities. In selecting Superinvestors for the Fund, Cambria evaluates various qualitative and quantitative metrics demonstrated by institutional investors, including, but not limited to, portfolio turnover and the absolute and risk -adjusted performance of an institutional investor s equity portfolios.\nCambria then selects a group of stocks that are favored by the Superinvestors, as demonstrated by public disclosure, such as filings made on Form 13F, of the portfolio holdings widely held by these institutional investors. Widely held securities refer to securities held in large quantities by multiple Superinvestors as well as securities held in smaller quantities but with greater consistency across the holdings of a larger number of Superinvestors. Institutional investors, including Superinvestors, file Form 13F with the SEC on a quarterly basis to report their portfolio holdings as of the end of each calendar quarter, but institutional investors may file Form 13F up to 45 days after quarter end.\nUtilizing a proprietary quantitative model and fundamental analysis, Cambria selects stocks that are widely held by a select list of Superinvestors. To be eligible for inclusion in the Fund, equity securities must pass various market capitalization, sector concentration, and liquidity requirements. For example, while Cambria may invest in companies of any market capitalization, such companies must have a minimum market capitalization of $200 million.\nThe Fund may sell a security when Cambria believes that the security is overvalued or better investment opportu\n...\nll and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.\nStale Information Risk. Cambria will recommend securities for the Fund based on publicly available information about the Superinvestors holdings, such as filings made on Form 13F. This public information does not generally reflect real -time portfolio holdings. For example, Form 13F filings that are used to select securities are filed up to 45 days after the end of each calendar quarter. Thus, by the time this information becomes available to the public, a Superinvestor may have already sold the securities disclosed in its Form 13F. As a result, the Fund may purchase securities or retain securities that are no longer favored by the Superinvestors, which may hurt the Fund s performance.\nPerformance\nThe Fund has not commenced operations as of the date of this Prospectus. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund s average annual returns compare with a broad measure of market performance. As always, please note that the Fund s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance will be available at www.cambriafunds.com .\nInvestment Advisers\nCambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the sub -adviser (the Sub -Adviser ) to the Fund.\nPortfolio Managers\nMebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are the portfolio managers for the Fund and have managed the Fund since its inception in [-].\nPurchase and Sale of Fund Shares\nIndividual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market through a broker -dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (at a premium ) or less than NAV (at a discount ). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying and selling Shares in the secondary market (the bid/ask spread ). Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund s website at http://www.cambriafunds.com/supr.\n5\nTax Information\nDistributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes, except that distributions will be taxed to you at long -term capital gain rates to the extent reported by the Fund as capital gain dividends or qualified dividend income, and may also be subject to state or local taxes. Fund distributions may not be taxable to you if you are investing through a tax -advantaged retirement plan account or are a tax -exempt investor, although you may be taxed on withdrawals from your tax -advantaged account.\nPurchases Through Broker-Dealers and Other Financial Intermediaries\nIf you purchase Shares t\n...\npervises, and administers the Funds investment programs. Cambria also supervises the Sub -Adviser (defined below), including monitoring of the purchase and sale of securities by the Sub -Adviser and regular review of the Sub -Adviser s performance, subject to the oversight of the Board.\n22\nCambria has entered into an investment advisory agreement (the Management Agreement ) with respect to the Funds. Pursuant to that Management Agreement, each Fund pays Cambria an annual advisory fee based on its average daily net assets for the services and facilities it provides payable at the annual rates set forth in the table below:\nFund\nAdvisory Fee\nCambria Superinvestors ETF\n0.59%\nCambria Buyout ETF\n0.59%\nCambria Venture ETF\n0.59%\nCambria bears all of the costs of the Funds, except for the advisory fee, payments under each Fund s 12b -1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto). The Management Agreement provides that it may be terminated at any time, without the payment of any penalty, by the Board of Trustees or by a majority of the outstanding Shares of a Fund, on 60 days written notice to Cambria, and by Cambria upon 60 days written notice and that it shall be automatically terminated if it is assigned.\nSub -Adviser . Tidal Investments LLC, a Tidal Financial Group company, serves as the sub -adviser to each Fund. The Sub -Adviser is a Delaware limited liability company located at 234 W. Florida Street, Suite 203, Milwaukee, Wisconsin 53204. The Sub -Adviser is the parent company of Tidal ETF Services LLC. The Sub -Adviser was founded in March 2012 and has been managing investment companies since January 2018. As of August 1, 2025, the Sub -Adviser had assets under management of approximately $40.8 billion and served as the investment adviser or sub -adviser for 249 registered funds. Pursuant to a sub -advisory agreement between Cambria and the Sub -Adviser with respect to the Funds (the Sub -Advisory Agreement ), the Sub -Adviser will be responsible for trading portfolio securities and other investment instruments on behalf of the Funds, including selecting broker -dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and oversight of the Board. Under the Sub -Advisory Agreement, Cambria pays the Sub -Adviser a fee calculated daily and paid monthly out of the fee Cambria receives from each Fund.\nThe Trust is in the process of applying for exemptive relief from the SEC, which, if obtained, will permit the Adviser, subject to certain conditions, to terminate the existing Sub -Adviser or hire new sub -advisers for each Fund, to materially amend the terms of particular agreements with sub -advisers or to continue the employment of a sub -adviser after events that would otherwise cause an automatic termination of a sub -advisory agreement. This arrangement has been approved by the Board and each Fund s initial shareholders. Consequently, under the exemptive order, the Adviser will have the right to hire, terminate and replace a sub -adviser to each Fund when the Board and the Adviser feel that a change would benefit the Fund. Within 90 days of retaining a new sub -adviser , shareholders of the Fund will receive notification of the change. This structure, known as a manager of managers structure, enables the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub -advisory agreements. The structure does not permit investment advisory fees paid by the Fund to be increased or change the Adviser s obligations under the investment advisory agreement, including the Adviser s responsibility to monitor and oversee sub -advisory services furnished to the Fund, without shareholder approval. Furthermore, any sub -advisory agreements with affiliates of the Fund or the Adviser will require shareholder approval. Until the Adviser and the Trust obtain this relief, the Fund will continue to submit these matters to shareholders for their approval to the extent required by applicable law.\nPORTFOLIO MANAGERS\nMebane T. Faber and Jonathan Keetz are the portfolio managers of the Funds and are responsible for the day -to-day management of each Fund.\nMebane T. Faber , Chief Investment Officer and Portfolio Manager\nMr. Faber has been co -founder and the Chief Investment Officer of Cambria since 2006, Chief Executive Officer of Cambria since 2018, and serves as portfolio manager of each Fund. Mr. Faber is the manager of Cambria s separate accounts and private investment funds for accredited investors. He is also President of the Trust and an interested trustee and the Chairman of the Trust s Board of Trustees. Mr. Faber is also the author of the Mebane Faber Research blog, author of Shareholder Yield , and the co -author of The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets . Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.\n23\nJonathan Keetz , Chief Operating Officer and Portfolio Manager\nMr. Keetz has been the Chief Operating Officer of Cambria since 2020, served as Vice President of Cambria from 2015 to 2020, and serves as a portfolio manager of each Fund. He has also served as Vice President of the Trust since 2020. Mr. Keetz graduated from Bryant University with a Master of Business Administration in 2012.\nThe Funds SAI provides additional information about the portfolio managers, including other accounts managed, ownership in the Funds, and compensation.\nOTHER SERVICE PROVIDERS\nALPS Distributors, Inc. (the Distributor ), 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as the distributor of Creation Units (defined below) for the Funds on an agency basis. The Distributor does not maintain a secondary market in Shares.\nTidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Sub -Adviser , 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as the administrator for the Funds.\nU.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Funds sub -administrator and fund accountant as well as transfer agent to the Funds assets.\nU.S. Bank National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian for the Funds.\nMorgan, Lewis Bockius LLP, 1111 Pennsylvania Avenue, NW, Washington, District of Columbia 20004, serves as legal counsel to the Funds.\nCohen Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the independent registered public accounting firm for the Funds. Its services include auditing the Funds financial statements. Cohen Co Advisory, LLC, an affiliate of Cohen Company, Ltd., provides tax services as requested.\nDISCLAIMERS\nShares are not sponsored, endorsed or promoted by the Exchange. The Exchange is not responsible for, nor has it participated, in the determination of the timing of, prices of, or quantities of Shares of a Fund to be issued, nor in the determination or calculation of the equation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares in connection with the administration, marketing or trading of the Shares. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.\nBUYING AND SELLING FUND SHARES\nShares will be issued or redeemed by each Fund at NAV per Share only in Creation Units, which are likely to cost over $1 million. 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"org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Cambria_ETF_Trust", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Cambria Cannabis ETF <predicate_marker> administrator <object_marker> Tidal ETF Services LLC <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Cambria ETF Trust <predicate_marker> subAdvisedBy <object_marker> Tidal Investments LLC <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Cambria Emerging Shareholder Yield ETF <predicate_marker> administrator <object_marker> Tidal ETF Services LLC <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Cambria ETF Trust <predicate_marker> subAdvisedBy <object_marker> Tidal Investments LLC <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Cambria Fixed Income Trend ETF <predicate_marker> administrator <object_marker> Tidal ETF Services LLC <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Cambria ETF Trust <predicate_marker> subAdvisedBy <object_marker> Tidal Investments LLC <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Cambria Foreign Shareholder Yield ETF <predicate_marker> administrator <object_marker> Tidal ETF Services LLC <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Cambria ETF Trust <predicate_marker> subAdvisedBy <object_marker> Tidal Investments LLC <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Cambria Global Asset Allocation ETF <predicate_marker> administrator <object_marker> Tidal ETF Services LLC <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> custodian 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{"sample_id": "0001535538:ALL", "cik": "0001535538", "trust_name": "Franklin Alternative Strategies Funds", "input_text": "As\nfiled with the Securities and Exchange Commission on September 26, 2025. File Nos. File Nos. 333-189667 and 811-22641 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM\nN-1A REGISTRATION STATEMENT UNDER THE SECURITIES\nACT OF 1933 [X] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 33 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT\nCOMPANY ACT OF 1940 [X] Amendment No.\n42 [X] Franklin\nAlternative Strategies Funds (Exact\nName of Registrant as Specified in Charter) One\nFranklin Parkway, San Mateo, CA 94403-1906 (Address of Principal Executive Offices) (Zip Code) (650) 312-2000 (Registrant's Telephone Number, Including Area Code) ALISON E. BAUR, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Name and Address of Agent for Service\nof Process) Approximate Date of Proposed Public Offering:\nIt is proposed that this filing will become effective (check\nappropriate box) [ ] immediately upon filing pursuant to paragraph (b) [ X ] on October\n1, 2025 pursuant to paragraph (b) [ ] 60\ndays after filing pursuant to paragraph (a)(1) [\n] on pursuant to paragraph\n(a)(1) of Rule 485 [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of rule 485 If appropriate, check the following box: [\n] This post-effective amendment\ndesignates a new effective date for a previously filed post-effective amendment.\nK2 ALTERNATIVE STRATEGIES\nFUND FRANKLIN ALTERNATIVE STRATEGIES FUNDS Prospectus October 1, 2025 Class A Class\nC Class R Class\nR6 Advisor Class FAAAX FASCX FSKKX FASRX FABZX The U.S. Securities and\nExchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have not approved\nor disapproved these securities or passed upon the adequacy of this prospectus. Any representation to\nthe contrary is a criminal offense. 068\nP 10/25\nContents Fund Summary Information about the Fund you should know before investing Investment Goal 2 Fees\nand Expenses of the Fund 2 Portfolio Turnover 4 Principal Investment Strategies 4 Principal Risks 8 Performance 13 Investment Manager 14 Portfolio Managers 15 Purchase and Sale of Fund Shares 15 Taxes 15 Payments to Broker-Dealers and Other Financial Intermediaries 15 Fund\nDetails More information on investment\npolicies, practices and risks/financial highlights Investment\nGoal 17 Principal Investment Policies and Practices 17 Principal\nRisks 24 Management 43 Distributions and Taxes 47 Financial Highlights 51 Your Account Information\nabout sales charges, qualified investors, account transactions and services Choosing a Share Class 58 Buying\nShares 72 Investor Services 75 Selling Shares 78 Exchanging Shares 81 Account Policies 86 Questions 99 For More Information Where to learn more about the Fund Back\nCover\nK2\nALTERNATIVE STRATEGIES FUND FUND SUMMARY\nOn\nor about January 1, 2026, the investment management services provided by K2/D S Management Co., L.L.C.\n(K2 Advisors), an indirect, wholly owned subsidiary of Franklin Resources, Inc. (Resources), and the\npersonnel of K2 Advisors who provide such services to the Fund, will be transferred to Franklin Advisers,\nInc. (Advisers), a direct, wholly owned subsidiary of Resources. In particular, Advisers will assume\nthe duties and obligations of K2 Advisors under the Fund s investment management agreement between\nK2 Advisors and the Trust, on behalf of the Fund, and the sub-advisory agreements between K2 Advisors\nand the unaffiliated sub-advisors with respect to the Fund. Employees of K2 Advisors who currently provide\ninvestment management and investment-related services to the Fund will become employees of Advisers and\nwill continue to provide the same investment management and investment-related services to the Fund under\nthe same investment management fee schedule. Upon the transfer of the investment management agreement\nto Advisers, the current sub-advisory agreement between K2 Advisors and Advisers for the Fund will be\nterminated. This transfer will not involve a change in actual control or management of the Fund s\ninvestment manager and the same individuals will continue to provide portfolio management services to\nthe Fund. Because there is no actual change in control or management of the investment manager, this\ntransfer does not constitute an assignment of the investment management agreement or the\nsub-advisory agreements for purposes of the Investment Company Act of 1940 and, therefore, a shareholder\nvote is not required. In connection with the transfer of investment management services to Advisers\ndescribed above, the Board of Trustees of the Trust approved a change to the Fund s name, effective\nJanuary 30, 2026, from K2 Alternative Strategies Fund to Franklin Alternative Strategies Fund .\nFund Summary\nInvestment Goal Capital appreciation with lower volatility relative to the\nbroad equity markets. Fees\nand Expenses of the Fund These tables describe the fees and expenses that you may pay\nif you buy, hold and sell shares of the Fund. You may pay other fees (including on Class\nR6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries,\nwhich are not reflected in the tables and examples below. You may qualify for sales charge discounts\nin Class A if you and your family invest, or agree to invest in the future, at least $ 25,000 in Franklin\nTempleton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund s\ndistributor. More information about these and other discounts is available from your\n2 Prospectus www.franklintempleton.com K2\nALTERNATIVE STRATEGIES FUND FUND SUMMARY\nfinancial\nprofessional and under Your Account on page 58 in the Fund s Prospectus and under\nBuying and Selling Shares on page 94 of the Fund s Statement of Additional Information.\nIn addition, more information about sales charge discounts and waivers for purchases of shares through\nspecific financial intermediaries is set forth in Appendix A Intermediary Sales Charge\nDiscounts and Waivers to the Fund s prospectus.\nShareholder Fees (fees paid\ndirectly from your investment) Class A Class C Class R Class R6 Advisor\nClass Maximum Sales Charge\n(Load) Imposed on Purchases (as percentage of offering price) 5.50 % None None None None Maximum Deferred Sales Charge\n(Load) (as percentage of the lower of original purchase price or sale proceeds) None 1 1.00 % None None None 1. There is a 1% contingent deferred sales charge that applies to investments of\n$1 Million or more (see \"Investments of $1 Million or More\" under \"Choosing a Share Class\") and purchases\nby certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Annual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value\nof your investment) Class A Class C Class R Class R6 Advisor\nClass Management fees 1 1.70 % 1.70 % 1.70 % 1.70 % 1.70 % Distribution and service (12b-1) fees 0.25 % 1.00 % 0.50 % None None Other expenses\nOther expenses of the Fund 0.29 % 0.29 % 0.29 % 0.22 % 0.29 %\nDividend expense and security borrowing fees for securities\nsold short 0.45 % 0.45 % 0.45 % 0.45 % 0.45 % Total other expenses 0.74 % 0.74 % 0.74 % 0.67 % 0.74 % Acquire\n...\nstorical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns\ndepend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant\nto investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or\nindividual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for\nother classes will vary. Important data provider notices and terms are available at www.franklintempletondatasources.com.\nSuch information is subject to change.\nInvestment Manager K2/D S Management Co., L.L.C. (doing\nbusiness as K2 Advisors). Effective on or about January 1, 2026, the investment management services provided\nby K2 Advisors will be transferred to Franklin Advisers, Inc. (Advisers).\n14 Prospectus www.franklintempleton.com K2\nALTERNATIVE STRATEGIES FUND FUND SUMMARY\nPortfolio Managers\nRobert Christian Senior Vice President and Head of Absolute Return Portfolio\nManagement, K2 Advisors and portfolio manager of the Fund since 2014. Effective on or about January 1,\n2026, Mr. Christian will become a portfolio manager of Advisers. Lillian C. Knight, CFA Head\nof Investment Management of K2 Advisors and portfolio manager of the Fund since 2024. Effective on or\nabout January 1, 2026, Ms. Knight will become a portfolio manager of Advisers. Art Vinokur, CFA Senior\nVice President and Head of Manager Research of K2 Advisors and portfolio manager of the Fund since 2024.\nEffective on or about January 1, 2026, Mr. Vinokur will become a portfolio manager of Advisers.\nPurchase and Sale of Fund\nShares You\nmay purchase or redeem shares of the Fund on any business day online through our website at www.franklintempleton.com,\nby mail (Franklin Templeton Investor Services, P.O. Box 33030, St. Petersburg, FL 33733), or by telephone\nat (800) 632-2301. For Class A, C and R, the minimum initial purchase for most accounts is $1,000 (or\n$25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified\ninvestors and the minimum initial investment will vary depending on the type of qualified investor, as\ndescribed under \"Your Account Choosing a Share Class Qualified Investors Class\nR6\" and \" Advisor Class\" in the Fund's prospectus. There is no minimum investment for subsequent\npurchases. Taxes The\nFund s distributions are generally taxable to you as ordinary income, capital gains, or some combination\nof both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual\nretirement account, in which case your distributions would generally be taxed when withdrawn from the\ntax-advantaged account. Payments\nto Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through\na broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies\nmay pay the intermediary for the sale of Fund shares and related services. These payments may create\na conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to\nrecommend the Fund over another\nwww.franklintempleton.com Prospectus 15 K2\nALTERNATIVE STRATEGIES FUND FUND SUMMARY\ninvestment.\nAsk your financial advisor or visit your financial intermediary's website for more information.\n16 Prospectus www.franklintempleton.com K2\nALTERNATIVE STRATEGIES FUND FUND DETAILS\nFund Details\nInvestment Goal The Fund's investment goal is to seek capital appreciation\nwith lower volatility relative to the broad eq\n...\nt Co., L.L.C. (K2 Advisors or Investment Manager), 100 First Stamford Place, Stamford, CT 06902,\nis the Fund s investment manager. K2 Advisors is an indirect, wholly-owned subsidiary of Franklin\nResources, Inc. (Resources). Effective on or about January 1, 2026, the investment management services provided\nby K2 Advisors and the personnel of K2 Advisors who provide such services to the Fund, will be transferred\nto Franklin Advisers, Inc. (Advisers or effective on or about January 1, 2026, Investment Manager), a\ndirect, wholly owned subsidiary of Resources. In particular, Advisers will assume the duties and obligations\nof K2 Advisors under the Fund s investment management agreement between K2 Advisors and the Trust,\non behalf of the Fund, and the sub-advisory agreements between K2 Advisors and the unaffiliated sub-advisors\nwith respect to the Fund. Employees of K2 Advisors who currently provide investment management and investment-related\nservices to the Fund will become employees of Advisers and will continue to provide the same investment\nmanagement and investment-related services to the Fund under the same investment management fee schedule.\nUpon the transfer of the investment management agreement to Advisers, the current sub-advisory agreement\nbetween K2 Advisors and Advisers for the Fund will be terminated. Together, K2 Advisors, Advisers and its affiliates\nmanage, as of August 31, 2025, approximately $1.64 trillion in assets, and have been in the investment\nmanagement business since 1947. Under a separate agreement with the Investment Manager, each of the following\nSub-Advisors serves as a sub-advisor to the Fund and is authorized to manage a portion of the Fund's\nportfolio, as allocated by the Investment Manager: Name of Sub-Advisor Strategy Address of Sub-Advisor ActusRayPartners Limited Long Short Equity Room\n6-8, 40/F Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong Electron Capital Partners,\nLLC Long Short Equity 10 East 3rd Street, 19th\nwww.franklintempleton.com Prospectus 43 K2\nALTERNATIVE STRATEGIES FUND FUND DETAILS\nFloor New York, New York 10022 Jennison Associates, LLC Long Short Equity 55 East 52 nd\nStreet New York, New York 10055 Apollo Credit Management\nLLC Relative Value 9 West 57th Street, 43rd Floor New\nYork, New York 10019 Franklin Advisers, Inc.* Relative Value One Franklin Parkway, San Mateo, CA 94403 Lazard Asset Management,\nLLC Relative Value 30 Rockefeller Plaza, 56 th\nFloor New York, New York 10112 Capital Fund Management\nS.A. Global Macro 23 Rue de L Universi Paris,\nFrance 75007 Graham Capital Management, L.P. Global Macro 40\nHighland Avenue Rowayton, Connecticut 06853 RBC Global Asset Management\n(UK) Limited (formerly, BlueBay Asset Management LLP) Global Macro 100 Bishopsgate, London EC2N 4AA, United Kingdom RBC Global Asset Management (US) Inc. Global Macro 250\nNicollet Mall, Suite 1550 Minneapolis, MN 55401 *Effective\non or about January 1, 2026, Franklin Advisers, Inc. will replace K2 Advisors as the Investment Manager\nof the Fund and will cease to be a sub-advisor to the Fund. The Fund is managed by a team of dedicated\nprofessionals focused on investments in non-traditional and alternative investment strategies. The portfolio\nmanagers of the Fund are as follows: Robert Christian, Senior Vice President and Head of Absolute\nReturn Portfolio Management, K2 Advisors Mr. Christian has been a portfolio manager of the Fund since\n2014. He joined K2 Advisors in 2010. Effective on or about January 1, 2026, Mr. Christian will become\na portfolio manager of Advisers. Lillian C. Knight, CFA Head of Investment Management\nof K2 Advisors Ms. Knight has been a portfolio manager of the Fund since 2024. She joined K2\nAdvisors in 2004. Effective on or about January 1, 2026, Ms. Knight will become a portfolio manager of\nAdvisers. Art Vinokur, CFA S enior Vice President and Head of Manager\nResearch of K2 Advisors Mr. Vinokur has been a portfolio manager of the Fund since\n2024. He joined K2 Advisors in 2004. Effective on or about January 1, 2026, Mr. Vinokur will become a\nportfolio manager of Advisers.\n44 Prospectus www.franklintempleton.com K2\nALTERNATIVE STRATEGIES FUND FUND DETAILS\nThe\nportfolio managers are jointly and primarily responsible for the day-to-day management of the Fund. Each\nportfolio manager has equal authority over all aspects of the Fund's investment portfolio, including\nbut not limited to, the selection and monitoring of the Fund's Sub-Advisors, portfolio risk assessment,\nand the management of daily cash balances in accordance with anticipated investment management require\n...\nhall be made by the Fund's Chief Compliance Officer or his/her designee, following\na request submitted in writing. The eligible third parties to whom portfolio\nholdings information may be released in advance of general release fall into the following categories:\ndata consolidators (including rating agencies), fund rating/ranking services and other data providers;\nservice providers to the Fund, investment manager and sub-advisors; municipal securities brokers using\nthe Investor Tools product which brings together buyers and sellers of municipal securities in the normal\noperation of the municipal securities markets; certain entities, in response to any regulatory requirements,\napproved by the investment manager s Chief Compliance Officer in limited circumstances; and transition\nmanagers hired by Fund shareholders. In addition, should the Fund process a shareholder s redemption\nrequest in-kind, the Fund may, under certain circumstances, provide portfolio holdings information to\nsuch shareholder to the extent necessary to allow the shareholder to prepare for receipt of such portfolio\nsecurities. The specific entities to whom the Fund, investment manager\nand Sub-Advisors may provide portfolio holdings in advance of their release to the general public are: Bloomberg,\nCapital Access, CDA (Thomson Reuters), FactSet, Fidelity Advisors, S P Global Ratings, Vestek, and\nFidelity Trust Company, all of whom may receive portfolio holdings information 15 days after the quarter\nend. Service\nproviders to the Fund, investment manager and Sub-Advisors that receive portfolio holdings information\nfrom time to time in advance of general release in the course of performing, or to enable them to perform,\nservices for the Fund, investment manager and Sub-Advisors, including: Custodian Bank: The Bank of New\nYork Mellon; and its affiliate HedgeMark (which will provide daily risk reports and guideline monitoring\nto review investment guidelines and restrictions attributable to the Sub-Advisors and the Fund); Sub-Administrator:\nJPMorgan Chase Bank; Independent Registered Public Accounting Firm: Ernst Young; Outside Fund Legal\nCounsel: Stradley Ronon Stevens Young, LLP; Independent Directors'/Trustees' Counsel: Duane Morris\nLLP and Vedder Price P.C.; Proxy Voting Services: Egan Jones Proxy Services, Glass, Lewis Co.,\nLLC, Institutional Shareholder Services, Inc., and Broadridge Financial Solutions, Inc.; Brokerage Analytical\nServices: Sanford Bernstein, Brown Brothers Harriman, Royal Bank of Canada Capital Markets, JP Morgan\nSecurities Inc.; Financial Printers: Donnelley Financial Solutions, Inc. or GCOM Solutions, Inc. The\nfollowing service providers to the Sub-Advisors, in addition to those listed above, receive portfolio\nholdings information from time to time in advance of general release\n61\nin the course of performing, or to enable them to perform, services for the Sub-Advisors,\nincluding: Administrative Services : Barclays Bank Plc, Citco (Canada) Inc.,\nBrown Brothers Harriman Co., Markit WSO Co., Morgan Stanley, MSFS, SalesForce and The Bank of New\nYork Mellon, Viteos; Tax and Auditing Services : BDO, Deloitte\nand PricewaterhouseCoopers; Portfolio and Risk Analytics : BBG MARS; Bloomberg\nTerminals, ENSO, FactSet Research Systems, Inc., Fidelity Global Brokerage Group, Inc., HazelTree, MSCI/Risk\nMetrics, Market Data Facts, Moody s Analytics Knowledge Services, Morgan Stanley Fund Services,\nNovus, Pyvera, UBS Delta, VPM and Yield Book; Data Management and Warehousing :\nAbacus Group LLC, Bloomberg, Eze Castle Integration, Financial Recovery Strategies, Intralinks\n...\nrtners Holdings Limited. Andrew Alexander, Raymond Chan and Patrick Cheung are directors\nof ActusRayPartners Limited and ActusRay Partners Holdings Limited. Apollo Credit Management\nLLC (Apollo), 9 West 57th Street, 43rd Floor, New York, New York 10019, serves as a sub-advisor to a\nportion of the Fund s portfolio. Apollo is a limited liability company partnership with one sole\nmember, Apollo Capital Credit Management, LLC. The sole member of Apollo Capital Credit Management, LLC\nis Apollo Capital Management, L.P. Apollo Capital Management, L.P. has one limited partner, Apollo Management\nHoldings, L.P. and a\n71\ngeneral partner, Apollo Capital Management GP, LLC, both of which are indirectly\ncontrolled by Apollo Global Management, Inc., a publicly traded company. Capital\nFund Management S.A. (CFM), 23 Rue de L Universi , Paris, France 75007, serves as a sub-advisor\nto a portion of the Fund s portfolio. CFM is a corporation organized under the laws of France.\nCFM is owned 70% by its Board Members, 19% by other senior employees, and 11% by NGI Strategic Australia\nPTY Ltd. Electron Capital Partners, LLC (Electron), 10 East 3rd Street,\n19th Floor, New York, New York 10022, serves as a sub-advisor to a portion of the Fund s portfolio.\nElectron is 38% owned by founder, Jos Shaver, 42% owned by Managing Partner, Ran Zhou and 10% owned by\nNeil Choi and Jeff Zheng. Franklin Advisers, Inc. (Advisers)*, One Franklin Parkway,\nSan Mateo, CA 94403, serves as a sub-advisor to a portion of the Fund s portfolio. Advisers is\na wholly owned subsidiary of Resources, a publicly owned company engaged in the financial services industry\nthrough its subsidiaries. Charles B. Johnson (former Chairman and Director of Resources) and Rupert H.\nJohnson, Jr. are the principal shareholders of Resources. Graham Capital Management,\nL.P. (Graham Capital), 40 Highland Avenue, Rowayton, Connecticut 06853, serves as a sub-advisor to a\nportion of the Fund s portfolio. Graham Capital was organized as a Delaware limited partnership\nin May 1994. Graham Capital is majority owned by KGT Investment Partners, L.P. (KGT Investment), a Delaware\nlimited partnership located at 40 Highland Avenue, Rowayton, CT 06853. KGT Investment is ultimately majority\nowned by Kenneth G. Tropin, Chairman of Graham Capital, and members of his immediate family. The general\npartner of Graham Capital is KGT, Inc., a Delaware corporation located at 40 Highland Avenue, Rowayton,\nCT 06853. Jennison Associates LLC (Jennison), 55 East 52 nd\nStreet, New York, New York 10055, serves as a sub-advisor to a portion of the Fund s portfolio.\nJennison is organized under the laws of Delaware as a single member limited liability company whose sole\nmember is PGIM, Inc. (formerly Prudential Investment Management, Inc.), which is a direct, wholly-owned\nsubsidiary of PGIM Holding Company LLC (formerly Prudential Asset Management Holding Company LLC), which\nis a direct, wholly-owned subsidiary of Prudential Financial, Inc., a publicly traded company. Lazard Asset Management, LLC (Lazard), 30 Rockefeller Plaza, 56th Floor, New York,\nNew York 10112, serves as a sub-advisor to a portion of the Fund s portfolio. Lazard is an indirect\nwholly-owned subsidiary of Lazard, Inc., a Delaware corporation with shares that are publicly traded\non the New York Stock Exchange under the symbol LAZ . RBC\nGlobal Asset Management (UK) Limited (RBC) (formerly, BlueBay Asset Management LLP), 100 Bishopsgate,\nLondon, EC2N 4AA United Kingdom, serves as a sub-advisor to a portion of the Fund s portfolio.\nRBC was formed in October 1998 under the laws of the United Kingdom and is a wholly-owned direct subsidiary\nof Royal Bank of Canada Holdings (U.K.) Limited, a company formed in the UK, and which is, in turn, a\nwholly-owned subsidiary of the Royal Bank of Canada. RBC Global Asset Management\n(U.S.) Inc. (RBC US), 250 Nicollet Mall, Suite 1550, Minneapolis, MN 55401 serves as a sub-advisor to\na portion of the Fund s portfolio and a delegate of its affiliate, RBC. RBC US, a Minnesota corporation,\nwas formed in 1983 and is a wholly-owned subsidiary of RBC USA Holdco Corporation, a Delaware corporation\nand a wholly-owned subsidiary of RBC U.S. Group Holdings, LLC, a Delaware limited liability company,\nwhich, in turn, is a wholly-owned subsidiary of Royal Bank of Canada. *Effective on or about\nJanuary 1, 2026, Advisers will replace K2 Advisors as the investment manager of the Fund and will cease\nto be a sub-advisor to the Fund.\n72\nPortfolio\nmanagers The following table identifies the portfolio\nmanagers, the number of other accounts (other than the Fund) for which the portfolio managers have day-to-day\nmanagement responsibilities and the total assets in such accounts, within each of the following categories:\nregistered investment companies, other pooled investment vehicles, and other accounts. For each category,\nthe number of accounts and total assets in the accounts where fees are based on performance are also\nindicated, as applicable. Unless noted otherwise, all information is provided as of May 31, 2025. Name Type\nof Account Number of Accounts Managed Total\nAssets Managed (x $1", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:K2_Alternative_Strategies_Fund", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "advisedBy", "o": "org:K2_D_S_Management_Co_L_L_C", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "seriesOf", "o": "trust:Franklin_Alternative_Strategies_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:ActusRayPartners_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Apollo_Credit_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:CAPITAL_FUND_MANAGEMENT_S_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Electron_Capital_Partners_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Franklin_Advisers_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Graham_Capital_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Jennison_Associates_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:Lazard_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:RBC_Global_Asset_Management_UK_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "subAdvisedBy", "o": "org:RBC_Global_Asset_Management_U_S_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:K2_Alternative_Strategies_Fund", "p": "transferAgent", "o": "org:Franklin_Templeton_Investor_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Franklin_Alternative_Strategies_Funds", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> K2 Alternative Strategies Fund <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> K2/D&S Management Co., L.L.C <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Franklin Alternative Strategies Funds <predicate_marker> subAdvisedBy <object_marker> ActusRayPartners Limited <predicate_marker> subAdvisedBy <object_marker> Apollo Credit Management LLC <predicate_marker> subAdvisedBy <object_marker> CAPITAL FUND MANAGEMENT S.A. <predicate_marker> subAdvisedBy <object_marker> Electron Capital Partners, LLC <predicate_marker> subAdvisedBy <object_marker> Franklin Advisers, Inc. <predicate_marker> subAdvisedBy <object_marker> Graham Capital Management, L.P. <predicate_marker> subAdvisedBy <object_marker> Jennison Associates LLC <predicate_marker> subAdvisedBy <object_marker> Lazard Asset Management LLC <predicate_marker> subAdvisedBy <object_marker> RBC Global Asset Management (UK) Ltd <predicate_marker> subAdvisedBy <object_marker> RBC Global Asset Management (U.S.) Inc. <predicate_marker> transferAgent <object_marker> Franklin Templeton Investor Services, LLC <triple_end>\n<triple_start> Franklin Alternative Strategies Funds <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "K2 Alternative Strategies Fund administrator Franklin Templeton Services, LLC , The Bank of New York Mellon ; advisedBy K2/D&S Management Co., L.L.C ; custodian The Bank of New York Mellon ; seriesOf Franklin Alternative Strategies Funds ; subAdvisedBy ActusRayPartners Limited , Apollo Credit Management LLC , CAPITAL FUND MANAGEMENT S.A. , Electron Capital Partners, LLC , Franklin Advisers, Inc. , Graham Capital Management, L.P. , Jennison Associates LLC , Lazard Asset Management LLC , RBC Global Asset Management (UK) Ltd , RBC Global Asset Management (U.S.) Inc. ; transferAgent Franklin Templeton Investor Services, LLC .\nFranklin Alternative Strategies Funds underwrittenBy Franklin Distributors, LLC .", 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{"sample_id": "0001537140:ALL", "cik": "0001537140", "trust_name": "Northern Lights Fund Trust III", "input_text": "cing service. For example, if trading in a portfolio security is halted and does not resume before the\nFund calculates its NAV, alternative market prices may be used to price the security. Without a fair value price, short-term traders\ncould take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund s portfolio\nsecurities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing\npolicies will prevent dilution of the Fund s NAV by short term traders. The determination of fair value involves subjective judgments.\nAs a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds\nto determine NAV, or from the price that may be realized upon the actual sale of the security.\nWith\nrespect to any portion of the Fund s assets that are invested in one or more open-end management investment companies registered\nunder the Investment Company Act of 1940, as amended, the Fund s NAV is calculated based upon the NAVs of those open-end management\ninvestment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value\npricing and the effects of using fair value pricing.\nHOW\nTO PURCHASE SHARES\nShares\nof the Fund are offered at the public offering price, which is NAV per share. The Fund has a minimum initial investment requirement of\n$100,000 and a minimum subsequent investment requirement of $100. The Fund and the Adviser may each waive investment minimums at their\nindividual discretion. You may purchase shares of the Fund by sending a completed application form to the following address:\nvia\nRegular Mail\nPERSIMMON LONG/SHORT FUND\nc/o Ultimus Fund Solutions, LLC\nPO Box 46707\nCincinnati, OH 45246\nor\nOvernight Mail\nPERSIMMON LONG/SHORT FUND\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nThe\nUSA PATRIOT Act requires financial institutions, including the Fund, to adopt certain policies and programs to prevent money-laundering\nactivities, including procedures to verify the identity of customers opening new accounts. As requested on the application, you should\nsupply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will\nnot be accepted. This information will assist the Fund in verifying your identity. Until such verification is made, the Fund may temporarily\nlimit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify\na shareholder s identity. As required by law, the Fund may employ various procedures, such as comparing the information to fraud\ndatabases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.\nPurchase\nthrough Brokers: You may invest in the Fund through brokers or agents who have entered into selling agreements with the Distributor\n(as identified below under the heading Distributor ). The brokers and agents are authorized to receive purchase and redemption\norders on behalf of the Fund. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders\non the Fund s behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized broker or its\ndesignee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee\nif you use a broker or agent to buy or redeem shares of the Fund. Finally, various servicing agents use procedures and impose restrictions\nthat may be in addition to, or different from those applicable to investors purchasing shares directly from the Fund. You should carefully\nread the program materials provided to you by your servicing agent.\nPurchase\nby Wire: If you wish to wire money to make an investment in the Fund, please call the Fund at 1-855-233-8300\n9\nfor wiring instructions\nand to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally\naccept wired funds for investment on the day received if they are received by the Fund s designated bank before the close of regular\ntrading on the NYSE. Your bank may charge you a fee for wiring same-day funds.\nAutomated\nClearing House (ACH) Purchase: Current shareholders may purchase additional shares via Automated Clearing House ( ACH ).\nTo have this option added to your account, please send a letter to the Fund requesting this option and supply a voided check for the\nbank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.\nYou\nmay not use ACH transactions for your initial purchase of Fund shares. ACH purchases will be effective at the closing price per share\non the business day after the order is placed. The Fund may alter, modify or terminate this purchase option at any time.\nShares\npurchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take\nup to 15 days to clear.\nAutomatic\nInvestment Plan ( AIP ): Investors may purchase shares of the Fund through an Automatic Investment Plan ( AIP ),\nwhich allows for regular periodic investments from a designated bank account. With the investor s authorization, the Fund s\ntransfer agent will automatically withdraw the amount specified by the investor and invest it in Fund shares on a periodic basis. There\nis no minimum investment required to participate in the AIP. Investors may modify or terminate their participation in the AIP at any\ntime by notifying the Fund or its transfer agent. Only bank accounts maintained at U.S. financial institutions that are ACH members may\nbe used. The Fund reserves the right to suspend or discontinue the AIP at any time.\nThe\nFund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted\nunless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of\nthe shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions\nstating the name(s) on the account and the account number, to the above address. Make all checks payable to Persimmon Long/Short\nFund. Cash equivalents, including, but not limited to, cash, cashier s checks, bank official checks, certified checks, bank\nmoney orders, third party checks (except for properly endorsed IRA transfer and rollover checks), as well as counter checks, starter\nchecks, traveler s checks, money orders, credit card checks, and payments drawn on non-U.S. financial institutions, will generally\nnot be accepted for the purchase of fund shares. Redemptions of shares of the Fund purchased by check may be subject to a hold period\nuntil the check has been cleared by the issuing bank. To avoid such holding periods, shares may be purchased through a broker or by wire,\nas described in this section.\nNote:\nUlti\n...\nunt unless you affirmatively\nelect a different IRS-accepted method, such as First-In, First-Out (FIFO) or Specific Share Identification. You may make this election\nfor future transactions by providing written instructions, contacting Shareholder Services at 800-813-1421, or through your online account\nportal, where available.\nPlease\nnote that, in accordance with IRS regulations, the cost basis method elected for the first redemption of covered shares cannot be changed\nafter the settlement of the redemption. The cost basis method you select may have significant tax implications. The Fund is not authorized\nto provide tax advice. We strongly recommend you consult your tax advisor to determine which method is most suitable for your individual\ncircumstances.\nOn\nthe account application, you will be asked to certify that your social security number or taxpayer identification number is correct and\nthat you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you\ndid not certify your taxpayer identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption or\nexchange proceeds. The Fund reserves the right to reject any application that does not include a certified social security or taxpayer\nidentification number. If you do not have a social security number, you should indicate on the purchase form that your application to\nobtain a number is pending. The Fund is required to withhold taxes if a number is not delivered to the Fund within seven days.\nThis\nsummary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisors to determine\nthe tax consequences of owning the Fund s shares.\nDISTRIBUTION\nOF SHARES\nDistributor:\nNorthern Lights Distributors, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474, is the distributor for the shares\nof the Fund (the Distributor ). The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory\nAuthority, Inc. Shares of the Fund are offered on a continuous basis.\nAdditional\nCompensation to Financial Intermediaries: The Distributor, its affiliates, and the Adviser and its affiliates may, at their own expense\nand out of their own assets including their legitimate profits from Fund-related activities, provide additional cash payments to financial\nintermediaries who sell shares of the Fund or assist in the marketing of the Fund. Financial intermediaries include brokers, financial\nplanners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in addition to the Rule\n12b-1 fees and any sales charges that are disclosed elsewhere in this Prospectus. These payments are generally made to financial intermediaries\nthat provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales\nrepresentatives and financial intermediary management representatives, inclusion of the Fund on a sales list, including a preferred or\nselect sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial\nintermediary provides shareholder services to Fund shareholders. The Distributor may, from time to time, provide promotional incentives\nto certain investment firms. Such incentives may, at the Distributor s discretion, be limited to investment firms who allow their\nindividual selling representatives to participate in such additional compensation.\nHouseholding:\nTo re\n...\nTrust III\nWhat\nwe do\nHow\ndoes Northern Lights Fund Trust III protect my personal information?\nTo\nprotect your personal information from unauthorized access and use, we use security measures\nthat comply with federal law. These measures include computer safeguards and secured files\nand buildings.\nOur\nservice providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal\ninformation.\nHow\ndoes Northern Lights Fund Trust III collect my personal information?\nWe\ncollect your personal information, for example, when you\nOpen\nan account\nProvide\naccount information\nGive\nus your contact information\nMake\ndeposits or withdrawals from your account\nMake\na wire transfer\nTell\nus where to send the money\nTells\nus who receives the money\nShow\nyour government-issued ID\nShow\nyour driver s license\nWe\nalso collect your personal information from other companies.\nWhy\ncan t I limit\nall sharing?\nFederal\nlaw gives you the right to limit only\nSharing\nfor affiliates everyday business purposes information about your creditworthiness\nAffiliates\nfrom using your information to market to you\nSharing\nfor nonaffiliates to market to you\nState\nlaws and individual companies may give you additional rights to limit sharing.\nDefinitions\nAffiliates\nCompanies\nrelated by common ownership or control. They can be financial and nonfinancial companies.\nNorthern\nLights Fund Trust III does not share with our affiliates.\nNonaffiliates\nCompanies\nnot related by common ownership or control. They can be financial and nonfinancial companies\nNorthern\nLights Fund Trust III does not share with nonaffiliates so they can market to you.\nJoint\nmarketing\nA\nformal agreement between nonaffiliated financial companies that together market financial\nproducts or services to you.\nNorthern\nLights Fund Trust III doesn t jointly market.\n19\nPERSIMMON\nLONG/SHORT FUND\nAdviser\nPersimmon\nCapital Management, LP\n1777 Sentry Parkway West\nVEVA 14, Suite 102\nBlue Bell, PA 19422\nCustodian\nU.S.\nBank, N.A.\n1555 North River Center Drive, Suite 302\nMilwaukee, WI 53212\nSub-Adviser\nHedgeye\nAsset Management, LLC\n1 High Ridge Park, 3rd Floor\nStamford, CT 06905\nDistributor\nNorthern\nLights Distributors, LLC\n4221 North 203rd Street, Suite 100\nElkhorn, NE 68022-3474\nSub-Adviser\nTidal\nInvestments LLC\n34 West Florida Street, Suite 203\nMilwaukee, WI 53204\nLegal\nCounsel\nThompson\nHine LLP\n41 South High Street, Suite 1700\nColumbus, OH 43215\nIndependent\nRegistered\nPublic\nAccounting\nFirm\nRSM\nUS LLP\n555 Seventeenth Street, Suite 1200\nDenver, CO 80202\nTransfer\nAgent\nUltimus\nFund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nAdditional\ninformation about the Fund is included in the Fund s SAI dated April 29, 2026. The SAI is incorporated into this Prospectus\nby reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund s policies and management.\nAdditional information about the Fund s investments is also available in the Fund s Annual and Semi-Annual Reports to Shareholders.\nIn the Fund s Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected\nthe Fund s performance during its last fiscal year.\nTo\nobtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Fund, or to make\nshareholder inquiries about the Fund, please call 1-855-233-8300 or visit www.persimmonfunds.com . You may also write to:\nvia\nRegular Mail\nPERSIMMON LONG/SHORT FUND\nc/o Ultimus Fund Solutions, LLC\nPO Box 46707\nCincinnati, OH 4524\n...\ne Company s fiscal year during which the\nlast entry was made in the records, the first two (2) years in an appropriate office of the Company. The Company may rely on proxy statements\nfiled on the SEC s EDGAR system or on proxy statements and records of votes cast by the Company maintained by a third party, such\nas a proxy voting service (provided the Company had obtained an undertaking from the third party to provide a copy of the proxy statement\nor record promptly on request). The CCO is responsible for ensuring all Clients, who have given the Company proxy voting authority, are\nvoted and for maintaining a record of all proxies voted.\n39\nPART C\nOTHER INFORMATION\nItem 28. Exhibits.\nEach of the Exhibits incorporated by reference below are found in File Nos.\n811-22655, 333-178833.\n(a) Articles of Incorporation.\n(i)\nRegistrant s Amended Agreement and Declaration of Trust, dated May 30, 2019 as previously filed on June 7, 2019 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 411, and hereby incorporated by reference.\n(ii)\nCertificate of Trust, which was filed as an exhibit to the Registrant s Registration Statement on Form N-1A on December 30, 2011, is incorporated\nby reference.\n(b)\nBy-Laws. Registrant s By-Laws as previously filed on August 19, 2013 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 62, and hereby incorporated by reference.\n(i) Revised By-Laws\nas previously filed on October 14, 2021 to the Registrant s Registration Statement in Post-Effective Amendment No. 522, and hereby\nincorporated by reference.\n(c) Instruments Defining Rights of Security Holder.\nNone other than in the Declaration of Trust and By-Laws of the Registrant.\n(d) Investment Advisory Contracts.\n(i)\nForm of Investment Advisory Agreement between Swan Capital Management, Inc. and Registrant, with respect to the Swan Defined Risk\nFund as previously filed on November 13, 2012 to the Registrant s Registration Statement in Post-Effective Amendment No. 17,\nand hereby incorporated by reference.\n(ii)\nForm of Investment Advisory Agreement between Persimmon Capital Management LP and Registrant, with respect to Persimmon Long/Short\nFund is filed herewith.\n(ii)(a)\nSub-Advisory between Persimmon Capital Management LP and Hedgeye Asset Management, LLC, with respect to Persimmon Long/Short Fund, to\nbe filed by subsequent amendment.\n(ii)(b)\nSub-Advisory Agreement between Persimmon Capital Management LP, Tidal Investments LLC, and Hedgeye Asset Management, LLC, with respect\nto Persimmon Long/Short Fund, to be filed by subsequent amendment.\n(iii) Reserved .\n(iv)\nInvestment Advisory Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to the Covered Bridge Fund as previously\nfiled on August 19, 2013 to the Registrant s Registration Statement in Post-Effective Amendment No. 62, and hereby incorporated by reference.\n(iv)(a)\nFirst Amendment to the Investment Advisory Agreement between Stonebridge Capital Advisors, LLC and Registrant, with respect to the Covered\nBridge Fund as previously filed on October 26, 2017 to the Registrant s Registration Statement in Post-Effective Amendment No. 305, and\nhereby incorporated by reference.\n(v)\nInvestment Sub-Advisory Agreement between Absolute Capital Management LLC and First Associated Investment Advisors, Inc., with respect\nto The Teberg Fund as previously filed on February 29, 2024 to the Registrant s Registration Statement\nin Post-Effective Amendment No. 608, and hereby incorporated by reference.\nC - 1\n(vi)\nInvestment Advisory Agreement between RESQ Investment Partners, LLC and Registrant, with respect to the RESQ Dynamic Allocation Fund and\nRESQ Strategic Income Fund as previously filed on December 13, 2013 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 85, and hereby incorporated by reference.\n(vi)(a)\nSecond Amendment to the Investment Advisory Agreement between RESQ Investment Partners, LLC and Registrant, with respect to the RESQ Dynamic\nAllocation Fund and RESQ Strategic Income Fund as previously filed on July 24, 2020 to the Registrant s Registration Statement in\nPost-Effective Amendment No. 468, and hereby incorporated by reference.\n(vii) Reserved .\n(viii)\nInvestment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM Tactical Plus Fund as\npreviously filed on April 24, 2020 to the Registrant s Registration Statement in Post-Effective Amendment No. 465, and hereby incorporated\nby reference.\n(viii)(a)\nFirst Amendment to the Investment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM\nTactical Plus Fund as previously filed on April 28, 2017 to the Registrant s Registration Statement in Post-Effective Amendment No. 294,\nand hereby incorporated by reference.\n(ix)\nInvestment Advisory Agreement between PlanRock Investment Management, LLC, and Registrant, with respect to the PlanRock Alternative Growth\nETF as previously filed on December 19, 2023 to the Registrant s Registration Statement in Post-Effective Amendment No. 596, and\nhereby incorporated by reference.\n(x)\nInvestment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Income Fund as\npreviously filed on September 24, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 203, and hereby\nincorporated by reference.\n(xi)\nInvestment Sub-Advisory Agreement between Swan Capital Management, Inc., and Swan Global Management, LLC, with respect to the Swan Defined\nRisk Fund as previously filed on January 13, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 149,\nand hereby incorporated by reference.\n(xi)(a)\nAmendment to the Investment Sub-Advisory Agreement between Swan Capital Management, Inc., and Swan Global Management, LLC, with respect\nto the Swan Defined Risk Fund as previously filed on January 23, 2017 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 270, and hereby incorporated by reference.\n(xii)\nInvestment Advisory Agreement between Swan Capital Management, LLC and Registrant with respect to the Swan Enhanced Dividend Income ETF\nas previously filed on February 14, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 607, and hereby\nincorporated by reference.\n(xiii)\nInvestment Advisory Agreement between Howard Capital Management, Inc. and Registrant, with respect to HCM Sector Plus Fund, as previously\nfiled on March 3, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 160, and hereby incorporated by\nreference.\n(xiv)\nAmendment to Investment Advisory Agreement between Howard Capital Management, Inc, and Registrant, with respect to HCM Tactical Plus Fund,\nHCM Sector Plus Fund, HCM Multi-Asset Plus\nC - 2\nFund and HCM Dynamic Income Fund, as previously filed\non April 29, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 609, and hereby incorporated by reference.\n(xv)\nInvestment Advisory Agreement between Pinnacle Family Advisors, LLC and Registrant, with respect to the Pinnacle Multi-Strategy Core Fund\nas previously filed on September 3, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 202, and hereby\nincorporated by reference.\n(xvi)\nInvestment Advisory Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Absolute Capital Asset Allocator\nFund and Absolute Capital Defender Fund as previously filed on December 14, 2018 to the Registrant s Registration Statement in Post-Effective\nAmendment No. 373, and hereby incorporated by reference.\n(xvi)(a)\nInvestment Advisory Agreement between Absolute Capital Management, LLC and Registrant, with respect to the Teberg Fund as previously filed\non February 29, 2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 608, and hereby incorporated by\nreference.\n(xvi)(b)\nInvestment Sub-Advisory Agreement between Absolute Capital Management LLC and First Associated Investment Advisors, Inc., with respect\nto The Teberg Fund as previously filed on January 27, 2025 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 621, and hereby incorporated by reference.\n(xvii)\nInvestment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Equity Fund as\npreviously filed on October 19, 2015 to the Registrant s Registration Statement in Post-Effective Amendment No. 208, and hereby\nincorporated by reference.\n(xvii)(a)\nAmendment to the Investment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical\nIncome Fund as previously filed on October 26, 2017 to the Registrant s Registration Statement in Post-Effective Amendment No. 305, and\nhereby incorporated by reference.\n(xviii)\nInvestment Advisory Agreement between Boyd Watterson Asset Management, LLC and Registrant, with respect to the Boyd Watterson Limited\nDuration Enhanced Income Fund as previously filed on July 28, 2025 to the Registrant s Registration Statement in Post-Effective\nAmendment No. 630, and hereby incorporated by reference.\n(xix)\nInvestment Advisory Agreement between Howard Capital Management, Inc., and the Registrant with respect to the HCM Multi-Asset Plus Fund\nas previously filed on January 23, 2017 to the Registrant s Registration Statement in Post-Effective Amendment No. 270, and hereby incorporated\nby reference.\n(xix)(a)\nFirst Amendment to the Investment Advisory Agreement between Howard Capital Management, Inc. and the Registrant with respect to the HCM\nMulti-Asset Plus Fund as previously filed on July 24, 2018 to the Registrant s Registration Statement in Post-Effective Amendment\nNo. 341, and hereby incorporated by reference.\n(xx)\nInvestment Advisory Agreement between Counterpoint Funds, LLC and Registrant, with respect to the Counterpoint Tactical Municipal Fund\nas previously filed on May 1, 2018 to the Registrant s Registration Statement in Post-Effective Amendment No. 338, and hereby incorporated\nby reference.\n(xxi)\nInvestment Advisory Agreement between Counterpoint Funds, LLC and Registrant with respect to the Counterpoint Quantitative Equity ETF,\nas previously filed on November 22, 2023 to Registrant s Registration Statement in Post-Effective Amendment No. 592, and hereby\nincorporated by reference.\nC - 3\n(xxii)\nInvestment Advisory Agreement between Swan Capital Management, LLC and Registrant, with respect to the Swan Defined Risk Growth Fund as\npreviously filed on November 16, 2018 to the Registrant s Registration Statement in Post-Effective Amendment No. 364, and hereby\nincorporated by reference.\n(xx\n...\nreference.\n(ii)\nETF Underwriting Agreement between the Registrant and Northern Lights Distributors, LLC, dated July 1, 2025, as previously filed on July\n28, 2025 to the Registrant s Registration Statement in post -Effective Amendment No. 630 and hereby incorporated by reference.\n(f) Bonus or Profit Sharing Contracts. None.\n(g) Custodial Agreement.\nC - 4\n(i)\nCustody Agreement between the Registrant and The Huntington National Bank as previously filed on August 29, 2012 to the Registrant s Registration\nStatement on Form N-1A, and hereby incorporated by reference.\n(ii)\nCustody Agreement between the Registrant and Union Bank, N.A. as previously filed on August 29, 2012 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 9, and hereby incorporated by reference.\n(iii)\nCustody Agreement between the Registrant and U.S. Bank, N.A. as previously filed on February 10, 2014 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 93, and hereby incorporated by reference.\n(iii)(a)\nAmendment to Custody Agreement between the Registrant and U.S. Bank, N.A. as previously filed on May 15, 2014 to the Registrant s Registration\nStatement in Post-Effective Amendment No. 113 under the 1940 Act, and hereby incorporated by reference.\n(iv)\nCustody Agreement between the Registrant and First National Bank of Omaha as previously filed on October 14, 2014 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 139, and hereby incorporated by reference.\n(v)\nCustody Agreement between the Registrant and Fifth Third Bank as previously filed on July 14, 2017 to the Registrant s Registration Statement\nin Post-Effective Amendment No. 297, and hereby incorporated by reference.\n(vi)\nCustody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman Co. as previously filed on September 6,\n2019 to the Registrant s Registration Statement in Post-Effective Amendment No. 426, and hereby incorporated by reference.\n(vi)(a)\nThird Amendment to the Custody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman Co. as previously\nfiled on December 11, 2023 to the Registrant s Registration Statement in Post-Effective Amendment No. 594, and hereby incorporated\nby reference.\n(vii)\nCustodian Agreement between the Registrant and Brown Brothers Harriman Co. as previously filed on July 22, 2021 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 511, and hereby incorporated by reference.\n(vii)(a)\nThird Amendment to the Custodian Agreement between the Registrant and Brown Brothers Harriman Co. as previously filed on April 29,\n2024 to Registrant s Registration Statement in Post-Effective Amendment No. 609, and hereby incorporated by reference.\n(vii)(b)\nFourth Amendment to the Custodian Agreement between the Registrant and Brown Brothers Harriman Co. as previously filed on July 9,\n2024 to the Registrant s Registration Statement in Post-Effective Amendment No. 610, and hereby incorporated by reference.\n(viii)\nCustodian Agreement between the Registrant and the Northern Trust Company as previously filed on September 20, 2024 to the Registrant s\nRegistration Statement in Post-Effective Amendment No. 614 and hereby incorporated by reference.\n(h) Other Material Contracts.\n(i)\nFund Services Agreement between Gemini Fund Services, LLC and the Registrant as previously filed on April 9, 2012 to the Registrant s\nRegistration Statement on Form N-1A, and hereby incorporated by reference.\nC - 5\n(i)(a)\nFund Services Agreement between Ultimus Fund Solutions, LLC and the Registra", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "custodian": ["Custodian", "TransferAgent"], "transferAgent": ["Administrator", "TransferAgent"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Boyd_Watterson_Limited_Duration_Enhanced_Income_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Boyd_Watterson_Limited_Duration_Enhanced_Income_Fund", "p": "advisedBy", "o": "org:Boyd_Watterson_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Boyd_Watterson_Limited_Duration_Enhanced_Income_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_100_Index_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_100_Index_ETF", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_100_Index_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Defender_100_Index_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_100_Index_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Defender_500_Index_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_500_Index_ETF", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_500_Index_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Defender_500_Index_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Defender_500_Index_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Dynamic_Income_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Dynamic_Income_Fund", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Dynamic_Income_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Dynamic_Income_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Dynamic_Income_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Multi_Asset_Plus_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Multi_Asset_Plus_Fund", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Multi_Asset_Plus_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Multi_Asset_Plus_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Multi_Asset_Plus_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Sector_Plus_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Sector_Plus_Fund", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Sector_Plus_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Sector_Plus_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Sector_Plus_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Tactical_Plus_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Tactical_Plus_Fund", "p": "advisedBy", "o": "org:Howard_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Tactical_Plus_Fund", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:HCM_Tactical_Plus_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:HCM_Tactical_Plus_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "advisedBy", "o": "org:Swan_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "subAdvisedBy", "o": "org:Swan_Global_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "advisedBy", "o": "org:Swan_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "subAdvisedBy", "o": "org:Swan_Global_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Defined_Risk_Growth_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "advisedBy", "o": "org:Swan_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "seriesOf", "o": "trust:Northern_Lights_Fund_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "subAdvisedBy", "o": "org:Swan_Global_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Swan_Enhanced_Dividend_Income_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Northern_Lights_Fund_Trust_III", "p": "underwrittenBy", "o": "org:Northern_Lights_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Boyd Watterson Limited Duration Enhanced Income Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Boyd Watterson Asset Management, LLC <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <triple_end>\n<triple_start> HCM Defender 100 Index ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co <triple_end>\n<triple_start> HCM Defender 500 Index ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co <triple_end>\n<triple_start> HCM Dynamic Income Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> HCM Multi-Asset Plus Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> HCM Sector Plus Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> HCM Tactical Plus Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Howard Capital Management, Inc. <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust III <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Swan Defined Risk Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Swan Capital Management, LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A. <predicate_marker> seriesOf <object_marker> Northern 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<object_marker> Northern Lights Fund Trust III <predicate_marker> subAdvisedBy <object_marker> Swan Global Management, LLC <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co <triple_end>\n<triple_start> Northern Lights Fund Trust III <predicate_marker> underwrittenBy <object_marker> Northern Lights Distributors, LLC <triple_end>", "target_serialized_plain": "Boyd Watterson Limited Duration Enhanced Income Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Boyd Watterson Asset Management, LLC ; seriesOf Northern Lights Fund Trust III .\nHCM Defender 100 Index ETF administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Brown Brothers Harriman & Co .\nHCM Defender 500 Index ETF administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Brown Brothers Harriman & Co .\nHCM Dynamic Income Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Ultimus Fund Solutions, LLC .\nHCM Multi-Asset Plus Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Ultimus Fund Solutions, LLC .\nHCM Sector Plus Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Ultimus Fund Solutions, LLC .\nHCM Tactical Plus Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Howard Capital Management, Inc. ; custodian Brown Brothers Harriman & Co ; seriesOf Northern Lights Fund Trust III ; transferAgent Ultimus Fund Solutions, LLC .\nSwan Defined Risk Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Swan Capital Management, LLC ; custodian U.S. Bank N.A. ; seriesOf Northern Lights Fund Trust III ; subAdvisedBy Swan Global Management, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nSwan Defined Risk Growth Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Swan Capital Management, LLC ; custodian U.S. Bank N.A. ; seriesOf Northern Lights Fund Trust III ; subAdvisedBy Swan Global Management, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nSwan Enhanced Dividend Income ETF administrator Ultimus Fund Solutions, LLC ; advisedBy Swan Capital Management, LLC ; custodian BROWN BROTHERS HARRIMAN & Co. ; seriesOf Northern Lights Fund Trust III ; subAdvisedBy Swan Global Management, LLC ; transferAgent Brown Brothers Harriman & Co .\nNorthern Lights Fund Trust III underwrittenBy Northern Lights Distributors, LLC .", "stats": {"input_chars": 28840, "n_triples": 52, 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{"sample_id": "0001539996:ALL", "cik": "0001539996", "trust_name": "DSS AMERICAFIRST FUNDS", "input_text": "result in higher taxes when Fund shares are held in a taxable account.\n1\nThese costs, which are not reflected in annual\nfund operating expenses or in the Example, affect the Fund s performan ce. During the most recent fiscal\nyear, the Fund s portfolio turnover rate was 117.53 % of the average value of the portfolio.\nPrincipal Investment Strategies:\nUnder normal circumstances, the Fund invests at least\n80% of its net assets (plus any borrowings for investment purposes) in bonds. The Fund defines bonds as debt instruments and exchange-traded\nfunds that primarily invest in debt instruments, as well as forwards, options, options on futures, futures, and swaps on the preceding\ndebt instruments and exchange-traded funds that primarily invest in debt instruments. However, derivatives are not presently a principal\ninvestment strategy of the Fund. The Fund invests primarily in U.S. dollar denominated investment grade securities of any maturity as\nwell as in exchange-traded funds ( ETFs ) that primarily invest within the preceding restrictions. The Fund does not have\na portfolio level average maturity target. The Fund defines investment grade securities as those that are rated, at the time of purchase,\nBBB- or higher by Standard Poor s Ratings Group ( S P ), or other nationally recognized statistical rating\nagency (NRSRO), or, if unrated, determined to be of comparable quality. The Fund may invest up to 20% of its assets in below investment\ngrade securities, commonly known as junk bonds. Additionally, the Fund may invest up to 20% of its assets in non-dollar denominated securities.\nGenerally, the Fund purchases individual debt securities or purchases an ETF that is representative of a certain group of debt securities,\nsuch as U.S. Government debt.\nThe Fund s investment advisor, AmericaFirst\nWealth Management, Inc., seeks to achieve the Fund s investment objective by investing primarily in U.S. Government securities and\nETFs that invest primarily in investment grade corporate debt. Debt security selection represents the culmination of the Advisor s\nbest efforts to seek to assure that the Fund generates interest income and capital gains. The Advisor seeks to meet this goal by searching\nfor areas of the debt markets that it believes are undervalued. The identification process includes an outlook on macro-economic factors,\ninterest rates, credit risk, and quantitative trend measures. A primary quantitative trend measure used by the Advisor is moving average\nanalysis. When interest rates move above or below short- or long-term moving averages, or if short- and long-term moving averages cross,\nthese can impact the Advisor s decisions to buy or sell. The allocation to securities with particular characteristics varies based\non the Advisor s economic views which may include, but are not limited to, inflation, economic growth and Federal Reserve Board\nmonetary policy. The Advisor allocates assets away from U.S. Government securities when it believes a different sector offers a combination\nof yield and potential capital gains that is more attractive than U.S. Government securities of similar maturity. The Advisor generally\nsells a security in anticipation of market declines, credit downgrades, or to purchase other securities that the Advisor believes may\nperform better.\nPrincipal Risks of Investing in the Fund:\nAs with any mutual fund, there is no guarantee\nthat the Fund will achieve its goal. The Fund s net asset value and returns will vary and you could lose money on your investment\nin the Fund.\nInterest Rate Risk. Interest rate risk is the risk that\n...\nains tax rates unless you are investing through an individual retirement\naccount or a tax-exempt plan. If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.\nPayments to\nBroker-Dealers and Other Financial Intermediaries: If you purchase the Fund through a broker-dealer or other financial intermediary\n(such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These\npayments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the\nFund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n19\nADDITIONAL\nINFORMATION ABOUT THE FUNDS PRINCIPAL Investment STRATEGIES and RELATED Risks\nINVESTMENT OBJECTIVE\nThe investment objective of each Fund is non-fundamental\nand may be changed by the Board of Trustees without shareholder approval. If the Board decides to change a Fund s investment objective,\nshareholders will be given advance notice. If the Board decides to change the DSS AmericaFirst Total Return Bond Fund s 80% investment\npolicy, shareholders will be given at least 60 days advance written notice.\nFund\nInvestment Objective\nDSS AmericaFirst\nTotal Return Bond Fund\nThe Fund seeks to achieve total return from income and capital gains.\nDSS AmericaFirst\nIncome Fund\nThe Fund seeks a high rate of current income with less volatility than common stocks as measured by the standard deviation. The Fund seeks total return as a secondary investment objective.\nDSS AmericaFirst\nMonthly Risk-On Risk-Off Fund\nThe Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.\nDSS AmericaFirst\nAlpha Trends Factor Fund\nThe Fund seeks to provide capital gains.\nPRINCIPAL INVESTMENT STRATEGIES\nEach Fund s\nmain investment strategies described in this prospectus are the strategies that the Advisor believes are most likely to be important in\ntrying to achieve the Fund s investment objective. You should note, however, that a Fund may use other non-principal strategies\nand invest in other securities not described in this prospectus, which are disclosed in detail in the Fund s Statement of Additional\nInformation ( SAI ). For a copy of the SAI please call toll free at 1-877-217-8501 or visit the Funds website at www.americafirst.fund.\nDSS AmericaFirst Total Return Bond Fund\nUnder normal circumstances, the Fund invests at least\n80% of its net assets (plus any borrowings for investment purposes) in bonds. The Fund defines bonds as debt instruments and exchange-traded\nfunds that primarily invest in debt instruments, as well as forwards, options, options on futures, futures, and swaps on the preceding\ndebt instruments and exchange-traded funds that primarily invest in debt instruments. However, derivatives are not presently a principal\ninvestment strategy of the Fund. The Fund invests primarily in U.S. dollar denominated investment grade securities of any maturity as\nwell as in exchange-traded funds ( ETFs ) that primarily invest within the preceding restrictions. The Fund does not have\na portfolio level average maturity target. The Fund defines investment grade securities as those that are rated, at the time of purchase,\nBBB- or higher by Standard Poor s Ratings Group ( S P ), or other nationally recognized statistical rating\nagency (NRSRO), or, if unrated, determined to be of comparable quality. The Fund may invest up to 20% of its assets in below investm\n...\nAugust 2024 to present\nRetired since January 2019.\n4\nNone\n&#x5E; c/o Mutual Shareholder Services, LLC, 8000 Town Centre Drive,\nSuite 400 Broadview Heights OH 44147.\n* The term of office for each Trustee listed above will continue\nindefinitely.\n** The term \"Fund Complex\" refers to the four Funds\nin the Trust.\nOFFICERS\nName, Address* and Year of Birth\nPosition(s) Held with DSS AmericaFirst Funds Term of Office Length of Time Served\nPrincipal Occupation(s) During Past 5 Years\nJason Grady\nYear of Birth: 1973\nPresident, Chief Executive Officer, and Principal Executive Officer, September 2024 to present.\nInterim CEO of DSS, Inc. (holding company for data services, paper services, medical services, and financial services companies), August 2024 to present; Chief Operating Officer of DSS, Inc., May 2019 to present.\n24\nJames Monaghan\nYear of Birth: 1963\nChief Compliance Officer, September 2024 to present.\nChief Operating Officer and Chief Compliance Officer, AmericaFirst Wealth Management, Inc., August 2023 to present. Account Manager, Bloomberg, L.P. (financial data services firm), February 2022 to August 2023, Head of Trading and Operations, AIG SunAmerica Asset Management (insurance and financial services firm), August 1994 to August 2021.\nDaniel Lew\nYear of Birth: 1963\nVice President, September 2024 to present.\nChief Investment Officer and Portfolio Manager, AmericaFirst Wealth Management, Inc., May 2023 to present. Executive Vice President of Strategic Alliances at Secured Communications, Inc., August 2020 to May 2023 and Senior Advisor, June 2020 to August 2020. Advisor to Molon Labe Designs (aviation and aerospace component manufacturing), January 2018 to May 2023.\nUmberto Anastasi\nYear of Birth: 1974\nTreasurer\nAugust 2017 to present\nFrom 1999 to present, Vice President, Mutual Shareholder Services LLC\nBrandon Pokersnik\nYear of Birth: 1978\nSecretary August 2017 to present\nAccountant, Mutual Shareholder Services, LLC, since 2008; Attorney Mutual Shareholder Services, LLC, since June 2016; Owner/President, Empirical Administration, LLC, since September 2012\n* The address for each officer is c/o\nMutual Shareholder Services, LLC, 8000 Town Centre Drive, Suite 400 Broadview Heights OH 44147.\nCompensation of the Board of Trustees\nTrustees who are not interested\npersons (as that term is defined in the 1940 Act) of the Funds, were paid a fee of $6,000 per year through September 30, 2023;\nand effective October 1, 2023, these Trustees are paid $3,000 per Trustee per Board meeting and $1,500 per Audit Committee member per\nAudit Committee meeting. The table below details the amount of compensation paid to the former Trustees from the Trust for the fiscal\nyear ended June 30, 2024. The Trust does not have a bonus, profit sharing, pension, or retirement plan.\nName\nAggregate\nCompensation\nFrom Trust\nPension\nor Retirement\nBenefits Accrued\nas Part of Fund\nExpenses\nAnnual\nBenefits Upon\nRetirement\nTotal\nCompensation\nPaid\nto Trustees\nDavid S. Friedensohn\n$11,423\nNone\nNone\n$11,423\nMonica S. Himes\n$11,423\nNone\nNone\n$11,423\nAllan R. Siegel\n$11,423\nNone\nNone\n$11,423\nAs of June 30, 2024, the Independent\nTrustees and their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities\nof the Trust s investment adviser or distributor, or of any person directly or indirectly controlling, controlled by, or under common\ncontrol with the investment advisers or distributor.\nTrustee Ownership\nThe following table indicates\nthe dollar range of equity securities that each Trustee beneficially owned in each Fund as of December 31, 2023.\nName\nBond Fund\nIncome Fund\nMonthly Risk-On Risk-Off Fund\nAlpha Trends Factor\nFund\nAggregate Dollar Range of Equity Securities in Funds of the Trust\nDr. Prabir Datta\nNone\nNone\nNone\nNone\nNone\nDarryl T. Robinson\nNone\nNone\n...\nmonthly reports, record-keeping and other management-related services.\nFor its services as fund accountant ( Fund Accounting Agent ), MSS receives an annual fee from the Trust based on the average\nvalue of the Funds. These fees are: from $0 to $25 million in assets the annual fee is $21,000, from $25 million to $50 million in assets\nthe annual fee is $30,500, from $50 million to $75 million in assets the annual fee is $36,250, from $75 million to $100 million in assets\nthe annual fee is $42,000, from $100 million to $125 million in assets the annual fee is $47,750, from $125 million to $150 million in\nassets the annual fee is $53,500, from $150 million to $200 million in assets the annual fee is $59,250, from $200 million to $300 million\nin assets the annual fee is $59,250 plus .01% on assets greater than $200 million, and for assets above $300 million the annual fee is\n$69,250 plus .005% on assets greater than $300 million. The Trust will receive a discount ranging from 10% to 50% depending on the net\nassets of each Fund until the Trust reaches $10 million in assets. Empirical Administration, LLC, an affiliate of MSS, also provides asset\nand income diversification testing, preparation of board materials and meeting minutes for an additional $500 per month for one fund plus\n$100 per month per fund for each Fund over one ($1,000 per month on a Trust-wide basis). The table below provides information about the\nfees paid by the Funds to MSS and Empirical Administration, LLC for the fiscal period indicated:\nMonthly Risk-On Risk-Off Fund\nIncome\nFund\nBond\nFund\nAlpha Trends Fund\nFiscal year ended June 30, 2022\n$34,716\n$38,419\n$21,431\n$24,786\nFiscal year ended June 30, 2023\n$27,868\n$40,292\n$20,345\n$23,783\nFiscal year ended June 30, 2024\n$24,966\n$43,767\n$23,948\n$24,349\nCUSTODIAN\nFifth Third Bank, located\nat 38 Fountain Square Plaza, Cincinnati, Ohio, 45263, serves as the custodian of the Funds and has custody of all securities and cash\nof the Funds. The custodian, among other things, attends to the collection of principal and income and payment for and collection of proceeds\nof securities bought and sold by the Funds.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM\nThe Funds independent\nregistered public accounting firm is Cohen Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA 19103. Shareholders will\nreceive annual financial statements, together with a report of independent registered public accounting firm, and semiannual unaudited\nfinancial statements of the Funds. The independent registered public accounting firm will report on the Funds annual financial\nstatements, review certain regulatory reports and the Funds income tax returns, and perform other professional accounting, auditing,\ntax and advisory services when engaged to do so by the Funds.\nCOUNSEL\nThompson Hine LLP, 41 South\nHigh Street, Suite 1700, Columbus, Ohio 43215 serves as the Trust s legal counsel\nDISTRIBUTOR\nArbor Court Capital, LLC,\nlocated at 8000 Town Centre Drive, Suite 300, Broadview Heights, OH 44147 (a Distributor ) serves as the principal underwriter\nand national distributor for the shares of the Trust, commencing on or about November 7, 2018, pursuant to an agreement for distribution\nservices with the Trust (an Underwriting Agreement ). The Distributor is registered as a broker-dealer under the Securities\nExchange Act of 1934 and each state s securities laws and is a member of the FINRA. The offering of the Funds shares is continuous.\nThe Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of the Funds shares, will\nuse best efforts to facilitate the sale of the Funds shares.\nThe Underwriting Agreement\nprovides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to\nyear, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees\nwho are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting\non such approval.\nThe Underwriting Agreement\nmay be terminated by the Funds at any time, without the payment of any penalty, by vote of a majority of the entire Board of the Trust\nor by vote of a majority of the outstanding shares of each Fund on 60 days written notice to the Distributor, or by the Distributor\nat any time, without the payment of any penalty, on 60 days written notice to the Fund. The Underwriting Agreement will automatically\nterminate in the event of its assignment.\n33\nThe Distributor may enter\ninto selling agreements with broker-dealers that solicit orders for the sale of shares of the Funds and may all", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DSS_AmericaFirst_Alpha_Trends_Factor_Fund", "p": "administrator", "o": "org:Empirical_Administration_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Alpha_Trends_Factor_Fund", "p": "advisedBy", "o": "org:AmericaFirst_Wealth_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Alpha_Trends_Factor_Fund", "p": "custodian", "o": 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"org:Fifth_Third_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Income_Fund", "p": "seriesOf", "o": "trust:DSS_AMERICAFIRST_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Income_Fund", "p": "transferAgent", "o": "org:Mutual_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Monthly_Risk_On_Risk_Off_Fund", "p": "administrator", "o": "org:Empirical_Administration_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Monthly_Risk_On_Risk_Off_Fund", "p": "advisedBy", "o": "org:AmericaFirst_Wealth_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Monthly_Risk_On_Risk_Off_Fund", "p": "custodian", "o": "org:Fifth_Third_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Monthly_Risk_On_Risk_Off_Fund", "p": "seriesOf", "o": "trust:DSS_AMERICAFIRST_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DSS_AmericaFirst_Monthly_Risk_On_Risk_Off_Fund", "p": "transferAgent", "o": "org:Mutual_Shareholder_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:DSS_AMERICAFIRST_FUNDS", "p": "underwrittenBy", "o": "org:Arbor_Court_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DSS AmericaFirst Alpha Trends Factor Fund <predicate_marker> administrator <object_marker> Empirical Administration, LLC <predicate_marker> advisedBy <object_marker> AmericaFirst Wealth Management, Inc. <predicate_marker> 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<predicate_marker> transferAgent <object_marker> Mutual Shareholder Services, LLC <triple_end>\n<triple_start> DSS AMERICAFIRST FUNDS <predicate_marker> underwrittenBy <object_marker> Arbor Court Capital, LLC <triple_end>", "target_serialized_plain": "DSS AmericaFirst Alpha Trends Factor Fund administrator Empirical Administration, LLC ; advisedBy AmericaFirst Wealth Management, Inc. ; custodian Fifth Third Bank ; seriesOf DSS AMERICAFIRST FUNDS ; transferAgent Mutual Shareholder Services, LLC .\nDSS AmericaFirst Income Fund administrator Empirical Administration, LLC ; advisedBy AmericaFirst Wealth Management, Inc. ; custodian Fifth Third Bank ; seriesOf DSS AMERICAFIRST FUNDS ; transferAgent Mutual Shareholder Services, LLC .\nDSS AmericaFirst Monthly Risk-On Risk-Off Fund administrator Empirical Administration, LLC ; advisedBy AmericaFirst Wealth Management, Inc. ; custodian Fifth Third Bank ; seriesOf DSS AMERICAFIRST FUNDS ; transferAgent Mutual Shareholder Services, LLC .\nDSS AMERICAFIRST FUNDS underwrittenBy Arbor Court Capital, LLC .", "stats": {"input_chars": 15781, "n_triples": 16, "text_to_json_ratio": 10.9}}
{"sample_id": "0001545440:ALL", "cik": "0001545440", "trust_name": "Ultimus Managers Trust", "input_text": "Wellington established and managed the New Mountain Vantage Fund, a value-oriented, long-only, activist hedge fund at New Mountain Capital. Before joining New Mountain Capital, Mr. Wellington managed the institutional mid-capitalization value product at Neuberger Berman and was a founding member of Pzena Investment Management, serving as its original research analyst. Mr. Wellington graduated summa cum laude from the Management Technology dual-degree program at University of Pennsylvania.\nJohn Mullins is a portfolio manager of the U.S. Fund and the International Fund. Mr. Mullins is an Associate Portfolio Manager of the Adviser, having joined the Adviser in 2017. Prior to joining the Adviser, Mr. Mullins served as a Senior Analyst at Clearfield Capital Management starting in 2016, and prior to that was an Analyst at Elm Ridge Capital starting in 2014. Previously, Mr. Mullins was an investment analyst with Orbis Investment Management beginning in 2010. Mr. Mullins graduated with a B.A., English from Yale University and received an MBA from the Stanford Graduate School of Business.\nDan Kaskawits is a portfolio manager of the U.S. Fund and the International Fund. Mr. Kaskawits is an Associate Portfolio Manager of the Adviser, having joined the Adviser in 2018. Prior to joining the Adviser, Mr. Kaskawits served as an Analyst with Elm Ridge Capital starting in 2011. Mr. Kaskawits graduated with a B.S., Management from Tulane University and received an MBA from Columbia Business School. Mr. Kaskawits has earned the right to use the CFA designation.\nThe Funds SAI provides additional information about the Portfolio Managers compensation, other accounts managed by the Portfolio Managers and their respective ownership of shares of the Funds.\nThe Administrator and Transfer Agent\nUltimus Fund Solutions, LLC ( Ultimus , the Administrator , or the Transfer Agent ), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds administrator, transfer agent and fund accounting agent. Management and administrative services provided to the Funds by Ultimus include (i) providing office space, equipment and officers and clerical personnel to the Funds, (ii) obtaining valuations, calculating net asset values ( NAVs ) and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory reporting services, (v) processing shareholder account transactions and disbursing dividends and other distributions, and (vi) administering custodial and other third-party service provider contracts on behalf of the Funds.\nThe Distributor\nUltimus Fund Distributors, LLC (the Distributor ), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the Funds principal underwriter and serves as the exclusive agent for the distribution of the Funds shares. The Distributor may sell the Funds shares to or through qualified securities dealers or other approved entities.\nThe Funds SAI has more detailed information about the Adviser and other service providers to the Funds.\n24\nDistribution Plan\nEach Fund has adopted a plan of distribution for its Investor Class shares and the U.S. Fund s A Class shares and C Class shares (the 12b-1 Plan ) in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the 1940 Act ). The 12b-1 Plan allows each Fund to make payments to securities dealers and other financial organizations (including payments directly to the Adviser and the Distributor) for expenses related to the distribution and servicing of that Fund s Investor Class shares. The annual fees payable under the 12b-1 Plan may not exceed an amount equal to 0.25% of the A Class shares average daily net assets and 1.00% of the C Class shares average daily net assets of the U.S. Fund, and 0.25% of the Investor Class shares average daily net assets of each Fund. Because 12b-1 Plan fees are paid out of a Fund s assets on an ongoing basis, over time they will increase the cost of your investment and may cost you more than paying other types of sales charges. Expenses related to the distribution and servicing of the U.S. Fund s A Class shares and C Class shares, and each Fund s Investor Class shares may include, but are not limited to, payments to securities dealers and other persons who are engaged in the sale of A Class shares or C Class shares of the U.S. Fund, or Investor Class shares of th\n...\nor A Class Shares. Although the full amount of your purchase price of C Class Shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of C Class Shares.\nYou may convert shares of one class of shares to any other class of shares for which you qualify to purchase. Conversion will be based on the relative NAV per share of the two Classes on the conversion date.\nMinimum Initial Investment\nFor A Class shares of the U.S. Fund, the minimum initial investment amount for regular accounts is $1,000. For C Class shares of the U.S. Fund, the minimum initial investment amount for regular accounts is $1,000. For Investor Class shares, the minimum initial investment for regular accounts in each Fund is $2,500. For Institutional Class shares, the minimum initial investment in each Fund for regular accounts is $100,000. These minimum investment requirements may be waived or reduced for any reason at the discretion of the Funds.\nPurchase Requests in Good Order\nA purchase request will be considered to be in good order only if it includes all of the following:\nA completed and signed account application (for new accounts).\nThe exact dollar amount of the investment.\nFor existing accounts, the account number and the name(s) exactly as registered on the account.\nPayment in U.S. dollars, payable to the Fund.\nAny documentation reasonably required by the Fund or its transfer agent to verify the identity or authority of the purchaser, if applicable.\n29\nRequests that are incomplete, unclear, or submitted without the required documentation may be delayed or rejected. The Fund and its transfer agent are not responsible for delays or losses due to requests that are not received in good order.\nOpening an Account\nAn account may be opened by mail or bank wire if it is submitted in proper form, as follows:\nBy Mail. To open a new account by mail:\nComplete and sign the account application.\nEnclose a check payable to the applicable Fund; please reference A Class or C Class for the U.S. Fund and Investor Class or Institutional Class for either Fund to ensure proper crediting to your account.\nMail the application and the check to the Transfer Agent at the following address:\nRegular/Express Mail\nLyrical U.S. Value Equity Fund/Lyrical International Value Equity Fund (as appropriate) c/o Ultimus Fund Solutions, LLC P.O. Box 46707\nCincinnati, OH 45246\n-or-\nOvernight Mail\nLyrical U.S. Value Equity Fund/Lyrical International Value Equity Fund (as appropriate) c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nShares will be issued at the NAV per share next computed after receipt of your application, in proper form, and check. When making a purchase request, make sure your request is in good order. Good order means your purchase request includes:\nThe name of the Fund,\nThe dollar amount of shares to be purchased,\nA completed purchase application or investment stub, and Check payable to the Lyrical U.S. Value Equity Fund/Lyrical International Value Equity Fund (as appropriate).\nAll purchases must be made in U.S. dollars and checks must be drawn on U.S. financial institutions.\nUnacceptable Forms of Payment\nCash equivalents, including, but not limited to, cash, cashier s checks, bank official checks, certified checks, bank money orders, third party checks (except for properly endorsed IRA transfer and rollover checks), as well as counter checks, starter checks, traveler s checks, money orders, credit card checks, and payments drawn on non-U.S. financial institutions, will generally not be accepted fo\n...\ncall Toll-Free:\n1-888-884-8099\nThis Prospectus, the SAI and the most recent shareholder reports are also available without charge on the Funds website at www.lyricalvaluefunds.com or upon written request to the Funds at:\nBy Regular/Express Mail:\nLyrical U.S. Value Equity Fund/Lyrical International Value Equity Fund (as appropriate) c/o Ultimus Fund Solutions, LLC\nP.O. Box 46707 Cincinnati, Ohio 45246\nBy Overnight Mail:\nLyrical U.S. Value Equity Fund/Lyrical International Value Equity Fund (as appropriate) c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246\nOnly one copy of a Prospectus or audited or unaudited Financial Statements will be sent to each household address. This process, known as Householding, is used for most required shareholder mailings. (It does not apply to confirmations of transactions and account statements, however). You may, of course, request an additional copy of a Prospectus or audited or unaudited Financial Statements at any time by calling, writing the Funds or by downloading free of charge at www.lyricalvaluefunds.com . You may also request that Householding be eliminated from all your required mailings.\nReports and other information about the Funds are available on the EDGAR Database on the SEC s Internet site at http://www.sec.gov . Copies of information on the SEC s Internet site may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov .\nInvestment Company Act File No. 811-22680\nStatement of Additional Information\nMarch 30, 2026\nLYRICAL U.S. VALUE EQUITY FUND\nInstitutional Class (LYRIX)\nInvestor Class (LYRBX)\nA Class (LYRAX)\nC Class (LYRCX)\nLYRICAL INTERNATIONAL VALUE EQUITY FUND\nInstitutional Class (LYRWX)\nInvestor Class (LYRNX)\nSeries of\nULTIMUS MANAGERS TRUST\n225 Pictoria Drive, Suite 450\nCincinnati, Ohio 45246\nThis Statement of Additional Information ( SAI ) should be read in conjunction with the Prospectus for the Lyrical U.S. Value Equity Fund and Lyrical International Value Equity Fund (each a Fund, and together, the Funds ) dated March 30, 2026, which may be supplemented from time to time (the Prospectus ). This SAI is incorporated by reference in its entirety into the Prospectus. Because this SAI is not itself a prospectus, no investment in shares of the Funds should be made solely upon the information contained herein. Copies of the Prospectus may be obtained without charge, upon request, by writing the Funds at via regular/express mail at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246, via overnight mail at c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, or by calling toll-free 1-888-884-8099 or by visiting the Funds website at www.lyricalvaluefunds.com.\nTABLE OF CONTENTS\nADDITIONAL INFORMATION ON INVESTMENTS, STRATEGIES AND RISKS\n1\nINVESTMENT RESTRICTIONS\n10\nCALCULATION OF SHARE PRICE\n11\nADDITIONAL PURCHASE AND REDEMPTION INFORMATION\n12\nSHAREHOLDER SERVICES\n13\nMANAGEMENT OF THE TRUST\n14\nINVESTMENT ADVISER\n20\nPORTFOLIO TRANSACTIONS\n23\nTHE DISTRIBUTOR\n24\nOTHER SERVICE PROVIDERS\n24\nDISTRIBUTION PLAN\n26\nGENERAL INFORMATION\n27\nADDITIONAL TAX INFORMATION\n31\nFINANCIAL STATEMENTS\n35\nAPPENDIX A\n36\nAPPENDIX B\n39\nAPPENDIX C\n42\nSTATEMENT OF ADDITIONAL INFORMATION\nThe Lyrical U.S. Value Equity Fund (the U.S. Fund ) and the Lyrical International Value Equity Fund (the International Fund and together with the U.S. Fund, each a Fund, and collectively, the Funds ) are each a diversified series of Ultimus Managers Trust (the Trust ), an open-end man\n...\nFund s portfolios may be invested in Investment-Grade Debt Securities or debt securities that are not Investment-Grade Debt Securities in any proportion.\n50\nPART C.\nOTHER INFORMATION\nItem 28.\nExhibits\n(a)\nAmended and Restated Agreement and Declaration of Trust, dated July 12, 2021, is incorporated by reference to Exhibit (1) of Registrant s initial Registration Statement on Form N-14, filed on August 10, 2021 .\n(a)(1)\nAmended Appendix B, dated July 22, 2025, to the Declaration of Trust is incorporated by reference to Exhibit (a)(1) of Post-Effective Amendment No. 269 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 26, 2025.\n(b)\nBylaws, dated February 28, 2012, is incorporated by reference to Exhibit (b) of Registrant s initial Registration Statement on Form N-1A, filed on March 23, 2012.\n(c)\nInstruments Defining Rights of Security Holders are incorporated by reference to Exhibit (a) of Registrant s initial Registration Statement on Form N-1A, filed on March 23, 2012.\n(d)(1)(i)\nInvestment Advisory Agreement with Lyrical Asset Management LP, dated January 22, 2013, for Lyrical U.S. Value Equity Fund is incorporated by reference to Exhibit (d)(iv) of Post-Effective Amendment No. 5 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on February 1, 2013.\n(d)(1)(ii)\nAmended Schedule A, to the Investment Advisory Agreement with Lyrical Asset Management, LP, for the Lyrical U.S. Value Fund, the Lyrical International Value Equity Fund, and the US Value ETF (the Lyrical Funds ) is incorporated by reference to Exhibit (d)(1)(ii) of Post-Effective Amendment No. 195 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 2, 2021.\n(d)(2)\nInvestment Advisory Agreement with Wavelength Capital Management, LLC for the Wavelength Fund is incorporated by reference to Exhibit (d)(2) of Post-Effective Amendment No. 212 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on March 30, 2022.\n(d)(3)(i)\nInvestment Advisory Agreement with Edge Capital Group, LLC for the Blue Current Global Dividend Fund, dated September 8, 2023, is incorporated by reference to Exhibit (d)(3) of Post-Effective Amendment No. 245 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on December 15, 2023.\n(d)(3)(ii)\nInvestment Advisory Agreement with SCS Capital Management LLC for the Blue Current Global Dividend Fund, dated May 15, 2025, is incorporated by reference to Exhibit (d)(3)(ii) of Post-Effective Amendment No. 267 of Registrant s Registration Statement on Form N1-A (File No. 333-180308), filed on June 27, 2025.\n(d)(4)(A)\nInvestment Advisory Agreement with Marshfield Associates, Inc., dated December 27, 2015, for Marshfield Concentrated Opportunity Fund, is incorporated by reference to Exhibit (d)(15) of Post-Effective Amendment No. 61 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on December 24, 2015.\n(d)(4)(B)\nAmended Schedule A to the Investment Advisory Agreement with Marshfield Associates, Inc., dated July 28, 2016, is incorporated by reference to Exhibit (d)(13)(B) of Post-Effective Amendment No. 108 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on June 28, 2017.\nC- 1\n(d)(5)\nInvestment Advisory Agreement with Hudson Valley Investment Advisors, Inc. for HVIA Equity Fund is incorporated by reference to Exhibit (d)(17) of Post-Effective Amendment No. 86 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 20, 2016.\n(d)(6)\nInvestment Advisory Agreement with Edgemoor Investment Advisors, Inc., dated January 27, 2017, for the Meehan Focus Fund, is incorporated by reference to Exhibit (d)(18) of Post-Effective Amendment No. 106 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on May 22, 2017.\n(d)(7)\nInvestment Advisory Agreement with Adler Asset Management, LLC is incorporated by reference to Exhibit (d)(17) of Post-Effective Amendment No. 125 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on July 31, 2018.\n(d)(8)\nAmended and Restated Investment Advisory Agreement with Q3 Asset Management Corporation, dated July 31, 2025, for the Q3 All-Season Systematic Opportunities Fund, Q3 All-Season Tactical Fund, Q3 All-Season Active Rotation ETF, and Q3 All-Season Tactical Advantage ETF (the Q3 Funds ) is incorporated by reference to Exhibit (d)(8) of Post-Effective Amendment No. 272 of Registrant s Registration Statement on Form N-1A (File No. 333-1803080, filed on December 10, 2025.\n(d)(9)(i)\nInvestment Advisory Agreement with Blueprint Fund Management LLC, for the Blueprint Adaptive Growth Allocation Fund (formerly the Blueprint Growth Fund )(the Blueprint Fund ), is incorporated by reference to Exhibit (d)(15)(i) of Post-Effective Amendment No. 165 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 8, 2020.\n(d)(9)(ii)\nInvestment Sub-Advisory Agreement with Blueprint Investment Partners LLC, for the Blueprint Fund, is incorporated by reference to Exhibit (d)(15)(ii) of Post-Effective Amendment No. 165 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 8, 2020.\n(d)(10)\nInvestment Advisory Agreement with Evolutionary Tree Capital Management LLC is incorporated by reference to Exhibit (d)(16) of Post-Effective Amendment No. 166 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on September 10, 2020.\n(d)(11)(i)\nInvestment Advisory Agreement for the Westwood Alternative Income Fund, Westwood Multi-Asset Income Fund, Westwood Income Opportunity Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, and Westwood Quality Value Fund (collectively, the Westwood Funds ) with Westwood Management Corporation is incorporated by reference to Exhibit (6) of Registrant s Registration Statement on Form N-14, filed on August 10, 2021.\n(d)(11)(ii)\nAmended Schedule A to the Investment Advisory Agreement for the Westwood Funds with Westwood Management Corporation is incorporated by reference to Exhibit (d)(13)(ii) of Post-Effective Amendment No. 242 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on June 28, 2023.\nC- 2\n(d)(12)(i)\nInvestment Advisory Agreement for the Westwood Global Real Estate Fund, Westwood Real Estate Income Fund, Westwood Broadmark Tactical Growth Fund, and Westwood Salient MLP Energy Infrastructure Fund with Westwood Management Corporation is incorporated by reference to Exhibit (d)(14)(i) of Post-Effective Amendment No. 239 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed o n February 28, 2023.\n(d)(12)(ii)\nInvestment Sub-Advisory Agreement for the Westwood Broadmark Tactical Growth Fund, with Broadmark Asset Management, LLC and Westwood Management Corporation is incorporated by reference to Exhibit (d)(14)(ii) of Post-Effective Amendment No. 239 of Registrant s Registration Statement on Form N-1A (File No. 333-180308), filed on February 28, 2023.\n(d)(13)(i)\nI", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "custodian": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Adler_Value_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adler_Value_Fund", "p": "advisedBy", "o": "org:Adler_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adler_Value_Fund", "p": "seriesOf", "o": "trust:Ultimus_Managers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Adler_Value_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Evolutionary_Tree_Innovators_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Evolutionary_Tree_Innovators_Fund", "p": "advisedBy", "o": "org:Evolutionary_Tree_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Evolutionary_Tree_Innovators_Fund", "p": "custodian", "o": "org:U_S_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Evolutionary_Tree_Innovators_Fund", "p": "seriesOf", "o": "trust:Ultimus_Managers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Evolutionary_Tree_Innovators_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kempner_Multi_Cap_Deep_Value_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kempner_Multi_Cap_Deep_Value_Fund", "p": "custodian", "o": "org:U_S_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kempner_Multi_Cap_Deep_Value_Fund", "p": "seriesOf", "o": "trust:Ultimus_Managers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kempner_Multi_Cap_Deep_Value_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wavelength_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wavelength_Fund", "p": "advisedBy", "o": "org:Wavelength_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wavelength_Fund", "p": "custodian", "o": "org:U_S_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wavelength_Fund", "p": "seriesOf", "o": "trust:Ultimus_Managers_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Wavelength_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Ultimus_Managers_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Adler Value Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Adler Asset Management, Inc. <predicate_marker> seriesOf <object_marker> Ultimus Managers Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Evolutionary Tree Innovators Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Evolutionary Tree Capital Management, LLC <predicate_marker> custodian <object_marker> U.S. Bank <predicate_marker> seriesOf <object_marker> Ultimus Managers Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Kempner Multi-Cap Deep Value Fund 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transferAgent Ultimus Fund Solutions, LLC .\nEvolutionary Tree Innovators Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Evolutionary Tree Capital Management, LLC ; custodian U.S. Bank ; seriesOf Ultimus Managers Trust ; transferAgent Ultimus Fund Solutions, LLC .\nKempner Multi-Cap Deep Value Fund administrator Ultimus Fund Solutions, LLC ; custodian U.S. Bank ; seriesOf Ultimus Managers Trust ; transferAgent Ultimus Fund Solutions, LLC .\nWavelength Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Wavelength Capital Management, LLC ; custodian U.S. Bank ; seriesOf Ultimus Managers Trust ; transferAgent Ultimus Fund Solutions, LLC .\nUltimus Managers Trust underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 18793, "n_triples": 19, "text_to_json_ratio": 11.5}}
{"sample_id": "0001547576:ALL", "cik": "0001547576", "trust_name": "Krane Shares Trust", "input_text": "will continue until August 1, 2028, and may only be terminated prior thereto by the Board.\nExample\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$[ ]\n$[ ]\n$[ ]\n$[ ]\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was [ ]% of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund s shares.\n1\nPrincipal Investment Strategies\nUnder normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the publicly-traded or privately offered securities of emerging market internet and technology companies and other instruments that have economic characteristics similar to such securities. In the case of publicly-traded securities, the Fund s investment adviser, Krane Funds Advisors, LLC ( Krane or Adviser ) determines whether a company is an emerging market internet and technology company based on whether it is eligible for inclusion in the Solactive Emerging Markets Internet and Technology Index ( Underlying Index ). The Underlying Index classifies an issuer as from an emerging market if it primarily derives revenue from one or more of the following countries:\nArgentina, Brazil, Chile, China, Colombia, Cyprus, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Mexico, Malaysia, Peru, the Philippines, Poland, Puerto Rico, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates, except stocks whose primary listing exchange is the Shanghai or the Shenzhen Stock Exchange and stocks or that are primarily traded over the counter are excluded.\nThe Underlying Index classifies an issuer as an internet and technology company if it is classified by the FactSet Revere Business Industry Classification system as in one of the following industries:\nAdministrative Software and Services, Business Intelligence Software, Colocation and Data Center Services, Communications Infrastructure Software, Consumer Content Providers, Customer Premises Network Security Equipment, Customer Relationship Management Software, Educational Software, Electronic Components Distributors, Electronic Transaction Processing/Clearinghouses, Enterprise Resource Planning Software, Food Delivery Services, Gaming Industries, General Carrier Edge and Access Equipment, General Communications Equipment, Handheld and Smart Phone Software, Handheld/Smart Phone Games Software, Information and News Content Providers and Sites, Internet Support Services, Internet Pharmacies and Drug Retail, Multi-Type Home and Office Software, N\n...\nard of Trustees) to oversee the sub-advisers and recommend their hiring, termination, and replacement. The Fund will notify shareholders of any change of the Fund s sub-adviser.\nPortfolio Managers\nJames Maund, Head of Capital Markets at the Adviser, has served as the lead portfolio manager of the Fund since its inception. He joined the Adviser in 2020 and has over 20 years of experience in the investment management industry. Previously, he was a Vice President in the Institutional ETF Group and a member of the ETF Capital Markets Group at State Street Global Advisors (2010-2019); and an ETF trader at Goldman Sachs Co (2005-2009). Mr. Maund graduated with a bachelor s degree in economics from Wesleyan University.\nJonathan Shelon, Chief Operating Officer of the Adviser, also serves as a portfolio manager of the Fund and supports Mr. Maund and Krane s investment team with respect to the Fund. Mr. Shelon has been a portfolio manager of the Fund since the Fund s inception. Mr. Shelon joined Krane in 2015. Mr. Shelon has spent the majority of his career managing investment portfolios and diverse teams at leading asset management organizations. Prior to joining Krane, he was the Chief Investment Officer of a 40-person global Specialized Strategies Team at J.P. Morgan with $40 billion AUM. Prior to joining J.P. Morgan, Mr. Shelon spent ten years as a portfolio manager at Fidelity Investments where he was responsible for the investment performance, process and evolution of their target-date strategies for retirement savings, college savings and income generation.\nAdditional information about the Portfolio Managers compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers ownership of Fund shares is available in the SAI.\n31\nOther Service Providers\nSEI Investments Global Funds Services ( Administrator ) serves as administrator for the Fund. The Administrator provides necessary administrative and accounting services for the maintenance and operations of the Trust and the Fund, and makes available the office space, equipment, personnel and facilities required to provide such services.\nSEI Investments Distribution Co. ( Distributor ), an affiliate of the Administrator, serves as the Fund s distributor. Shares in less than Creation Units are not distributed by the Distributor, and the Distributor does not maintain a secondary market in the shares of the Fund.\nBrown Brothers Harriman Co. ( BBH ) serves as custodian and transfer agent for the Fund. BBH maintains in separate accounts cash, securities and other assets of the Fund, keeps all necessary accounts and records, and provides other services.\nShareholder Information\nCalculating NAV\nThe Fund calculates its NAV by:\nTaking the current market value of its total assets\nSubtracting any liabilities and withholdings (if any)\nDividing that amount by the total number of shares owned by the shareholders\nThe Fund normally calculates NAV as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (a Business Day ) (normally, 4:00 p.m., Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.\nSecurities listed on a securities exchange ( i.e. , exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund s NAV is calculated if a security s exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio in\n...\nherein by reference to Exhibit (a)(2) of Post-Effective Amendment No. 145 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-17-033078 on June 19, 2017.\n(b)\nRegistrant s Amended and Restated By-Laws, dated May 23, 2024, are incorporated herein by reference to Exhibit (b) of Post-Effective Amendment No. 383 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-004932 on July 24, 2024.\n(c)\nNot applicable.\n(d)(1)\nInvestment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (d)(3) of Post-Effective Amendment No. 149 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-17-038833 on July 28, 2017.\n(d)(2)\nSchedule A to the Investment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (d)(2) of Post-Effective Amendment No. 488 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-005747 on May 28, 2026.\n(d)(3)\nSchedule B to the Investment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (d)(3) of Post-Effective Amendment No. 180 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-19-004417 on March 22, 2019.\n(d)(4)\nInvestment Advisory Agreement between Krane Funds Advisors, LLC, and Bosera Asset Management (International) Co., Ltd., is incorporated herein by reference to Exhibit (d)(4) of Post-Effective Amendment No. 285 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-007132 on July 29, 2021.\n(d)(5)\nAmended and Restated Investment Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Quadratic Capital Management LLC, is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 292 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-010114 on September 17, 2021.\n(d)(6)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Climate Finance Partners LLC, is incorporated herein by reference to Exhibit (d)(9) of Post-Effective Amendment No. 236 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-20-005257 on April 30, 2020.\n(d)(7)\nSchedules A and B to the Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Climate Finance Partners LLC, is incorporated herein by reference to Exhibit (d)(7) of Post-Effective Amendment No. 303 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-22-008688 on April 25, 2022.\nC- 1\n(d)(8)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Mount Lucas Index Advisers LLC, is incorporated herein by reference to Exhibit (d)(13) of Post-Effective Amendment No. 258 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-20-000214 on November 30, 2020.\n(d)(9)\nSchedule A to the Sub-Advisory Agreement between Krane Funds Advisors, LLC and Mount Lucas Index Advisers LLC, to be filed by subsequent amendment.\n(d)(10)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Amova Asset Management Americas Inc. (formerly known as Nikko Asset Management Americas Inc.), is incorporated herein by reference to Exhibit (d)(16) of Post-Effective Amendment No. 285 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-007132 on July 29, 2021.\n(d)(11)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Etna Capital Management Company Ltd., is incorporated herein by reference to Exhibit (d)(18) of Post-Effective Amendment No. 379 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-004847 on July 17, 2024.\n(d)(12)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Numeric Investors LLC is incorporated herein by reference to Exhibit (d)(19) of Post-Effective Amendment No. 396 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-006656 on October 4, 2024.\n(d)(13)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Wahed Invest LLC, is incorporated herein by reference to Exhibit (d)(18) of Post-Effective Amendment No. 459 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-25-007606 on September 23, 2025.\n(d)(14)\nForm of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Dragon Capital Management (HK) Limited, is incorporated herein by reference to Exhibit (d)(19) of Post-Effective Amendment No. 466 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-25-008258 on October 20, 2025.\n(d)(15)\nSub-Advisory Agreement between Krane Funds Advisors, LLC, and Hedgeye Asset Management, LLC, is incorporated herein by reference to Exhibit (d)(15) of Post-Effective Amendment No. 488 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-005747 on May 28, 2026.\n(d)(16)\nAmended and Restated Investment Advisory Agreement between KFA Global Carbon Subsidiary, Ltd., and Krane Fund Advisors LLC, is incorporated herein by reference to Exhibit (d)(9) of Post-Effective Amendment No. 294 to the Registrant s Registration on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-010841\n...\nompany Ltd.\n1532 Nexxus Building, Connaught Road\nCentral, Hong Kong\nNumeric Investors LLC\n200 Pier 4 Boulevard, 5th Floor\nBoston, Massachusetts 02210\nWahed Invest LLC\n27 East 28th Street, 8th Floor\nNew York, New York 10016\nDragon Capital Management (HK) Limited\nUnit 2406, 24/F, 9 Queen s Road\nCentral, Hong Kong\nHedgeye Asset Management, LLC\n1 High Ridge Park, 3 rd Floor\nStamford, CT 06905\nAdministrator:\nSEI Investments Global Funds Services\n1 Freedom Valley Drive\nOaks, Pennsylvania 19456\nDistributor:\nSEI Investments Distribution Co.\n1 Freedom Valley Drive\nOaks, Pennsylvania 19456\nC- 12\nItem 34 .\nManagement Services\nNot Applicable.\nItem 35 .\nUndertakings\nNot Applicable.\nC- 13\nSIGNATURES\nPursuant to the requirements of the Securities Act of 1933 (the Securities Act ) and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 489 to the Registrant s Registration Statement (File Nos. 333-180870 and 811-22698) to be signed on its behalf by the undersigned, duly authorized, in the City of New York, State of New York on this 29 th day of May, 2026.\nKraneShares Trust\n/s/ Jonathan Krane\nJonathan Krane\nTrustee, Principal Executive Officer and\nPrincipal Financial Officer\nPursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacity and on the date indicated.\nSignature\nTitle\nDate\n/s/ Jonathan Krane\nTrustee, Principal Executive Officer and\nMay 29, 2026\nJonathan Krane\nPrincipal Financial Officer\n*\nTrustee\nMay 29, 2026\nLuis Berruga\n*\nTrustee\nMay 29, 2026\nJohn Ferguson\n*\nTrustee\nMay 29, 2026\nMatthew Stroyman\n*/s/ Stacy L. Fuller\nStacy L. Fuller\n*\nAttorney-in-Fact pursuant to powers of attorney dated May 19, 2026.\nC- 14\n\n\f\n\nfalse\n497\nN-1A\n2026-05-29\nKrane Shares Trust\n0001547576\n0001547576\n2026-05-29\n2026-05-29\n0001547576\ncik0001547576:S000056077Member\n2026-05-29\n2026-05-29\n0001547576\ncik0001547576:S000056077Member\ncik0001547576:PrivateCompanyAndPrivatelyIssuedSecuritiesRiskMember\n2026-05-29\n2026-05-29\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nKRANESHARES TRUST\nKraneShares Emerging Markets Consumer Technology Index ETF\n(the Fund )\nSupplement dated\nMay 29, 2026 to the Fund s Summary Prospectus, Statutory Prospectus and Statement of Additional Information, each\ndated August 1, 2025,\nas each may be supplemented and amended from time to time.\nIMPORTANT\nNOTICE REGARDING CHANGE IN Investment Policy and Name\nCapitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Prospectus and Statement of Additional Information.\nAt a meeting held on May 19-20, 2026, the Board of Trustees of KraneShares Trust approved certain changes to the name, investment objective, investment strategies, and investment policies of the Fund. Accordingly, effective August 1, 2026:\n1.\nAll references to KraneShares Emerging Markets Consumer Technology Index ETF are hereby replaced with KraneShares Public-Private Emerging Markets Internet and Technology ETF .\n2.\nThe section of the Summary Prospectus titled Investment Objective is hereby replaced with the following:\nInvestment Objective\nThe KraneShares Public-Private Emerging Markets Internet and Technology ETF (formerly known as the KraneShares Emerging Markets Consumer Technology Index ETF) (the Fund ) seeks growth of capital.\n3.\nThe section of the Summary Prospectus titled Principal Investment Strategies is hereby replaced with the following:\nPrincipal Investment Strategies\nUnder normal ci", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": 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"fund:KraneShares_90_KWEB_Defined_Outcome_January_2027_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "advisedBy", "o": "org:Krane_Funds_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "seriesOf", "o": "trust:Krane_Shares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "subAdvisedBy", "o": "org:Etna_Capital_Management_Company_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Artificial_Intelligence_and_Technology_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "advisedBy", "o": "org:Krane_Funds_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "seriesOf", "o": "trust:Krane_Shares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "subAdvisedBy", "o": "org:Nikko_Asset_Management_Americas_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Asia_Pacific_High_Income_USD_Bond_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "advisedBy", "o": "org:Krane_Funds_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "seriesOf", "o": "trust:Krane_Shares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "subAdvisedBy", "o": "org:BOSERA_ASSET_MANAGEMENT_INTERNATIONAL_CO_LIMITED", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_Bosera_MSCI_China_A_50_Connect_Index_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_CSI_China_Internet_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_CSI_China_Internet_ETF", "p": "advisedBy", "o": "org:Krane_Funds_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_CSI_China_Internet_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_CSI_China_Internet_ETF", "p": "seriesOf", "o": "trust:Krane_Shares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_CSI_China_Internet_ETF", "p": "transferAgent", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_California_Carbon_Allowance_Strategy_ETF", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_California_Carbon_Allowance_Strategy_ETF", "p": "advisedBy", "o": "org:Krane_Funds_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_California_Carbon_Allowance_Strategy_ETF", "p": "custodian", "o": "org:BROWN_BROTHERS_HARRIMAN_CO", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:KraneShares_California_Carbon_Allowance_Strategy_ETF", "p": "seriesOf", "o": "trust:Krane_Shares_Trust", "alias_grounded": 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.\nKraneShares Bosera MSCI China A 50 Connect Index ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; subAdvisedBy BOSERA ASSET MANAGEMENT (INTERNATIONAL) CO., LIMITED ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares CSI China Internet ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares California Carbon Allowance Strategy ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; subAdvisedBy CLIMATE FINANCE PARTNERS LLC ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares China Alpha Index ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds 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administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; subAdvisedBy CLIMATE FINANCE PARTNERS LLC ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares Global Carbon Strategy ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; subAdvisedBy CLIMATE FINANCE PARTNERS LLC ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares Global Luxury Index ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; transferAgent BROWN BROTHERS HARRIMAN & CO. .\nKraneShares Hang Seng TECH Index ETF administrator SEI Investments Global Funds Services ; advisedBy Krane Funds Advisors, LLC ; custodian BROWN BROTHERS HARRIMAN & CO. ; seriesOf Krane Shares Trust ; 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{"sample_id": "0001553195:ALL", "cik": "0001553195", "trust_name": "AMERICAN FUNDS CORPORATE BOND FUND", "input_text": "government, without regard to the quality rating assigned to the U.S. government\nby a Nationally Recognized Statistical Rating Organization. Additionally, the fund may invest in cash, and cash equivalents (including\nshares of money market or similar funds managed by the investment adviser or its affiliates). The fund may also invest in derivatives\ninstruments (but excluding any derivatives instruments that are rated below Baa3 and BBB- by Nationally Recognized Statistical Rating\nOrganizations designated by the fund's investment adviser or are unrated but determined at the time of purchase to be of equivalent quality\nby the fund s investment adviser).\nThe fund\nmay invest significantly in debt securities tied economically to countries outside the United States, including developing countries.\nAll securities held by the fund will be denominated in U.S. dollars.\nThe fund\nmay invest in futures contracts and swaps, which are types of derivatives. A derivative is a financial contract, the value of which is\nbased on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index.\nThe investment adviser uses a system\nof multiple portfolio managers in managing the fund s assets. Under this approach, the portfolio of the fund is divided into segments\nmanaged by individual managers.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment\nopportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment\nopportunities.\n3 American\nFunds Corporate Bond Fund / Prospectus\nPrincipal\nrisks This section describes the principal risks\nassociated with investing in the fund. You may lose money by investing\nin the fund. The likelihood of loss may be greater if you invest for a shorter period of time.\nMarket\nconditions The prices of, and the income generated by, the securities held by the fund may decline sometimes rapidly\nor unpredictably due to various factors, including events or conditions affecting the general economy or particular industries\nor companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental\nagency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency\nexchange rate, interest rate and commodity price fluctuations.\nEconomies\nand financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements,\nwars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures\nand other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response\nto any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities\nof issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund s investments\nmay be negatively affected by developments in other countries and regions.\nIssuer\nrisks The prices of, and the income generated by, securities held by the fund may decline in response to various factors\ndirectly related to the issuers of such securi\n...\n27/2017\n2.10\n0.70\nN/A\n2.54\n529-A\n(with maximum sales charge)\n7/29/2016\n1.88\n0.42\nN/A\n1.21\n529-C\n7/29/2016\n0.07\n0.46\nN/A\n1.19\n529-E\n7/29/2016\n1.48\n0.10\nN/A\n1.45\n529-F-1\n7/29/2016\n1.92\n0.52\nN/A\n1.87\n529-F-2\n10/30/2020\n1.99\nN/A\nN/A\n1.60\n529-F-3\n10/30/2020\n2.05\nN/A\nN/A\n1.55\nR-1\n7/29/2016\n0.99\n0.38\nN/A\n1.06\nR-2\n7/29/2016\n1.00\n0.38\nN/A\n1.00\nR-2E\n7/29/2016\n1.28\n0.10\nN/A\n1.36\nR-3\n7/29/2016\n1.45\n0.06\nN/A\n1.42\nR-4\n7/29/2016\n1.75\n0.35\nN/A\n1.71\nR-5E\n7/29/2016\n1.94\n0.55\nN/A\n1.92\nR-5\n7/29/2016\n2.04\n0.64\nN/A\n1.99\nR-6\n7/29/2016\n2.09\n0.70\nN/A\n2.02\nIndexes*\n1\nyear\n5\nyears\n10\nyears\nLifetime\n(from\nClass\nA inception)\nBloomberg\nU.S. Aggregate Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)\n1.25 %\n0.33 %\n1.35 %\n1.43 %\nBloomberg\nU.S. Corporate Investment Grade Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)\n2.13\n0.30\n2.43\n2.50\nClass\nA annualized 30-day yield at May 31, 2025: 4.46 % (For\ncurrent yield information, please call American Funds Service Company at (800)\n421-4225 or visit capitalgroup.com.)\nAfter-tax\nreturns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your\nactual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax\nreturns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan, individual retirement\naccount (IRA) or 529 college savings plan.\nAmerican\nFunds Corporate Bond Fund / Prospectus 8\nManagement\nInvestment\nadviser Capital Research and Management Company Portfolio managers The\nindividuals primarily responsible for the portfolio management of the fund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio manager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nRobert\nG. Caldwell\n2024\nPartner\nCapital Fixed Income Investors\nKaren\nChoi\n2019\nPartner\nCapital Fixed Income Investors\nScott\nSykes President\n2017\nPartner\nCapital Fixed Income Investors\nPurchase\nand sale of fund shares The minimum\namount to establish an account for all share classes is normally $250 and the minimum to add to an account is $50. For a payroll deduction\nretirement plan account, payroll deduction savings plan account or employer-sponsored 529 account, the minimum is $25 to establish or\nadd to an account. For accounts with Class F-3 shares held and serviced by the fund s transfer agent, the minimum investment amount\nis $1 million.\nIf\nyou are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing\nto American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American\nFunds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at\ncapitalgroup.com. Please contact your plan administrator or recordkeeper to sell (redeem) shares from your retirement plan.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund s\ndistributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict\nof interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over\nanother investment. Ask your individual financial professional or visit your financial intermediary s website for more information.\n9 American\nFunds Corporate Bond Fund / Prospectus\nInvestment\nobjective, strategies and risks The\nfund s investment objective is to seek to provide maximum total return consistent with capital preservation and prudent risk management.\nWhile it has no present intention to do so, the fund s board may change the fund s investment objective without shareholder\napproval upon 60 days prior written notice to shareholders.\nNormally,\nat least 80% of the fund s assets will be invested in corporate debt securities, which may\n...\nthe portfolio managers compensation, their ownership of securities in the fund and other accounts they manage is in\nthe statement of additional information.\nAmerican\nFunds Corporate Bond Fund / Prospectus 20\nCertain\nprivileges and/or services described on the following pages of this prospectus and in the statement of additional information may\nnot be available to you, depending on your investment dealer or retirement plan recordkeeper. Please see your financial professional\nor retirement plan recordkeeper for more information.\nShareholder\ninformation\nShareholder\nservices American Funds Service Company, the fund s transfer agent, offers a wide range of\nservices that you can use to alter your investment program should your needs or circumstances change. These services may be terminated\nor modified at any time upon 60 days prior written notice.\nA more\ndetailed description of policies and services is included in the fund s statement of additional information and the owner s\nguide sent to new American Funds shareholders entitled Welcome . Class 529 shareholders should also refer to the applicable program\ndescription for information on policies and services relating specifically to their account(s). These\ndocuments are available by writing to or calling American Funds Service Company.\n21 American\nFunds Corporate Bond Fund / Prospectus\nUnless\notherwise noted or unless the context requires otherwise, references on the following pages to (i) Class A, C, T or F shares also refer\nto the corresponding Class 529-A, 529-C, 529-T or 529-F shares, (ii) Class F shares refer to Class F-1, F-2 and F-3 shares and\n(iii) Class R shares refer to Class R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 shares.\nPurchase,\nexchange and sale of shares The\nfund s transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund s distributor, is required by law\nto obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your identity or such\nother person s identity. If you do not provide the information, the transfer agent may not be able to open your account. If the\ntransfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified\npotentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action\nthey deem reasonable or required by law.\nWhen\npurchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated,\nyour money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper\ninstructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the\nnet asset value (plus any applicable sales charge, in the case of Class A or Class T shares) next determined after investment instructions\nare received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares\n(or, if you are investing through a financial intermediary who offers only Class T shares, in Class T shares) of American Funds\nU.S. Government Money Market Fund on the third business day after receipt of your investment.\nIf the amount\nof your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last\n16 months, your money will be invested in the same proportion and in th\n...\nJersey\nCity, NJ\nClass\nC\n14.40%\nClass\nF-1\n5.09%\nClass\nF-2\n5.06%\nClass\nF-3\n26.92%\nClass\n529-F-2\n8.20%\nClass\nR-5\n55.74%\nLPL\nFinancial\nRecord\nClass\nC\n16.73%\nOmnibus\ncustomer account\nClass\nF-2\n73.98%\nSan\nDiego, CA\nWells\nFargo Clearing Services, LLC\nRecord\nClass\nC\n8.87%\nSpecial\ncustody account for the exclusive benefit of customers\nSt.\nLouis, MO\nNational\nFinancial Services, LLC\nRecord\nClass\nC\n7.99%\nFor\nthe exclusive benefit of our customers\nClass\nF-1\n40.05%\nJersey\nCity, NJ\nClass\nF-2\n9.49%\nRaymond\nJames\nRecord\nClass\nC\n5.48%\nOmnibus\nfor Mutual Funds House Account\nSt.\nPetersburg, FL\nCharles\nSchwab Co., Inc.\nRecord\nClass\nF-1\n20.43%\nAccount\n1\nBeneficial\nSan\nFrancisco, CA\nAmerican\nFunds Corporate Bond Fund Page 45\nName\nand address\nOwnership\nOwnership\npercentage\nRBC\nCapital Markets LLC\nRecord\nClass\nF-1\n8.96%\nMutual\nFund Omnibus Processing Omnibus\nMinneapolis,\nMN\nCharles\nSchwab Co., Inc.\nRecord\nClass\nF-3\n56.44%\nAccount\n2\nBeneficial\nSan\nFrancisco, CA\nMorgan\nStanley Smith Barney, LLC\nRecord\nClass\n529-A\n5.96%\nFor\nthe benefit of its customers\nClass\n529-C\n15.63%\nNew\nYork, NY\nVCSP/College\nAmerica\nRecord\nClass\n529-E\n7.94%\nIndividual\nInvestor #1\nHo\nHo Kus, NJ\nCapital\nResearch Management Company\nRecord\nClass\n529-F-1\n100.00%\nCorporate\nAccount\nClass\n529-F-3\n100.00%\nIrvine,\nCA\nMatrix\nTrust Company as agent for\nRecord\nClass\nR-1\n87.77%\nAdvisor\nTrust, Inc.\nBeneficial\nAspire-Investlink\nDenver,\nCO\nNational\nFinancial Services, LLC\nRecord\nClass\nR-1\n5.32%\nAccount\n#1\nJersey\nCity, NJ\nRetirement\nAccount #1\nRecord\nClass\nR-2\n9.13%\nC/O\nEmpower-Inv/Mutual Fund Trading\nBeneficial\nGreenwood\nVillage, CO\nRetirement\nAccount #2\nRecord\nClass\nR-2\n7.31%\nDallas,\nTX\nBeneficial\nEmpower\nTrust Company LLC\nRecord\nClass\nR-2-E\n53.29%\nOmnibus\nBeneficial\nClass\nR-3\n8.47%\nGreenwood\nVillage, CO\nClass\nR-4\n19.75%\nClass\nR-5-E\n17.05%\nState\nStreet Bank and Trust as Trustee and/or Custodian FBO\nRecord\nClass\nR-2-E\n30.66%\nADP\nAccess Product 401k Plan\nBeneficial\nBoston,\nMA\nAmerican\nFunds Corporate Bond Fund Page 46\nName\nand address\nOwnership\nOwnership\npercentage\nRetirement\nAccount #3\nRecord\nClass\nR-2-E\n6.71%\nC/O\nEmpower-Inv/Mutual Fund Trading\nBeneficial\nGreenwood\nVillage, CO\nRetirement\nAccount #4\nRecord\nClass\nR-4\n9.09%\nC/O\nEmpower\nBeneficial\nGreenwood\nVillage, CO\nRetirement\nAccount #5\nRecord\nClass\nR-5-E\n15.64%\nC/O\nEmpower\nBeneficial\nGreenwood\nVillage, CO\nRetirement\nAccount #6\nRecord\nClass\nR-5\n13.80%\nAustin,\nTX\nBeneficial\nRetirement\nAccount #7\nRecord\nClass\nR-5\n6.08%\nLake\nForest, CA\nBeneficial\nCB T\nTrust for Capital Group\nRecord\nClass\nR-6\n22.56%\nMaster\nRetirement 401(H)\nBeneficial\nIrvine,\nCA\nEmpower\nTrust Company LLC\nRecord\nClass\nR-6\n12.33%\nEmployee\nBenefits Clients 401k\nBeneficial\nGreenwood\nVillage, CO\nDCGT\nas Trustee and/or Custodian\nRecord\nClass\nR-6\n11.69%\nFor\nthe benefit of various retirement plans\nOmnibus\naccount\nDes\nMoines, IA\nLVIP\nAmerican Preservation Fund\nRecord\nClass\nR-6\n11.57%\nFort\nWayne, IN\nNational\nFinancial Services, LLC\nRecord\nClass\nR-6\n9.75%\nAccount\n#2\nJersey\nCity, NJ\nBenefit\nTrust Company as trustee for\nRecord\nClass\nR-6\n6.80%\nYourPath\nActive Moderate CIT\nOverland\nPark, KS\nBecause\nClass T and Class 529-T shares are not currently offered to the public, Capital Research and Management Company, the fund s investment\nadviser, owns 100% of the fund s outstanding Class T and Class 529-T shares.\nAmerican\nFunds Corporate Bond Fund Page 47\nAs\nof July 1, 2025, the officers and trustees of the fund, as a group, owned beneficially or of record less than 1% of the outstanding shares\nof the fund.\nUnless\notherwise noted, references in this statement of additional information to Class F shares, Class R s", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AMERICAN_FUNDS_CORPORATE_BOND_FUND", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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{"sample_id": "0001567101:ALL", "cik": "0001567101", "trust_name": "BRIDGE BUILDER TRUST", "input_text": "648Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001567101 bbt:C000126648Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001567101 bbt:S000040853BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure Filed with the U.S. Securities and Exchange Commission on October 27, 2025 1933 Act Registration File No. 333 187194 1940 Act File No. 811 22811 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre Effective Amendment No.\nPost-Effective Amendment No. 63\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 65\n(Check appropriate box or boxes.)\nBRIDGE BUILDER TRUST (Exact Name of Registrant as Specified in Charter) 12555 Manchester Road St. Louis, MO 63131 (Address of Principal Executive Offices, including Zip Code) Registrant s Telephone Number, including Area Code: (314) 515 2000 Evan S. Posner, Secretary Bridge Builder Trust 12555 Manchester Road St. Louis, MO 63131 (Name and Address of Agent for Service) Copy to: Sean Graber, Esq. Morgan, Lewis Bockius LLP 2222 Market Street Philadelphia, PA 19103 It is proposed that this filing will become effective (check appropriate box)\nimmediately upon filing pursuant to paragraph (b)\non (date) pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment. EXPLANATORY NOTE This Post-Effective Amendment No. 63 to the Registration Statement of the Bridge Builder Trust is being filed to annually update financial statements and provide certain other non material updates to the registration statement for fifteen series of the Trust: Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Municipal High-Income Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund, Bridge Builder International Equity Fund, Bridge Builder Tax Managed Large Cap Fund, Bridge Builder Tax Managed Small/Mid Cap Fund, Bridge Builder Tax Managed International Equity Fund, Bridge Builder Transition Fund I, Bridge Builder Transition Fund II and Bridge Builder Transition Fund III.\nBridge Builder Core Bond Fund Ticker: BBTBX Bridge Builder Core Plus Bond Fund Ticker: BBCPX Bridge Builder Municipal Bond Fund Ticker: BBMUX Bridge Builder Municipal High-Income Bond Fund Ticker: BBMHX Bridge Builder Large Cap Growth Fund Ticker: BBGLX Bridge Builder Large Cap Value Fund Ticker: BBVLX Bridge Builder Small/Mid Cap Growth Fund Ticker: BBGSX Bridge Builder Small/Mid Cap Value Fund Ticker: BBVSX Bridge Builder International Equity Fund Ticker: BBIEX PROSPECTUS October 27, 2025 The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS\nSUMMARY SECTION\n1\nBridge Builder Core Bond Fund\n1\nBridge Builder Core Plus Bond Fund\n11\nBridge Builder Municipal Bond Fund\n22\nBridge Builder Municipal High-Income Bond Fund\n31\nBridge Builder Large Cap Growth Fund\n39\nBridge Builder Large Cap Value Fund\n47\nBridge Builder Small/Mid Cap Growth Fund\n56\nBridge Builder Small/Mid Cap Value Fund\n65\nBridge Builder International Equity Fund\n74\nADDITIONAL INFORMATION REGARDING THE FUNDS INVESTMENT OBJECTIVES AND STRATEGIES\n83\nBRIDGE BUILDER CORE BOND FUND\n83\nBRIDGE BUILDER CORE PLUS BOND FUND\n86\nBRIDGE BUILDER MUNICIPAL BOND FUND\n89\nBRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND\n92\nBRIDGE BUILDER LARGE CAP GROWTH FUND\n94\nBRIDGE BUILDER LARGE CAP VALUE FUND\n96\nBRIDGE BUILDER SMALL/MID CAP GROWTH FUND\n99\nBRIDGE BUILDER SMALL/MID CAP VALUE FUND\n103\nBRIDGE BUILDER INTERNATIONAL EQUITY FUND\n107\nADDITIONAL INFORMATION REGARDING PRINCIPAL RISKS OF INVESTING IN THE FUNDS\n110\nPORTFOLIO HOLDINGS INFORMATION\n128\nMANAGEMENT OF THE FUNDS\n128\nInvestment Adviser\n128\nFund Expenses\n129\nSHAREHOLDER INFORMATION\n154\nACCOUNT AND TRANSACTION POLICIES\n157\nTOOLS TO COMBAT FREQUENT TRANSACTIONS\n158\nDIVIDENDS AND DISTRIBUTIONS\n159\nTAX CONSEQUENCES\n160\nTRADEMARKS\n163\nFINANCIAL HIGHLIGHTS\n164\nSUMMARY SECTION Bridge Builder Core Bond Fund Investment Objective The investment objective of the Bridge Builder Core Bond Fund (the Fund or the Core Bond Fund ) is to provide total return (capital appreciation plus income). Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones Co., L.P. ( Edward Jones ) sponsored investment advisory program (an Advisory Program ), which are not reflected in the table and examples below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fees (1)\n0.32\n%\nDistribution and Service (12b 1) Fees\nNone\nOther Expenses (2)\n0.02\n%\nTotal Annual Fund Operating Expenses\n0.34\n%\nLess Waivers (1)\n( 0.22\n)%\nNet Annual Fund Operating Expenses\n0.12\n%\n(1)\nOlive Street Investment Advisers, LLC (the Adviser ) has contractually agreed, until at least October 28, 2026 , to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund s sub advisers ( i.e. , the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the Board ) of Bridge Builder Trust (the Trust ), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2026, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund.\n(2)\nOther Expenses include acquired fund fees and expenses less than 0.01%. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same (taking into account the Adviser s agreement to waive management fees until October 28, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 12\n$ 87\n$ 169\n$ 409\nPortfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction cost\n...\nrities, and obligations of non U.S. governments or their subdivisions, agencies and government-sponsored enterprises. The Fund may also invest in other investment companies, including other open end or closed end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund may also invest in preferred stocks. The Fund may invest in futures, primarily interest rate and U.S. Treasury futures, and in swaps, primarily interest rate swaps. The Fund may buy or sell futures or swaps to gain or hedge exposure to risk factors or to alter the Fund s investment characteristics. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. The Fund is designed to allow managers to invest in various fixed income market sectors. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets allocated to each Sub adviser. The Adviser allocates Fund assets to the following Sub advisers: Robert W. Baird Co. Incorporated ( Baird ), J.P. Morgan Investment Management Inc. ( JPMIM ), Loomis, Sayles Company, L.P. ( Loomis Sayles ), and PGIM, Inc. ( PGIM ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. Baird s Principal Investment Strategies Baird s strategy is based on its belief that the bond market is very efficient in discounting risk and return over time, and bond market benchmarks accurately reflect this relationship between risk and return across the duration curve. Baird believes interest rates are extremely difficult to consistently forecast over time and accordingly employs a duration-neutral, risk-controlled approach. Baird sets the duration of its allocated portion of the Fund s assets equal to that of the Fund s benchmark, thus aiming to ensure a high degree of predictability in tracking benchmark returns. Baird then adds incremental value through security selection, yield curve positioning, sector allocation and competitive execution of trades. 2 Baird s philosophy is implemented strictly in the U.S. dollar-denominated, cash bond market, and Baird normally invests in U.S. government and other public sector entities, ABS and MBS of U.S. and U.S. dollar-denominated foreign issuers, and corporate debt of U.S. and foreign issuers. JPMIM s Principal Investment Strategies JPMIM incorporates a bottom up, value-oriented approach in managing its allocated portion of the Fund s assets. Taking a long-term approach, JPMIM looks for individual fixed income investments that it believes will perform well over market cycles. JPMIM is value-oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interes\n...\n( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund may invest in futures, primarily interest rate, currency, and U.S. Treasury futures, and in swaps, including interest rate, credit default, total return, and currency swaps. In addition, the Fund may invest in forward contracts. The Fund may buy or sell futures, swaps, or forward contracts to gain or hedge exposure to risk factors or to alter the Fund s investment characteristics. From time to time, the Fund may also enter into repurchase agreements. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. The Fund is designed to allow managers to invest in various fixed income market sectors. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. 12 The Adviser is responsible for determining the amount of Fund assets allocated to each Sub adviser. The Adviser allocates Fund assets to the Sub advisers. The following are the Fund s principal Sub advisers: Dodge Cox, Loomis, Sayles Company, L.P. ( Loomis Sayles ), Metropolitan West Asset Management, LLC ( MetWest ), and Pacific Investment Management Company LLC ( PIMCO ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination or replacement of a Sub adviser. Below is a summary of each principal Sub adviser s principal investment strategies. Dodge Cox s Principal Investment Strategies Dodge Cox s investment strategy is built on four integrated pillars: rigorous fundamental analysis, a long-term investment horizon, a focus on valuation, and downside risk analysis. Dodge Cox aims to construct a portfolio with attractive total return characteristics across various economic and market environments. Through a team-based decision-making process, Dodge Cox seeks to create a portfolio with durable incremental yield, attractive relative return prospects, liquidity, high average quality, and diversification. Dodge Cox seeks value in higher-yielding market segments like lower-rated investment-grade credit, below investment-grade securities and crossover credits (i.e., bonds rated between investment grade and high yield), and structured products (MBS and ABS). Detailed fundamental research is the primary risk mitigant at the security and/or issuer level, and a variety of qualitative and quantitative tools are used to monitor portfolio-level risk and highlight unintended exposures. Loomis Sayles Principal Investment Strategies Three themes typically drive Loomis Sayles investment approach with respect to its allocated portion of the Fund s assets. First, Loomis Sayles generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Second, Loomis Sayles may invest significantly in securities the prices of which Loomis Sayles believes are more sensitive to events related to the\n...\nd delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund also invests in U.S. Treasury futures and may buy or sell futures to hedge exposure to risk factors, for speculative purposes or as a substitute for investing in conventional fixed income securities. In addition, the Fund may invest in privately issued securities (e.g., Rule 144A securities) and other investment companies, including open end or closed end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub adviser believes that it would be appropriate to do so in order to readjust the duration or asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets allocated to each Sub adviser. The Adviser allocates Fund assets to the following Sub advisers: Robert W. Baird Co. Incorporated ( Baird ), BlackRock Investment Management, LLC ( BlackRock ), FIAM LLC ( FIAM ), and MacKay Shields LLC ( MacKay Shields ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. Baird s Principal Investment Strategies The foundation of Baird s strategy is a focus on seeking to control risk. With the belief that the bond market is efficient over time in discounting interest rate risk, making interest rate timing extremely difficult to consistently forecast over time, a key tenet of Baird s strategy is to manage its allocated portion of the Fund on a duration-neutral basis relative to its selected benchmark, the Bloomberg Municipal Bond Index (with maturities ranging from 1 30 years). Baird then seeks to add incremental return on a consistent basis through an in depth, research-driven approach, identifying and 23 capturing relative value opportunities in less efficient areas of the market. These include positioning along the yield curve on a duration-neutral basis overall, credit, sector, and subsector weightings all relative to the benchmark while also focusing on security selection and efficient trade execution. Typically, Baird s strategy also seeks to have an income advantage relative to the benchmark as a means of adding incremental return. BlackRock s Principal Investment Strategies BlackRock takes a top down, bottom up approach with a flexible investment framework in managing its allocated portion of the Fund s assets. The investment process begins with setting a macro-outlook and broad strategy guidelines around credit, duration, yield curve, structure, and liquidity. Portfolio management works closely with BlackRock s credit research team to determine\n...\nale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund also invests in futures and may buy or sell futures to hedge exposure to risk factors, for speculative purposes or as a substitute for investing in conventional fixed income securities. In addition, the Fund may invest in privately issued securities (e.g., Rule 144A securities) and other investment companies, including open end or closed end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub adviser believes that it would be appropriate to do so in order to readjust the duration or asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets allocated to each Sub adviser. The Adviser may allocate Fund assets to the following Sub advisers: Capital International, Inc. ( Capital International ) and T. Rowe Price Associates, Inc. ( T. Rowe Price ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. Capital International s Principal Investment Strategies Capital International s investment philosophy is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Capital International uses a system of multiple portfolio managers in managing its allocated portion of the Fund s assets. Under this approach, its allocated portion of the Fund s assets is divided into segments managed by individual portfolio managers. With respect to its allocated portion of the Fund s assets, Capital International primarily invests in municipal securities that provide income exempt from federal personal 32 income tax and may subject certain taxpayers to Federal AMT. In selecting securities for its allocated portion of the Fund s assets, Capital International may accept risks to capital value that it deems prudent to take advantage of opportunities for higher current income on municipal securities in which it invests. Capital International may sell securities when it believes that they no longer represent relatively attractive investment opportunities. T. Rowe Price s Principal Investment Strategies T. Rowe Price s active investment management approach emphasizes the value of in depth fundamental credit research, diversification and risk management practices. By using fundamental research, T. Rowe Price seeks to select investments based on its outlook for the different sectors of the tax free municipal market (for example, T. Rowe\n...\nts assets in securities of real estate investment trusts ( REITs ), which are companies that own and/or manage real estate properties. From time to time, the Fund may also buy or sell derivatives, principally futures contracts for cash equitization purposes. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2025, the Fund had significant exposure to securities of companies in the information technology sector. The Fund follows an investing style that favors growth investments. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Fund is a non diversified fund. A non diversified fund may invest a greater portion of its assets in a single issuer or small group of issuers than a diversified fund. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub advisers: BlackRock Investment Management, LLC ( BlackRock ), Jennison Associates LLC ( Jennison ), Lazard Asset Management LLC ( Lazard ), Sustainable Growth Advisers, LP ( SGA ) and T. Rowe Price Associates, Inc. ( T. Rowe Price ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. BlackRock s Principal Investment Strategies BlackRock invests in equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the segment of the United States market for publicly traded equity securities represented by the 1,000 largest capitalized companies. The criterion for the selection of investments is the Russell 1000 Growth Index. Jennison s Principal Investment Strategies Jennison seeks to invest in large capitalization securities whose price will increase over the long term. It invests in equity and equity-related securities of companies that it believes have strong capital appreciation potential. In deciding which equities to buy, Jennison follows a highly disciplined investment selection and management process of identifying companies that show superior absolute and relative earnings growth and also are believed to be attractively valued. Jennison s confidence in potential issuer earnings is an important part of the selection process. Jennison evaluates a company s value by examining fundamental metrics such as price to forward earnings, price to book value, price to sales, and enterprise value to earnings before interest, taxes, depreciation, and amortization. 40 Lazard s Principal Investment Strategies Lazard invests primarily in equity securities, principally common stocks, of U.S. companies that Lazard believes have strong and/or improving finan\n...\nmay invest in American Depositary Receipts ( ADRs ) or Global Depositary Receipts ( GDRs ). The Fund may also invest in other investment companies, including other open end or closed end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ), which are companies that own and/or manage real estate properties. From time to time, the Fund may also buy or sell derivatives, principally futures contracts for cash equitization purposes. As of September 30, 2025, the Fund had significant exposure to securities of companies in the financials sector. The Fund follows an investing style that favors value investments. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub advisers: Artisan Partners Limited Partnership ( Artisan Partners ), Barrow, Hanley, Mewhinney Strauss, LLC ( Barrow Hanley ), BlackRock Investment Management, LLC ( BlackRock ), LSV Asset Management ( LSV ), T. Rowe Price Associates, Inc. ( T. Rowe Price ), and Wellington Management Company, LLP ( Wellington Management ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. Artisan Partners Principal Investment Strategies Artisan Partners employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range. Artisan Partners seeks to invest in companies that are undervalued, in solid financial condition, and have attractive business economics. Artisan Partners believes that companies with these characteristics are less likely to experience eroding values over the long term. Artisan Partners values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. Artisan Partners prefers companies with an acceptable level of debt and positive cash flow. At a minimum, Artisan Partners seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies shareholders. Artisan Partners favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company s business cycle. 48 Barrow Hanley s Principal Investment Strategies Barrow Hanley invests primarily in large capitalization securities. As a traditional value manager, Barrow Hanley searches for companies that are temporarily undervalued for reasons Barrow Hanley can identify, understand, and believe will improve over time. In its valuation framework, Barrow Hanley strives to construct portfolios that trade at levels below t\n...\nare consistent with the Fund s investment objective. The Fund may also invest a portion of its assets in futures contracts, principally for cash equitization purposes. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2025, the Fund had significant exposure to securities of companies in the healthcare, industrials and information technology sectors. The Fund follows an investing style that favors growth investments. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub advisers: Artisan Partners Limited Partnership ( Artisan Partners ), BlackRock Investment Management, LLC ( BlackRock ), Champlain Investment Partners, LLC ( Champlain ), Driehaus Capital Management LLC ( Driehaus ), Eagle Asset Management, Inc. ( Eagle ), Stephens Investment Management Group, LLC ( SIMG ), and Victory Capital Management Inc. ( Victory Capital ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of the Sub advisers. Below is a summary of each Sub adviser s principal investment strategies. Artisan Partners Principal Investment Strategies Artisan Partners investment team employs a fundamental investment process to construct a diversified portfolio of U.S. mid capitalization growth companies. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The team s investment process focuses on two distinct elements security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy. BlackRock s Principal Investment Strategies BlackRock invests in equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the segments of the United States market for publicly traded equity securities as represented by the Russell Midcap Growth Index, which tracks the performance of mid capitalization companies, and the Russell 2000 Growth Index, which tracks the performance of small capitalization companies. 57 Champlain s Principal Investment Strategies Champlain principally invests in equity securities of mid capitalization companies. Champlain seeks capital appreciation by investing in companies that it believes have strong long-term fundamentals, superior capital appreciation potential, and attractive valuations. Through the consistent execution of a fundamental bottom up investment process, whi\n...\nest in American Depositary Receipts ( ADRs ) or Global Depositary Receipts ( GDRs ). The Fund may also invest in other investment companies, including other open end or closed end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund may also invest a portion of its assets in futures contracts, principally for cash equitization purposes. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ), which are companies that own and/or manage real estate properties. As of September 30, 2025, the Fund had significant exposure to securities of companies in the financials and industrials sectors. The Fund follows an investing style that favors value investments. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub advisers: American Century Investment Management, Inc. ( American Century ), BlackRock Investment Management, LLC ( BlackRock ), Boston Partners Global Investors, Inc. ( Boston Partners ), Diamond Hill Capital Management, Inc. ( Diamond Hill ), LSV Asset Management ( LSV ), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ( MFS ), Silvercrest Asset Management Group LLC ( Silvercrest ), and Vaughan Nelson Investment Management, L.P. ( Vaughan Nelson ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. American Century s Principal Investment Strategies Under normal market conditions, American Century will invest at least 80% of the portion of the Fund s net assets that it manages in small capitalization companies. American Century considers small capitalization companies to include those with market capitalizations no larger than that of the largest company in the S P Small Cap 600 Index or the Russell 2000 Index. In selecting stocks for the Fund, the portfolio managers of American Century look for equity securities of smaller companies whose stock price may not reflect the company s value. The portfolio managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the portfolio managers believe more accurately reflects the value of the company. 66 BlackRock s Principal Investment Strategies BlackRock invests in equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the segments of the United States market for publicly traded equity securities as represented by the Russell Midcap Value Index, which tracks the performance of mid capitalization companies, and the Russell 2000 Value Index, which tracks the performance of small capitalization companies. Boston Partners Principal Investment Strategies Boston Partners primarily invests in mid capitalization companies. Boston Partners uses bottom up fu\n...\nmpanies, including other open end or closed end investment companies and exchange-traded funds ( ETFs ), that have characteristics that are consistent with the Fund s investment objective. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ) that own and/or manage properties. From time to time, the Fund may also buy or sell derivatives, principally futures contracts for cash equitization purposes, and forward contracts and options for currency hedging. From time to time, the Fund may also focus its investments in a particular country or geographic region, such as the United Kingdom or Japan. As of September 30, 2025, the Fund had significant exposure to securities of companies in the financials and industrials sectors. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub advisers that have been or will be retained by the Adviser (each a Sub adviser ). Each Sub adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund s assets. Portfolio securities may be sold at any time. Sales may occur when a Sub adviser seeks to take advantage of what a Sub adviser considers to be a better investment opportunity, when a Sub adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub adviser. The Adviser allocates Fund assets to the following Sub advisers: BlackRock Investment Management, LLC ( BlackRock ), Marathon Asset Management Limited ( Marathon-London ), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ( MFS ), Mondrian Investment Partners Limited ( Mondrian ), Pzena Investment Management, LLC ( Pzena ), and WCM Investment Management, LLC ( WCM ). The Adviser may adjust allocations to the Sub advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub adviser. Below is a summary of each Sub adviser s principal investment strategies. BlackRock s Principal Investment Strategies BlackRock invests in international equity securities with the objective of approximating as closely as practicable the capitalization weighted total rates of return of the markets in certain countries for equity securities traded outside the United States, as represented by the MSCI EAFE Growth and MSCI EAFE Value Indices. The MSCI EAFE Growth and MSCI EAFE Value Indices measure the performance of large and mid capitalization companies across developed 75 markets, excluding the United States and Canada. The MSCI EAFE Growth Index focuses on companies exhibiting overall growth style characteristics, while the MSCI EAFE Value Index focuses on companies exhibiting overall value style characteristics. Marathon-London s Principal Investment Strategies Marathon-London invests primarily in equity securities of non U.S. issuers in developed and emerging market countries. In selecting investments for the Fund, Marathon-London employs a bottom up, fundamental investment philosophy focused on identifying attractive long-term investment opportunities that can arise as a result of certain capital cycle conditions. Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition. This capital cycle approach to investing guides Marathon-London to invest in stocks in industries where con\n...\nts inception. Steven Dutaut has been a portfolio manager of the International Equity Fund since April 2016. Aileen Gan has been a portfolio manager of the International Equity Fund since July 2025. Ms. Desmond joined Mondrian s predecessor organization as a founding member in 1991. She is Executive Chairman and sits on the International Equity Strategy Committee as an ordinary member. Previously, she has worked for Hill Samuel Investment Advisers Ltd. and Shearson Lehman Global Asset Management, as well as the Japanese government where she was based in Kagoshima, Japan. She holds a BA degree from Wellesley College and an MA degree in East Asian Studies from Stanford University. She is also a member of the Wellesley College Board of Trustees and chairs the endowment investment committee. She is a CFA Charterholder, a member of both the CFA Institute and the CFA Society of the UK, and sits on the CFA UK s Advisory Council. Mr. Bliss is a Senior Portfolio Manager and member of the International Equity Strategy Committee at Mondrian and has been with the firm since 1995. Prior to joining Mondrian, Mr. Bliss began his career at Cazenove Co. Mr. Simcox is Head of ESG Investment and a Senior Portfolio Manager at Mondrian and a member of the International Equity Strategy Committee at Mondrian. Prior to joining Mondrian in 2007, Mr. Simcox worked at Ernst and Young LLP for four years, where he qualified as a Chartered Accountant. Mr. Simcox is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. Mr. Dutaut is Head of Research Europe and Asia and a Senior Portfolio Manager and member of the International Equity Strategy Committee at Mondrian and has been with the firm since 2007. Prior to joining Mondrian, Mr. Dutaut was an investment analyst for Baillie Gifford Overseas and began his career in Bank of America s investment banking division. Mr. Dutaut is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. Ms. Gan joined Mondrian in 2005, initially on the International Equity team before moving to the Global Equity team in 2012. She leads the Global and International Equity teams and serves as chair of both Strategy Committees. Previously, she worked as a consultant at Accenture, specializing in the financial services sector. She holds a Commerce degree from the University of Melbourne, Australia and holds a Master of Commerce degree from the University of New South Wales, Australia. She is a CPA (Australia) and CFA Charterholder, as well as a member of the CPA Australia, the CFA Institute and the CFA Society of the UK. Pzena Pzena, 320 Park Avenue, 8th Floor, New York, New York 10022, serves as a Sub adviser to the International Equity Fund under a sub advisory agreement with the Adviser on behalf of the International Equity Fund. Pzena is registered as an investment adviser with the SEC. As of June 30, 2025, Pzena had approximately $76.1 million in assets under management. 152 Portfolio Managers: Caroline Cai , Allison Fisch , and John Goetz have been portfolio managers of the International Equity Fund since November 2016. Rakesh Bordia has been a portfolio manager of the International Equity Fund since January 2023. Ms. Cai joined Pzena in 2004 and currently serves as a Managing Principal, Chief Executive Officer and Portfolio Manager for Pzena. Ms. Cai holds a B.A., summa cum laude, in Mathematics and Economics from Bryn Mawr College and is a Chartered Financial Analyst. Ms. Fisch joined Pzena in 2001 and currently serves as a Managing Principal, President and Portfolio Manag\n...\nof securities of large capitalization companies. The Fund defines large capitalization companies as companies whose market capitalizations at the time of purchase typically fall within the range of the Russell 1000 Index (as of April 30, 2025, companies with capitalizations greater than $2.0 billion). The market capitalization of the companies included in the Russell 1000 Index will change with market conditions. While the Fund primarily invests in equity securities of large capitalization companies, it may also invest in securities of small- and mid-capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may also invest in American Depositary Receipts ( ADRs ) or Global Depositary Receipts ( GDRs ). The Fund does not intend to hedge the currency exposure that may be created by its investments in securities denominated in foreign currencies, although a Sub-adviser (defined below) may consider currency risks as part of its investment process. The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds ( ETFs ) that have characteristics that are consistent with the Fund s investment objective. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ), which are companies that own and/or manage real estate properties. As of September 30, 2025, the Fund had significant exposure to securities of companies in the information technology sector. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser. The Fund implements the investment recommendations of the Fund s sub-advisers through the use of Parametric Portfolio Associates LLC ( Parametric and, together with the Fund s other sub-advisers, the Sub-advisers ) as overlay manager appointed by the Adviser. In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. In this role, Parametric manages one or more allocated portions of the Fund pursuant to a strategy that is designed to provide similar exposure to certain designated indices, as described in additional detail below. Each Sub-adviser (other than Parametric in its role as overlay manager) manages its allocated portion of the Fund s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager, then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser s model in the total portfolio determined by the Adviser. Each Sub-adviser may use its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. In connection with the construction of the Fund s portfolio, the Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Barrow, Hanley, Mewhinney Strauss, LLC ( Barrow Hanley ), ClearBridge Investments, LLC ( ClearBridge ), Parametric, and T. Rowe Price Associates, Inc. ( T. Rowe Price ). The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser s principal investment strategies. 2 Barrow Hanley s Principal Investment Strategies Barrow Hanley recommends companies that are temporarily undervalued for reasons Barrow Hanley can identify, understand, and believe will improve over time. In its valuation framework, Barrow Hanley strives to construct portfolios that trade at levels below the market across multiple metrics (e.g., price/earnings, price/book value) while simultaneously delivering an above-market dividend yield. ClearBridge s Principal Investment Strategies ClearBridge recommends investments primarily in equity securities of U.S. companies. ClearBridge typically recommends investments in medium and large capitalization companies but may also recommend investments in small-capitalization companies. ClearBridge may recommend that up to 20% of its allocated portion of the Fund s assets be invested in the equity securities of foreign issuers, including through ADRs. In constructing its model portfolio, ClearBridge seeks to provide long-term appreciation of capital with an investment strategy consisting of individual company selection and management of cash reserves. ClearBridge looks to recommend investments among a strong core of growth and value stocks, consisting primarily of blue-chip companies dominant in their industries. ClearBridge may also recommend investments in companies with prospects for sustained earnings growth and/or a cyclical earning\n...\nto provide similar exposure to certain designated indices, as described in additional detail below. Each Sub-adviser (other than Parametric in its role as overlay manager) manages its portion of the Fund s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager, then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser s model in the total portfolio determined by the Adviser. Each Sub-adviser may use its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. In connection with the construction of the Fund s portfolio, the Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: AllianceBernstein L.P. ( AllianceBernstein ), Allspring Global Investments, LLC ( Allspring ), Goldman Sachs Asset Management, L.P. ( GSAM ), J.P. Morgan Investment Management Inc. ( JPMIM ), Neuberger Berman Investment Advisers LLC ( Neuberger Berman ), and Parametric. The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser s principal investment strategies. 11 AllianceBernstein s Principal Investment Strategies AllianceBernstein recommends investments primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies. AllianceBernstein considers small- to mid-capitalization companies to be companies that, at the time of investment, fall within the capitalization range between the smallest company in the Russell 2500 Value Index and the greater of $5 billion or the market capitalization of the largest company in the Russell 2500 Value Index. As of June 30, 2025, the market capitalizations of the companies in the Russell 2500 Value Index ranged from $35 million to $23.94 billion. In constructing its model portfolio, AllianceBernstein generally looks for companies that are determined by AllianceBernstein to be undervalued, using AllianceBernstein s fundamental value approach. In making recommendations for its allocated portion of the Fund s assets, AllianceBernstein uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities. Allspring s Principal Investment Strategies Under normal circumstances, Allspring recommends investments primarily in equity securities of medium-capitalization companies. Allspring defines equity securities of medium-capitalization companies as securities of companies with market capitalizations within\n...\nbelow. Each Sub-adviser (other than Parametric in its role as overlay manager) manages its allocated portion of the Fund s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser s model in the total portfolio determined by the Adviser. Each Sub-adviser may use both its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. 21 In connection with the construction of the Fund s portfolio, the Adviser allocates Fund assets to the following Sub-advisers: J.P. Morgan Investment Management Inc. ( JPMIM ), Parametric, Pzena Investment Management, LLC ( Pzena ), Thompson, Siegel Walmsley LLC ( TSW ), and Walter Scott Partners Limited ( Walter Scott ). The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser s principal investment strategies. JPMIM s Principal Investment Strategies Under normal conditions, JPMIM will recommend investments in the equity securities of foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies. In constructing its model portfolio, JPMIM may recommend that a substantial part of the model s assets be invested in just one region or country. In making determinations regarding investments in the securities of a particular country or currency, JPMIM will evaluate the yield and potential growth of an investment, as well as the relationship between the currency and the U.S. dollar. JPMIM may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. JPMIM may recommend securities where the issuer is located in one country but the security is denominated in the currency of another. Parametric s Principal Investment Strategies In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. This strategy is designed to provide the Fund with exposure to the MSCI EAFE Growth Index and the MSCI EAFE Value Index while maximizing after-tax returns through a variety of tax management techniques. The strategy seeks to exceed its benchmark on an after-tax basis. Th\n...\nds, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares. Pursuant to the Administrative Agency Agreement, the Trust has agreed to pay such compensation as is mutually agreed from time to time and such out-of-pocket expenses as incurred by BBH in the performance of its duties. For the fiscal years ended June 30, 2023, 2024 and 2025, the Funds paid the following amounts to BBH for administrative and fund accounting services. All figures are presented in thousands and are rounded to the nearest thousand.\nB-190\nFund\n2023\n2024\n2025\nCore Bond Fund\n$1,106\n$1,087\n$1,118\nCore Plus Bond Fund\n$1,684\n$1,769\n$1,937\nMunicipal Bond Fund\n$939\n$869\n$1,001\nMunicipal High-Income Bond Fund\n$4*\n$360\n$413\nLarge Cap Growth Fund\n$698\n$841\n$839\nLarge Cap Value Fund\n$624\n$665\n$756\nSmall/Mid Cap Growth Fund\n$258\n$293\n$321\nSmall/Mid Cap Value Fund\n$271\n$289\n$315\nInternational Equity Fund\n$672\n$699\n$735\n* Reflects the period from April 13, 2023 (commencement of Fund operations) to June 30, 2023. Custodian BBH also acts as Custodian to the Trust. In this capacity, BBH holds all cash and, directly or through a book entry system or an agent, securities of each Fund, delivers and receives payment for securities sold by such Fund, collects income from investments of each Fund and performs other duties as set forth in the Custodian Agreement between the Trust, on behalf of the Funds, and BBH. BBH does not participate in decisions relating to the purchase and sale of securities by the Funds. Transfer Agent ALPS Fund Services, Inc., 1290 Broadway, Suite 1100 Denver, Colorado 80203, acts as the Funds Transfer Agent and dividend disbursing agent pursuant to a Transfer Agency and Services Agreement with the Trust. ALPS Fund Services, Inc. is an affiliate of ALPS Distributors, Inc., the Funds principal underwriter. Legal Counsel Morgan, Lewis Bockius LLP, 2222 Market Street, Philadelphia, PA 19103-3007, serves as legal counsel to the Trust. Kirkland Ellis LLP, 1301 Pennsylvania Avenue, N.W., Washington, D.C. 20004, serves as legal counsel to the Independent Trustees. Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP, One North Wacker Drive, Chicago, Illinois 60606, is the Funds independent registered public accounting firm, providing audit services, tax services and assistance with respect to filings with the SEC. EXECUTION OF PORTFOLIO TRANSACTIONS AND BROKERAGE Each Sub-Advisory Agreement states that, with respect to the portion of a Fund managed by each of the Sub-advisers, that Sub-adviser shall be responsible for broker-dealer selection and for negotiation of brokerage commission rates, provided that each Sub-adviser shall only direct orders to an affiliated person of that Sub-adviser in accordance with Board-adopted procedures and/or the 1940 Act. In general, a Sub-adviser s primary consideration in effecting a securities transaction will be execution at the most favorable cost or proceeds under the circumstances. In selecting a broker-dealer to execute each particular transaction, a Sub-adviser may take the following into consideration, among other things: the best net price\nB-191\navailable; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty of executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the relevant Fund on a continuing basis. 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MORGAN INVESTMENT MANAGEMENT, INC. <predicate_marker> subAdvisedBy <object_marker> PARAMETRIC PORTFOLIO ASSOCIATES LLC <predicate_marker> subAdvisedBy <object_marker> PZENA INVESTMENT MANAGEMENT, LLC <predicate_marker> subAdvisedBy <object_marker> Thompson, Siegel & Walmsley LLC <predicate_marker> subAdvisedBy <object_marker> WALTER SCOTT & PARTNERS LIMITED <triple_end>\n<triple_start> BRIDGE BUILDER TAX MANAGED LARGE CAP FUND <predicate_marker> advisedBy <object_marker> OLIVE STREET INVESTMENT ADVISERS LLC <predicate_marker> seriesOf <object_marker> BRIDGE BUILDER TRUST <predicate_marker> subAdvisedBy <object_marker> BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC <predicate_marker> subAdvisedBy <object_marker> CLEARBRIDGE INVESTMENTS, LLC <predicate_marker> subAdvisedBy <object_marker> PARAMETRIC PORTFOLIO ASSOCIATES LLC <predicate_marker> subAdvisedBy <object_marker> T. 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MORGAN INVESTMENT MANAGEMENT, INC. <predicate_marker> subAdvisedBy <object_marker> NEUBERGER BERMAN INVESTMENT ADVISERS LLC <predicate_marker> subAdvisedBy <object_marker> PARAMETRIC PORTFOLIO ASSOCIATES LLC <triple_end>\n<triple_start> BRIDGE BUILDER TRUST <predicate_marker> underwrittenBy <object_marker> ALPS DISTRIBUTORS, INC. <triple_end>", "target_serialized_plain": "BRIDGE BUILDER CORE BOND FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy J.P. MORGAN INVESTMENT MANAGEMENT, INC. , LOOMIS SAYLES AND COMPANY, L.P. , PGIM, INC. , ROBERT W. BAIRD AND CO., INC. .\nBRIDGE BUILDER CORE PLUS BOND FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy BLACKROCK INVESTMENT MANAGEMENT, LLC , LOOMIS SAYLES AND COMPANY, L.P. , METROPOLITAN WEST ASSET MANAGEMENT, LLC , PACIFIC INVESTMENT MANAGEMENT COMPANY LLC .\nBRIDGE BUILDER INTERNATIONAL EQUITY FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy BAILLIE GIFFORD OVERSEAS LIMITED , BLACKROCK INVESTMENT MANAGEMENT, LLC , MARATHON ASSET MANAGEMENT LLP , MONDRIAN INVESTMENT PARTNERS LIMITED , PZENA INVESTMENT MANAGEMENT, LLC , WCM INVESTMENT MANAGEMENT, LLC .\nBRIDGE BUILDER LARGE CAP GROWTH FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy BLACKROCK INVESTMENT MANAGEMENT, LLC , JENNISON ASSOCIATES LLC , LAZARD ASSET MANAGEMENT, LLC , SUSTAINABLE GROWTH ADVISERS, LP , T. ROWE PRICE ASSOCIATES, INC. .\nBRIDGE BUILDER LARGE CAP VALUE FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy ARTISAN PARTNERS LIMITED PARTNERSHIP , BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC , BLACKROCK INVESTMENT MANAGEMENT, LLC , LSV ASSET MANAGEMENT , T. ROWE PRICE ASSOCIATES, INC. , WELLINGTON MANAGEMENT COMPANY LLP .\nBRIDGE BUILDER MUNICIPAL BOND FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy BLACKROCK INVESTMENT MANAGEMENT, LLC , FIAM, LLC , MacKay Shields LLC , ROBERT W. BAIRD AND CO., INC. .\nBRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy Capital International, Inc. , T. ROWE PRICE ASSOCIATES, INC. .\nBRIDGE BUILDER SMALL/MID CAP GROWTH FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy ARTISAN PARTNERS LIMITED PARTNERSHIP , BLACKROCK INVESTMENT MANAGEMENT, LLC , CHAMPLAIN INVESTMENT PARTNERS, LLC , DRIEHAUS CAPITAL MANAGEMENT LLC , EAGLE ASSET MANAGEMENT, INC. , STEPHENS INVESTMENT MANAGEMENT GROUP, LLC , VICTORY CAPITAL MANAGEMENT INC .\nBRIDGE BUILDER SMALL/MID CAP VALUE FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy AMERICAN CENTURY INVESTMENT MANAGEMENT, INC. , BLACKROCK INVESTMENT MANAGEMENT, LLC , BOSTON PARTNERS GLOBAL INVESTORS, INC. , DIAMOND HILL CAPITAL MANAGEMENT, INC. , LSV ASSET MANAGEMENT , MFS INVESTMENT MANAGEMENT , SILVERCREST ASSET MANAGEMENT GROUP LLC , VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. .\nBRIDGE BUILDER TAX MANAGED INTERNATIONAL EQUITY FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC , T. ROWE PRICE ASSOCIATES, INC. ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy J.P. MORGAN INVESTMENT MANAGEMENT, INC. , PARAMETRIC PORTFOLIO ASSOCIATES LLC , PZENA INVESTMENT MANAGEMENT, LLC , Thompson, Siegel & Walmsley LLC , WALTER SCOTT & PARTNERS LIMITED .\nBRIDGE BUILDER TAX MANAGED LARGE CAP FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC , CLEARBRIDGE INVESTMENTS, LLC , PARAMETRIC PORTFOLIO ASSOCIATES LLC , T. ROWE PRICE ASSOCIATES, INC. .\nBRIDGE BUILDER TAX MANAGED SMALL/MID CAP FUND advisedBy OLIVE STREET INVESTMENT ADVISERS LLC ; seriesOf BRIDGE BUILDER TRUST ; subAdvisedBy ALLSPRING GLOBAL INVESTMENTS, LLC , AllianceBernstein L.P. , GOLDMAN SACHS ASSET MANAGEMENT, L.P. , J.P. MORGAN INVESTMENT MANAGEMENT, INC. , NEUBERGER BERMAN INVESTMENT ADVISERS LLC , PARAMETRIC PORTFOLIO ASSOCIATES LLC .\nBRIDGE BUILDER TRUST underwrittenBy ALPS DISTRIBUTORS, INC. .", "stats": {"input_chars": 61727, "n_triples": 87, "text_to_json_ratio": 8.0}}
{"sample_id": "0001572661:ALL", "cik": "0001572661", "trust_name": "Principal Exchange-Traded Funds", "input_text": "sing them to the risk of decline in market value over time (extension risk).\nU.S. Government Securities Risk. Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.\nU.S. Treasury Securities Risk. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. Because U.S. Treasury Securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of U.S. Treasury securities to decline.\nPerformance\nNo performance information is shown because the Fund has not yet had a calendar year of performance. The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The JP Morgan CLOIE AAA Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Performance information provides an indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information (when available) at www.principalam.com/etfperformance .\nInvestment Advisor and Portfolio Managers\nPrincipal Global Investors, LLC\nLaura Rank (since 2026), Portfolio Manager\nJed Weirup (since 2026), Portfolio Manager\nPurchase and Sale of Fund Shares\nThe Fund issues and redeems Shares at net asset value (\"NAV\") only with authorized participants (\"APs\") who have entered into agreements with the Fund's distributor in exchange for the deposit or delivery of a basket of securities that the Fund specifies each day. Except when aggregated in creation units, the Shares are not redeemable securities of the Fund. Typically, the basket of assets will be made up of securities, but may include a cash component. (See \"Purchase and Redemption of Creation Units\" in the Statement of Additional Information for more information.)\nShares of the Fund are listed for trading on Cboe BZX Exchange, Inc. Individual Shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the bid-ask spread).\nYou can access recent information, including information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads (when available) at www.PrincipalAM.com.\nTax Information\nThe Fund's distributions you receive are generally subject to federal income tax as ordinary income or capital gain and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-deferred in which case your distribu\n...\nments consistent with the investment focus that the Fund's name suggests. In such cases, the Fund may look through to the underlying holdings of investment companies in which the Fund invests or may include the entire value of the Fund's investment in other appropriate investment companies without looking through to the holdings of such investment companies.\nEach Fund is designed to be a portion of an investor's portfolio. No Fund is intended to be a complete investment program. Investors should consider the risks of a Fund before making an investment; it is possible to lose money by investing in a Fund.\nThe following investment strategies and risks (before the \"Strategy and Risk Table\" below) apply to the Funds and, depending on market conditions, can materially impact the management of the Funds.\nCash Management\nA Fund may have uninvested cash balances pending investment in other securities, pending payment of redemptions, or in other circumstances where liquidity is necessary or desirable. A Fund may hold uninvested cash; invest it in cash equivalents such as money market funds, including the Principal Funds, Inc. Government Money Market Fund; lend it to other Funds pursuant to the Funds' interfund lending facility; and/or invest in other instruments that those managing the Fund's assets deem appropriate for cash management purposes. Generally, these types of investments offer less potential for gains than other types of securities. For example, to attempt to provide returns similar to its benchmark, a Fund (regardless of how it designates usage of derivatives and investment companies) may invest uninvested cash in derivatives, such as total return swaps, the credit default swap index (CDX), stock index futures contracts, or exchange-traded funds (\"ETFs\"), including Principal Exchange-Traded Funds ETFs. In selecting such investments, Principal Global Investors, LLC (\"PGI\"), the Funds' investment advisor, may have conflicts of interest due to economic or other incentives to make or retain an investment in certain affiliated funds instead of in other investments that may be appropriate for a Fund.\nLiquidity\nThe Funds have established a liquidity risk management program as required by the U.S. Securities and Exchange Commission's (the \"SEC\") Liquidity Rule. Under the program, PGI assesses, manages, and periodically reviews each Fund's liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interests in the Fund. As part of the program, PGI classifies each investment as a \"highly liquid investment,\" \"moderately liquid investment,\" \"less liquid investment,\" or \"illiquid investment.\" The liquidity of a Fund's portfolio investments is determined based on relevant market, trading, and investment-specific considerations\n19\nunder the program. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.\nCertain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. A fund is exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair its ability to sell particular securities or close derivative positions at an advantageous price. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, foreign securities, derivatives, high yield bonds, and bank l\n...\nLife Insurance Company, from 2014 to 2023. She earned a bachelor's degree in Finance from Iowa State University. Ms. Rank has earned the right to use the Chartered Financial Analyst designation.\nJed Weirup has been with Principal since 2023. Prior to that, Mr. Weirup served as a Portfolio Manager and Trader at Bayview Asset Management, from 2013 to 2022. He earned a bachelor's degree in Finance and Accounting from Clarke College and an MBA from The University of Iowa, Tippie School of Management. Mr. Weirup has earned the right to use the Chartered Financial Analyst designation.\nParticipating Affiliate Agreement\nIn rendering investment advisory services to a Fund, the advisor may use the resources of one or more of its respective foreign (non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended, to provide portfolio management, research, and trading services to the Fund. Under a Participating Affiliate Agreement, and pursuant to applicable guidance from the Staff of the SEC, U.S.\n30\nregistered advisors are allowed to use investment advisory and trading resources of such unregistered advisory affiliates subject to the regulatory supervision of the registered advisor. For example, some Principal Funds assets are managed by employees of Principal Global Investors (Europe) Limited pursuant to such an arrangement. Each such affiliate and any of their respective employees who provide services to a Fund are considered under the Participating Affiliate Agreement to be \"supervised persons\" of the advisor or sub-advisor (as applicable) as that term is defined in the Investment Advisers Act of 1940, as amended.\nFees Paid to PGI\nThe Fund pays PGI a fee for its services, which includes the fee PGI pays to sub-advisors, as applicable, and to State Street Bank and Trust for fund administration, fund accounting, and other services. Pursuant to the Management Agreement between the Trust, on behalf of each Fund, and PGI, PGI pays all operating expenses of each Fund, except interest expenses, taxes, brokerage commissions and other expenses connected with executing portfolio transactions, acquired fund fees and expenses, future distribution fees or expenses, litigation expenses, and tax reclaim recovery expenses and extraordinary expenses.\nThe management fee schedule for the Principal CLO ETF, Principal Inflation Protection ETF, Principal Long Duration ETF and Principal Securitized Debt ETF, which have not completed a full fiscal year, is as follows.\nFund\nAll Assets\nPrincipal CLO ETF\n0.19\n%\nPrincipal Inflation Protection ETF\n0.19\n%\nPrincipal Long Duration ETF\n0.19\n%\nPrincipal Securitized Debt ETF\n0.19\n%\nAvailability of the discussions regarding the basis for the Board's approval of the Management Agreements will be available for the Funds in the Trust's Form N-CSR filing on the SEC's website at www.sec.gov for the period ending June 30, 2026.\nManager of Managers\nThe Trust operates as a Manager of Managers. Under an order received from the SEC (the \"Order\"), the Trust and PGI may enter into and materially amend agreements with unaffiliated and wholly-owned affiliated sub-advisors (affiliated sub-advisors that are at least 95% owned, directly or indirectly, by PGI or an affiliated person of PGI) without obtaining shareholder approval, including to:\nhire one or more sub-advisors;\nchange sub-advisors; and\nreallocate management fees between PGI and sub-advisors.\nAlthough there is no present intent to do so, the Funds may, in the future, rely on current SEC Staff guidance that expands relief under the Order to allow PGI to enter into and materially amend agreements with majority-owned affiliated sub-advisors (affiliated sub-advisors that are at least 50% owned, directly or indirectly, by PGI or an affiliated person of PGI), and, further, to all sub-advisors regardless of the degree of affiliation with PGI.\nIn order to rely on the varying degrees of relief granted by the Order and/or the SEC Staff guidance, a Fund must receive approval from its shareholders (or, in the case of a new Fund, the Fund's sole initial shareholder before the Fund is available to the other purchasers).\nThe shareholders of each Fund have approved such Fund's reliance on the Order, as supplemented by the SEC Staff guidance, with respect to all sub-advisors, regardless of the degree of affiliation with PGI.\nPGI has ultimate responsibility for the investment performance of each Fund that utilizes a sub-advisor due to its responsibility to oversee sub-advisors and recommend their hiring, termination, and replacement.\nIn accordance with a separate exemptive order that the Registrant and PGI have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, provided that the Board Members are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting and the other conditions in the exemptive order are met.\n31\nDISTRIBUTOR AND OTHER FUND SERVICE PROVIDERS\nALPS Distributors, Inc. (the \"Distributor\") serves as the principal underwriter and distributor of creation units for the Funds. The Distributor does not maintain a secondary market in Shares.\nState Street Bank and Trust Company is the sub-administrator, custodian, transfer agent, and dividend disbursing agent for the Funds.\n32\nPRICING OF FUND SHARES\nThe Funds will directly issue and redeem Shares on a continuous basis, to and from authorized participants (\"APs\"), at net asset value (\"NAV\") per Share in aggregations of Shares called \"Creation Units.\" The value of the Funds' Shares bought and sold in the secondary market (on the exchange identified in each Fund Summary) will be determined by market price, as described in the section below.\nThe Board has designated PGI as the Funds' valuation designee, as permitted by SEC Rule 2a-5, where PGI is responsible for the day-to-day valuation and oversight responsibilities of the Funds, subject to the Board's oversight. PGI has established a Valuation Committee to fulfill its oversight responsibilities as the Funds' valuation designee. The NAV of the Funds is calculated each day the New York Stock Exchange (\"NYSE\") is open (share prices are not calculated on the days on which the NYSE is closed for trading, generally New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas). The share price is determined as of the close of business of the NYSE (normally 4:00 p.m. Eastern Time). The Funds will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price its shares as of 4:00 p.m. Eastern Time, if the particular disruption directly affects only the NYSE.\nNotes:\nIf m\n...\neriality of\nproposals and their alignment with the economic interest of shareholders in the absence of an evaluation by our active teams.\nWe execute this philosophy through our Proxy Voting\nGuidelines as overseen by our Proxy Voting committee. Strategies are aligned to one of our custom Guidelines - Base, Sustainable and Board\nAligned. We provide clients with transparency into our voting history and rationale via our interactive website. In most strategies, clients\nmay also choose to vote their own shares or request a custom set of vote guidelines aligning with their own specific requirements.\nA- 11\nPRINCIPAL EXCHANGE-TRADED FUNDS\nPART C. OTHER INFORMATION\nItem 28. Exhibits.\nUnless otherwise noted, documents containing Accession Numbers below\nhave previously been filed with the Securities and Exchange Commission and are incorporated herein by reference.\n(a)\nArticles\nof Incorporation\n(1)\nCertificate\nof Trust - Filed as Exhibit 99.(a)(i) on 02/06/2015 (Accession No. 0001572661-15-000008)\n(2)\nAgreement\nand Declaration of Trust Instrument - Filed as Exhibit 99.(a)(ii) on 02/06/2015 (Accession No. 0001572661-15-000008)\n(b)\nBy-laws\n(1)\nBy-laws\neffective 06/09/2020 - Filed as Exhibit 99.(b) on 09/02/2020 (Accession No. 0001572661-20-000197)\n(c)\nInstruments\nDefining Rights of Security Holders\n(1)\nAgreement\nand Declaration of Trust: Articles II, VIII, and IX - see Exhibit (a)(2) above; and By-laws: Articles 2, 3,\n8, and 9 - See Exhibit (b)(1) above.\n(d)\nInvestment\nAdvisory Agreements\n(1)\na.\nAmended\nand Restated Management Agreement with Principal Global Investors, LLC dated 11/01/2025 Filed as Exhibit 99.(d)(1) on 10/27/2025\n(Accession No. 0001572661-25-000149)\nb.\nAmended\nand Restated Management Agreement with Principal Global Investors, LLC**\n(2)\na.\nSub-Advisory\nAgreement with Principal Real Estate Investors, LLC dated 01/01/2024 - Filed as Exhibit 99.(d)(2)a on 08/16/2024 (Accession No. 0001572661-24-000036)\nb.\nAmended and Restated Sub-Advisory Agreement with Spectrum Asset Management, Inc. dated 04/01/2026 - Filed as Exhibit 99.(d)(2)b on 04/16/2026 (Accession No. 0001572661-26-000024)\n(e)\nUnderwriting\nContracts\n(1)\na.\nDistribution\nAgreement with ALPS Distributors, Inc. dated 04/16/2018 - Filed as Exhibit 99.(e)(I)i on 08/31/2018 (Accession No. 0001572661-18-000128)\nb.\nDistribution\nAgreement Amendment No. 1 with ALPS Distributors, Inc. dated 04/18/2018 - Filed as Exhibit 99.(e)(I)j on 08/31/2018 (Accession No.\n0001572661-18-000128)\nc.\nDistribution\nAgreement Amendment No. 2 with ALPS Distributors, Inc. dated 06/25/2019 - Filed as Exhibit 99.(e)(I)c on 07/03/2019 (Accession No.\n0001572661-19-000155)\nd.\nDistribution\nAgreement Amendment No. 3 with ALPS Distributors, Inc. dated 06/25/2019 - Filed as Exhibit 99.(e)(I)d on 07/03/2019 (Accession No.\n0001572661-19-000155)\ne.\nDistribution\nAgreement Amendment No. 4 with ALPS Distributors, Inc. dated 06/16/2020 - Filed as Exhibit 99.(e)(1)e on 09/02/2021 (Accession No.\n0001572661-21-000122)\nf.\nDistribution\nAgreement Amendment No. 5 with ALPS Distributors, Inc. dated 06/10/2020 - Filed as Exhibit 99.(e)(1)f on 09/02/2021 (Accession No.\n0001572661-21-000122)\ng.\nDistribution\nAgreement Amendment No. 6 with ALPS Distributors, Inc. dated 08/19/2020 - Filed as Exhibit 99.(e)(1)g on 09/02/2021 (Accession No.\n0001572661-21-000122)\nh.\nDistribution\nAgreement Amendment No. 7 with ALPS Distributors, Inc. dated 12/16/2020 - Filed as Exhibit 99.(e)(1)h on 09/02/2021 (Accession No.\n0001572661-21-000122)\ni.\nDistribution\nAgreement Amendment No. 8 with ALPS Distributors, Inc. dated 01/22/2021 - Filed as Exhibit 99.(e)(1)i on 09/02/2021 (Accession No.\n0001572661-21-000122)\nj.\nDistribution\nAgreement Amendment No. 9 with ALPS Distributors, Inc. dated 03/25/2021 - Filed as Exhibit 99.(e)(1)j on 09/02/2021 (A", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Principal_Active_High_Yield_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Active_High_Yield_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Active_High_Yield_ETF", "p": "custodian", "o": 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"fund:Principal_Capital_Appreciation_Select_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Capital_Appreciation_Select_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Capital_Appreciation_Select_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Focused_Blue_Chip_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Focused_Blue_Chip_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Focused_Blue_Chip_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Focused_Blue_Chip_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Focused_Blue_Chip_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_International_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_International_Equity_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_International_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_International_Equity_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_International_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Investment_Grade_Corporate_Active_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Investment_Grade_Corporate_Active_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Investment_Grade_Corporate_Active_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Investment_Grade_Corporate_Active_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Investment_Grade_Corporate_Active_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Quality_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Quality_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Quality_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Quality_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Quality_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "subAdvisedBy", "o": "org:Principal_Real_Estate_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Real_Estate_Active_Opportunities_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "subAdvisedBy", "o": "org:Spectrum_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Preferred_Securities_Active_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "subAdvisedBy", "o": "org:Spectrum_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Spectrum_Tax_Advantaged_Dividend_Active_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_U_S_Mega_Cap_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Mega_Cap_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_U_S_Mega_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Mega_Cap_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Mega_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_U_S_Small_Cap_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Small_Cap_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_U_S_Small_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Small_Cap_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_U_S_Small_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Value_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Value_ETF", "p": "advisedBy", "o": "org:Principal_Global_Investors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Principal_Value_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Value_ETF", "p": "seriesOf", "o": "trust:Principal_Exchange_Traded_Funds", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Principal_Value_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Principal_Exchange_Traded_Funds", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Principal Active High Yield ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Capital Appreciation Select ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Focused Blue Chip ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal International Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Investment Grade Corporate Active ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Quality ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Real Estate Active Opportunities ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> subAdvisedBy <object_marker> Principal Real Estate Investors, LLC <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Spectrum Preferred Securities Active ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> subAdvisedBy <object_marker> Spectrum Asset Management, Inc. <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Spectrum Tax-Advantaged Dividend Active ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> subAdvisedBy <object_marker> Spectrum Asset Management, Inc. <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal U.S. Mega-Cap ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal U.S. Small-Cap ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Value ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Principal Global Investors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Principal Exchange-Traded Funds <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Principal Exchange-Traded Funds <predicate_marker> underwrittenBy <object_marker> ALPS Distributors, Inc. <triple_end>", "target_serialized_plain": "Principal Active High Yield ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Capital Appreciation Select ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Focused Blue Chip ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal International Equity ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Investment Grade Corporate Active ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Quality ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Real Estate Active Opportunities ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; subAdvisedBy Principal Real Estate Investors, LLC ; transferAgent State Street Bank and Trust Company .\nPrincipal Spectrum Preferred Securities Active ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; subAdvisedBy Spectrum Asset Management, Inc. ; transferAgent State Street Bank and Trust Company .\nPrincipal Spectrum Tax-Advantaged Dividend Active ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; subAdvisedBy Spectrum Asset Management, Inc. ; transferAgent State Street Bank and Trust Company .\nPrincipal U.S. Mega-Cap ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal U.S. Small-Cap ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Value ETF administrator State Street Bank and Trust Company ; advisedBy Principal Global Investors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Principal Exchange-Traded Funds ; transferAgent State Street Bank and Trust Company .\nPrincipal Exchange-Traded Funds underwrittenBy ALPS Distributors, Inc. .", "stats": {"input_chars": 17918, "n_triples": 64, "text_to_json_ratio": 3.0}}
{"sample_id": "0001576367:ALL", "cik": "0001576367", "trust_name": "Forum Funds II", "input_text": "on stock. The rights of preferred\nstock on distribution of an issuer s assets in the event of its liquidation are generally subordinated to the rights associated\nwith an issuer s debt securities. Preferred stock may also be subject to the risk that the issuer is unable or unwilling, or is\nperceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal\nand/or interest payments, or otherwise honor its obligations.\nSector Risk. The Fund s investments\nmay be more weighted in one or more sectors or industries. Negative developments affecting those sectors or industries may result in greater\nmarket risk to the Fund than to a fund that is not weighted in those sectors. The industries that comprise a sector may react similarly\nto changes in market conditions. Therefore, the value of the Fund s portfolio investments may be more sensitive to developments\naffecting those sectors.\nSocially Responsible Investments Risk.\nSocially responsible investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times\nthe Fund s investment returns may be lower than those funds that are not subject to such investment considerations.\nValue Investment Risk. The determination\nthat a stock is undervalued is subjective, the market may not agree and the stock s price may not rise to what the Advisor believes\nis its full value. The value of the Fund s shares may decline, even if stock prices generally are rising because value stocks may\nfall out of favor with the market or react differently to market, political and economic developments.\n18\nMANAGEMENT\nThe Baywood Value Plus Fund and Baywood Socially Responsible\nFund (each a Fund ; collectively the Funds ) are each a series of Forum Funds II (the Trust ),\nan open-end, management investment company (mutual fund). The Board of Trustees (the Board ) oversees the management of the\nFunds and meets periodically to review each Fund s performance, monitor investment activities and practices and discuss other matters\naffecting the Funds. Additional information regarding the Board and the Trust s executive officers may be found in the Funds\nSAI, which is available from Funds website at www.baywoodfunds.com.\nThe Advisor\nThe Funds investment advisor is SKBA Capital\nManagement, LLC (the Advisor ), 601 California Street, Suite 1500, San Francisco, CA 94108. The Advisor is a registered\ninvestment advisor under the Investment Advisers Act of 1940 and provides investment advisory services to the Funds. The Advisor was\nfounded in 1989 and manages assets for institutional and private clients. As of December 31, 2025, the Advisor had approximately $732\nmillion of assets under management.\nSubject to the general\noversight of the Board, the Advisor makes investment decisions for the Funds pursuant to an investment advisory agreement between the\nAdvisor and the Trust, on behalf of the Funds (the Advisory Agreement ). The Advisor receives an advisory fee from the Funds\nat an annual rate equal to 0.50% of the average annual daily net assets of the Baywood Value Plus Fund and 0.70% of the average\nannual daily net assets of the Baywood Socially Responsible Fund under the terms of the Advisory Agreement. For the fiscal year\nended September 30, 2025, the Advisor waived its entire advisory fee for the Baywood Value Plus Fund and for the Baywood Socially Responsible\nFund. The Advisor has contractually agreed to waive its fee and/or reimburse Fund expenses to limit the Fund s Total Annual Fund\nOperating Expenses (excluding a\n...\nr administering the Advisor s Compliance Program. Previously,\nMs. Mann worked at The Bank of California. She attended Utah State University.\n19\nThomas Hiester, CFA. Mr. Hiester is a portfolio\nmanager on the Investment Strategy Team and is also a securities analyst. He is responsible for security analysis, industry specific\nresearch and investment idea generation. Prior to joining SKBA in 2016, Mr. Hiester spent five years as a financial analyst at a private\ninvestment firm. Mr. Hiester received a Bachelor of Arts in business management economics from the University of California at Santa\nCruz. Mr. Hiester is a member of the CFA Society of San Francisco and the CFA Institute.\nMatthew R. Segura, CFA. Mr. Segura is the\nPresident, CIO and Director of Institutional Portfolio Management. He is a member of the Investment Strategy Team and is also a securities\nanalyst. He is responsible for security analysis, industry research and investment idea origination. Mr. Segura is a member of the Investment\nStrategy Team. Previously Mr. Segura worked at Charles Schwab Co performing several roles: a Cash Management team member in the\nTreasury, and a Manager in Financial Planning and Analysis for Schwab s largest retail divisions. Mr. Segura also served five years\nActive Duty in the United States Marine Corps. Mr. Segura received a BS in business administration from Haas School of Business at UC\nBerkeley and is a member of the CFA Society of San Francisco and the CFA Institute.\nThe SAI provides additional information about the\ncompensation of the portfolio managers, other accounts managed by the portfolio managers and the ownership of Fund shares by the portfolio\nmanagers.\nOther Service Providers\nAtlantic Fund Administration, LLC, a wholly owned\nsubsidiary of Apex US Holdings LLC (d/b/a Apex Fund Services) ( Apex ), provides fund accounting, fund administration and\ncompliance services to each Fund and the Trust and supplies certain officers of the Trust, including a Principal Executive Officer, a\nPrincipal Financial Officer, a Chief Compliance Officer, an Anti-Money Laundering Compliance Officer and additional compliance support\npersonnel. Atlantic Shareholder Services, LLC, a wholly owned subsidiary of Apex, provides transfer agency services to the Fund and the\nTrust.\nForeside Fund Services, LLC (the Distributor ),\na wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), acts as the agent of the Trust in connection with the continuous\noffering of Fund shares. The Distributor may enter into arrangements with banks, broker-dealers and other financial intermediaries through\nwhich investors may purchase or redeem shares. The Distributor is not affiliated with the Advisor or with Apex or their affiliates.\nFund Expenses\nExpenses that are directly attributable\nto a specific class of shares, such as distribution fees and shareholder servicing fees, are charged directly to that class. The Advisor\nor other service providers may waive all or any portion of their fees and may reimburse certain expenses of a Fund. To the extent that\na service provider is waiving fees and/or reimbursing expenses pursuant to a contractual arrangement, such waivers and/or reimbursements\nmay be reflected in the Fund s Fees and Expenses table. Any agreement to waive fees or to reimburse expenses increases the investment\nperformance of the Fund and its share classes for the period during which the waiver or reimbursement is in effect. Current Advisor fee\nwaiver and/or expense reimbursements are reflected in the section titled Fees and Expenses.\n20\nYOUR ACCOUNT\nHow to Contact the Funds\nWebsite Address:\nwww.baywoodfunds.com\nE-mail the Funds at:\nbaywoodfunds.ta@apexgroup.com\nWrite the Funds:\nBaywood Funds\nP.O. Box 588\nPortland, Maine 04112\nOvernight Address:\nBaywood Funds\nc/o Apex Fund Services\n190 Middle Street, Suite 101\nPortland, Maine 04101\nTelephone the Funds at:\n(855) 409-2297 (toll free)\nWire investments (or ACH payments):\nPlease contact the transfer agent at (855) 409-2297 (toll free) to obtain\nthe ABA routing number and account number for the\n...\nt or the creation of a new class of securities\nwith superior voting powers.\nSKBA Capital Management, LLC (SKBA) believes that\nwe are unlikely to be in a situation that results in a material conflict of interest between our clients interests and the interest\nof our firm. However, if a situation should arise where a material conflict of interest (or an appearance of a conflict of interest) is\ndetermined to exist, SKBA will make an effort to seek out the opinion of a qualified independent third party regarding this issue. If\nthis situation should occur, it will be thoroughly documented.\nRevised April 2023\nD- 2\nPART C OTHER INFORMATION\nItem 28.\nExhibits\n(a)\n(i)\nCertificate of Trust (Exhibit incorporated by reference as filed as Exhibit (a)(i) on Form N1-A via EDGAR on May 10, 2013, accession number 0001435109-13-000219).\n(ii)\nTrust Instrument as amended and restated on September 19, 2013 (Exhibit incorporated by reference as filed Exhibit (a)(ii) of Post-Effective Amendment No. 42 via Edgar on November 25, 2015, accession number 0001435109-15-001097).\n(b)\nBy-laws None.\n(c)\nShareholders' rights are contained in Articles II, V, VI, VII, X and XI of the Registrant s Trust Instrument.\n(d)\n(1)\nInvestment Advisory Agreement between Registrant and SKBA Capital Management, LLC dated November 29, 2013 (Exhibit incorporated by reference as filed Exhibit (d)(2) of Post-Effective Amendment No. 4 via EDGAR on November 29, 2013, accession number 0001435109-13-000535).\n(1)(A)\nAppendix to Investment Advisory Agreement between Registrant and SKBA Capital Management, LLC (Exhibit incorporated by reference as filed Exhibit (d)(2)(A) of Post-Effective Amendment No. 48 via Edgar on January 8, 2016, accession number 0001145443-16-001400).\n(2)\nInvestment Advisory Agreement between Registrant and Acuitas Investments, LLC dated June 18, 2014 (Exhibit incorporated by reference as filed Exhibit (d)(5) of Post-Effective Amendment No. 13 via EDGAR on June 30, 2014, accession number 0001435109-14-000436).\n(2)(A)\nAppendix to Investment Advisory Agreement between Registrant and Acuitas Investments, LLC (Exhibit incorporated by reference as filed Exhibit (d)(5)(A) of Post-Effective Amendment No. 137 via EDGAR on June 24, 2020, accession number 0001398344-20-012763).\n(3)\nSub-Advisory Agreement between Acuitas Investments, LLC and ClariVest Asset Management, LLC dated April 1, 2019 (Exhibit incorporated by reference as filed Exhibit (d)(8) of Post-Effective Amendment No. 124 via EDGAR on June 21, 2019, accession number 0001398344-19-010894).\n(4)\nInvestment Advisory Agreement between ABR Dynamic Funds, LLC (Exhibit incorporated by reference as filed Exhibit (d)(15) of Post-Effective Amendment No. 34 via Edgar on July 28, 2015, accession number 0001435109-15-000653).\n(4)(A)\nAppendix to Investment Advisory Agreement between Registrant and ABR Dynamic Funds, LLC (Exhibit incorporated by reference as filed Exhibit (d)(15)(A) of Post-Effective Amendment No. 145 via Edgar on November 25, 2020, accession number 0001398344-20-023483).\n(5)\nSub-Advisory Agreement between Acuitas Investments, LLC and AltraVue Capital, LLC (Exhibit incorporated by reference as filed as Exhibit (d)(24) of Post-Effective Amendment No. 111 via EDGAR on October 24, 2018, accession number 0001398344-18-015272).\n(6)\nSub-Advisory Agreement between Acuitas Investments, LLC and Meros Investment Management, L.P. (Exhibit incorporated by reference as filed as Exhibit (d)(6) of Post-Effective Amendment No. 173 via EDGAR on October 20, 2023, accession number 0001398344-23-019526).\n(7)\nSub-Advisory Agreement between Acuitas Investments, LLC and Tieton Capital Management, LLC (Exhibit incorporated by reference as filed Exhibit (d)(29) of Post-Effective Amendment No. 141 via Edgar on July 31, 2020, accession number 0001398344-20-014747).\n(8)\nSub-Advisory Agreement between Acuitas Investments, LLC and Granahan Investment Management, Inc. (Exhibit incorporated by reference as filed Exhibit (d)(30) of Post-Effective Amendment No. 141 via Edgar on July 31, 2020, accession number 0001398344-20-014747).\n(9)\nInvestment Advisory Agreement between Registrant and SafeGuard Asset Management, LLC (Exhibit incorporated by reference as filed Exhibit (d)(9) of Post-Effective Amendment No. 171 via Edgar on December 23, 2022, accession number 0001398344-22-024940).\n(9)(A)\nInvestment Advisory Agreement between SafeGuard Asset Management, LLC and SG Core One CFC LTD. (Exhibit incorporated by reference as filed Exhibit (d)(9)(A) of Post-Effective Amendment No. 171 via Edgar on December 23, 2022, accession number 0001398344-22-024940).\n(10)\nSub-Advisory Agreement between Acuitas Investments, LLC and Bridge City Capital, LLC (Exhibit incorporated by reference as filed as Exhibit (d)(10) of Post-Effective Amendment No. 173 via EDGAR on October 20, 2023, accession number 0001398344-23-019526).\n(11)\nSub-Advisory Agreement between Acuitas Investments, LLC and Diamond Hill Capital Management, Inc. (Exhibit incorporated by reference as filed Exhibit (d)(11) of Post-Effective Amendment No. 177 via Edgar on October 23, 2024, accession number 0001398344-24-019278).\n(e)\n(1)\nDistribution Agreement between Registrant and Foreside Fund Services, LLC dated June 27, 2013 (Exhibit incorporated by reference as filed as Exhibit (e) of Pre-Effective Amendment No. 1 via EDGAR on July 26, 2013, accession number 0001435109-13-000341).\n(2)\nNovation to the Distribution Agreement between Registrant and Foreside Fund Services, LLC dated May 31, 2017 (Exhibit incorporated by reference as filed Exhibit (e)(2) of Post-Effective Amendment No. 77 via Edgar on April 20, 2017, accession number 0001435109-17-000212).\n(3)\nNovation to the Distribution Agreement between Registrant and Foreside Fund Services, LLC dated September 30, 2021 (Exhibit incorporated by reference as filed Exhibit (e)(3) of Post-Effective Amendment No. 148 via Edgar on October 22, 2021, accession number 0001398344-21-020216).\n(3)(A)\nAmended Appendix dated November 30, 2023 to Distribution Agreement between Registrant and Foreside Fund Services, LLC (Exhibit incorporated by reference as filed Exhibit (e)(3)(A) of Post-Effective Amendment No. 176 via Edgar on January 25, 2024, accession number 0001398344-24-001033).\n(f)\nBonus or Profit Sharing Contracts None.\n(g)\n(1)\nCustodian Agreement between Registrant and MUFG Union Bank, N.A. (Exhibit incorporated by reference as filed as Exhibit (g) of Pre-Effective Amendment No. 1 via EDGAR on July 26, 2013, accession number 0001435109-13-000341).\n(1)(A)\nAssignment dated June 11, 2021 to the Custodian Agreement between Registrant and MUFG Union Bank, N.A. dated July 31, 2013 (Exhibit incorporated by reference as filed Exhibit (g)(1) (A) of Post-", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Acuitas_US_Microcap_Fund", "p": "administrator", "o": "org:Apex_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "advisedBy", "o": "org:Acuitas_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "seriesOf", "o": "trust:Forum_Funds_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Bridge_City_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Clarivest_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Diamond_Hill_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Granahan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Meros_Investment_Management_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "subAdvisedBy", "o": "org:Tieton_Capital_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Acuitas_US_Microcap_Fund", "p": "transferAgent", "o": "org:Apex_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Forum_Funds_II", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Acuitas US Microcap Fund <predicate_marker> administrator <object_marker> Apex Fund Services <predicate_marker> advisedBy <object_marker> Acuitas Investments, LLC <predicate_marker> seriesOf <object_marker> Forum Funds II <predicate_marker> subAdvisedBy <object_marker> Bridge City Capital, LLC <predicate_marker> subAdvisedBy <object_marker> Clarivest Asset Management, LLC <predicate_marker> subAdvisedBy <object_marker> Diamond Hill Capital Management, Inc. <predicate_marker> subAdvisedBy <object_marker> Granahan Investment Management, Inc <predicate_marker> subAdvisedBy <object_marker> Meros Investment Management, LP <predicate_marker> subAdvisedBy <object_marker> Tieton Capital Management <predicate_marker> transferAgent <object_marker> Apex Fund Services <triple_end>\n<triple_start> Forum Funds II <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Acuitas US Microcap Fund administrator Apex Fund Services ; advisedBy Acuitas Investments, LLC ; seriesOf Forum Funds II ; subAdvisedBy Bridge City Capital, LLC , Clarivest Asset Management, LLC , Diamond Hill Capital Management, Inc. , Granahan Investment Management, Inc , Meros Investment Management, LP , Tieton Capital Management ; transferAgent Apex Fund Services .\nForum Funds II underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 14445, "n_triples": 11, "text_to_json_ratio": 15.8}}
{"sample_id": "0001587551:ALL", "cik": "0001587551", "trust_name": "Capitol Series Trust", "input_text": "n independent research firm and SEC-registered investment adviser focused on technical analysis. Led by Katherine T. Stockton, CMT , Fairlead Strategies was founded in 2018 by Ms. Stockton. Ms. Stockton and the Sub-adviser provide the day-to-day management of the Fund s portfolio.\nFor its services as Sub-adviser, the Adviser pays Fairlead Strategies a percentage of its net annual management fee as set forth in the subadvisory agreement between the Adviser and Fairlead Strategies.\nPrior to 2018, Ms. Stockton spent more than 20 years on Wall Street providing technical research and advice to institutional investors. She served as Chief Technical Strategist for BTIG and Chief Market Technician at MKM Partners, and she has worked for technical strategy teams at Morgan Stanley and Wit Soundview.\nShe holds the distinction of being the youngest female to have attained the Chartered Market Technician (CMT ) designation in 2001. She has played a significant role in the CMT Association, serving as Vice President from 2012 to 2016.\nMs. Stockton graduated with honors from the University of Richmond and contributes to her community by mentoring young women, guest lecturing at universities, and serving on the Endowment Investment Committee for her church. She also sits on the Board of Directors for\n18\nCary Street Partners Financial LLC. As an official CNBC contributor, Ms. Stockton frequently shares her market perspectives with investors worldwide. She is quoted often by financial news publications like Barron s and MarketWatch , and she has a wide following on social media.\nThe SAI provides additional information about the portfolio manager s compensation, management of other accounts, and ownership of securities in the Fund.\nOTHER SERVICE PROVIDERS\nADMINISTRATOR AND FUND ACCOUNTANT\nUltimus Fund Solutions, LLC ( Ultimus ), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 is administrator and fund accountant for the Fund pursuant to a Master Services Agreement.\nCOMPLIANCE CONSULTING\nUnder the terms of a Compliance Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ( NLCS ) located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022, provides an individual with the requisite background and familiarity with the federal securities laws to serve as the Trust s CCO and to administer the Trust s compliance policies and procedures. For these services, the Fund pays MLCS a base annual fee, plus an asset-based fee computed at an annual rate. In addition, the Fund reimburses NLCS for its reasonable out-of-pocket expenses relating to these compliance services.\nDISTRIBUTOR\nNorthern\nLights Distributors, LLC, located at 4221 North 203rd Street, Elkhorn, Nebraska 68022, serves as the Fund s principal underwriter\nand distributor of the Fund s Shares (the Distributor ). The Distributor only distributes Fund Shares in Creation\nUnits and does not maintain a secondary market in the Fund s Shares. The Distributor is a broker-dealer registered under the Securities\nExchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. The Distributor is not an affiliate\nof the Adviser. Pursuant to the Distribution Agreement, the Distributor also agrees to (1) review all proposed advertising materials\nand sales literature for compliance with applicable laws and regulations, and file with appropriate regulators those advertising materials\nand sales literature it believes are in compliance with such laws and regulations; (2) enter into agreements with such qualified broker-dealers\nand other financial intermediaries (the Financial Intermediaries ), as requested by the Fund in order that such Financial\nIntermediaries may sell shares of the Fund; (3) prepare reports for the Board regarding its activities under the agreement and payments\nmade under the Fund s Rule 12b-1 Distribution Plan (if applicable) as from time to time shall be reasonably requested by the\nBoard; and (4) monitor amounts paid under Rule 12b-1 plans (if applicable) and pursuant to sales loads (if applicable) to ensure\ncompliance with applicable FINRA rules. For these services, the Adviser pays the Distributor an annual fee, payable in monthly installments.\nIn addition, the Adviser reimburses the Distributor for certain out-of-pocket expenses incurred on the Fund s behalf.\nCUSTODIAN AND TRANSFER AGENT\nBrown Brothers Harriman Co. ( BBH or Custodian ), located a\n...\nect, punitive, special, or consequential damages even if notified of the possibility thereof.\n27\nMore information about the Fund is available free upon request, including the following:\nTo obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries:\nAnnual and Semi-Annual Reports\nAdditional information about the Fund s investments will be available in the Fund s financial statements upon issuance. In the Fund s annual and semi-annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during the reporting period.\nStatement of Additional Information (SAI)\nThe SAI provides more detailed information about the Fund and its policies. A current SAI is on file with the SEC and is incorporated by reference into (considered a legal part of) this Prospectus.\nCall\n877-865-9549\nWrite\nSend a written request to:\nFairlead Tactical Sector ETF\nc/o Ultimus Fund Solutions, LLC\nP.O.\nBox 46707 Cincinnati, Ohio 45246\nLog on the Internet\nYou may also access Fund information, including copies of the most current SAI, financial statements and annual and semi-annual reports, at www.fairleadfunds.com or from the EDGAR Database on the SEC s web site at www.sec.gov.\nContact the SEC\nInformation about the Fund, including its reports and the SAI, has been filed with the SEC. It can be reviewed on the EDGAR database on the SEC s internet site (http://www.sec.gov). You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC s email address (publicinfo@sec.gov).\nFairlead Tactical Sector ETF\nInvestment Company Act No. 811-22895\nInvestment Company Act File No. 811-22895\nFairlead Tactical Sector ETF (TACK)\nA series of Capitol Series Trust\nListed on the NYSE Arca, Inc.\nSTATEMENT OF ADDITIONAL INFORMATION\nMay 31, 2026\nThis Statement of Additional Information ( SAI ) provides general information about the Fairlead Tactical Sector ETF (the Fund ), a series of the Capitol Series Trust (the Trust ). This SAI is not a prospectus and should be read in conjunction with the Fund s current prospectus dated May 31, 2026 (the Prospectus ), as supplemented and amended from time to time, which is incorporated herein by reference. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. To obtain a copy of the Fund s Prospectus, free of charge, please write the administrator at Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, P.O. Box 46707, Cincinnati, Ohio 45246, or call Shareholder Services at 877-865-9549, or visit the Fund s website at www.fairleadfunds.com.\nTABLE OF CONTENTS\nPAGE\nDESCRIPTION OF THE TRUST AND THE FUND\n1\nEXCHANGE LISTING AND TRADING\n1\nADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS\n2\nINVESTMENT LIMITATIONS\n22\nTRUSTEES AND OFFICERS OF THE TRUST\n24\nCONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n28\nSERVICE PROVIDERS\n29\nINVESTMENT ADVISORY SERVICES\n29\nOTHER SERVICE PROVIDERS\n31\nPURCHASE AND REDEMPTION OF CREATION UNITS\n33\nBROKERAGE TRANSACTIONS\n40\nADDITIONAL INFORMATION ABOUT THE TRUST\n41\nDETERMINATION OF NET ASSET VALUE\n43\nSTATUS AND TAXATION OF THE FUND\n44\nDIVIDENDS AND DISTRIBUTIONS\n47\nFINANCIAL STATEMENTS\n47\nAPPENDIX A DESCRIPTION OF SECURITIES RATINGS\nA-1\nAPPENDIX B PROXY VOTING POLICIES AND PROCEDURES OF THE TRUST\nB-1\nAPPENDIX C PROXY VOTING POLICIES AND PROCEDURES OF THE ADVISER\nC-1\ni\nDESCRIPTION OF THE TRUST AND FUND\nFairlead Tactical Sector ETF (the Fund ) was organized as a\n...\nInvestment\nAdvisory Agreement between the Registrant, and Oak Harvest Investment Services, LLC on behalf of the Oak Harvest Long/Short Hedged Equity\nFund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 145 on December 15,\n2023.)\n(d)(3)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of Fuller Thaler Behavioral Core Equity Fund and Fuller Thaler Asset\nManagement, Inc. (Exhibit incorporated herein by reference as filed to Registrant s Pre-Effective Amendment No. 2 on Form\nN-14/A on September 18, 2015.)\n(d)(4)\nInvestment\nAdvisory Agreement between the Registrant and Fuller Thaler Asset Management, Inc. dated January 31, 2022, on behalf of the Fuller\nThaler Behavioral Small-Cap Equity Fund, Fuller Thaler Behavioral Small-Cap Growth Fund, Fuller Thaler Behavioral Mid-Cap\nValue Fund, Fuller Thaler Behavioral Unconstrained Equity Fund, Fuller Thaler Behavioral Small-Mid Core Equity Fund and Fuller\nThaler Behavioral Micro-Cap Equity Fund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective\nAmendment No. 149 on January 29, 2024.)\n(d)(5)\nInvestment\nAdvisory Agreement between the Registrant and Fuller Thaler Asset Management, Inc. dated January 27, 2023, on behalf of the Fuller\nThaler Behavioral Small-Cap Equity Fund, Fuller Thaler Behavioral Small-Cap Growth Fund, Fuller Thaler Behavioral Mid-Cap\nValue Fund, Fuller Thaler Behavioral Unconstrained Equity Fund, Fuller Thaler Behavioral Small-Mid Core Equity Fund, Fuller\nThaler Behavioral Micro-Cap Equity Fund and Fuller Thaler Behavioral Mid-Cap Equity Fund (Exhibit incorporated herein\nby reference as filed to Registrant s Post-Effective Amendment No. 149 on January 29, 2024.)\n(d)(6)\nInvestment\nAdvisory Agreement between the Registrant and Canterbury Investment Management, LLC, on behalf of the Canterbury Portfolio Thermostat\nFund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 21 on April 11, 2016.)\n(d)(7)\nForm\nof Trading Subadvisory Agreement between Nightview Capital, LLC and Exchange Traded Concepts, LLC on behalf of the Nightview Fund\n(Exhibit incorporated hereby by reference as filed to Registrant s Post-Effective Amendment No. 158 on May 31, 2024.)\n(d)(8)\nRestated\nInvestment Advisory Agreement between the Registrant, on behalf of Fuller Thaler Behavioral Small-Cap Equity Fund and Fuller\nThaler Asset Management, Inc. (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment\nNo. 33 on January 30, 2017.)\n(d)(9)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the Reynders, McVeigh Core Equity Fund and Reynders, McVeigh Capital Management,\nLLC dated December 10, 2018 (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment\nNo. 59 on December 10, 2018.)\n(d)(10)\n[Reserved]\n(d)(11)\nAmended\nand Restated Investment Advisory Agreement between the Registrant, on behalf of Fuller Thaler Behavioral Small-Cap Equity Fund,\nFuller Thaler Behavioral Small-Cap Growth Fund, Fuller Thaler Behavioral Mid-Cap Value Fund, Fuller Thaler Behavioral\nUnconstrained Equity Fund, Fuller Thaler Behavioral Small-Mid Core Equity Fund, Fuller Thaler Behavioral Micro-Cap Equity\nFund and Fuller Thaler Asset Management, Inc. dated December 19, 2018 (Exhibit incorporated herein by reference as filed\nto Registrant s Post-Effective Amendment No. 61 on December 19, 2018.)\n(d)(12)\nInvestment\nAdvisory Agreement (form of) between the Registrant, on behalf of the Guardian Dividend Growth Fund and Guardian Capi\n...\n(18)\nSubadvisory Agreement between\nFuller Thaler Asset Management, Inc. and Exchange Traded Concepts, LLC dated [], 2026 to be filed by amendment.\n(d)(19)\n[Reserved]\n(d)(20)\n[Reserved]\n(d)(21)\nAmended\nand Restated Investment Advisory Agreement between the Registrant, on behalf of Fuller Thaler Behavioral Small-Cap Equity Fund,\nFuller Thaler Behavioral Small-Cap Growth Fund, Fuller Thaler Behavioral Mid-Cap Value Fund, Fuller Thaler Behavioral\nUnconstrained Equity Fund, Fuller Thaler Behavioral Small-Mid Core Equity Fund, Fuller Thaler Behavioral Micro-Cap Equity\nFund and Fuller Thaler Asset Management, Inc. dated December 9, 2020 and effective January 31, 2021 (Exhibit incorporated\nherein by reference as filed to Registrant s Post-Effective Amendment No. 108 on January 29, 2021.)\n(d)(22)\n[Reserved]\n(d)(23)\n[Reserved]\n(d)(24)\n[Reserved]\n(d)(25)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the Fairlead Tactical Sector ETF, and Cary Street Partners Asset Management LLC\ndated March 8, 2022 (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 126\non March 8, 2022.)\n(d)(26)\nInvestment\nSub-Advisory Agreement between Cary Street Partners Asset Management LLC and Fairlead Strategies LLC on behalf of the Fairlead Tactical\nSector ETF dated March 8, 2022 (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment\nNo. 126 on March 8, 2022.)\n(d)(27)\nInvestment\nAdvisory Agreement between the Registrant, on behalf of the Hull Tactical US ETF, and HTAA, LLC dated March 7, 2023 (Exhibit\nincorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 134 on May 17, 2023.)\n(e)(1)\nDistribution\nAgreement between the Registrant, Reynders, McVeigh Capital Management, LLC and Ultimus Fund Distributors, LLC dated July 1, 2025 on behalf\nof the Reynders, McVeigh Core Equity Fund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective\nAmendment No. 173 on August 27, 2025.)\n(e)(2)\nDistribution\nAgreement between the Registrant, Oak Harvest Investment Services, LLC and Ultimus Fund Distributors, LLC dated July 1, 2025 on behalf\nof the Oak Harvest Long/Short Hedged Equity Fund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective\nAmendment No. 173 on August 27, 2025.)\n(e)(3)\nDistribution\nAgreement between the Registrant, Canterbury Investment Management, LLC and Ultimus Fund Distributors, LLC dated July 1, 2025 on behalf\nof the Canterbury Portfolio Thermostat Fund (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective\nAmendment No. 173 on August 27, 2025.)\n(e)(4)\n[Reserved]\n(e)(5)\nDistribution\nAgreement between the Registrant, Fuller Thaler Asset Management, Inc. and Ultimus Fund Distributors, LLC dated July 1, 2025 on\nbehalf of the FullerThaler Behavioral Small-Cap Equity Fund, FullerThaler Behavioral Small-Cap Growth Fund, FullerThaler Behavioral Mid-Cap\nValue Fund, FullerThaler Behavioral Unconstrained Equity Fund, FullerThaler Behavioral Small-Mid Core Equity Fund, FullerThaler Behavioral\nMicro-Cap Equity Fund and FullerThaler Behavioral Mid-Cap Equity Fund (Exhibit incorporated herein by reference as filed to Registrant s\nPost-Effective Amendment No. 173 on August 27, 2025.)\n(e)(6)\nETF\nDistribution Agreement between the Registrant and Northern Lights Distributors, LLC dated July 1, 2025 (Exhibit incorporated herein\nby reference as filed to Registrant s Post-Effective Amendment No. 173 on August 27, 2025.)\n(e)(7)\nSchedule B-7 dated [], 2026\nto the ETF Distribution Agreement between the Registrant and Northern Lights Distributors, LLC on behalf of the MRP SynthEquity\nNasdaq 100 ETF to be filed by amendment.\n(f)\nBonus or Profit Sharing Contracts\nnot applicable.\n(g)(1)\nCustody\nAgreement between the Registrant and Brown Brothers Harriman Co., on behalf of the Oak Harvest Long/Short Hedged Equity Fund dated\nDecember 1, 2023 (Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 145 on\nDecember 15, 2023.)\n(g)(2)\nETF Custody Agreement between\nthe Registrant and U.S. Bank National Association dated [], 2026 to be filed by amendment.\n(g)(3)\nForm\nof Custody Agreement between the Registrant and the Huntington National Bank, on behalf of the Fuller Thaler Behavioral Core Equity\nFund (Exhibit incorporated herein by reference as filed to Registrant s Pre-Effective Amendment No. 2 on Form N-14/A on\nSeptember 18, 2015.)\n(g)(4)\nAmendment\ndated March 6, 2023 to Custody Agreement between the Registrant and the Huntington National Bank dated October 1, 2015 on behalf of the\nFuller Thaler Behavioral Small-Cap Equity Fund, Fuller Thaler Behavioral Small-Cap Growth Fund, Fuller Thaler Behavioral\nMid-Cap Value Fund, Fuller Thaler Behavioral Unconstrained Equity Fund, Fuller Thaler Behavioral Small-Mid Core Equity Fund,\nFuller Thaler Behavioral Micro-Cap Equity Fund and Fuller Thaler Behavioral Mid-Cap Equity Fund (Exhibit incorporated\nherein by reference as filed to Registrant s Post-Effective Amendment No. 149 on January 29, 2024.)\n(g)(5)\nCustody\nAgreement between the Registrant and the Huntington National Bank, on behalf of the Canterbury Portfolio Thermostat Fund (Exhibit\nincorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 21 on April 11, 2016.)\n(g)(6)\n[Reserved]\n(g)(7)\nAmended\nAppendix B to the Custody Agreement between the Registrant and the Huntington National Bank, on behalf of the Fuller Thaler Behavioral\nSmall-Cap Equity Fund, the Fuller Thaler Behavioral Small-Cap Growth Fund and the Fuller Thaler Behavioral Mid-Cap Value Fund\n(Exhibit incorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 40 on December 20, 2017.)\n(g)(8)\nCustody\nAgreement between the Registrant and the Huntington National Bank, on behalf of the Reynders, McVeigh Core Equity Fund (Exhibit\nincorporated herein by reference as filed to Registrant s Post-Effective Amendment No. 59 on December 10, 2018.)\n(g)(9)\nCustody\nAgreement between th", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Canterbury_Portfolio_Thermostat_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Canterbury_Portfolio_Thermostat_Fund", "p": "advisedBy", "o": "org:Canterbury_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Canterbury_Portfolio_Thermostat_Fund", "p": "custodian", "o": "org:Huntington_National_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Canterbury_Portfolio_Thermostat_Fund", "p": "seriesOf", "o": "trust:Capitol_Series_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Canterbury_Portfolio_Thermostat_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capitol_Series_Trust", "p": "underwrittenBy", "o": "org:Northern_Lights_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capitol_Series_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Canterbury Portfolio Thermostat Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions LLC <predicate_marker> advisedBy <object_marker> Canterbury Investment Management, LLC <predicate_marker> custodian <object_marker> Huntington National Bank <predicate_marker> seriesOf <object_marker> Capitol Series Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions LLC <triple_end>\n<triple_start> Capitol Series Trust <predicate_marker> underwrittenBy <object_marker> Northern Lights Distributors LLC <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors LLC <triple_end>", "target_serialized_plain": "Canterbury Portfolio Thermostat Fund administrator Ultimus Fund Solutions LLC ; advisedBy Canterbury Investment Management, LLC ; custodian Huntington National Bank ; seriesOf Capitol Series Trust ; transferAgent Ultimus Fund Solutions LLC .\nCapitol Series Trust underwrittenBy Northern Lights Distributors LLC , Ultimus Fund Distributors LLC .", "stats": {"input_chars": 17737, "n_triples": 7, "text_to_json_ratio": 27.5}}
{"sample_id": "0001587982:ALL", "cik": "0001587982", "trust_name": "INVESTMENT MANAGERS SERIES TRUST II", "input_text": "AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 27, 2026\nREGISTRATION NOS. 333 -191476\n811 -22894\nUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549\n___________________________\nFORM N -1A\n___________________________\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPRE -EFFECTIVE AMENDMENT NO.\nPOST -EFFECTIVE AMENDMENT NO. 571\nAND/OR\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAMENDMENT NO. 574\n___________________________\nINVESTMENT MANAGERS SERIES TRUST II (Exact Name of Registrant as Specified in Charter)\n___________________________\n235 West Galena Street Milwaukee, WI 53212 (Address of Principal Executive Offices, including Zip Code)\nRegistrant s Telephone Number, Including Area Code: (626) 385-5777\nDiane J. Drake Mutual Fund Administration, LLC 2220 E. Route 66, Suite 226 Glendora, California 91740 (Name and Address of Agent for Service)\n___________________________\nCOPIES TO:\nLaurie Anne Dee Morgan, Lewis Bockius LLP 600 Anton Boulevard, Suite 1800 Costa Mesa, California 92626\n___________________________\nIt is proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b) of Rule 485; or\non ____________ pursuant to paragraph (b) of Rule 485; or\n60 days after filing pursuant to paragraph (a)(1) of Rule 485;\non ____________ pursuant to paragraph (a)(1) of Rule 485; or\n75 days after filing pursuant to paragraph (a)(2) of Rule 485; or\non ____________ pursuant to paragraph (a)(2) of Rule 485; or\non ____________ pursuant to paragraph (a)(3) of Rule 485.\nIf appropriate, check the following box:\nThis post -effective amendment designates a new effective date for a previously filed post -effective amendment.\nPROSPECTUS\nTradr 2X Long CBRS Daily ETF (Ticker: CBRX)\nTradr 2X Short CBRS Daily ETF (Ticker: CBRZ)\nMay 27, 2026\nEach Fund is a series of Investment Managers Series Trust II (the Trust ) (each a Fund and collectively the Funds ). Shares of the Funds are listed on the Cboe BZX Exchange, Inc. (the Cboe Exchange or Exchange ).\nShares of the Funds trade on the Exchange at market prices that may be below, at or above the respective Fund s net asset value per share. The Funds are not suitable for all investors and are designed to be utilized only by sophisticated investors who understand the risks associated with the use of derivatives, are willing to assume a high degree of risk, and intend to actively monitor and manage their investments in the Fund.\nNeither the U.S. Securities and Exchange Commission (the SEC ) nor the Commodity Futures Trading Commission (the CFTC ) has approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.\nThe Funds seek daily long leveraged or inverse leveraged investment results and are intended to be used as short -term trading vehicles. The Fund with Long in its name attempts to provide daily investment results that correspond to the long leveraged multiple of the performance of an underlying security. The Fund with Short in its name attempts to provide daily investment results that correspond to the inverse (or opposite) leveraged multiple of the performance of an underlying security.\nThe Funds are not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Funds are very different from most mutual funds and exchange -traded funds. Investors should note that the pursuit of daily investment objectives means that the return of a Fund for a period longer than a full trading day will be the product of a series\n...\ne right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Shares of the Fund so ordered, own 80% or more of the outstanding Shares of the Fund, the purchaser (or a group of purchasers) may not recognize gain or loss upon the exchange of securities for Creation Units.\nPersons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction.\n60\nDISTRIBUTOR\nALPS Distributors, Inc. (the Distributor ) serves as the distributor of Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in Shares.\nThe Trust has adopted a Distribution and Service Plan pursuant to Rule 12b -1 under the 1940 Act. In accordance with its Rule 12b -1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse the Distributor for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. The Distributor may also use this amount to compensate securities dealers or other persons that are APs for providing distribution assistance, including broker -dealer and shareholder support and educational and promotional services. The Funds do not and have no current intention of paying 12b -1 fees. However, in the event 12b -1 fees are charged in the future, because these fees are paid out of a Fund s assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.\n61\nFUND SERVICE PROVIDERS\nCo -Administrators . UMB Fund Services, Inc., located at 235 West Galena Street, Milwaukee, Wisconsin 53212, and Mutual Fund Administration, LLC, located at 2220 E. Route 66, Suite 226, Glendora, California 91740 (collectively the Co -Administrators ), act as co -administrators for the Funds. Pursuant to the Co -Administration Agreement, the Co -Administrators receive a fee for administration services based on each Fund s average daily net assets, which is paid by the Advisor.\nTransfer Agent. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Funds transfer agent. The transfer agent provides record keeping and shareholder services.\nCustodian. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Funds custodian. The custodian holds the securities, cash and other assets of the Funds.\nFund Accounting Agent. Brown Brothers Harriman Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the fund accounting agent for the Funds. The fund accounting agent calculates the Funds daily NAV.\nLegal Counsel. Morgan, Lewis Bockius LLP, located at 600 Anton Boulevard, Suite 1800, Costa Mesa, California 92626, serves as legal counsel to the Trust and to the Independent Trustees.\nIndependent Registered Public Accounting Firm. Tait, Weller Baker LLP, Two Liberty Place, 50 S. 16 th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Funds independent registered public accounting firm and is responsible for auditing the annual financial statements of the Funds.\n62\nADDITIONAL INFORMATION\nInvestments by Other Registered Investment Companies\nFor purposes of the 1940 Act, each Fund is treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts i\n...\nition with Underwriter\nPositions with Fund\nStephen J. Kyllo\nPresident, Chief Operating Officer, Director, Chief Compliance Officer\nNone\nBrian Schell**\nVice President Treasurer\nNone\nEric Parsons\nVice President, Controller and Assistant Treasurer\nNone\nJason White***\nSecretary\nNone\nRichard C. Noyes\nSenior Vice President, General Counsel, Assistant Secretary\nNone\nEric Theroff&#x5E;\nAssistant Secretary\nNone\nAdam Girard&#x5E;&#x5E;\nTax Officer\nNone\nC-5\nName*\nPosition with Underwriter\nPositions with Fund\nLiza Price\nVice President, Managing Counsel\nNone\nJed Stahl\nVice President, Managing Counsel\nNone\nTerence Digan\nVice President\nNone\nJames Stegall\nVice President\nNone\nHilary Quinn\nVice President\nNone\n* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1000, Denver, Colorado 80203.\n** The principal business address for Mr. Schell is 100 South Wacker Drive, 19 th Floor, Chicago, IL 60606.\n*** The principal business address for Mr. White is 4 Times Square, New York, NY 10036.\n&#x5E; The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105.\n&#x5E;&#x5E; The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095\n(c) Not applicable.\nITEM 33. LOCATION OF ACCOUNTS AND RECORDS.\nThe books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:\nRecords Relating to:\nAre located at:\nRegistrant s Transfer Agent, Fund Accountant and Custodian\nBrown Brothers Harriman Co. 50 Post Office Square Boston, Massachusetts 02110\nRegistrant s Co-Administrator\nMutual Fund Administration, LLC 2220 E. Route 66, Suite 226 Glendora, California 91740\nRegistrant s Co-Administrator\nUMB Bank, n.a. 928 Grand Boulevard, 5 th Floor Kansas City, Missouri, 64106\nRegistrant s Advisor\nAXS Investments LLC 181 Westchester Avenue Port Chester, New York 10573\nRegistrant s Distributor\nALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, Colorado 80203\nITEM 34. MANAGEMENT SERVICES\nNot applicable\nITEM 35. UNDERTAKINGS\nNot applicable\nC-6\nSIGNATURES\nPursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 27 th day of May, 2026 .\nINVESTMENT MANAGERS SERIES TRUST II\nBy:\n/s/ Scott Schulenburg\nScott Schulenburg, President and Principal Executive Officer\nPursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed on the 27 th day of May, 2026 , by the following persons in the capacities set forth below.\nSignature\nTitle\nThomas Knipper\nTrustee\nKathleen K. Shkuda\nTrustee\nLarry D. Tashjian\nTrustee\nJohn P. Zader\nTrustee\nJoy Ausili\nTrustee\nTerrance Gallagher\nTrustee\n/s/ Scott Schulenburg\nScott Schulenburg\nPresident and Principal Executive Officer\n/s/ Rita Dam\nRita Dam\nTreasurer, Principal Accounting Officer and Principal Financial Officer\nBy\n/s/ Rita Dam\nAttorney -in-fact , pursuant to power of attorney previously with Post -Effective Amendment No. 455 filed on May 30, 2025.\nC-7\nExhibit Index\nOpinion and Consent of Legal Counsel\nEX -99 .28(i)\nConsent of Independent Registered Public Accounting Firm\nEX -99 .28(j)\nC-8\n485BPOS", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"]}}, "target_triples": [{"s": "fund:Abraham_Fortress_Fund", "p": "administrator", "o": "org:MUTUAL_FUND_ADMINISTRATION_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Abraham_Fortress_Fund", "p": "administrator", "o": "org:UMB_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Abraham_Fortress_Fund", "p": "custodian", "o": "org:UMB_BANK_NATIONAL_ASSOCIATION", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Abraham_Fortress_Fund", "p": "seriesOf", "o": "trust:INVESTMENT_MANAGERS_SERIES_TRUST_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Abraham Fortress Fund <predicate_marker> administrator <object_marker> MUTUAL FUND ADMINISTRATION, LLC <predicate_marker> administrator <object_marker> UMB FUND SERVICES, INC. <predicate_marker> custodian <object_marker> UMB BANK, NATIONAL ASSOCIATION <predicate_marker> seriesOf <object_marker> INVESTMENT MANAGERS SERIES TRUST II <triple_end>", "target_serialized_plain": "Abraham Fortress Fund administrator MUTUAL FUND ADMINISTRATION, LLC , UMB FUND SERVICES, INC. ; custodian UMB BANK, NATIONAL ASSOCIATION ; seriesOf INVESTMENT MANAGERS SERIES TRUST II .", "stats": {"input_chars": 10897, "n_triples": 4, "text_to_json_ratio": 30.4}}
{"sample_id": "0001591939:ALL", "cik": "0001591939", "trust_name": "Absolute Shares Trust", "input_text": "mmissions on their purchases and sales of exchange-traded fund shares, which are not reflected in the example. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $ 168 $ 537 $ 931 $ 2,034 3 Portfolio Turnover . The Fund incurs implicit and explicit transaction costs when it buys and sells securities (or turns over its portfolio). Such costs may include, but are not limited to, market impact, which is the effect that a market participant has when it buys or sells an asset, and commissions. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund s performance. This rate excludes the value of portfolio securities received or delivered as a result of any in-kind creations or redemptions of the Fund s Shares. For the fiscal year ended June 30, 2025, the Fund s portfolio turnover rate was 690 % of the average value of its portfolio. Principal Investment Strategies The Fund will seek to invest in the equity securities of small-capitalization, mid-capitalization, and large-capitalization domestic and foreign companies that WBI Investments, LLC, the sub-advisor ( Sub-Advisor ) to the Fund, and an affiliate of Millington Securities, LLC, the advisor ( Advisor ), believes display attractive prospects for growth in a company s intrinsic value, and in other tactical investment opportunities. These securities will be selected on the basis of the Sub-Advisor s investment process which includes a buy and sell discipline. The Fund s buy discipline is primarily driven by the Sub-Advisor s proprietary selection process ( Selection Process ), as described further below. Cash and cash equivalents are some of the investment opportunities evaluated by the Selection Process. From time to time, the Fund may invest in and hold a significant percentage of its net assets in cash or cash equivalents as part of the normal operation of its investment strategy. Large-capitalization companies are those that have higher market capitalization than small- and mid-capitalization companies in their primary market when ranked in order of market capital. For publicly traded U.S. companies in the current environment, this would include companies with market capitalizations of greater than approximately $10 billion. Conversely, small-capitalization and mid-capitalization companies are those that have lower market capitalization than large-capitalization companies in their primary market. For publicly-traded U.S. companies in the current environment, this would include companies with market capitalizations of less than approximately $10 billion. Each of large-, small- and mid-capitalization companies in non-U.S. markets may have capitalizations that differ from this U.S. Dollar equivalent amount because of the wide variation in the range of market capitalizations of companies available for investment in those markets. The types of equity securities in which the Fund will generally invest include common stock\n...\nvestment Advisor. Millington Securities, LLC is the Fund s investment advisor and has selected its affiliate WBI Investments, LLC to act as the sub-advisor to the Fund and to be responsible for its day-to-day investment management. Portfolio Managers. The portfolio managers responsible for the day-to-day management of the Fund are as follows: 11 Matthew Schreiber, co-portfolio manager. Mr. Schreiber joined the Sub-Advisor in 2005 and is its Co-Chief Executive Office and Co-Chief Investment Officer. He has been a portfolio manager of the Fund since 2024. Don Schreiber, Jr., co-portfolio manager. Mr. Schreiber founded the Sub-Advisor in 1984 and is its Founder and Co-Chief Executive Officer. He has been a portfolio manager of the Fund since 2014. Purchase and Sale of Shares Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis at NAV only in Creation Units comprised of blocks of 10,000 Shares, or whole multiples thereof. Only a broker-dealer ( Authorized Participant ) that enters into an appropriate agreement with the Fund s distributor may engage in such creation and redemption transactions directly with the Fund. The Fund s Creation Units generally are issued and redeemed in-kind, for securities in the Fund, but may also be issued and redeemed in cash. Retail investors may acquire Shares on the NYSE Arca through a broker-dealer. Shares of the Fund will trade at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains. Financial Intermediary Compensation If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Sub-Advisor may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 12 WBI BULLBEAR YIELD 3000 ETF Investment Objective The WBI BullBear Yield 3000 ETF s (the Fund ) investment objectives are to seek long-term capital appreciation and the potential for current income, while also seeking to protect principal during unfavorable market conditions. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commission and other fees to financial intermediaries, which are not reflected in the table and example below. Investors purchasing Shares on a national securities exchange, national securities association, or over-the-counter trading system where Shares may trade from time to time (each, a Secondary Market ) may be subject to customary brokerage commissions charged by their broker that are not reflected in the table set forth below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fee 0.85 % Distribution and/or Service (12b-1) Fees 0.00 % Other Expenses 0.69 % Acquired Fund Fees and Expenses (1) 0.08 % Total Annual Fund Operating Expenses 1.62 % Less: Fee Waiver and/or Expense Reimbursement - 0.03 % Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (1)(2) 1.59 % (1) Acquired Funds Fees Expenses ( AFFE ) represent the Fund s pro rata share of fees and expe\n...\njoined the Sub-Advisor in 2005 and is its Co-Chief Executive Office and Co-Chief Investment Officer. He has been a portfolio manager of the Fund since 2024 Don Schreiber, Jr., co-portfolio manager. Mr. Schreiber founded the Sub-Advisor in 1984 and is its Founder and Co-Chief Executive Officer. He has been a portfolio manager of the Fund since inception. Purchase and Sale of Shares Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis at NAV only in Creation Units comprised of blocks of 10,000 Shares, or whole multiples thereof. Only a broker-dealer ( Authorized Participant ) that enters into an appropriate agreement with the Fund s distributor may engage in such creation and redemption transactions directly with the Fund. The Fund s Creation Units generally are issued and redeemed in-kind, for securities in the Fund, but may 75 also be issued and redeemed in cash. Retail investors may acquire Shares on the NYSE Arca through a broker-dealer. Shares of the Fund will trade at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains. Financial Intermediary Compensation If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Sub-Advisor may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 76 OVERVIEW The Funds are series of the Absolute Shares Trust, a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940 (the 1940 Act ), which consists of separate series (each, a Fund and collectively, the Funds ), each of which is an exchange-traded fund ( ETF ). ETFs are funds whose shares are listed on a stock exchange and trade like equity securities at market prices. ETFs, such as the Funds, allow you to buy or sell shares that represent the collective performance of a selected group of securities. ETFs are designed to add the flexibility, ease, and liquidity of stock-trading to the benefits of traditional investing in actively-managed mutual funds. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on net asset value ( NAV ), shares of the Funds may be purchased or redeemed directly from the Funds at NAV solely by Authorized Participants ( APs ). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. All of the Funds, except the WBI Power Factor High Dividend ETF, are actively-managed ETFs that do not seek to replicate the performance of a specified index. The WBI Power Factor High Dividend ETF is a passively-managed ETF that seeks to replicate the performance of the Solactive Power Factor High Dividend Index (the Underlying Index ). Similar to shares of an index mutual fund, each share of the WBI Power Factor High Dividend ETF represents an ownership interest in an underlying portfolio of securities and other instruments intended to track a market index. An index is a financial calculation, based on a grouping of financial instruments, that is not an inve\n...\nbuying and selling Shares in the Secondary Market, please contact your broker or dealer. Book Entry Shares of each Fund are held in book-entry form and no stock certificates are issued. DTC, through its nominee Cede Co., is the record owner of all outstanding Shares. Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any securities that you hold in book-entry or street name form for any publicly-traded company. Specifically, in the case of a shareholder meeting of a Fund, DTC assigns applicable Cede Co. voting rights to its participants that have Shares credited to their accounts on the record date, issues an omnibus proxy and forwards the omnibus proxy to the Fund. The omnibus proxy transfers the voting authority from Cede Co. to the DTC participant. This gives the DTC participant through whom you own Shares (namely, your broker, dealer, bank, trust company or other nominee) authority to vote the shares, and, in turn, the DTC participant is obligated to follow the voting instructions you provide. OTHER SERVICE PROVIDERS Fund Administrator, Custodian, Transfer Agent, and Securities Lending Agent U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as Administrator, Transfer Agent, and Index Receipt Agent. U.S. Bank, National Association, located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the Funds Custodian and Securities Lending Agent. Distributor Vigilant Distributors, LLC, Gateway Corporate Center, 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA 19317, serves as the Distributor of Creation Units for the Funds on an agency basis. The Distributor does not maintain a Secondary Market in Shares. Compliance Pursuant to a Fund CCO Agreement with the Trust, Vigilant Compliance, LLC , Gateway Corporate Center, 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA 19317, provides a Chief Compliance Officer ( CCO ) for the Trust. Independent Registered Public Accounting Firm KPMG LLP, 150 John F. Kennedy Parkway, Short Hills, NJ 07078, serves as the independent registered public accounting firm for the Trust. 105 Legal Counsel Seward Kissel LLP, One Battery Park Plaza, New York, NY 10004, serves as counsel to the Trust and the Independent Trustees of the Board. FREQUENT TRADING The Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Shares by Fund shareholders ( market timing ). In determining not to adopt market timing policies and procedures, the Board noted that the Funds are expected to be attractive to active institutional and retail investors interested in buying and selling Shares on a short-term basis. In addition, the Board considered that, unlike traditional mutual funds, a Fund s Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants, and that the vast majority of trading in a Fund s Shares occurs on the Secondary Market. Because Secondary Market trades do not involve a Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in a Fund s trading costs and the realization of capita", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:WBI_BullBear_Quality_3000_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:WBI_BullBear_Quality_3000_ETF", "p": "advisedBy", "o": "org:Millington_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:WBI_BullBear_Quality_3000_ETF", "p": 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{"sample_id": "0001592900:ALL", "cik": "0001592900", "trust_name": "EA Series Trust", "input_text": "panies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. New Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have limited operating history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size. FUND MANAGEMENT Investment Adviser Empowered Funds, LLC dba EA Advisers serves as the Fund s investment adviser (the Adviser ). The Adviser is located at 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073 and is wholly-owned by Alpha Architect, LLC. The Adviser is registered with the Securities and Exchange Commission ( SEC ) under the Investment Advisers Act of 1940 and provides investment advisory services to the Fund, other exchange-traded funds, and Alpha Architect, LLC, its parent company. The Adviser was founded in October 2013. The Adviser provides trading, execution and various other administrative services and supervises the overall daily affairs of the Fund, subject to the general supervision and control of the Board. The Adviser performs its services to the Fund pursuant to the terms of an investment advisory agreement (the Advisory Agreement ) between the EA Series Trust (the Trust ) and the Adviser. The Adviser is entitled to receive an advisory fee based on the Fund s average daily net assets for the services and facilities it provides payable at the annual rate of 0.18%. The Adviser (or an affiliate of the Adviser) bears all of the Adviser s own costs associated with providing these advisory services and all expenses of the Fund, except for the fee payment under the Advisory Agreement, payments under the Fund s Rule 12b-1 Distribution and Service Plan (the Plan ), brokerage expenses, acquired fund fees and expenses (including affiliated funds fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expenses (including class action-related services) and other non-routine or extraordinary expenses. The Advisory Agreement for the Fund provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to the Fund, by a majority of the outstanding shares of the Fund, on 60 days written notice to the Adviser, and by the Adviser upon 60 days written notice, and that it shall be automatically terminated if it is assigned. The Adviser retains the authority, pursuant to the terms of the investment sub-advisory agreement, to exercise its right to control the overall management of the Fund s assets. Investment Sub-Adviser The Adviser has retained JLens (the Sub-Adviser ) an investment adviser registered with the SEC, to provide sub-advisory services for the Fund. JLens is a nonprofit public benefit corporation organized under the laws of California. JLens was launched in 2012 to explore investing through a Jewish lens and to increase the Jewish community s participation in the growing responsible investing field where other faiths a\n...\nen a Senior Portfolio Manager with the Adviser since October 2022 and a portfolio manager of the Fund since its inception. Prior to this, he was a Portfolio Manager at Carson Group where he was responsible for approximately $1.7 billion in assets. He has also served in quant research roles as VP, Sr. Research Analyst at Franklin Templeton and Senior Quantitative Strategist at WisdomTree. Prior to entering the industry, Dr. Russell was a PhD candidate where he conducted research on large-scale distributed systems for the U.S. Army, the U.S. Air Force, and NASA. He earned a PhD in Electrical and Computer Engineering, a Masters in Economics, and a Masters in Electrical and Computer Engineering at the University of California, Santa Barbara. Dr. Russell earned a Bachelor of Science in Electrical Engineering from the University of Washington and is a CFA Charterholder. Richard Shaner has been portfolio manager of the Fund since its inception. Mr. Shaner has advised on trading and execution matters for the Adviser since January 2021, where he supports trading operations and assists in quantitative research. Prior to Mr. Shaner s tenure with the Adviser, Mr. Shaner executed various trading strategies for a private family office. Mr. Shaner has a B.Sc in Kinesiology and Applied Physiology from the University of Colorado. He is also a CFA Charterholder. The Fund s Statement of Additional Information ( SAI ) provides additional information about the portfolio managers, including other accounts each manages, their ownership in the Fund, and compensation. OTHER SERVICE PROVIDERS PINE Distributors LLC (the Distributor ) serves as the distributor of Creation Units (defined above) for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares. 10 U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, is the administrator, fund accountant, and transfer agent for the Fund. U.S. Bank National Association is the custodian for the Fund. Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust. Tait, Weller Baker LLP, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Fund s independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund. THE EXCHANGE Shares are not sponsored, endorsed or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing or trading of Shares. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The Adviser, the Fund, the Sub-Adviser and VettaFi make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. VettaFi has no obligation to take the needs of the Fund or the owners of Shares into consideration in determining, composing, or calculating the Index. VettaFi is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of Shares to be i\n...\nistrant, previously filed as Exhibit (b) with PEA 275 on September 28, 2023 . (c) Instruments Defining Rights of Security Holders. (1) Agreement and Declaration of Trust (i) Article III: Shares (ii) Article V: Shareholders Voting Powers and Meetings (iii) Article VI: Net Asset Value; Distributions; Redemptions; Transfers (iv) Article VIII: Certain Transactions, Section 4 (v) Article X: Miscellaneous, Section 4 (2) By-Laws (i) Article II: Meetings of Shareholders (ii) Article VI: Records and Reports, Sections 1, 2, and 3 (iii) Article VII: General Matters, Sections 3, 4, 6, and 7 (iv) Article VIII: Amendments, Section 1 (d) Investment Advisory Agreements. (1) Empowered Funds, LLC (i) Multiple Funds Investment Advisory Agreement dated November 11, 2024, previously filed as Exhibit (d)(79) with PEA 399 on November 21, 2024 . (A) Amended Schedule A dated April 17 , 2026 , previously filed as Exhibit (d)(1)(i)(A) with PEA 6 06 on May 4, 2026. C-1 (ii) Alpha Architect ETFs Investment Advisory Agreement dated September 6, 2024, with respect to the Alpha Architect US Equity ETF (AAUS), Alpha Architect International Equity ETF (AAGL), Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF (BOXR), previously filed as Exhibit (d)(88) with PEA 397 on November 14, 2024. (A) A mended Schedule A dated April 17, 2026 , previously filed as Exhibit (d)(1)(ii)(A) with PEA 606 on May 4, 2026. (iii) Coastal Compass 100 ETF (ROPE) Investment Advisory Agreement dated September 6, 2024, previously filed as Exhibit (d)(86) with PEA 398 on November 19, 2024. (iv) Draco AI Evolution ETF (DRAI) Investment Advisory Agreement dated June 24, 2024, previously filed as Exhibit (d)(74) with PEA 353 on June 26, 2024. (v) Stance Sustainable Beta ETF (CHGX) Investment Advisory Agreement dated September 4, 2024, previously filed as Exhibit (d)(81) with PEA 357 on September 13, 2024. (2) Alpha Architect, LLC (i) Multiple Funds Investment Sub-Advisory Agreement dated June 21, 2024, with respect to the Alpha Architect U.S. Quantitative Value ETF (QVAL), Alpha Architect International Quantitative Value ETF (IVAL), Alpha Architect U.S. Quantitative Momentum ETF (QMOM), Alpha Architect International Quantitative Momentum ETF (IMOM), Alpha Architect Global Factor Equity ETF (AAVM), and Alpha Architect High Inflation and Deflation ETF (HIDE), previously filed as Exhibit (d)(88) with PEA 364 on August 16, 2024. (A) Amended Schedule A dated April 17 , 2026 with respect to Alpha Architect US Equity ETF (AAUS), Alpha Architect International Equity ETF (AAGL), Alpha Architect US Equity 2 ETF (AAEQ), and Alpha Architect US Equity Growth ETF (AAGW), Alpha Architect US Equity 3 ETF (AAUA), Alpha Architect US Equity 4 ETF (AAUB), Alpha Architect US Equity 5 ETF (AAUD), and Alpha Architect US Equity 6 ETF (AAUE) , previously filed as Exhibit (d)(2) ( i)(A) with PEA 606 on May 4, 2026. (ii) Multiple Funds Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF (BOXR), previously filed as Exhibit (d)(90) with PEA 397 on November 14, 2024. (iii) Multiple Funds Investment Sub-Advisory Agreement with respect to Alpha Architect 1-3 Month Box ETF (BOXX) and Alpha Architect Tail Risk ETF (CAOS), previously filed as Exhibit (d)(2)(iii) with PEA 530 on September 12, 2025. (3) Alpha Blue Capital Management LP Investment Sub-Advisory Agreement dated December 12, 2023, with respect to Alpha Blue Capital US Small-Mid Cap Dynamic ETF (ABCS), previously filed as Exhibit (d)(64) with PEA 318 on December 12, 2023. (4) Altrius Capital Management, Inc. Investment Sub-Advisory Agreement dated September 26, 2022, with respect to the Altrius Global Dividend ETF (DIVD), previously filed as Exhibit (d)(45) with PEA 174 on September 26, 2022. C-2 (5) Amplius ETF Advisors, LLC Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Amplius Aggressive Allocation ETF (AAAA), previously filed as Exhibit (d)(100) with PEA 473 on April 25, 2025. (6) Angel Oak Advisors, LLC Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Strive Total Return Bond ETF (STXT) and Strive Enhanced Income Short Maturity ETF (BUXX), previously filed as Exhibit (d)(6) with PEA 548 on October 28, 2025. (7) AOT Invest LLC (i) AOT Software Platform ETF (AOTS) Investment Sub-Advisory Agreement dated December 10, 2025, previously filed as Exhibit (d)(7)(ii) with PEA 564 on December 12, 2025. (A) A mended Schedule A date d April 16, 2026 , with respect to the AOT Growth and Innovation ETF (AOTG) , previously filed as Exhibit (d)(7)(i)(A) with PEA 606 on May 4, 2026. (8) Argent Capital Management (i) Argent Mid Cap ETF (AMID) Investment Sub-Advisory Agreement dated June 17, 2022, previously filed as Exhibit (d)(35) with PEA 153 on August 15, 2022. (ii) Argent Focused Small Cap ETF (ALIL) and Argent Large Cap ETF (ABIG) Amended Investment Sub-Advisory Agreement dated February 7, 2025, previously filed as Exhibit (d)(19)(i) with PEA 456 on March 20, 2025. (9) Arin Risk Advisors, LLC (i) Alpha Architect ETFs Investment Sub-Advisory Agreement dated November 4, 2022, with respect to the Alpha Architect Tail Risk ETF (CAOS) and Alpha Architect 1-3 Month Box ETF (BOXX) previously filed as Exhibit ( d )( 53 ) with P EA 191 on November 10, 2022 . (A) Amended Schedule A dated September 6, 2024, with respect to the Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF(BOXR), previously filed as Exhibit (d)(33)(i) with PEA 397 on November 14, 2024. (ii) Arin Tactical Tail Risk ETF (ATTR) Investment Sub-Advisory Agreement, previously filed as Exhibit (d)(9)(ii) with PEA 526 on August 29, 2025. (iii) BufferLABS US Equity Dynamic Buffer ETF (BFLB) Investment Sub-Advisory Agreement dated September 5, 2025, previously filed as Exhibit (d)(9)(iii) with PEA 534 on September 22, 2025. (iv) Castellan ETFs Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Castellan Targeted Equity ETF (CTEF) and Castellan Targeted Income ETF (CTIF), previously filed as Exhibit (d)(110) with PEA 501 on June 9, 2025. (v) MC Trio Buffered Equity ETF Investment Sub- Advisory Agreement dated April 1, 2026 , previously filed as Exhibit (d) (9) ( v ) with PEA 620 on May 22, 2026 . (vi) MRBL ETFs Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the MRBL Enhanced Equity ETF (EDGE), previously filed as Exhibit (d)(93) with PEA 425 on January 15, 2025 . (10) ARS Investment Partners , LLC Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the ARS Core Equity Portfolio ETF and ARS Focused Opportunities Strategy ETF (AFOS), previously filed as Exhibit (d)(105) with PEA 493 on May 30, 2025. C-3 (11) Astoria Portfolio Advisors, LLC Investment Sub-Advisory Agreement dated June 9, 2023, with respect to Astoria US Equal Weight Quality Kings ETF (ROE), previously filed as Exhibit (d)(47) with PEA 255 on July 24, 2023. (i) Amended Schedule A dated April 25, 2025, with respect to the Astoria US Quality Growth Kings ETF (GQQQ), Astoria International Quality Growth Kings ETF (IROE), Astoria US Small Cap Quality Growth Kings ETF (SROE), EA Astoria Dynamic Core US Fixed Income ETF (AGGA), and Astoria US Enhanced Core Equity ETF (LCOR), previously filed as Exhibit (d)(47) with PEA 481 on May 7, 2025. (12) Avory Co. Investment Sub-Advisory Agreement dated December 10, 2025 with respect to the Avory Foundational ETF (AVRY), previously filed as Exhibit (d)(12) with PEA 567 on December 19, 2025. (13) Avos Capital Management, LLC Investment Sub-Advisory Agreemen t dated January 16, 2026 with respect to the Avos Global Equities ETF (AVOS) previous ly filed as Exhibit (d)(14) wit h PEA 579 on January 28, 2026. (14) Bastion Fiduciary, LLC Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Bastion Energy ETF (BESF), previously filed as Exhibit (d)(98) PEA 443 on February 18, 2025 . (15) Beacon Capital Management, Inc. Investment Sub-Sub-Advisory Agreement dated July 30, 2025, with respect to the EA Astoria Dynamic Core US Fixed Income ETF (AGGA), previously filed as Exhibit (d)(14) PEA 540 on September 26, 2025. (16) Bridges Capital, LLC Investment Sub-Advisory Agreement dated March 27, 2023, with respect to the Bridges Capital Tactical Equity (BDGS), previously filed as Exhibit ( d )( 57 ) with PEA 227 on April 5, 2023. (17) Bridgeway Capital Management, LLC (i) Multiple Funds Investment Sub-Advisory Agreement dated June 17, 2022, with respect to the EA Brid\n...\n(NIXT), previously filed as Exhibit (d)(108) with PEA 507 on June 18, 2025. (58) Ritholtz Wealth Management - Investment Sub-Advisory Agreement dated April 17, 2026, with respect to the Ritholtz Goaltender ETF (GTND), previously filed as Exhibit (d)(58) with PEA 608 on May 8, 2026. (59) Rock Creek Group, L LC Investment Sub-Advisory Agreement dated May 1, 2026 , with respect to the RockCreek Global Equality ETF (RCGE) , previously filed as Exhibit (d)(59) with PEA 606 on May 4, 2026. (60) Sapient Capital, LLC Investment Sub-Advisory Agreement dated December 10, 2025, with respect to the Sapient Quality Select ETF (SQS), previously filed as Exhibit (d)(54) with PEA 570 on January 9, 2026. (61) Sarmaya Partners, LLC Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the Sarmaya Thematic ETF (LENS), was previously filed as Exhibit (d)(83) with PEA 433 on January 24, 2025. (62) Sepio Capital, L.P. Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the Bushido Capital US Equity ETF (SMRI) and Bushido Capital US SMID Cap Equity ETF (RNIN), previously filed as Exhibit (d)(43) with PEA 468 on April 10, 2025. (63) Sequoia Financial Group , LLC Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the CCM Global Equity ETF (CCMG), previously filed as Exhibit (d)(110) with PEA 461 on March 27, 2025. (64) Significance Capital Management LLC - Investment Sub-Advisory Agreement dated April 17, 2026 with respect to the Significance Capital Enhanced Alpha ETF , previously filed as Ex hibit (d)(64) with PEA 618 on May 21, 2026. (65) Smart Money Group, LLC Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Yoke Core ETF (YOKE), previously filed as Exhibit (d)(94) with PEA 439 on February 7, 2025. (66) Sparkline Capital LP (i) Sparkline Intangible Value ETF (ITAN) Investment Sub-Advisory Agreement dated June 22, 2021, previously filed as Exhibit (d)(15) with PEA 67 on June 23, 2021. (A) Am ended Schedule A dated September 6, 2024 , previously filed as Exhibit (d)(9)(i) with PEA 372 on September 6, 2024. C-8 (ii) Multiple Funds Investment Sub-Advisory Agreement dated September 4, 2024, with respect to the Sparkline International Intangible Value ETF (DTAN), Sparkline US Small Cap Intangible Value ETF (STAN), and Sparkline Emerging Markets Intangible Value ETF (ETAN), previously filed as Exhibit (d)(75) with PEA 372 on September 6, 2024. (67) Stance Capital, LLC Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Stance Sustainable Beta ETF (CHGX), previously filed as Exhibit (d)(81) with PEA 357 on September 13, 2024. (68) Stock Snips, Inc. Investment Sub-Advisory Agreement dated March 9, 2024, with respect to StockSnips AI-Powered Sentiment US All Cap ETF (NEWZ), as previously filed as Exhibit (d)(56) with PEA 342 on April 8, 2024. (69) Strive Asset Management, LLC Investment Sub-Advisory Agreement dated July 26, 2022, with respect to the Strive U.S. Energy ETF (DRLL), Strive U.S. Semiconductor ETF (SHOC), Strive U.S. Technology ETF (STXT) and Strive Emerging Ex-China ETF (STXE), previously filed as Exhibit (d)(43) with PEA 146 on August 4, 2022. (i) Amended Schedule A dated June 7, 2024, with respect to the Strive International Developed Markets ETF (STXI), previously filed as Exhibit (d)(27)(i) with PEA 351 on June 11, 2024. (70) Suncoast Equity Management, LLC Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Suncoast Select Growth ETF (SEMG), previously filed as Exhibit (d)(103) with PEA 482 on May 7, 2025. 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{"sample_id": "0001597389:ALL", "cik": "0001597389", "trust_name": "USCF ETF Trust", "input_text": "2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:MarketRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:NewFundRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\noef:RiskNondiversifiedStatusMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:NonUSInvestmentRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:OperationalRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:PositionLimitsRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:SecondaryMarketRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:SubsidiaryInvestmentRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:TreasuriesRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:ValuationRiskMember\n2025-12-01\n2025-12-01\n0001597389\nuscf:S000096297Member\nuscf:C000265127Member\n2025-12-01\n2025-12-01\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAs\nfiled with the Securities and Exchange Commission on December 1, 2025\nSecurities\nAct Registration No. 333-196273\nInvestment Company Act Registration No. 811-22930\nUNITED\nSTATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION\nSTATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective\nAmendment No. __\nPost-Effective Amendment No. 225 x\nand/or\nREGISTRATION\nSTATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment\nNo. 226 x\n(Check appropriate box or boxes)\nUSCF ETF\nTrust\n(Exact Name of Registrant as Specified in Charter)\n1850\nMt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596\n(Address of Principal Executive Offices) (Number, Street, City, State, Zip Code)\n(510)\n522-9600\n(Registrant s Telephone Number, including Area Code)\nDaphne\nG. Frydman\nChief Legal Officer\nUSCF Advisers LLC\n1850 Mt. Diablo Blvd., Suite 640\nWalnut Creek, CA 94596\n(Name and Address of Agent for Service)\nCopy\nto:\nCynthia R.\nBeyea\nDechert LLP\n1900 K Street, NW\nWashington, DC 20006\nPhone: (202) 261-3300\nFacsimile:\n(202) 261-3333\nApproximate\nDate of Proposed Public Offering : As soon as practicable after this filing becomes effective.\nIt is\nproposed that this filing will become effective (check appropriate box):\no\nImmediately\nupon filing pursuant to paragraph (b)\nx\nOn December 2,\n2025 pursuant to paragraph (b).\no\n60 days after\nfiling pursuant to paragraph (a)(1)\no\nOn (date) pursuant\nto paragraph (a)(1)\no\n75 days after\nfiling pursuant to paragraph (a)(2)\no\nOn (date) pursuant\nto paragraph (a)(2) of Rule 485.\nIf appropriate, check the following box:\no\nThis post-effective amendment\ndesignates a new effective date for a previously filed post-effective amendment\nProspectus\nUSCF\nOil Plus Bitcoin Strategy Fund\nNYSE\nArca: WTIB\nDecember\n2, 2025\nUSCF\nETF TRUST\n* Principal\nU.S. Listing Exchange: NYSE Arca, Inc. ( NYSE Arca )\nNEITHER\nTHE SECURITIES AND EXCHANGE COMMISSION ( SEC ) NOR THE COMMODITY FUTURES TRADING COMMISSION ( CFTC ) HAS\nAPPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS\nA CRIMINAL OFFENSE.\nINVESTMENT\nPRODUCTS ARE NOT FDIC INSURED MAY LOSE VALUE ARE NOT BANK GUARANTEED\nTABLE\nOF CONTENTS\nPage\nFUND SUMMARY USCF OIL PLUS BITCOIN STRATEGY FUND\n1\nADDITIONAL INVESTMENT OBJECTIVE, STRATEGIES, AND RISK INFORMATION\n11\nPORTFOLIO HOLDINGS INFORMATION\n24\nMANAGEMENT\n24\nPORTFOLIO MANAGEMENT\n26\nOTHER SERVICE PROVIDERS\n27\nCYBERSECURITY RISK\n28\nADDITIONAL INFORMATION ON BUYING AND SELLING FUND SHARES\n29\nSHARE TRADING PRICES\n29\nDETERMINATION OF NET ASSET VALUE\n29\nPREMIUM/DISCOUNT INFORMATION\n30\nDIVIDE\n...\nafter\ntaxes) is not necessarily an indication of its future performance and does not guarantee future results. The Fund may perform\nbetter or worse in the future.\nManagement\nUSCF\nAdvisers, LLC serves as the investment adviser to the Fund and the Subsidiary.\nPortfolio\nManagers\nSeth\nLancaster, a Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in December 2025.\nAndrew\nF Ngim, a Management Director and Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception\nin December 2025.\nDarius\nCoby, Director of Operations and a Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception\nin December 2025.\n10\nBuying\nand Selling Fund Shares\nThe Fund\nis an ETF. This means that individual shares of the Fund may only be purchased and sold in the secondary market on a national\nsecurities exchange, such as NYSE Arca, through a broker-dealer. The price of the Fund s shares is based on market price.\nBecause Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than\nNAV (discount). When buying or selling shares in the secondary market, an investor may incur costs attributable to the difference\nbetween the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing\nto accept for shares of the Fund (ask). This is known as the bid-ask spread .\nInformation\nabout the Fund s NAV, market price, premiums and discounts, and bid-ask spread is available on the Fund s website\nat www.uscfinvestments.com.\nThe Fund\nissues and redeems shares at NAV only in large blocks of shares ( Creation Units ), which only Authorized Participants\nthat have entered into an agreement with ALPS Distributors, Inc. (the Distributor ) may purchase or redeem. The size\nof a Creation Unit may change from time to time. A Creation Unit for the Fund consists of 5,000 shares. The Fund generally issues\nand redeems Creation Units in exchange for a designated amount of cash. Authorized Participants are required to pay a transaction\nfee to compensate the Fund for brokerage and transaction expenses when purchasing and redeeming Creation Units. The transaction\nfee for the Fund is $50.\nSee Transaction\nFees on Creation and Redemption Transactions.\nTax\nInformation\nThe Fund\nintends to make distributions of ordinary income, qualified dividend income, or capital gains. Shareholders will be subject to\nU.S. federal income tax on such amounts at the rate applicable to such category of income.\nPayments\nto Broker-Dealers and Other Financial Intermediaries\nIf you\npurchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or other related\ncompanies may pay the intermediary for marketing activities and presentations, educational training programs, the support of technology\nplatforms, and/or reporting systems or other services related to the sale or promotion of the Fund. These payments may create\na conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over\nanother investment. Ask your salesperson or visit your financial intermediary s website for more information.\nADDITIONAL INVESTMENT OBJECTIVE,\nSTRATEGIES, AND RISK INFORMATION\nInvestment\nObjective\nThe Fund\nseeks total return.\nThere\ncan be no assurance that the Fund will achieve its investment objective. Because the Fund s investment objective has been\nadopted as a non-fundamental investment policy, the Fund s inves\n...\ngulatory organization for the U.S. derivatives industry.\nIn connection\nwith its role as investment adviser to the Fund and the Subsidiary, the Adviser has registered as a commodity pool operator ( CPO )\nunder the CEA. Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA, and must comply with\nvarious regulatory requirements under the CEA and the rules and regulations of the CFTC and the NFA, including antifraud provisions,\ndisclosure requirements, and reporting and recordkeeping requirements. The Adviser is also subject to periodic inspections and\naudits by the CFTC and NFA.\nThe CFTC s\nharmonization rules regarding the disclosure, reporting, and recordkeeping requirements apply to the Fund as a result of the Adviser s\nregistration as a CPO. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting\nrequirements, based on the Adviser s compliance with comparable SEC requirements. This means that for most of the CFTC s\ndisclosure and shareholder reporting requirements applicable to the Adviser as the Fund s CPO, the Fund s compliance\nwith SEC disclosure and shareholder reporting requirements will be deemed to fulfill the Adviser s CFTC compliance obligations.\n25\nThe Fund s\nstatus as a commodity pool and the Adviser s registration as a CPO are not expected to materially adversely affect the Fund s\nability to carry out its investment strategies. However, there may be additional compliance and other expenses for the Fund. In\naddition, registration as a CPO subjects the Adviser to additional laws, regulations, and enforcement policies, all of which could\nincrease compliance costs and may affect operations and the financial performance of the Fund.\nManager\nof Managers Structure\nThe Adviser\nand the USCF ETF Trust (the Trust ) have received an exemptive order from the SEC to operate under a manager of managers\nstructure that permits the Adviser, with the approval of the Board, to appoint and replace sub-advisers, enter into sub-advisory\nagreements, and materially amend and terminate sub-advisory agreements on behalf of the Fund and the Subsidiary without shareholder\napproval (the Manager of Managers Structure ). Under the Manager of Managers Structure, the Adviser has ultimate\nresponsibility, subject to oversight of the Board, for overseeing the Trust s sub-advisers and recommending to the Board\ntheir hiring, termination, or replacement.\nThe Manager\nof Managers Structure enables the Trust to operate with greater efficiency and without incurring the expense and delays associated\nwith obtaining shareholder approvals for matters relating to sub-advisers or sub-advisory agreements. Operation of the Fund under\nthe Manager of Managers Structure does not: (1) permit management fees paid by the Fund to the Adviser to be increased without\nshareholder approval; or (2) diminish the Adviser s responsibilities to the Fund or the Subsidiary, including the Adviser s\noverall responsibility for overseeing the portfolio management services furnished by its sub-advisers. Shareholders will be notified\nof any changes made to sub-advisers or sub-advisory agreements within 90 days of the change.\nAdvisory\nAgreements\nThe Adviser\nserves as investment adviser to the Fund pursuant to an investment advisory agreement (the Advisory Agreement ) and\nas investment adviser to the Subsidiary pursuant to a separate investment advisory agreement (the Subsidiary Advisory Agreement ).\nThe Adviser complies with the provisions of the 1940 Act relating to investment advisory contracts with respect to both\n...\n; or (b) by voting the proxy by not taking into consideration the relationship that gave\nrise to the conflict and voting the proxy in the best interest of the Fund.\nA- 2\nRecordkeeping\nUSCF\nwill maintain in an easily accessible place for a period of six years, the first two years in an easily accessible place, all\nrecords relating to proxy voting. These records include the following:\nA\ncopy of the proxy voting policy.\nA\ncopy of each proxy statement received on behalf of the Funds.\nA\nrecord of each vote cast on behalf of the Funds.\nA\ncopy of all documents created by USCF s personnel that were material to making\na decision on a vote or that memorializes the basis for the decision and\nA\ncopy of each written request by an investor for information on how USCF voted proxies,\nas well as a copy of any written response.\nUSCF\nreserves the right to maintain certain proxy records with the proxy vendor or any other entity in accordance with all applicable\nregulations.\nAmended:\nDecember 1, 2022\nA- 3\nPART C\nOTHER INFORMATION\nUSCF ETF TRUST\nItem 28. Exhibits\n(a)\n(1)\nAmended and Restated Certificate of Trust of USCF ETF Trust (2)\n(2) Amended and Restated Declaration\nof Trust of USCF ETF Trust (2)\n(b) Bylaws of USCF ETF Trust (11)\n(c) See Article 4, Article 8, Section\n9.3, and Section 10.3 of USCF ETF Trust s Amended and Restated Declaration of Trust, dated June 16, 2014, filed as Exhibit\n(a)(2) to Pre-Effective Amendment No. 1 to the Registration Statement filed on June 27, 2014\n(d)\n(1)\nInvestment Advisory Agreement by and between USCF ETF Trust and USCF Advisers LLC, dated as of April 10, 2018 (15)\n(2) Investment Advisory Agreement\nby and between USCF Cayman Commodity 2 and USCF Advisers LLC, dated as of April 18, 2018 (4)\n(3) Sub-Advisory Agreement by and\nbetween USCF Advisers LLC and SummerHaven Investment Management, LLC, dated as of May 29, 2020, on behalf of the USCF Cayman Commodity\n2 (7)\n(4) Sub-Advisory Agreement by and\nbetween USCF Advisers LLC and Miller/Howard Investments, Inc., dated as of February 18, 2021 (11)\n(5) Investment Advisory Agreement\nby and between USCF Cayman Commodity 4 and USCF Advisers LLC, dated as of June 1, 2021 (10)\n(6) Sub-Advisory Agreement by and\nbetween USCF Advisers LLC and SummerHaven Investment Management, LLC, dated as of September 20, 2021, on behalf of USCF Gold Strategy\nPlus Income Fund (10)\n(7) Sub-Advisory Agreement by and\nbetween USCF Advisers LLC and SummerHaven Investment Management, LLC, dated as of September 20, 2021, on behalf of USCF Cayman\nCommodity 4 (10)\n(8) Investment\nAdvisory Agreement by and between USCF Cayman Commodity 5 and USCF Advisers LLC, dated as of September 1, 2022 (12)\n(9) Investment Advisory Agreement\nby and between USCF Cayman Commodity 3 and USCF Advisers LLC, dated as of February 1, 2023 (13)\n(10) Investment Advisory Agreement\nby and between USCF Cayman Commodity 7 and USCF Advisers LLC, dated as of March 21, 2023 (14)\n(11) Investment Advisory Agreement\nby and between USCF Cayman Commodity 10 and USCF Advisers LLC (18)\n(12) Amendment\nto Investment Advisory Agreement by and between USCF ETF Trust and USCF Advisers LLC, dated as of September 18, 2025 (18)\n(e)\n(1)\nDistribution Agreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of April 16, 2018 (5)\n(2) Amendment No. 1 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of April 25, 2018 (7)\n(3) Amendment No. 2 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of October 1, 2018 (7)\n(4) Amendment No. 3 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of December 10, 2018 (6)\n(5) Amendment No. 4 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of May 6, 2020 (7)\n(6) Amendment No. 5 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of February 18, 2021 (9)\n(7) Amendment No. 6 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of May 6, 2021 (9)\n(8) Amendment No. 7 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of February 22, 2022 (11)\n(9) Amendment No. 8 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of May 27, 2022 (11)\n(10) Amendment No. 9 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of August 3, 2022 (11)\n(11) Amendment\nNo. 10 to the Distribution Agreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of December 1, 2022 (12)\n(12) Amendment\nNo. 11 to the Distribution Agreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of May 15, 2023 (14)\n(13) Amendment No. 12 to the Distribution\nAgreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of September 21, 2023 (15)\n(14) Amendment\nNo. 16 to the Distribution Agreement between USCF ETF Trust and ALPS Distributors, Inc., dated as of September 18, 2025 (18)\n(f) Not Applicable\n(g)\n(1)\nCustody Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and USCF Cayman Commodity 2, dated March 26, 2020 (7)\n(2) Foreign Custody Manager\nAgreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and USCF Cayman Commodity\n2, dated March 26, 2020 (7)\n(3) Amendment to Custody Agreement\nbetween The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries, dated May 18,\n2022 (11)\n(4) Amendment\nto Custody Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries,\ndated September 15, 2023 (15)\n(5) Amendment to Foreign Custody\nManager Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries,\ndated September 15, 2023 (15)\n(6) Amendment\nto Custody Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries,\ndated August 18, 2025 (18)\n(7) Amendment\nto Foreign Custody Manager Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its\nseries and subsidiaries, dated August 18, 2025 (18)\n(8) Amendment to Custody Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries, dated November 24, 2025 (1)\n(9) Amendment to Foreign Custody Manager Agreement between The Bank of New York Mellon and USCF ETF Trust on behalf of itself and each of its series and subsidiaries, dated November 24, 2025 (1)\n(h)\n(1)\nServices and Licensing Agreement by and between USCF Advisers LLC and SummerHaven Index Management, LLC, dated as of April 20, 2018 (4)\n(2) Fund Administration and", "ontology": {"Fund": 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"context_grounded": true, "extractable": true}, {"s": "fund:USCF_Midstream_Energy_Income_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Midstream_Energy_Income_Fund", "p": "seriesOf", "o": "trust:USCF_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Midstream_Energy_Income_Fund", "p": "subAdvisedBy", "o": "org:MILLER_HOWARD_INVESTMENTS_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Midstream_Energy_Income_Fund", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_SummerHaven_Dynamic_Commodity_Strategy_No_K_1_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": 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"transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Battery_Metals_Strategy_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Battery_Metals_Strategy_Fund", "p": "advisedBy", "o": "org:USCF_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Sustainable_Battery_Metals_Strategy_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Battery_Metals_Strategy_Fund", "p": "seriesOf", "o": "trust:USCF_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Sustainable_Battery_Metals_Strategy_Fund", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Commodity_Strategy_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Commodity_Strategy_Fund", "p": "advisedBy", "o": "org:USCF_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Sustainable_Commodity_Strategy_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:USCF_Sustainable_Commodity_Strategy_Fund", "p": "seriesOf", "o": "trust:USCF_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:USCF_Sustainable_Commodity_Strategy_Fund", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:USCF_ETF_Trust", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> USCF Dividend Income Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> subAdvisedBy <object_marker> MILLER HOWARD INVESTMENTS INC <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF Energy Commodity Strategy Absolute Return Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF Gold Strategy Plus Income Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> subAdvisedBy <object_marker> SummerHaven Investment Management, LLC <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF Midstream Energy Income Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> subAdvisedBy <object_marker> MILLER HOWARD INVESTMENTS INC <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> subAdvisedBy <object_marker> SummerHaven Investment Management, LLC <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF Sustainable Battery Metals Strategy Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF Sustainable Commodity Strategy Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> USCF Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> USCF ETF Trust <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> USCF ETF Trust <predicate_marker> underwrittenBy <object_marker> ALPS Distributors, Inc. <triple_end>", "target_serialized_plain": "USCF Dividend Income Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; subAdvisedBy MILLER HOWARD INVESTMENTS INC ; transferAgent The Bank of New York Mellon .\nUSCF Energy Commodity Strategy Absolute Return Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; transferAgent The Bank of New York Mellon .\nUSCF Gold Strategy Plus Income Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; subAdvisedBy SummerHaven Investment Management, LLC ; transferAgent The Bank of New York Mellon .\nUSCF Midstream Energy Income Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; subAdvisedBy MILLER HOWARD INVESTMENTS INC ; transferAgent The Bank of New York Mellon .\nUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; subAdvisedBy SummerHaven Investment Management, LLC ; transferAgent The Bank of New York Mellon .\nUSCF Sustainable Battery Metals Strategy Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; transferAgent The Bank of New York Mellon .\nUSCF Sustainable Commodity Strategy Fund administrator The Bank of New York Mellon ; advisedBy USCF Advisers, LLC ; custodian The Bank of New York Mellon ; seriesOf USCF ETF Trust ; transferAgent The Bank of New York Mellon .\nUSCF ETF Trust underwrittenBy ALPS Distributors, Inc. .", "stats": {"input_chars": 17706, "n_triples": 40, "text_to_json_ratio": 5.2}}
{"sample_id": "0001600600:ALL", "cik": "0001600600", "trust_name": "T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.", "input_text": "n overall securities market (Regulatory Benchmark). In addition,\nthe table may also include one or more indexes that more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn addition, the table shows hypothetical after-tax returns to demonstrate\nhow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes . Actual after-tax returns depend on an investor s\ntax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through\ntax-deferred arrangements, such as a 401(k) account or an IRA . After-tax returns are shown only for the Investor Class and will differ\nfor other share classes .\nT. ROWE PRICE\n8\nAverage Annual Total\nReturns\nPeriods ended\nDecember 31, 2024\nSince\nInception\n1 Year\n5 Years\n10 Years\ninception\ndate\nInvestor Class\n04/29/2014\nReturns before taxes\n7.40\n%\n4.48\n%\n4.93\n%\n%\nReturns after taxes on distributions\n4.38\n1.88\n2.38\nReturns after taxes on distributions and sale\nof fund shares\n4.32\n2.28\n2.61\nI Class\n11/29/2016\nReturns before taxes\n7.80\n4.74\n5.50\nAdvisor Class\n04/29/2014\nReturns before taxes\n7.43\n4.34\n4.78\nRegulatory Benchmark\nBloomberg U.S. Aggregate Bond\nIndex (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.35\n1.26\na\nStrategy Benchmark(s)\nBloomberg U.S. High-Yield 2% Issuer\nCapped Bond Index (reflects no deduction for fees, expenses, or taxes)\n8.19\n4.20\n5.16\n5.21\na\nLipper High Yield Funds Average\n7.67\n3.64\n4.36\n4.53\nb\na Return since 11/29/16.\nb Return\nsince 11/30/16.\nb\nReturn\nsince 11/30/16.\nUpdated performance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nRodney M. Rayburn\nPortfolio Manager and Chair of Investment Advisory Committee\n2015\n2014\nSUMMARY\n9\nPurchase and Sale of Fund Shares\nThe Investor Class and Advisor Class generally require a $2,500 minimum\ninitial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement\nplan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries\nand certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only\nbe purchased through a financial intermediary or retirement plan.\nThe I Class requires a $500,000 minimum initial investment per fund\nper account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible\nretirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying\ndirectly held accounts, and certain other accounts.\nFor investors holding shares of the fund directly with T. Rowe\nPrice, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670\nfor small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for\ncertain other accounts, by accessing your account online through troweprice.com.\nIf you hold shares through a financial intermediary or retirement plan,\nyou must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should chec\n...\n. Rowe Price\nFund on behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe\nPrice or its affiliates.\nComparison of Distribution and Shareholder Servicing Fees\nThe following table summarizes the distribution and service (12b-1)\nfee and administrative fee arrangements applicable to each class based on its average daily net assets.\nClass\n12b-1 Fee Payments\nAdministrative Fee Payments\nInvestor Class\nNone\nUp to 0.15% per year\nI Class\nNone\nNone\nAdvisor Class\nUp to 0.25% per year\nUp to 0.15% per year\nR Class\nUp to 0.50% per year\nUp to 0.15% per year\nZ Class\nNone\nNone\nAccount\nSERVICE FEE\nInvestor Class\nIn an effort to help offset the disproportionately high costs incurred\nby the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds transfer\nagent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor\nClass accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based\non account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged\nto an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically\ndeducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption\nmay result in a taxable gain or loss to you.\nThe account service fee generally does not apply to fund accounts\nthat are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe\nPrice Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price\nActivePlus Portfolios program or Retirement Advisory Service , or money market funds that are used as a T. Rowe Price\nBrokerage sweep account. The account service fee is automatically waived for accounts that satisfy any of the following conditions\nas of the last business day in August:\nT. ROWE PRICE\n34\nAny accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction\nconfirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any\nshareholder regardless of whether the shareholder has elected electronic delivery);\nAny accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include\ninvestments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or\nCertain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).\nT. Rowe Price reserves the right to authorize additional waivers for\nother types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price\nindividual retirement account (IRA), Education Savings Account, or small business retirement plan account (including certain 403(b) plan\naccounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares\nfrom such accounts.\nPOLICIES\nFOR opening an account\nInvestor Class and I Class\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Credit_Opportunities_Fund_Inc", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Credit_Opportunities_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Credit_Opportunities_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Credit_Opportunities_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Credit_Opportunities_Fund_Inc", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_CREDIT_OPPORTUNITIES_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Credit Opportunities Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Credit Opportunities Fund, Inc. advisedBy T. Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 18017, "n_triples": 6, "text_to_json_ratio": 28.3}}
{"sample_id": "0001606378:ALL", "cik": "0001606378", "trust_name": "Eubel Brady & Suttman Mutual Fund Trust", "input_text": "4-12-31\n0001606378\nebs:S000045949Member\nebs:ICEBofAUSCorporateAndGovernment110YearIndexReflectsNoDeductionForFeesExpensesOrTaxesMember\n2020-01-01\n2024-12-31\n0001606378\nebs:S000045949Member\nebs:ICEBofAUSCorporateAndGovernment110YearIndexReflectsNoDeductionForFeesExpensesOrTaxesMember\n2015-01-01\n2024-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nU.S.\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON,\nD.C.\nFORM\nN-1A\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933\nx\nPre-Effective\nAmendment No.\n__\nPost-Effective\nAmendment No.\n16\nREGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nx\nAmendment\nNo. 18\n(Check\nappropriate box or boxes)\nEubel\nBrady Suttman Mutual Fund Trust\n(Exact\nName of Registrant as Specified in Charter)\n225\nPictoria Drive, Suite 450\nCincinnati,\nOhio 45246\n(Address\nof Principal Executive Offices)\nRegistrant s\nTelephone Number, including Area Code: (513) 587-3400\nCarol\nJ. Highsmith, Esq.\nUltimus\nFund Solutions, LLC\n225\nPictoria Drive, Suite 450\nCincinnati,\nOhio 45246\n(Name\nand Address of Agent for Service)\nApproximate\ndate of Proposed Public Offering: __\nIt\nis proposed that this filing will become effective (check appropriate box):\no\ni mmediately\nupon filing pursuant to paragraph (b)\nx\non November\n28, 2025 pursuant to paragraph (b)\no\n60 days after\nfiling pursuant to paragraph (a) (1)\no\non (date) pursuant\nto paragraph (a) (1)\no\n75 days after\nfiling pursuant to paragraph (a) (2)\no\non (date) pursuant\nto paragraph (a) (2) of Rule 485(b)\nIf\nappropriate, check the following box:\no\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nEubel\nBrady Suttman\nIncome\nand Appreciation Fund\nTicker\nSymbol: EBSZX\nEubel\nBrady Suttman\nIncome\nFund\nTicker\nSymbol: EBSFX\nEach\na series of the\nEubel\nBrady Suttman Mutual Fund Trust\nPROSPECTUS\nDecember 1, 2025\nThe\nSecurities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is accurate or complete.\nAny representation to the contrary is a criminal offense.\nTABLE\nOF CONTENTS\nRisk/Return\nSummaries\nEubel\nBrady Suttman Income and Appreciation Fund\n1\nEubel\nBrady Suttman Income Fund\n10\nInformation\nRelevant to Both Funds\n18\nAdditional\nInformation About the Funds Investment Objectives, Investment Strategies and Related Risks\n19\nFund\nManagement\n31\nHow\nthe Funds Value Their Shares\n34\nHow\nto Buy Shares\n35\nHow\nto Redeem Shares\n38\nDividends,\nDistributions and Taxes\n39\nFinancial\nHighlights\n41\nPrivacy\nNotice\n43\nFor\nAdditional Information\nBack\nCover\nRISK/RETURN\nSUMMARIES\nEUBEL\nBRADY SUTTMAN INCOME AND APPRECIATION FUND\nINVESTMENT\nOBJECTIVE\nThe\nEubel Brady Suttman Income and Appreciation Fund (the EBS Income Appreciation Fund or the Fund )\nseeks to provide total return through a combination of current income and capital appreciation.\nFEES\nAND EXPENSES\nThis\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the EBS Income Appreciation Fund. You\nmay pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and\nexample below.\nShareholder Fees (fees paid directly from your investment)\nShareholder\nFees (fees paid directly from your investment)\nNone\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement\nFees (1)\nNone\nDistribution\n(12b-1) Fees\nNone\nOther\nExpenses\n0.18 %\nShareholder\nServicing Fees (2)\n0.04 %\nAcquired\nFund Fees and Expenses\n0.02 %\nTotal\nAnnual Fund Operating Expenses (3)\n0.24 %\n(1) This\nFund represents one of the investment strategies offered by Eubel Brady Suttman Asset Management, Inc. (the Adviser ).\nShareholders in the Fund do not pay Management Fees directly to the Fund. Clients of the Adviser must enter into a discretionary\ninvestment advisory agreement with the Adviser prior to investing in the Fund and pay a management fee under the terms of the discretionary\ninvestment advisory agreement. The Adviser s fee schedule is included in Part 2A of the Adviser s Form ADV, which is available\nfor download at www.ebsinvests.com and on the SEC s website. In addition, shareholders may incur brokerage and/or other\ntransaction-based fees for maintaining custody/trading accounts with a broker-dealer or financial intermediary. These fees, if any, will\nbe disclosed to shareholders at the time they enter into a discretionary investment advisory agreement with the Adviser.\n(2) The\nFund has adopted a Shareholder Servicing Plan under which the Fund may make payments to financial organizations for providing account\nadministration and account maintenance services to Fund shareholders. The annual limitation for payment of such expenses is 0.25% of\nthe Fund s average daily net assets.\n(3) Total\nAnnual Fund Operating Expenses will not correlate to the Fund s ratio of total expenses to average net assets in the Fund s\nFinancial Highlights, which reflects the operating expenses of the Fund but does not include Acquired Fund Fees and Expenses.\n1\nExample\nThis\nExample is intended to help you compare the cost of investing in the EBS Income Appreciation Fund with the cost of investing in\nother mutual funds.\nThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your\nshares at the end of those periods. The Example also assumes that your investment has a 5% return each year. Althoug\n...\nAdviser\nLength\nof Service to the Fund\nRonald\nL. Eubel\nCo-Chief\nInvestment Officer\nSince\nInception (9-30-2014)\nMark\nE. Brady\nCo-Chief\nInvestment Officer\nSince\nInception (9-30-2014)\nPaul\nD. Crichton\nDirector\nof Trading\nSince\nInception (9-30-2014)\nKenneth\nE. Leist\nSenior\nSecurities Analyst\nSince\nInception (9-30-2014)\nScott\nE. Lundy, CFP\nChief\nExecutive Officer\nSince\nInception (9-30-2014)\nChase\nM. Oakley, CFA\nSenior\nSecurities Analyst\nSince\n12-1-2022\n17\nINFORMATION\nRELEVANT TO BOTH FUNDS\nPURCHASE\nAND SALE OF FUND SHARES\nShares\nof the Funds may only be purchased on behalf of clients of the Adviser who have entered into an investment advisory agreement with the\nAdviser. There are no minimum initial and subsequent investment requirements for purchases of shares of the Funds. Purchase, exchange\nand redemption (sell) orders are effected based on instructions from the Adviser (in its capacity as discretionary investment adviser\nto its client) to the broker-dealer or financial intermediary where such client s account is maintained. Purchase, exchange and\nredemption orders for Fund shares are processed at the net asset value ( NAV ) next calculated after an order is received.\nShares of the Funds may be purchased, exchanged and redeemed on each day that the New York Stock Exchange is open for business.\nTAX\nINFORMATION\nEach\nFund s distributions are generally taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement,\nsuch as a 401(k) plan or an IRA. If you are investing through a tax-deferred arrangement, you may be taxed later upon your withdrawal\nof monies from those accounts.\nPAYMENTS\nTO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES\nIf\nthe Adviser purchases the Funds through a broker-dealer or other financial intermediary (such as a bank) on behalf of an investment advisory\nclient, the Funds and their related companies may pay the intermediary for account administration and account maintenance services. These\npayments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Adviser or Funds over\nanother investment. Ask your financial consultant or visit your financial intermediary s website for more information.\n18\nADDITIONAL\nINFORMATION ABOUT THE FUNDS INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND RELATED RISKS\nINVESTMENT\nOBJECTIVES\nThe\ninvestment objective of the EBS Income Appreciation Fund is to provide total return through a combination of current income\nand capital appreciation.\nThe\ninvestment objective of the EBS Income Fund is to seek to preserve capital, produce income and maximize total return.\nThe\nBoard of Trustees has reserved the right to change each Fund s investment objective without shareholder approval. If such a change\nis made with respect to a Fund, shareholders of that Fund will be provided with at least 60 days advance written notice of the\nchange.\nEBS\nINCOME APPRECIATION FUND - PRINCIPAL INVESTMENT STRATEGIES\nUnder\nnormal circumstances, the EBS Income Appreciation Fund invests primarily in a diversified portfolio of non-convertible fixed income\nsecurities and convertible securities. The allocation among these securities will vary based on the Adviser s assessment of market\nconditions and it is possible that the Fund may not own all of these securities at the same time. The Fund s investments in convertible\nsecurities may include convertible bonds, convertible preferred stocks, synthetic convertible positions and warrants. The\nFund may invest in convertible securities of any maturity, credit quality or market capitalization. T\n...\nt\nUniversity in Fort Myers, Florida and obtained his Certified Financial Planner designation in 2004.\nChase\nM. Oakley, CFA is a Senior Securities Analyst and a member of the Adviser s Research Committee. He has over\n10 years of investment advisory experience with the Adviser. Mr. Oakley holds a B.S. degree in Finance from The Ohio State University\nin Columbus, Ohio and a M.B.A. from Wright State University in Dayton, Ohio. He obtained his Chartered Financial Analyst designation\nin 2021.\nThe\nAdviser has entered into a contractual agreement with the Funds under which it has agreed to reimburse Fund expenses to the extent necessary\nto limit total annual operating expenses (excluding brokerage costs, taxes, interest, Acquired Fund Fees and Expenses, expenses incurred\npursuant to the Fund s Shareholder Servicing Plan and extraordinary expenses) to an amount not exceeding 0.35% of each Fund s\ndaily net assets. The limit on total annual operating expenses does not include the amount of discretionary advisory fees paid by shareholders.\nAny payments by the Adviser of expenses which are a Fund s obligation are subject to repayment by the Fund for a period of three\nyears following the date on which such expenses were paid, provided that the repayment does not cause the Fund s total annual operating\nexpenses to exceed the lesser of: (i) the expense limitation in effect at the time such expenses were reimbursed; and (ii) the expense\nlimitation in effect at the time the Adviser seeks reimbursement of such expenses. This contractual agreement is currently in effect\nuntil December 1, 2026.\nThe\nStatement of Additional Information ( SAI ) provides additional information about the portfolio managers compensation,\nother managed accounts, and ownership of shares of the Funds.\nAdministrator\nUltimus\nFund Solutions, LLC ( Ultimus ), 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds administrator,\ntransfer agent and fund accounting agent. Management and administrative services of Ultimus include (i) providing officers and support\npersonnel to the Funds, (ii) obtaining valuations, calculating NAVs and performing other accounting and financial services, (iii) recordkeeping,\n(iv) regulatory reporting and legal administrative services, and (v) disbursing dividends and distributions.\nThe\nSAI has more detailed information about the Adviser, Ultimus and other service providers to the Funds.\n32\nShareholder\nServicing Plan\nThe\nFunds have adopted a Shareholder Servicing Plan (the Plan ). The Plan allows each Fund to make payments to financial organizations\n(including payments directly to the Adviser and the Distributor) for providing account administration and account maintenance services\nto Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of each Fund s average daily net assets. Because\nthese fees are paid out of the Funds assets on an ongoing basis, over time these fees will increase the cost of your investment\nand may cost you more than paying sales charges. The Adviser, at its own expense and out of its legitimate profits, may make additional\npayments to financial organizations from its own revenues based on the amount of customer assets maintained in the Funds by such organizations.\nThe payment by the Adviser of any such additional compensation will not affect the expense ratios of the Funds.\nCybersecurity\nConsiderations\nThe\ncomputer systems, networks and devices used by the Funds and their service providers to carry out routine business operations employ\na variety of protections designed to prevent damage o\n...\nO WITH YOUR PERSONAL INFORMATION?\nWhy?\nFinancial\ncompanies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing.\nFederal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully\nto understand what we do.\nWhat?\nThe\ntypes of personal information we collect and share depend on the product or service you have\nwith us. This information can include:\nSocial\nSecurity number\nAssets\nRetirement\nAssets\nTransaction\nHistory\nChecking\nAccount Information\nPurchase\nHistory\nAccount\nBalances\nAccount\nTransactions\nWire\nTransfer Instructions\nWhen\nyou are no longer our customer, we continue to share your information as described in this notice.\nHow?\nAll\nfinancial companies need to share your personal information to run their everyday business. In the section below, we list the reasons\nfinancial companies can share their customers personal information; the reasons the EBS Funds choose to share; and whether\nyou can limit this sharing.\nReasons\nwe can share your personal information\nDo\nthe EBS\nFunds share?\nCan\nyou limit\nthis sharing?\nFor\nour everyday business purposes\nSuch as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to\ncredit bureaus\nYes\nNo\nFor\nour marketing purposes\nto offer our products and services to you\nNo\nWe\ndon t share\nFor\njoint marketing with other financial companies\nNo\nWe\ndon t share\nFor\nour affiliates everyday business purposes\ninformation about your creditworthiness\nNo\nWe\ndon t share\nFor\nnonaffiliates to market to you\nNo\nWe\ndon t share\nQuestions?\nCall\n1-800-391-1223\n43\nWho we are\nWho\nis providing this notice?\nEubel\nBrady Suttman Mutual Fund Trust\nUltimus Fund Solutions, LLC\nUltimus Fund Distributors, LLC\nWhat we do\nHow\ndo the Funds protect my personal information?\nTo\nprotect your personal information from unauthorized access and use, we use security measures\nthat comply with federal law. These measures include computer safeguards and secured files\nand buildings.\nOur\nservice providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal\ninformation.\nHow\ndo the Funds collect my personal information?\nWe\ncollect your personal information, for example, when you\nProvide\naccount information\nGive\nus your contact information\nMake\ndeposits or withdrawals from your account\nMake\na wire transfer\nTell\nus where to send the money\nTell\nus who receives the money\nShow\nyour government-issued ID\nShow\nyour driver s license\nWe\nalso collect your personal information from other companies.\nWhy\ncan t I limit all sharing?\nFederal\nlaw gives you the right to limit only\nSharing\nfor affiliates everyday business purposes information about your creditworthiness\nAffiliates\nfrom using your information to market to you\nSharing\nfor nonaffiliates to market to you\nState\nlaws and individual companies may give you additional rights to limit sharing.\nDefinitions\nAffiliates\nCompanies\nrelated by common ownership or control. They can be financial and nonfinancial companies.\nEubel Brady Suttman Asset Management, Inc., the investment adviser to the Funds, could be deemed to be an\naffiliate.\nNonaffiliates\nCompanies\nnot related by common ownership or control. They can be financial and nonfinancial companies\nThe\nFunds do not share with nonaffiliates so they can market to you.\nJoint\nmarketing\nA\nformal agreement between nonaffiliated financial companies that together market financial\nproducts or services to you.\nThe\nFunds do not", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Eubel_Brady_Suttman_Income_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_Fund", "p": "advisedBy", "o": "org:Eubel_Brady_Suttman_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_Fund", "p": "seriesOf", "o": "trust:Eubel_Brady_Suttman_Mutual_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_and_Appreciation_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_and_Appreciation_Fund", "p": "advisedBy", "o": "org:Eubel_Brady_Suttman_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_and_Appreciation_Fund", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_and_Appreciation_Fund", "p": "seriesOf", "o": "trust:Eubel_Brady_Suttman_Mutual_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Eubel_Brady_Suttman_Income_and_Appreciation_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Eubel_Brady_Suttman_Mutual_Fund_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Eubel Brady & Suttman Income Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Eubel Brady & Suttman Asset Management, Inc. <predicate_marker> custodian <object_marker> U.S. Bank, N.A. <predicate_marker> seriesOf <object_marker> Eubel Brady & Suttman Mutual Fund Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Eubel Brady & Suttman Income and Appreciation Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Eubel Brady & Suttman Asset Management, Inc. <predicate_marker> custodian <object_marker> U.S. Bank, N.A. <predicate_marker> seriesOf <object_marker> Eubel Brady & Suttman Mutual Fund Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Eubel Brady & Suttman Mutual Fund Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "Eubel Brady & Suttman Income Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Eubel Brady & Suttman Asset Management, Inc. ; custodian U.S. Bank, N.A. ; seriesOf Eubel Brady & Suttman Mutual Fund Trust ; transferAgent Ultimus Fund Solutions, LLC .\nEubel Brady & Suttman Income and Appreciation Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Eubel Brady & Suttman Asset Management, Inc. ; custodian U.S. Bank, N.A. ; seriesOf Eubel Brady & Suttman Mutual Fund Trust ; transferAgent Ultimus Fund Solutions, LLC .\nEubel Brady & Suttman Mutual Fund Trust underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 16271, "n_triples": 11, "text_to_json_ratio": 15.2}}
{"sample_id": "0001607997:ALL", "cik": "0001607997", "trust_name": "Nuveen Minnesota Quality Municipal Income Fund", "input_text": "497\n1\nd164945d497.htm\nNUVEEN MINNESOTA QUALITY MUNICIPAL INCOME FUND\nNuveen Minnesota Quality Municipal Income Fund\nApril 25, 2017\nPROSPECTUS\n500,000 Common Shares\nNuveen Minnesota Quality Municipal Income\nFund\nNuveen Minnesota Quality Municipal Income Fund (formerly known as Nuveen Minnesota Municipal Income Fund) (the Fund ) is\na diversified, closed-end management investment company. The Fund seeks to provide current income exempt from both regular federal and Minnesota income taxes. The Fund s secondary investment objective is\nto enhance portfolio value relative to the Minnesota municipal bond market by investing in Minnesota municipal securities that Nuveen Asset Management, LLC ( Nuveen Asset Management ), the Fund s sub-adviser, believes are underrated\nor undervalued or that represent municipal market sectors that are undervalued. Investing in the Fund s Common Shares involves certain risks that are described in the Risk Factors section of this prospectus (the Prospectus ), including the specific\nrisks relating to the Fund s use of leverage. Neither the U.S. Securities and Exchange Commission (the SEC ) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful\nor complete. Any representation to the contrary is a criminal offense. You should read this Prospectus, which contains important information about the Fund, before deciding whether to invest and retain it for future reference. A Statement of Additional Information dated\nApril 25, 2017 (the SAI ), containing additional information about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, the table of contents\nof which is on the last page of this Prospectus, annual and semi-annual reports to shareholders and other information about the Fund, and make shareholder inquiries by calling (800) 257-8787, by writing to the Fund or from the Fund s\nwebsite (http://www.nuveen.com). The information contained in, or that can be accessed through, the Fund s website is not part of this Prospectus. You also may obtain a copy of the SAI (and other information regarding the Fund) from the\nSEC s web site (http://www.sec.gov). The\nFund s Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured b\n...\nt rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality\nby the Fund s sub-adviser. The Fund\nmay invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the\nFund s sub-adviser. No more than 10% of the Fund s Managed Assets may be invested in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund s\nsub-adviser. Municipal securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as junk bonds. The Fund\nmay invest up to 15% of its Managed Assets in inverse floating rate securities. The Fund currently employs financial leverage through its outstanding Variable Rate MuniFund Term Preferred Shares (referred to herein as VMTP Shares ).\nManaged Assets means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets\nattributable to the Fund s use of effective leverage (whether or not those assets are reflected in the Fund s financial statements for purposes of generally accepted accounting principles), such as, but not limited to, the portion of\nassets in special purpose trusts of which the Fund owns the inverse floater certificates that has been effectively financed by the trust s issuance of floating rate certificates. The Fund cannot assure you that it will achieve its investment\nobjectives. Adviser and Sub-Adviser. Nuveen Fund Advisors, LLC, the Fund s investment adviser, is responsible for determining the Fund s overall investment strategies and their implementation. Nuveen\nAsset Management, LLC is the Fund s investment sub-adviser and oversees the day-to-day investment operations of the Fund.\nThe minimum price on any day at which common\nshares may be sold will not be less than the current net asset value per share plus the per share amount of the commission to be paid to the Fund s distributor, Nuveen Securities, LLC ( Nuveen Securities ). The Fund and Nuveen\nSecurities will suspend the sale of common shares if the per share price of the shares is less than the minimum price. The Fund currently intends to distribute the shares offered pursuant to this Prospectus primarily through at-the-market transactions, although from time to time it may also distribute shares through an underwriting syndicate or a privately negotiated transaction. To the extent\nshares are distributed other than through at-the-market transactions, the Fund will file a supplement to this Prospectus describing such transactions. For information on\nhow common shares may be sold, see the Plan of Distribution section of this Prospectus. Common shares are listed on the New York Stock Exchange (the NYSE ). The trading or ticker symbol of the Fund is NMS. The Fund s closing price on the NYSE on\nApril 7, 2017 was $16.69.\nThe date of this Prospectus is April 25, 2017\nTABLE OF CONTENTS\nProspectus Summary\n4\nSummary of Fund Expenses\n25\nFinancial Highlights\n28\nTrading and Net Asset Value Information\n31\nThe Fund\n31\nUse of Proceeds\n31\nThe Fund s Investments\n32\nUse of Leverage\n46\nRisk Factors\n49\nManagement of the Fund\n63\nNet Asset Value\n65\nDistributions\n65\nDividend Reinvestment Plan\n66\nPlan of Distribution\n67\nDescription of Shares\n69\nCertain Provisions in the Declaration of Trust\n71\nRepurchase of Fund Shares; Conversion to Open-End\nFund\n72\nTax Matters\n73\nCustodian and Transfer Agent\n76\nIndependent Registered Public Accounting Firm\n76\nLegal Opinion\n76\nAvailable Information\n76\nAppendix A: Factors Affecting Municipal Securities in Minnesota\n77\nStatement of Additional Information Table of Contents\n82\nYou should rely only on the information contained or incorporated by reference into this Prospectus. The Fund h\n...\nter it pays accrued dividends on VMTP Shares). In addition, the Fund intends to\n22\ndistribute, at least annually, all or substantially all of its net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and taxable ordinary income,\nif any, to Common Shareholders so long as the net capital gain and taxable ordinary income are not necessary to pay accrued dividends on, or redeem or liquidate, any preferred shares, including VMTP Shares, then outstanding or pay any interest and\nrequired principal payments on borrowings. You may elect to reinvest automatically some or all of your distributions in additional Common Shares under the Fund s Dividend Reinvestment Plan.\nThe Fund might not distribute all or a portion of any net capital gain for a taxable year. If the Fund does not distribute all of its net capital gain for a taxable\nyear, it will pay federal income tax on the retained gain. Each Common Shareholder of record as of the end of the Fund s taxable year will include in income for federal income tax purposes, as long-term capital gain, his or her share of the\nretained gain, will be deemed to have paid his or her proportionate share of tax paid by the Fund on such retained gain, and will be entitled to an income tax credit or refund for that share of the tax. The Fund will treat the retained capital gain\namount as a substitute for equivalent cash distributions. See Distributions and Dividend Reinvestment Plan.\nThe Fund reserves the right to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time, subject to a finding by\nthe Fund s Board of Trustees (the Board ) that such change is in the best interests of the Fund and its Common Shareholders.\nCustodian and Transfer Agent\nState Street Bank and Trust Company serves as custodian and transfer agent of the Fund s assets. See Custodian and Transfer Agent.\nSpecial Tax Considerations\nThe Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals. If you are, or\nas a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund may not be a suitable investment for you. In addition, distributions of ordinary taxable income (including any net short-term capital gain)\nwill be taxable to shareholders as ordinary income (and not eligible for favorable taxation as qualified dividend income ), and capital gain dividends will be taxable as long-term capital gains. See Tax Matters.\nVoting Rights\nThe holders of the Fund s VMTP Shares, voting as a separate class, would have the right to elect at least two Trustees at all times and to elect a majority of the Trustees in the event\ntwo full years dividends on the preferred shares, including VMTP Shares, are unpaid. In each case, the remaining Trustees will be elected by holders of shares of Common Shares and preferred shares, including VMTP Shares, voting together as a\nsingle class. The holders of preferred shares,\n23\nincluding VMTP Shares, will vote as a separate class or classes on certain other matters as required under the Declaration, the Investment Company Act of 1940, as amended (the 1940\nAct ) and Massachusetts law. See Description of Shares VMTP Shares Voting Rights and Certain Provisions in the Declaration of Trust.\n24\nSUMMARY OF FUND EXPENSES\nThe purpose of the table below and the Examples below are to\nhelp you understand all fees and expenses that you, as a Common Shareholder, would bear direc\n...\ncould adversely affect the value and marketability of such bonds. The foregoing information constitutes only a brief summary of some of the general factors that may impact certain issuers of Minnesota municipal obligations and does\nnot purport to be a complete or exhaustive description of all adverse conditions to which the issuers of such obligations held by the Fund are subject. This information has not been independently verified. Additionally, many factors, including\nnational economic, social and environmental policies and conditions, that are not within the control of the issuers of Minnesota municipal bonds, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is\nunable to predict whether or to what extent such factors or other factors may affect the issuers of Minnesota municipal obligations, the market value or marketability of such obligations or the ability of the respective issuers of the obligations\nacquired by the Fund to pay interest on or principal of such obligations.\n81\nSTATEMENT OF ADDITIONAL INFORMATION\nTABLE OF CONTENTS\nUse of Proceeds\n1\nInvestment Restrictions\n1\nInvestment Objectives, Policies and Techniques\n3\nManagement of the Fund\n21\nInvestment Adviser, Sub-Adviser and Portfolio\nManager\n42\nCode of Ethics\n47\nProxy Voting Policies\n48\nPortfolio Transactions and Brokerage\n48\nNet Asset Value\n49\nDistributions\n50\nDividend Reinvestment Plan\n51\nPlan of Distribution\n52\nDescription of Shares\n55\nCertain Provisions in the Declaration of Trust\n57\nRepurchase of Fund Shares; Conversion to Open-End\nFund\n58\nTax Matters\n60\nFinancial Statements\n66\nCustodian and Transfer Agent\n66\nIndependent Registered Public Accounting Firm\n66\nLegal Opinion\n67\nAdditional Information\n67\nAppendix A\nA-1\nAppendix B\nB-1\n82\n500,000 Common Shares Nuveen Minnesota Quality Municipal Income Fund\nPROSPECTUS\nApril 25, 2017\nEPR-NMS-0417D\nNUVEEN MINNESOTA QUALITY MUNICIPAL INCOME FUND\n333 West Wacker Drive Chicago, Illinois 60606 STATEMENT OF ADDITIONAL INFORMATION\nApril 25, 2017\nNuveen Minnesota Quality Municipal Income Fund ( formerly known as Nuveen Minnesota Municipal Income Fund ) (the Fund )\nis a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act ). The Fund was incorporated under the laws of the\nCommonwealth of Massachusetts on April 28, 2014. The Fund was formed from the merger of the following two closed-end funds\nadvised by U.S. Bancorp Asset Management, Inc. ( USBAM ) with and into a wholly-owned subsidiary of the Fund (the Mergers ): Minnesota Municipal Income Portfolio Inc. ( MXA ) and First American Minnesota Municipal\nIncome Fund II. MXA is treated as the survivor of the Mergers for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to October 6, 2014 is that of MXA. The Mergers\nbecame effective prior to the opening of business on October 6, 2014. Effective December 28, 2016, the Fund changed its name\nto Nuveen Minnesota Quality Municipal Income Fund. This Statement of Additional Information (the SAI ) relating to\nCommon Shares of the Fund ( Common Shares ) does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated April 25, 2017 (the Prospectus ). This SAI does not include all\ninformation that a prospective investor should consider before purchasing Common Shares. Investors should obtain and read the Prospectus prior to purchasing such shares. In addition, the Fund s financial statements an\n...\nany, shareholders of an open-end\nmanagement investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any redemption charge that is in effect at the time of\nredemption. See Certain Provisions in the Articles of Incorporation and Declaration of Trust above for a discussion of the voting requirements applicable to the conversion of the Acquiring Fund to an open-end management investment\ncompany. Before deciding whether to take any action if the common shares trade below net asset value, the Board would\nconsider all relevant factors, including the extent and duration of the discount, the liquidity of the Acquiring Fund s portfolio, the impact of any action that might be taken on the Acquiring Fund or its shareholders, and market\nconsiderations. Based on these considerations, even if the Acquiring Fund s common shares should trade at a discount, the Board may determine that, in the interest of the Acquiring Fund, no action should be taken. See the Merger SAI under\nRepurchase of Fund Shares; Conversion to Open-End Fund for a further discussion of possible action to reduce or eliminate such discount to net asset value. Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption Agent The custodian of the assets of the Acquiring Fund is State Street, One Lincoln Street, Boston, Massachusetts 02111. The custodian performs custodial, fund accounting and portfolio accounting services. The\nAcquiring Fund s transfer, shareholder services and dividend disbursing agent and redemption and paying agent is also State Street, 250 Royall Street, Canton, Massachusetts 02021. State Street has subcontracted the transfer agency servicing of\nthe Acquiring Fund to Computershare, Inc. The custodian of the assets of each Target Fund is U.S. Bank, 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212. State Street serves as the accounting agent of each Target Fund, responsible\nfor fund accounting and recordkeeping services. Together, Computershare Inc. and Computershare Trust Company, N.A. serve as each Target Fund s transfer, shareholder services and dividend disbursing agent and redemption and paying agent.\n67\nFederal Income Tax Matters Associated with Investment in the Funds\nThe following is a general summary of certain U.S. federal income tax consequences that may be relevant to a shareholder\nthat acquires, holds and/or disposes of shares of the Acquiring Fund. This discussion only addresses U.S. federal income tax consequences to U.S. shareholders who hold their shares as capital assets and does not address all of the U.S. federal\nincome tax consequences that may be relevant to particular shareholders in light of their individual circumstances. This discussion also does not address the tax consequences to shareholders who are subject to special rules, including, without\nlimitation, shareholders with large positions in the Acquiring Fund, financial institutions, insurance companies, dealers in securities or foreign currencies, foreign holders, persons who hold their shares as or in a hedge against currency risk, a\nconstructive sale, or conversion transaction, holders who are subject to the federal alternative minimum tax, or tax-exempt or tax-deferred plans, accounts, or entities. In addition, the discussion does not address any state, local, or foreign tax\nconsequences. The discussion reflects applicable tax laws of the United States as of the date of this Joint Proxy Statement/Prospectus, which tax laws may be ch", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "seriesOf", "o": "trust:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "transferAgent", "o": "org:Computershare_Trust_Company_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "trust:Nuveen_Minnesota_Quality_Municipal_Income_Fund", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuveen Minnesota Quality Municipal Income Fund <predicate_marker> advisedBy <object_marker> Nuveen Fund Advisors, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Nuveen Minnesota Quality Municipal Income Fund <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset Management, LLC <predicate_marker> transferAgent <object_marker> Computershare Trust Company, N.A. <triple_end>\n<triple_start> Nuveen Minnesota Quality Municipal Income Fund <predicate_marker> underwrittenBy <object_marker> Nuveen Securities, LLC <triple_end>", "target_serialized_plain": "Nuveen Minnesota Quality Municipal Income Fund advisedBy Nuveen Fund Advisors, LLC ; custodian State Street Bank and Trust Company ; seriesOf Nuveen Minnesota Quality Municipal Income Fund ; subAdvisedBy Nuveen Asset Management, LLC ; transferAgent Computershare Trust Company, N.A. .\nNuveen Minnesota Quality Municipal Income Fund underwrittenBy Nuveen Securities, LLC .", "stats": {"input_chars": 17373, "n_triples": 6, "text_to_json_ratio": 27.8}}
{"sample_id": "0001616668:ALL", "cik": "0001616668", "trust_name": "Pacer Funds Trust", "input_text": "vests more widely. This may increase the Fund s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund s performance. Other Investment Companies Risk. The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the ETF Risks described above. The Fund may invest in affiliated ETFs managed by Barings and/or BIIL. Barings or BIIL may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated and unaffiliated underlying funds. Privately Issued Securities Risk. The Fund may invest in privately-issued securities, including those that may be resold only in accordance with Rule 144A or Regulation S under the 1933 Act ( Restricted Securities ). Restricted Securities are not publicly traded and are subject to a variety of restrictions, which limit a purchaser s ability to acquire or resell such securities. Delay or difficulty in selling such securities may result in a loss to the Fund. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500 . Management Investment Adviser Pacer Advisors, Inc. (the Adviser ) serves as investment adviser to the Fund. Investment Sub-Adviser Barings LLC (the Sub-Adviser or Barings ) serves as investment sub-adviser to the Fund. Investment Sub-Sub-Adviser Baring International Investment Limited (the Sub-Sub-Adviser or BIIL ) serves as investment sub-sub-adviser to the Fund. Portfolio Managers The Fund s portfolio management team consists of Melissa Ricco and Steve Page, who are jointly and primarily responsible for the day-to-day management of the Fund s portfolio. They have served as portfolio managers since the Fund s inception Buying and Selling Fund Shares The Fund is an ETF. This means that individual Shares of the Fund may only be purchased and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). The Fund generally issues and redeems shares at NAV only in large blocks of shares known as Creation Units, which only institutions or large investors may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the Deposit Securities ) and/or a designated amount of U.S. cash that the Fund specifies each day. Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the bid-ask spread ). Recent information about the Fund, including its net asset value, market price, premiums and discounts, and bid-ask spreads is available on the Fund s website at www.PacerETFs.com. Tax Information 6 Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged retirement account. Distributions may be taxable upon withdrawal from tax-deferred accounts. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker or other financial intermediary (such as a bank), the Adviser and its related companies may pay the intermediary for activities related to the marketing and promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 7 Pacer Barings Secured Credit Flex ETF Investment Objective The Pacer Barings Secured Credit Flex ETF (the Fund ) is an actively managed exchange traded fund ( ETF ) that seeks to provide a high level of current income and preserve capital while selectively seeking capital appreciation as a secondary objective when consistent with its primary investment objective. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.49 % Distribution and/or Service (12b-1) Fees 0.00 % Other Expenses * 0.00 % Total Annual Fund Operating Expenses 0.49 % * Estimated for the current fiscal year Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return\n...\nn Units have been held for more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses. Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction. The Funds have the right to reject an order for Creation Units if the purchaser (or group of purchasers) would, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of the Fund and if, pursuant to section 351 of the Internal Revenue Code, the respective Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Funds also have the right to require information necessary to determine beneficial Share ownership for purposes of the 80% determination. The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled Federal Income Taxes in the SAI. State and Local Taxes Shareholders may also be subject to state and local taxes on income and gain attributable to your ownership of Fund Shares. State income taxes may not apply, however, to the portions of a Fund s distributions, if any, that are attributable to interest earned by a Fund on U.S. government securities. You should consult your tax professional regarding the tax status of distributions in your state and locality. DISTRIBUTION The Distributor, Pacer Financial, Inc., is a broker-dealer registered with the U.S. Securities and Exchange Commission. The Distributor distributes Creation Units for each Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of each Fund or the securities that are purchased or sold by each Fund. The Distributor s principal address is 500 Chesterfield Parkway, Malvern, Pennsylvania, 19355. The Distributor is an affiliate of the Adviser. The Board has adopted a Distribution and Service Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of a Fund s assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges. PREMIUM/DISCOUNT INFORMATION Information regarding how often Shares of each Fund traded on the Exchange at a price above ( i.e. , at a premium) or below ( i.e. , at a discount) the NAV of the Fund will be available in the future on the Funds website at www.PacerETFs.com. FINANCIAL HIGHLIGHTS Financial information is not available because the Funds have not commenced operation prior to the date of this Prospectus. 27 Adviser Pacer Advisors, Inc. 500 Chesterfield Parkway Malvern, Pennsylvania 19355 Distributor Pacer Financial, Inc. 500 Chesterfield Parkway Malvern, Pennsylvania 19355 Sub-Adviser Barings LLC 300 South Tryon Street, Suite 2500 Charlott\n...\nProxy Voting Policy. The Funds have delegated proxy voting responsibilities to Barings LLC, subject to the Board s oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with a Fund s and its shareholders best interests and in compliance with all applicable proxy voting rules and regulations. Barings LLC has adopted proxy voting policies and guidelines for this purpose ( Proxy Voting Policies ) and has engaged a third party proxy solicitation firm to assist with voting proxies in a timely manner. The Trust s chief compliance officer is responsible for monitoring the effectiveness of the Proxy Voting Policies. Under the Proxy Voting Policies, in the absence of specific voting guidelines from the client, Barings LLC will vote proxies in the best interest of each particular client. Barings LLC will vote such proxies in accordance with its proxy policies and procedures, which are attached as Appendix B . Barings LLC will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor s non-audit services. Barings LLC will generally vote against proposals that cause board members to become entrenched or cause unequal voting rights. In reviewing proposals, Barings LLC will further consider the opinion of management, the effect on management, the effect on shareholder value and the issuer s business practices. When available, information on how a Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 will be available (1) without charge, upon request, by calling 1-800-617-0004 and (2) on the SEC s website at www.sec.gov. 40 THE ADMINISTRATOR AND TRANSFER AGENT U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ( Fund Services or the Transfer Agent ), serves as administrator and transfer agent for the Funds. Fund Services principal address is 615 East Michigan Street, Milwaukee, Wisconsin 53202. Pursuant to a Fund Administration Servicing Agreement and a Fund Accounting Servicing Agreement between the Trust and Fund Services, Fund Services provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, Fund Services does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund Shares. As compensation for the administration, accounting and management services, the Adviser pays Fund Services a fee based on each Fund s average daily net assets, subject to a minimum annual fee. Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses. The Funds are new, and the Adviser has not paid Fund Services any fees for administrative services to the Funds as of the date of this SAI. THE CUSTODIAN Pursuant to a Custody Agreement, U.S. Bank National Association, 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the custodian of each Fund s assets. The custodian holds and administers the assets in a Fund s portfolios. Pursuant to the Custody Agreement, the custodian receives an annual fee from the Adviser based on the Trust s total average daily net assets, subject to a minimum annual fee and certain settlement charges. The custod\n...\nb-1 Plan was previously filed with Pre-Effective Amendment No. 2 to the Registrant s Registration Statement on May 27, 2015 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (2) Amended Schedule A to Rule 12b-1 Plan filed herewith . (n) Rule 18f-3 Plan None. (o) Reserved. (p) (1) Code of Ethics of Pacer Funds Trust was previously filed with Pre-Effective Amendment No. 2 to the Registrant s Registration Statement on May 27, 2015 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (2) Code of Ethics of Pacer Advisors, Inc. dated August 3, 2017 was previously filed with Post-Effective Amendment No. 43 to the Registrant s Registration Statement on April 30, 2019 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (3) Code of Ethics of Pacer Financial, Inc. was previously filed with Pre-Effective Amendment No. 2 to the Registrant s Registration Statement on May 27, 2015 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (4) Code of Ethics of Vident Advisory, LLC Vident Investment Advi sory , LLC was previously filed with Post-Effective Amendment 91 to the Registrant s Registration Statement on April 6, 2022 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (5) Code of Ethics of Swan Global Management, LLC was previously filed with Post-Effective Amendment 71 to the Registrant's Registration Statement on December 21, 2020 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. 4 (6) Code of Ethics of Metaurus Advisors LLC was previously filed with Post-Effective 77 to the Registrant's Registration Statement on July 1, 2021 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (7) Code of Ethics of Aristotle Pacific Capital LLC was previously filed with Post-Effective Amendment 135 to the Registrant s Registration Statement on August 28, 2025 (File Nos. 333-201530 and 811-23024) and is incorporated herein by reference. (8) C od e of Ethics of ActiveAlpha Investment Advisors Private Ltd . was previously filed with Post-Effective Amendment 142 to the Registrant s Registration Statement on December 22, 2025 (File Nos. 333-201530 and 811-23024 and is incorporated herein by reference. (9) Code of Ethics of Barings LLC and Baring International Investment Limited filed herewith . Item 29. Persons Controlled by or Under Common Control with Registrant Not Applicable. Item 30. Indemnification Reference is made to Article VII, Section III of the Registrant s Declaration of Trust , which was filed with the Registrant s Registration Statement on April 6, 2022. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust. Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act ), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. 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{"sample_id": "0001644419:ALL", "cik": "0001644419", "trust_name": "Northern Lights Fund Trust IV", "input_text": "nt\nCompany Act Registration No. 811-23066\nAs\nfiled with the Securities and Exchange Commission on June 2, 2026\nSECURITIES\nAND EXCHANGE COMMISSION\nWashington,\nD. C. 20549\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933 x\no\nPre-Effective\nAmendment No.\nx\nPost-Effective\nAmendment No. 391\nand/or\nREGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x\nx\nAmendment\nNo. 394\n(Check\nappropriate box or boxes.)\nNorthern\nLights Fund Trust IV\n(Exact\nName of Registrant as Specified in Charter)\n225\nPictoria Drive, Suite 450, Cincinnati, OH 45246\n(Address\nof Principal Executive Offices) (Zip Code)\nRegistrant s\nTelephone Number, including Area Code: (631) 490-4300\nThe\nCorporation Trust Company\n1209\nOrange Street\nWilmington,\nDE 19801\n(Name\nand Address of Agent for Service)\nWith\ncopy to:\nJoAnn\nM. Strasser\nThompson\nHine LLP\n41\nSouth High Street, Suite 1700\nColumbus,\nOhio 43215\n(614)\n469-3265 (phone)\n(614)\n469-3361 (fax)\nJennifer\nFarrell\nUltimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, Ohio 45246\n(631) 490-4300 (phone)\n(631)\n813-2884 (fax)\nApproximate\ndate of proposed public offering: As soon as practicable after the effective date of the Registration Statement.\nIt\nis proposed that this filing will become effective:\no Immediately\nupon filing pursuant to paragraph (b)\nx On\nJune 3, 2026 pursuant to paragraph (b)\no 60\ndays after filing pursuant to paragraph (a)(1)\no On\n(date) pursuant to paragraph (a)(1)\no 75\ndays after filing pursuant to paragraph (a)(2)\no On\n(date) pursuant to paragraph (a)(2) of Rule 485.\nIf\nappropriate, check the following box:\no This\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nMonarch\nBlue Chips Elite Index ETF\n(formerly,\nMonarch Blue Chips Core Index ETF )\nMBCE\nA\nseries of Northern Lights Fund Trust IV\nPROSPECTUS\nJune\n3, 2026\nAdvised\nby:\nKingsview Wealth Management LLC\n509 SE 7th Street, 2nd Floor\nGrants Pass, OR 97526\nSub-Advised\nby:\nPenserra Capital Management LLC\n4 Orinda Way, Suite 100\nOrinda, CA 94563\nwww.monarchfunds.com\nphone:\n541-291-4405 (toll-free)\nThis\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it\nfor future reference.\nThese\nsecurities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission\npassed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nShares\nof the Fund are listed and traded on the Cboe BZX Exchange, Inc.\nTABLE\nOF CONTENTS\nFUND SUMMARY Monarch Blue Chips Elite Index ETF (formerly, Monarch\nBlue Chips Core Index ETF )\n1\nADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS\n5\nINVESTMENT OBJECTIVE\n5\nPRINCIPAL INVESTMENT STRATEGIES\n5\nPRINCIPAL INVESTMENT RISKS\n5\nPORTFOLIO HOLDINGS DISCLOSURE\n7\nOPERATIONAL AND CYBERSECURITY\nRISK\n7\nMANAGEMENT\n8\nINVESTMENT ADVISER\n8\nINVESTMENT SUB-ADVISER\n8\nPORTFOLIO MANAGERS\n9\nHOW SHARES ARE PRICED\n9\nHOW TO BUY AND SELL SHARES\n10\nPremium/Discount Information\n11\nBook Entry\n11\nFREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES\n11\nDISTRIBUTION AND SERVICE PLAN\n11\nDIVIDENDS, OTHER DISTRIBUTIONS AND TAXES\n12\nTaxes\n12\nTaxes on Distributions\n12\nTaxes on Exchange-Listed\nShare Sales\n13\nTaxes on Purchase and Redemption\nof Creation Units\n13\nFUND SERVICE PROVIDERS\n13\nOTHER INFORMATION\n14\nContinuous Offering\n14\nFINANCIAL HIGHLIGHTS\n15\nPRIVACY NOTICE\n16\nFUND\nSUMMARY Monarch Blue Chips Elite Index ETF (formerly, Monarch Blue Chips Core Index ETF )\nInvestment\nObjective:\n...\non-weighted index\nwhich measures the performance of 500 large-cap common stocks actively traded in the United\nStates. Index returns assume reinvestment of dividends. Investors may not invest in the index\ndirectly; unlike the Fund s returns, the index does not reflect any fees or expenses .\nInvestment\nAdviser: Kingsview Wealth Management, LLC\nInvestment\nSub-Adviser: Penserra Capital Management LLC ( Penserra )\nPortfolio\nManagers: Dustin Lewellyn, CFA, Managing Director of Penserra; and Ernesto Tong, CFA, Managing Director of Penserra, have each served\nthe Fund as its portfolio managers since it commenced operations. Christine Johanson, CFA, Director of Penserra, has served the Fund\nas a portfolio manager since August 2024.\nPurchase\nand Sale of Fund Shares: Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or\nat market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price\nthat is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer\nis willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling\nShares in the second market (the bid-ask spread ). Information on the Fund s NAV, market price, premiums and discounts\nand bid-asks spreads is presented on the Fund s website at www.monarchfunds.com .\nTax\nInformation: The Fund s distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares\nmay result in capital gain or loss.\nPayments\nto Broker-Dealers and Other Financial Intermediaries: If you purchase the Fund through a broker-dealer or other financial intermediary\n(such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments\nmay create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over\nanother investment. Ask your salesperson or visit your financial intermediary s website for more information.\n4\nADDITIONAL\nINFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS\nINVESTMENT\nOBJECTIVE:\nFund\nInvestment\nObjective\nMonarch\nBlue Chips Elite Index ETF\n( Blue Chips Elite Index ETF )\nseeks\nto replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Blue Chips\nElite Index\nThe\nFund s investment objective may be changed by the Board of Trustees upon 60 days written notice to shareholders. The Fund\nhas adopted a policy to invest at least 80% of its assets in a particular type of security. The Fund may change its 80% policy upon 60\ndays written notice to its shareholders.\nPRINCIPAL\nINVESTMENT STRATEGIES:\nBlue\nChips Elite Index ETF\nThe\nBlue Chips Elite Index ETF is designed to track the Monarch Blue Chips Elite Index (the Blue Chips Elite Index ). The Blue\nChips Elite Index aims to rank U.S. large capitalization companies included in the S P 500 Index. The Blue Chips Elite Index methodology\ninvolves fundamental metrics including, but not limited to, revenue, revenue growth, profit margin, profit margin growth, net income,\nnet income growth and price to earnings ratios. Companies are assigned a rank for each metric. A proprietary weighting algorithm is then\napplied to achieve an overall score for each company. The underlying portfolio is then constructed from the top 12 names typically in\nan equally weighted fashion. Based on this approac\n...\narticipant that exchanges Creation Units for securities will generally\nrecognize a gain or loss equal to the difference between the exchanger s basis in the Creation Units and the sum of the aggregate\nmarket value of the securities received plus any cash equal to the difference between the NAV of Shares being redeemed and the value\nof the securities. The Internal Revenue Service (the Service ), however, may assert that a loss realized upon an exchange\nof securities for Creation Units cannot be deducted currently under the rules governing wash sales or for other reasons.\nPersons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might\nbe deductible.\nAny\ncapital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares have\nbeen held for more than one year and as short-term capital gain or loss if Shares have been held for one year or less.\nIf\nan Authorized Participant purchases or redeems Creation Units, the authorized participant will be sent a confirmation statement showing\nhow many Shares the authorized participant purchased or sold and at what price. See Tax Status in the SAI for a description\nof the newly effective requirement regarding basis determination methods applicable to Share redemptions and the Fund s obligation\nto report basis information to the Service.\nThe\nforegoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not\na substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in Shares\nunder all applicable tax laws. See Tax Status in the SAI for more information.\nFUND\nSERVICE PROVIDERS\nUltimus\nFund Solutions, LLC is the Fund s administrator and fund accountant. It has its principal office at 225 Pictoria Drive, Suite 450,\nCincinnati, Ohio 45246, and is primarily in the business of providing administrative, fund accounting and transfer agent services to\nretail and institutional mutual funds and exchange traded funds.\nBrown\nBrothers Harriman Co., 50 Post Office Square, Boston, Massachusetts, 02110-1548, is the Fund s transfer agent and custodian.\nNorthern\nLights Distributors LLC, 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska, 68022-3474, is the distributor for Shares. The\nDistributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.\nThompson\nHine LLP, 41 South High Street, 17th Floor, Columbus, Ohio 43215, serves as legal counsel to the Trust.\nCohen\nCompany, Ltd., 1835 Market St., Suite 310, Philadelphia, PA 19103,\nserves as the Fund s independent registered public accounting firm. The independent registered public accounting firm is responsible\nfor auditing the annual financial statements of the Fund.\n13\nOTHER\nINFORMATION\nContinuous\nOffering\nThe\nmethod by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new\nCreation Units of Shares are issued and sold by the Fund on an ongoing basis, a distribution, as such term is used in the\n1933 Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on\nthe circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters\nand subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.\nFor\nexample, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with\nthe Distributor, breaks them down into constituent Shares and sells Shares directly to customers or if it chooses to couple the creation\nof a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination\nof whether one is an underwriter for purposes of the 1933 Act must take into account all the fact\n...\nence.\n(h)(14)(a)\nAmendment\nto Fund of Funds Investment Agreement, as amended, between Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Trust II, Invesco\nIndia Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity\nFund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and the Registrant was previously filed as an exhibit to the Registrant s\nRegistration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.\n(h)(15)\nIndex\nLicensing Agreement between Inspire Investing, LLC and Wallick Investments, LLC with respect to Inspire Fidelis Multi Factor ETF was previously\nfiled as an exhibit to the Registrant s Registration Statement on August 18, 2022 with Post-Effective Amendment No. 273 and is incorporated\nby reference.\n(h)(16)\nIndex\nSub-Licensing Agreement between Inspire Investing LLC and the Trust with respect to Inspire Fidelis Multi-Factor ETF was previously filed\nas an exhibit to the Registrant s Registration Statement on September 22, 2022 with Post-Effective No. 275 and is incorporated by\nreference.\n(h)(17)\nTransfer\nAgency Agreement between State Street Bank and Trust Company and the Registrant was previously filed as an exhibit to the Registrant s\nRegistration Statement on June 24, 2024 with Post-Effective No. 356 and is incorporated by reference.\n(h)(18)\nAmended\nSchedule A to the Transfer Agency Agreement between State Street Bank and Trust Company and the Registrant was previously filed as an\nexhibit to the Registrant s Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated\nby reference.\n(h)(19)\nShareholder\nServicing Plan for Advisor Class shares and Institutional Class shares between Fulcrum Asset Management LLP and the Trust with respect\nto the Fulcrum Diversified Absolute Return Fund was previously filed as an exhibit to the Registrant s Registration Statement on\nOctober 27, 2023 with Post-Effective No. 336 and is incorporated by reference.\n(h)(20)\nAP\nRepresentative Confidentiality Undertakings Agreement between Cantor Fitzgerald Co. and the Registrant with respect to FM\nCompounders Equity ETF was previously filed as an exhibit to the Registrant s Registration Statement on October 22, 2024 with Post-Effective\nAmendment No. 364 and is incorporated by reference.\n(h)(20)(a)\nAmendment\nto the AP Representative Confidentiality Undertakings Agreement between Cantor Fitzgerald Co. and the Registrant with respect\nto FM Compounders Equity ETF was previously filed as an exhibit to the Registrant s Registration Statement on December 19, 2024\nwith Post-Effective Amendment No. 366 and is incorporated by reference .\n(h)(21)\nFund\nof Funds Investment Agreement between VanEck ETF Trust and the Registrant was previously filed as an exhibit to the Registrant s\nRegistration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.\n(h)(22)\nAssignment\nand Assumption Agreement between Brown Brothers Harriman Co., Mitsubishi UFJ Trust and Banking Corporation, and the Registrant was\npreviously filed as an exhibit to the Registrant s Registration Statement on September 25, 2025 in Post-Effective Amendment No.\n375 and is incorporated by reference.\n(h)(23)\nFund\nof Funds Investment Agreement between DBX ETF Trust and the Registrant is filed herewith.\n(h)(24)\nFund\nof Funds Investment Agreement between BlackRock Trusts and the Registrant is filed herewith.\n(h)(25)\nFund\nof Funds Investment Agreement between SPDR Trusts and the Registrant", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, 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"context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fulcrum Diversified Absolute Return Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Fulcrum Asset Management LLP <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Northern Lights Fund Trust IV <triple_end>\n<triple_start> Northern Lights Fund Trust IV <predicate_marker> underwrittenBy <object_marker> Northern Lights Distributors, LLC <triple_end>", "target_serialized_plain": "Fulcrum Diversified Absolute Return Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Fulcrum Asset Management LLP ; custodian U.S. Bank National Association ; seriesOf Northern Lights Fund Trust IV .\nNorthern Lights Fund Trust IV underwrittenBy Northern Lights Distributors, LLC .", "stats": {"input_chars": 14883, "n_triples": 5, "text_to_json_ratio": 29.1}}
{"sample_id": "0001649363:ALL", "cik": "0001649363", "trust_name": "ABS Long/Short Strategies Fund", "input_text": "following:\nThe Fund requires that a tendering shareholder\ntender a minimum of $10,000 worth of Shares. A shareholder tendering only a portion of its Shares for purchase will be required\nto continue to hold Shares with a value of at least $25,000 after giving effect to the repurchase. If a shareholder tenders an\namount that would cause the value of its Shares (after giving effect to the repurchase) to fall below $25,000, the Fund may accept\nthe request and reduce the amount to be repurchased so that the value of the shareholder s account is at least $25,000 or\nthe Fund may repurchase all of the shareholder s Shares. In addition, the Fund may waive the minimum account balance.\n*****\nPLEASE RETAIN FOR FUTURE REFERENCE.\n\n\f\n\n497\n1\nfp0045470_497.htm\nPROSPECTUS\nABS LONG/SHORT STRATEGIES FUND\nFounders Shares\nAugust 29, 2019\nABS Long/Short Strategies Fund ( Fund ) is a Delaware statutory trust\nregistered under the Investment Company Act of 1940 ( 1940 Act ) as a non-diversified, closed-end management investment\ncompany. The Fund, under normal circumstances, invests its assets pursuant to equity long/short strategies through investments\nin private investment vehicles or hedge funds ( Portfolio Funds ). While the Portfolio Funds may\nbe organized within or outside the U.S., no Portfolio Fund is expected to be registered under the 1940 Act.\nThe Fund s investment objective is to seek capital appreciation over a full\nmarket cycle while maintaining a lower level of volatility when compared to the global equity markets risk and volatility.\nA full market cycle is a peak-to-peak period that includes a recession and a price decline of at least 20% from the previous market\npeak, followed by a rebound that establishes a new, higher peak.\nIn order to achieve the Fund s investment objective, ABS Investment Management\nLLC (the Adviser ) allocates the Fund s assets among Portfolio Funds managed by a variety of different investment\nmanagers (the Investment Managers ). The Fund cannot guarantee that its investment objective will be achieved\nor that its investment program will be successful.\nAn investment in the Fund is speculative, involves significant\nrisk and is not suitable for all investors. Before investing, you should consider the following specific risks of an investment\nin the Fund:\nIt is possible that you may lose some or all of your investment and attempts by\nthe Fund to manage the risks of investing in Portfolio Funds does not imply that your investment in the Fund is low risk or without\nrisk. See Principal Risks.\nAn investment in the Fund is illiquid and is not suitable for you if you need\naccess to the money you invest. See Principal Risks-Liquidity Risks.\nYou may not have access to the money you invest for an indefinite period of time\nand you should not expect to be able to sell the Fund s shares of beneficial interest ( Shares ) regardless\nof how your investment in the Fund performs. See Principal Risks-Liquidity Risks.\nYou do not have the right to require the Fund to redeem or repurchase your Shares\nalthough the Fund may periodically offer to repurchase Shares on such terms as may be determined by the Fund s Board of\nTrustees ( Board ). See Principal Risks-Liquidity Risks.\nShares are not, and are not expected to be, listed for trading on any securities\nexchange. To the Fund s knowledge, there is no, nor will there be, any secondary trading market for the Shares. See\nPrincipal Risks-Liquidity Risks.\nShares are subject to substantial restrictions on transferability and resale and\nmay not be transferred or resold except as permitted under the Fund s Declaration of Trust. See Principal Risks-Liquidity\nRisks and Transfer of Shares.\nBecause you may not be able to sell your Shares, you will not be able to reduce\nyour investment exposure to the Fund on any market downturn. See Principal Risks-Liquidity Risks.\nBefore making an investment decision, you or your adviser should\nconsider factors such as net worth, income, age, risk tolerance and liquidity needs in evaluating whether the Fund is a suitable\ninvestment for you. Short-term investors and investors who cannot bear the loss of some or all of their investment or the\nrisks associated with the limited liquidity of an investment in the Fund should not invest in the Fund. See Principal\nRisks.\nForeside Fund Services, LLC ( Distributor ) acts as principal underwriter\nand distributor for the Fund s shares of beneficial interest ( Shares ) on a best efforts basis. The Distributor\nmay retain additional broker-dealers and other financial intermediaries (each a Selling Agent ) to assist in the\ndistribution of Shares and Shares are available for purchase through these Selling Agents. Amounts received from investors as\npotential investments in the Fund are held in an escrow account at the Fund s custodian pending the admission of investors\nas Shareholders of the Fund. Investors will not receive any interest on funds held in the escrow account.\nShares are only sold to investors qualifying as Eligible Investors\nas described in this Prospectus. The term Eligible Investor means investors that satisfy the definitions of\naccredited investor as defined in Regulation D under the Securities Act of 1933, as amended. In light of the\nanti-money laundering risks associated with shareholder accounts maintained by foreign investors and the fact that the Fund is\nnot registered for sale outside of the U.S. and its territories, the Fund may not accept, without the prior written authorization\nof the Fund s Anti-Money Laundering Officer, a subscription agreement or request for an additional purchase from a person\nthat: (1) does not have a residential address (or the principal place of business for an entity) located within the U.S. or its\nterritories; (2) does not have a U.S. military address; (3) is not a U.S. citizen residing outside the U.S. or its territories;\nor (4) does not have a valid U.S. taxpayer identification number. See Eligible Investors.\nThis Prospectus offers Shares of the Fund s Founders Class ( Founders\nShares ) which may be purchased through a Selling Agent). The Fund\n...\ndviser\nABS Investment Management LLC, a Delaware limited liability company, is the Adviser.\nThe Adviser is a registered investment adviser with offices at 537 Steamboat Road, Greenwich, Connecticut 06830.\nAs of July 31, 2019, the Adviser s\ntotal assets under management were approximately $5.67 billion.\nFor management services rendered to the Fund pursuant to an Investment Advisory\nAgreement between the Fund and the Adviser, the Adviser receives an annual fee of 1.00%, payable monthly based on the Fund s\nmonth end NAV.\nSee Management Investment Adviser.\nPerformance\nOn December 31, 2015, simultaneous with the commencement of the Fund s operations\nwith respect to the Founder s Share class ( Commencement of Operations ), ABS (3)(C)(1) LP (the Predecessor\nFund ), was reorganized with and into the Founder s Share class of the Fund. The Predecessor Fund maintained\nan investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The\nFund and the Predecessor Fund shared the same investment adviser and portfolio managers. The performance of Founders\nShares for periods before the Commencement of Operations is that of the Predecessor Fund. The Predecessor Fund s performance\nhas been adjusted to reflect the estimated expenses of the Founders Shares (minus the projected Acquired Fund Fees and\nExpenses) for its first year of operations as a registered investment company (after giving effect to any fee waivers or expense\nreimbursements). For the estimated expenses of the Founders Shares (including Acquired Fund Fees and Expenses), see\nSummary of Fund Expenses.\nFor past performance information of Founders Shares, see Performance.\nPAST PERFORMANCE DOES NOT GUARANTEE FUTURE INVESTMENT RESULTS.\nServices\nAdministrator\nand Transfer Agent. UMB Fund Services, Inc. ( UMB ) provides administration, compliance, fund accounting\nand transfer agency services to the Fund. Fees and expenses of UMB are paid by the Fund.\nCustodian\nand Escrow Agent. UMB Bank, N.A. ( Custodian ),\n928 Grand Boulevard, Kansas City, Missouri 64106, is custodian of the Fund s investments. UMB Bank, N.A., also serves\nas escrow agent (in such capacity, the Escrow Agent ) with respect to subscription monies received from prospective\ninvestors in advance of dates when shares may be subscribed for and monies may be transmitted to the Fund, as well as with respect\nto monies received from the Fund in advance of dates when shares may be tendered to the Fund and monies may be transmitted to\nthe tendering shareholders. Amounts received from prospective investors in the Fund (in the case of subscriptions) and amounts\nreceived from the Fund (in the case of tender offers) will be held in an escrow account pending the transmission to the Fund or\ntendering shareholders, as the case may be. Any interest earned on the account will be paid to the Fund. If an investor s\nsubscription is not accepted, the Escrow Agent will return the subscription monies to such investor. Fees and expenses of\nthe Custodian and Escrow Agent are paid by the Fund.\nSee Services.\nFund Expenses\nFund\nExpenses . The Fund bears its own operating expenses which include, but are not limited to: (1) organizational\nand offering costs; (2) the fees payable to various service providers including, but not limited to the Adviser and the out of\npocket expenses thereof including compliance consultants and background check professionals; (3) Trustee fees; (4) repurchase\noffer expenses; (5) costs of printing prospectuses and shareholder reports; (6) registration fees; and (7) costs associated with\npurchasing and redeeming Portfolio Funds.\nPortfolio\nFund Expenses . The Portfolio Funds incur their own operating expenses. As an investor in the Portfolio\nFunds, the Fund indirectly bears its pro rata\n...\nus periods\nof time. Past performance is not an indication of future performance.\nOn December 31, 2015, simultaneous with the commencement of the Fund s operations\nwith respect to the Founder s Share class ( Commencement of Operations ), ABS (3)(C)(1) LP (the Predecessor\nFund ), was reorganized with and into the Founder s Share class of the Fund. The Predecessor Fund maintained\nan investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The\nFund and the Predecessor Fund shared the same investment adviser and portfolio managers.\nThe performance of Founders Shares for periods before the Commencement\nof Operations is that of the Predecessor Fund and includes the expenses of the Predecessor Fund. The performance of the\nPredecessor Fund was adjusted to reflect the Founders Shares estimated expenses (with the exception of estimated\nAcquired Fund Fees and Expenses the effect of which is already incorporated into the performance of the Predecessor Fund) for\nits first year of operations as a registered investment company (after giving effect to any fee waivers or expense reimbursements).\nThe financial statements of the Predecessor Fund were audited for all years that the Predecessor Fund was in existence (since\nMarch 1, 2011). The performance returns of the Predecessor Fund are unaudited and are calculated by the Adviser on a total return\nbasis. The Predecessor Fund was not registered under the 1940 Act and was not subject to certain investment limitations, diversification\nrequirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely\naffected its performance. The Adviser does not manage any other registered investment companies in addition to the Fund.\nABS Long/Short Strategies Fund Founders Shares\nPerformance (1)\nMonthly and Year-To-Date Returns since Inception (March 1,\n2011)\nYear\nJan\nFeb\nMar\nApr\nMay\nJun\nJul\nAug\nSep\nOct\nNov\nDec\nYear To Date\n2019\n3.46%\n1.65%\n0.29%\n2.64%\n-3.00%\n2.59%\n1.28%\n9.12%\n2018\n2.89%\n-1.43%\n-0.73%\n-0.37%\n2.04%\n-0.97%\n1.40%\n0.28%\n-0.58%\n-5.36%\n-0.20\n-2.59\n-5.73%\n2017\n1.33%\n1.37%\n1.37%\n1.20%\n1.63%\n0.00%\n1.73%\n0.47%\n0.71%\n1.20%\n0.33%\n0.06%\n11.99%\n2016\n-5.06%\n-1.96%\n1.31%\n-0.51%\n0.98%\n-2.40%\n2.76%\n0.64%\n0.40%\n-0.82%\n0.00%\n1.00%\n-3.82%\n2015\n-0.44%\n2.94%\n1.46%\n-0.45%\n1.42%\n-0.59%\n1.13%\n-1.40%\n-2.79%\n1.98%\n0.98%\n-0.77%\n3.38%\n2014\n-0.60%\n2.70%\n-1.30%\n-1.89%\n2.02%\n1.70%\n-1.53%\n1.35%\n-1.18%\n0.93%\n2.09%\n0.60%\n4.83%\n2013\n3.77%\n0.34%\n2.04%\n1.01%\n2.08%\n-1.04%\n1.21%\n-0.55%\n2.92%\n1.45%\n2.37%\n2.78%\n19.86%\n2012\n1.81%\n1.61%\n0.82%\n-0.25%\n-2.93%\n-0.05%\n0.58%\n1.47%\n1.03%\n0.23%\n0.65%\n1.08%\n6.11%\n2011\n0.58%\n1.38%\n-0.60%\n-0.65%\n0.22%\n-3.70%\n-4.64%\n3.22%\n-0.18%\n-0.19%\n-4.71%\nAverage Annual Total Returns as of December 31, 2018\nFund\nMSCI\nAC World TR Index (3)\nHFRI\nFund of Funds\nStrategic Index (4)\n1 Year\n-5.73%\n7.68%\n-6.67%\nSince Inception (2)\n3.74%\n7.40%\n1.73%\nOther Performance Data from Inception\nMarch 1, 2011 through December 31, 2018\nFund\nMSCI AC World TR Index\nHFRI\nFund of Funds\nStrategic Index\nCumulative Return\n33.35%\n74.97%\n14.60%\nStandard Deviation (5)\n6.10%\n10.59%\n5.08%\nLargest Drawdown (6)\n-9.44%\n-17.31%\n-11.11%\nDrawdown number\nof months (7)\n5\n5\n8\n1.\nThe principal\nvalue of the Fund s Founders Shares will fluctuate so that a shareholder s shares, when redeemed may be lower\nor higher than the figures shown.\n2.\nThe Predecessor\nFund commenced operations on March 1, 2011.\n3.\nThe MSCI All\nCountry World Total Return Index (ticker symbol NDLEACWF) captures large and mid cap representation across 23 Developed Markets\n(DM", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:ABS_Long_Short_Strategies_Fund", "p": "administrator", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:ABS_Long_Short_Strategies_Fund", "p": "advisedBy", "o": "org:ABS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:ABS_Long_Short_Strategies_Fund", "p": "custodian", "o": "org:UMB_BANK_NATIONAL_ASSOCIATION", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:ABS_Long_Short_Strategies_Fund", "p": "seriesOf", "o": "trust:ABS_Long_Short_Strategies_Fund", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:ABS_Long_Short_Strategies_Fund", "p": "transferAgent", "o": "org:UMB_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:ABS_Long_Short_Strategies_Fund", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> ABS Long/Short Strategies Fund <predicate_marker> administrator <object_marker> UMB Fund Services, Inc. <predicate_marker> advisedBy <object_marker> ABS Investment Management LLC <predicate_marker> custodian <object_marker> UMB BANK, NATIONAL ASSOCIATION <predicate_marker> seriesOf <object_marker> ABS Long/Short Strategies Fund <predicate_marker> transferAgent <object_marker> UMB Fund Services, Inc. <triple_end>\n<triple_start> ABS Long/Short Strategies Fund <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "ABS Long/Short Strategies Fund administrator UMB Fund Services, Inc. ; advisedBy ABS Investment Management LLC ; custodian UMB BANK, NATIONAL ASSOCIATION ; seriesOf ABS Long/Short Strategies Fund ; transferAgent UMB Fund Services, Inc. .\nABS Long/Short Strategies Fund underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 13514, "n_triples": 6, "text_to_json_ratio": 23.8}}
{"sample_id": "0001650149:ALL", "cik": "0001650149", "trust_name": "Series Portfolios Trust", "input_text": "endment No. 248 [ X ] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] Amendment No. 251 [ X ] (Check appropriate box or boxes.) SERIES PORTFOLIOS TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, WI 53202 (Address of Principal Executive Offices, including Zip Code) Registrant s Telephone Number, including Area Code: (414) 516-1652 Ryan L. Roell, President and Principal Executive Officer Series Portfolios Trust 615 East Michigan Street Milwaukee, WI 53202 (Name and Address of Agent for Service) Copy to: JoAnn M. Strasser Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, OH 43215 It is proposed that this filing will become effective immediately upon filing pursuant to paragraph (b) on ___________ pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) on pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) on pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box [ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment. Explanatory Note: This Post-Effective Amendment No. 248 to the Registration Statement on Form N-1A of Series Portfolios Trust (the Trust ) is being filed to respond to Staff comments with respect to the Trust s series: Infrastructure Capital Nasdaq Option Income ETF. Infrastructure Capital Nasdaq Option Income ETF Listed on The Nasdaq Stock Market, LLC : QVOL Prospectus May 8, 2026 The U.S. Securities and Exchange Commission ( SEC ) has not approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Infrastructure Capital Nasdaq Option Income ETF A series of Series Portfolios Trust (the Trust ) TABLE OF CONTENTS Summary Section 1 Infrastructure Capital Nasdaq Option Income ETF 1 Additional Information About the Fund 8 Investment Objective 8 Principal Investment Strategies 8 Principal Risks 8 Portfolio Holdings 14 Management of the Fund 14 Investment Adviser 14 Portfolio Manager 15 How to Buy and Sell Shares 16 Book Entry 16 Investing in the Fund 16 Frequent Purchases and Redemption of Shares 17 Determination of Net Asset Value 17 Fair Value Pricing 17 Investments by Other Registered Investment Companies 18 Distribution of Fund Shares 18 Dividends, Distributions and their Taxation 18 Distribution 21 Premium/Discount Information 21 Additional Notices 21 Other Information 22 Financial Highlights 22 Summary Section Infrastructure Capital Nasdaq Option Income ETF Investment Objective The Infrastructure Capital Nasdaq Option Income ETF (the Fund ) seeks high current monthly income with a secondary objective of capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees (1) 0.80 % Distribution and Service (Rule 12b-1) Fees 0.00 % Other Expenses (2) 0.02 % Total Annual Fund Operating Expenses 0.82 % (1) The management fee is structured as a unified fee. Infrastructure Capital Advisors LLC (the Adviser ) has agreed to pay all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold\n...\nrelative valuation factors. When selecting equity securities for the Fund, the Adviser may emphasize stocks that it considers to be value stocks. As an example, the Adviser may favor lower relative price stocks, or stocks with higher profitability as compared to their representation in the Index (favorable relative value). If a company has a low price in relation to its book value or relative to the price of its peers, it would also be considered a value stock. When evaluating the relative price of a security, the Adviser may consider additional features such as enterprise values, capital ratios, operating metrics, and other key financial ratios that the Adviser believes are pertinent to valuing a sector or industry group of the company, such as price to cash flow or price to earnings ratios. In addition to quantitative, qualitative, and relative valuation factors, the Adviser aims to achieve an investment philosophy that is: (1) driven by discipline, (2) applied consistently, and (3) centered around risk management. The Adviser will execute a transaction after considering the time horizon for the investment and the portfolio s positioning. Factors considered as part of the sell discipline include excessive valuation, opportunities to shift to more favorable investments, lack of confidence in the original thesis, changes in the company s fundamental position, and whether a better opportunity exists to further the Fund s strategy. The Adviser expects, at times, to engage in active and frequent 2 trading with high portfolio turnover of the Fund s portfolio investments to achieve the Fund s investment objective. The Adviser expects annual portfolio turnover may, at times, exceed 100% of the average value of the Fund s portfolio. The Fund is also authorized to borrow from banks for investment purposes an amount up to 33 1/3% of its total assets (including the amount borrowed), in compliance with the 1940 Act. The use of borrowings to purchase additional securities is known as leverage. The Fund s use of leverage will vary depending on market conditions. Principal Risks As with any fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. In addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time . The principal risks of investing in the Fund are summarized below. ETF Risks. The Fund is an ETF, and, as a result of its structure, it is exposed to the following risks: Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has only a limited number of institutional investors (known as Authorized Participants or APs ) that are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to the Fund s net asset value ( NAV ) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. This may lead to the widening of bid/ask spreads quoted throughout th\n...\nment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units. Foreign Taxes To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. If a shareholder purchases shares after the Fund has realized but not yet distributed income or capital gains, the purchase price may include the amount of the upcoming distribution, and the shareholder may pay full price for the shares and later receive a portion of the purchase price back as a taxable distribution. In such case, the shareholder will be taxed upon receipt of such distribution, even though the distribution effectively represents a return of a portion of the purchase price. This is known as buying dividend. The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of Fund shares. Consult your personal tax adviser about the potential tax consequences of an investment in Fund shares under all applicable tax laws. For more information, please see the section entitled Federal Income Taxes in the SAI. Distribution The distributor, Quasar Distributors, LLC (the Distributor ), is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in the Fund s shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor s principal address is 190 Middle Street, Suite 301, Portland, Maine 04101. 20 Premium/Discount Information Each business day, the following information will be available, free of charge, on the Fund s website at www.infracapfund.com/QVOL: (i) information for each portfolio holding that will form the basis of the next calculation of the Fund s NAV per share; (ii) the Fund s NAV per share, market price, and premium or discount, each as of the end of the prior business day; (iii) a table showing the number of days the Fund s shares traded at a premium or discount during the most recently completed calendar year and the most recently completed calendar quarter since that year; (iv) a line graph showing Fund share premiums or discounts for the most recently completed calendar year and the most recently completed calendar quarter since that year; (v) the Fund s median bid-ask spread over the last thirty calendar days; and (vi) if during the past year the Fund s premium or discount was greater than 2% for more than seven consecutive trading days, a statement that the Fund s premium or discount, as applicable, was greater than 2% and a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount. Additional Notices Shares of the Fund are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the determ\n...\nparties, including, among others, the Adviser, administrator and Distributor, who provide services to the Fund. Shareholders of the Fund are not parties to, or intended (or third-party ) beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce such contractual arrangements against the service providers or to seek any remedy under such contractual arrangements against the service providers, either directly or on behalf of the Trust. This prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. None of this prospectus, the SAI or any document filed as an exhibit to the Trust s registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Fund and any investor, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. The Fund reserves the right to cease operations and liquidate at any time. See Liquidation of the Fund in the SAI for additional information. Financial Highlights Because the Fund has not yet commenced operations, there are no financial highlights available at this time. 22 INVESTMENT ADVISER: Infrastructure Capital Advisors, LLC 1325 Avenue of the Americas, 28th Floor New York, New York 10019 DISTRIBUTOR: Quasar Distributors, LLC 190 Middle Street, Suite 301 Portland, Maine 04101 CUSTODIAN: U.S. Bank N.A. 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212 ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT: U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM: Cohen Company, Ltd. 1350 Euclid Avenue, Suite 800 Cleveland, Ohio 44115 LEGAL COUNSEL: Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 23 PRIVACY NOTICE The Fund collects non-public information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Fund collects financial and personal information about you ( Personal Information ) directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings). The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry o", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Oakhurst_Strategic_Defined_Risk_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Oakhurst_Strategic_Defined_Risk_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Oakhurst_Strategic_Defined_Risk_Fund", "p": "seriesOf", "o": "trust:Series_Portfolios_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Oakhurst_Strategic_Defined_Risk_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Series_Portfolios_Trust", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Oakhurst Strategic Defined Risk Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Series Portfolios Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Series Portfolios Trust <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "Oakhurst Strategic Defined Risk Fund administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf Series Portfolios Trust ; transferAgent U.S. Bancorp Fund Services, LLC .\nSeries Portfolios Trust underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 14411, "n_triples": 5, "text_to_json_ratio": 29.0}}
{"sample_id": "0001652200:ALL", "cik": "0001652200", "trust_name": "Cohen & Steers Low Duration Preferred & Income Fund, Inc.", "input_text": "ities and Exchange Commission on August 26, 2025 File Nos. 333-206888 811-23097 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT\nUNDER THE SECURITIES ACT OF 1933\nPRE-EFFECTIVE AMENDMENT NO.\nPOST-EFFECTIVE AMENDMENT NO. 18\nAnd\nREGISTRATION STATEMENT\nUNDER THE INVESTMENT COMPANY ACT OF 1940\nAMENDMENT NO. 20\nCOHEN STEERS LOW DURATION PREFERRED AND INCOME FUND, INC. (Exact Name Of Registrant As Specified In Charter) 1166 Avenue of the Americas, 30 th Floor, New York, NY 10036 (Address Of Principal Executive Office) Registrant s Telephone Number, including Area Code: (212) 832-3232 Dana A. DeVivo Cohen Steers Capital Management, Inc. 1166 Avenue of the Americas, 30 th Floor New York, New York 10036 (Name And Address Of Agent Of Service Of Process) With copies to: Michael G. Doherty, Esq. Ropes Gray LLP 1211 Avenue of the Americas New York, New York 10036 Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this registration statement. It is proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\nOn August 28, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of rule 485 If appropriate, check the following box:\nthis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nCohen Steers Low Duration Preferred and Income Fund, Inc. CLASS A (LPXAX), CLASS C (LPXCX), CLASS F (LPXFX), CLASS I (LPXIX), CLASS R (LPXRX) AND CLASS Z (LPXZX) SHARES 1166 AVENUE OF THE AMERICAS, 30 TH FLOOR NEW YORK, NEW YORK 10036 PROSPECTUS Advisor Cohen Steers Capital Management, Inc. 1166 Avenue of Americas, 30 th Floor New York, New York 10036 Telephone: (212) 832-3232 Transfer Agent SS C GIDS, Inc. P.O. Box 219953 Kansas City, MO 64121-9953 Telephone: (800) 437-9912 September 1, 2025 THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED OF THE FUND S SHARES OR DETERMINED WHETHER THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANYONE WHO INDICATES OTHERWISE IS COMMITTING A CRIME.\nTABLE OF CONTENTS\nPage\nSummary Section\n1\nInvestment Objectives\n1\nFund Fees and Expenses\n1\nPrincipal Investment Strategies\n3\nPrincipal Risks of Investing in the Fund\n4\nFund Performance\n12\nInvestment Management\n14\nPurchase and Sale of Fund Shares\n14\nTax Information\n15\nPayments to Broker-Dealers and Other Financial Intermediaries\n15\nInvestment Objectives, Principal Investment Strategies and Related Risks\n15\nObjectives\n15\nPrincipal Investment Strategies\n15\nPrincipal Risks of Investing in the Fund\n20\nAdditional Investment Information\n34\nManagement of the Fund\n37\nThe Advisor\n37\nPortfolio Managers\n38\nPricing of Fund Shares\n39\nHow to Purchase, Exchange and Sell Fund Shares\n41\nPurchase Minimums\n41\nPurchasing the Class of Fund Shares that is Best for You\n41\nHow to Purchase Fund Shares\n51\nAdditional Information on Purchase of Fund Shares\n53\nExchange Privilege\n54\nHow to Sell Fund Shares\n56\nFrequent Purchases and Redemptions of Fund Shares\n59\nAdditional Information\n60\nDistribution And Service Plan\n60\nShareholder Services Plan\n60\nNetworking and Sub-Transfer Agency Fees\n61\nOther Compensation\n61\nDividends and Distributions\n61\nTax Considerations\n61\nFinancial Highlights\n65\nAPPENDIX: SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH CERTAIN INTERMEDIARIES\n72\nCohen Steers Low Duration Preferred and Income Fund, Inc. Summary Section Investment Objectives The primary investment objective of Cohen Steers Low Duration Preferred and Income Fund, Inc. (the Fund ) is to seek to provide\n...\ns had a return before taxes of 4.00%. After-tax returns are shown for Class A shares only. After-tax returns for Class C, F, I, R and Z shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. Investment Management Advisor Cohen Steers Capital Management, Inc. Portfolio Managers The Fund s portfolio managers are: Elaine Zaharis-Nikas Executive Vice President of the Advisor. Ms. Zaharis-Nikas has been a portfolio manager of the Fund since inception. Jerry Dorost Senior Vice President of the Advisor. Mr. Dorost has been a portfolio manager of the Fund since 2022. Robert Kastoff Senior Vice President of the Advisor. Mr. Kastoff has been a portfolio manager of the Fund since 2024. Purchase and Sale of Fund Shares\nClass A and C Shares\nClass I Shares\nClass F, R and Z Shares\nMinimum Initial Investment\nNo minimum\n$100,000 (aggregate for registered advisors)\nNo minimum\nMinimum Subsequent Investment\nNo minimum $100 for Automatic Investment Plans\nNo minimum $500 for Automatic Investment Plans\nNo minimum $50 for Automatic Investment Plans 14\nYou may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange ( NYSE ) is open for business, by written request, wire transfer (call (800) 437-9912 for instructions) or telephone. You may purchase, redeem or exchange shares of the Fund either through a financial intermediary or directly through Cohen Steers Securities, LLC, the Fund s distributor (the Distributor ). For accounts opened directly through the Distributor, a completed and signed Subscription Agreement is required for the initial account opened with the Fund. Please mail the signed Subscription Agreement to: SS C GIDS, Inc. Cohen Steers Funds P.O. Box 219953 Kansas City, MO 64121-9953 Phone: (800) 437-9912 Tax Information The Fund s distributions may be comprised of taxable ordinary income, taxable capital gains and/or a non-taxable return of capital, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Investments through such tax-advantaged arrangements may be taxed upon withdrawal of monies from the tax-advantaged arrangement. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its Advisor or Distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial representative to recommend the Fund over another investment. Ask your individual financial representative or visit your financial intermediary s website for more information. Investment Objectives, Principal Investment Strategies and Related Risks Objectives The primary investment objective of the Fund is to seek to provide shareholders with high current income, and the secondary objective is to provide capital preservation. There can be no assurance that the Fund will achieve its investment objectives. The Fund may change its investment objectives without shareholder approval, although it\n...\non in assets. The Advisor is a wholly-owned subsidiary of Cohen Steers, Inc. ( CNS ), a publicly traded company whose common stock is listed on the NYSE under the symbol CNS. 37\nUnder its investment advisory agreement (the Investment Advisory Agreement ) with the Fund, the Advisor furnishes a continuous investment program for the Fund s portfolio, makes the day-to-day investment decisions for the Fund and generally manages the Fund s investments in accordance with the stated policies of the Fund, subject to the general supervision of the Board of Directors of the Fund. The Advisor also performs certain administrative services for the Fund and provides persons satisfactory to the Board of Directors of the Fund to serve as officers of the Fund. Such officers, as well as certain Directors of the Fund, may also be directors, officers, or employees of the Advisor. The Advisor also selects brokers and dealers to execute the Fund s portfolio transactions. For its services under the Investment Advisory Agreement, the Fund pays the Advisor a monthly investment advisory fee at the annual rate of 0.65% of the average daily net assets of the Fund. This fee is allocated among the separate classes based on each class s proportionate shares of such average daily net assets. The Fund s effective advisory fee during the fiscal year ended April 30, 2025 was 0.44% of average daily net assets. In addition to this investment advisory fee, the Fund pays other operating expenses, which may include but are not limited to administrative, transfer agency, custodial, legal and accounting fees. The Fund pays the Advisor, which also serves as the Fund s administrator, a monthly fee at the annual rate of 0.05% of the average daily net assets for administration services. The Fund s co-administrator, State Street Bank and Trust Company, also performs certain administrative services for the Fund. The Advisor has contractually agreed to waive its fee and/or reimburse expenses through June 30, 2027 so that the Fund s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 0.95% for Class A shares, 1.60% for Class C shares, 0.60% for Class F shares, 0.60% for Class I shares, 1.10% for Class R shares and 0.60% for Class Z shares. This contractual agreement can only be amended or terminated by agreement of the Fund s Board of Directors and the Advisor and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Advisor and the Fund. A discussion regarding the Board of Directors basis for approving the Investment Advisory Agreement will be available in the Fund s N-CSR Filing for the period ended October 31, 2025. Portfolio Managers The Fund s portfolio managers are: Elaine Zaharis-Nikas Ms. Zaharis-Nikas joined the Advisor in 2003 and currently serves as Executive Vice President of the Advisor and is a senior member of the Fixed Income and Preferred Securities investment team. Ms. Zaharis-Nikas is a Chartered Financial Analyst charterholder. She is based in New York. Jerry Dorost Mr. Dorost joined the Advisor in 2010 and currently serves as Senior Vice President of the Advisor, and a member of the Fixed Income and Preferred Securities investment team. Mr. Dorost is a Chartered Financial Analyst charterholder. He is based in New York. Robert Kastoff Mr. Kastoff joined the Advisor in 2013 and currently serves as Senior Vice President of the Advisor, and a member of the Fixed Income and Preferred Securities investment team. Mr. Kastoff is a Chartered Financial", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Cohen_Steers_Low_Duration_Preferred_and_Income_Fund_Inc", "p": "administrator", "o": "org:Cohen_Steers_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Cohen_Steers_Low_Duration_Preferred_and_Income_Fund_Inc", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cohen_Steers_Low_Duration_Preferred_and_Income_Fund_Inc", "p": "advisedBy", "o": "org:Cohen_Steers_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cohen_Steers_Low_Duration_Preferred_and_Income_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cohen_Steers_Low_Duration_Preferred_and_Income_Fund_Inc", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Cohen_Steers_Low_Duration_Preferred_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:Cohen_Steers_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Cohen & Steers Low Duration Preferred and Income Fund, Inc. <predicate_marker> administrator <object_marker> Cohen & Steers Capital Management, Inc. <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Cohen & Steers Capital Management, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Cohen & Steers Low Duration Preferred & Income Fund, Inc. <predicate_marker> underwrittenBy <object_marker> Cohen & Steers Securities, LLC <triple_end>", "target_serialized_plain": "Cohen & Steers Low Duration Preferred and Income Fund, Inc. administrator Cohen & Steers Capital Management, Inc. , State Street Bank and Trust Company ; advisedBy Cohen & Steers Capital Management, Inc. ; custodian State Street Bank and Trust Company ; transferAgent SS&C GIDS, Inc. .\nCohen & Steers Low Duration Preferred & Income Fund, Inc. underwrittenBy Cohen & Steers Securities, LLC .", "stats": {"input_chars": 10950, "n_triples": 6, "text_to_json_ratio": 16.6}}
{"sample_id": "0001659326:ALL", "cik": "0001659326", "trust_name": "JPMorgan Trust IV", "input_text": "n under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (otherwise referred to as the GENIUS Act) and regulations adopted thereunder, to support investment in the Fund by stablecoin issuers seeking to comply with such requirements. The Fund intends to qualify as a government money market fund, as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended ( Investment Company Act ). Government money market funds are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or May 13, 2026 | 1\nJPMorgan OnChain Liquidity-Token Money Market Fund (continued) (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee. While the J.P. Morgan Funds Board of Trustees (the Board ) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. The Fund s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates. Use of Blockchain As described further below, the Fund uses blockchain technology to provide a means for investors to submit transaction instructions (hereinafter referred to as requests ) with respect to Fund shares using the blockchain. The blockchain technology used by the Fund is designed, deployed, and maintained by Kinexys Digital Assets ( KDA ), a business unit within JPMorgan Chase Bank, N.A., an affiliate of the Fund s adviser. The following Use of Blockchain section describes what blockchain technology is and how the Fund uses it. The Fund s transfer agent, on behalf of the Fund, maintains the official record of share ownership for the Fund in traditional book-entry form (the Investor Register). Token balances attributed to an investor s blockchain address (as described below) are intended to correspond one-for-one with the number of Fund shares owned by the investor, although, as described below, the Investor Register and the amount of token balances attributed to an investor s blockchain address may not always align with one another. This use of token balances is referred to as tokenization. The token balances, and the smart contract technology that underlies them (as described below), can be used by investors to submit transaction requests with respect to Fund shares to the Fund. In just the same way as for transaction requests submitted through regular-way, non-blockchain means, the transfer agent, on behalf of the Fund, will process transaction requests submitted using the blockchain and, if successfully processed, register such transactions on the Investor Register. The transfer agent, on behalf of the Fund, will process transaction requests (i.e., both those submitted through regular-way, non-blockchain means and by blockchain means), and then register all successfully processed transactions on the Investor Register, on at least a daily basis during business days under normal conditions. (For information regarding the proper submission of transaction requests, including relevant cut-off times, see the section How Your Account Works in the Fund s prospectus.) Upon registration of transactions on the Investor Register, the tr\n...\nmptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances. Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.\nInvestments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. It is possible to lose money by investing in the Fund. The Fund s Past Performance The Fund has not commenced operations as of the date of this prospectus and therefore, has no reportable performance history. Once the Fund has operated for at least one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund s performance history from year to year. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-766-7722 . Management J.P. Morgan Investment Management Inc. (the adviser) Purchase and Sale of Fund Shares Purchase Minimums\nFor Token Class Shares\nTo establish an account\n$1,000,000\nTo add to an account\nNo minimum levels You may purchase or redeem shares on any business day that the Fund is open: By writing to, and opening an account with, J.P. Morgan Institutional Funds Service Center, P.O. Box 219265, Kansas City, MO 64121-9265 After you open an account, by placing an order through: Morgan Money, a platform operated by an affiliate of the Fund s adviser that is made available only to institutional investors, by logging in with the credentials provided to you during the account opening process; Direct interaction with the Fund Smart Contracts using a blockchain interaction tool (redemptions only); or J.P. Morgan Institutional Funds Service Center by calling 1-800-766-7722 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or 6 | J.P. Morgan Money Market Funds\nfinancial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s web site for more information. May 13, 2026 | 7\nMore About the Fund Additional Information About the Fund's Investment Strategies Under normal conditions, the Fund invests its assets exclusively in: U.S. Treasury bills, bonds and notes (collectively, U.S. Treasury se\n...\naffiliates activities will disadvantage or restrict the Fund and/or benefit these affiliates. The adviser may also acquire material non-public information which would negatively affect the adviser s ability to transact in securities for the Fund. JPMorgan and the Fund have adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate conflicts of interest. In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available. For more information about conflicts of interest, see the Potential Conflicts of Interest section in the Statement of Additional Information. Temporary Defensive Positions For liquidity and to respond to unusual market conditions, the Fund may hold all or most of its total assets in cash for temporary defensive purposes. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective. This may result in a lower yield. Additional Fee Waiver and/or Expense Reimbursement Service providers to the Fund, including the Fund s adviser and/or its affiliates, may, from time to time, voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. The Fund s service providers may discontinue or modify these voluntary actions at any time without notice. Performance for the Fund, when available, will reflect voluntary waiver of fees and/or the reimbursement of expenses, if any. Without these voluntary waivers and/or expense reimbursements, performance would have been less favorable. 16 | J.P. Morgan Money Market Funds\nThe Fund s Management and Administration The Fund is a series of JPMorgan Trust IV (JPMT IV), a Delaware statutory trust (the Trust). For purposes of the Uniform Commercial Code, the token balances (controllable electronic records ) jurisdiction is Delaware, the Fund shares are governed by Article 8 of the Delaware Uniform Commercial Code, and the Fund's (issuer s) jurisdiction is Delaware. The Trust is governed by the Board, which is responsible for overseeing all business activities of the Fund. In addition to the Fund, the Trust consists of other series representing separate investment funds (each, a J.P. Morgan Fund). The Fund currently offers only one class of shares - Token Class Shares. In the future, the Fund may issue other classes of shares that may have different expense levels (and therefore different performance) and different requirements for who may invest. Call 1-800-766-7722 to obtain more information concerning the Fund. The Fund's Investment Adviser J.P. Morgan Investment Management Inc. (JPMIM) acts as investment adviser to the Fund and makes the day-to-day investment decisions for the Fund. In rendering investment advisory services to certain funds, JPMIM uses the portfolio management, research and other resources of a foreign (non-U.S.) affiliate of JPMIM and may provide services to the Fund through a participating affiliate arrangement, as that term is used in relief granted by the staff of the SEC. Under this relief, U.S. registered investment advisers are allowed to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase Co. (JPMorgan Chase), a bank holding company. JPMIM is located at 270\n...\nual reports, and Financial Statements and Other Information, when available, will contain more information about the Fund s investments and performance. STATEMENT OF ADDITIONAL INFORMATION (SAI) The SAI contains more detailed information about the Fund and its policies. It is incorporated by reference into this prospectus. This means, by law, it is considered to be part of this prospectus. You can get a free copy of these documents and other information, or ask us any questions, by calling us at 1-800-766-7722 or writing to: J.P. Morgan Institutional Funds Service Center P.O. Box 219265 Kansas City, MO 64121-9265 You can also find information online at www.jpmorganfunds.com. Reports, a copy of the SAI, and the Financial Statements and Other Information about the Fund are also available on the EDGAR Database on the Commission s Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov. Investment Company Act File No.: JPMorgan Trust IV . . .......................811-23117 JPMorgan Chase Co., 2026. All rights reserved. May 2026.\nPR-MMTOK-526\nJ.P. Morgan Money Market Funds STATEMENT OF ADDITIONAL INFORMATION PART I May 13 . 2026 JPMORGAN TRUST IV ( JPMT IV ) JPMorgan OnChain Liquidity-Token Money Market Fund Token Class Shares/ JLTXX (the OnChain Liquidity-Token Money Market Fund or the Fund ) This Statement of Additional Information ( SAI ) is not a prospectus, but contains additional information which should be read in conjunction with the prospectus for the Fund dated May 13 , 2026 , as supplemented from time to time (the Prospectus ). The Prospectus is available online at www.jpmorganfunds.com or without charge upon request by contacting JPMorgan Distribution Services, Inc. ( JPMDS or the Distributor ), the Fund s distributor, at 1111 Polaris Parkway, Columbus, OH 43240. This SAI is divided into two Parts Part I and Part II. Part I of this SAI contains information that is particular to the Fund. Part II of this SAI contains information that generally applies to the Fund and other J.P. Morgan Funds. For more information about the Fund, simply write or call: Regular mailing address: J.P. Morgan Institutional Funds Service Center P.O. Box 219265 Kansas City, MO 64121-9265 1-800-766-7722 Overnight mailing address: J.P. Morgan Institutional Funds Service Center c/o SS C GIDS Suite 219265 801 Pennsylvania Avenue Kansas City, MO 64105- 1307 1-800-766-7722 SAI-MMF- 526\nPart I Table of Contents\nGENERAL\n1\nThe Trust and the Fund\n1\nINVESTMENT POLICIES\n2\nINVESTMENT PRACTICES\n3\nDIVERSIFICATION\n4\nQUALITY DESCRIPTION\n4\nUSE OF BLOCKCHAIN\n5\nTRUSTEES\n11\nStanding Committees\n11\nOwnership of Securities\n11\nTrustee Compensation\n12\nINVESTMENT ADVISER\n13\nInvestment Advisory Fees\n13\nADMINISTRATOR\n13\nAdministrator Fees\n13\nFUND ACCOUNTING AGENT\n13\nFund Accounting Fees\n13\nSECURITIES LENDING ACTIVITIES\n13\nDISTRIBUTOR\n13\nSHAREHOLDER SERVICING\n13\nService Fees\n13\nBROKERAGE AND RESEARCH SERVICES\n13\nBroker Research\n13\nSecurities of Regular Broker-Dealers\n13\nFINANCIAL INTERMEDIARIES\n13\nOther Cash Compensation Payments\n13\nTAX MATTERS\n14\nCapital Loss Carryforwards\n14\nPORTFOLIO HOLDINGS DISCLOSURE\n14\nSHARE OWNERSHIP\n14\nTrustees and Officers\n14\nPrincipal Holders\n14\nFINANCIAL STATEMENTS\n14 PLEASE SEE PART II OF THIS SAI FOR ITS TABLE OF CONTENTS\nGENERAL The Trust and the Fund JPMT IV Historical Information JPMT IV is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 11, 20\n...\non\n0.0020%\nTier Four\nOver $425 billion\n0.0010%\nOther Fees:\nAdditional Share Classes (this additional class expense applies after the tenth class)\n$2,200 per Class\nDaily Market-based Net Asset Value Calculation for Money Market Funds\n$16,500 per Fund\nHourly Net Asset Value Calculation for Money Market Funds\n$5,500 per Fund\nFloating NAV Support for Money Market Funds\n$110,000 per Fund 1 A cap on fund accounting fees for each Money Market Fund will be set at $1,500,000 per year. This cap may be reviewed annually for possible adjustment.\nAnnual Minimums:\nMoney Market Funds\n$15,000 per Fund\nAll Other Funds\n$15,000 per Fund In addition, JPMorgan Chase Bank provides additional servicing for certain types of more complex assets. The fees for these services include a monthly transaction fee of $13 for processing each Contract for Difference position, a transaction fee of $51.65 for each manual OTC trade, a transaction fee of $5.00 for each exchange-traded derivative trade and an annual fee of $550 for each bank loan position held by a Fund. In addition, JPMorgan Chase Bank will be paid fees of $0.50 to $4.65 per position per day for the valuation and processing of certain asset positions covered by these services. If agreed-upon by the Funds and JPMorgan Chase Bank, custodian fees may, from time to time, be reduced by amounts calculated as a percentage of uninvested balances for certain Funds. A Fund and/or its Cayman subsidiary, as applicable, may at times hold some of its assets in cash, which may subject the Fund and/or the Cayman subsidiary, as applicable, to additional risks and costs, such as increased credit exposure to the custodian bank and fees imposed for cash balances. Cash positions may also hurt the Fund s and/or the Cayman subsidiary s performance. TRANSFER AGENT SS C GIDS, Inc. (formerly DST Asset Manager Solutions, Inc.) ( SS C or Transfer Agent ), 30 Braintree Hill Office Park, Suite 400, Braintree, MA 02184, serves as each Fund s transfer and dividend disbursing agent. As transfer agent and dividend disbursing agent, SS C is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts. SECURITIES LENDING AGENT To generate additional income, certain Funds may lend up to 33 1 3 % of their total assets pursuant to agreements ( Borrower Agreements ) requiring that the loan be continuously secured by cash. Citibank serves as securities lending agent pursuant to the Securities Lending Agency Agreement effective October 4, 2018. To the extent that the Funds have engaged in securities lending during the most recently Part II - 137\ncompleted fiscal year, information concerning the amounts of income and fees/compensation related to securities lending activities is included in Part I of the applicable Funds SAI in the Fund s next annual update to its registration statement. Under the Securities Lending Agency Agreement, Citibank acting as agent for the Funds, loans securities to approved borrowers pursuant to Borrower Agreements substantially in the form approved by the Board of Trustees in exchange for collateral. During the term of the loan, a Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral in accordance with investment guidelines contained in the Securities Lending Agency Agreement. The Fund retains the interest on cash collateral investments but is requi", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:JPMorgan_Equity_Premium_Income_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Equity_Premium_Income_Fund", "p": 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"alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Hedged_Equity_3_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Preferred_and_Income_Securities_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Preferred_and_Income_Securities_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Preferred_and_Income_Securities_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Preferred_and_Income_Securities_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_Preferred_and_Income_Securities_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_2065_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_2065_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_2065_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_2065_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_2065_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_Blend_2065_Fund", "p": "administrator", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_Blend_2065_Fund", "p": "advisedBy", "o": "org:J_P_Morgan_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_Blend_2065_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_Blend_2065_Fund", "p": "seriesOf", "o": "trust:JPMorgan_Trust_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:JPMorgan_SmartRetirement_Blend_2065_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JPMorgan_Trust_IV", "p": "underwrittenBy", "o": "org:JPMorgan_Distribution_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> JPMorgan Equity Premium Income Fund <predicate_marker> administrator <object_marker> J.P. 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{"sample_id": "0001667919:ALL", "cik": "0001667919", "trust_name": "First Trust Exchange-Traded Fund VIII", "input_text": "0-07-21\n2025-12-31\n0001667919\nft:C000216581Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2025-01-01\n2025-12-31\n0001667919\nft:C000216581Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2021-01-01\n2025-12-31\n0001667919\nft:C000216581Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2020-07-21\n2025-12-31\n0001667919\nft:Russell1000GrowthIndexMember\n2025-01-01\n2025-12-31\n0001667919\nft:Russell1000GrowthIndexMember\n2021-01-01\n2025-12-31\n0001667919\nft:Russell1000GrowthIndexMember\n2020-07-21\n2025-12-31\n0001667919\nft:Russell1000IndexMember\n2025-01-01\n2025-12-31\n0001667919\nft:Russell1000IndexMember\n2021-01-01\n2025-12-31\n0001667919\nft:Russell1000IndexMember\n2020-07-21\n2025-12-31\n0001667919\nft:S000067359Member\nft:C000216581Member\n2021-01-01\n2021-12-31\n0001667919\nft:S000067359Member\nft:C000216581Member\n2022-01-01\n2022-12-31\n0001667919\nft:S000067359Member\nft:C000216581Member\n2023-01-01\n2023-12-31\n0001667919\nft:S000067359Member\nft:C000216581Member\n2024-01-01\n2024-12-31\n0001667919\nft:S000067359Member\nft:C000216581Member\n2025-01-01\n2025-12-31\nxbrli:pure\niso4217:USD\nAs filed with the Securities and Exchange Commission on June 4, 2026\n1933 Act Registration No. 333-210186\n1940 Act Registration No. 811-23147\nUnited States\nSecurities and Exchange Commission\nWashington, D.C. 20549\nForm N-1A\nRegistration Statement Under the Securities Act of 1933\nPre-Effective Amendment No. __\nPost-Effective Amendment No. 636\nand\nRegistration Statement Under the Investment Company Act of 1940\nAmendment No. 638\nFirst Trust Exchange-Traded Fund VIII\n(Exact Name of Registrant as Specified in Charter)\n120 East Liberty Drive, Suite 400\nWheaton, Illinois 60187\n(Address of Principal Executive Offices) (Zip Code)\nRegistrant s Telephone Number, Including Area Code: (800) 621-1675\nW. Scott Jardine, Esq., Secretary\nFirst Trust Exchange-Traded Fund VIII\nFirst Trust Advisors L.P.\n120 East Liberty Drive, Suite 400\nWheaton, Illinois 60187\n(Name and Address of Agent for Service)\nCopy to:\nEric F. Fess, Esq.\nChapman and Cutler LLP\n320 South Canal Street\nChicago, Illinois 60606\nIt is proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\non June 5, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\non (date) pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of Rule 485.\nIf appropriate, check the following box:\nthis post-effective amendment designates a new effective date for a previously filed post-effective\namendment.\nContents of Post-Effective Amendment No. 636\nThis Registration Statement comprises the following papers and contents:\nThe Facing Sheet\nPart A - Prospectus for First Trust Active Factor Large Cap Growth ETF (formerly, First Trust Multi-Manager Large Growth ETF).\nPart B - Statement of Additional Information for First Trust Active Factor Large Cap Growth ETF (formerly, First Trust Multi-Manager Large Growth ETF).\nPart C - Other Information\nSignatures\nIndex to Exhibits\nExhibits\nFirst Trust\nExchange-Traded Fund VIII\nProspectus\nFirst Trust Active Factor Large Cap Growth ETF\n(formerly First Trust Multi-Manager Large Growth ETF)\nTicker Symbol:\nAFGR\nExchange:\nNYSE Arca\nFirst Trust Active Factor Large Cap Growth ETF (the Fund ) lists and principally trades its shares on NYSE Arca, Inc. ( \"NYSE Arca\" or the \"Exchange\" ). Market prices may differ to some degree from the net asset value of the shares. Unlike mutual funds, the Fund issues and redeems shares at net asset value, only in large blocks of shares called \"Creation Units.\"\nThe Fund is a series of First\n...\nwho has served as part of the portfolio management team of the Fund since December 2020, and Chris Bush, who has served as part of the portfolio management team of the Fund since 2026.\nPurchase and Sale of Fund Shares\nThe Fund issues and redeems shares on a continuous basis, at net asset value, only in large blocks of shares called Creation Units. Individual shares of the Fund may only be purchased and sold on the secondary market through a broker-dealer. Since shares of the Fund trade on securities exchanges in the secondary market at their market price rather than their net asset value, the Fund s shares may trade at a price greater than (premium) or less than (discount) the Fund s net asset value. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread ). Recent information, including the Fund s net asset value, market price, premiums and discounts, bid-ask spreads and the median bid-ask spread for the Fund s most recent fiscal year, is available online at http://www.ftportfolios.com/Retail/etf/home.aspx.\nTax Information\nThe Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains. Distributions on shares held in a tax-deferred account, while not immediately taxable, will be subject to tax when the shares are no longer held in a tax-deferred account.\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase shares of the Fund through a broker-dealer, registered investment adviser, bank or other financial intermediary (collectively, intermediaries ), First Trust and First Trust Portfolios L.P., the Fund s distributor, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n9\nAdditional Information on the Fund's Investment Objective and Strategies\nThe Fund is a series of First Trust Exchange-Traded Fund VIII and is regulated as an investment company under the Investment Company Act of 1940, as amended (the 1940 Act ). The Fund is actively managed and does not seek to track the performance of an index. The Fund s investment objective is fundamental and may not be changed without approval by the holders of a majority of the outstanding voting securities of the Fund. Unless an investment policy is identified as being fundamental, all investment policies included in this prospectus and the Fund's Statement of Additional Information ( SAI ) are non-fundamental and may be changed by the Board of Trustees of the Trust (the Board ) without shareholder approval. If there is a material change to the Fund s principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objective. During the Fund s initial invest-up period and during periods of high in-flows and out-flows, the Fund may not be fully invested pursuant to its principal investment strategy.\nWhile it is not expected that the Fund will invest in the securities of other investment companies, any such investments would be subject to limitations imposed by the 1940 Act and the related rules and int\n...\nfair value price subject to the process outlined in the Valuation Procedures and based on a consideration of all available information to the Pricing Committee at the time of the determination.\nAdditionally, for foreign securities, if an extraordinary market event occurs between the time the last current market quotation is available for a security in the Fund s portfolio and the time the Fund s NAV is determined that calls into doubt whether that\n24\nearlier market quotation represents fair value at the time the Fund s NAV is determined, the Pricing Committee will determine the fair valuation as set forth in the Valuation Procedures.\nFair value represents a good faith approximation of the value of a portfolio investment and is the amount the Fund might reasonably expect to receive from the current sale of that investment in an arm s-length transaction. Valuing the Fund s investments using fair value pricing will result in prices that may differ from current market valuations, if any, and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. While the Valuation Procedures and Valuation Designee s processes are intended to result in the Fund s NAV calculation that fairly reflects the values as of the time of pricing, the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.\nForeign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by a Pricing Service Provider. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation.\nFund Service Providers\nThe Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, acts as the administrator, custodian and fund accounting and transfer agent for the Fund. Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, serves as legal counsel to the Fund.\nPremium/Discount Information\nInformation showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at http://www.ftportfolios.com/Retail/etf/home.aspx.\n25\nFinancial Highlights\nThe financial highlights table is intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single share of the Fund. The total returns represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the periods indicated has been derived from financial statements audited by Deloitte Touche LLP, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR dated August 31, 2025 and is incorporated by reference in the Fund's SAI, which is available upon request. The information for the six-month period ended February 28, 2026, is unaudited.\nFirst Trust Exchange-Traded Fund VIII\nFinancial Highlights\nFor a share outstanding throughout each period\nFirst Trust Active Factor Large Cap Growth ETF (AFGR)\nPeriod Ended\nFebruary 28,\n2026\n(Unaudited)\nYear Ended August 31,\n2025\n2024\n2023\n2022\n2021\nNet asset value, beginning of period\n$ 34.74\n$ 27.82\n$ 21.75\n$ 18.14\n$ 28.27\n$ 21.86\nI", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:FT_Vest_Buffered_Allocation_Defensive_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Buffered_Allocation_Defensive_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Buffered_Allocation_Defensive_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Buffered_Allocation_Defensive_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Buffered_Allocation_Defensive_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Buffered_Allocation_Growth_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": 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"org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_International_Equity_Moderate_Buffer_ETF_December", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_International_Equity_Moderate_Buffer_ETF_December", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_International_Equity_Moderate_Buffer_ETF_December", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_International_Equity_Moderate_Buffer_ETF_December", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, 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true}, {"s": "fund:FT_Vest_International_Equity_Moderate_Buffer_ETF_March", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Buffer_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Buffer_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Buffer_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Buffer_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Buffer_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Deep_Buffer_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Deep_Buffer_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Deep_Buffer_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Deep_Buffer_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Deep_Buffer_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Moderate_Buffer_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Moderate_Buffer_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Moderate_Buffer_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Moderate_Buffer_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Moderate_Buffer_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Nasdaq_Buffer_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Nasdaq_Buffer_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Nasdaq_Buffer_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Nasdaq_Buffer_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Nasdaq_Buffer_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Small_Cap_Moderate_Buffer_ETF", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Small_Cap_Moderate_Buffer_ETF", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Small_Cap_Moderate_Buffer_ETF", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Small_Cap_Moderate_Buffer_ETF", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Laddered_Small_Cap_Moderate_Buffer_ETF", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_December", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_December", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_December", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_December", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_December", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_June", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_June", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_June", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_June", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_June", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_March", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_March", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_March", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_March", "p": "seriesOf", "o": "trust:First_Trust_Exchange_Traded_Fund_VIII", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_March", "p": "transferAgent", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_September", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_September", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FT_Vest_Nasdaq_100_Buffer_ETF_September", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": 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<triple_end>\n<triple_start> FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> FT Vest U.S. Equity Enhance & 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<predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> FT Vest U.S. Equity Moderate Buffer ETF - August <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> FT Vest U.S. Equity Moderate Buffer ETF - December <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII 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administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> First Trust Exchange-Traded Fund VIII <predicate_marker> transferAgent <object_marker> The Bank of New York Mellon <triple_end>\n<triple_start> First Trust Exchange-Traded Fund VIII <predicate_marker> underwrittenBy <object_marker> First Trust Portfolios L.P. <triple_end>", "target_serialized_plain": "FT Vest Buffered Allocation Defensive ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Buffered Allocation Growth ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust 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First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Laddered Small Cap Moderate Buffer ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Buffer ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Buffer ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Buffer ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Buffer ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Conservative Buffer ETF - April administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Conservative Buffer ETF - July administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Moderate Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest Nasdaq-100 Moderate Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - April administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - February administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - January administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - July administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - November administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - October administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer & Premium Income ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer & Premium Income ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer & Premium Income ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Buffer & Premium Income ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - April administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - February administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - January administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - July administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - November administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - October administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Deep Buffer ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - April administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - February administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - January administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - July administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - November administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - October administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Enhance & Moderate Buffer ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - April administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - December administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - February administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - January administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - July administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - June administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - March administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - November administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - October administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Equity Moderate Buffer ETF - September administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Small Cap Moderate Buffer ETF - August administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Small Cap Moderate Buffer ETF - February administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Small Cap Moderate Buffer ETF - May administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFT Vest U.S. Small Cap Moderate Buffer ETF - November administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Active Factor Large Cap ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Active Factor Mid Cap ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Active Factor Small Cap ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Expanded Technology ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Flexible Municipal High Income ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Income Opportunities ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Innovation Leaders ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Low Duration Strategic Focus ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Multi-Manager Large Growth ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Multi-Manager Small Cap Opportunities ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Multi-Strategy Alternative ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust SkyBridge Crypto Industry and Digital Economy ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust TCW Emerging Markets Debt ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust TCW Opportunistic Fixed Income ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust TCW Securitized Plus ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust TCW Unconstrained Plus Bond ETF administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; seriesOf First Trust Exchange-Traded Fund VIII ; transferAgent The Bank of New York Mellon .\nFirst Trust Exchange-Traded Fund VIII underwrittenBy First Trust Portfolios L.P. .", "stats": {"input_chars": 10843, "n_triples": 456, "text_to_json_ratio": 0.3}}
{"sample_id": "0001678130:ALL", "cik": "0001678130", "trust_name": "RiverNorth/Doubleline Strategic Opportunity Fund, Inc.", "input_text": "Common\nShares involves certain risks. See Risks beginning on page 28 of the accompanying Prospectus.\nThe Fund, or the Underlying Funds in which\nthe Fund invests, may invest in securities of any credit quality, including, without limit, securities that are rated below investment\ngrade, except that, under normal market conditions, no more than 60% of the Fund s Managed Assets allocated to the Tactical\nClosed-End Fund Income Strategy is invested in below investment grade and senior loan Underlying Funds, and the Fund\ninvests at least 20% of the Managed Assets allocated to the Opportunistic Income Strategy in securities rated investment grade\n(or unrated securities judged by the Subadviser (as defined below) to be of comparable quality). Below investment grade securities\nare commonly referred to as junk and high yield securities and are considered speculative with respect\nto the issuer s capacity to pay interest and repay principal. See Risks Credit and Below Investment Grade Securities\nRisk in the accompanying Prospectus.\nUnder normal market conditions, the Fund\nmay allocate between 10% and 35% of its Managed Assets to the Tactical Closed-End Fund Income Strategy and between 65% and 90%\nof its Managed Assets to the Opportunistic Income Strategy. Subject to the foregoing ranges, the Adviser (as defined below) determines\nthe portion of the Fund s Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations.\nSee Investment Philosophy and Process in the accompanying Prospectus. Managed Assets means the\ntotal assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and\nany preferred stock that may be outstanding).\nInvestment Adviser and Subadviser.\nThe Fund s investment adviser is RiverNorth Capital Management, LLC (the Adviser ) and the Fund s\nsubadviser is DoubleLine Capital LP (the Subadviser ). See Management of the Fund in\nthe accompanying Prospectus.\nContingent Conversion Feature. The\nFund s Charter provides that, during calendar year 2021, the Fund will call a shareholder meeting for the purpose of voting\nto determine whether the Fund should convert to an open-end management investment company. If approved by shareholders, the Fund\nwill seek to convert to an open-end management investment company within 12 months of such approval. If not approved by shareholders,\nthe Fund will continue operating as a closed-end management investment company. See Contingent Conversion Feature\nin the accompanying Prospectus.\nLeverage. The Fund may borrow\nmoney and/or issue preferred stock, notes or debt securities for investment purposes. The Fund currently anticipates that it could\nalso obtain leverage through the use of reverse repurchase agreements. Since the holders of Common Shares pay all expenses related\nto the issuance of debt or use of leverage, any use of leverage would create a greater risk of loss for the Common Shares than\nif leverage is not used. See Risks Leverage Risks in the accompanying Prospectus.\nThe Fund s Common Shares do not\nrepresent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution,\nand are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.\nCapitalized terms used herein that are\nnot otherwise defined shall have the meanings assigned to them in the accompanying Prospectus.\nProspectus Supplement dated November 8,\n2019\nTABLE OF CONTENTS\nPage\nProspectus Supplement\nProspectus Supplement Summary\nS-1\n...\normer customers) will be disclosed to anyone, except as permitted by law (which includes\ndisclosure to employees necessary to service your account).\nPolicies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect\nthe confidentiality of such information.\nThe Fund does not currently obtain consumer information. If the Fund were to obtain consumer information at any time in the\nfuture, it would employ appropriate procedural safeguards that comply with federal standards to protect against unauthorized access\nto and properly dispose of consumer information.\nFor more information about the Fund s\nprivacy policies call (855) 830-1222 (toll-free).\n86\nTABLE\nOF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION\nPage\nInvestment Restrictions\n1\nInvestment Policies and Techniques\n2\nManagement Of The Fund\n25\nInvestment Adviser\n25\nInvestment Subadviser\n26\nInvestment Advisory Agreement and Subadvisory Agreement\n26\nPortfolio Managers\n26\nCompensation Of Portfolio Managers\n27\nPortfolio Manager Ownership Of Fund Shares\n28\nConflicts Of Interest\n28\nOther Accounts Managed\n29\nAdministrator\n29\nCodes Of Ethics\n29\nFund Service Providers\n30\nIndependent Registered Public Accounting Firm\n30\nLegal Counsel\n30\nCustodian and Transfer Agent\n30\nPortfolio Transactions\n30\nU.S. Federal Income Tax Matters\n31\nFund Taxation\n31\nCommon Shareholder\nTaxation\n33\nPreferred Shareholder Taxation\n36\nOther Taxes\n36\nBoard Members and Officers\n36\nDirector Ownership In the Fund\n41\nSecurities Beneficially Owned\n41\nProxy Voting Guidelines\n42\nAdditional Information\n42\nFinancial Statements and Report of Independent Registered Public Accounting Firm\n43\nAppendix A - Proxy Voting Guidelines of the Adviser\nA-1\nAppendix B - Proxy Voting Guidelines of the Subadviser\nB-1\n87\nRiverNorth/DoubleLine Strategic Opportunity\nFund, Inc.\nCommon Stock\nPreferred Stock\nSubscription Rights for Common Stock\nPROSPECTUS\nOctober 17, 2019\nRiverNorth/DoubleLine Strategic\nOpportunity Fund, Inc.\nStatement of Additional Information\nRiverNorth/DoubleLine Strategic\nOpportunity Fund, Inc. (the Fund ) is a Maryland corporation that is registered under the Investment Company Act of\n1940, as amended (the 1940 Act ), as a diversified, closed-end management investment company. The investment objective\nof the Fund is current income and overall total return. RiverNorth Capital Management, LLC, the investment adviser of the Fund\n( RiverNorth or the Adviser ), and DoubleLine Capital LP, the subadviser of the Fund\n( DoubleLine or the Subadviser ), seek to achieve the Fund s investment objective by allocating\nthe Fund s assets among two principal investment strategies: Tactical Closed-End Fund Income Strategy and Opportunistic Income\nStrategy. See Investment Objective, Strategies and Policies Principal Investment Strategies in the Fund s\nProspectus (as defined below). There is no assurance that the Fund will achieve its investment objective.\nThis\nStatement of Additional Information ( SAI ) relates to the Fund s (i) shares of common stock, $0.0001 par\nvalue per share (the Common Shares and holders of such Common Shares the Common Shareholders ),\n(ii) shares of preferred stock (the Preferred Shares ) and (iii) subscription rights to purchase Common\nShares ( Rights and, together with the Common Shares and Preferred Shares, Securities ). This SAI\nis not a prospectus, but should be read in conjunction with the prospectus for the Fund dated October 17, 2019 (the\nProspectus ) and the applicable prospectus supplement. This SAI does not include all information that a\nprospective inves\n...\nentirety into this Prospectus.\nInvesting in the Fund s common stock involves certain risks. See Risks beginning on page 53 of this Prospectus.\nNeither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.\nThe underwriters expect to deliver the Common Shares to purchasers on or about September 30, 2016.\n________________\nPer Share\nTotal(1)\nPublic Offering Price\n$20.00\n$210,000,000\nSales Load(2)\n$0.40\n$4,200,000\nProceeds, After Expenses, to the Fund(3)\n$19.56\n$205,380,000\n(notes continued on the next page)\n________________\nWells Fargo Securities\nBofA Merrill Lynch\nUBS Investment Bank\nOppenheimer Co.\nRBC Capital Markets\nStifel\nHilltopSecurities\nJ.J.B. Hilliard, W.L. Lyons, LLC\nJanney Montgomergy Scott\nLadenburg Thalmann\nMaxim Group LLC\nNational Securities Corporation\nNewbridge Securities Corporation\nPershing LLC\nWedbush Securities Inc.\nProspectus dated September 27, 2016.\n(notes continued from previous page)\n________________\n(1)\nThe Fund has granted the underwriters an option to purchase up to 1,575,000 additional Common Shares at the Public Offering Price less the Sales Load within 45 days of the date of this Prospectus, solely to cover overallotments, if any. If this option is exercised in full, the total Public Offering Price, Sales Load, and Proceeds, After Expenses, to the Fund, will be $241,500,000, $4,830,000 and $236,187,000, respectively. See Underwriters.\n(2)\nThe Adviser (as defined below), and not the Fund, has agreed to pay from its own assets (1) additional compensation of $0.15 per share to the underwriters in connection with this offering, and separately (2) a structuring fee to Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner Smith Incorporated, UBS Securities LLC, Oppenheimer Co. Inc., RBC Capital Markets, LLC and Stifel, Nicolaus Company, Incorporated. The Adviser (and not the Fund) has agreed to pay from its own assets a sales incentive fee to Ladenburg Thalmann Co. Inc. and Maxim Group LLC. Furthermore, the Fund has agreed to reimburse the underwriters for the reasonable fees and disbursements of counsel to the underwriters in connection with the review by FINRA of the terms of the sale of the Common Shares in an amount not to exceed $25,000 in the aggregate. In addition, the Adviser (and not the Fund) has agreed to pay TSC Distributors, LLC an amount equal to 0.10% of the total price to the public of the Common Shares sold in the offering contemplated by this Prospectus (including Common Shares offered pursuant to the underwriters overallotment option) for certain distribution and marketing services, as well as up to $400,000 in expense reimbursement. The sum total of all compensation to the underwriters in connection with this public offering of Common Shares, including sales load and all forms of additional compensation or structuring or sales incentive fee payments, if any, to the underwriters and other expenses (including reimbursed expenses), will be limited to not more than 4.9% of the total public offering price of the Common Shares sold in this offering. See Underwriters Additional Underwriter Compensation.\n(3)\nThe Adviser has agreed to bear (a) all organizational expenses of the Fund and (b) such offering expenses of the Fund (other than the sales load) that exceed $0.04 per Common Share. The amount of such expenses that do not exceed $0.04 per Common Share, although payable by the Fund, are indirectly paid by investor", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:RiverNorth_Doubleline_Strategic_Opportunity_Fund_Inc", "p": "advisedBy", "o": "org:Rivernorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Doubleline_Strategic_Opportunity_Fund_Inc", "p": "seriesOf", "o": "trust:RiverNorth_Doubleline_Strategic_Opportunity_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:RiverNorth_Doubleline_Strategic_Opportunity_Fund_Inc", "p": "underwrittenBy", "o": "org:Wells_Fargo_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> RiverNorth/Doubleline Strategic Opportunity Fund, Inc. <predicate_marker> advisedBy <object_marker> Rivernorth Capital Management, LLC <predicate_marker> seriesOf <object_marker> RiverNorth/Doubleline Strategic Opportunity Fund, Inc. <triple_end>\n<triple_start> RiverNorth/Doubleline Strategic Opportunity Fund, Inc. <predicate_marker> underwrittenBy <object_marker> Wells Fargo Securities, LLC <triple_end>", "target_serialized_plain": "RiverNorth/Doubleline Strategic Opportunity Fund, Inc. advisedBy Rivernorth Capital Management, LLC ; seriesOf RiverNorth/Doubleline Strategic Opportunity Fund, Inc. .\nRiverNorth/Doubleline Strategic Opportunity Fund, Inc. underwrittenBy Wells Fargo Securities, LLC .", "stats": {"input_chars": 10805, "n_triples": 3, "text_to_json_ratio": 25.6}}
{"sample_id": "0001679949:ALL", "cik": "0001679949", "trust_name": "Matrix Advisors Funds Trust", "input_text": "er 2020-01-01 2024-12-31 0001679949 ck0001679949:SP500RIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-10-13 2024-12-31 0001679949 ck0001679949:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-10-31 2025-10-31 0001679949 ck0001679949:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2024-01-01 2024-12-31 0001679949 ck0001679949:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2020-01-01 2024-12-31 0001679949 ck0001679949:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-10-13 2024-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2017-01-01 2017-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2018-01-01 2018-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2019-01-01 2019-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2020-01-01 2020-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2021-01-01 2021-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2022-01-01 2022-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2023-01-01 2023-12-31 0001679949 ck0001679949:S000055262Member ck0001679949:C000173759Member 2024-01-01 2024-12-31 Filed with the U.S. Securities and Exchange Commission on October 24, 2025 1933 Act Registration File No. 333-212637 1940 Act File No. 811-23175 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x Pre-Effective Amendment No. o Post-Effective Amendment No. 13 x and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x Amendment No. 14 x MATRIX ADVISORS FUNDS TRUST (Exact Name of Registrant as Specified in Charter) 10 Bank Street, Suite 590 White Plains, NY 10606 (Address of Principal Executive Offices, including Zip Code) Registrant s Telephone Number, including Area Code: 1-800-366-6223 David A. Katz Matrix Advisors Funds Trust 10 Bank Street, Suite 590 White Plains, New York 10606 (Name and Address of Agent for Service) Copy to: Kristen A. Irgens, Esq. Godfrey Kahn S.C. 833 E. Michigan St., Suite 1800 Milwaukee, Wisconsin 53202 It is proposed that this filing will become effective (check appropriate box) o immediately upon filing pursuant to paragraph (b) x on October 31, 2025 pursuant to paragraph (b) o 60 days after filing pursuant to paragraph (a)(1) o on (date) pursuant to paragraph (a)(1) o 75 days after filing pursuant to paragraph (a)(2) o on (date) pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box: o This post-effective amendment designates a new effective date for a previously filed post- effective amendment. EXPLANATORY NOTE This Post-Effective Amendment No. 13 to the Registration Statement of Matrix Advisors Funds Trust (the \"Trust\" or the \"Registrant\") is being filed to add the audited financial statements and certain related financial information of the Matrix Advisors Dividend Fund, a series of the Trust, for the fiscal year ended June 30, 2025, and to make other permissible changes under Rule 485(b) of the Securities Act of 1933, as amended. MATRIX ADVISORS DIVIDEND FUND Ticker: MADFX Matrix Advisors Funds Trust 10 Bank Street, Suite 590 White Plains, NY 10606 Prospectus October 31, 2025 The Securities and Exchange Commission (the SEC ) has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Table of Contents Summary Section 1 Additional Information about the Fund s Investment Objective and Principal Investment Strategies 6 Additional Information about the Principal Risks of Investing in the Fund 7 Portfolio Holdings 9 Investment Advisor 9 Shareholder Information 11 Pricing of Fund Shares 15 Fair Value Pricing 16 Frequent Trading 16 Redemptions In-Kind 17 Distributions 17 Distribution Plan 18 Tax Consequences 18 Householding 19 Financial Highlights 20 Summary Section Investment Objective The Matrix Advisors Dividend Fund (the Fund ) seeks current income and capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below . Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.60 % Distribution and/or Service (12b-1) Fees 0.00 % Other Expenses 0.39 % Total Annual Fund Operating Expenses 0.99 % Less: Fee Waiver and/or Expense Reimbursement ( 0.09 )% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (1) 0.90 % (1) Matrix Asset Advisors, Inc. (the Advisor ), the Fund s investment adviser, has contractually agreed to waive its management fee and/or reimburse the Fund s operating expenses to the extent necessary to ensure that the Fund s total operating expenses (excluding interest, acquired fund fees and expenses, distribution and/or service (12b-1) fees, leverage and tax expenses, dividend and interest expenses on short positions, brokerage commissions and extraordinary expenses) do not exceed 0.90% of the Fund s average daily net assets. The Advisor is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause the Fund s expense ratio to exceed the lesser of: (a) the expense limitation in place at the time of the waiver and/or expense payment; or (b) the expense limitation in place at the time of the recoupment. The expense cap/reimbursement agreement will continue in effect until at least October 31, 2026 , and may be terminated at any time, and without payment or penalty, by the Fund s Board of Trustees (the Board ) upon 60 days written notice to the Advisor. The agreement may not be terminated by the Advisor without the consent of the Board. Currently, the Advisor has agreed not to seek recoupment of such management fee waivers and/or expense reimbursements. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same\n...\nge and tax expenses, dividend and interest expenses on short positions, brokerage commissions and extraordinary expenses) do not exceed 0.90% of the Fund s average daily net assets. The expense cap/reimbursement agreement can be terminated at any time, and without payment or penalty, by the Board upon 60 days written notice to the Advisor. The agreement may not be terminated by the Advisor without the consent of the Board. The expense cap/reimbursement agreement has the effect of lowering the overall expense ratio for the Fund and increasing the Fund s overall return to investors during the time any such amounts are waived and/or reimbursed. The Advisor is permitted to recoup any expenses or fees it has waived or reimbursed within a three-year period from the date of the waiver or reimbursement, if the expense ratios in those future years are less than the limits specified above 10 and less than the limits in effect at that future time. The expense cap/reimbursement agreement may have the effect of increasing the Fund s overall expense ratio during any periods where the Advisor recoups previously waived or reimbursed expenses. Currently, the Advisor has agreed not to seek recoupment of such fee waivers and/or expense reimbursements. Shareholder Information How to Buy Shares You may open a Fund account with a minimum initial investment of $1,000 and add to your account at any time with a minimum subsequent investment of $100 or more. You may open a retirement account or Automatic Investment Plan account with a minimum initial investment of $500 and add to your account at any time with a minimum subsequent investment of $100 or more. The Fund may waive minimum investment requirements from time to time. In compliance with the USA PATRIOT Act of 2001, please note that U.S. Bancorp Fund Services, LLC, the Fund s transfer agent (the Transfer Agent ) will verify certain information on your account application as part of the Fund s anti-money laundering program. As requested on the application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity ( e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners or controlling persons at your legal entity prior to the opening of your account. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 1-866- 209-1965 if you need additional assistance when completing your application. If we do not have a reasonable belief of the identity of a customer, the account will be rejected, or the customer will not be allowed to perform a transaction on the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day s net asset value. You may purchase shares of the Fund by check, wire or via electronic funds transfer through the Automated Clearing House (ACH) network. Your share purchase price will be at the NAV next determined after the Transfer Agent receives your order with complete information and meeting all of the requirements discussed in this Prospectus. For certain qualified brokers, when you place your order with such a broker or its authorized agent, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next share price calculated by the Fund. The Fund will be deemed to have receive\n...\nmore thinly-traded than securities of large capitalization issuers. Developments affecting issuers of thinly- 16 traded or less liquid securities will not be reflected in their market price until the security trades again in the marketplace. Frequent traders may seek to exploit this delay by engaging in price arbitrage, in this case by buying or selling shares of the Fund prior to the time of the adjustment of the market price of securities in its portfolio. This may result in the dilution of the value of the Fund s shares. The Fund may employ fair value pricing to these types of securities if it determines that the last quoted market price no longer represents the fair value of the security. The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder s accounts. In making such judgments, the Fund seeks to act in a manner that it believes is consistent with the best interests of shareholders. Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund s efforts will identify all trades or trading practices that may be considered abusive. In addition, the Fund s ability to monitor trades that are placed by individual shareholders within group, or omnibus, accounts maintained by financial intermediaries is severely limited because the Fund does not have simultaneous access to the underlying shareholder account information. In compliance with Rule 22c-2 under the 1940 Act, Quasar Distributors, LLC, the Fund s distributor, on behalf of the Fund, has entered into written agreements with each of the Fund s financial intermediaries, under which the intermediary must, upon request, provide the Fund with certain shareholder and identity trading information so that the Fund can enforce its market timing policies. The Fund will not accommodate frequent trading of Fund shares. As indicated above under How to Buy Shares, the Fund reserves the right to refuse any purchase order for its shares for any reasons, including transactions deemed by the Fund to represent frequent trading activity. The Fund may change its policies relating to frequent trading at any time without prior notice to shareholders. Redemptions In-Kind The Fund has made an election pursuant to Rule 18f-1 under the 1940 Act that obligates it to pay in cash all redemptions to any shareholder of record unless a shareholder requests a redemption, within a 90-day period of shares having a value in excess of (i) $250,000, or (ii) 1% of the Fund s NAV, whichever is less. In this case, the Fund is permitted to pay the redemption price in whole or in part by a distribution of securities from its portfolio. In that event, the value of the securities distributed would be equal to the amount redeemed, determined at the same time, and in the same manner, as the redemption price is determined. Shareholders who receive redemption payments in securities may incur brokerage costs in converting the securities they receive into cash and will bear any market risks associated with such securities until they are converted into cash. For federal income tax purposes, redemptions-in-kind are taxed in the same manner to a redeeming shareholder as redemptions paid in cash. The subsequent sale of securities r", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Matrix_Advisors_Dividend_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Matrix_Advisors_Dividend_Fund", "p": "advisedBy", "o": "org:Matrix_Asset_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Matrix_Advisors_Dividend_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Matrix_Advisors_Dividend_Fund", "p": "seriesOf", "o": "trust:Matrix_Advisors_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Matrix_Advisors_Dividend_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Matrix_Advisors_Funds_Trust", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Matrix Advisors Dividend Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> Matrix Asset Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Matrix Advisors Funds Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Matrix Advisors Funds Trust <predicate_marker> underwrittenBy <object_marker> Quasar Distributors LLC <triple_end>", "target_serialized_plain": "Matrix Advisors Dividend Fund administrator U.S. Bancorp Fund Services LLC ; advisedBy Matrix Asset Advisors, Inc. ; custodian U.S. Bank National Association ; seriesOf Matrix Advisors Funds Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nMatrix Advisors Funds Trust underwrittenBy Quasar Distributors LLC .", "stats": {"input_chars": 13955, "n_triples": 6, "text_to_json_ratio": 24.6}}
{"sample_id": "0001681576:ALL", "cik": "0001681576", "trust_name": "T. ROWE PRICE TOTAL RETURN FUND, INC.", "input_text": "least one full calendar year. The fund s performance information included in\nthe table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition,\nthe table may also include one or more indexes that more closely aligns to the fund s investment strategy (Strategy Benchmark(s)).\nIn addition, the table shows hypothetical after-tax returns to demonstrate\nhow taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal\nmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s\ntax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through\ntax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ\nfor other share classes.\nSUMMARY\n9\nAverage Annual Total\nReturns\nPeriods ended\nDecember 31, 2024\nSince\nInception\n1 Year\n5 Years\ninception\ndate\nInvestor Class\n11/15/2016\nReturns before taxes\n2.18\n%\n- 0.23\n%\n1.62\n%\nReturns after taxes on distributions\n0.32\n- 1.77\n0.04\nReturns after taxes on distributions and sale\nof fund shares\n1.28\n- 0.79\n0.59\nI Class\n11/15/2016\nReturns before taxes\n2.44\n- 0.09\n1.76\nAdvisor Class\n11/15/2016\nReturns before taxes\n2.01\n- 0.50\n1.34\nRegulatory/Strategy Benchmark\nBloomberg U.S. Aggregate Bond\nIndex (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.22\na\nAdditional Strategy Benchmark(s)\nLipper Core Plus Bond Funds Average\n2.10\n0.19\n1.64\nb\na Return since 11/15/16.\nb Return since 11/30/16.\nUpdated performance information is available through troweprice.com .\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nChristopher P. Brown*\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2016\n2005\nAnna Alexandra Dreyer*\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2021\n2008\n* Effective September 30, 2025, Carolyn Roby will join Christopher P. Brown and Anna Alexandra Dreyer as a co-portfolio manager of\nthe fund and a cochair of the fund s Investment Advisory Committee. Ms. Roby joined T. Rowe Price in 2006.\nPurchase and Sale of Fund Shares\nThe Investor Class and Advisor Class generally require a $2,500 minimum\ninitial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement\nplan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries\nand certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only\nbe purchased through a financial intermediary or retirement plan.\nT. ROWE PRICE\n10\nThe I Class requires a $500,000 minimum initial investment per fund\nper account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible\nretirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying\ndirectly held accounts, and certain other accounts.\nFor investors holding shares of the fund directly with T. Rowe\nPrice, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670\nfor small business retirement plans; and 1\n...\n. Rowe Price\nFund on behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe\nPrice or its affiliates.\nComparison of Distribution and Shareholder Servicing Fees\nThe following table summarizes the distribution and service (12b-1)\nfee and administrative fee arrangements applicable to each class based on its average daily net assets.\nClass\n12b-1 Fee Payments\nAdministrative Fee Payments\nInvestor Class\nNone\nUp to 0.15% per year\nI Class\nNone\nNone\nAdvisor Class\nUp to 0.25% per year\nUp to 0.15% per year\nR Class\nUp to 0.50% per year\nUp to 0.15% per year\nZ Class\nNone\nNone\nAccount\nSERVICE FEE\nInvestor Class\nIn an effort to help offset the disproportionately high costs incurred\nby the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds transfer\nagent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor\nClass accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based\non account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged\nto an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically\ndeducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption\nmay result in a taxable gain or loss to you.\nThe account service fee generally does not apply to fund accounts\nthat are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe\nPrice Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price\nActivePlus Portfolios program or Retirement Advisory Service , or money market funds that are used as a T. Rowe Price\nBrokerage sweep account. The account service fee is automatically waived for accounts that satisfy any of the following conditions\nas of the last business day in August:\nT. ROWE PRICE\n40\nAny accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction\nconfirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any\nshareholder regardless of whether the shareholder has elected electronic delivery);\nAny accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include\ninvestments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement\nplan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or\nCertain accounts enrolled in the T. Rowe Price Summit Program (visit troweprice.com or call 1-800-332-6161 for more information).\nT. Rowe Price reserves the right to authorize additional waivers for\nother types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price\nindividual retirement account (IRA), Education Savings Account, or small business retirement plan account (including certain 403(b) plan\naccounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares\nfrom such accounts.\nPOLICIES\nFOR opening an account\nInvestor Class and I Class\n...\nEZX\nT.\nRowe Price Emerging Markets Corporate Bond Fund\nTRECX\nT.\nRowe Price Emerging Markets Corporate Bond Fund Advisor Class\nPACEX\nT.\nRowe Price Emerging Markets Corporate Bond Fund I Class\nTECIX\nT.\nRowe Price Emerging Markets Corporate Bond Fund Z Class\nTECZX\nT.\nRowe Price Emerging Markets Discovery Stock Fund\nPRIJX\nT.\nRowe Price Emerging Markets Discovery Stock Fund Advisor Class\nPAIJX\nT.\nRowe Price Emerging Markets Discovery Stock Fund I Class\nREVIX\nT.\nRowe Price Emerging Markets Discovery Stock Fund Z Class\nTRFZX\nT.\nRowe Price Emerging Markets Local Currency Bond Fund\nPRELX\nT.\nRowe Price Emerging Markets Local Currency Bond Fund Advisor Class\nPAELX\nT.\nRowe Price Emerging Markets Local Currency Bond Fund I Class\nTEIMX\nT.\nRowe Price Emerging Markets Local Currency Bond Fund Z Class\nTRZFX\nT.\nRowe Price Emerging Markets Stock Fund\nPRMSX\nT.\nRowe Price Emerging Markets Stock Fund I Class\nPRZIX\nT.\nRowe Price Emerging Markets Stock Fund Z Class\nTRGZX\nT.\nRowe Price European Stock Fund\nPRESX\nT.\nRowe Price European Stock Fund I Class\nTEUIX\nT.\nRowe Price European Stock Fund Z Class\nTRZPX\nT.\nRowe Price Global Consumer Fund\nPGLOX\nT.\nRowe Price Global Growth Stock Fund\nRPGEX\nT.\nRowe Price Global Growth Stock Fund Advisor Class\nPAGLX\nT.\nRowe Price Global Growth Stock Fund I Class\nRGGIX\nT.\nRowe Price Global High Income Bond Fund\nRPIHX\nT.\nRowe Price Global High Income Bond Fund Advisor Class\nPAIHX\nT.\nRowe Price Global High Income Bond Fund I Class\nRPOIX\nT.\nRowe Price Global Impact Equity Fund\nTGPEX\nT.\nRowe Price Global Impact Equity Fund I Class\nTGBLX\nT.\nRowe Price Global Industrials Fund\nRPGIX\nT.\nRowe Price Global Industrials Fund I Class\nTRGAX\nT.\nRowe Price Global Stock Fund\nPRGSX\nT.\nRowe Price Global Stock Fund Advisor Class\nPAGSX\nT.\nRowe Price Global Stock Fund I Class\nTRGLX\nT.\nRowe Price International Bond Fund\nRPIBX\nT.\nRowe Price International Bond Fund Advisor Class\nPAIBX\nT.\nRowe Price International Bond Fund I Class\nRPISX\nT.\nRowe Price International Bond Fund Z Class\nTRLZX\nT.\nRowe Price International Bond Fund (USD Hedged)\nTNIBX\nT.\nRowe Price International Bond Fund (USD Hedged) Advisor Class\nTTABX\nT.\nRowe Price International Bond Fund (USD Hedged) I Class\nTNBMX\nT.\nRowe Price International Bond Fund (USD Hedged) Z Class\nTRMZX\nT.\nRowe Price International Disciplined Equity Fund\nPRCNX\nT.\nRowe Price International Disciplined Equity Fund Advisor Class\nPRNCX\nT.\nRowe Price International Disciplined Equity Fund I Class\nRICIX\nT.\nRowe Price International Discovery Fund\nPRIDX\nT.\nRowe Price International Discovery Fund I Class\nTIDDX\nT.\nRowe Price International Discovery Fund Z Class\nTRZKX\n4\nT.\nRowe Price International Stock Fund\nPRITX\nT.\nRowe Price International Stock Fund Advisor Class\nPAITX\nT.\nRowe Price International Stock Fund I Class\nPRIUX\nT.\nRowe Price International Stock Fund R Class\nRRITX\nT.\nRowe Price International Stock Fund Z Class\nTRNZX\nT.\nRowe Price International Value Equity Fund\nTRIGX\nT.\nRowe Price International Value Equity Fund Advisor Class\nPAIGX\nT.\nRowe Price International Value Equity Fund I Class\nTRTIX\nT.\nRowe Price International Value Equity Fund R Class\nRRIGX\nT.\nRowe Price International Value Equity Fund Z Class\nTROZX\nT.\nRowe Price Japan Fund\nPRJPX\nT.\nRowe Price Japan Fund I Class\nRJAIX\nT.\nRowe Price Japan Fund Z Class\nTRZJX\nT.\nRowe Price Latin America Fund\nPRLAX\nT.\nRowe Price Latin America Fund I Class\nRLAIX\nT.\nRowe Price Latin America Fund Z Class\nTRZYX\nT.\nRowe Price New Asia Fund\nPRASX\nT.\nRowe Price New Asia Fund I Class\nPNSIX\nT.\nRowe Price New Asia Fund Z Class\nTRZNX\nT.\nRowe Price Overseas Stock Fund\nTROSX\nT.\nRowe Price Ove\n...\n-Free Income Fund I Class\nTFILX\nT.\nROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.\nT.\nRowe Price Tax-Free Short-Intermediate Fund\nPRFSX\nT.\nRowe Price Tax-Free Short-Intermediate Fund Advisor Class\nPATIX\nT.\nRowe Price Tax-Free Short-Intermediate Fund I Class\nTTSIX\nT.\nROWE PRICE TOTAL RETURN FUND, INC.\nT.\nRowe Price Total Return Fund\nPTTFX\nT.\nRowe Price Total Return Fund Advisor Class\nPTATX\nT.\nRowe Price Total Return Fund I Class\nPTKIX\nT.\nROWE PRICE u.s. equity research FUND, INC.\nT.\nRowe Price U.S. Equity Research Fund\nPRCOX\nT.\nRowe Price U.S. Equity Research Fund Advisor Class\nPACOX\nT.\nRowe Price U.S. Equity Research Fund I Class\nPCCOX\nT.\nRowe Price U.S. Equity Research Fund R Class\nRRCOX\nT.\nRowe Price U.S. Equity Research Fund Z Class\nPCUZX\n9\nT.\nROWE PRICE U.S. LARGE-CAP CORE FUND, INC.\nT.\nRowe Price U.S. Large-Cap Core Fund\nTRULX\nT.\nRowe Price U.S. Large-Cap Core Fund Advisor Class\nPAULX\nT.\nRowe Price U.S. Large-Cap Core Fund I Class\nRCLIX\nT.\nRowe Price U.S. Large-Cap Core Fund Z Class\nTRZLX\nT.\nROWE PRICE U.S. TREASURY FUNDS, INC. (U.s. treasury funds)\nT.\nRowe Price U.S. Treasury Intermediate Index Fund\nPRTIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund I Class\nPRKIX\nT.\nRowe Price U.S. Treasury Intermediate Index Fund Z Class\nTRZTX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund\nPRULX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund I Class\nPRUUX\nT.\nRowe Price U.S. Treasury Long-Term Index Fund Z Class\nTRZUX\nT.\nRowe Price U.S. Treasury Money Fund\nPRTXX\nT.\nRowe Price U.S. Treasury Money Fund I Class\nTRGXX\nT.\nRowe Price U.S. Treasury Money Fund Z Class\nTRZXX\nT.\nROWE PRICE VALUE FUND, INC.\nT.\nRowe Price Value Fund\nTRVLX\nT.\nRowe Price Value Fund Advisor Class\nPAVLX\nT.\nRowe Price Value Fund I Class\nTRPIX\nT.\nRowe Price Value Fund Z Class\nTRZAX\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund is dated as shown above, as such prospectus may be revised from time to time. Capitalized terms used\nherein that are not defined have the same meaning as in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n10\nPART\nI TABLE OF CONTENTS\nPage\nManagement of the Funds\n16\nPrincipal Holders of Securities\n60\nInvestment Adviser and Investment Management\nAgreements\n200\nThird-Party Arrangements\n242\nDistributor for the Funds\n248\nPage\nPortfolio Transactions\n251\nPortfolio Turnover\n263\nSecurities Lending Activities\n266\nIndependent Registered Public Accounting\nFirm\n270\nPart II\n271\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act\n...\n5.49\n101\nN MAIN AVE STE 201\nSIOUX\nFALLS SD 57104-6411\n67\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND\nCHARLES\nSCHWAB CO INC\n15.54\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n10.87\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMLPF S\nFOR THE SOLE BENEFIT OF\n5.38\nITS\nCUSTOMERS\nMORGAN\nSTANLEY SMITH BARNEY LLC\n6.10\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n17.14\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nRAYMOND\nJAMES\n5.90\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nUBS\nWM USA\n6.59\nSPEC\nCDY A/C EXL BEN CUSTOMERS\nOF\nUBSFI\n1000\nHARBOR BLVD\nWEEHAWKEN\nNJ 07086-6761\nWELLS\nFARGO CLEARING SERVICES LLC\n10.24\nSPECIAL\nCUSTODY ACCT FOR THE\nEXCLUSIVE\nBENEFIT OF CUSTOMERS\n68\nFUND\nSHAREHOLDER\n%\nFLOATING\nRATE FUND ADVISOR CLASS\nAMERITAS\nLIFE INSURANCE CORP\n5.85\nSEPARATE\nACCOUNT G-2\nATTN\nVARIABLE TRADES\n5900\nO ST\nLINCOLN\nNE 68510-2234\nCHARLES\nSCHWAB CO INC\n5.05\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n25.94(b)\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n44.35(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nFLOATING\nRATE FUND I CLASS\nCHARLES\nSCHWAB CO INC\n29.55(b)\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nPERSHING\nLLC\n7.22\nFLOATING\nRATE FUND Z CLASS\nRETIREMENT\nPORTFOLIO 2020\n8.66\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n1307\nPOINT ST\nBALTIMORE\nMD 21231-3827\nRETIREMENT\nPORTFOLIO 2025\n10.49\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2030\n13.43\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nRETIREMENT\nPORTFOLIO 2035\n6.67\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\nSPECTRUM\nINCOME FUND\n46.33(c)\nC/O\nT ROWE PRICE ASSOCIATES INC\nATTN\nFUND ACCOUNTING DEPT\nCUST\nSTATE STREET BANK TRUST CO\n69\nFUND\nSHAREHOLDER\n%\nGLOBAL\nMULTI-SECTOR BOND FUND\nCHARLES\nSCHWAB CO INC\n9.62\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n5.32\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nLPL\nFINANCIAL\n9.75\nOMNIBUS\nCUSTOMER ACCOUNT\nATTN\nMUTUAL FUND TRADING\nMORGAN\nSTANLEY SMITH BARNEY LLC\n10.00\nFOR\nTHE EXCL BENEFIT OF ITS CUST\nNATIONAL\nFINANCIAL SERVICES\n15.97\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nPERSHING\nLLC\n8.11\nRAYMOND\nJAMES\n10.39\nOMNIBUS\nFOR MUTUAL FUNDS\nATTN\nCOURTNEY WALLER\nGLOBAL\nMULTI-SECTOR BOND FUND ADVISOR\nCHARLES\nSCHWAB CO INC\n6.45\nCLASS\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nCHARLES\nSCHWAB CO INC\n11.65\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n58.55(b)\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 5\nGLOBAL\nMULTI-SECTOR BOND FUND I CLASS\nCHARLES\nSCHWAB CO INC\n22.07\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nNATIONAL\nFINANCIAL SERVICES\n5.35\nFOR\nTHE EXCLUSIVE BENEFIT\nOF\nOUR CUSTOMERS\nATTN\nMUTUAL FUNDS DEPT FL 4\nPERSHING\nLLC\n32.49(b)\n70\nFUND\nSHAREHOLDER\n%\nGNMA\nFUND\nCHARLES\nSCHWAB CO INC\n5.73\nREINVEST\nACCOUNT\nATTN\nMUTUAL FUND DEPT\nGNMA\nFUND I CLASS\nCHARLES\nSCHWAB CO INC\n5.26\nSPECIAL\nCUSTODY A/C FBO CUSTOMERS\nATTN\nMUTUAL FUND DEPT\nGOVERNMENT\nMONEY FUND\nT\nROWE PRICE ASSOCIATES INC\n15.95\nATTN\nFINANCIAL REPORTING DEPT\nGOVERNMENT\nMONEY FUND I CLASS\nT.\nROWE PRICE SERVICES INC\n9.32\nAGENT\nFOR THE T. ROWE PRICE FUNDS\nATTN\nFCO/RECON\n4515\nPAINTERS MILL RD BLDG 4\nOWINGS\nMILLS MD 21117-4903\nGOVERNMENT\nRESERVE FUND\nJNL\nTRP CAP APP FUND\n6.91\nATTN\nJOSEPH O BOYLE\n225\nW WACKER DR STE 1200\nCHICAGO\n...\nlying fund are voted by other shareholders.\n(c)\nT.\nRowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares\nowned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception\nthat provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership\nindicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders\nfor vote.\n(d)\nT.\nRowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly\nowned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is\nnot the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and\nare normally voted by various retirement plans and retirement plan participants.\n199\ninvestment\nadviser and INVESTMENT MANAGEMENT AGREEMENTS\nT.\nRowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each\nfund.\nFor\ncertain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with Price Investment Management, Price\nInternational, Price Australia, Price Hong Kong, Price Japan, and/or Price Singapore. T. Rowe Price, Price Investment Management,\nPrice International, Price Australia, Price Hong Kong, Price Japan, and Price Singapore are hereinafter referred to collectively\nas Price Advisers . T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. Price Investment\nManagement and Price International are wholly owned subsidiaries of T. Rowe Price. Price Australia, Price Hong Kong, Price Japan,\nand Price Singapore are wholly owned subsidiaries of Price International.\nInvestment\nManagement Services\nUnder\nthe Investment Management Agreements for each fund, T. Rowe Price is responsible for supervising and overseeing investments of\nthe funds in accordance with the funds investment objectives, programs, and restrictions as provided in the funds\nprospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including\nmaintaining the funds corporate existence and corporate records; registering and qualifying fund shares under federal laws;\nmonitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed\nby the funds such as the funds custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination\nof such agents activities; and permitting employees of the Price Advisers to serve as officers, directors, and committee\nmembers of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory\nagreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally\nresponsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business\nand portfolio brokerage.\nT.\nRowe Price has entered into a subadvisory agreement with one or more Price Adviser(s) on behalf of each fund as indicated in the\ntable below under which, subject to the supervision of T. Rowe Price, the Price Adviser is authorized to trade securities or delegate\nthe trading of securities and make discretionary investment decisions with respect\n...\nn behalf\nof a number of Feeder funds.\nForeign Investments\nIn addition to the fundamental\nrestrictions and operating policies previously described, some foreign countries limit or prohibit all direct foreign investment\nin the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the\ngovernments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such\nsecurities. For tax purposes, these funds may be known as Passive Foreign Investment Companies.\nFunds-of-Funds\nThere is no limit on the amount\nthe Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds.\n344\nCUSTODIAN\nAND FUND ACCOUNTING\nState Street Bank and Trust\nCompany ( State Street Bank ) is the custodian for the funds\nU.S. securities and cash, but it does not participate in the funds investment decisions. Portfolio securities purchased\nin the United States are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, the\nsecurity depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition,\nfunds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand\nnotes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank s\nmain office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in\nthe book entry system of the funds transfer agent, T. Rowe Price Services, Inc.\nAll funds that can invest in\nforeign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities\nthat are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other\ncustodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the\n1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.\nT. Rowe Price and BNY\nMellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.\nCODE\nOF ETHICS\nThe funds; their investment\nadviser (T. Rowe Price) and investment subadviser (Price Investment Management, Price International, Price Australia, Price Hong\nKong, Price Japan, and/or Price Singapore), if applicable; and their principal underwriter (T. Rowe Price Investment Services)\nhave adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 under the 1940 Act, which requires persons with\naccess to investment information ( Access Persons ) to obtain\nprior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days\nof their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after\nthe end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading\nvolumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in\nthe security; the security has been purchased or sold by a client within seven calendar days; the security is being considered\nfor purchase for a client; a change has occurred in T. Rowe Price s rating of the security within seven calendar d", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "advisedBy", "o": "org:T_Rowe_Price_International_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Retirement_Plan_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_Fund", "p": "transferAgent", "o": "org:T_Rowe_Price_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_ROWE_PRICE_TOTAL_RETURN_FUND_INC", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Total Return Fund <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> advisedBy <object_marker> T. Rowe Price International Ltd <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> transferAgent <object_marker> T. Rowe Price Retirement Plan Services, Inc. <predicate_marker> transferAgent <object_marker> T. Rowe Price Services, Inc. <triple_end>\n<triple_start> T. ROWE PRICE TOTAL RETURN FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Total Return Fund advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd ; custodian JPMorgan Chase Bank, N.A. , State Street Bank and Trust Company ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE TOTAL RETURN FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 25224, "n_triples": 8, "text_to_json_ratio": 32.8}}
{"sample_id": "0001682662:ALL", "cik": "0001682662", "trust_name": "Peachtree Alternative Strategies Fund", "input_text": "497\n1\nfp0067607_497.htm\nPEACHTREE ALTERNATIVE\nSTRATEGIES FUND\nInstitutional Shares\nSupplement dated August 2, 2021, to the\nProspectus and Statement of Additional Information\n( SAI ),\neach dated August 28, 2020\nThis Supplement provides new and additional information\nbeyond that in, and should be read in conjunction with, the Fund's Prospectus and SAI.\nInvestment Adviser Change of Control\nHomrich Berg, Inc. (the\nAdviser ), the investment adviser to the Peachtree Alternative Strategies Fund (the Fund ), has announced that\nit has entered into an agreement to sell a minority ownership interest in its firm to New Mountain Strategic Equity Fund I, L.P.\n( NMSEF ), an affiliate of New Mountain Capital, a growth oriented investment firm with over $30 billion in assets under\nmanagement, in a transaction that is anticipated to close on or about September 30, 2021 (the Transaction ). In\nconnection with the Transaction, the Adviser will create a new wholly owned subsidiary, HB Wealth Management, LLC\n( HBWM ). The Adviser will contribute substantially all of its assets to HBWM in exchange for ownership interests in HBWM,\nand NMSEF will thereafter invest in HBWM in exchange for a minority ownership interest in HBWM. HBWM will assume the rights and\nobligations currently held by the Adviser and serve as the investment adviser to the Fund after the closing of the Transaction.\nThe Adviser does not expect any interruption of the\nFund's daily business operations as a result of the Transaction. It is anticipated that the Fund's portfolio management team will remain\nthe same and will continue to manage the Fund using the same investment objective and strategies that have been employed by the Adviser\nsince the Fund's inception. Further, it is anticipated that the advisory fee rate payable by the Fund to HBWM (0.75% of the Fund's month-end\nnet assets) will remain the same and that HBWM will continue to waive certain fees and expenses of the Fund.\nInvestment Advisory Agreements and Expense Limitation Agreements\nUnder the Investment Company Act of 1940, as\namended (the 1940 Act ), an investment advisory agreement automatically terminates upon an assignment.\nBecause of the change of relative ownership interests of HBWM resulting from this Transaction, the Transaction will result in a\ndeemed assignment for purposes of the 1940 Act, causing the termination of the original investment advisory agreement\nbetween the Adviser and the Fund. Therefore, the Board of Trustees of the Fund (the Board ) will be asked to approve an\ninterim investment advisory agreement between HBWM and the Fund and an interim expense limitation agreement between HBWM and the\nFund that will become effective upon the closing of the Transaction. The Board will also be asked to approve a n\n...\nreceive shareholder\nreports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder\nreports and other communications from the Fund electronically by contacting the Fund at 1-800-657-3812 or, if you own these shares\nthrough a financial intermediary, by contacting your financial intermediary.\nYou may elect to receive all future reports\nin paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by\ncontacting the Fund at 1-800-657-3812. If you own shares through a financial intermediary, you may contact your financial intermediary\nor follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your\nelection to receive reports in paper will apply to all funds held with your financial intermediary.\nAn investment in the Fund is speculative, involves\nsignificant risk and is not suitable for all investors. Before investing, you should consider the following specific risks of an\ninvestment in the Fund:\nBecause you may not be able to sell your Shares, you will not be able to reduce your investment exposure to the Fund on any market downturn. See Principal Risks.\nIn order to achieve its investment objective,\nHomrich Berg, Inc. (the Adviser ) invests the Fund s assets in a variety of professionally managed Portfolio\nFunds that employ a variety of strategies including but not limited to: equity long/short, credit long/short, distressed credit,\nmerger arbitrage, discretionary macro, event driven, structured credit arbitrage, statistical arbitrage and multi-strategy. The\nFund cannot guarantee that its investment objective will be achieved or that its investment program will be successful.\nUltimus Fund Distributors, LLC ( Distributor )\nacts as principal underwriter and distributor for the Shares on a best efforts basis, subject to various conditions. The Distributor\nmay retain additional broker-dealers and other financial intermediaries (each a Selling Agent ) to assist in the distribution\nof Shares and Shares are available for purchase through these Selling Agents or directly through the Distributor. Generally, Shares\nare only offered to investors that are U.S. persons for U.S. federal income tax purposes.\nShares are only sold to investors qualifying\nas Eligible Investors as described in this Prospectus. The term Eligible Investor includes, among others,\ninvestors that: (1) are U.S. persons for U.S. federal income tax purposes and (2) satisfy the definitions of accredited\ninvestor as defined in Regulation D under the Securities Act of 1933, as amended. See Eligible Investors.\nThis Prospectus offers Shares of the Fund s\nInstitutional class ( Institutional Shares ) which may be purchased through the Distributor or a Selling Agent. In\nthe future, the Fund may offer other classes of common shares with different pricing structures.\nThe Fund intends to accept initial and additional\npurchases of Institutional Shares from Eligible Investors who are Institutional Investors or individual investors.\nInstitutional Investors may include: (1) corporations, banks, trust companies, insurance companies, investment companies,\nfoundations, endowments, defined benefit plans, retirement plans and other similar entities and (2) Eligible Investors investing\nthrough Selling Agents that have entered into an agreement with the Distributor to offer Institutional Shares through a no-load\nnetwork or platform.\nTABLE OF CONTENTS\nPage\nPROSPECTUS SUMMARY\n1\nSUMMARY OF FUND EXPENSES\n17\nF\n...\nation date following the distribution. The automatic\nreinvestment of dividends and distributions will not relieve participants of any income taxes that may be payable (or required\nto be withheld) on dividends and distributions. Since Shares are illiquid, shareholders may need other sources of cash to pay any\ntaxes due.\nSee Distributions to Shareholders\nand Dividend Reinvestment Plan.\n14\nAdviser\nHomrich Berg, Inc., a Georgia corporation,\nis the Adviser. The Adviser is a registered investment adviser with its principal offices at 3550 Lenox Rd. NE, Suite 2700, Atlanta,\nGA, 30326.\nAs of June 30, 2019, the Adviser s\ntotal assets under management were approximately $6 billion.\nFor management services rendered to the Fund\npursuant to an Investment Advisory Agreement between the Fund and the Adviser, the Adviser receives an annual fee of 0.75%, payable\nmonthly based on the Institutional Shares month end NAV.\nSee Management Investment Adviser\nPerformance\nSimultaneous with the commencement of the Fund s\noperations on January 3, 2017 ( Commencement of Operations ), the Fund acquired substantially all of the assets of\nH B Hedge Fund, LLC (the Predecessor Fund ) in exchange for shares of the Fund. The performance of Institutional\nShares for periods before January 3, 2017 is that of the Predecessor Fund and includes the expenses of the Predecessor Fund. The\nFund s expenses are greater than the actual expenses of the Predecessor Fund. For the estimated gross expenses of the Institutional\nShares (including Acquired Fund Fees and Expenses), see Summary of Fund Expenses.\nFor past performance information of Institutional\nShares, see Performance.\nPAST PERFORMANCE DOES NOT GUARANTEE FUTURE\nINVESTMENT RESULTS.\nServices\nAdministrator, Fund Accountant, Transfer\nAgent and Compliance Services. Ultimus Fund Solutions, LLC (the Administrator or Ultimus ), 225\nPictoria Drive, Suite 450, Cincinnati, Ohio 45246, provides administration, fund accounting, transfer agency and compliance services\nto the Fund and supplies certain officers to the Fund, including a Principal Financial Officer and Principal Accounting Officer,\nChief Compliance Officer and an Anti-Money Laundering Compliance Officer, as well as additional compliance support personnel. Fees\nand expenses of the Administrator are paid by the Fund.\nCustodian. The Huntington\nNational Bank, (the Custodian ), 41 South High Street, Columbus, Ohio 43215, is custodian of the Fund s\ninvestments and may maintain Fund assets with U.S. and foreign subcustodians (which may be banks, trust companies, securities\ndepositories and clearing agencies), subject to policies and procedures approved by the Board. Fees and expenses of the\nCustodian are paid by the Fund.\nSee Services.\n15\nFund Expenses\nFund Expenses . The Fund bears its own\noperating expenses which include, but are not limited to: (1) organizational and offering costs; (2) the fees and certain expenses\nof its service providers including legal and audit fees and certain travel expenses related to due diligence services; (3) Trustee\nfees; (4) repurchase offer expenses; (5) costs of printing prospectuses and shareholder reports; (6) certain research, due diligence\nand risk management services and (7) registration fees.\nPortfolio Fund Expenses . The Portfolio\nFunds incur their own operating expenses. As an investor in the Portfolio Funds, the Fund indirectly bears its pro rata allocation\nof the Portfolio Funds expenses.\nExpense Limitation . The\nAdviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to ensure\nthat the total annual Fund operating expenses attributable to the Institutional Shares will not exceed 1.25% (after fee\nwaivers and/or expense reimbursements, and exclusive of taxes, interest, portfolio transaction expenses, acquired fund\nfees and expenses and extraordinary expenses not incurred in the ordinary course of the Fund s business). Expenses\nreimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three (3) years following\nthe date such reimbursement or reduction was made if such recou", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Peachtree_Alternative_Strategies_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Peachtree_Alternative_Strategies_Fund", "p": "advisedBy", "o": "org:HB_Wealth_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Peachtree_Alternative_Strategies_Fund", "p": "custodian", "o": "org:The_Huntington_National_Bank", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Peachtree_Alternative_Strategies_Fund", "p": "seriesOf", "o": "trust:Peachtree_Alternative_Strategies_Fund", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Peachtree_Alternative_Strategies_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Peachtree_Alternative_Strategies_Fund", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Peachtree Alternative Strategies Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> HB Wealth Management, LLC <predicate_marker> custodian <object_marker> The Huntington National Bank <predicate_marker> seriesOf <object_marker> Peachtree Alternative Strategies Fund <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Peachtree Alternative Strategies Fund <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "Peachtree Alternative Strategies Fund administrator Ultimus Fund Solutions, LLC ; advisedBy HB Wealth Management, LLC ; custodian The Huntington National Bank ; seriesOf Peachtree Alternative Strategies Fund ; transferAgent Ultimus Fund Solutions, LLC .\nPeachtree Alternative Strategies Fund underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 10512, "n_triples": 6, "text_to_json_ratio": 17.7}}
{"sample_id": "0001683471:ALL", "cik": "0001683471", "trust_name": "Listed Funds Trust", "input_text": "k0001683471:S000089379Member ck0001683471:ValuationRiskMember 2026-05-01 2026-05-01 0001683471 ck0001683471:S000089379Member ck0001683471:VolatilityRiskMember 2026-05-01 2026-05-01 0001683471 ck0001683471:S000089379Member ck0001683471:WhipsawMarketsRiskMember 2026-05-01 2026-05-01 Filed with the U.S. Securities and Exchange Commission on May 1, 2026 Securities Act Registration No. 333-215588 Investment Company Act Reg. No. 811-23226 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 533 [X] and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 535 [X] LISTED FUNDS TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street, Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Registrant s Telephone Number, including Area Code): (608) 716-8890 Kacie Briody, President Copy to: Listed Funds Trust Laura E. Flores c/o U.S. Bancorp Fund Services, LLC Morgan, Lewis Bockius LLP 615 East Michigan Street 1111 Pennsylvania Avenue, NW Milwaukee, Wisconsin 53202 Washington, DC 20004-2541 (Name and Address of Agent for Service) It is proposed that this filing will become effective (check appropriate box) [X] Immediately upon filing pursuant to Rule 485(b). [ ] on (date) pursuant to Rule 485(b). [ ] 60 days after filing pursuant to Rule 485(a)(1). [ ] on (date) pursuant to Rule 485(a)(1). [ ] 75 days after filing pursuant to Rule 485(a)(2). [ ] on (date) pursuant to Rule 485(a)(2). If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Fortuna Hedged Bitcoin ETF (HBTC) A series of Listed Funds Trust Listed on CBOE BZX Exchange, Inc. PROSPECTUS May 1, 2026 These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission ( SEC ) or the U.S. Commodity Futures Trading Commission ( CFTC ), nor have the SEC or CFTC passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS F ORTUNA HEDGED BITCOIN ETF - F UND SUMMARY 3 ADDITIONAL INFORMATION ABOUT THE FUND 10 INVESTMENT OBJECTIVE 10 PRINCIPAL INVESTMENT STRATEGIES 10 PRINCIPAL INVESTMENT RISKS 11 PORTFOLIO HOLDINGS INFORMATION 18 MANAGEMENT 18 INVESTMENT ADVISER 18 PORTFOLIO MANAGER 19 OTHER SERVICE PROVIDERS 19 HOW TO BUY AND SELL SHARES 19 BOOK ENTRY 19 FREQUENT PURCHASES AND REDEMPTIONS OF SHARES 20 DETERMINATION OF NET ASSET VALUE 20 FAIR VALUE PRICING 20 INVESTMENTS BY REGISTERED INVESTMENT COMPANIES 20 DELIVERY OF SHAREHOLDER DOCUMENTS - HOUSEHOLDING 20 DIVIDENDS, DISTRIBUTIONS, AND TAXES 20 DIVIDENDS AND DISTRIBUTIONS 20 TAXES 21 TAXES ON DISTRIBUTIONS 21 TAXES WHEN SHARES ARE SOLD ON THE EXCHANGE 22 TAXES ON PURCHASES AND REDEMPTIONS OF CREATION UNITS 22 INVESTMENTS IN COMPLEX SECURITIES 22 NET INVESTMENT INCOME TAX 22 DISTRIBUTION PLAN 23 PREMIUM/DISCOUNT INFORMATION 23 ADDITIONAL NOTICES 23 FINANCIAL HIGHLIGHTS 23 aFORTUNA HEDGED BITCOIN ETF - FUND SUMMARY Investment Objective The Fortuna Hedged Bitcoin ETF (the Fund ) seeks to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees ( fe\n...\n: Mark Adams has been the portfolio manager of the Fund since its inception in December 2024 Purchase and Sale of Shares The Fund issues and redeems Shares at NAV only in large blocks known as Creation Units, which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/or a designated amount of U.S. cash. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through a broker or dealer at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the bid price) and the lowest price a seller is willing to accept for Shares (the ask price) when buying or selling Shares in the secondary market. The difference in the bid and ask prices is referred to as the bid-ask spread. Recent information regarding the Fund s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund s website at www.fortunafunds.com. Tax Information The Fund s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account ( IRA ) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts. Financial Intermediary Compensation If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an Intermediary ), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary s website for more information. 9 ADDITIONAL INFORMATION ABOUT THE FUND Investment Objective The Fund s investment objective may be changed by the Board of Trustees (the Board ) of Listed Funds Trust (the Trust ) without shareholder approval upon written notice to shareholders. Principal Investment Strategies The following information is in addition to, and should be read along with, the description of the Fund s principal investment strategies in the section titled Fund Summary Principal Investment Strategies above. The Fund seeks to provide capital appreciation primarily through managed exposure to options on bitcoin-related securities. The Fund does not invest directly in bitcoin. In seeking to achieve the Fund s investment objective, the Adviser takes into consideration, among other things, the relative liquidity of and costs associated with options on bitcoin-related securities, as well as regulatory requirements imposed by the Securities and Exchange Commission, the CFTC, the listing exchanges and the IRS. The Fund will generally hold its bitcoin-related investments during periods in which the value of bitcoin is\n...\nthe Fund s Form N-CSR filing with the SEC for the fiscal period ended August 31, 2025. Portfolio Manager Mark Adams is primarily responsible for the day-to-day management of the Fund s portfolio. Mr. Adams has over twenty years of experience in managing options portfolios in a variety of investment vehicles. Most recently, Mr. Adams worked at Warrington Asset Management (and affiliated entities) from 2003 to 2024, an options trading firm, where he worked as a portfolio manager, Chief Quantitative Analyst, CIO and CCO. Mr. Adams graduated from Washington University in St. Louis where he received a BBA with a triple major in Finance, Management, and International Business. He also received an MBA in Finance from Southern Methodist University s Cox School of Business. The Fund s SAI provides additional information about the Portfolio Manager s compensation structure, other accounts managed by the Portfolio Manager, and the Portfolio Manager s ownership of Shares. Other Service Providers Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the Distributor ), serves as the principal underwriter and distributor of the Fund s Shares. The Distributor s principal address is 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor will not distribute Shares in less than whole Creation Units, and it does not maintain a secondary market in the Shares. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc. ( FINRA ). The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund and is not affiliated with the Adviser or any of its affiliates. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the administrator and transfer agent for the Fund. U.S. Bank National Association, located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the custodian for the Fund. Morgan, Lewis Bockius LLP, located at 1111 Pennsylvania Avenue, N.W., Washington, D.C. 20004, serves as legal counsel to the Trust. Cohen Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as the Fund s independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund. HOW TO BUY AND SELL SHARES The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Fund s transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit. Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, you will incur customary brokerage commissions an\n...\noining the firm, he worked as an account executive at ED F Man Capital with a focus on agricultural commodities providing support, information, research, account management and execution for a wide range of customers. Mr. Haugens has more than 20 years of experience in execution and is Series 3 certified. Joseph (Jody) Team, CFP joined Team Financial Strategies in 2005. He has served in the financial planning and investment management industry since June of 2001. Mr. Team is a Certified Financial Planner TM and is a member of the National Association of Personal Financial Advisors (NAPFA) and the Financial Planning Association (FPA). Mr. Team is the firm s Founder and Chief Executive Officer. Mr. Team advises on the direction of the fund and is the primary decision maker. Mr. Team graduated with a BBA from Abilene Christian University. Chad Hoes, CIMA , CPM joined Team Financial Strategies in 2023. Mr. Hoes has served in the investment management industry since 2002. Prior to that, he served as the Chief Investment Officer of a firm focused on money management for insurance companies. Additionally, Mr. Hoes has experience with other publicly traded mutual funds, performing Portfolio Manager and Analyst roles. Mr. Hoes is a Certified Investment Management Analyst (CIMA ) and a member of the Investments Wealth Institute. He is also a Chartered Portfolio Manager which is a certification of the Global Academy of Finance and Management. Mr. Hoes also holds a Series 65 license. Mr. Hoes earned a BBA from Hardin-Simmons University and an MBA from Texas A M Commerce. The SAI provides additional information about the Portfolio Managers compensation structure, other accounts managed by the Portfolio Managers and the Portfolio Managers ownership of Shares. Other Service Providers PINE Distributors LLC, (the Distributor ), located at 501 South Cherry Street, Suite 610, Denver, Colorado 80246, serves as distributor and principal underwriter to the Fund. The Distributor will not distribute Shares in less than whole Creation Units, and it does not maintain a secondary market in the Shares. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc. ( FINRA ). The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund and is not affiliated with the Adviser, Sub-Adviser, or any of their respective affiliates. 14 U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the administrator, transfer agent and index receipt agent (as applicable) for the Fund. U.S. Bank National Association, located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the custodian for the Fund. Morgan, Lewis Bockius LLP, located at 1111 Pennsylvania Avenue, N.W., Washington, D.C. 20004, serves as legal counsel to the Trust. Cohen Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as the Fund s independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund. HOW TO BUY AND SELL SHARES The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, a", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Core_Alternative_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Core_Alternative_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Core_Alternative_ETF", "p": "seriesOf", "o": "trust:Listed_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Core_Alternative_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Listed_Funds_Trust", "p": "underwrittenBy", "o": "org:PINE_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Core Alternative ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Listed Funds Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Listed Funds Trust <predicate_marker> underwrittenBy <object_marker> PINE Distributors, LLC <triple_end>", "target_serialized_plain": "Core Alternative ETF administrator U.S. Bancorp Fund Services LLC ; custodian U.S. Bank National Association ; seriesOf Listed Funds Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nListed Funds Trust underwrittenBy PINE Distributors, LLC .", "stats": {"input_chars": 14414, "n_triples": 5, "text_to_json_ratio": 30.9}}
{"sample_id": "0001688554:ALL", "cik": "0001688554", "trust_name": "PIMCO Flexible Credit Income Fund", "input_text": "The Fund's Investment Objectives and Strategies\n28\nLeverage\n50\nPrincipal Risks of the Fund\n52\nHow the Fund Manages Risk\n70\nManagement of the Fund\n72\nPlan of Distribution\n75\nPeriodic Repurchase Offers\n81\nNet Asset Value\n83\nDistributions\n84\nDividend Reinvestment Plan\n85\nDescription of Capital Structure and Shares\n86\nAnti-takeover and Other Provisions in the Declaration of Trust\n86\nTax Matters\n87\nCustodian and Transfer Agent\n88\nIndependent Registered Public Accounting Firm\n89\nLegal Matters\n89\nTable of Contents for the Statement of Additional Information\n90\nAppendix A - Description of Securities Ratings\nA-1\nAppendix B - Financial Firm-Specific Sales Charge Waivers and Discounts\nB-1\nPIMCO Flexible Credit Income Fund\nProspectus Summary\nThis is only a summary. This summary may not contain all of the information that you should consider before\ninvesting in Common Shares of the Fund. You should review the more detailed information contained in this prospectus and in the Statement of Additional Information. In particular, you should carefully read the risks of investing in the Fund's Common\nShares, as discussed under \"Principal Risks of the Fund.\"\nThe Fund PIMCO Flexible Credit Income Fund (the \"Fund\") is a non-diversified, closed-end management investment company that continuously offers its shares (the \"Common Shares\"). The Fund is operated as an\n\"interval fund\" (as defined below). The Fund currently has two separate classes of Common Shares: Class A and Institutional Class. The Fund commenced operations on February 22, 2017, in connection with its initial public offering of Institutional\nClass Common Shares. An investment in the Fund may not be appropriate for all investors. Continuous Offering\nThe Fund continuously offers Institutional Class and Class A Common Shares through PIMCO Investments LLC (the\n\"Distributor\"), as principal underwriter, on a best efforts basis. Institutional Class Common Shares are sold at their offering price, which is net asset value per share. Unless you are eligible for a waiver, Class A Common Shares are sold at a\npublic offering price equal to their net asset value plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.\nThe minimum initial investment for Institutional Class and Class A Common Shares is $1 million per account and\n$2,500 per account, respectively, except that the minimum investment may be modified for certain financial firms that submit orders on behalf of their customers, the Trustees and certain employees and their extended family members of PIMCO and its\naffiliates. There is no minimum subsequent investment amount for Institutional Class Common Shares. The minimum subsequent investment amount for Class A Common Shares is $50.\nFor additional information regarding Institutional\nClass and Class A Common Shares please see \"Plan of Distribution Share Classes\" in this prospectus. The Fund reserves the right to reject a purchase order for any reason. Shareholders will not have the right to redeem their Common Shares.\nHowever, as described below, in order to provide some liquidity to shareholders, the Fund will conduct periodic repurchase offers for a portion of its outstanding Common Shares. Periodic Repurchase Offers The Fund is an\n\"interval fund,\" a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to\nmake quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at NAV, reduced by any applicable repurchase\nfee. Subject to applicable law and approval of the Board of T\n...\nof the Fund, PIMCO is responsible for managing the investment activities of the Fund and the Fund's\nbusiness affairs and other administrative matters. Dan Ivascyn, Mark Kiesel, Alfred Murata, Marc Seidner, Christian Stracke, and Eve Tournier are jointly and primarily responsible for the day-to-day management of the Fund. PIMCO is located at 650 Newport Center Drive, Newport\nBeach, CA 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned indirect subsidiary of\nAllianz SE, a publicly traded European insurance and financial services company. As of September 30, 2018, PIMCO had approximately $1.72 trillion in assets under management. Distributions The Fund intends to distribute substantially all of its net investment income to shareholders in the form of dividends. The Fund intends to declare income dividends daily and distribute them quarterly to\nshareholders of record. In addition, the Fund intends to distribute any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more\nfrequently. Unless shareholders specify\notherwise, dividends will be reinvested in Common Shares of the Fund in accordance with the Fund's dividend reinvestment plan. The Fund may pay distributions from sources that may not be available in the future and that are unrelated to the Fund's\nperformance, such as from offering proceeds and/or borrowings. See \"Distributions\" and \"Dividend Reinvestment Plan.\" Distributor, Custodian and Transfer Agent PIMCO\nInvestments LLC, an affiliate of PIMCO, serves as the Fund's principal underwriter and distributor. State Street Bank and Trust Company serves as the primary custodian of the Fund's assets and also provides certain fund accounting,\nsub-administrative and compliance services to the Investment Manager on behalf of the Fund. UMB Bank, n.a. serves as a custodian of the Fund for the purpose of processing investor subscriptions and repurchases. DST Systems, Inc. serves as the Fund's\ntransfer agent and dividend disbursement agent. Wells Fargo Bank, N.A., serves as a custodian of certain assets held by the Fund's Subsidiaries. Unlisted Closed-End Fund Structure; Limited Liquidity The Fund's Common Shares are not listed for trading on any securities exchange. There is currently no secondary market for its Common Shares\nand the Fund does not expect any secondary market to develop for its Common Shares. Shareholders of the Fund are not able to have\ntheir Common Shares redeemed or otherwise sell their Common Shares on a daily basis because the Fund is an unlisted closed-end fund.\nIn order to provide liquidity to shareholders, the Fund is structured as an \"interval fund\" and conducts periodic repurchase offers\nfor a portion of its outstanding Common Shares, as described herein. Investors should consider Common Shares of the Fund to be an\nilliquid investment. An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the\nlimited liquidity of the Common Shares. Investors should consider their investment goals, time horizons and risk tolerance before\ninvesting in the Fund. Investor Suitability\nAn investment in the Fund involves a considerable\namount of risk. It is possible that you will lose money. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Common Shares a\n...\nupporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the\noverall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.\nPricewaterhouseCoopers LLP, 1100 Walnut, Suite 1300, Kansas City, MO 64106 T: (816) 472 7921, F: (816) 218 1890, www.pwc.com/us December 16, 2016\n128\nTable of Contents\nFINANCIAL STATEMENTS\nPIMCO Flexible Credit Income Fund\nStatement of Assets and Liabilities\nDecember 9, 2016\nAssets:\nCash\n$\n100,000\nManager reimbursement receivable\n489,850\nTotal Assets\n$\n589,850\nLiabilities:\nOrganization expense payable\n$\n489,850\nTotal Liabilities\n$\n489,850\nNet Assets Applicable to Common Shareholders\n$\n100,000\nNet Assets Applicable to Common Shareholders Consist of:\nCommon Shares:\nPar value ($0.00001 per share)\n$\n-\nPaid in capital\n100,000\nNet Assets Applicable to Common Shareholders\n$\n100,000\nCommon Shares Issued and Outstanding\n10,000\nNet Asset Value Per Common Share\n$\n10.00\nSee accompanying Notes to Financial Statements\n129\nTable of Contents\nPIMCO Flexible Credit Income Fund\nStatement of Operations\nFor the period ended December 9, 2016\nOrganization Expenses\n$\n489,850\nReimbursement by Manager\n489,850\nNet Loss\n$\n0\nSee accompanying Notes to Financial Statements\n130\nTable of Contents\nNotes to Financial Statements\n1. ORGANIZATION PIMCO Flexible Credit Income Fund (the\nFund ) is organized as a closed-end management investment company registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the Act ). The\nFund is a non-diversified, closed-end management investment company that continuously offers its shares ( Common Shares ) and is operated as an interval\nfund . Pacific Investment Management Company LLC ( PIMCO or the Manager ) serves as the Fund s investment manager. The Fund was\norganized as a Massachusetts business trust on October 25, 2016. The Fund has had no operations from that date to December 9, 2016 other than matters relating to its organization and registration. Allianz Fund Investments, Inc. (the\nSubscriber ) purchased the initial shares at $10.00 per share. The Fund has authorized an unlimited number of Common Shares at a par value of $0.00001 per share. An investment in any share class of the Fund represents an investment in the\nsame assets of the Fund. However, the ongoing fees and expenses for each share class may be different. The Fund is an interval fund, a type of fund\nwhich, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value, reduced by any applicable redemption\nfee. Subject to applicable law and approval of the Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund s outstanding Common Shares at net asset value, which is the minimum\namount permitted. The Fund may impose redemption fees of up to 2.00% on Common Shares accepted for repurchase that have been held for less than one year.\n2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial\nstatements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent\nassets and liabilities at the date of the financial statements and the reported amounts of increases and decr", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:PIMCO_Flexible_Credit_Income_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Flexible_Credit_Income_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:PIMCO_Flexible_Credit_Income_Fund", "p": "underwrittenBy", "o": "org:PIMCO_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Flexible Credit Income Fund <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> PIMCO Flexible Credit Income Fund <predicate_marker> underwrittenBy <object_marker> PIMCO Investments LLC <triple_end>", "target_serialized_plain": "PIMCO Flexible Credit Income Fund advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .\nPIMCO Flexible Credit Income Fund underwrittenBy PIMCO Investments LLC .", "stats": {"input_chars": 10808, "n_triples": 3, "text_to_json_ratio": 29.8}}
{"sample_id": "0001689873:ALL", "cik": "0001689873", "trust_name": "GraniteShares ETF Trust", "input_text": "REGISTRATION\nSTATEMENT UNDER\nTHE\nINVESTMENT COMPANY ACT OF 1940\nAmendment\nNo. 310\nGraniteShares\nETF Trust\n(Exact\nName of Registrant as Specified in Charter)\nREGISTRANT S\nTELEPHONE NUMBER, INCLUDING AREA CODE: (844) 476-8747\nWilliam\nRhind\nGraniteShares\nETF Trust\n250\nBroadway, 24 th Floor\nNew\nYork, New York 10007\n(Name\nand Address of Agent for Service)\nCopies\nto:\nAndrew\nJ. Davalla\nThompson\nHine LLP\n41\nSouth High Street, Suite 1700\nColumbus,\nOhio 43215\nApproximate\nDate of Proposed Public Filing:\nIt\nis proposed that this filing will become effective (check appropriate box)\nimmediately\nupon filing pursuant to paragraph (b)\non\n(date) pursuant to paragraph (b)\n60\ndays after filing pursuant to paragraph (a)(1)\non\n(date) pursuant to paragraph (a)(1)\n75\ndays after filing pursuant to paragraph (a)(2)\non\n(date) pursuant to paragraph (a)(2) of Rule 485\nIf\nappropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment\nThe\ninformation in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement\nfiled with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting\nan offer to buy these securities in any state where the offer or sale is not permitted.\nSubject\nto completion, dated May 26, 2026\nGRANITESHARES\nFUNDS\nProspectus\n[\n], 2026\nGRANITESHARES\nFUNDS\nTICKER\nSYMBOL\nGraniteShares\n2x Long WOLF Daily ETF\n[\n]\nGraniteShares\n2x Short WOLF Daily ETF\n[\n]\nThe\nSecurities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any\nrepresentation to the contrary is a criminal offense.\nGraniteShares\nFunds are advised by GraniteShares Advisors LLC.\nThe\nFunds seek daily inverse or leveraged investment results and are intended to be used as short-term trading vehicles. Each Fund with Long\nin its name attempts to provide daily investment results that correspond to the respective long leveraged multiple of the performance\nof an underlying stock (each a Leveraged Long Fund). Each Fund with Short in its name attempts to provide daily investment\nresults that correspond to the inverse (or opposite) multiple of the performance of an underlying stock (each an Inverse Fund).\nThe\nFunds are not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios.\nThe Funds are very different from most mutual funds and exchange-traded funds. Investors should note that:\n(1)\nThe Leveraged Long Fund pursues daily leveraged investment objectives, which means that the Funds are riskier than alternatives that\ndo not use leverage because the Funds magnify the daily performance of their underlying stock.\n(2)\nThe Inverse Fund pursues a daily investment objective that is a multiple inverse to the daily performance of their underlying stock,\na result opposite of most mutual funds and exchange-traded funds.\n(3)\nSeeking to replicate daily performances of an underlying stock means that the return of a Fund for a period longer than a full trading\nday will be the product of a series of daily returns for each trading day during the relevant period.\nAs\na consequence, especially in periods of market volatility, the volatility of the underlying stock may affect a Fund s return as\nmuch as, or more than, the return of the underlying stock. Further, the return for investors that invest for periods less than a full\ntrading day is likely to be different from an unde\n...\ninancial instruments with economic characteristics that\nshould have 2 times the performance of the Underlying Stock.\nThe\nUnderlying Stock is a leading manufacturer of silicon carbide (SiC) power devices, wafers, and modules, serving power electronics applications\nin electric vehicles, industrial motor drives, renewable energy, and AI data center power infrastructure. Wolfspeed, Inc. emerged from\nChapter 11 bankruptcy protection in September 2025 following a prepackaged reorganization that reduced its debt by approximately 70%.\nThe Underlying Stock is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act ). Information\nprovided to or filed with the Securities and Exchange Commission by the Underlying Stock pursuant to the Exchange Act can be located\nby reference to the Securities and Exchange Commission file number 333-291524 through the Securities and Exchange Commission s\nwebsite at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not\nlimited to, press releases, newspaper articles and other publicly disseminated documents.\n3\nBecause\nof daily rebalancing and the compounding of each day s return over time, the return of the Fund for periods longer than a single\nday will be the result of each day s returns compounded over the period, which will very likely differ from 200% of the return\nof the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock s performance is flat over time,\nand as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund\nwill lose money over time while the Underlying Stock s performance increases over a period longer than a single day.\nTHE\nFUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.\nThis\nprospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying\nStock. The common stock of the Underlying Stock is registered under the Securities Exchange Act of 1934, as amended (the Exchange\nAct ). Information provided to or filed with the Securities and Exchange Commission by the Underlying Stock pursuant to the Exchange\nAct can be located at the Securities and Exchange Commission s website at www.sec.gov. In addition, information regarding the Underlying\nStock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated\ndocuments.\nPRINCIPAL\nRISKS OF INVESTING IN THE FUND\nAs\nwith all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund s\nNAV and performance.\nUnderlying\nStock Risk: The Fund s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can\nbe affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in\nthe silicon carbide semiconductor industry, which is capital-intensive, cyclical, and subject to rapid technological change, intense\ncompetition, and significant end-market concentration. Wolfspeed, Inc. recently emerged from Chapter 11 bankruptcy protection in September\n2025 following a prepackaged restructuring, and the Underlying Stock s ability to achieve financial stability and profitability\ndepends on successful execution of its ramp-up at its Mohawk Valley 200mm silicon carbide fabrication facility. The Underlying Stock\nhas hi\n...\nring desk\nat Deutsche Bank AG. From 2004 to 2007, Mr. Klearman headed the marketing and structuring effort for rates-based structured products\nat BNP Paribas in New York. Mr. Klearman worked at AIG Financial Products from 1994 to 2004 trading rates-based volatility products as\nwell as marketing and structuring. Mr. Klearman received his MBA in Finance from NYU Stern School of Business and his Bachelor of Science\nin Chemical Engineering from Purdue University.\nRyan\nDofflemeyer has been portfolio manager at GraniteShares since September 2024. Mr. Dofflemeyer has over 20 years of experience\nworking as a portfolio manager and trader for ETFs and mutual funds. Most recently, Mr. Dofflemeyer was a Senior Portfolio Manager for\nVident Asset Management where he provided ETF sub-advisory services including fund management and trading across a variety of global\nequities and derivatives-based strategies. Prior to Vident Asset Management, Mr. Dofflemeyer was at ProShares ETFs from 2003 to 2020\nwhere he headed the desks responsible for managing their leveraged and inverse global equities, commodities, and VIX futures ETFs. Mr.\nDofflemeyer received his MBA from the University of Maryland Robert H. Smith School of Business and his Bachelor of Arts from the University\nof Virginia.\nThe\nSAI provides additional information about the Portfolio Managers compensation, other accounts managed, and ownership of Fund shares.\nBuying\nand Selling Shares\nThe\nFunds issue and redeem shares at net asset value only in a large specified number of shares each called a Creation Unit,\nor multiples thereof. A Creation Unit consists of 10,000 shares and are acquired by Authorized Participants which are market\nmarkers, broker dealers and/or large institutional investors that have entered into an agreement with ALPS Distributors, Inc., the distributor\nof each Fund s shares ( ADI or the Distributor ). Only Authorized Participants may acquire shares (aggregated\nin Creation Units) directly from a Fund, and only Authorized Participants may tender their shares for redemption directly to a Fund.\nIndividual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Fund shares\nare listed for secondary trading on the NASDAQ and can be bought and sold throughout the trading day like other publicly traded securities.\nThe NASDAQ is generally open Monday through Friday and is closed weekends and the following holidays: New Year s Day, Martin Luther\nKing, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Thanksgiving Day and Christmas\nDay.\nBecause\nETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (at a premium), at NAV or less than\nNAV (at a discount). Market prices of Fund shares may deviate significantly from the value of a Fund s underlying portfolio holdings\n(as reflected in the NAV per share) during periods of market stress, with the result that investors may pay significantly more or receive\nsignificantly less than the underlying value of the Fund shares bought or sold. It cannot be predicted whether Fund shares will trade\nbelow, at, or above their NAV. An investor may also incur costs attributable to the difference between the highest price a buyer is willing\nto pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying\nor selling shares in the secondary market (the bid-ask spread ). In addition, when buying or selling shares through a broker,\nyou will incur cus\n...\ntax consequences of an investment in shares under all applicable tax\nlaws. For more information, please see the section entitled Federal Income Taxes in the SAI.\nDistribution\nof Fund Shares\nALPS\nDistributors, Inc. (previously defined as ADI or the Distributor ) is a broker-dealer registered with the\nU.S. Securities and Exchange Commission. The Distributor distributes Creation Units for the Funds on an agency basis and does not maintain\na secondary market in Fund shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased\nor sold by a Fund. The Distributor s principal address is 1290 Broadway, Suite 1000, Denver, CO 80203.\nThe\nBoard has adopted a Distribution and Service Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance with\nthe Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related\nactivities and shareholder services. No Rule 12b-1 fees are currently paid by a Fund, and there are no plans to impose these fees. However,\nin the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the applicable Fund s assets, over time\nthese fees will increase the cost of your investment and may cost you more than certain other types of sales charges.\nPremium/Discount\nInformation\nInformation\non the daily NAV per share of each Fund can be found at www.graniteshares.com. Additionally, information regarding how often the shares\nof each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available\nat www.graniteshares.com. Any such information represents past performance and cannot be used to predict future results.\n43\nFund\nService Providers\nBrown\nBrothers Harriman Co. ( BBH ) is the custodian and transfer agent for the Funds. BBH is located at 50 Post Office Square,\nBoston, MA 02110-1548.\nALPS\nFund Services, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, is the administrator for the Funds.\nALPS\nDistributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, is the distributor for the Funds.\nTait\nWeller Baker LLP, located at 50 South 16 th Street, Suite 2900, Philadelphia, PA 19102, serves as the Funds independent\nregistered public accounting firm. Tait Weller Baker LLP has been appointed by the Funds trustees to audit the annual financial\nstatements of the Funds.\nFinancial\nHighlights\nBecause\nthe Funds have not yet commenced investment operations, no financial highlights are available for each Fund at this time. In the future,\nfinancial highlights will be presented in this section of the Prospectus.\nGraniteShares\nETF Trust\nAnnual/Semi-Annual\nReports to Shareholders\nAdditional\ninformation about the Funds investments is available in the Trust s annual and semi-annual reports to shareholders. In the\nTrust s annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected\neach Fund s performance during its most recent fiscal year.\nStatement\nof Additional Information (SAI)\nThe\nSAI provides more detailed information about each Fund. The SAI is incorporated by reference into, and is thus legally a part of, this\nprospectus.\nFor\nMore Information\nTo\nrequest a free copy of the latest annual or semi-annual report of a Fund, the SAI or to request additional information about the Funds\nor to make other inquiries, please contact us as follows:\nCall:\n844-GRN-TSHR\n(844-476-8747)\nMonday\nthrough Friday\n9\na.m. to 5 p.m.\nWrite:\nGraniteShares\nETF Trust\nc/o\nALPS Fund Services, Inc.\n1290\nBroadway, Suite 1000\nDenver,\nCO 80203\nVisit:\nwww.graniteshares.com\nInformation\nProvided by the Securities and", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:GraniteShares_1_25x_Long_TSLA_Daily_ETF", "p": "administrator", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": 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seriesOf GraniteShares ETF Trust ; transferAgent Brown Brothers Harriman & Co .\nGraniteShares 2x Long TSM Daily ETF administrator ALPS Fund Services, Inc. ; advisedBy GraniteShares Advisors LLC ; custodian Brown Brothers Harriman & Co ; seriesOf GraniteShares ETF Trust ; transferAgent Brown Brothers Harriman & Co .\nGraniteShares 2x Long UBER Daily ETF administrator ALPS Fund Services, Inc. ; advisedBy GraniteShares Advisors LLC ; custodian Brown Brothers Harriman & Co ; seriesOf GraniteShares ETF Trust ; transferAgent Brown Brothers Harriman & Co .\nGraniteShares 2x Long VRT Daily ETF administrator ALPS Fund Services, Inc. ; advisedBy GraniteShares Advisors LLC ; custodian Brown Brothers Harriman & Co ; seriesOf GraniteShares ETF Trust ; transferAgent Brown Brothers Harriman & Co .\nGraniteShares 2x Short COIN Daily ETF administrator ALPS Fund Services, Inc. ; advisedBy GraniteShares Advisors LLC ; custodian Brown Brothers Harriman & Co ; seriesOf GraniteShares ETF Trust ; 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{"sample_id": "0001699360:ALL", "cik": "0001699360", "trust_name": "Morningstar Funds Trust", "input_text": "e Fund The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nShareholder Fees (Fees paid directly from your investment)\nInstitutional\nSales Charge (Load) Imposed on Purchases\nNone\nSales Charge (Load) Imposed on Reinvested Dividends\nNone\nRedemption Fee\nNone\nExchange Fee\nNone\nAccount Service Fee\nNone\nAnnual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)\nInstitutional\nManagement Fees\n0.67 %\nDistribution (12b-1) Fees\nNone\nOther Expenses\nSub-Accounting Fees\n0.10 % 1\nOther Operating Expenses\n0.10 %\nTotal Other Expenses\n0.20 %\nAcquired Fund Fees and Expenses\n0.01 % 2\nTotal Annual Fund Operating Expenses\n0.88 %\nFee Waivers and Expense Reimbursement\n- 0.03 % 3\nTotal Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement\n0.85 % 3\n1\nRepresents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers.\n2\nAcquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed-end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights.\n3\nMorningstar Investment Management LLC ( Morningstar or adviser or we ) has contractually agreed, through at least August 31, 2026 , to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.84% (the Expense Limitation Agreement). Prior to August 31, 2026, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. 1 Morningstar Funds Trust / Prospectus 2025 Example The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nInstitutional\n$ 87\n$ 278\n$ 485\n$ 1,082 Portfolio Turnover The Fund will pay transaction costs, such as commissions, when i\n...\narge-, mid- and small-cap stocks in the U.S., representing the top 97% of the investable universe by market capitalization. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 5 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have or will have primary responsibility for the Fund and, subject to oversight by the board of trustees, are or will be responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nDouglas M. McGraw, CFA\nPortfolio Manager\nJanuary 2023\nMichael J. Budzinski\nPortfolio Manager\nFebruary 2025\nVito D. Gala, PhD\nGlobal Head of Systematic Strategies\nSeptember 2025\nNavneesh Malhan, PhD, CFA\nPortfolio Manager and Senior Researcher\nSeptember 2025 Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day-to-day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nClearBridge Investments, LLC\nMargaret B. Vitrano\nManaging Director and Portfolio Manager\nSince Inception (November 2018)\nErica Furfaro\nDirector and Portfolio Manager\nDecember 2024\nMassachusetts Financial Services Company, d/b/a MFS Investment Management\nNevin Chitkara\nInvestment Officer and Portfolio Manager\nSince Inception (November 2018)\nKatherine A. Cannan\nInvestment Officer and Equity Analyst\nJanuary 2020\nThomas P. Crowley\nPortfolio Manager\nDecember 2024\nWasatch Advisors, LP d/b/a Wasatch Global Investors\nPaul S. Lambert\nPortfolio Manager\nSince Inception (November 2018)\nMichael K. Valentine\nPortfolio Manager\nSince Inception (November 2018)\nKipling Weisel\nAssociate Portfolio Manager\nJanuary 2025 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day 6 Morningstar Funds Trust / Prospectus 2025 the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information. Tax Information The Fund s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions ma\n...\nd on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than 13 Morningstar Funds Trust / Prospectus 2025 other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have or will have primary responsibility for the Fund and, subject to oversight by the board of trustees, are or will be responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nDouglas M. McGraw, CFA\nPortfolio Manager\nJanuary 2023\nMichael J. Budzinski\nPortfolio Manager\nFebruary 2025\nVito D. Gala, PhD\nGlobal Head of Systematic Strategies\nSeptember 2025\nCarlos A. Gutierrez Mangas, PhD, CFA\nSenior Quantitative Researcher\nSeptember 2025 Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nHarding Loevner LP\nFerrill D. Roll, CFA\nCo Chief Investment Officer, Co Lead Portfolio Manager, Analyst\nSince Inception (November 2018)\nAndrew H. West, CFA\nCo Lead Portfolio Manager, Analyst\nSince Inception (November 2018)\nHarris Associates L.P.\nDavid G. Herro, CFA\nDeputy Chairman, Chief Investment Officer International Equities, and Portfolio Manager\nSince Inception (November 2018)\nEric Liu, CFA\nVice President, Portfolio Manager, and Analyst\nAugust 2023\nAnthony P. Coniaris, CFA\nPartner, Chairman, Co Chief Investment Officer International Equities, and Portfolio Manager\nApril 2025\nLazard Asset Management LLC\nJames Donald, CFA\nManaging Director, Portfolio Manager/Analyst, and Head of Emerging Markets\nSince Inception (November 2018)\nRohit Chopra\nManaging Director and Portfolio Manager/Analyst\nSince Inception (November 2018)\nMonika Shrestha\nDirector and Portfolio Manager/Analyst\nSince Inception (November 2018)\nGanesh Ramachandran\nManager, Director and Portfolio Manager/Analyst\nJuly 2020 14 Morningstar Funds Trust / Prospectus 2025 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solu\n...\nfederal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. 23 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadviser listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nRichard M. Williamson, CFA, CIPM\nSenior Portfolio Manager and Head of Investments, Multi Asset Strategy\nDecember 2020\nAlfonzo Bruno, CFA\nPortfolio Manager\nFebruary 2025 Subadvisers and Portfolio Managers Morningstar currently allocates assets to the following subadvisers and may adjust this allocation at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nCullen Capital Management, LLC\nJames P. Cullen\nChairman, Chief Executive Officer, and Portfolio Manager\nSince Inception (November 2018)\nRahul D. Sharma\nExecutive Director and Portfolio Manager\nSince Inception (November 2018)\nWestern Asset Management Company, LLC\nMichael C. Buchanan, CFA\nChief Investment Officer\nFebruary 2022\nAnnabel Rudebeck\nPortfolio Manager\nFebruary 2022\nMark S. Lindbloom\nPortfolio Manager\nAugust 2023\nRafael Zielonka, CFA\nPortfolio Manager\nAugust 2023 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information. 24 Morningstar Funds Trust / Prospectus 2025 Tax Information The Fund s distri\n...\nfederal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. 32 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nDaniel E. McNeela, CFA\nSenior Portfolio Manager and Head of Subadviser Selection\nSince Inception (November 2018)\nAlfonzo Bruno, CFA\nPortfolio Manager\nFebruary 2025 Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nBlackRock Financial Management, Inc.\nRichard M. Rieder\nGlobal Chief Investment Officer, Managing Director, and Portfolio Manager\nSince Inception (November 2018)\nChi Chen\nManaging Director and Portfolio Manager\nAugust 2024\nDavid L. Rogal\nDirector and Portfolio Manager\nSince Inception (November 2018)\nGuggenheim Partners Investment Management, LLC\nAnne Walsh, CFA, JD\nChief Investment Officer\nMay 2025\nSteven Brown, CFA\nChief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager\nMay 2025\nAdam Bloch\nManaging Director and Portfolio Manager\nMay 2025\nEvan Serdensky\nManaging Director and Portfolio Manager\nMay 2025 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase\n...\nrust / Prospectus 2025 After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nDaniel E. McNeela, CFA\nSenior Portfolio Manager and Head of Subadviser Selection\nSince Inception (November 2018) Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nAllspring Global Investments, LLC\nRobert J. Miller\nSenior Portfolio Manager\nSince Inception (November 2018)\nBruce R. Johns\nSenior Portfolio Manager\nJune 2019\nTerry J. Goode\nSenior Portfolio Manager\nJune 2019\nNicholos Venditti\nSenior Portfolio Manager\nSeptember 2020\nT. Rowe Price Associates, Inc.\nJames M. Murphy, CFA\nPortfolio Manager and Vice President\nSince Inception (November 2018)\nAustin Applegate, CFA\nPortfolio Manager and Vice President\nJanuary 2023 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for 40 Morningstar Funds Trust / Prospectus 2025 a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information. Tax Information The Fund s distributions generally\n...\nond market. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadviser listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nRichard M. Williamson, CFA, CIPM\nSenior Portfolio Manager and Head of Investments, Multi Asset Strategies\nDecember 2020\nAlfonzo Bruno, CFA\nPortfolio Manager\nFebruary 2025 Subadviser and Portfolio Managers Morningstar currently allocates assets to the following subadviser and may adjust this allocation at any time. The portfolio managers listed below are responsible for the day to day management of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nFirst Pacific Advisors, LP\nAbhijeet Patwardhan\nPortfolio Manager, Partner and Director of Research\nSince Inception (November 2018) Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, 47 Morningstar Funds Trust / Prospectus 2025 investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information. Tax Information The Fund s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax advantaged account. 48 Morningstar Funds Trust / Prospe\n...\neral marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. 55 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nRichard M. Williamson, CFA, CIPM\nSenior Portfolio Manager and Head of Investments, Multi-Asset Strategies\nJune 2019\nAlfonzo Bruno, CFA\nPortfolio Manager\nFebruary 2025 Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nLoomis, Sayles Company, L.P.\nMatthew J. Eagan, CFA\nPortfolio Manager\nSince Inception (November 2018)\nBrian P. Kennedy\nCo Portfolio Manager\nMarch 2021\nPeter S. Sheehan\nCo Portfolio Manager\nJune 2023\nEric R. Williams\nCo Portfolio Manager\nMay 2025\nTCW Investment Management Company LLC\nPenelope D. Foley\nGroup Managing Director\nSince Inception (November 2018)\nDavid I. Robbins\nGroup Managing Director\nSince Inception (November 2018)\nChristopher A. Hays\nCo Portfolio Manager\nApril 2024\nJae H. Lee\nCo Portfolio Manager\nApril 2024\nVoya Investment Management Company, LLC\nAnil Katarya, CFA\nSenior Portfolio Manager\nMay 2022\nTravis King, CFA\nSenior Portfolio Manager\nMay 2022 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day 56 Morningstar Funds Trust / Prospectus 2025 the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investo\n...\nral marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. 63 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadviser listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nRichard M. Williamson, CFA, CIPM\nSenior Portfolio Manager and Head of Investments, Multi Asset Strategies\nDecember 2020\nDouglas M. McGraw, CFA\nPortfolio Manager\nFebruary 2025 Subadviser and Portfolio Managers Morningstar currently allocates assets to the following subadviser and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of the subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nLazard Asset Management LLC\nBertrand Cliquet, CFA\nPortfolio Manager/Analyst\nSince Inception (November 2018)\nMatthew Landy\nSenior Vice President and Portfolio Manager/Analyst\nSince Inception (November 2018)\nJohn Mulquiney, CFA\nPortfolio Manager/Analyst\nSince Inception (November 2018)\nWarryn Robertson\nPortfolio Manager/Analyst\nSince Inception (November 2018) Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor s Fund shares and no further purchases will be allowed. See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information. Tax Information The Fund s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax advantaged arrangement\n...\nghest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor s tax situation and may differ from those shown, and after tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. 73 Morningstar Funds Trust / Prospectus 2025 Fund Management Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have primary responsibility for the Fund and, subject to oversight by the board of trustees, are responsible for selecting and overseeing the subadvisers listed below.\nPortfolio Manager\nPosition with Morningstar\nStart Date with the Fund\nMorningstar Investment Management LLC\nDaniel E. McNeela, CFA\nSenior Portfolio Manager and Head of Subadviser Selection\nFebruary 2025\nMichael J. Budzinski\nPortfolio Manager\nJanuary 2024 Subadvisers and Portfolio Managers Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day to day management of each subadviser s allocated portion of the Fund s portfolio:\nPortfolio Manager\nPosition with Subadviser\nStart Date with the Fund\nSSI Investment Management LLC\nGeorge M. Douglas, CFA\nChief Investment Officer, Managing Principal, and Portfolio Manager\nSince Inception (November 2018)\nAlexander W. Volz\nPortfolio Manager\nSince Inception (November 2018)\nDagney M. Maseda, CFA\nPortfolio Manager\nSince Inception (November 2018)\nWater Island Capital, LLC\nJohn S. Orrico, CFA\nCo Chief Investment Officer\nSince Inception (November 2018)\nMatthew J. Osowiecki\nCo Chief Investment Officer\nApril 2024\nRoger P. Foltynowicz, CFA, CAIA\nPortfolio Manager\nSince Inception (November 2018)\nBlackRock Financial Management, Inc.\nTom Parker, CFA\nManaging Director\nJune 2020\nScott Radell\nManaging Director\nJune 2020\nJeffrey Rosenberg, CFA\nManaging Director\nJune 2020\nChad Meuse\nManaging Director\nAugust 2023 Purchase and Sale of Fund Shares Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ( Solutions ). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or redeem shares must be placed through the financial institution providing the Solution to you and may trigger a 74 Morningstar Funds Trust / Prospectus 2025 purchase or sale of the Fund s underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible\n...\nment, Bruno was a manager research analyst at Morningstar, where he focused on fixed income manager research. Prior to joining Morningstar, Bruno was an investment analyst for the Illinois Municipal Retirement Fund where he focused on public markets portfolio and risk management. Bruno holds a bachelor s degree in finance from the University of Iowa, is a CFA Charterholder and member of the CFA Society of Chicago. Bruno has served as a portfolio manager to the Funds since February 2025. 103 Morningstar Funds Trust / Prospectus 2025 Vito D. Gala, PhD (Morningstar U.S. Equity Fund, Morningstar International Equity Fund) Vito Gala is Global Head of Systematic Strategies at Morningstar Investment Management LLC, overseeing global systematic business and capability to research, develop and manage quantitative investment strategies and is a senior member of the Quantitative Strategies Investment Committee. He joined Morningstar in 2021 after serving as a senior quantitative researcher at PIMCO, focusing on quantitative strategies and investment decision science. Prior to that, he was a finance professor at The Wharton School and London Business School, with research interests in asset pricing, investment, macro-finance, and applied econometrics. Gala graduated summa cum laude and double honors in financial economics from Bocconi University and holds an MBA and PhD in finance from the University of Chicago Booth School of Business. Gala will begin serving as a portfolio manager to the Funds in September 2025. Navneesh Malhan, PhD, CFA (Morningstar U.S. Equity Fund) Navneesh Malhan is a Portfolio Manager and Senior Researcher at Morningstar Investment Management LLC, responsible for research and management of systematic strategies. He joined the firm in 2022. Previously, at T. Rowe Price Associates (2015 2022), he was responsible for research, design, and management of quantitative equity strategies, and served on the investment advisory committee. Prior to that, at BlackRock (2011 2015), he focused on risk, portfolio construction, and asset allocation research across equities and exchange-traded funds. Dr. Malhan holds a PhD in finance from EDHEC Business School (London), a master s in financial engineering from the University of California Berkeley, an MBA from the University of Delhi, and a bachelor s in industrial engineering with honors. Malhan will begin serving as a portfolio manager to the Fund in September 2025. Carlos A. Gutierrez Mangas, PhD, CFA (Morningstar International Equity Fund) Carlos Gutierrez Mangas is a Senior Quantitative Researcher in Morningstar s Investment Management group. He joined Morningstar in 2022 after serving as a Knowledge Leader at the Wholesale Credit Risk Center of the Federal Reserve System, where he modeled stress tests for banks participating in Dodd-Frank Act Stress Tests (DFAST). From 2012 to 2014, he worked in the Global Tactical Asset Allocation group at Mellon Capital, a subsidiary of BNY Mellon, and from 2010 to 2012, he was an Economist in the Statistics Department of the International Monetary Fund. Gutierrez Mangas holds a bachelor s degree from the Monterrey Institute of Technology (ITESM, Mexico), a master s degree in financial economics from the Catholic University of Chile, and a doctoral degree in economics from New York University. He is also completing an MBA at the Booth School of Business, University of Chicago. Gutierrez Mangas will begin serving as a portfolio manager to the Fund in September 2025. The SAI provides additional information about the portfolio managers compensation, o\n...\nar Funds Trust / Prospectus 2025 Wasatch Advisors, Valentine was a portfolio manager at Point72 in Boston where he led a team of analysts and managed a long/short fund focused on the technology and telecom sectors. Prior to Point72, he worked from 2005 to 2012 as an analyst and a portfolio manager at Fidelity Investments in Boston where he developed a technology-sector strategy for a group of diversified funds in addition to managing long-only sector portfolios. Valentine holds a BA in Computer Science from Amherst College. Valentine has served as a portfolio manager for the Fund since its inception in November 2018. Kipling Weisel Kipling Weisel is an associate portfolio manager for Wasatch. He joined Wasatch in 2020 as an analyst on the U.S. small cap research team. Prior to joining Wasatch, Mr. Weisel earned his Bachelor of Arts in Economics from Dartmouth College. While in college, he was also a member of the U.S. Men s Alpine Ski Team, competing in the Super G and Downhill events at the World Cup level. Weisel has served as a portfolio manager for the Fund since January 2025. Morningstar International Equity Fund Morningstar may manage a significant portion of the Fund s assets pursuant to a systematic and/or opportunistic value international equity investment mandate that employs quantitative models to select equity securities based on certain shared characteristics as determined by Morningstar and/or an opportunistic value approach. Additionally, Morningstar has currently selected three subadvisers for the Morningstar International Equity Fund, each to cover a specific investment mandate, as outlined in the table below. Additional information on each subadviser and its portfolio managers follows.\nSubadviser\nInvestment Mandate\nHarding Loevner LP\nForeign Large-Cap\nHarris Associates L.P.\nForeign Large-Cap\nLazard Asset Management LLC\nDiversified Emerging Markets Harding Loevner LP (Harding Loevner), 400 Crossing Boulevard, Fourth Floor, Bridgewater, NJ 08807, serves as a subadviser to the Fund under a subadvisory agreement (the Harding Loevner Subadvisory Agreement) with Morningstar on behalf of the Fund. Harding Loevner is registered as an investment adviser with the SEC and was founded in 1989. Harding Loevner is a Delaware limited partnership that operates independently of Affiliated Managers Group, Inc., a publicly-traded company, which owns Harding Loevner s general partner and an interest of approximately 72% as of December 31, 2024. Harding Loevner s key employees own the remaining interests. As of April 30, 2025, Harding Loevner had approximately $42.6 billion in assets under management. The following portfolio managers are primarily responsible for the day-to-day management of Harding Loevner s allocated portion of the Fund s portfolio: Ferrill D. Roll, CFA Ferrill Roll is chief investment officer, a co-lead portfolio manager of the International Equity strategy, and a financial analyst. Roll is a partner of the firm and has more than 35 years of industry experience. He joined Harding Loevner in 1996. Roll has extensive experience across a wide range of international markets, including serving as portfolio manager and general partner of Cesar Montemayor Capital, L.P., a global investment partnership investing in fixed-income, currency, and equity markets. He also worked in international equity sales at First Boston and Barings Securities. Roll began his career at JP Morgan, where he established the currency options trading department and advised corporate clients on foreign exchange markets. He graduated from Stanford Univ\n...\nat the London School of Economics and Political Science. Chopra has been accepted as a Young Global Leader (YGL) in 2016 by the World Economic Forum, which engages the top political, business, and other leaders of society to shape the global future. Chopra has served as a portfolio manager for the Fund since its inception in November 2018. Monika Shrestha Monika Shrestha is a Managing Director and portfolio manager/analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the financials sector. She began working in the investment field in 1997. Prior to joining Lazard in 2003, Shrestha was a principal at Waterview Advisors and a Corporate Finance Analyst with Salomon Smith Barney. She has an MBA from Harvard Business School, a BSE in Computer Science and Engineering, and a BS in Economics (with a concentration in Finance) from the University of Pennsylvania. Shrestha has served as a portfolio manager for the Fund since its inception in November 2018. Ganesh Ramachandran Ganesh Ramachandran is a Managing Director and Portfolio/Analyst specializing in emerging markets currency and debt. He began working in the investment field in 1997 when he joined Lazard. Ramachandran has an MBA from the University of Rochester, Simon School of Business and a BS in Chemical Engineering from the Indian Institute of Technology at Madras. Ramachandran has served as a portfolio manager for the Fund since July 2020. Morningstar Global Income Fund Morningstar has currently selected two subadvisers for the Morningstar Global Income Fund, each to cover a specific investment mandate outlined in the table below. Additional information on each subadviser and its portfolio managers follows.\nSubadviser\nInvestment Mandate\nCullen Capital Management LLC\nWorld Stock\nWestern Asset Management Company, LLC\nMulti-Asset Credit Cullen Capital Management LLC (Cullen), 645 Fifth Avenue, New York, NY 10022, serves as a subadviser to the Fund under a subadvisory agreement (the Cullen Subadvisory Agreement) with Morningstar on behalf of the Fund. Cullen is registered as an investment adviser with the SEC and was founded in 2000. Cullen is 112 Morningstar Funds Trust / Prospectus 2025 currently owned and controlled by James P. Cullen. As of April 30, 2025, Cullen had approximately $23.1 billion in assets under advisement. The following portfolio managers are primarily responsible for the day-to-day management of Cullen s allocated portion of the Fund s portfolio: James P. Cullen James Cullen, is owner, chairman and CEO of Cullen Capital Management LLC, a registered investment adviser. Prior to founding Schafer Cullen Capital Management, Inc. in 1983 and Cullen Capital Management LLC in 2000, Cullen was a vice president at Donaldson, Lufkin Jenrette. Prior to Donaldson, he co-managed the New York Research, which specialized in low P/E research. Cullen began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask Company. Cullen spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a BS in Finance from Seton Hall University. Cullen has served as a portfolio manager for the Fund since its inception in November 2018. Rahul D. Sharma Rahul Sharma currently serves as portfolio manager and executive director at Cullen Capital Management LLC and has worked there since May 2000. Prior to joining Cullen, he worked in small business management. Sharma received his BS in Mathematics from the College of William and Mary in 1994. Sharma has served as a portfolio manager for the Fund since its i\n...\nn the Pasadena office. Lindbloom is a member of Western Asset s Global Investment Strategy Committee, US Broad Strategy Committee as well as the Market Credit Risk Committee. Additionally, Lindbloom leads the Investment Advisory Committee, which critically examines Western Asset s investment approaches and serves as a platform for debating these strategies and discussing broader economic issues that could potentially affect them. Prior to joining Western Asset in 2005, Lindbloom was a Portfolio Manager at Citigroup Asset Management and at Brown Brothers Harriman Company. He has also worked as an Analyst at New York Life Insurance. Lindbloom holds an MBA from Pace University and a Bachelor of Science degree from Rider University. Lindbloom has served as a portfolio manager of the Fund since August 2023. Rafael Zielonka, CFA Rafael Zielonka is a Portfolio Manager at Western Asset. Zielonka has 22 years of industry experience and is based in the Pasadena office. Zielonka started his career at Western Asset in 2002 and has worked in various teams including Risk Management. Prior to assuming his current role, he served as a Portfolio Analyst and Trader. Zielonka holds an MBA from The Wharton School at the University of Pennsylvania and a Bachelor of Science from California State Polytechnic University, Pomona. He is also a CFA charterholder. Zielonka has served as a portfolio manager of the Fund since August 2023. Morningstar Total Return Bond Fund Morningstar has currently selected two subadvisers for the Morningstar Total Return Bond Fund, each to cover a specific investment mandate, as outlined in the table below. Additional information on each subadviser and its portfolio managers follows.\nSubadviser\nInvestment Mandate\nBlackRock Financial Management, Inc.\nCore Plus Bond\nGuggenheim Partners Investment Management, LLC\nCore Bond BlackRock Financial Management, Inc. (BlackRock), 50 Hudson Yards, New York, NY 10001, serves as a subadviser to the Fund under a subadvisory agreement (the BlackRock Subadvisory Agreement) with Morningstar on behalf of the Fund. BlackRock is registered as an investment adviser with the SEC and was founded in 1988. BlackRock is a wholly-owned subsidiary of BlackRock, Inc., a publicly traded company. As of March 31, 2025, BlackRock had approximately $12.5 trillion in assets under management. As a subadviser to the Fund, BlackRock may in its discretion utilize the services of its affiliates, BlackRock International Limited ( BIL ), a corporation organized under the laws of Scotland, and BlackRock (Singapore) Limited ( BSL ), a corporation organized under the laws of Singapore, each a wholly owned subsidiary of BlackRock, Inc., pursuant to separate agreements between BlackRock and BIL and BSL, respectively. The following portfolio managers are primarily responsible for the day-to-day management of BlackRock s allocated portion of the Fund s portfolio: Richard M. Rieder Rieder, Senior Managing Director, is BlackRock s chief investment officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. 114 Morningstar Funds Trust / Prospectus 2025 Responsible for roughly $2.7 trillion in assets, Rieder is a member of BlackRock s Global Executive Committee (GEC) and its GEC Investments Sub-Committee. He is also a member of BlackRock s Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council. Rieder was president and chief executive officer of R3 Capital Partners from 2008 to 2009 and managing director of Lehman Brothers from 1994 to 2008. Rieder earned a BBA degree in finance from Emory University and an MBA degree from The Wharton School of the University of Pennsylvania. Rieder has served as a portfolio manager for the Fund since its inception in November 2018. Chi Chen Chi Chen, Managing Director, is a Portfolio Manager in BlackRock s Global Fixed Income Investment Group. She is Co-Manager of BlackRock s Total Return Fund and ETF, Core Bond Fund, US Dollar Bond Fund, and Global Government Bond Fund. Chen earned a BA degree, magna cum laude, in Economics and Statistics from Mount Holyoke College. Chen has served as a portfolio manager for the Fund since August 2024. D\n...\nst Pacific), 2101 E. El Segundo Blvd., Suite 301, Los Angeles, CA 09245, serves as a subadviser to the Fund under a subadvisory agreement (the First Pacific Subadvisory Agreement) with Morningstar on behalf of the Fund. First Pacific is registered as an investment adviser with the SEC and was founded in 2004. The firm s owners are its Managing Partners, David S. Brookman and Steven T. Romick, and five other Partners as follows: J. Mark Hancock, Mark Landecker, Ryan Leggio, Abhijeet Patwardhan, and Brian A. Selmo. As of April 30, 2025, First Pacific had approximately $26.8 billion in assets under management on a discretionary basis. The following portfolio manager is primarily responsible for the day-to-day management of First Pacific s allocated portion of the Fund s portfolio: Abhijeet Patwardhan Abhi Patwardhan joined First Pacific in 2010. He serves as portfolio manager and co-director of research for First Pacific s Absolute and Flexible Fixed Income strategies. Prior to joining First Pacific, Mr. Patwardhan was an investment analyst at Reservoir Capital Group and D.B. Zwirn Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin Jenrette. He earned a bachelor s degree in Economics and an MBA from the Wharton School of the University of Pennsylvania. Mr. Patwardhan has served as a portfolio manager for the Fund since its inception in November 2018. 118 Morningstar Funds Trust / Prospectus 2025 Morningstar Multisector Bond Fund Morningstar has currently selected three subadvisers for the Morningstar Multisector Bond Fund, each to cover a specific investment mandate, as outlined in the table below. Additional information on each subadviser and its portfolio managers follows.\nSubadviser\nInvestment Mandate\nLoomis, Sayles Company, L.P.\nHigh-Yield Bond\nTCW Investment Management Company LLC\nEmerging-Markets Bond\nVoya Investment Management Company, LLC\nInvestment Grade Credit Loomis, Sayles Company, L.P. (Loomis Sayles), One Financial Center, Boston, MA 02111, serves as a subadviser to the Fund under a subadvisory agreement (the Loomis Sayles Subadvisory Agreement) with Morningstar on behalf of the Fund. Loomis Sayles is registered as an investment adviser with the SEC and was founded in 1926. Loomis Sayles is a Delaware limited partnership whose sole general partner, Loomis Sayles Company, Inc., is directly owned by Natixis Investment Managers, LLC (Natixis LLC), a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly-owned by Groupe BPCE, France s second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 330, avenue Pierre Mendes France, 75013 Paris, France. The registered address of BPCE is 50, avenue Pierre Mendes France, 75013 Paris, France. As of April 30, 2025, Loomis Sayles had approximately $392 billion in assets under management. The following portfolio managers are primarily responsible for the day-to-day management of Loomis Sayles allocated portion of the Fund s portfolio: Matthew J. Eagan, CFA Matthew Eagan, Portfolio Manager of Loomis Sayles, began his investment career in 1989 and joined Loomis Sayles in 1997. He earned a BA from Northeastern University and an MBA from Boston University and has more than 35 years of investment experience. He has served as a portfolio manager for the\n...\nmanager/analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He has been working in the investment field since 1997. Prior to joining Lazard in August 2005, Mulquiney worked at Tyndall Australia where he covered stocks in various sectors including financials, consumer discretionary, healthcare, and materials. Mulquiney was also in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects, and health infrastructure. Most recently, he spent four years at Nanyang Ventures, an early expansion venture capital fund. Mulquiney holds a PhD from the Australian National University, and a BA (Hons) from Sydney University. Mulquiney has served as a portfolio manager for the Fund since its inception in November 2018. Warryn Robertson Warryn Robertson is a portfolio manager/analyst on the Global Listed Infrastructure, Global Equity Franchise, and Australian Equity teams. He has been working in the investment field since 1992. Prior to joining Lazard in April 2001, Robertson was an associate director at Capital Partners. Previously, He worked at PricewaterhouseCoopers Corporate Finance. Robertson holds an MBA from the Melbourne Business School (Melbourne University) and a BCom, University of Canberra. Robertson has served as a portfolio manager for the Fund since its inception in November 2018. Morningstar Alternatives Fund Morningstar has currently selected three subadvisers for the Morningstar Alternatives Fund, each to cover a specific investment mandate, as outlined in the table below. Additional information on each subadviser and its portfolio managers follows.\nSubadviser\nInvestment Mandate\nSSI Investment Management LLC\nRelative Value Arbitrage\nWater Island Capital, LLC\nEvent Driven\nBlackRock Financial Management, Inc.\nMulti-Model Strategy BlackRock Financial Management, Inc. (BlackRock), 50 Hudson Yards, New York, NY 10001, serves as a subadviser to the Fund under a subadvisory agreement (the BlackRock Subadvisory Agreement) with Morningstar on behalf of the Fund. BlackRock is registered as an investment adviser with the SEC and was founded in 1988. BlackRock is a wholly-owned subsidiary of BlackRock, Inc., a publicly traded company. As of March 31, 2025, BlackRock had approximately $12.5 trillion in assets under management. As a subadviser to the Fund, BlackRock may in its discretion utilize the services of its affiliate, BlackRock International Limited 122 Morningstar Funds Trust / Prospectus 2025 ( BIL ), a corporation organized under the laws of Scotland and a wholly owned subsidiary of BlackRock, Inc., pursuant to a separate agreement between BlackRock and BIL. The following portfolio managers are primarily responsible for the day-to-day management of BlackRock s allocated portion of the Fund s portfolio: Tom Parker, CFA Tom Parker has been a Managing Director of BlackRock, Inc. since 2009; Chief Investment Officer of BlackRock s Systematic Fixed Income Group since 2015; Deputy Chief Investment Officer of BlackRock s Model-Based Fixed Income Portfolio Management Group since 2010; Co-Head of Credit Investments and Member of the Fixed Income Research Approval Committee of Barclays Global Investors ( BGI ) from 2001 to 2009. Tom has served as a portfolio manager for the Fund since June 2020. Scott Radell Scott Radell has been a Managing Director of BlackRock, Inc. since 2009; Head of San Francisco Fixed Income Core PM within BlackRock s Systematic Fixed Income Portfolio Management Group since 2009; Portfoli\n...\nan be invested into a variety of Western Asset funds until the vesting date. These contributions plus the investment gains are paid to the employee if he/she remains employed and in good standing with Western Asset until the discretionary contributions become vested. Discretionary contributions made to the plan will be placed in a special trust that restricts management s use of and access to the money. For portfolio managers, the formal review process also includes the use of a balanced scorecard to measure performance. The balanced scorecard includes one-, three-, and five-year investment performance, monitoring of risk, (portfolio dispersion and tracking error), client support activities, adherence to client portfolio objectives and guidelines, and certain financial measures (AUM and revenue trends). In reviewing investment performance, one-, three-, and five-year annualized returns are measured against appropriate market peer groups and to each fund s benchmark index. These are structured to reward sector specialists for contributions to the firm as well as relative performance of their specific portfolios/product and are determined by the professional s job function and performance as measured by the review process. Securities Owned in the Funds by the Portfolio Managers The following table discloses the dollar range of equity securities beneficially owned by the portfolio manager in the Fund the portfolio manager manages as of April 30, 2025.\nPortfolio Manager\nFund\nOwnership\nDoug McGraw\nMorningstar U.S. Equity Fund\n$1 -$10,000\nDoug McGraw\nMorningstar International Equity Fund\n$10,001 - $50,000\n115\nService Providers Administrator and Fund Accountant The Trust, on behalf of the Funds, has entered into a Fund Administration and Accounting Services Agreement with The Northern Trust Company (the Administrator) under which the Administrator provides administrative and accounting services necessary for the operation of each Fund, including assistance in the preparation of financial reports to shareholders; reporting Fund performance; support with respect to routine regulatory examinations of the Funds; assistance in preparing Fund expense projections and establishing accruals; arranging for the computation of data, including daily calculation of NAV; preparation for signature by an officer of the Trust certain documents required to be filed for compliance by the Trust with applicable laws and regulations including those of the SEC; preparation of tax returns; certain accounting, clerical and bookkeeping services; arranging for the maintenance of books and records of the Trust; and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. The Administrator also maintains certain books and records of the Funds that are required by applicable federal regulations. The Administrator does not have any responsibility or authority for the management of the Funds or the determination of investment policy. In consideration of the services rendered pursuant to the Fund Administration and Accounting Services Agreement, the Administrator shall be paid fees quarterly by each Fund. The following table sets forth fees for administrative and accounting services accrued or paid by each Fund to Northern Trust pursuant to the Fund Administration and Accounting Services Agreement during the last three fiscal years:\nFund\nYear Ended 4/30/25 (1)\nYear Ended 4/30/24 (1)\nYear Ended 4/30/23 (1)\nMorningstar U.S. Equity Fund\n$488,600\n$472,846\n$418,133\nMorningstar International Equity Fund\n$269,858\n$255,250\n$252,836\n...\nitional amounts in respect to any amounts withheld. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances. In addition, the foregoing discussion of tax law is based on existing provisions of the Code, existing and proposed regulations thereunder, and current administrative rulings and court decisions, all of which are subject to change. Any such changes could affect the validity of this discussion. The IRS could assert a position contrary to those stated here. The discussion also represents only a general summary of tax law and practice currently applicable to the Funds and certain shareholders therein, and, as such, is subject to change. In particular, the consequences of an investment in shares of a Fund under the laws of any state, local or foreign taxing jurisdictions are not discussed herein. Each prospective investor should consult his or her own tax advisor to determine the application of the tax law and practice to his or her own particular circumstances. Distributor Foreside Fund Services, LLC (Foreside), located at 190 Middle Street, Suite 301, Portland, ME 04101, acts as principal underwriter in a continuous public offering of the Funds shares. Pursuant to a distribution agreement (the Distribution Agreement) between Foreside and the Trust, on behalf of the Funds, Foreside acts as the Trust s principal underwriter and distributor (the Distributor) and provides\n130\ncertain administration services and promotes and arranges for the sale of the Funds shares. Foreside is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA). After its two-year initial term, the Distribution Agreement between the Trust and Foreside continues in effect only if such continuance is specifically approved at least annually by the board or the vote of a majority of the Funds outstanding voting securities and, in either case, by a majority of the independent trustees. The Distribution Agreement is terminable without penalty by the Trust on behalf of the Fund on a 60-day written notice when authorized by a majority vote of the Fund s shareholders or by a vote of a majority of the board, including a majority of the independent trustees, or by Foreside on a 60-day written notice, and will automatically terminate in the event of its assignment (as defined in the 1940 Act). No compensation is payable by the Trust to Foreside under the Distribution Agreement. However, Morningstar has entered into an agreement (the Distribution Services Agreement ) with Foreside under which it makes payments to Foreside in consideration for certain distribution related services. The payments made by Morningstar to Foreside under the Distribution Services Agreement do not represent an additional exp", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["InvestmentAdviser", "SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Morningstar_Alternatives_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Morningstar_Alternatives_Fund", "p": "advisedBy", "o": "org:Morningstar_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Alternatives_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, 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"grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:Morningstar_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Allspring_Global_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "advisedBy", "o": "org:Morningstar_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "seriesOf", "o": "trust:Morningstar_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_Financial_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "subAdvisedBy", "o": "org:Blackrock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "subAdvisedBy", "o": "org:Guggenheim_Partners_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_Total_Return_Bond_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "administrator", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "advisedBy", "o": "org:Morningstar_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "custodian", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "seriesOf", "o": "trust:Morningstar_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "subAdvisedBy", "o": "org:ClearBridge_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "subAdvisedBy", "o": "org:Massachusetts_Financial_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "subAdvisedBy", "o": "org:Wasatch_Advisors_LP", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Morningstar_U_S_Equity_Fund", "p": "transferAgent", "o": "org:The_Northern_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Morningstar_Funds_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Morningstar Alternatives Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> BlackRock Financial Management, Inc. <predicate_marker> subAdvisedBy <object_marker> Blackrock International Limited <predicate_marker> subAdvisedBy <object_marker> SSI Investment Management, LLC <predicate_marker> subAdvisedBy <object_marker> Water Island Capital, LLC <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Defensive Bond Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> First Pacific Advisors, LP <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Global Income Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> Cullen Capital Management LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Global Opportunistic Equity Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> Lazard Asset Management LLC <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar International Equity Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> Harding Loevner LP <predicate_marker> subAdvisedBy <object_marker> Harris Associates L.P. <predicate_marker> subAdvisedBy <object_marker> Lazard Asset Management LLC <predicate_marker> subAdvisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Multisector Bond Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> Loomis, Sayles & Company, L.P. <predicate_marker> subAdvisedBy <object_marker> TCW Investment Management Company LLC <predicate_marker> subAdvisedBy <object_marker> Voya Investment Management Co., LLC <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Municipal Bond Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> Allspring Global Investments, LLC <predicate_marker> subAdvisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Total Return Bond Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> BlackRock Financial Management, Inc. <predicate_marker> subAdvisedBy <object_marker> Blackrock International Limited <predicate_marker> subAdvisedBy <object_marker> Guggenheim Partners Investment Management, LLC <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar U.S. Equity Fund <predicate_marker> administrator <object_marker> The Northern Trust Company <predicate_marker> advisedBy <object_marker> Morningstar Investment Management LLC <predicate_marker> custodian <object_marker> The Northern Trust Company <predicate_marker> seriesOf <object_marker> Morningstar Funds Trust <predicate_marker> subAdvisedBy <object_marker> ClearBridge Investments, LLC <predicate_marker> subAdvisedBy <object_marker> Massachusetts Financial Services Company <predicate_marker> subAdvisedBy <object_marker> Wasatch Advisors, LP <predicate_marker> transferAgent <object_marker> The Northern Trust Company <triple_end>\n<triple_start> Morningstar Funds Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Morningstar Alternatives Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy BlackRock Financial Management, Inc. , Blackrock International Limited , SSI Investment Management, LLC , Water Island Capital, LLC ; transferAgent The Northern Trust Company .\nMorningstar Defensive Bond Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy First Pacific Advisors, LP ; transferAgent The Northern Trust Company .\nMorningstar Global Income Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy Cullen Capital Management LLC , Western Asset Management Company, LLC ; transferAgent The Northern Trust Company .\nMorningstar Global Opportunistic Equity Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy Lazard Asset Management LLC ; transferAgent The Northern Trust Company .\nMorningstar International Equity Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy Harding Loevner LP , Harris Associates L.P. , Lazard Asset Management LLC , T. Rowe Price Associates, Inc. ; transferAgent The Northern Trust Company .\nMorningstar Multisector Bond Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy Loomis, Sayles & Company, L.P. , TCW Investment Management Company LLC , Voya Investment Management Co., LLC ; transferAgent The Northern Trust Company .\nMorningstar Municipal Bond Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy Allspring Global Investments, LLC , T. Rowe Price Associates, Inc. ; transferAgent The Northern Trust Company .\nMorningstar Total Return Bond Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy BlackRock Financial Management, Inc. , Blackrock International Limited , Guggenheim Partners Investment Management, LLC ; transferAgent The Northern Trust Company .\nMorningstar U.S. Equity Fund administrator The Northern Trust Company ; advisedBy Morningstar Investment Management LLC ; custodian The Northern Trust Company ; seriesOf Morningstar Funds Trust ; subAdvisedBy ClearBridge Investments, LLC , Massachusetts Financial Services Company , Wasatch Advisors, LP ; transferAgent The Northern Trust Company .\nMorningstar Funds Trust underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 66057, "n_triples": 69, "text_to_json_ratio": 11.2}}
{"sample_id": "0001707560:ALL", "cik": "0001707560", "trust_name": "Federated Hermes Adviser Series", "input_text": "1-01\n2025-12-31\n0001707560\nfadvs:Russell3000TRUSDIndexMember\n2016-01-01\n2025-12-31\n0001707560\nfadvs:ICEBofA3USMonthTreasuryBillIndexMember\n2025-01-01\n2025-12-31\n0001707560\nfadvs:ICEBofA3USMonthTreasuryBillIndexMember\n2021-01-01\n2025-12-31\n0001707560\nfadvs:ICEBofA3USMonthTreasuryBillIndexMember\n2016-01-01\n2025-12-31\n0001707560\nfadvs:MorningstarEquityMarketNeutralFundsAverageMember\n2025-01-01\n2025-12-31\n0001707560\nfadvs:MorningstarEquityMarketNeutralFundsAverageMember\n2021-01-01\n2025-12-31\n0001707560\nfadvs:MorningstarEquityMarketNeutralFundsAverageMember\n2016-01-01\n2025-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2016-01-01\n2016-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2017-01-01\n2017-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2018-01-01\n2018-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2019-01-01\n2019-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2020-01-01\n2020-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2021-01-01\n2021-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2022-01-01\n2022-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2023-01-01\n2023-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2024-01-01\n2024-12-31\n0001707560\nfadvs:S000072284Member\nfadvs:C000228383Member\n2025-01-01\n2025-12-31\nxbrli:pure\niso4217:USD\n1933 Act File No. 333-218374\n1940 Act File No. 811-23259\nAs Filed with the U.S. Securities and Exchange Commission on February 24, 2026\nSECURITIES AND EXCHANGE COMMISSION\nWashington, DC 20549\nForm N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 73\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 74\nFederated Hermes Adviser Series\n(Exact name of Registrant as Specified in Charter)\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\n(Address of Principal Executive Offices)\n(412) 288-1900\n(Registrant s Telephone Number, including Area Code)\nPeter J. Germain, Esquire\n1001 Liberty Avenue\nPittsburgh, Pennsylvania 15222-3779\n(Name and Address of Agent for Service)\nIt is proposed that this filing will become effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\nOn February 26, 2026 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1)\nOn __________ pursuant to paragraph (a)(1)\n75 days after filing pursuant to paragraph (a)(2)\nOn __________ pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nProspectus\nFebruary 28, 2026\nDisclosure contained herein relates to all classes of the Fund, as listed below, unless otherwise noted.\nShare Class | Ticker\nA | QAMNX\nInstitutional | QQMNX\nFederated Hermes MDT Market Neutral Fund\nA Portfolio of Federated Hermes Adviser Series\nThe Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.\nAs with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nNot FDIC Insured May Lose Value No Bank Guarantee\nCONTENTS\nFund Summary Information\n1\nWhat are the Fund s Investment Strategies?\n6\nWhat are the Fund s Principal Investments?\n7\nWhat are the Specific Risks of Investing in the Fund?\n10\nWhat Do Shares Cost?\n14\nHow is the Fund Sold?\n19\nP\n...\nnancial Intermediary at the time of purchase of any relationship or other facts qualifying the investor for sales charge waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another financial intermediary to receive these waivers or discounts.\nCOMMISSIONS ON CERTAIN SHARES\nThe Fund does not charge any front-end load, deferred sales charge or other asset-based fee for sales or distribution of IS Shares. However, if you purchase IS Shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker in an amount determined and separately disclosed to you by the broker.\nBecause the Fund is not a party to any such commission arrangement between you and your broker, any purchases and redemptions of IS Shares will be made at the applicable net asset value (before imposition of the sales commission). Any such commissions charged by a broker are not reflected in the fees and expenses listed in the Risk/Return Summary: Fees and Expenses section of the Fund s Prospectus and described above nor are they reflected in the Performance: Bar Chart and Table, because they are not charged by the Fund.\nShares of the Fund are available in other share classes that have different fees and expenses.\nHow is the Fund Sold?\nThe Fund offers the following Share classes: Class A Shares (A) and Institutional Shares (IS), each representing interests in a single portfolio of securities. All Share classes have different sales charges and/or other expenses which affect their performance. Please note that certain purchase restrictions may apply.\nUnder the Distributor s Contract with the Fund, the Distributor, Federated Securities Corp., offers Shares on a continuous, best-efforts basis. The Distributor is a subsidiary of Federated Hermes, Inc. ( Federated Hermes, formerly, Federated Investors, Inc.).\nA Class\nThe Fund s Distributor markets the A class to institutions on behalf of their customers or to individuals, directly or through financial intermediaries.\nIS Class\nThe Fund s Distributor markets the IS class to Eligible Investors, as described below. In connection with a request to purchase the IS class, you should provide documentation sufficient to verify your status as an Eligible Investor. As a general matter, the IS class is not available for direct investment by natural persons.\nThe following categories of Eligible Investors are not subject to any minimum initial investment amount for the purchase of the IS class (however, such accounts remain subject to the Fund s policy on Accounts with Low Balances as discussed later in this Prospectus):\nAn investor participating in a no-load platform, network or other fee-based program offered by a financial intermediary, for example, a wrap-account or retirement platform, where Federated Hermes has entered into an agreement with the intermediary;\nA trustee/director or former trustee/director (e.g., Trustee/Director Emeritus), employee or former employee of the Fund, the Adviser, the Distributor and their affiliates; an immediate family member of these individuals or a trust, pension or profit-sharing plan for these individuals;\nTrustees and Officers of the former MDT Funds, shareholders of an MDT Fund as of August 26, 2005, and former members of the Memorial Drive Trust;\nAn employer-sponsored retirement plan;\nA trust institution investing on behalf of its trust customers;\nA Federated Hermes Fund;\nAn investor (including a natural\n...\nu automatically will receive the A class of the Fund.\nFor important account information, see the section Security and Privacy Protection.\nA Class\nYou may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund.\nIS Class\nEligible investors may purchase Shares through a financial intermediary, directly from the Fund or through an exchange from another Federated Hermes fund in the manner described above under How is the Fund Sold?\nWhere applicable, the required minimum initial investment for the IS class is generally $1,000,000. There is no minimum subsequent investment amount.\nTHROUGH A FINANCIAL INTERMEDIARY\nEstablish an account with the financial intermediary; and\nSubmit your purchase order to the financial intermediary before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). Certain financial intermediaries, however, may require submission of orders prior to that time.\nThe Fund has authorized certain intermediaries to accept Share purchase orders on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the Fund and Shares will be bought at the NAV next calculated after such an order is received by the authorized intermediary. If your financial intermediary is not an authorized intermediary, the Fund or its agent must receive the purchase order in proper form from your financial intermediary by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) in order for your transaction to be priced at that day s NAV. In addition, your financial intermediary must forward your payment by the prescribed trade settlement date (typically within one to three business days) to the Fund s transfer agent, SS C GIDS, Inc. ( Transfer Agent ). You will become the owner of Shares and receive dividends when your payment is received in accordance with these time frames (provided that, if payment is received in the form of a check, the check clears). If your payment is not received in accordance with these time frames, or a check does not clear, your purchase will be canceled and you could be liable for any losses, fees or expenses incurred by the Fund or the Fund s Transfer Agent.\nFinancial intermediaries should send payments according to the instructions in the sections By Wire or By Check.\nFinancial intermediaries may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund. Keep in mind that financial intermediaries may charge you fees for their services in connection with your Share transactions.\nShareholders are encouraged to ask their financial intermediary if they are an authorized agent for the Fund and about any fees that may be charged by the financial intermediary.\nDIRECTLY FROM THE FUND\nEstablish your account with the Fund by submitting a completed New Account Form; and\nSend your payment to the Fund by Federal Reserve wire or check.\nYou will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or the Fund s Transfer Agent.\n22\nBy Wire\nTo facilitate processing your order, please call the Fund before sending the wire. Send your wire to:\nState Street Bank and Trust Company\nBoston, MA\nDollar Amount of Wire\nABA Number 011000028\nBNF: 23026552\nAttention: Federated Hermes EDGEWIRE\nWire Order Number, Dealer Number or Grou\n...\nFund and share class name at FederatedHermes.com/us. The Fund s Form N-CSR contains complete listings of the Fund s portfolio holdings as of the end of the Fund s second and fourth fiscal quarters. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC s website at sec.gov.\nEach fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on Form N-PORT. The Fund s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedHermes.com/us.\nIn addition, from time to time (for example, during periods of unusual market conditions), additional information regarding the Fund s portfolio holdings and/or composition may be posted to FederatedHermes.com/us. If and when such information is posted, its availability will be noted on, and the information will be accessible from, the home page of the website.\nWho Manages the Fund?\nThe Board governs the Fund. The Board selects and oversees the Adviser, Federated MDTA LLC ( MDT Advisers ) which is registered as an investment adviser with the SEC. Federated Hermes acquired MDT Advisers in July 2006. MDT Advisers is responsible for the day-to-day management of the Fund in accordance with the Fund s investment objectives and policies (subject to the general supervision of the Fund s Board). This includes designing, developing, periodically enhancing and implementing the quantitative model that drives investment decisions. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides security and market data and certain other support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund.\nThe address of the Adviser is 125 High Street, Oliver Tower, 21st Floor, Boston, MA 02110-2704. The address of FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.\nThe Fund has received and can rely upon an order from the Securities and Exchange Commission (SEC) that permits the Adviser, subject to approval by the Board of Trustees, to appoint a sub-adviser or change the terms of a sub-advisory agreement without obtaining shareholder approval. The Fund is permitted to rely upon the SEC order to change sub-advisers, or the fees paid to a sub-adviser, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the Adviser to increase the aggregate advisory fee rate of the Fund without the approval of the shareholders.\nThe Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 99 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes assets under management totaled approximately $902.6 billion as of December 31, 2025. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with more than 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and institutions.\nThe Adviser advises approxima\n...\nqualifications of Independent Trustees\nIndividual Trustee qualifications are noted in the Independent Trustees Background and Compensation chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.\nOutstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.\nDesire and availability to serve for a substantial period of time, taking into account the Board s current mandatory retirement age of 75 years.\nNo conflicts which would interfere with qualifying as independent.\nAppropriate interpersonal skills to work effectively with other Independent Trustees.\nUnderstanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.\nDiversity of background.\ninterested Trustees Background and Compensation\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJ. Christopher Donahue*\nBirth Date: April 11, 1949\nPresident and Trustee\nIndefinite Term\nBegan serving: May 2017\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of the\nFunds in the Federated Hermes Complex; Chairman, President, Chief\nExecutive Officer and Director, Federated Hermes, Inc.; Trustee, Federated\nAdministrative Services and Director, Federated Administrative Services,\nInc.; Trustee and Chairman, Federated Advisory Services Company; Director\nor Trustee and Chairman, Federated Investment Management Company,\nFederated Global Investment Management Corp., Federated Equity\nManagement Company of Pennsylvania, and Federated MDTA LLC; Trustee,\nFederated Investment Counseling; Trustee, Federated Shareholder Services\nCompany; Director, Federated Services Company.\nPrevious Positions: President, Federated Investment Counseling; President\nand Chief Executive Officer, Federated Investment Management Company,\nFederated Global Investment Management Corp. and Passport Research,\nLtd.; Chairman, Passport Research, Ltd.\n$0\n$0\nJohn B. Fisher*\nBirth Date: May 16, 1956\nTrustee\nIndefinite Term\nBegan serving: May 2017\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of\ncertain of the Funds in the Federated Hermes Complex; Director and Vice\nPresident, Federated Hermes, Inc.; President, Director/Trustee and CEO,\nFederated Advisory Services Company, Federated Equity Management\nCompany of Pennsylvania, Federated Global Investment Management\nCorp., Federated Investment Counseling, Federated Investment\nManagement Company and Federated MDTA LLC; Director, Federated\nInvestors Trust Company.\nPrevious Positions: President and Director of the Institutional Sales\nDivision of Federated Securities Corp.; President and CEO of Passport\nResearch, Ltd.; Director and President, Technology, Federated\nServices Company.\n$0\n$0\n*\nReasons for interested status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.\n23\nIndependent Trustees Background, Qualifications and Compensation\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) and Other Dire\n...\nmpliance\nSustainalytics U.S. Inc.\n44\nItem 28. Exhibits\n(a)\nDeclaration\nof Trust\n1\nConformed\ncopy of the Certificate of Trust of the Registrant dated July 12, 2017, including Amendments dated August 15, 2018 and June 26, 2020\n+\n2\nConformed\ncopy of the Declaration of Trust of the Registrant dated July 12, 2017, including Amendments\n+\n(b)\nBy-Laws\nConformed\ncopy of the By-Laws of the Registrant dated July 12, 2017\n+\n(c)\nInstruments\nDefining Rights of Security Holders\nFederated\nSecurities Corp. does not issue share certificates for this Registrant\n(d)\nInvestment\nAdvisory Contracts\nFederated\nMDTA, LLC\n1\nConformed\ncopy of the Investment Advisory Contract of the Registrant dated June 1, 2017, including Exhibits and Limited Power of Attorney dated\nJune 1, 2017\n+\nFederated\nGlobal Investment Management Corp.\n2\nConformed\ncopy of the Investment Advisory Contract of the Registrant dated September 1, 2018, including Exhibits and Limited Power of Attorney dated\nSeptember 1, 2018\n+\nFederated\nInvestment Management Company\n3\nConformed\ncopy of the Investment Advisory Contract of the Registrant dated December 1, 2018, including Exhibits and Limited Power of Attorney dated\nDecember 1, 2018\n+\nSub-Advisory\nAgreement-Federated Global Investment Management Corp and Hermes Investment Management Limited\n4\nConformed\ncopy of the Sub-Advisory Agreement of the Registrant dated September 1, 2018, including Exhibits and Limited Power of Attorney dated September\n1, 2018\n+\nSub-Advisory\nAgreement-Federated Investment Management Company and Hermes Investment Management Limited\n5\nConformed\ncopy of the Sub-Advisory Agreement of the Registrant dated December 1, 2018, including Exhibits and Limited Power of Attorney dated December\n1, 2018\n+\nSub-Advisory\nAgreement-Federated Global Investment Management Corp and Polaris Capital Management, LLC\n6\nConformed\ncopy of the Sub-Advisory Agreement of the Registrant dated August 23, 2019, including Exhibits and Limited Power of Attorney dated August\n23, 2019\n+\n(e)\nUnderwriting\nContracts\nConformed\ncopy of the Distributor s Contract of the Registrant dated May 16, 2017, including Exhibits\n+\n(f)\nBonus\nor Profit Sharing Contracts\nNot\napplicable\n(g)\nCustodian\nAgreements\n1\nConformed\ncopy of the Amended and Restated Master Custodian Agreement dated June 7, 2005 by and between The Bank of New York Mellon and the Registrant,\nincluding Amendments and Exhibits\n+\n2\nConformed\ncopy of Amended and Restated Master Custodian Agreement dated March 1, 2017 by and between State Street Bank and Trust Company and the\nRegistrant, including Appendix\n+\n(h)\nOther\nMaterial Contracts\n1\nServices\nAgreement\n(a)\nConformed\ncopy of the Services Agreement between Federated Advisory Services Company and Federated MDTA LLC dated July 31, 2006, including Schedule\n1\n+\n(b)\nConformed\ncopy of the Services Agreement between Federated Advisory Services Company and Federated Global Investment Management Corp. dated January\n1, 2004, including Schedule 1\n+\n(c)\nConformed\ncopy of the Services Agreement between Federated Advisory Services Company and Federated Investment Management Company dated January 1,\n2004, including Schedule 1\n+\n(d)\nConformed\ncopy of the Second Amended and Restated Services Agreement, amended and restated as of December 1, 2001, between Federated Shareholder\nServices Company and the Registrant, including Schedule 1\n+\n2\nTransfer\nAgency Agreement\nConformed\ncopy of the Transfer Agency Services Agreement between the Federated Hermes Funds and DST Asset Manager Solutions, Inc. dated June 1,\n2022\n+\n3\nAdministrative\nServices Agreement\nConformed\ncopy of the Fifth Amended and Restated Agreement for Administrative Services between the Federated Funds and Federated Administrative\nServices dated September 1, 2025, including Exhibit A\n+\n4\nFinancial\nAdministration and Accounting Agreement\n(a)\nConformed\ncopy of the Fund Accounting Agreement between the Federated Funds and The Bank of New York Mellon dated March 1, 2011 as amended, including\nSchedule I\n+\n(b)\nConformed\ncopy of the Financial Administration and Accounting Services Agreement between the Federated Funds and State Stree", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Emerging_Markets_Equity_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Emerging_Markets_Equity_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Emerging_Markets_Equity_Fund", "p": "advisedBy", "o": 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Federated Administrative Services ; advisedBy Federated Advisory Services Company , Federated Global Investment Management Corp. , Polaris Capital Management, LLC ; custodian The Bank of New York Mellon ; seriesOf Federated Hermes Adviser Series ; transferAgent SS&C GIDS, Inc. .\nFederated Hermes International Growth Fund administrator Federated Administrative Services ; advisedBy Federated Advisory Services Company , Federated Global Investment Management Corp. ; custodian The Bank of New York Mellon ; seriesOf Federated Hermes Adviser Series ; transferAgent SS&C GIDS, Inc. .\nFederated Hermes Adviser Series underwrittenBy Federated Securities Corp. .", "stats": {"input_chars": 22359, "n_triples": 20, "text_to_json_ratio": 12.2}}
{"sample_id": "0001722388:ALL", "cik": "0001722388", "trust_name": "Tidal Trust III", "input_text": "Cap Diversified Alpha ETF audited financial statements and certain related financial information for the fiscal period ended January 31, 2026 and to make other permissible changes under Rule 485(b).\nIntech S P Large Cap Diversified Alpha ETF (LGDX)\nIntech S P Small-Mid Cap Diversified Alpha ETF (SMDX)\neach listed on NYSE Arca, Inc.\nPROSPECTUS\nMay 29, 2026\nThe U.S. Securities and Exchange Commission (the SEC ) has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nSUMMARY INFORMATION\n1\nIntech S P Large Cap Diversified Alpha ETF - Fund Summary\n1\nIntech S P Small-Mid Cap Diversified Alpha ETF - Fund Summary\n7\nADDITIONAL INFORMATION ABOUT THE FUND\n12\nPORTFOLIO HOLDINGS INFORMATION\n17\nMANAGEMENT\n17\nPERFORMANCE OF SIMILARLY MANAGED ACCOUNTS\n19\nHOW TO BUY AND SELL SHARES\n20\nDIVIDENDS, DISTRIBUTIONS, AND TAXES\n21\nDISTRIBUTION\n24\nPREMIUM/DISCOUNT INFORMATION\n24\nADDITIONAL NOTICES\n24\nFINANCIAL HIGHLIGHTS\n26\n1\n1\nSUMMARY INFORMATION\nIntech S P Large Cap Diversified Alpha ETF\n- FUND SUMMARY\nInvestment Objective\nThe Fund s investment objective is to seek long-term capital appreciation.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.25 %\nDistribution and Service (12b-1) Fees\nNone\nOther Expenses\n0.00 %\nTotal Annual Fund Operating Expenses\n0.25 %\nThe Fund s investment adviser, Tidal Investments LLC (the Adviser ),\na Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund s expenses, except for the following:\nadvisory and sub-advisory fees, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage\ncommissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired\nfund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted\npursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the 1940 Act ), and litigation expenses, and\nother non-routine or extraordinary expenses (collectively, the Excluded Expenses ).\nTotal Excluded Expenses for the last fiscal year.\nExpense Example\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\n$ 26\n$ 80\n$ 141\n$ 318\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are hel\n...\n.\nPurchase and Sale of Shares\nThe Fund issues and redeems Shares at NAV only in large blocks known as Creation Units, which only Authorized Participants (APs) (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the Deposit Securities ) and/or a designated amount of U.S. cash.\nShares are listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).\nAn investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the bid price) and the lowest price a seller is willing to accept for Shares (the ask price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the bid-ask spread.\nInformation regarding the Fund s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund s website at www.IntechETFs.com.\nTax Information\nFund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or some combination thereof), unless your investment is in an individual retirement account ( IRA ) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.\nFinancial Intermediary Compensation\nIf you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an Intermediary ), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products including the Fund or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary s website for more information.\n6\n7\n7\nSUMMARY INFORMATION\nIntech S P Small-Mid Cap Diversified Alpha ETF\n- FUND SUMMARY\nInvestment Objective\nThe Fund s investment objective is to seek long-term capital appreciation.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.35 %\nDistribution and Service (12b-1) Fees\nNone\nOther Expenses\n0.00 %\nTotal Annual Fund Operating Expenses\n0.35 %\nThe Fund s adviser will pay, or require a sub-adviser to pay, all expenses incurred\nby the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends\nand other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase\nand sale of securi\n...\nprice typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares $19 in share value plus 250 shares $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.\nDistributions are taxable to shareholders even if they are paid from income or gains realized by a Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.\nUnless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the relevant Fund s distribution schedule prior to investing. When available, information about the Fund s distribution schedule can be found on the Funds website at www.IntechETFs.com.\nThe foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. It is not a substitute for personal tax advice. You also may be subject to foreign, state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled Federal Income Taxes in the SAI.\n24\n24\nDISTRIBUTION\nForeside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the Distributor ), the Funds distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased or sold by the Funds. The Distributor s principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.\nThe Board has adopted a Distribution (Rule 12b-1) Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.\nNo Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of assets of the respective Fund on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.\n24\n24\nPREMIUM/DISCOUNT INFORMATION\nInformation regarding how often Shares traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of a Fund can be found on the Fund s website at www.IntechETFs.com.\n24\n24\nADDITIONAL NOTICES\nShares are not sponsored, endorsed, or promoted by an Exchange. The Exchanges are not responsible for, nor has any Exchange participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. An Exchange h\n...\nansactions, if any.\n27\nIntech S P Small-Mid Cap Diversified Alpha ETF\nFor a share outstanding throughout the period presented\nPeriod Ended January 31, 2026 (a)\nPER SHARE DATA:\nNet asset value, beginning of period\n$ 20.00\nINVESTMENTS OPERATIONS:\nNet investment income (loss) (b)\n0.21\nNet realized and unrealized gain (loss) (c)\n3.76\nTotal from investment operations\n3.97\nLESS DISTRIBUTIONS FROM:\nNet investment income\n(0.14\n)\nTotal distributions\n(0.14\n)\nNet asset value, end of period\n$ 23.83\nTOTAL RETURN (d)\n19.87\n%\nSUPPLEMENTAL DATA AND RATIOS:\nNet assets, end of period (in thousands)\n$ 116,778\nRatio of expenses to average net assets (e)\n0.35\n%\nRatio of net investment income to average net assets (e)\n1.03\n%\nPortfolio turnover rate (d)(f)\n166\n%\n(a) Inception date of the Fund was February 27, 2025.\n(b) Net investment income per share has been calculated based on average shares outstanding during the periods.\n(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.\n(d) Not annualized for periods less than one year.\n(e) Annualized for periods less than one year.\n(f) Portfolio turnover rate excludes in-kind transactions, if any.\n27\nIntech S P Large Cap Diversified Alpha ETF (LGDX)\nIntech S P Small-Mid Cap Diversified Alpha ETF (SMDX)\nAdviser\nTidal Investments LLC 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204\nSub-Adviser\nIntech Investment Management LLC 250 S. Australian Avenue, Suite 1700, West Palm Beach, Florida 33401\nDistributor\nForeside Fund Services, LLC 190 Middle Street, Suite 301 Portland, ME 04101\nAdministrator\nTidal ETF Services LLC 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204\nLegal Counsel\nSullivan Worcester LLP 1251 Avenue of the Americas 19 th Floor New York, NY 10020\nFund Accountant and Transfer Agent\nU.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202\nIndependent Registered Public Accounting Firm\nTait, Weller Baker LLP Two Liberty Place 50 South 16th Street Philadelphia, Pennsylvania 19102\nCustodian\nU.S. Bank National Association 1555 N. Rivercenter Dr. Milwaukee, Wisconsin 53212\nInvestors may find more information about the Funds in the following documents:\nStatement of Additional Information: The Funds SAI provides additional details about the investments of each Fund and certain other additional information. A current SAI dated May 29, 2026, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.\nAnnual/Semi-Annual Reports: Additional information about the Funds investments is available in the Funds annual and semi annual reports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during each Fund s prior fiscal year or period. In Form N CSR, you will find each Fund s annual and semi-annual financial statements.\nYou can obtain free copies of these documents, when available, request other information or make general inquiries about the Funds by contacting the Funds at the Intech ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or calling (833) 933-2083.\nShareholder reports, the Funds current Prospectus and SAI and other information about the Funds are available:\nFree of charge from the SEC s EDGAR database on the SEC s website at http://www.sec.gov; or\nFree of charge from the Funds Internet website at www.IntechETFs.com; or\nFor a fee, by e-mail request to publicinfo@sec.gov.\nThe SAI and other information are also available from a financial intermediary (such as a broker-dealer or bank) through which each Fund s shares may be purchased or sold.\n(SEC Investment Company Act File No. 811-23312)\nIntech S P Large Cap Diversified Alpha ETF (LGDX)\nIntech S P Small-Mid Cap Diversified Alpha ETF (SMDX)\neach listed on\nNYSE Arca, Inc.\nSTATEMENT OF ADDITIONAL INFORMATION\nMay 29, 2026\nThis Statement of Additional Information ( SAI ) is not a prospectus and should be read in conjunction with the Prospectus for the Intech S P Large Cap Diversified Alpha ETF and Intech S P Small-Mid Cap Diversified Alpha ETF (each a Fund and collectively the Funds ), each a series of Tidal Trust III (the Trust ), dated May 29, 2025, as may be supplemented from time to time (the Prospectus ). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Funds at (833) 933-2083, visiting www.IntechETFs.com, or writing to the Intech Investment Management LLC, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.\nEach Fund s audited financial statements for the most recent fiscal year end January 31, 2026, if any, are incorporated into this SAI by reference to such Fund s most recent Annual Certified Shareholder Report on Form N-CSR (File No. 811- 23312). A copy of the Fund s Certified Shareholder Report may be obtained at no charge by contacting the Funds at the address or phone number noted above.\nThe U.S. Securities and Exchange Commission (the SEC ) has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nGENERAL INFORMATION ABOUT THE TRUST\n1\nADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES,AND RELATED RISKS\n1\nDESCRIPTION OF PERMITTED INVESTMENTS\n2\nINVESTMENT RESTRICTIONS\n9\nEXCHANGE LISTING AND TRADING\n10\nMANAGEMENT OF THE TRUST\n10\nPRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP\n16\nCODES OF ETHICS\n16\nPROXY VOTING POLICIES\n16\nINVESTMENT ADVISER\n17\nINVESTMENT SUB-ADVISER\n17\nPORTFOLIO MANAGERS\n18\nTHE DISTRIBUTOR\n20\nADMINISTRATOR\n21\nTRANSFER AGENT AND FUND ACCOUNTANT\n22\nCUSTODIAN\n22\nLEGAL COUNSEL\n22\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n22\nPORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES\n23\nDESCRIPTION OF SHARES\n23\nLIMI\n...\nmanagement in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.\n12\nAdditional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust III, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204.\nName and Year of Birth\nPosition Held with the Trust\nTerm of Office and Length of Time Served\nPrincipal Occupation(s) During Past 5 Years\nNumber of Portfolios in Fund Complex Overseen by Trustee\nOther Directorships Held by Trustee During Past 5 Years\nIndependent Trustees\nMonica H. Byrd\nBorn: 1979\nTrustee\nIndefinite term;\nsince 2023\nChief Financial Officer of LFO Management, LLC (since 2019).\n90\nNone\nPamela Cytron\nBorn: 1966\nTrustee\nIndefinite term;\nsince 2023\nPresident, The Founder s Arena (since 2023); CEO Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics\n(2021 to 2022).\n90\nServes on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman).\nLawrence Jules\nBorn: 1968\nTrustee\nIndefinite term;\nsince 2023\nVice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management\n(2008 to 2022).\n90\nServes as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union.\nEthan Powell\nBorn: 1975\nTrustee\nIndefinite term; Trustee since 2016\nPrincipal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ( Impact Shares )\n(2015 to 2025).\n90\nServes as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund.\nInterested Trustees\nEric W. Falkeis\nBorn: 1973\nPresident, Principal Executive Officer, Trustee, and Chairman\nIndefinite term;\nTrustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024\nChief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC\n(since 2018).\n611\nIndependent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and Chairman of Tidal Trust II (since 2022); Trustee and Chairman of Tidal Trust IV (since 2025); Trustee and Chairman of Tidal Trust V (since 2025).\nThe Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78th birthday occurs.\nThe group of Funds sponsored by Tidal and managed by Tidal or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III, Tidal Trust IV and Tidal Trust V.\nAll Independent Trustees of the Trust are not interested persons of the Trust as defined under the 1940 Act.\nMr. Falkeis is considered an interested person of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Impact_Shares_NAACP_Minority_Empowerment_ETF", "p": "administrator", "o": "org:Tidal_ETF_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Impact_Shares_NAACP_Minority_Empowerment_ETF", "p": "advisedBy", "o": "org:Impact_Shares_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Impact_Shares_NAACP_Minority_Empowerment_ETF", "p": "advisedBy", "o": "org:Tidal_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Impact_Shares_NAACP_Minority_Empowerment_ETF", "p": "custodian", "o": 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"org:Tidal_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Impact_Shares_Women_s_Empowerment_ETF", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Impact_Shares_Women_s_Empowerment_ETF", "p": "seriesOf", "o": "trust:Tidal_Trust_III", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Impact_Shares_Women_s_Empowerment_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Tidal_Trust_III", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Impact Shares NAACP Minority Empowerment ETF <predicate_marker> administrator <object_marker> Tidal ETF Services, LLC <predicate_marker> advisedBy <object_marker> Impact Shares, Corp. <predicate_marker> advisedBy <object_marker> Tidal Investments LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A <predicate_marker> seriesOf <object_marker> Tidal Trust III <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Impact Shares Women's Empowerment ETF <predicate_marker> administrator <object_marker> Tidal ETF Services, LLC <predicate_marker> advisedBy <object_marker> Impact Shares, Corp. <predicate_marker> advisedBy <object_marker> Tidal Investments LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A <predicate_marker> seriesOf <object_marker> Tidal Trust III <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Tidal Trust III <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", 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{"sample_id": "0001736510:ALL", "cik": "0001736510", "trust_name": "VARIANT ALTERNATIVE INCOME FUND", "input_text": "uld check with their Financial Intermediary to determine\nif it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with\nthe Fund and forwarding payment promptly. Orders transmitted with a Financial Intermediary before the close of regular trading\n(generally 4:00 p.m., Eastern Time) on a day that the NYSE is open for business, will be priced based on the Fund s NAV per\nShare of that Class next computed after it is received by the Financial Intermediary.\nInvestors may be charged\na fee if they effect transactions through an intermediary, broker or agent. The Fund has authorized one or more brokers to receive\non its behalf purchase orders. Such brokers are authorized to designate other intermediaries to receive purchase orders on the\nFund s behalf. The Fund will be deemed to have received a purchase order when an authorized broker or, if applicable, a broker s\nauthorized designee, receives the order. Purchase orders will be priced at the Fund s NAV per Share of that Class next computed\nafter they are received by an authorized broker or the broker s authorized designee.\nShareholders should retain this Supplement for future reference.\n\n\f\n\n497\n1\nfp0035971_497.htm\nVARIANT ALTERNATIVE INCOME FUND\nPROSPECTUS\nInstitutional Class Shares\nInvestor Class Shares\nAugust 29, 2018 as revised September 27, 2018\nThe Variant Alternative Income Fund (the Fund )\nis a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Investment Company Act ),\nas a non-diversified, closed-end management investment company. The Fund intends to operate as an interval fund. The Fund operates\nunder an Agreement and Declaration of Trust ( Declaration of Trust ) dated April 4, 2018 (the Declaration of\nTrust ). Variant Investments, LLC serves as the investment adviser (the Investment Manager ) of the Fund. The\nInvestment Manager is an investment adviser registered with the Securities and Exchange Commission (the SEC ) under\nthe Investment Advisers Act of 1940, as amended. The Fund intends to qualify and elect to be treated as a regulated investment\ncompany under the Internal Revenue Code of 1986, as amended (the Code ).\nThe investment objective of the Fund is to\nseek to provide a high level of current income. Capital appreciation will be considered a secondary objective. Under normal market\nconditions, the Fund will seek to achieve its investment objective by investing, directly or indirectly, a majority of its net\nassets (plus any borrowings for investment purposes) in alternative income-generating investments. The Fund may allocate its assets\nthrough direct investments and investments in a wide range of investment vehicles ( Underlying Funds ). The Fund cannot\nguarantee that its investment objective will be achieved or that its investment strategy will be successful. SEE PRINCIPAL\nRISK FACTORS BEGINNING ON PAGE 15.\nSimultaneous with the commencement of the Fund s\noperations ( Commencement of Operations ), the Variant Alternative Income Fund, L.P. (the Predecessor Fund ),\nreorganized with and transferred substantially all its assets into the Fund. The Predecessor Fund maintains an investment objective,\nstrategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the\nFund. The Fund and the Predecessor Fund share the same investment adviser and portfolio managers.\nThis Prospectus (the Prospectus )\napplies to the public offering of two separate classes of shares of beneficial interest ( Shares ) of the Fund, designate\n...\noss its asset classes to obtain the desired\nrisk exposure consistent with its investment strategies. There can be no assurance that the Fund will achieve its investment objective.\nExcept as otherwise indicated, the Fund may\nchange its investment objective and any of its investment policies, restrictions, strategies, and techniques without Shareholder\napproval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees\nof the Fund (the Board ) without a vote of a majority (as defined in the Investment Company Act) of the Fund s\noutstanding Shares.\nThe Investment Manager\nAs Investment Manager, Variant Investments, LLC provides day-to-day investment management services to the Fund. Its principal place of business is located at 10250 SW Greenburg Road, Suite 215, Portland, OR. The Investment Manager is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the Advisers Act ). As of June 30, 2018, approximately $24 million of assets were under the management of the Investment Manager and its affiliates.\nPerformance\nSimultaneous with the Commencement of Operations,\nthe Predecessor Fund, reorganized with and into the Fund. The performance of Shares for periods before the Commencement of Operations\nis that of the Predecessor Fund. The Predecessor Fund s performance has been adjusted to reflect the estimated gross expenses\nof the Shares (minus the projected Acquired Fund Fees and Expenses). For the estimated gross expenses of the Shares (including\nAcquired Fund Fees and Expenses), see Fund Fees and Expenses.\nFor past performance information of Shares,\nsee Performance.\nPAST PERFORMANCE DOES NOT GUARANTEE FUTURE\nINVESTMENT RESULTS.\nThe Administrator\nThe Fund has retained UMB Fund Services, Inc. (the Administrator ) to provide it with certain administrative services, including performing all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See Fees and Expenses below.\n- 6 -\nFees and Expenses\nThe Fund bears its own operating expenses (including, without limitation, its offering expenses not paid by the Investment Manager). A more detailed discussion of the Fund s expenses can be found under FUND EXPENSES.\nInvestment Management Fee . The Fund pays the Investment Manager a management fee (the Investment Management Fee ) at an annual rate of 0.95%, and is calculated daily and payable monthly in arrears, based upon the Fund s average daily Managed Assets (defined as total assets of the Fund (including any assets attributable to leverage that may be outstanding) minus the sum of accrued liabilities, including accrued fees and expenses, (other than debt representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares)). Because the Investment Management Fee is based on Managed Assets, the Investment Manager is paid more if the Fund uses leverage, which creates a conflict of interest for the Investment Manager. The Investment Manager will seek to manage that potential conflict by utilizing leverage only when it determines such action is in the best interests of the Fund. The Investment Management Fee is paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders.\nAdministration Fee.\n...\nhe Administrator a minimum monthly administration fee of $2,500, or $30,000 on an annualized basis (the\nAdministration Fee ). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore\ndecreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket\nexpenses relating to services provided to the Fund and receives a fee for transfer agency services. The Administration Fee and\nthe other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.\nThe Administration Agreement\nprovides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the\nFund, the Administrator and any partner, director, officer or employee of the Administrator, or any of their affiliates, executors,\nheirs, assigns, successors or other legal representatives, will not be liable to the Fund for any error of judgment, for any mistake\nof law or for any act or omission by the person in connection with the performance of administration services for the Fund. The\nAdministration Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund or the Administrator,\nor any partner, director, officer or employee of the Administrator, and any of their affiliates, executors, heirs, assigns, successors\nor other legal representatives, against any liability or expense to which the person may be liable that arises in connection with\nthe performance of services to such fund, so long as the liability or expense is not incurred by reason of the person s willful\nmisfeasance, bad faith, gross negligence or reckless disregard of its obligations to such fund.\nCUSTODIAN\nUMB Bank, N.A. (the Custodian ),\nan affiliate of the Administrator, serves as the primary custodian of the assets of the Fund, and may maintain custody of such\nassets with U.S. and non-U.S. subcustodians (which may be banks and trust companies), securities depositories and clearing agencies\nin accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund\nare not held by the Investment Manager or commingled with the assets of other accounts other than to the extent that securities\nare held in the name of the Custodian or U.S. or non-U.S. subcustodians in a securities depository, clearing agency or omnibus\ncustomer account of such custodian. The Custodian s principal business address is 1010 Grand Blvd., Kansas City, MO 64106.\nFUND EXPENSES\nThe Fund will pay all of\nits expenses or reimburse the Investment Manager or its affiliates to the extent they have previously paid such expenses on behalf\nof the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the offering and\nissuance of Shares; all fees and expenses reasonably incurred in connection with the operation of the Fund; all fees and expenses\ndirectly related to portfolio transactions and positions for the Fund s account such as direct and indirect expenses associated\nwith the Fund s investments, and enforcing the Fund s rights in respect of such investments; quotation or valuation\nexpenses; the Investment Management Fee; the Administration Fee; brokerage commissions; interest and fees on any borrowings by\nthe Fund; professional fees; research expenses (including, without limitation, expenses of consultants who perform fund manager\ndue diligence research); fees and expenses of outside legal counsel (inclu\n...\nquired by law. The Fund anticipates\nsending Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which\nthe report is being made, or as otherwise required by the Investment Company Act. Shareholders also will be sent reports regarding\nthe Fund s operations each quarter.\nFISCAL YEAR\nThe Fund s fiscal\nyear is the 12-month period ending on April 30. The Fund s taxable year is the 12-month period ending on April 30.\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM; LEGAL COUNSEL\nThe Board has selected\nCohen Company, Ltd. located at 101 North Wacker Drive, Suite 605 Chicago, IL 60606, as the independent registered public\naccountants of the Fund.\n- 57 -\nDrinker Biddle Reath\nLLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund.\nINQUIRIES\nInquiries concerning the\nFund and Shares (including procedures for purchasing Shares) should be directed to the Fund s Administrator, UMB Fund Services,\nInc. at 235 West Galena Street, Milwaukee, WI 53212 or by calling the Fund toll-free at 877-770-7717.\n- 58 -\nTABLE OF CONTENTS OF THE\nSTATEMENT OF ADDITIONAL INFORMATION\nPage\nINVESTMENT POLICIES AND PRACTICES\n1\nFUNDAMENTAL POLICIES\n1\nADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND RELATED RISKS\n2\nPRINCIPAL INVESTMENTS\n2\nNON- PRINCIPAL INVESTMENTS\n12\nBOARD OF TRUSTEES AND OFFICERS OF THE FUND\n23\nCODES OF ETHICS\n28\nINVESTMENT MANAGEMENT AND OTHER SERVICES\n28\nBROKERAGE\n32\nTAX MATTERS\n32\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL\n40\nCUSTODIAN\n40\nDISTRIBUTOR\n41\nPROXY VOTING POLICIES AND PROCEDURES\n41\nCONTROL PERSONS AND PRINCIPAL SHAREHOLDERS\n41\nFINANCIAL STATEMENTS\n41\nAPPENDIX A PROXY VOTING POLICIES AND PROCEDURES\nA-1\nAPPENDIX B FINANCIAL STATEMENTS\nB-1\n- 59 -\nThe\nVariant alternative income fund\nc/o UMB Fund Services, Inc.\n235 West Galena Street\nMilwaukee, WI 53212\nInvestment Manager\nVariant Investments, LLC\n10250 SW Greenburg Road, Suite 215\nPortland, OR 97132\nTransfer Agent / Administrator\nUMB Fund Services, Inc.\n235 West Galena Street\nMilwaukee, WI 53212\nCustodian Bank\nUMB Bank, N.A.\n1010 Grand Boulevard\nKansas City, MO 64106\nDistributor\nForeside Fund Services, LLC\nThree Canal Plaza, Suite 100\nPortland, ME 04101\nIndependent Registered Public Accounting\nFirm\nCohen Company, Ltd.\n101 North Wacker Drive, Suite 605\nChicago, IL 60606\nFund Counsel\nDrinker Biddle Reath LLP\nOne Logan Square, Suite 2000\nPhiladelphia, PA 19103-6996\nSTATEMENT OF ADDITIONAL INFORMATION\nVARIANT ALTERNATIVE INCOME FUND\nInstitutional Class Shares\nInvestor Class Shares\nDated August 29, 2018 as revised\nSeptember 27, 2018\nc/o UMB Fund Services, Inc.\n235 West Galena Street\nMilwaukee, WI, 53212\n877-770-7717\nThis Statement of Additional\nInformation ( SAI ) is not a prospectus. This SAI relates to and should be read in conjunction with the Prospectus\n(the Prospectus ) of Variant Alternative Income Fund (the Fund ) dated August 29, 2018 as revised\nSeptember 27, 2018, and as it may\nbe further amended or supplemented from time to time. A copy of the Prospectus may be obtained without charge by contacting the\nFund at the telephone number or address set forth above.\nThis SAI is not an offer\nto sell shares of beneficial interest ( Shares ) of the Fund and is not soliciting an offer to buy Shares in any state\nwhere the offer or sale is not permitted.\nCapitalized terms not otherwise\ndefined herein have the same meaning set forth in the Prospectus.\nShares are\ndistributed by Foreside Fund Services, LLC ( Distributor ) to institutions and financial intermediaries who may\ndistr", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}}, "target_triples": [{"s": "fund:Variant_Alternative_Income_Fund", "p": "administrator", "o": "org:UMB_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Variant_Alternative_Income_Fund", "p": "advisedBy", "o": "org:VARIANT_INVESTMENTS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Variant_Alternative_Income_Fund", "p": "custodian", "o": "org:UMB_BANK_NATIONAL_ASSOCIATION", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Variant_Alternative_Income_Fund", "p": "seriesOf", "o": "trust:VARIANT_ALTERNATIVE_INCOME_FUND", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Variant_Alternative_Income_Fund", "p": "transferAgent", "o": "org:UMB_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Variant Alternative Income Fund <predicate_marker> administrator <object_marker> UMB FUND SERVICES, INC. <predicate_marker> advisedBy <object_marker> VARIANT INVESTMENTS LLC <predicate_marker> custodian <object_marker> UMB BANK, NATIONAL ASSOCIATION <predicate_marker> seriesOf <object_marker> VARIANT ALTERNATIVE INCOME FUND <predicate_marker> transferAgent <object_marker> UMB FUND SERVICES, INC. <triple_end>", "target_serialized_plain": "Variant Alternative Income Fund administrator UMB FUND SERVICES, INC. ; advisedBy VARIANT INVESTMENTS LLC ; custodian UMB BANK, NATIONAL ASSOCIATION ; seriesOf VARIANT ALTERNATIVE INCOME FUND ; transferAgent UMB FUND SERVICES, INC. .", "stats": {"input_chars": 14414, "n_triples": 5, "text_to_json_ratio": 33.8}}
{"sample_id": "0001737936:ALL", "cik": "0001737936", "trust_name": "City National Rochdale Strategic Credit Fund", "input_text": "-related investments, including, without limitation, more senior debt tranches of CLOs, mortgage-backed and other asset-backed securities, other forms of structured credit, high yield and investment grade bonds, notes and debentures of U.S. and non-U.S. issuers, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored entities, senior secured or second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and other fixed, floating, or variable interest rate securities. CLOs typically purchase a diverse pool of loans made to businesses that are generally rated below investment grade. Each CLO tranche has a different priority of claim on cash-flow distributions and exposure to risk of loss from the underlying collateral pool. The mezzanine tranche of a CLO is subinvestment grade and the most junior of the debt tranches of the CLO, and the equity tranche of a CLO is unrated and subordinated to all of the debt trenches of the CLO, representing the first loss position in the CLO. Consequently, CLO equity and mezzanine tranches are considered speculative with respect to timely payment of distributions or investment and reinvestment or repayment of principal and entail generally higher risk than other, more senior tranches of the CLO.\nThe Fund may invest in debt securities and credit-related investments of any maturity and credit quality. The Fund also may invest up to 20% of its net assets in equity securities of companies of any market capitalization throughout the world. To the extent consistent with the repurchase liquidity requirement for an interval fund under Rule 23c-3 of the Investment Company Act of 1940, as amended, the Fund may invest without limit in illiquid securities.\nInvestment Adviser. City National Rochdale, LLC ( City National Rochdale or the Adviser ) is the Fund s investment adviser. The Adviser is a registered investment adviser that specializes in investment management for high-net-worth individuals, families and foundations. The Adviser had approximately $ 54 .6 billion in assets under management as of July 31, 2022, and is a wholly-owned subsidiary of City National Bank ( CNB ), a federally chartered commercial bank founded in the early 1950s, which has provided trust and fiduciary services, including investment management services, to individuals and businesses for over 50 years. CNB currently provides investment management services to individuals, pension and profit sharing plans, endowments and foundations. As of July 31, 202 2 , CNB and its affiliates had approximately $ 83 .0 billion in assets under administration, which includes approximately $ 59.1 billion in assets under management. CNB is a wholly-owned indirect subsidiary of RBC USA Holdco Corporation, which is a wholly-owned indirect subsidiary of Royal Bank of Canada.\nThe Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.\nSub-Adviser. The Adviser has engaged CIFC Investment Management LLC ( CIFC or the Sub-Adviser ) as the Fund s sub-adviser. The Sub-Adviser is a registered investment adviser and focuses on multiple disciplines CLOs, structured credit, corporate credit and opportunistic credit , as well as direct lending with approximately $ 40 billion of assets under management as of July 31, 202 2 .\nInterval Fund. The Fund is operated as an interval fund. Pursuant to the Fund s interval fund structure, the Fund conducts quarterly repurchase offers of no less than 5% and no more than 25% of the Fund s outstanding shares at net asset value ( NAV ). Currently, the Fund expects to offer to repurchase 8% of the Fund s outstanding shares at NAV each quarter, subject to approval by the Fund s Board of Trustees (the Board ). Even though the Fund makes quarterly repurchase offers for a portion of its shares, investors should consider the Fund s shares illiquid. Repurchase offers in excess of 8% are made solely at the discretion of the Board and investors should not rely on any expectation of repurchase offers in excess of 8%. It is possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. There is no assurance that every investor will be able to tender their respective shares when or in the amount that the investor desires.\nThe Fund s shares are sold at a price equal to their NAV per share and are not subject to any sales charge as of the date of this Prospectus. See Summary of Fund Expenses and Purchase of Shares.\nCity National Rochdale Strategic CREDIT Fund | PAGE 1\nThe Fund s shares are not listed on any securities exchange and the Fund does not currently intend to list its shares for trading on any securities exchange. There is not\n...\nlegal, tax or financial advice. You should consult your own professional advisors as to legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.\nYou should rely only on the information contained this Prospectus and the SAI. The Fund has not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus is accurate as of any date other than the date on the front of this Prospectus. The Fund s business, financial condition, results of operations and prospects may have changed since the date of this Prospectus. Subsequent to the date of this Prospectus, the Fund will amend this Prospectus or otherwise provide investors with updated information if, during the period this Prospectus is required to be delivered, any material information herein becomes materially inaccurate.\nCity National Rochdale Strategic CREDIT Fund | PAGE 2\nTable of contents\nPage\nPROSPECTUS SUMMARY\n4\nSUMMARY OF FUND EXPENSES\n22\nFINANCIAL HIGHLIGHTS\n23\nTHE FUND\n24\nUSE OF PROCEEDS\n24\nINVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES\n24\nRISK FACTORS\n31\nMANAGEMENT OF THE FUND\n47\nDIVIDENDS AND DISTRIBUTIONS\n49\nPURCHASE OF SHARES\n50\nPERIODIC REPURCHASE OFFERS\n50\nFEDERAL INCOME TAX MATTERS\n52\nNET ASSET VALUE\n59\nDESCRIPTION OF SHARES\n60\nCERTAIN PROVISIONS OF THE AGREEMENT AND DECLARATION OF TRUST AND BY-LAWS\n61\nADMINISTRATOR, FUND ACCOUNTING AGENT, DISTRIBUTOR, CUSTODIAN AND TRANSFER AGENT\n62\nTABLE OF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION\n63\nPRIVACY PRINCIPLES\n67\nCity National Rochdale Strategic CREDIT Fund | PAGE 3\nPROSPECTUS SUMMARY\nThis is only a summary. This summary does not contain all of the information that you should consider before investing in the Fund s shares, especially the information set forth under the heading Risk Factors. You should review the more detailed information contained in this Prospectus and in the Statement of Additional Information ( SAI ).\nThe Fund\nCity National Rochdale Strategic Credit Fund (the Fund ) is a continuously offered, non-diversified, closed-end management investment company. The Fund is operated as an interval fund that offers to make quarterly repurchases of shares at net asset value ( NAV ). The Fund was organized as a Delaware statutory trust on February 26, 2018.\nCity National Rochdale, LLC ( City National Rochdale or the Adviser ) is the Fund s investment adviser. The Adviser has engaged CIFC Investment Management LLC ( CIFC or the Sub-Adviser ) as the Fund s sub-adviser.\nThe Offering\nThe Fund generally accepts orders to purchase shares on a continuous basis at NAV per share during the last week of each month. However, the Fund s ability to accept orders to purchase shares may be limited, including during periods when, in the judgment of the Adviser, appropriate investments for the Fund are not available. The Fund reserves the right to suspend subsequent offerings or to accept purchases on a basis more or less frequent basis or other than during the last week of a particular month. Shares of the Fund are offered at NAV per share.\nAll initial investments in the Fund are subject to a $1,000,000 minimum per registered investment adviser or other financial intermediary. Registered investment advisers and other financial intermediaries may impose different or additional minimum inve\n...\nt expense, insurance expense, custodial expense and all ongoing ordinary administrative and operational costs of the Fund, including legal costs, regulatory filing costs, bookkeeping, auditing and accounting costs, taxes, insurance, government and registered office fees, litigation costs, extraordinary expenses, and any fees paid to the Administrator (as defined below) and Custodian (as defined below) and all expenses incurred in connection with the offering and sales of its shares and communications with shareholders.\nThe Adviser bears all ongoing ordinary administrative and operational costs of the Adviser, including employees salaries, facilities, travel costs, technology costs, office supplies, research and data costs and its own legal, accounting and filing fees, as well as all of the sub-advisory fees incurred in connection with the Fund.\nFees Paid to Third Parties\nA portion of the Fund s investment in any special purpose vehicles, partnerships, securitizations, structured financings or other collective investment vehicles managed by third parties through which the Fund may invest may be used to pay fees (such as underwriting commissions) relating to the costs of the set-up, management and/or operation of such vehicles. These indirect costs will reduce the return to the Fund on its investment in such vehicles and affect its performance.\nShareholder Servicing Fee\nThe Fund is subject to a shareholder service agreement pursuant to which the Fund pays a fee of 0.25% of its average net assets to the Adviser for shareholder services provided to shareholders of the Fund. Because this fee is paid out of the Fund s assets, over time the fee will increase the cost of a shareholder s investment.\nAdministrator, Fund Accounting Agent, Distributor, Custodian and Transfer Agent\nSEI Investments Global Funds Services, a wholly-owned subsidiary of SEI Investments, Co., located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves as the Fund s administrator and fund accounting agent (the Administrator ). SEI Investments Distribution Co., a wholly-owned subsidiary of SEI Investments, Co., located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves as the Fund s distributor (the Distributor ). U.S. Bank National Association, located at 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the Fund s custodian (the Custodian ). U.S. Bank Global Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund s transfer agent (the Transfer Agent ).\nThe Fund compensates the Administrator, the Custodian and the Transfer Agent for their services. The Distributor is not compensated for its services to the Fund.\nUnlisted Closed-End Fund Structure\nThe Fund s shares have very limited liquidity. The Fund s shares are not listed and the Fund does not currently intend to list its shares for trading on any securities exchange, and the Fund does not expect there to be any secondary market for the Fund s shares.\nShareholders of the Fund are not able to have their shares redeemed or otherwise sell their shares on a daily basis because the Fund is an unlisted closed-end fund. In order to provide some liquidity to shareholders, the Fund is structured as an interval fund and conducts periodic repurchase offers for a portion of its outstanding shares, as described in this Prospectus.\nAn investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the shares of the Fund. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.\nDistributions\nThe Fund intends to declare and pay dividends of substantially all net investment income, if any, quarterly. The Fund intends to make distributions of net realized capital gains, if any, at least annually. Unless shareholders specify otherwise, dividends and other distributions will be reinvested in shares of the Fund.\nTax Considerations\nYou will normally be subject to federal income taxes, and any state or local taxes, on the dividends and other distributions you receive from the Fund. For U.S. federal income tax purposes", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "administrator", "o": "org:SEI_Investments_Global_Funds_Services", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "advisedBy", "o": "org:City_National_Rochdale_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "seriesOf", "o": "trust:City_National_Rochdale_Strategic_Credit_Fund", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "subAdvisedBy", "o": "org:CIFC_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:City_National_Rochdale_Strategic_Credit_Fund", "p": "transferAgent", "o": "org:U_S_Bank_Global_Fund_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:City_National_Rochdale_Strategic_Credit_Fund", "p": "underwrittenBy", "o": "org:SEI_Investments_Distribution_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> City National Rochdale Strategic Credit Fund <predicate_marker> administrator <object_marker> SEI Investments Global Funds Services <predicate_marker> advisedBy <object_marker> City National Rochdale, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> City National Rochdale Strategic Credit Fund <predicate_marker> subAdvisedBy <object_marker> CIFC Investment Management LLC <predicate_marker> transferAgent <object_marker> U.S. Bank Global Fund Services <triple_end>\n<triple_start> City National Rochdale Strategic Credit Fund <predicate_marker> underwrittenBy <object_marker> SEI Investments Distribution Co. <triple_end>", "target_serialized_plain": "City National Rochdale Strategic Credit Fund administrator SEI Investments Global Funds Services ; advisedBy City National Rochdale, LLC ; custodian U.S. Bank National Association ; seriesOf City National Rochdale Strategic Credit Fund ; subAdvisedBy CIFC Investment Management LLC ; transferAgent U.S. Bank Global Fund Services .\nCity National Rochdale Strategic Credit Fund underwrittenBy SEI Investments Distribution Co. .", "stats": {"input_chars": 12648, "n_triples": 7, "text_to_json_ratio": 17.8}}
{"sample_id": "0001738074:ALL", "cik": "0001738074", "trust_name": "BlackRock Funds IV", "input_text": "a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. 13 Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 14 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the BlackRock Systematic Multi-Strategy Fund (the Fund ), a series of BlackRock Funds IV (the Trust ), and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek to provide total return comprised of current income and capital appreciation. This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days prior notice to shareholders. Investment Process BlackRock Advisors, LLC ( BlackRock ), the Fund s investment manager, will invest the Fund s assets through a diversified set of strategies that seek to provide total return comprised of current income and capital appreciation in both periods of strong returns and periods of market stress. The Fund intends to allocate its investments across multiple investment strategies, certain of which will use both long and short positions, which the Fund expects to result in a lower correlation to the equity or fixed-income markets than if the Fund invested in either such market in its entirety. In addition, a portion of the Fund s assets may be managed pursuant to quantitative model-based strategies, which may use a range of factors", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:BlackRock_Funds_IV", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Funds IV <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Funds IV underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 29.3}}
{"sample_id": "0001738079:ALL", "cik": "0001738079", "trust_name": "Managed Account Series II", "input_text": "30 2025-04-30 0001738079 masii:S000062368Member masii:C000202319Member 2025-04-30 2025-04-30 0001738079 masii:S000062368Member masii:C000202320Member 2025-04-30 2025-04-30 0001738079 masii:BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 0001738079 masii:BloombergUSMortgageBackedSecuritiesIndexMember 2015-01-01 2024-12-31 0001738079 masii:C000202318Member 2015-01-01 2024-12-31 0001738079 masii:C000202319Member 2015-01-01 2024-12-31 0001738079 masii:C000202320Member 2015-01-01 2024-12-31 0001738079 masii:C000202320Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001738079 masii:C000202320Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001738079 masii:CustomizedReferenceBenchmarkMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 5, 2025 Securities Act File No. 333-224372 Investment Company Act File No. 811-23340 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 10 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 11 (Check appropriate box or boxes) MANAGED ACCOUNT SERIES II (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway, Wilmington, Delaware 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (800) 441-7762 John M. Perlowski MANAGED ACCOUNT SERIES II 50 Hudson Yards New York, New York 10001 United States of America (Name and Address of Agent for Service) Copies to:\nCounsel for the Fund:\nMargery K. Neale, Esq. Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099\nJaney Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 It is proposed that this filing will become effective (check appropriate box) Immediately upon filing pursuant to paragraph (b) On (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a)(1) On (date) pursuant to paragraph (a)(1) 75 days after filing pursuant to paragraph (a)(2) On (date) pursuant to paragraph (a)(2) of Rule 485 If appropriate, check the following box: This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Shares of beneficial interest. August 5, 2025\nProspectus Managed Account Series II | Investor and Institutional Shares BlackRock Securitized Income Fund Investor A: BMPAX Investor C: BMPCX Institutional: MSUMX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee Table of Contents\nFund Overview\nKey facts and details about the Fund listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information\nInvestment Objective\n3\nFees and Expenses of the Fund\n3\nPrincipal Investment Strategies of the Fund\n4\nPrincipal Risks of Investing in the Fund\n5\nPerformance Information\n10\nInvestment Manager\n11\nPortfolio Managers\n11\nPurchase and Sale of Fund Shares\n11\nTax Information\n12\nPayments to Broker/Dealers and Other Fina\n...\noptions and that 11\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment (continued)\nthe program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors, which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for: Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. Tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Fund s distributor to offer Institutional Shares, and the family members of such persons.\nMinimum Additional Investment\n$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).\nNo subsequent minimum. Tax Information The Fund s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ), in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 12 Details About the Fund Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock Securitized Income Fund (the Fund ) (formerly, BlackRock U.S. Mortgage Portfolio) and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek high total return. This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of the Fund s outstanding voting securities, as defined in the Investment Company Act. Investment Process The Fund has the flexibility to invest across a broad array of securitized asset classes. The portfolio management team seeks to find the appropriate balance between opportunism and risk mitigation in managing the Fund. The portfolio management team does not manage the Fund to the composition, risks or performance of the benchmark which allows the management team flexibility to allocate across various types of investments within the securitized asset universe. This strategy enables the management team to obtain exposure to areas of the securitized asset market that have the potential for above-average total return. A security will be sold if, in the opinion of the management team, the risk of continuing to hold the securit\n...\nices to their customers who own Investor Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee. In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own Investor Shares: 36 Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers investments; Assisting customers in designating and changing dividend options, account designations and addresses; and Providing other similar shareholder liaison services. The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the sale of the Fund s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services provided thereunder, see the SAI. Other Payments by the Fund In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the Transfer Agent ), BlackRock, on behalf of the Fund, may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial. Other Payments by BlackRock From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of the Fund to you. Please\n...\noad discounts Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts: Effective October 1, 2025, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. Effective October 1, 2025, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. Gift of shares will not be considered when determining breakpoint discounts. A-13 [This page intentionally left blank] [This page intentionally left blank] For More Information Fund and Service Providers FUND Managed Account Series II BlackRock Securitized Income Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 (800) 441-7762 MANAGER BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 DISTRIBUTOR BlackRock Investments, LLC 50 Hudson Yards New York, New York 10001 CUSTODIAN JPMorgan Chase Bank, N.A. 383 Madison Avenue, Floor 11 New York, New York 10179 COUNSEL Willkie Farr Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 Additional Information For more information: This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Fund is available at no charge upon request. This information includes: Annual/Semi-Annual Reports and Form N-CSR The Fund s annual and semi-annual reports and Form N-CSR contain additional information about each of the Fund s investments. The annual report describes the Fund s performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected the Fund s performance for the last fiscal year. In Form N-CSR, you will find the Fund s financial statements. Statement of Additional Information A Statement of Additional Information ( SAI ), dated August 5, 2025 has been filed with the Securities and Exchange Commission (the SEC ). The SAI, which includes additional information about the Fund, may be obtained free of charge, along with the Fund s annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 441-7762 . The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus. BlackRock Investor Services Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m . to 6:00 p.m . (Eastern time), on any business day. Call: (800) 441-7762 . Purchases and Redemptions Call your Financial Intermediary or BlackRock Investor Services at (800) 441-7762 . World Wide Web General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, can be accessed free of charge at www.blackrock.com/prospectus. Mutual fund prospectuses and literature can also be requested via this website. Written Correspondence Managed Account Series II P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 Overnight Mail Managed Account Series II Attention: 534429 500 Ross Street 154-0520 Pittsburgh, Pennsylvania 15262 Internal Wholesalers/Broker Dealer Support Available on any business day to support investment professionals. Call: (800) 882-0052 . Portfolio Characteristics and Holdings A description of the Fund s policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI. For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052 . Securities and Exchange Commission You may also view and copy public information about the Fund, including the SAI, by visiting the EDGAR database on the SEC s website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. INVESTMENT COMPANY ACT FILE # 811-23340 BlackRock Advisors, LLC\nPRO-MASII-USM-0825\nSTATEMENT OF ADDITIONAL INFORMATION Managed Account Series II BlackRock Securitized Income Fund 100 Bellevue Parkway, Wilmington, Delaware 19809 Phone No. (800) 441-7762 This Statement of Additional Information of BlackRock Securitized Income Fund (the Fund ) (formerly, BlackRock U.S. Mortgage Portfolio), a series of Managed Account Series II (the Trust ), is not a prospectus and should be read in conjunction with the Prospectus of the Fund, dated August 5, 2025, as it may be amended or supplemented from time to time which has been filed with the Securities and Exchange Commission (the Commission or the SEC ) and can be obtained, without charge, by calling (800) 441-7762 or by writing to the Fund at the above address. The Fund s Prospectus is incorporated by reference into this Statement of Additional Information, and Part I of this Statement of Additional Information and the portions of Part II of this Statement of Additional Information that relate to the Fund have been incorporated by reference into the Fund s Prospectus. The portions of Part II of this Statement of Additional Information that do not relate to the Fund do not form a part of the Fund s Statement of Additional Information, have not been incorporated by reference into the Fund s Prospectus and should not be relied upon by investors in the Fund. The audited financial statements of the Fund are incorporated into this Statement of Additional Information by reference to the Fund s Financial Statements and Additional Information for the fiscal year ended April 30, 2025, as filed with the SEC on Form N-CSR (the 2025 Annual Financial Statements ). You may request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 441-7762 between 8:00 a.m . and 6:00 p.m . Eastern time on any business day. References to the Investment Co", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_U_S_Mortgage_Portfolio", "p": "administrator", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_U_S_Mortgage_Portfolio", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_U_S_Mortgage_Portfolio", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_U_S_Mortgage_Portfolio", "p": "seriesOf", "o": "trust:Managed_Account_Series_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_U_S_Mortgage_Portfolio", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Managed_Account_Series_II", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock U.S. Mortgage Portfolio <predicate_marker> administrator <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Managed Account Series II <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Managed Account Series II <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock U.S. Mortgage Portfolio administrator JPMorgan Chase Bank, N.A. ; advisedBy BlackRock Advisors, LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Managed Account Series II ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nManaged Account Series II underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 18227, "n_triples": 6, "text_to_json_ratio": 32.1}}
{"sample_id": "0001742912:ALL", "cik": "0001742912", "trust_name": "Tidal Trust I", "input_text": "tribution, its Share price typically drops by an amount roughly equal to the distribution. As a hypothetical\nexample, if you invest $5,000 to purchase 250 Shares at $20 per Share on December 15, and the Fund pays a $1 per Share distribution\non December 16, the Share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains\n$5,000 (250 Shares $19 in Share value plus 250 Shares $1 distribution), you would owe taxes on the $250 distribution,\neven if you reinvest the distribution rather than receiving it in cash.\nDistributions\nare taxable to Shareholders even if they are paid from income or gains realized by a Fund before you invested, and even if they\nwere reflected in the purchase price of the Shares. Consequently, you may incur taxes on income or gains that accrued before your\ninvestment, without corresponding benefit.\nUnless\nyou are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid\npurchasing Fund Shares shortly before a distribution. You can minimize the potential tax impact by reviewing the relevant Fund s\ndistribution schedule prior to investing. Information about the Funds distribution schedule can be found on the Funds\nwebsite at www.armadaetfs.com.\nThe\nforegoing discussion summarizes some of the possible consequences under current federal tax law of an investment in each Fund.\nIt is not a substitute for personal tax advice. You also may be subject to foreign, state, and local tax on Fund distributions\nand sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all\napplicable tax laws. For more information, please see the section titled Federal Income Taxes in the SAI.\n28\nDISTRIBUTION\nForeside\nFund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the Distributor ), the\nFunds distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Funds\non an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies\nof the Funds or the securities that are purchased or sold by the Funds. The Distributor s principal address is 190 Middle\nStreet, Suite 301, Portland, Maine 04101.\nThe\nBoard has adopted a Distribution (Rule 12b-1) Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance\nwith the Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution\nfees for the sale and distribution of its Shares.\nNo\nRule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1\nfees are charged in the future, because the fees are paid out of Fund assets on an ongoing basis, over time these fees will increase\nthe cost of your investment and may cost you more than certain other types of sales charges.\nPREMIUM/DISCOUNT\nINFORMATION\nInformation\nregarding how often Shares of each Fund traded on the applicable Exchange at a price above (i.e., at a premium) or below (i.e.,\nat a discount) the NAV of such Fund can be found on the Funds website at www.armadaetfs.com.\nADDITIONAL\nNOTICES\nShares\nare not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the\ndetermination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation\nby which Shares are redeemable. The Exchange has no obligati", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:Tidal_Trust_I", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Tidal Trust I <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Tidal Trust I underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 30.3}}
{"sample_id": "0001746967:ALL", "cik": "0001746967", "trust_name": "RiverNorth Opportunistic Municipal Income Fund, Inc.", "input_text": "and 50% of its Managed Assets to the Tactical Municipal Closed-End Fund Strategy and between 50% and\n75% of its Managed Assets to the Municipal Bond Income Strategy. Subject to the foregoing ranges, the Adviser will determine the\nportion of the Fund s Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations. The\nAdviser expects to initially allocate over 40% of the Fund s Managed Assets to the Tactical Municipal Closed-End Fund Strategy\nand the remainder of the Fund s Managed Assets to the Municipal Bond Income Strategy. See Investment Philosophy\nand Process. Managed Assets means the total assets of the Fund, including assets attributable to leverage,\nminus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). Such assets attributable\nto leverage include the portion of assets in tender option bond trusts of which the Fund owns TOB Residuals (as defined below)\nthat has been effectively financed by the trust s issuance of TOB Floaters (as defined below). See Use of Leverage Tender\nOption Bonds.\nNo Prior History. Because\nthe Fund is newly organized, the shares of the Fund s common stock (the Common Shares ) have no history of\npublic trading. Common shares of closed-end funds frequently trade at prices lower than net asset value. The risk of loss due\nto this discount may be greater for initial investors expecting to sell their Common Shares in a relatively short period after\nthe completion of this initial public offering. The Fund s Common Shares have been approved for listing on the New York\nStock Exchange (the NYSE ), subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected\nto be RMI.\nInvestment Adviser and Subadviser.\nThe Fund s investment adviser is RiverNorth Capital Management, LLC (the Adviser ) and the Fund s\nsubadviser is MacKay Shields LLC (the Subadviser ). The Adviser will be responsible for the day-to-day management\nof the Fund s Managed Assets allocated to the Tactical Municipal Closed-End Fund Strategy. The Subadviser will be responsible\nfor the day-to-day management of the Fund s Managed Assets allocated to the Municipal Bond Income Strategy. See Management\nof the Fund.\niii\nLimited Term and Eligible Tender Offer .\nThe Fund will terminate on or before October 25, 2030 (the Termination Date ); provided, that if the Board of Directors\nof the Fund (the Board of Directors ) believes that, under then-current market conditions, it is in the best interests\nof the Fund to do so, the Fund may extend the Termination Date: (i) once for up to one year (i.e., up to October 25, 2031),\nand (ii) once for up to an additional six months (i.e., up to April 25, 2032), in each case upon the affirmative vote of a\nmajority of the Board of Directors and without the approval of Common Shareholder (as defined below).\nIn addition, as of a date within twelve months\npreceding the Termination Date, the Board of Directors may cause the Fund to conduct a tender offer to all Common Shareholders\nto purchase Common Shares of the Fund at a price equal to the net asset value ( NAV ) per Common Share on the expiration\ndate of the tender offer (an Eligible Tender Offer ). The Board of Directors has established that, following an Eligible\nTender Offer, the Fund must have at least $100 million of net assets to ensure the continued viability of the Fund (the Termination\nThreshold ). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder;\nprovided, that if the number of properly tendered Common Shares would result in the Fund s net assets totaling less than\nthe Termina\n...\nwill affect the level of the Fund s income, including the asset mix and average maturity of the Fund s\nportfolio, the amount of leverage utilized by the Fund and the cost of such leverage and the Fund s use of hedging. To permit\nthe Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount\nof income earned in a particular period. The undistributed income would be available to supplement future distributions. As a\nresult, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of income actually\nearned by the Fund during that period. Undistributed income will add to the Fund s NAV (and indirectly benefits the Adviser\nand the Subadviser by increasing their fees) and, correspondingly, distributions from undistributed income will reduce the Fund s\nNAV. See Dividends and Distributions.\nDividend Reinvestment Plan .............................. The Fund has an automatic dividend reinvestment plan (the Plan ) commonly referred to as an opt-out\nplan. Each Common Shareholder who participates in the Plan will have all distributions of dividends and capital gains automatically\nreinvested in additional Common Shares. The automatic reinvestment of dividends and distributions in Common Shares will not relieve\nparticipants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends and distributions,\neven though such participants have not received any cash with which to pay the resulting tax.\nCommon Shareholders who elect not to participate in the Plan will receive all distributions in cash.\nAll correspondence or questions concerning the Plan, including how a Common Shareholder may opt out of the Plan, should be\ndirected to DST Systems, Inc. , (844) 569-4750, (the\nPlan Administrator ). Beneficial owners of Common Shares who hold their Common Shares in the\nname of a broker or nominee should contact the broker or nominee to determine whether and how they may\nparticipate in, or opt out of, the Plan. See Dividend Reinvestment Plan and U.S.\nFederal Income Tax Matters.\n12\nListing of Common Shares ..................................\nThe Fund s Common Shares have been approved for listing on the New York Stock Exchange (the\nNYSE ), subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected to\nbe RMI.\nRisks ...........................................\nRisk is inherent in all investing. Investing in any investment company security involves risk, including the risk\nthat you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore,\nbefore investing in the Common Shares, you should consider the following risks as well as the other information in this Prospectus\nand the SAI. See Risks below for more information about risk.\nInvestment-Related Risks:\nWith the exception of Underlying Fund risk (and except as otherwise noted below), the following risks apply to the direct investments\nthe Fund may make, and generally apply to the Fund s investments in Underlying Funds. That said, each risk described below\nmay not apply to each Underlying Fund.\nInvestment and Market Risks. An investment in Common Shares is subject to investment risk, including the possible\nloss of the entire principal amount invested. An investment in Common Shares represents an indirect investment in the Underlying\nFunds owned by the Fund. The value of the Fund or the Underlying Funds, like other market investments, may move up or down, sometimes\nr\n...\nfor issuers of securities or other instruments in which the Fund invests, which could result in material\nadverse consequences for such issuers, and may cause a Fund s investment in such issuers to lose value.\nSecondary Market for the Common Shares. The issuance of Common Shares through the Plan may have an adverse effect\non the secondary market for the Common Shares. The increase in the number of outstanding Common Shares resulting from the issuances\npursuant to the Plan and the discount to the market price at which such Common Shares may be issued, may put downward pressure\non the market price for the Common Shares. When the Common Shares are trading at a premium, the Fund may also issue Common Shares\nthat may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding\nCommon Shares resulting from these offerings may put downward pressure on the market price for Common Shares. See Risks Structural\nRisks Secondary Market for the Common Shares.\nAnti-Takeover Provisions . Maryland law and the Fund s Charter and Bylaws include provisions that could limit\nthe ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status, including the\nadoption of a staggered Board of Directors and the supermajority voting requirements discussed herein. These provisions could\ndeprive the holders of Common Shares of opportunities to sell their Common Shares at a premium over the then current market price\nof the Common Shares or at NAV. See Certain Provisions of the Fund s Charter and Bylaws and of Maryland Law.\nThis risk would also apply to many of the Fund s investments in Underlying Funds.\n36\nAdministrator, Fund\nAccountant,\nTransfer\nAgent, Dividend\nDisbursing Agent and\nCustodian\nALPS Fund Services, Inc. (\"AFS\") is the Fund's administrator. Under an Administration, Bookkeeping and Pricing Services Agreement (the \"Administration Agreement\"), AFS is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. State Street Bank and Trust Company will act as the Fund's custodian. DST Systems, Inc. will act as the Fund's transfer agent, registrar, Plan Administrator and dividend disbursing agent. In addition, Centric Fund Services, LLC will provide certain other administrative services to the Fund. See \"Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian.\"\n37\nSUMMARY\nOF FUND EXPENSES\nThe\nfollowing table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The purpose of the\nfollowing table and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would\nbear directly or indirectly. Common Shareholders should understand that some of the percentages indicated in the tables below\nare estimates and may vary. The expenses shown in the table and related footnotes are based on estimated amounts for the Fund s\nfirst year of operations and assume that the Fund issues 5,950,000 Common Shares. Accordingly, the Fund s net assets for purposes of\nthe tables and example below include estimated net proceeds from the offering of $118,762,000. The following table assumes the\nuse of leverage in an amount equal to 35% of the Fund s Managed Assets (or approximately 54% of the Fund s net assets)\nand shows Fund expenses as a percentage of net assets attributable to Common Shares. The following table should not be considered\na representation of the Fund s future expenses. Actual expenses may be greater or less than those shown below.\nShareholder\nTransaction Expenses\nAs\na Percentage\nof Offering Price\nSales\nLoad\n0.00%\nOffering\nExpenses Borne by Common Shareholders of the Fund(1)(2)\n0.20%\nDividend\nReinvestment Plan Fees\nNone(3)\nAs\na Percentage of Net Assets Attributable to Common\nShares\n...\nformation.\nThe\nFund does not currently obtain consumer information. If the Fund were to obtain consumer\ninformation at any time in the future, it would employ appropriate procedural safeguards\nthat comply with federal standards to protect against unauthorized access to and properly\ndispose of consumer information.\nFor\nmore information about the Fund s privacy policies call (855) 830-1222 (toll-free).\nThe Fund does not control the safeguarding,\nuse or disposition of the personal and financial information about investors that is in the possession of the Underwriters and\ndealers. Investors should look to the privacy policies of those entities for information about how they treat investors\npersonal and financial information.\n99\nTABLE\nOF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION\nPage\nInvestment\nRestrictions\n1\nInvestment\nPolicies and Techniques\n2\nManagement\nof The Fund\n18\nInvestment\nAdviser\n18\nInvestment\nSubadviser\n18\nInvestment\nAdvisory Agreement and Subadvisory Agreement\n19\nPortfolio\nManagers\n19\nCompensation\nof Portfolio Managers\n20\nPortfolio\nManager Ownership of Fund Shares\n21\nConflicts\nof Interest\n21\nOther\nAccounts Managed\n22\nAdministrator\n22\nCodes\nof Ethics\n23\nFund\nService Providers\n23\nIndependent\nRegistered Public Accounting Firm\n23\nLegal\nCounsel\n23\nCustodian\nand Transfer Agent\n23\nPortfolio\nTransactions\n23\nU.S.\nFederal Income Tax Matters\n24\nFund\nTaxation\n24\nShareholder\nTaxation\n26\nOther\nTaxes\n30\nBoard\nMembers and Officers\n30\nDirector\nOwnership In the Fund\n35\nSecurities Beneficially Owned\n36\nProxy\nVoting Guidelines\n36\nAdditional\nInformation\n36\nFinancial\nStatements and Report of Independent Registered Public Accounting Firm\n37\nAppendix\nA - Proxy Voting Guidelines of the Adviser\nA-1\nAppendix\nB - Proxy Voting Guidelines of the Subadviser\nB-1\n100\n5,950,000\nShares\nRiverNorth\nOpportunistic Municipal Income Fund, Inc.\nCommon\nStock\n$20.00 per Share\nPROSPECTUS\nOctober\n25 , 2018\nUntil November 19, 2018 (25 days after the date\nof this Prospectus), all dealers that buy, sell or trade the shares of common stock, whether or not participating in this offering,\nmay be required to deliver a prospectus. This is in addition to the dealers obligation to deliver a prospectus when acting\nas underwriters and with respect to their unsold allotments or subscriptions.\nRiverNorth\nOpportunistic Municipal Income Fund, Inc.\nStatement\nof Additional Information\nRiverNorth\nOpportunistic Municipal Income Fund, Inc. (the Fund ) is a Maryland corporation that is registered under the Investment\nCompany Act of 1940, as amended (the 1940 Act ), as a newly organized, diversified, closed-end management investment\ncompany. The Fund s primary investment objective is current income exempt from regular U.S. Federal income taxes (but which\nmay be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund s secondary investment\nobjective is total return. RiverNorth Capital Management, LLC, the investment adviser of the Fund ( RiverNorth or\nthe Adviser ), and MacKay Shields LLC, the subadviser of the Fund ( MacKay Shields or the Subadviser ),\nwill attempt to achieve the Fund s investment objectives by allocating the Fund s assets among two principal investment\nstrategies: Tactical Municipal Closed-End Fund Strategy and Municipal Bond Income Strategy. See Investment Objectives,\nStrategies and Policies Principal Investment Strategies in the Fund s Prospectus (as defined below). There\nis no assurance that the Fund will achieve its investment objectives.\nThis\nStatement of Additional Information ( SAI ) relating to the shares of common stock of", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "administrator", "o": "org:ALPS_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "advisedBy", "o": "org:RiverNorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "custodian", "o": "org:State_Street_Bank_Trust_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "seriesOf", "o": "trust:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Opportunistic_Municipal_Income_Fund_Inc", "p": "transferAgent", "o": "org:DST_Systems_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> RiverNorth Opportunistic Municipal Income Fund, Inc. <predicate_marker> administrator <object_marker> ALPS FUND SERVICES, INC. <predicate_marker> advisedBy <object_marker> RiverNorth Capital Management, LLC <predicate_marker> custodian <object_marker> State Street Bank & Trust Co. <predicate_marker> seriesOf <object_marker> RiverNorth Opportunistic Municipal Income Fund, Inc. <predicate_marker> subAdvisedBy <object_marker> MacKay Shields LLC <predicate_marker> transferAgent <object_marker> DST Systems, Inc. <triple_end>", "target_serialized_plain": "RiverNorth Opportunistic Municipal Income Fund, Inc. administrator ALPS FUND SERVICES, INC. ; advisedBy RiverNorth Capital Management, LLC ; custodian State Street Bank & Trust Co. ; seriesOf RiverNorth Opportunistic Municipal Income Fund, Inc. ; subAdvisedBy MacKay Shields LLC ; transferAgent DST Systems, Inc. .", "stats": {"input_chars": 14817, "n_triples": 6, "text_to_json_ratio": 27.4}}
{"sample_id": "0001750821:ALL", "cik": "0001750821", "trust_name": "Exchange Place Advisors Trust", "input_text": "CIK0001750821:C000249248Member\n2024-01-01\n2024-12-31\n0001750821\nCIK0001750821:C000249248Member\n2025-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\n2021-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\n2016-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsMember\n2025-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsMember\n2021-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsMember\n2016-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2025-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2021-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\noef:AfterTaxesOnDistributionsAndSalesMember\n2016-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\nCIK0001750821:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember\n2025-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\nCIK0001750821:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember\n2021-01-01\n2025-12-31\n0001750821\nCIK0001750821:C000249248Member\nCIK0001750821:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember\n2016-01-01\n2025-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nFiled with the Securities and Exchange Commission on February 27, 2026\nSecurities Act Registration No. 333-226989\nInvestment Company Act Registration No. 811-23373\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, DC 20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. ____\nPost-Effective Amendment No. 52\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 54\nExchange Place Advisors Trust\n(Exact Name of Registrant as Specified in Charter)\nKaren Jacoppo-Wood\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450, Cincinnati, OH 45246\n(Address of Principal Executive Offices) (Zip Code)\nRegistrant s Telephone Number, including Area Code: (513) 587-3400\nThe Corporation Trust Company\nCorporation Trust Center\n1209 Orange Street\nWilmington, DE 19801\n(Name and Address of Agent for Service)\nWith Copies To:\nStacy H. Louizos, Esq. Blank Rome LLP 1271 Avenue of the Americas New York, NY 10020 (212) 885-5147\nIt is proposed that this filing will become effective:\nimmediately upon filing pursuant to paragraph (b);\non (date) pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)(1);\non (date) pursuant to paragraph (a)(1);\n75 days after filing pursuant to paragraph (a)(2); or\non (date) pursuant to paragraph (a)(2) of rule 485.\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nFORT PITT CAPITAL TOTAL RETURN FUND\n(FPCGX)\nPROSPECTUS\nFebruary 27, 2026\nThe United States Securities and Exchange Commission (the SEC ) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nTABLE OF CONTENTS\nSUMMARY SECTION\n1\nMORE INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS\n7\nINVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES\n7\nPRINCIPAL RISKS OF INVESTING IN THE FUND\n9\nPORTFOLIO HOLDINGS INFORMATION\n12\nINVESTMENT ADVISOR AND PORTFOLIO MANAGER\n12\nSHAREHOLDER INFORMATION\n14\nHow to Buy Shares\n14\nHow to Sell Shares\n17\nACCOUNT INFORMATION RECAP\n21\nRETIREMENT INVESTING\n23\nDIVIDENDS AND DISTRIBUTIONS\n23\nTOOLS TO COMBAT FREQUENT TRANSACTIONS\n24\nTAX CONSEQUENCES\n25\nMA\n...\n, send your account application and check to the Transfer Agent at the following address:\nFort Pitt Capital Total Return Fund\nc/o Ultimus Fund Solutions, LLC\n225 Pictoria Drive, Suite 450\nCincinnati, OH 45246\nNote:\nThe Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a deposit in the mail or with such services, or receipt at the Transfer Agent s post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent s office.\nPurchasing Shares by Telephone\nUnless you declined telephone options on your account application or by subsequent arrangement in writing with the Fund, you may purchase additional Fund shares by calling the Fund toll-free at 1-866-688-8775. You may not make your initial purchase of Fund shares by telephone. After your account has been open for seven business days, telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the ACH network. You must have banking information established on your account prior to making a telephone purchase. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If your order is received prior to 4:00 p.m., Eastern Time, shares will be purchased at the share price next calculated. For security reasons, requests by telephone may be recorded. Once a telephone transaction has been requested, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time).\nPurchasing Shares by Wire\nYou may also purchase shares of the Fund by wiring federal funds from your bank, which may charge you a fee for doing so. To wire money, you must call the Transfer Agent at 1-866-688-8775 to obtain instructions on how to set up your account and to obtain an account number.\nYou must provide a signed application to the Transfer Agent at the above address, to complete your initial wire purchase. Wire orders will be accepted only on a day on which the Fund, the custodian and the transfer agent are open for business. A wire purchase will not be considered made until the wired money is received and the purchase is accepted by the Fund. The purchase price per share will be the NAV determined after the wire purchase is received by the Fund. Any delays which may occur in wiring money, including delays which may occur in processing by the banks, are not the responsibility of the Fund or the Transfer Agent. There is presently no fee for the receipt of wired funds, but the Fund may charge shareholders for this service in the future.\nPurchasing Shares through the Automatic Investment Plan\nYou may open your account with a reduced initial minimum investment of $1,000 if you also make additional purchases of Fund shares at regular intervals through the AIP. Otherwise, once your account has been opened with the initial minimum investment of $2,500, you may make additional purchases of Fund shares at regular intervals through the AIP. The AIP provides a convenient method to have monies deducted from your bank account, for investment into the Fund, on a monthly or quarterly basis. In order to participate in the AIP, each purchase must be in the amount of $100 or more, and your financial institution must be a member of the ACH network. If your bank rejects your payment, the Transfer Agent will charge a $25 fee to your account. To begin participating in the AIP, p\n...\nuptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.\nDefault ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a DDE.\nIn all cases, the assignment of a default rating reflects the agency s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer s financial obligations or local commercial practice.\nA- 4\nAPPENDIX B\nPROXY VOTING POLICIES\nEXCHANGE PLACE ADVISORS TRUST PROXY VOTING POLICIES AND PROCEDURES\nExchange Place Advisors Trust (the Trust ) is registered as an open-end investment company under the Investment Company Act of 1940, as amended ( 1940 Act ). The Trust offers multiple series (each a Fund and, collectively, the Funds ). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the Proxy Rule ), the Board of Trustees of the Trust (the Board ) has adopted this proxy voting policy on behalf of the Trust (the Policy ) to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds shareholders.\nDelegation of Proxy Voting Authority to a Fund s Adviser and/or Sub-Advisers\nThe power to vote proxies may be delegated to the Funds investment adviser or sub-adviser, and it is the policy of Exchange Place Advisors Trust to so delegate voting authority to North Square Investments, LLC, Kovitz Investment Group Partners, LLC and Reflection Asset Management, LLC (the Adviser ), who may, in turn, delegate voting authority to the applicable Sub-Adviser of a Fund. The applicable Sub-Advisers have each accepted the delegation to vote proxies of securities held by the Funds in which they serve as Sub-Adviser, and shall vote such proxies in accordance with the Sub-Adviser s own proxy voting policies, practices and procedures; provided that the Sub-Adviser shall vote such proxies in what it deems to be in the best interests of the Funds shareholders and in a manner that is consistent with this Proxy Voting Policy, as amended from time to time by the Board.\nTo ensure that the Sub-Advisers voting policies, practices and procedures are in the best interests of the Funds shareholders and consistent with this Proxy Voting Policy, Sub-Advisers shall review with the Board any proposed material changes or amendments to the Sub-Adviser s proxy voting policies, practices and procedures as they are adopted and implemented.\nConsistent with its duties under this Policy, each Sub-Adviser shall monitor and review corporate transactions of corporations in which each Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Funds under the Proxy Rule and the 1940 Act. Each Sub-Adviser shall perform these duties in accordance with the Sub-Adviser s proxy voting policy, a copy of which shall be presented to the Board for its review. Each Sub-Adviser shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.\nAnnual Filing of Proxy Voting Re\n...\n. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.\n(ii)\nCertificate\nof Amendment to Certificate of Trust is incorporated herein by reference to Post-Effective Amendment No. 38 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on September 27, 2024.\n(b)\nAmended\nand Restated By-Laws , dated June 24, 2024, are incorporated herein by reference to Post-Effective Amendment No. 38 to the Registration\nStatement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.\n(c)\nInstruments Defining Rights of Security Holders -Not applicable.\n(d)\n(i)\nForm\nof Investment Advisory Agreement (North Square Investments, LLC)\nis incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on October 23, 2018.\n(A)\nAmendment\nNo. 1 to Investment Advisory Agreement (North Square Investments, LLC) is incorporated herein by reference to Post-Effective Amendment\nNo. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.\n(B)\nAmended\nAppendix A to Investment Advisory Agreement (North Square Investments, LLC) reflecting\nthe addition of North Square Small Cap Value Fund is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration\nStatement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(ii)\nInvestment\nAdvisory Agreement (North Square Investments, LLC) on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF\nis incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed\nwith the SEC on December 30, 2024.\n(iii)\nForm\nof Investment Sub-Advisory Agreement (Algert Global, LLC)\nis incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on October 23, 2018.\n(iv)\nForm\nof Investment Sub-Advisory Agreement (Advisory Research Inc.) is incorporated herein by reference to Post-Effective Amendment No.\n8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.\n(A)\nAmendment\nNo. 1 to Investment Sub-Advisory Agreement (Advisory Research, Inc.) is incorporated herein by reference to Post-Effective Amendment\nNo. 19 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 11, 2022.\n(v)\nForm\nof Investment Sub-Advisory Agreement (Red Cedar Investment Management, LLC) is incorporated herein by reference to Post-Effective\nAmendment No. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.\n(A)\nAmendment\nNo. 1 to Investment Sub-Advisory Agreement ( Red\nCedar Investment Management, LLC )\nis\nincorporated\nherein by reference to Post-Effective Amendment No. 20 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on\nJanuary 11, 2022.\n(B)\nA mended\nand Restated Appendix B to Sub-Advisory\nAgreement (Red Cedar Investment Management, LLC)\nis\nincorporated herein by reference to Post- Effective\nAmendment No. 23 to the Registration Statement on Form N-1A of the Trust, filed with the\nSEC on September 29, 2022.\n(C)\nSecond\nAmended and Restated Appendix B to Sub-Advisory Agreement (Red Cedar Investment Management, LLC) on behalf of North Square Core Plus\nBond Fund is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registration Statement on Form N-1A of the Trust,\nfiled with the SEC on December 13, 2024.\n(D)\nThird\nAmended and Restated Appendix B to Sub-Advisory Agreement (Red Cedar Investment Management, LLC) on behalf of North Square RCIM Tax-Advantaged\nPreferred and Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on December 30, 2024.\n(vi)\nForm\nof Investment Sub-Advisory Agreement (Altrinsic Global Advisors, LLC)\nis incorporated herein by reference to\nPost-Effective Amendment No. 13 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on November 2, 2020.\n(vii)\nForm\nof Investment Sub-Advisory Agreement (CSM Advisors, LLC)\nis\nincorporated herein by reference to Post-Effective Amendment No. 13 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on November 2, 2020.\n(A)\nSecond\nAmended and Restated Appendix A to Investment Sub-Advisory Agreement (CSM Advisors, LLC) reflecting the addition of North Square Small\nCap Value Fund is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the\nTrust, filed with the SEC on May 5, 2025.\n(viii)\nInvestment\nSub-Advisory Agreement (NSI Retail Advisors, LLC)\nis\nincorporated herein by reference to Post-Effective Amendment 17 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on September 30, 2021.\n(A)\nAmendment\nNo. 1 to Investment Sub-Advisory Agreement ( NSI\nRetail Advisors, LLC )\nis\nincorporated\nherein by reference to Post-Effective Amendment No. 20 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on\nJanuary 11, 2022.\n(ix)\nInvestment\nAdvisory Agreement (Reflection Asset Management, LLC) is incorporated herein by reference to Post-Effective Amendment No. 49 to the\nRegistration Statement on Form N-1A of the Trust, filed with the SEC on September 15, 2025.\n(x)\nInterim\nInvestment Advisory Agreement (Focus Partners Wealth, LLC) , dated January 1, 2026, is incorporated herein by reference to Post-Effective\nAmendment No. 51 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2026.\n(xi)\nSub-Advisory\nAgreement (Kennedy Capital Management, LLC) , dated June 10, 2024, is incorporated herein by reference to Post-Effective Amendment\nNo. 37 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on July 26, 2024.\n(xii)\nNovation\nof Sub-Advisory Agreement ( NSI Retail Advisors, LLC and CSM Advisors, LLC) , dated December 20, 2024, is incorporated herein\nby reference to Post-Effective Amendment No. 42 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January\n28, 2025.\n(xiii)\nInvestment\nAdvisory Agreement (Kovitz Investment Group Partners, LLC) , dated January 22, 2025, is incorporated herein by reference to Post-Effective\nAmendment No. 43 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 28, 2025.\n(e)\n(i)\nDistribution\nAgreement is\nincorporated herein by reference to the Initial Registration Statement to the Trust on Form N-14, filed with the SEC on September\n13, 2018.\n(ii)\nFirst\nAmendment to the Distribution Agreement\nis incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on February 25, 2020.\n(iii)\nAmended\nExhibit A to the Distribution Agreement\nis incorporated herein by reference to Post-Effective Amendment No. 15 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on January 19, 2021.\n(iv)\nNovation\nAgreement is\nincorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with\nthe SEC on February 25, 2022.\n(v)\nNovation\nAgreement by and between the Trust, Compass Distributors, LLC and Foreside Fund Services, LLC is incorporated herein by reference\nto Post-Effective Amendment No. 26 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 28, 2023.\n(vi)\nSecond\nAmendment to Distribution Agreement (Foreside Fund Services, LLC) is incorporated herein by reference to Post-Effective Amendment\nNo. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(vii)\nETF\nDistribution Agreement on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF is incorporated herein by\nreference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30,\n2024.\n(viii)\nDistribution\nAgreement (Ultimus Fund Distributors, LLC) (Sphere 500 Climate Fund) is incorporated herein by reference to Post-Effective Amendment\nNo. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.\n(ix)\nDistribution\nAgreement (Ultimus Fund Distributors, LLC) (Fort Pitt Capital Total Return Fund) is incorporated herein by reference to Post-Effective\nAmendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.\n(f)\nBonus or Profit Sharing Contracts - Not applicable.\n(g)\n(i)\nCustody\nAgreement is\nincorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with\nthe SEC on October 23, 2018.\n(ii)\nFirst\nAmendment to the Custody Agreement\nis incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on February 25, 2020.\n(iii)\nSecond\nAmendment to the Custody Agreement\nis\nincorporated herein by reference to Post-Effective Amendment No. 11 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on Se p tember\n30, 2020.\n(iv)\nThird\nAmendment to the Custody Agreement\nis\nincorporated herein by reference to Post-Effective Amendment No. 11 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on September 30, 2020.\n(v)\nForm\nof Fourth\nAmendment to the Custody Agreement\nis\nincorporated herein by reference to Post-Effective Amendment No. 15 to the Registration\nStatement on Form\nN-1A of the Trust, filed with the SEC on January 19, 2021.\n(vi)\nFifth\nAmendment to the Custody Agreement is incorporated herein by reference to Post-Effective Amendment No. 35 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on April 26, 2024.\n(vii)\nSixth\nAmendment to the Custody Agreement is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(viii)\nSeventh\nAmendment to the Custody Agreement is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(ix)\nEighth\nAmendment to the Custody Agreement is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(x)\nCustodian\nand Transfer Agent Agreement (Brown Brothers Harriman Co.) on behalf of North Square RCIM Tax-Advantaged Preferred and Income\nSecurities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the\nTrust, filed with the SEC on December 30, 2024.\n(h)\nOther Material Contracts\n(i)\nMaster\nServices Agreement between the Trust and Ultimus Fund Solutions, LLC is incorporated herein by reference to Post-Effective Amendment\nNo. 26 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 28, 2023.\n(A)\nAmendment\nNo. 1 to Master Services Agreement is incorporated herein by reference to Post-Effective Amendment No. 35 to the Registration Statement\non Form N-1A of the Trust, filed with the SEC on April 26, 2024.\n(B)\nAmended\nSchedule A to Master Services Agreement is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration\nStatement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.\n(ii)\nETF\nMaster Services Agreement between the Trust and Ultimus Fund Solutions, LLC on behalf of North Square RCIM Tax-Advantaged Preferred\nand Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form\nN-1A of the Trust, filed with the SEC on December 30, 2024.\n(iii)\nOperating\nExpenses Limitation Agreement between the Trust and North Square Investments, LLC is incorporated herein by reference to Pre-Effective\nAmendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.\n(A)\nFirst\nAmendment to the Operating Expenses Limitation Agreement between the Trust and North Square Investments, LLC is incorporated herein\nby reference to Post-Effective Amendment No. 8 to the Registration St", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:North_Square_Altrinsic_International_Equity_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Square_Altrinsic_International_Equity_Fund", "p": "advisedBy", "o": "org:North_Square_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Square_Altrinsic_International_Equity_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Square_Altrinsic_International_Equity_Fund", "p": "seriesOf", "o": 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Trust <predicate_marker> subAdvisedBy <object_marker> Kennedy Capital Management LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square McKee Bond Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Multi Strategy Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> NSI Retail Advisors, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Preferred and Income Securities Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> Red Cedar Investment Management, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square RCIM Tax-Advantaged Preferred and Income Securities ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> Red Cedar Investment Management, LLC <triple_end>\n<triple_start> North Square Select Small Cap Fund (formerly North Square Advisory Research Small Cap Value Fund) <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> Advisory Research, Inc. <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Small Cap Value Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Spectrum Alpha Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> NSI Retail Advisors, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Strategic Income Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> Red Cedar Investment Management, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Tactical Defensive Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> NSI Retail Advisors, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> North Square Tactical Growth Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> NSI Retail Advisors, LLC <predicate_marker> advisedBy <object_marker> North Square Investments, LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Exchange Place Advisors Trust <predicate_marker> subAdvisedBy <object_marker> CSM Advisors, LLC <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Exchange Place Advisors Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "North Square Altrinsic International Equity Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Altrinsic Global Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Core Plus Bond Fund administrator Ultimus Fund Solutions, LLC ; advisedBy NSI Retail Advisors, LLC , North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC , Red Cedar Investment Management, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Dynamic Small Cap Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Algert Global LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Kennedy MicroCap Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Kennedy Capital Management LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square McKee Bond Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Multi Strategy Fund administrator Ultimus Fund Solutions, LLC ; advisedBy NSI Retail Advisors, LLC , North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Preferred and Income Securities Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Red Cedar Investment Management, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square RCIM Tax-Advantaged Preferred and Income Securities ETF administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian Brown Brothers Harriman & Co. ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Red Cedar Investment Management, LLC .\nNorth Square Select Small Cap Fund (formerly North Square Advisory Research Small Cap Value Fund) administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Advisory Research, Inc. ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Small Cap Value Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Spectrum Alpha Fund administrator Ultimus Fund Solutions, LLC ; advisedBy NSI Retail Advisors, LLC , North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Strategic Income Fund administrator Ultimus Fund Solutions, LLC ; advisedBy North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy Red Cedar Investment Management, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Tactical Defensive Fund administrator Ultimus Fund Solutions, LLC ; advisedBy NSI Retail Advisors, LLC , North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nNorth Square Tactical Growth Fund administrator Ultimus Fund Solutions, LLC ; advisedBy NSI Retail Advisors, LLC , North Square Investments, LLC ; custodian U.S. Bank National Association ; seriesOf Exchange Place Advisors Trust ; subAdvisedBy CSM Advisors, LLC ; transferAgent Ultimus Fund Solutions, LLC .\nExchange Place Advisors Trust underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 23424, "n_triples": 90, "text_to_json_ratio": 3.0}}
{"sample_id": "0001756908:ALL", "cik": "0001756908", "trust_name": "PIMCO Dynamic Income Strategy Fund", "input_text": "Common Shares; conversion to open-end fund\n155\nLimited term and Eligible Tender Offer\n156\nTax matters\n159\nUnderwriting\n162\nControl persons and principal holders of securities\n165\nCustodian and transfer agent\n165\nIndependent registered public accounting firm\n166\nLegal matters\n166\nTable of contents for the Statement of Additional Information\n167\nAppendix A description of securities ratings\nA-1\nTable of Contents\nProspectus summary\nThis is only a summary. This summary may not contain all of the information that you should consider before investing in common shares of beneficial\ninterest ( Common Shares ) of PIMCO Energy and Tactical Credit Opportunities Fund (the Fund ). You should review the more detailed information contained in this prospectus and in the Statement of Additional Information, dated\nJanuary 29, 2019 (the Statement of Additional Information ). In particular, you should carefully read the risks of investing in the Fund s Common Shares, as discussed under Principal risks of the Fund.\nTHE FUND The Fund is a newly organized, non-diversified, limited term, closed-end management investment company with no operating history.\nTHE OFFERING The Fund is offering 40,000,000 common shares of\nbeneficial interest, with a par value of $0.00001 per share, at $20.00 per share through a group of underwriters led by UBS Securities LLC, Merrill Lynch, Pierce, Fenner Smith Incorporated, Morgan Stanley Co. LLC and Wells Fargo\nSecurities, LLC. The common shares of beneficial interest are sometimes called Common Shares, and the holders thereof Common Shareholders, in the rest of this prospectus. You must purchase at least 100 Common Shares. The Fund\nhas given the underwriters an option to purchase up to 5,206,692 additional Common Shares to cover over-allotments. See Underwriting. Pacific Investment Management Company LLC ( PIMCO or the Investment Manager ) has\nagreed to pay underwriting compensation of up to $0.50 per Common Share plus $500,000 to the Underwriters in connection with the offering, which aggregate amount will not exceed 2.7882% of the total public offering price of the shares sold in this\noffering. The Investment Manager also has agreed to pay all of the Fund s organizational expenses and all offering costs associated with this offering. The Fund is not obligated to repay any such organizational expenses or offering costs paid\nby the Investment Manager. At the Fund s request, certain underwriters have agreed to allocate, at the initial public offering price, approximately\n2.64% of the Common Shares offered by this prospectus for sale to certain portfolio managers and other officers and employees of PIMCO and its affiliates and their relatives and other persons designated by the Fund who have expressed an interest in\npurchasing Common Shares in this offering. See Underwriting. LIMITED TERM AND ELIGIBLE TENDER OFFER\nIn accordance with the Fund s Amended and Restated Agreement and Declaration of Trust (the Declaration of Trust ), dated December 13, 2018, as\namended from time to time, the Fund intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund s initial registration statement, which the Fund currently expects to occur on or about\nJanuary 29, 2031 (the Dissolution Date ); provided that the Fund s Board of Trustees (the Board ), by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a\nmember of the Board for a period of at least thirty-six months (or since the commencement of the Fund s operations, if les\n...\ne amount of the Fund s undistributed net investment income and net short- and long-term capital gains and\nhistorical and projected net investment income and net short- and long-term capital gains. The Fund expects to apply for an order granting an exemption\nfrom Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit the Fund to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more\nfrequently than would otherwise be permitted by the 1940 Act (generally once per taxable year). There is no assurance that the SEC will grant the Fund s request for such an exemptive order if such a request is made. If the Fund fails to receive\nthe requested relief and the Fund is unable to include realized capital gains in regular distributions more frequently than would otherwise be permitted by the 1940 Act, it is possible that the Fund s distribution policy, as set forth above,\nwill otherwise be adversely affected. If the Fund were to receive the exemptive order discussed above, the Fund may, but will not necessarily, seek to pay distributions generally at a rate based on a fixed percentage of the Common Shares NAV\nat a particular time (a managed distribution policy ). Any such managed distribution policy may be modified by the Board from time to time. If the Fund were to seek to make distributions under a managed distribution policy, it would\ntypically be intended to result in the payment of approximately the same percentage of the Fund s NAV to Common Shareholders each month. See Distributions.\nLISTING The Fund s Common Shares have been approved for\nlisting on the New York Stock Exchange ( NYSE ), subject to notice of issuance, under the trading or ticker symbol NRGX. See Description of shares.\nCUSTODIAN AND TRANSFER AGENT State Street Bank Trust\nCo. will serve as the primary custodian of the Fund s assets and will also provide certain fund accounting, sub-administrative and compliance services to the Investment Manager on behalf of the Fund.\nState Street Bank Trust Co. will also serve as custodian of assets held by the Fund s Subsidiary. American Stock Transfer Trust Company, LLC ( AST ) will serve as the Fund s transfer agent and dividend\ndisbursement agent. See Custodian and transfer agent. MARKET PRICE OF SHARES\nShares of closed-end investment companies frequently trade at prices lower than NAV. Shares of closed-end investment companies have during some periods traded at prices higher than NAV and during other periods traded at prices lower than NAV. The Fund cannot assure you that Common Shares will\n18\nTable of Contents\ntrade at a price equal to or higher than NAV in the future. See Use of proceeds. In addition to NAV, market price may be affected by factors relating to the Fund such as dividend\nlevels and stability (which will in turn be affected by Fund expenses, including the costs of any leverage used by the Fund, levels of interest payments by the Fund s portfolio holdings, levels of appreciation/depreciation of the Fund s\nportfolio holdings, regulation affecting the timing and character of Fund distributions and other factors), portfolio credit quality, liquidity, call protection, market supply and demand and similar factors relating to the Fund s portfolio\nholdings. See Leverage, Principal risks of the Fund, Description of shares and Repurchase of Common Shares; conversion to open-end fund in this prospectus, and\nsee Repurchase of Common Shares; Conversion to Open-End Fund in the Statement of Additional Information. The Common Shares are designed for long-term investors and sh", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Administrator"]}}, "target_triples": [{"s": "fund:PIMCO_Dynamic_Income_Strategy_Fund", "p": "administrator", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:PIMCO_Dynamic_Income_Strategy_Fund", "p": "advisedBy", "o": "org:Pacific_Investment_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:PIMCO_Dynamic_Income_Strategy_Fund", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> PIMCO Dynamic Income Strategy Fund <predicate_marker> administrator <object_marker> Pacific Investment Management Company LLC <predicate_marker> advisedBy <object_marker> Pacific Investment Management Company LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>", "target_serialized_plain": "PIMCO Dynamic Income Strategy Fund administrator Pacific Investment Management Company LLC ; advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .", "stats": {"input_chars": 7203, "n_triples": 3, "text_to_json_ratio": 22.4}}
{"sample_id": "0001761511:ALL", "cik": "0001761511", "trust_name": "North Capital Funds Trust", "input_text": "61511\nncgxx:S000064982Member\nncgxx:USGovernmentSecuritiesRiskMember\n2024-08-28\n2024-08-28\n0001761511\nncgxx:S000064982Member\nncgxx:ThreeMonthTreasuryBillInSecondaryMarketTransactionsMember\n2024-08-28\n2024-08-28\niso4217:USD\nxbrli:pure\nAs\nfiled with the Securities and Exchange Commission on August 28, 2024\nFile\nNo. 333-228904\nFile No. 811-23404\nSECURITIES\nAND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM N-1A\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF\n1933\nPre-Effective\nAmendment No. ___\nPost-Effective\nAmendment No. 9\nand/or\nREGISTRATION\nSTATEMENT UNDER THE INVESTMENT\nCOMPANY\nACT OF 1940\nAmendment\nNo. 11\nNORTH\nCAPITAL FUNDS TRUST\n(Exact Name of Registrant as Specified in\nCharter)\n623\nE. Fort Union Blvd., Suite 101\nSalt\nLake City, UT 84047\n(Address of Principal Executive Office)\n(Zip Code)\nRegistrant s Telephone Number, including\nArea Code: ( 888 ) 625-7768\nTHE\nCORPORATION TRUST COMPANY\nCorporation\nTrust Center, 1209 Orange St.\nWilmington,\nDE 19801\n(Name and address of agent for service)\nCopies of communications to:\nJoAnn\nM. Strasser, Esq.\nThompson\nHine LLP\n41\nSouth High Street, Suite 1700\nColumbus,\nOhio 43215\n614-469-3265\n(phone)\n614-469-3361(fax)\nApproximate date of proposed public offering:\nAs soon as practicable after the effective date of this registration statement.\nIt is proposed that this filing will\nbecome effective (check appropriate box):\nimmediately upon filing pursuant to paragraph (b)\non (date) pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\non (date) pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\non (date) pursuant to paragraph (a)(2) of rule 485\nIf appropriate, check the following\nbox:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nNorth\nCapital Treasury Money Market Fund\nInstitutional Class Shares NCGXX\nPROSPECTUS\nAugust 28, 2024\nAdviser:\nNorth Capital Inc.\n623 E. Fort Union Blvd., Suite 101\nSalt Lake City, UT 84047\n833-2-NCFUND or 833-262-3863\nwww.northcapital.com/northcapitalfunds\nThis Prospectus provides important information\nabout the Fund that you should know before investing. Please read it carefully and keep it for future reference.\nThese securities have not been approved\nor disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy\nor adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nFUND SUMMARY\n1\nADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS\n4\nMANAGEMENT\n6\nHOW SHARES ARE PRICED\n7\nDISTRIBUTION OF SHARES\n9\nHOW TO REDEEM SHARES\n10\nFREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES\n12\nTAX STATUS, DIVIDENDS AND DISTRIBUTIONS\n12\nFINANCIAL HIGHLIGHTS\n13\nPRIVACY NOTICE\n14\nFUND SUMMARY\nInvestment Objective:\nThe North\nCapital Treasury Money Market Fund (the Fund ) seeks to maximize current income to the extent consistent with the\npreservation of capital and the maintenance of liquidity.\nFees and Expenses of the Fund:\nThis\ntable describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such\nas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.\nShareholder Fees (fees paid directly from your investment)\nInstitutional\nClass\nMaximum Sales Charge (Load) Imposed\non Purchases\n(as a percentage of offering price)\nNone\nMaximum Deferred Sales Charge\n(Load)\n(as a percentage of offering price)\nNone\nMaximum Sales Charge (Load) Imposed on Reinvested\n...\nhese assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nInstitutional Class\n$ 46\n$ 264\n$ 499\n$ 1,175\n1\nPrincipal Investment Strategies:\nIn pursuing its investment objective, the Fund will operate as a government money market fund, as such term is defined\nin or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act ). Government\nmoney market funds are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed\nby the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are fully\ncollateralized (i.e., backed by cash or government securities). Government money market funds are exempt from requirements to impose\nliquidity fees and/or temporary redemption gates, however, government money market funds may elect to impose these fees. The Fund\nhas elected to not impose liquidity fees or redemption gates at this time.\nAs a government money market fund, the\nFund values its securities using the amortized cost method. The Fund seeks to maintain a stable net asset value ( NAV )\nof $1.00 per share. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of\nany borrowing for investment purposes) in securities issued or guaranteed by the U.S. Treasury and/or repurchase agreements that\nare fully collateralized by securities issued or guaranteed by the U.S. Treasury. The Fund will notify shareholders at least 60\ndays in advance of any change in this investment policy.\nPrincipal Risks:\nYou could lose\nmoney by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot\nguarantee it will do so. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit\nInsurance Corporation or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund,\nand you should not expect that the Adviser will provide financial support to the Fund at any time. The Fund should not be relied\nupon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. The Fund\nis subject to the principal risks summarized below, and these risks are more fully described in the section Additional Information\nAbout Principal Investment Strategies and Related Risks in the Prospectus.\nStable NAV Risk .\nThe Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain\na stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the\nFund, could be subject to increased redemption activity, which could adversely affect the Fund s NAV.\nInterest Rate\nRisk . Increases in interest rates adversely affects the Fund s yield relative to prevailing market rates and the\nmarket value of its securities or instruments. Fluctuations in interest rates may also affect the liquidity of fixed income securities\nand instruments held by the Fund.\nMarket Risk .\nOverall market risks may affect the value of the Fund. Securities in the Fund s portfolio may underperform due to inflation\n(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics,\nclimate change and climate related events, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions.\nFactors such as domestic economic growth and market conditions,\n...\nation statement you will receive after each transaction and mail it with a check\nmade payable to the Fund to one of the addresses noted above. Write your account number on the check. If you do not have the Invest\nby Mail form, include the Fund name, name(s) on the account, address and account number on a separate piece of paper along with\nyour check.\nThe transfer agent will charge a $25 fee\nagainst a shareholder s account, in addition to any loss sustained by the Fund, for any payment that is returned. It is the\npolicy of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders.\nThe Fund reserves the right to reject any application.\nWhen Order is Processed: All shares\nwill be purchased at the NAV per share next determined after the Fund receives your application or request in good order,\nas described below. All requests received in good order by the Fund before 4:30 p.m. (Eastern Time) and wire received by the close\nof the Federal Reserve wire transfer system (normally, 6pm Eastern time) will be processed on that same day. Requests received\nafter 4:30 p.m. will be processed on the next business day.\n8\nGood Order:\nWhen making a purchase request, make sure your request is in good order. Good order means your purchase request includes:\nthe name of the Fund;\nthe dollar amount of shares to be purchased; and\na completed purchase application or investment stub check payable to the Fund the North\nCapital Treasury Money Market Fund.\nRetirement Plans: You may purchase\nshares of the Fund for your individual retirement plans. Please call the Fund at 833-2-NCFUND or 833-262-3863 for the most current\nlisting and appropriate disclosure documentation on how to open a retirement account.\nDISTRIBUTION OF\nSHARES\nDistributor: North Capital Private\nSecurities Corporation (the Distributor ), 623 E Fort Union Blvd, Suite 101, Salt Lake City, UT 84047, is the distributor\nfor the shares of the Fund. North Capital Private Securities Corporation is a registered broker-dealer and member of FINRA. Shares\nof the Fund are offered on a continuous basis.\nDistribution Fees: The Trust has\nadopted a Distribution and Shareholder Servicing Plan for Investor Class shares (the Plan ), pursuant to Rule 12b-1\nof the 1940 Act, which allows the Fund to pay the Distributor an annual fee for distribution and shareholder servicing expenses\nof 0.25% of average daily net assets attributable to Investor Class shares. Because the Fund does not currently offer Investor\nClass shares, no Rule 12b-1 fees are currently paid by the Fund. In the event Rule 12b-1 fees are charged in the future, because\n12b-1 fees are paid out of the Fund s assets, over time these fees will increase the cost of your investment and may cost\nyou more than certain other types of sales charges.\nAdditional Compensation to Financial\nIntermediaries: The Distributor, its affiliates, and the Adviser and its affiliates may, at their own expense and out of their\nown assets, including their legitimate profits from Fund-related activities, provide additional cash payments to financial intermediaries\nwho sell shares of the Fund or assist in the marketing of the Fund. Financial intermediaries include brokers, financial planners,\nbanks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in addition to the Rule\n12b-1 fees disclosed elsewhere in this Prospectus. These payments are generally made to financial intermediaries that provide shareholder\nor administrative services, or marketing support. Marketing support may in\n...\nnd disseminated to all advisors for final review and with consideration for\nthe particular objectives and constraints of each client account. Any changes are returned to the Chief Compliance Officer, who\nis charged operationally with casting proxy votes and maintaining appropriate records in accordance with the Advisors Act and\nother applicable laws and regulations.\nNorth\nCapital is not responsible for any proxy materials not received by mail or commercial carrier at its business address, or for\nany act or omission related to a failure by a client to provide such materials in a timely fashion, but will use reasonable efforts\nto vote any proxies that are passed along by a client in a timely fashion.\nC- 4\nIf\na client has retained discretion over proxy voting, but proxy materials are sent to North Capital at its business address, North\nCapital will use reasonable efforts to ensure that such materials are forwarded to the client who owns the securities to which\nthe materials relate.\nC- 5\nPART\nC: OTHER INFORMATION\nItem\n28. Exhibits\n(a) (1)(A) Certificate of Trust dated December 6, 2018, as filed with the State of Delaware on December 10, 2018, for North Capital Funds Trust (the Registrant or Trust ) 1\n(2)(A) Agreement and Declaration of Trust of the Registrant 2\n(b) Amended and Restated By-Laws of the Registrant 5\n(c) Not\napplicable.\n(d) (1)\nManagement Agreement between the Registrant and North Capital, Inc. (the Adviser ) 4\n(2) Amended and Restated Operating Expenses Limitation Agreement with North Capital, Inc. 6\n(e) (1)\nDistribution Agreement between the Registrant and North Capital Private Securities Corporation 3\n(f) Not\napplicable.\n(g) (1)\nCustody Agreement between Registrant and U.S. Bank, N.A. 2\n(2) Fund Accounting and Servicing Agreement between Registrant and U.S. Bancorp Fund Services LLC 2\n(3) Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services LLC 2\n(4) Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services LLC 2\n(h) Not\napplicable.\n(i) (1) Opinion of Counsel 2\n(2)\nConsent of Counsel 7\n(j) Consent of Independent Registered Public Accounting Firm 7\n(k) Not\napplicable.\n(l) Not\napplicable.\n(m) Rule 12b-1 Plan 2\n(n) 18f-3 Plan 2\n(o) Not\napplicable.\n(p) (1)\nCode of Ethics of the Registrant 2\n(2) Code of Ethics of the Adviser and Distributor 2\n(q) (1)\nPowers of Attorney for James P. Dowd, Karen Fleck, Nivine Richie, and David Wieder 2\n(2) Power of Attorney for Daniel Watson 6\nC- 6\n1\nIncorporated by reference to the Registrant s Registration Statement Filed December 19, 2018.\n2\nIncorporated by reference to the Pre-Effective Amendment No. 1 to the Registrant s Registration Statement filed April\n12, 2019.\n3\nIncorporated by reference to the Post-Effective Amendment No. 2 to the Registrant s Registration Statement filed July\n10, 2020.\n4\nIncorporated by reference to the Post-Effective Amendment No. 6 to the Registrant s Registration Statement filed February\n15, 2022.\n5\nIncorporated by reference to the Post-Effective Amendment No. 7 to the Registrant s Registration Statement filed August\n26, 2022\n6\nIncorporated by reference to the Post-Effective Amendment No. 8 to the Registrant s Registration Statement filed August 24,\n2023\n7\nFiled herewith.\nItem\n29. Persons Controlled by or Under Common Control with the Fund\nNone.\nItem\n30. Indemnification\nReference\nis made to the Agreement and Declaration of Trust (the Declaration ), filed herewith as exhibit (a)(2)(A). Nothing\ncontained in the Declaration shall indemnify, hold harmless or protect any officer or trustee from or against a", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:North_Capital_Treasury_Money_Market_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:North_Capital_Treasury_Money_Market_Fund", "p": "advisedBy", "o": "org:North_Capital_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Capital_Treasury_Money_Market_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:North_Capital_Treasury_Money_Market_Fund", "p": "seriesOf", "o": "trust:North_Capital_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Capital_Treasury_Money_Market_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:North_Capital_Funds_Trust", "p": "underwrittenBy", "o": "org:North_Capital_Private_Securities_Corporation", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> North Capital Treasury Money Market Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> North Capital, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> North Capital Funds Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> North Capital Funds Trust <predicate_marker> underwrittenBy <object_marker> North Capital Private Securities Corporation <triple_end>", "target_serialized_plain": "North Capital Treasury Money Market Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy North Capital, Inc. ; custodian U.S. Bank National Association ; seriesOf North Capital Funds Trust ; transferAgent U.S. Bancorp Fund Services, LLC .\nNorth Capital Funds Trust underwrittenBy North Capital Private Securities Corporation .", "stats": {"input_chars": 14414, "n_triples": 6, "text_to_json_ratio": 24.4}}
{"sample_id": "0001771226:ALL", "cik": "0001771226", "trust_name": "RiverNorth Managed Duration Municipal Income Fund, Inc.", "input_text": "to as junk and high\nyield securities and are considered speculative with respect to the issuer s capacity to pay interest and repay principal.\nSubject to the foregoing limitations, the Fund (and the Underlying Funds in which the Fund invests) may invest in securities receiving\nthe lowest ratings from the NRSROs, including securities rated C by Moody s or D- by S P, which indicates that the security\nis in default or has little prospect for full recovery of principal or interest. See Risks Investment-Related Risks Credit\nand Below Investment Grade Securities Risk.\nUnder normal market conditions, the Fund may\nallocate between 25% and 50% of its Managed Assets to the Tactical Municipal Closed-End Fund Strategy and between 50% and 75%\nof its Managed Assets to the Municipal Bond Income Strategy. Subject to the foregoing ranges, the Adviser will determine the portion\nof the Fund s Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations. The Adviser\nexpects to initially allocate over 40% of the Fund s Managed Assets to the Tactical Municipal Closed-End Fund Strategy and\nthe remainder of the Fund s Managed Assets to the Municipal Bond Income Strategy. See Investment Philosophy\nand Process. Managed Assets means the total assets of the Fund, including assets attributable to leverage,\nminus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). Such assets attributable\nto leverage include the portion of assets in tender option bond trusts of which the Fund owns TOB Residuals (as defined below)\nthat has been effectively financed by the trust s issuance of TOB Floaters (as defined below). See Use of Leverage Tender\nOption Bonds.\niii\nInvestment Adviser and Subadviser.\nThe Fund s investment adviser is RiverNorth Capital Management, LLC (the Adviser ) and the Fund s subadviser\nis MacKay Shields LLC (the Subadviser ). The Adviser will be responsible for the day-to-day management of the Fund s\nManaged Assets allocated to the Tactical Municipal Closed-End Fund Strategy. The Subadviser will be responsible for the day-to-day\nmanagement of the Fund s Managed Assets allocated to the Municipal Bond Income Strategy. See Management of the Fund.\nLimited Term and Eligible Tender Offer .\nThe Fund will terminate on or before July 25, 2031 (the Termination Date ); provided, that if the Board of Directors\nof the Fund (the Board of Directors ) believes that, under then-current market conditions, it is in the best interests\nof the Fund to do so, the Fund may extend the Termination Date: (i) once for up to one year (i.e., up to July 25, 2032), and (ii)\nonce for up to an additional six months (i.e., up to January 25, 2033), in each case upon the affirmative vote of a majority of\nthe Board of Directors and without the approval of Common Shareholder (as defined below).\nIn addition, as of a date within twelve months\npreceding the Termination Date, the Board of Directors may cause the Fund to conduct a tender offer to all Common Shareholders\nto purchase Common Shares of the Fund at a price equal to the net asset value ( NAV ) per Common Share on the expiration\ndate of the tender offer (an Eligible Tender Offer ). The Board of Directors has established that, following an Eligible\nTender Offer, the Fund must have at least $100 million of net assets to ensure the continued viability of the Fund (the Termination\nThreshold ). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder;\nprovided, that if the number of properly tendered Common Shares would result in the Fund s net assets totaling less than\nthe Termination Thr\n...\nme is realized.\nVarious factors will affect the level of the Fund s\nincome, including the asset mix and average maturity of the Fund s portfolio, the amount of leverage utilized by the Fund\nand the cost of such leverage and the Fund s use of hedging. To permit the Fund to maintain a more stable monthly distribution,\nthe Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed\nincome would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular\nmonthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income\nwill add to the Fund s NAV (and indirectly benefits the Adviser and the Subadviser by increasing their fees) and, correspondingly,\ndistributions from undistributed income will reduce the Fund s NAV. See Dividends and Distributions.\nDividend Reinvestment\nPlan\nThe Fund has an automatic dividend reinvestment plan (the Plan ) commonly referred to as an opt-out plan. Each Common Shareholder who participates in the Plan will have all distributions of dividends and capital gains automatically reinvested in additional Common Shares. The automatic reinvestment of dividends and distributions in Common Shares will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends and distributions, even though such participants have not received any cash with which to pay the resulting tax.\nCommon Shareholders who elect not to participate\nin the Plan will receive all distributions in cash. All correspondence or questions concerning the Plan, including how a Common\nShareholder may opt out of the Plan, should be directed to DST Systems, Inc., (844) 569-4750 (the Plan Administrator ).\nBeneficial owners of Common Shares who hold their Common Shares in the name of a broker or nominee should contact the broker or\nnominee to determine whether and how they may participate in, or opt out of, the Plan. See Dividend Reinvestment Plan\nand U.S. Federal Income Tax Matters.\n14\nListing of Common Shares\nThe Fund s Common Shares have been approved for listing on the New\nYork Stock Exchange (the NYSE ), subject to notice of issuance. The trading or ticker\nsymbol of the Common Shares is expected to be RMM.\nRisk Considerations\nRisk is inherent in all investing. Investing in any investment company\nsecurity involves risks, including the risk that you may receive little or no return on your investment or even that you may\nlose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the\nrisks more fully set forth under Risks beginning on page 30 (as well as the other information\nin this Prospectus and the SAI), which provides a discussion of the principal risk factors associated with an investment in\nthe Fund specifically, as well as those factors generally associated with an investment in a company with investment objectives,\ninvestment policies, capital structure or trading markets similar to the Fund. Given the nature of the Fund s\ninvestment strategies, these principal risks include risks associated with investments in municipal bonds, other investment\ncompanies and below investment grade-rated securities; risks associated with the use of leverage, including the use of tender\noption bond transactions, derivatives and short sales; and risks related to interest rates, management of the Fund s\nduration and tax matters.\nAdministrator, Fund\nAccountant, Transfer\nAgent, Dividend\nDisbursing Agent\nand Custodian\nALPS Fund Services, Inc. ( AFS ) is the Fund s administrator. Under an Administration, Bookkeeping and Pricing Services Agreement (the Administration Agreement ), AFS is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. State Street Bank and Trust Company will act as the Fund s custodian. DST Systems, Inc. will act as the Fund s transfer agent, registrar, Plan Administrator and dividend disbursing agent. In addition, Centric Fund Services, LLC will provide certain other administrative services to the Fund. See Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian.\n15\nSUMMARY\nOF FUND EXPENSES\nThe following table shows estimated Fund expenses\nas a percentage of net assets attributable to Common Shares. The purpose of the following table and the example below is to help\nyou understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. Common Shareholders\nshould understand that some of the percentages indicated in the tables below are estimates and may vary. The expenses shown in\nthe table and related footnotes are based on estimated amounts for the Fund s first year of operations and assume that\nthe Fund issues 18,250,000 Common Shares. Accordingly, the Fund s net assets for purposes of the tables and example below include estimated\nnet proceeds from the offering of $365,000,000. The following table assumes the use of leverage in an amount equal to 35% of the\nFund s Managed Assets (or approximately 54% of the Fund s net assets) and shows Fund expenses as a percentage of net\nassets attributable to Common Shares. The following table should not be considered a representation of the Fund s future\nexpenses. Actual expenses may be greater or less than those shown below.\nShareholder Transaction Expenses\nAs a Percentage\nof Offering Price\nSales Load\nNone\nOffering Expenses Borne by Common Shareholders of the Fund(1)(2)\nNone\nDividend Reinvestment Plan Fees(3)\nNone\nAs a Percentage of Net Assets Attributable to Common Shares (A", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:RIVERNORTH_MANAGED_DURATION_MUNICIPAL_INCOME_FUND_INC", "p": "administrator", "o": "org:ALPS_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_MANAGED_DURATION_MUNICIPAL_INCOME_FUND_INC", "p": "advisedBy", "o": "org:Rivernorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_MANAGED_DURATION_MUNICIPAL_INCOME_FUND_INC", "p": "custodian", "o": "org:State_Street_Bank_Trust_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:RIVERNORTH_MANAGED_DURATION_MUNICIPAL_INCOME_FUND_INC", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_MANAGED_DURATION_MUNICIPAL_INCOME_FUND_INC", "p": "transferAgent", "o": "org:DST_Systems_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> RIVERNORTH MANAGED DURATION MUNICIPAL INCOME FUND, INC. <predicate_marker> administrator <object_marker> ALPS FUND SERVICES, INC. <predicate_marker> advisedBy <object_marker> Rivernorth Capital Management, LLC <predicate_marker> custodian <object_marker> State Street Bank & Trust Co. <predicate_marker> subAdvisedBy <object_marker> MacKay Shields LLC <predicate_marker> transferAgent <object_marker> DST Systems, Inc. <triple_end>", "target_serialized_plain": "RIVERNORTH MANAGED DURATION MUNICIPAL INCOME FUND, INC. administrator ALPS FUND SERVICES, INC. ; advisedBy Rivernorth Capital Management, LLC ; custodian State Street Bank & Trust Co. ; subAdvisedBy MacKay Shields LLC ; transferAgent DST Systems, Inc. .", "stats": {"input_chars": 9451, "n_triples": 5, "text_to_json_ratio": 21.2}}
{"sample_id": "0001779306:ALL", "cik": "0001779306", "trust_name": "AltShares Trust", "input_text": "As Filed with the Securities and Exchange\nCommission on September 26, 2025\n1933 Act No. 333-233772\n1940 Act No. 811-23475\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, D.C. 20549\nFORM N-1A\nREGISTRATION STATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 11\nand/or\nREGISTRATION STATEMENT\nUNDER\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 13\n(Check appropriate box or boxes)\nAltShares Trust\n(Exact Name of Registrant as Specified in Charter)\n41 Madison Avenue,\n42nd Floor\nNew York, New York\n10010\n(Address of Principal\nExecutive Offices\nRegistrant s Telephone Number, including\nArea Code: (855) 955-1607\nName and Address of Agent for Service\nJohn S. Orrico\n41 Madison Avenue\nNew York, NY 10010\nWith copies to:\nFatima S. Sulaiman, Esq.\nStacy L. Fuller, Esq.\nK L Gates LLP\n1601 K Street\nWashington, DC 20006\nApproximate Date of Proposed Public Offering: Continuous.\nIt is proposed that this filing will become effective:\nImmediately\nupon filing pursuant to paragraph (b)\non\n(date) pursuant to paragraph (b)\n60\ndays after filing pursuant to paragraph (a)(1)\non\n(date) pursuant to paragraph (a)(1)\n75\ndays after filing pursuant to paragraph (a)(2)\non\n(date) pursuant to paragraph (a)(2) of rule 485.\nIf appropriate, check the following box:\nthis post-effective amendment designates a new effective date\nfor a previously filed post-effective amendment.\nAltShares Trust\nADVISED BY WATER ISLAND CAPITAL\nAltShares Trust\nSEPTEMBER 26, 2025 | PROSPECTUS\nAltShares Merger Arbitrage ETF (ARB)\nAltShares Event-Driven ETF (EVNT)\nThis prospectus provides important information about AltShares Merger Arbitrage ETF and AltShares Event-Driven ETF (each a \"Fund\" and together, the \"Funds\"), each a series of AltShares Trust (\"Trust\"), that you should know before investing in the Funds. Please read it carefully and keep it for future reference.\nThese securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.\nShares of the Funds (\"Shares\") are listed and traded on The NYSE Arca, Inc. (\"Exchange\"). Shares are not individually redeemable. The Trust is a registered investment company under the Investment Company Act of 1940, as amended (\"1940 Act\").\nAltShares Trust\nADVISED BY WATER ISLAND CAPITAL\nTABLE OF CONTENTS\n2\nFund Summaries\n2\nAltShares Merger Arbitrage ETF\n8\nAltShares Event-Driven ETF\n15\nInvestment Objective, Policies, and Risks\n25\nFund Management\n25\nPortfolio Managers\n26\nOther Service Providers\n26\nIndex Provider\n26\nBuying And Selling Shares\n26\nBuying And Selling Shares On The Secondary Market\n27\nActive Investors And Market Timing\n28\nDistribution And Service Plan\n28\nNet Asset Value\n28\nFund Website And Disclosure Of Portfolio Holdings\n28\nDividends, Other Distributions And Taxes\n30\nAdditional Information\n31\nFinancial Highlights\nNo person has been authorized to give any information or to make any representations other than those contained in this prospectus and the Funds' Statement of Additional Information dated September 26, 2025 (which is incorporated by reference into thi\n...\nan of the Board of the Trust and of The Arbitrage Funds, an open-end management investment company which is part of the same fund complex as the Trust. He serves as portfolio manager of the Merger Arbitrage ETF and the Event-Driven ETF. Prior to organizing the Adviser in January 2000, Mr. Orrico assisted in the management of private trusts and entities employing merger arbitrage strategies. Mr. Orrico received a bachelor's degree from Georgetown University in 1982, with a double major in Finance and International Management. Mr. Orrico achieved the Chartered Financial Analyst designation in 1988.\nMatthew Osowiecki joined the Adviser in 2007 and currently serves as Co-Chief Investment Officer of the Adviser and a portfolio manager of the Event-Driven ETF. Prior to being promoted to portfolio manager of the Adviser in 2016, Mr. Osowiecki served as a senior equity analyst. Before joining the Adviser, Mr. Osowiecki worked in the Investment Product Division of The Hartford and as a project manager in commercial development. Mr. Osowiecki received a BS in Finance from the University of Connecticut.\n| 25\nAltShares Trust\nADVISED BY WATER ISLAND CAPITAL\nChristopher Plunkett joined the Adviser in 2012 and serves as portfolio manager of the Merger Arbitrage ETF, and Director of Technology and Quantitative Systems of the Adviser. Prior to joining the Adviser, Mr. Plunkett held roles at Marathon Asset Management in operations and trading. Mr. Plunkett received a BS in Finance from Quinnipiac University.\nThe Funds' Statement of Additional Information (\"SAI\") provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Funds they manage.\nOTHER SERVICE PROVIDERS\nState Street Bank and Trust Company, One Congress Building, One Congress Street, Suite 1, Boston, Massachusetts, 02114, serves as the Funds' administrator, transfer agent and custodian.\nForeside Financial Services, LLC, 190 Middle Street, Suite 301, Portland, ME 04101, serves as the Funds' Distributor.\nINDEX PROVIDER\nWater Island Indices LLC created the Underlying Index and serves as Index Provider for the Merger Arbitrage ETF. Water Island Indices LLC has entered into an index licensing agreement with the Adviser to allow the Adviser's use of the Underlying Index for the operation of the Merger Arbitrage ETF. The Adviser has entered into a sub-licensing agreement with the Trust to allow the Merger Arbitrage ETF to utilize the Underlying Index.\nWater Island Indices LLC has entered into an agreement with Solactive AG to calculate, publish and disseminate the Underlying Index. The Merger Arbitrage ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Underlying Index and/or Index trademark or the Index Price at any time or in any other respect. Solactive AG uses its best efforts to ensure that the Underlying Index is calculated correctly. Irrespective of its obligations towards the Adviser, Solactive AG has no obligation to point out errors in the Underlying Index to third parties including but not limited to investors and/or financial intermediaries of the Merger Arbitrage ETF. Neither publication of the Underlying Index by Solactive AG nor the licensing of the Underlying Index or Index trademark for the purpose of use in connection with the Merger Arbitrage ETF constitutes a recommendation by Solactive AG to invest capital in said Fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this Fund.\nThe Adviser does not guarantee the accuracy or the", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:AltShares_Event_Driven_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Event_Driven_ETF", "p": "advisedBy", "o": "org:Water_Island_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Event_Driven_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AltShares_Event_Driven_ETF", "p": "seriesOf", "o": "trust:AltShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Event_Driven_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Merger_Arbitrage_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Merger_Arbitrage_ETF", "p": "advisedBy", "o": "org:Water_Island_Capital_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Merger_Arbitrage_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:AltShares_Merger_Arbitrage_ETF", "p": "seriesOf", "o": "trust:AltShares_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:AltShares_Merger_Arbitrage_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:AltShares_Trust", "p": "underwrittenBy", "o": "org:Foreside_Financial_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> AltShares Event-Driven ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Water Island Capital, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AltShares Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> AltShares Merger Arbitrage ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Water Island Capital, LLC <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> AltShares Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> AltShares Trust <predicate_marker> underwrittenBy <object_marker> Foreside Financial Services, LLC <triple_end>", "target_serialized_plain": "AltShares Event-Driven ETF administrator State Street Bank and Trust Company ; advisedBy Water Island Capital, LLC ; custodian State Street Bank and Trust Company ; seriesOf AltShares Trust ; transferAgent State Street Bank and Trust Company .\nAltShares Merger Arbitrage ETF administrator State Street Bank and Trust Company ; advisedBy Water Island Capital, LLC ; custodian State Street Bank and Trust Company ; seriesOf AltShares Trust ; transferAgent State Street Bank and Trust Company .\nAltShares Trust underwrittenBy Foreside Financial Services, LLC .", "stats": {"input_chars": 7031, "n_triples": 11, "text_to_json_ratio": 7.0}}
{"sample_id": "0001790177:ALL", "cik": "0001790177", "trust_name": "RiverNorth Flexible Municipal Income Fund, Inc.", "input_text": "l of all compensation to the underwriters in connection with this public offering of Common Shares, including all\nforms of additional compensation or structuring or sales incentive fee payments, if any, to the underwriters and other\nexpenses, will be limited to not more than 5.78% of the total public offering price of the Common Shares sold in this offering.\nSee Underwriters Additional Underwriter Compensation.\n(3) The Adviser has agreed to pay all organizational expenses of the Fund and all offering costs associated with this offering.\nThe Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser. See Summary of\nFund Expenses.\nThe\nFund, or the Underlying Funds in which the Fund invests, may invest in securities of any credit quality, including, without limit,\nsecurities that are rated below investment grade, except as further set forth under Investment Objectives, Strategies and\nPolicies below. Below investment grade securities are commonly referred to as junk and high yield\nsecurities and are considered speculative with respect to the issuer s capacity to pay interest and repay principal. See\nalso Risks Investment-Related Risks Credit and Below Investment Grade Securities Risk.\nManaged\nAssets means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt\nrepresenting leverage and any preferred stock that may be outstanding). Such assets attributable to leverage include the portion\nof assets in tender option bond trusts of which the Fund owns TOB Residuals (as defined below) that has been effectively financed\nby the trust s issuance of TOB Floaters (as defined below). See Use of Leverage Tender Option Bonds.\nInvestment\nAdviser and Subadviser. The Fund s investment adviser is RiverNorth Capital Management, LLC (the Adviser )\nand the Fund s subadviser is MacKay Shields LLC (the Subadviser ). The Adviser will be responsible for the\nday-to-day management of the Fund s Managed Assets allocated to the Tactical Municipal Closed-End Fund Strategy. The Subadviser\nwill be responsible for the day-to-day management of the Fund s Managed Assets allocated to the Municipal Bond Income Strategy.\nSee Management of the Fund.\nLimited\nTerm and Eligible Tender Offer . The Fund will terminate on or before March 26, 2035 (the Termination Date );\nprovided, that if the Board of Directors of the Fund (the Board of Directors ) believes that, under then-current\nmarket conditions, it is in the best interests of the Fund to do so, the Fund may extend the Termination Date: (i) once for up\nto one year (i.e., up to March 26, 2036), and (ii) once for up to an additional six months (i.e., up to September 26, 2036), in\neach case upon the affirmative vote of a majority of the Board of Directors and without the approval of the holders of the Common\nShares of the Fund (the Common Shareholders ).\niii\nIn\naddition, as of a date within twelve months preceding the Termination Date, the Board of Directors may cause the Fund to conduct\na tender offer to all Common Shareholders to purchase Common Shares of the Fund at a price equal to the net asset value ( NAV )\nper Common Share on the expiration date of the tender offer (an Eligible Tender Offer ). The Board of Directors has\nestablished that, following an Eligible Tender Offer, the Fund must have at least $100 million of net assets to ensure the continued\nviability of the Fund (the Termination Threshold ). In an Eligible Tender Offer, the Fund will offer to purchase\nall Common Shares held by each Common Shareholder; provided, that if the number of properly tendered Common Shares would result\nin the Fund s net ass\n...\nme is realized.\nVarious factors will affect the level of the Fund s\nincome, including the asset mix and average maturity of the Fund s portfolio, the amount of leverage utilized by the Fund\nand the cost of such leverage and the Fund s use of hedging. To permit the Fund to maintain a more stable monthly distribution,\nthe Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed\nincome would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular\nmonthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income\nwill add to the Fund s NAV (and indirectly benefits the Adviser and the Subadviser by increasing their fees) and, correspondingly,\ndistributions from undistributed income will reduce the Fund s NAV. See Dividends and Distributions.\nDividend\nReinvestment Plan The\nFund has an automatic dividend reinvestment plan (the Plan ) commonly referred\nto as an opt-out plan. Each Common Shareholder who participates in the\nPlan will have all distributions of dividends and capital gains automatically reinvested\nin additional Common Shares. The automatic reinvestment of dividends and distributions\nin Common Shares will not relieve participants of any federal, state or local income\ntax that may be payable (or required to be withheld) on such dividends and distributions,\neven though such participants have not received any cash with which to pay the resulting\ntax.\nCommon Shareholders who elect not to participate in\nthe Plan will receive all distributions in cash. All correspondence or questions concerning the Plan, including how a Common Shareholder\nmay opt out of the Plan, should be directed to DST Systems, Inc., (844) 569-4750 (the Plan Administrator ). Beneficial\nowners of Common Shares who hold their Common Shares in the name of a broker or nominee should contact the broker or nominee to\ndetermine whether and how they may participate in, or opt out of, the Plan. See Dividend Reinvestment Plan and U.S.\nFederal Income Tax Matters.\n13\nListing of Common Shares\nThe\nFund s Common Shares have been approved for listing on the New York Stock Exchange (the NYSE ), subject to\nnotice of issuance. The trading or ticker symbol of the Common Shares is RFM.\nRisk Considerations\nRisk is inherent in all investing. Investing\nin any investment company security involves risks, including the risk that you may receive little or no return on your investment\nor even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider\nthe risks more fully set forth under Risks beginning on page 29 (as well as the other information\nin this Prospectus and the SAI), which provides a discussion of the principal risk factors associated with an investment in the\nFund specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment\npolicies, capital structure or trading markets similar to the Fund. Given the nature of the Fund s investment strategies,\nthese principal risks include risks associated with investments in municipal bonds, other investment companies and below investment\ngrade-rated securities; risks associated with the use of leverage, including the use of tender option bond transactions and derivatives;\nand risks related to interest rates and tax matters.\nAdministrator,\nFund\nAccountant, Transfer\nAgent,\nDividend Disbursing\nAgent\nand Custodian\nALPS Fund Services, Inc. ( AFS ) is the Fund s administrator. Under an Administration, Bookkeeping and Pricing Services Agreement (the Administration Agreement ), AFS is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. State Street Bank and Trust Company will act as the Fund s custodian. DST Systems, Inc. will act as the Fund s transfer agent, registrar, Plan Administrator and dividend disbursing agent. In addition, Centric Fund Services, LLC will provide certain other administrative services to the Fund. See Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian.\n14\nSUMMARY\nOF FUND EXPENSES\nThe\nfollowing table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The purpose of the\nfollowing table and the example below is to help you understand the fees and expenses that you, as a Common Shareholder,\nwould bear directly or indirectly. Common Shareholders should understand that some of the percentages indicated in the tables\nbelow are estimates and may vary. The expenses shown in the table and related footnotes are based on estimated amounts for\nthe Fund s first year of operations and assume that the Fund issues 5,500,000 Common Shares. Accordingly, the\nFund s net assets for purposes of the tables and example below include estimated net proceeds from the offering of\n$110,000,000. The following table assumes the use of leverage in an amount equal to 35% of the Fund s Managed Assets\n(or approximately 54% of the Fund s net assets) and shows Fund expenses as a percentage of net assets attributable to\nCommon Shares. The following table should not be considered a representation of the Fund s future expenses. Actual\nexpenses may be greater or less than those shown below.\nShareholder\nTransaction Expenses\nAs\na Percentage\nof Offering Price\nSales\nLoad\nNone\nOffering\nExpenses Borne by Common Shareholders of the Fund(1)(2)\nNone\nDividend\nReinvestment Plan Fees(3)\nNone\nAs\na Percentage of\nNet Assets Attributable to\nCommon Shares\n(As", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:RIVERNORTH_FLEXIBLE_MUNICIPAL_INCOME_FUND_INC", "p": "administrator", "o": "org:ALPS_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_FLEXIBLE_MUNICIPAL_INCOME_FUND_INC", "p": "advisedBy", "o": "org:RiverNorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_FLEXIBLE_MUNICIPAL_INCOME_FUND_INC", "p": "custodian", "o": "org:State_Street_Bank_Trust_Co", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:RIVERNORTH_FLEXIBLE_MUNICIPAL_INCOME_FUND_INC", "p": "subAdvisedBy", "o": "org:MacKay_Shields_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RIVERNORTH_FLEXIBLE_MUNICIPAL_INCOME_FUND_INC", "p": "transferAgent", "o": "org:DST_Systems_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND, INC. <predicate_marker> administrator <object_marker> ALPS FUND SERVICES, INC. <predicate_marker> advisedBy <object_marker> RiverNorth Capital Management, LLC <predicate_marker> custodian <object_marker> State Street Bank & Trust Co. <predicate_marker> subAdvisedBy <object_marker> MacKay Shields LLC <predicate_marker> transferAgent <object_marker> DST Systems, Inc. <triple_end>", "target_serialized_plain": "RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND, INC. administrator ALPS FUND SERVICES, INC. ; advisedBy RiverNorth Capital Management, LLC ; custodian State Street Bank & Trust Co. ; subAdvisedBy MacKay Shields LLC ; transferAgent DST Systems, Inc. .", "stats": {"input_chars": 9388, "n_triples": 5, "text_to_json_ratio": 21.4}}
{"sample_id": "0001795351:ALL", "cik": "0001795351", "trust_name": "T. Rowe Price Exchange-Traded Funds, Inc.", "input_text": "bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV\nor to the value of the fund s holdings. If a shareholder purchases shares at a time when the market price is at a premium\nto the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.\nNew\nfund: Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than funds\nthat have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio manager\nof a fund with a limited performance track record. Due to the fund s size, large shareholder purchases or redemptions could\nrequire the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax implications\nfor the fund and its shareholders, and make it difficult to invest fully in accordance with the fund s investment program.\nSummary\n5\nCybersecurity\nbreaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access\nto the fund s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could\ncause one of the fund s service providers or financial intermediaries to suffer unauthorized data access, data corruption,\nor loss of operational functionality.\nPerformance\nBecause\nthe fund commenced operations on or following the date of this prospectus, there is no historical performance information shown\nhere. Performance history will be presented after the fund has been in operation for one full calendar year.\nCurrent\nperformance information will be available through troweprice.com.\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nJohn\nHall\nPortfolio\nManager and Chair of Investment Advisory Committee\n2026\n2014\nPurchase\nand Sale of Fund Shares\nThe\nfund issues and redeems shares at NAV only with Authorized Participants and only in large blocks of 25,000 shares (each, a Creation\nUnit ). Individual fund shares may not be purchased or redeemed directly with the fund. An Authorized Participant may purchase\nor redeem a Creation Unit of the fund each business day that the fund is open in exchange for the delivery of a designated portfolio\nof in-kind securities and/or cash.\nIndividual\nfund shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on\nthe [Nasdaq Stock Market LLC ( Nasdaq )] and because the shares will trade at market prices rather than at NAV, shares\nmay trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). You may incur costs attributable\nto the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price\na seller is willing to accept for shares of the fund (ask) when buying or selling shares in the secondary market (the bid-ask\nspread ). All purchases and sales are made pursuant to this prospectus. Please refer to the fund s website for additional\ninformation (troweprice.com).\nTax\nInformation\nThe\nfund declares dividends, if any, and pays them annually. A distribution may consist of ordinary dividends, capital gains, and\nreturn of capital. Sales of fund shares and distributions by the fund generally may be taxed as ordinary income or capital gains\nunless you invest through a tax-deferred account (in which case you\n...\nelow (at a discount) to NAV\nor to the value of the fund s holdings. If a shareholder purchases shares at a time when the market price is at a premium\nto the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.\nNew\nfund: Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than funds\nthat have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio manager\nof a fund with a limited performance track record. Due to the fund s size, large shareholder purchases or redemptions could\nrequire the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax implications\nfor the fund and its shareholders, and make it difficult to invest fully in accordance with the fund s investment program.\nCybersecurity\nbreaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access\nto the fund s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could\ncause one of the fund s service providers or financial intermediaries to suffer unauthorized data access, data corruption,\nor loss of operational functionality.\nSUMMARY\n5\nPerformance\nBecause\nthe fund commenced operations on or following the date of this prospectus, there is no historical performance information shown\nhere. Performance history will be presented after the fund has been in operation for one full calendar year.\nCurrent\nperformance information will be available through troweprice.com.\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nInvestment\nSubadviser T. Rowe Price Investment Management, Inc. (Price Investment Management)\nName\nTitle\nManaged\nFund\nSince\nJoined\nInvestment\nAdviser\nDavid\nGiroux\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2026\n1998\nPaul\nMassaro\nCo-Portfolio\nManager and Cochair of Investment Advisory Committee\n2026\n2003\nBrian\nSolomon\nCo-Portfolio\nManager\n2026\n2015\nPurchase\nand Sale of Fund Shares\nThe\nfund issues and redeems shares at NAV only with Authorized Participants and only in large blocks of 25,000 shares (each, a Creation\nUnit ). Individual fund shares may not be purchased or redeemed directly with the fund. An Authorized Participant may purchase\nor redeem a Creation Unit of the fund each business day that the fund is open in exchange for the delivery of a designated portfolio\nof in-kind securities and/or cash.\nIndividual\nfund shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on\n[NYSE Arca, Inc.] and because the shares will trade at market prices rather than at NAV, shares may trade at prices greater than\nNAV (at a premium), at NAV, or less than NAV (at a discount). You may incur costs attributable to the difference between the highest\nprice a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares\nof the fund (ask) when buying or selling shares in the secondary market (the bid-ask spread ). All purchases and\nsales are made pursuant to this prospectus. Please refer to the fund s website for additional information (troweprice.com).\nTax\nInformation\nThe\nfund declares dividends, if any, and pays them monthly. A distribution may consist of ordinary dividends, capital gains, and return\nof capital. Sales of fund shares and distributions by the fund gener\n...\nat a discount) to NAV or\nto the value of the fund s holdings. If a shareholder purchases shares at a time when the market price is at a premium to\nthe NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.\nNew\nfund: Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than\nfunds that have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio\nmanager of a fund with a limited performance track record. Due to the fund s size, large shareholder purchases or redemptions\ncould require the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax\nimplications for the fund and its shareholders, and make it difficult to invest fully in accordance with the fund s investment\nprogram.\nCybersecurity\nbreaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized\naccess to the fund s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach\ncould cause one of the fund s service providers or financial intermediaries to suffer unauthorized data access, data corruption,\nor loss of operational functionality.\nT. ROWE PRICE\n6\nPerformance\nBecause the fund commenced operations on or following the date\nof this prospectus, there is no historical performance information shown here. Performance history will be presented after the\nfund has been in operation for one full calendar year.\nCurrent performance information will be available through troweprice.com.\nManagement\nInvestment\nAdviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)\nInvestment\nSubadviser T. Rowe Price Hong Kong Limited (Price Hong Kong)\nName\nTitle\nManaged Fund Since\nJoined Investment\nAdviser\nRichard Hall\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2026\n2012\nLeonard Kwan\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2026\n2014\nSamy Muaddi\nCo-Portfolio Manager and Cochair of Investment Advisory Committee\n2026\n2006\nPurchase and Sale of Fund Shares\nThe fund issues and redeems shares at NAV only with Authorized\nParticipants and only in large blocks of 25,000 shares (each, a Creation Unit ). Individual fund shares may not be\npurchased or redeemed directly with the fund. An Authorized Participant may purchase or redeem a Creation Unit of the fund each\nbusiness day that the fund is open in exchange for the delivery of a designated portfolio of in-kind securities and/or cash.\nIndividual fund shares may be purchased and sold only on a national\nsecurities exchange through brokers. Shares are listed for trading on the [Nasdaq Stock Market LLC ( Nasdaq )] and\nbecause the shares will trade at market prices rather than at NAV, shares may trade at prices greater than NAV (at a premium),\nat NAV, or less than NAV (at a discount). You may incur costs attributable to the difference between the highest price a buyer\nis willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares of the fund\n(ask) when buying or selling shares in the secondary market (the bid-ask spread ). All purchases and sales are made\npursuant to this prospectus. Please refer to the fund s website for additional information (troweprice.com).\nTax Information\nThe fund declares dividends, if any, and pays them monthly.\nA distribution may consist of ordinary dividends, capital gains, and return of capital. Sales of fund shares and distributions\nby the fund generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which\ncase you will be taxed upon withdrawal from such account).\nSUMMARY\n7\nPayments to Broker-Dealers and Other Financial Intermediaries\nIf you purchase shares of the fund through a broker-dealer or\nother financial intermediary (such as a bank), T. Rowe Price and its affiliates may pay the intermediary for the sale of fund shares\nand related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and\nyour salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary s\nwebsite for more information.\nMore\nAbout the Fund\n2\nManagement\nof the FUnd\nInvestment Adviser(s)\nT. Rowe Price is the fund s investment adviser and\noversees the selection of the fund s investments and management of the fund s portfolio pursuant to an investment management\nagreement between the investment adviser and the fund. T. Rowe Price is the investment adviser for all funds sponsored and\nmanaged by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management\nservices to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment\ncompanies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 1307 Point Street, Baltimore,\nMaryland 21231. As of March 31, 2026, T. Rowe Price and its affiliates (Firm) had approximately $1.7 trillion in assets under\nmanagement.\nT. Rowe Price has entered into a subadvisory agreement with\nPrice Hong Kong under which Price Hong Kong is authorized to trade securities and make discretionary investment decisions on behalf\nof the fund. Price Hong Kong is licensed with the Securities and Futures Commission of Hong Kong and is registered as an investment\nadviser with the SEC. Price Hong Kong serves as a subadviser to investment companies and provides investment management services\nfor other clients who seek to primarily invest in the Asia-Pacific securities markets. Price Hong Kong is a subsidiary of T. Rowe\nPrice and T. Rowe Price International, and its address is 6/F Chater House, 8 Connaught Road Central, Hong Kong.\nPortfolio Management\nPortfolio managers are primarily responsible for the day-to-day\nmanagement of the fund s portfolio. The portfolio managers are Richard Hall, Leonard Kwan, and Samy Muaddi. The following\ninformation provides the year that the portfolio managers first joined the Firm and the portfolio managers specific business\nexperience during the past five years (although the portfolio managers may have had portfolio management responsibilities for a\nlonger period). Messrs. Hall, Kwan, and Muaddi have been portfolio managers of the fund since the fund s inception. Mr. Hall\njoined the Firm in 2012, and his investment experience dates from 2007. During the past five years, he has served as a credit analyst,\nan associate portfolio manager (beginning in 2023), and a portfolio manager (beginning in 2025). Mr. Kwan joined the Firm\nin 2014, and his investment experience dates from 1997. During the past five years, he has served as a portfolio manager. Mr. Muaddi\njoined the Firm in 2006, and his investment experience dates from that time. During the past five years, he has served as a portfolio\nmanager. The Statement of Additional Information (SAI) provides additional information about the portfolio managers compensation,\nother accounts managed by the portfolio managers, and the portfolio managers ownership of the fund s shares.\nMORE ABOUT THE FUND\n9\nT. Rowe Price has also established an Investment Advisory Committee\nwith respect to the fund. The portfolio managers work with the committee in developing and executing the fund s investment\nprogram. The members of the committee are as follows: Richard Hall, Leonard Kwan, and Sammy Mauddi, cochairs; Aaron Gifford, Andrew\nKeirle,\n...\nipant s cost basis in the Creation Units and the sum of the fair market value of the securities plus\nany cash received.\nAuthorized\nParticipants exchanging securities for Creation Units or redeeming Creation Units should consult with their own tax adviser.\nThe\nfund s Statement of Additional Information, which contains a more detailed description of the fund s operations, investment\nrestrictions, policies, and practices, is incorporated by reference into this prospectus, which means that it is legally part\nof this prospectus even if you do not request a copy. Additional information about the fund s investments will be available\nin the fund s annual and semi-annual reports to shareholders and in Form N-CSR. Except for money market funds, the fund s\nannual report contains a discussion of the market conditions and investment strategies that significantly affected the fund s\nperformance during its last fiscal year. These documents and other information are available without charge through troweprice.com/prospectus.\nYou can also request these documents and make shareholder inquiries at no cost by calling 1-800-638-5660, by sending an e-mail\nrequest to info@troweprice.com, or by contacting your financial intermediary.\nAnnual\nand semi-annual shareholder reports and other fund information are available on the EDGAR Database on the SEC s internet\nsite at sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.\nT. Rowe Price Associates, Inc.\n1307 Point Street\nBaltimore, MD 21231\n1940 Act File No. 811-23494\nETFXXXX-XXX 8/1/26\nSTATEMENT\nOF ADDITIONAL INFORMATION\nThis\nis the Statement of Additional Information ( SAI ) for the funds listed below (hereinafter Price Funds\nor funds ), each of which is a series of T. Rowe Price Exchange-Traded Funds, Inc. ( Corporation ). Each\nfund is an exchange-traded fund ( ETF ) sponsored and managed by T. Rowe Price Associates, Inc. ( T. Rowe Price\nor Price Associates ).\nThe\ndate of this Statement of Additional Information is August 1, 2026.\nSubject\nto Completion\nThe\ninformation in this SAI with respect to the T. Rowe Price Biotech ETF, T. Rowe Price Capital Appreciation Fixed Income ETF, T.\nRowe Price Dynamic Emerging Markets Bond ETF, T. Rowe Price Mid-Cap Equity Research ETF, T. Rowe Price Securitized Income ETF,\nand T. Rowe Price Small-Cap ETF is not complete and may be changed. We may not sell these securities until the registration statement\nfiled with the Securities and Exchange Commission for the T. Rowe Price Biotech ETF, T. Rowe Price Capital Appreciation Fixed\nIncome ETF, T. Rowe Price Dynamic Emerging Markets Bond ETF, T. Rowe Price Mid-Cap Equity Research ETF, T. Rowe Price Securitized\nIncome ETF, and T. Rowe Price Small-Cap ETF is effective. This SAI is not an offer to sell these securities and is not soliciting\nan offer to buy these securities in any state in which the offer or sale is not permitted.\nT.\nRowe Price Exchange-Traded Funds, Inc.\nFund\nTicker\nPrincipal\nU.S. Listing Exchange\nT.\nRowe Price Active Core International Equity ETF\nTACN\nNYSE\nArca, Inc.\nT.\nRowe Price Active Core U.S. Equity ETF\nTACU\nNYSE\nArca, Inc.\nT.\nRowe Price Biotech ETF\n[Tdna]\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Capital Appreciation Equity ETF\nTCAF\nNYSE\nArca, Inc.\nT.\nRowe Price Capital Appreciation Fixed Income ETF\n[TFIX]\nNYSE\nArca, Inc.\nT.\nRowe Price Capital Appreciation Market Opportunities ETF\nTPUT\nNYSE\nArca, Inc.\nT.\nRowe Price Capital Appreciation Premium Income ETF\nTCAL\nNYSE\nArca, Inc.\nT.\nRowe Price Dynamic Emerging Markets Bond ETF\n[TDEM]\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Emerging Markets Equity Research ETF\nTEMR\nNYSE\nArca, Inc.\nT.\nRowe Price Financials ETF\nTFNS\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Floating Rate ETF\nTFLR\nNYSE\nArca, Inc.\nT.\nRowe Price Global Equity ETF\nTGLB\nNYSE\nArca, Inc.\nT.\nRowe Price Growth ETF\nTGRT\nNYSE\nArca, Inc.\nT.\nRowe Price Health Care ETF\nTMED\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Hedged Equity ETF\nTHEQ\nNYSE\nArca, Inc.\nT.\nRowe Price High Income Municipal ETF\nTHYM\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Innovation Leaders ETF\nTNXT\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Intermediate Municipal Income ETF\nTAXE\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price International Equity ETF\nTOUS\nNYSE\nArca, Inc.\nT.\nRowe Price International Equity Research ETF\nTIER\nNYSE\nArca, Inc.\nT.\nRowe Price Long Municipal Income ETF\nTMNL\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Mid-Cap Equity Research ETF\n[TMID]\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Multi-Sector Income ETF\nTMSF\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Natural Resources ETF\nTURF\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price QM U.S. Bond ETF\nTAGG\nNYSE\nArca, Inc.\nT.\nRowe Price Securitized Income ETF\n[TSCZ]\nNYSE\nArca, Inc.\nT.\nRowe Price Short Municipal Income ETF\nTMNS\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Small-Cap ETF\n[TSEE]\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Small-Mid Cap ETF\nTMSL\nNYSE\nArca, Inc.\nT.\nRowe Price Technology ETF\nTTEQ\nThe\nNasdaq Stock Market LLC\nT.\nRowe Price Total Return ETF\nTOTR\nNYSE\nArca, Inc.\nT.\nRowe Price Ultra Short-Term Bond ETF\nTBUX\nNYSE\nArca, Inc.\nT.\nRowe Price U.S. High Yield ETF\nTHYF\nNYSE\nArca, Inc.\nT.\nRowe Price Value ETF\nTVAL\nNYSE\nArca, Inc.\nETFC02-042 8/1/26\nMailing\nAddress:\nT.\nRowe Price Investment Services, Inc.\n1307 Point Street\nBaltimore, Maryland 21231\n1-800-638-5660\nThis\nSAI is not a prospectus. It should be read in conjunction with the appropriate current fund prospectus, which may be obtained\nfrom T. Rowe Price Investment Services, Inc. ( Investment Services ), the Corporation s principal underwriter ( Distributor ).\nIf you would like a prospectus, annual or semiannual shareholder report for a fund, or other fund documents or information, please\nvisit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.\nThe\nprospectus for each fund may be revised from time to time. Capitalized terms used herein that are not defined have the same meaning\nas in the prospectuses, unless otherwise noted.\nThe\nfinancial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund s Form\nN-CSR, when available, are incorporated into this SAI by reference.\n2\nPART\nI TABLE OF CONTENTS\nPage\nThe Corporation and its Funds\n4\nExchange Listing and Trading\n4\nManagement of the Funds\n5\nPrincipal Holders of Securities\n19\nInvestment Adviser and Investment Management Agreements\n25\nDistributor for the Funds\n29\nPage\nContinuous Offering 31\nPortfolio Transactions 31\nPortfolio Turnover 37\nSecurities Lending Activities 38\nIndependent Registered Public Accounting Firm 40\nPart II 41\nReferences\nto the following are as indicated:\nFitch\nRatings, Inc. ( Fitch )\nInternal\nRevenue Code of 1986, as amended ( Code )\nInternal\nRevenue Service ( IRS )\nInvestment\nCompany Act of 1940, as amended ( 1940 Act )\nMoody s\nInvestors Service, Inc. ( Moody s )\nSecurities\nAct of 1933, as amended ( 1933 Act )\nSecurities\nand Exchange Commission ( SEC )\nSecurities\nExchange Act of 1934, as amended ( 1934 Act )\nS P\nGlobal Ratings ( S P )\nT.\nRowe Price Australia Limited ( Price Australia )\nT.\nRowe Price Hong Kong Limited ( Price Hong Kong )\nT.\nRowe Price Japan, Inc. ( Price Japan )\nT.\nRowe Price International Ltd ( Price International )\n...\ngistrant and T. Rowe Price Associates\nInc., with respect to each Fund set forth on Schedule A, dated October 24, 2024\n(electronically filed with Amendment No. 29 dated January 10, 2025)\n(d)(14) Amendment\nto Investment Management Agreement between Registrant and T. Rowe Price Associates Inc.,\nwith respect to each Fund set forth on Schedule A, dated February 6, 2025 (electronically\nfiled with Amendment No. 34 dated April 30, 2025)\n(d)(15) Amendment\nto Investment Management Agreement between Registrant and T. Rowe Price Associates Inc.,\nwith respect to each Fund set forth on Schedule A, dated July 29, 2025 (electronically\nfiled with Amendment No. 37 dated October 8, 2025)\n(d)(16) Amendment\nto Investment Management Agreement between Registrant and T. Rowe Price Associates Inc.,\nwith respect to each Fund set forth on Schedule A, dated November 5, 2025 (electronically\nfiled with Amendment No. 39 dated December 22, 2025)\n(d)(17) Amendment\nto Investment Management Agreement between Registrant and T. Rowe Price Associates Inc.,\nwith respect to each Fund set forth on Schedule A, dated February 5, 2026 (electronically\nfiled with Amendment No. 46 dated May 13, 2026)\n(d)(18) Amendment\nto Investment Management Agreement between Registrant and T. Rowe Price Associates Inc.,\nwith respect to each Fund set forth on Schedule A, dated May 5, 2026 (to be filed by\namendment)\nPage 3\n(e)(1) Underwriting\nAgreement between Registrant and T. Rowe Price Investment Services, Inc. with respect\nto each Fund set forth on Schedule A, dated July 31, 2019, as amended July 24, 2023,\nFebruary 5, 2024, May 8, 2024, October 24, 2024, July 29, 2025, February 6,\n2026, and May 5, 2026 (to be filed by amendment)\n(f) Inapplicable\n(g) Custody\nAgreements\n(g)(1) Master\nCustodian Agreement between the Registrant and State Street Bank and Trust Company, dated\nMarch 6, 2020, as amended April 28, 2021, July 15, 2021, July 4,\n2022, January 30, 2023, April 12, 2023, April 3, 2024, July 18, 2024,\nDecember 13, 2024, March 27, 2025, September 22, 2025, and April 10,\n2026 (to be filed by amendment)\n(h) Other\nAgreements\n(h)(1) Transfer\nAgency and Service Agreement between State Street Bank and Trust Company and the Registrant,\ndated March 6, 2020, as amended April 28, 2021, July 15, 2021, July 4,\n2022, January 30, 2023, April 12, 2023, April 3, 2024, July 18, 2024,\nDecember 13, 2024, March 27, 2025, September 22, 2025, and April 10,\n2026 (to be filed by amendment)\n(h)(2) Sub-Administration\nAgreement between State Street Bank and Trust Company and T. Rowe Price Associates, Inc.,\ndated March 6, 2020, as amended April 28, 2021, July 15, 2021, July 4,\n2022, January 30, 2023, April 12, 2023, April 3, 2024, July 18, 2024,\nDecember 13, 2024, March 27, 2025, September 22, 2025, and April 10,\n2026 (to be filed by amendment)\n(h)(3) Form\nof Authorized Participant Agreement to be used by T. Rowe Price Investment Services,\nInc. (electronically filed with initial registration statement dated December 11, 2019)\n(h)(4) Amended\nand Restated Agreement between T. Rowe Price Associates, Inc. and the T. Rowe\nPrice Funds for Fund Accounting and Related Administrative Services, dated February 1,\n2026, as amended February 5, 2026, March 11, 2026, and May 5, 2026 (to\nbe filed by amendment)\n(h)(5) Rule\n12d1-4 Fund Of Funds Investment Agreement between the Advisors Inner Circle Fund\nand the Advisors Inner Circle Fund II, on behalf of the Acquiring Funds, and the\nT. Rowe Price Funds, on behalf of the Acquired Funds, listed on Schedule A,\ndated December 16, 2024, as amended October 1, 2025 (electronically filed\nwith Ame", "ontology": {"Fund": {"advisedBy": ["Administrator", "InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:T_Rowe_Price_Floating_Rate_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Floating_Rate_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Floating_Rate_ETF", "p": "seriesOf", "o": "trust:T_Rowe_Price_Exchange_Traded_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_International_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Total_Return_ETF", "p": "seriesOf", "o": "trust:T_Rowe_Price_Exchange_Traded_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_ETF", "p": "seriesOf", "o": "trust:T_Rowe_Price_Exchange_Traded_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_U_S_High_Yield_ETF", "p": "subAdvisedBy", "o": "org:T_Rowe_Price_Investment_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Associates_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_ETF", "p": "advisedBy", "o": "org:T_Rowe_Price_International_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Ultra_Short_Term_Bond_ETF", "p": "seriesOf", "o": "trust:T_Rowe_Price_Exchange_Traded_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:T_Rowe_Price_Exchange_Traded_Funds_Inc", "p": "underwrittenBy", "o": "org:T_Rowe_Price_Investment_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> T. Rowe Price Floating Rate ETF <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. Rowe Price Exchange-Traded Funds, Inc. <triple_end>\n<triple_start> T. Rowe Price Total Return ETF <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> advisedBy <object_marker> T. Rowe Price International Ltd <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. Rowe Price Exchange-Traded Funds, Inc. <triple_end>\n<triple_start> T. Rowe Price U.S. High Yield ETF <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. Rowe Price Exchange-Traded Funds, Inc. <predicate_marker> subAdvisedBy <object_marker> T. Rowe Price Investment Management, Inc. <triple_end>\n<triple_start> T. Rowe Price Ultra Short-Term Bond ETF <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Hong Kong Limited <predicate_marker> advisedBy <object_marker> T. Rowe Price International Ltd <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. Rowe Price Exchange-Traded Funds, Inc. <triple_end>\n<triple_start> T. Rowe Price Exchange-Traded Funds, Inc. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Floating Rate ETF advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. Rowe Price Exchange-Traded Funds, Inc. .\nT. Rowe Price Total Return ETF advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd ; custodian State Street Bank and Trust Company ; seriesOf T. Rowe Price Exchange-Traded Funds, Inc. .\nT. Rowe Price U.S. High Yield ETF advisedBy T. Rowe Price Associates, Inc. ; custodian State Street Bank and Trust Company ; seriesOf T. Rowe Price Exchange-Traded Funds, Inc. ; subAdvisedBy T. Rowe Price Investment Management, Inc. .\nT. Rowe Price Ultra Short-Term Bond ETF advisedBy T. Rowe Price Associates, Inc. , T. Rowe Price Hong Kong Limited , T. Rowe Price International Ltd ; custodian State Street Bank and Trust Company ; seriesOf T. Rowe Price Exchange-Traded Funds, Inc. .\nT. Rowe Price Exchange-Traded Funds, Inc. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 25783, "n_triples": 18, "text_to_json_ratio": 14.5}}
{"sample_id": "0001810523:ALL", "cik": "0001810523", "trust_name": "First Trust High Yield Opportunities 2027 Term Fund", "input_text": "l,\nNicolaus Company, Incorporated, BB T Capital Markets, a division of\nBB T Securities, LLC, A.G.P./Alliance Global Partners, Arete Wealth\nManagement, LLC, B. Riley FBR, Inc., Brookline Capital Markets, a\nDivision of Arcadia Securities, LLC, D.A. Davidson Co., Hilltop\nSecurities Inc., Incapital LLC, Janney Montgomery Scott LLC, JonesTrading\nInstitutional Services LLC, Ladenburg Thalmann Co. Inc., Maxim Group\nLLC, National Securities Corporation, Pershing LLC, Synovus Securities,\nInc., USCA Securities LLC, Wedbush Securities Inc., Wintrust Investments,\nLLC, Amerivet Securities, Inc., Huntleigh Securities Corporation,\nNewbridge Securities Corporation, Northland Securities, Inc., Arkadios\nCapital, Fidelity Capital Markets, a division of National Financial\nServices LLC, Independent Financial Group, LLC, and TD Ameritrade, Inc.\nSee \"Underwriters--Additional Compensation to be Paid by the Advisor.\"\n(3) The Advisor has agreed to pay all organizational expenses of the Fund and\nall offering costs associated with this offering, which are estimated to\nbe $956,752 in the aggregate. The Fund is not obligated to repay any such\norganizational expenses or offering costs paid by the Advisor. See\n\"Summary of Fund Expenses.\"\n(continued from previous page)\n\"Managed Assets\" means the average daily gross asset value of the Fund\n(which includes assets attributable to the Fund's preferred shares of beneficial\ninterest (\"Preferred Shares\"), if any, and the principal amount of any\nborrowings or commercial paper or notes issued by the Fund), minus the sum of\nthe Fund's accrued and unpaid dividends on any outstanding Preferred Shares and\naccrued liabilities (other than the principal amount of any borrowings of money\nincurred or of commercial paper or notes issued by the Fund).\nInvestment Advisor. First Trust Advisors L.P. (the \"Advisor\") will be the\nFund's investment adviser. See \"Management of the Fund\" in this prospectus and\n\"Investment Advisor\" in the Fund's Statement of Additional Information (the\n\"SAI\").\nSeven-Year Term. On or about the Termination Date, the Fund intends to\ncease its investment operations, liquidate its portfolio (to the extent\npossible) and retire or redeem its leverage facilities, unless the term is\nextended for one period of up to six months by a vote of the Fund's Board of\nTrustees. The amount distributed to Common Shareholders at termination will be\nbased on the Fund's net asset value (\"NAV\") at that time, which may be more or\nless than the public offering price.\nThe Fund is not a so called \"target date\" or \"life cycle\" fund whose asset\nallocation becomes more conservative over time as its target date, often\nassociated with retirement, approaches. In addition, the Fund is not a \"target\nterm\" fund whose investment objective is to return its original NAV on the\nTermination Date. The Fund's investment objective and policies are not designed\nto seek to return to investors that purchase Common Shares in this offering\ntheir initial investment of $20.00 per Common Share on the Termination Date, and\nsuch investors and investors that purchase Common Shares after the completion of\nthis offering may receive more or less than their original investment upon\ntermination.\nDistributions. The Fund intends to pay monthly distributions to Common\nShareholders out of legally available funds. The Fund expects to declare its\ninitial monthly distribution approximately 30 to 45 days following the\ncompletion of this offering and pay such initial monthly distribution\napproximately 60 to 90 days after the completion of this offering, depending on\nmarket condition\n...\nisks--Principal Risks--Potential Conflicts of\nInterest Risk.\"\nDISTRIBUTIONS ...... The Fund intends to distribute monthly all or a portion of\nits net investment income to Common Shareholders (after\nthe payment of interest and/or dividends in connection\nwith leverage). In addition, the Fund intends to\ndistribute any net long-term capital gains, if any, to\nCommon Shareholders as long-term capital gain dividends at\nleast annually. The Fund's initial monthly distribution is\nexpected to be declared approximately 30 to 45 days after\nthe completion of this offering and paid approximately 60\nto 90 days after the completion of this offering,\ndepending on market conditions. Unless an election is made\nto receive dividends in cash, Common Shareholders will\nautomatically have their monthly distributions reinvested\nin Common Shares through the Fund's dividend reinvestment\nplan. See \"Dividend Reinvestment Plan.\" The Fund reserves\nthe right to change its distribution policy and the basis\nfor establishing the rate of its monthly distributions at\nany time upon notice to shareholders.\nFrom time to time, portions of the Fund's distributions\nmay constitute a return of capital. A return of capital to\nCommon Shareholders is a return of a portion of their\noriginal investment in the Fund and does not represent net\nincome or profit. A return of capital would reduce a\n6\nPAGE\nCommon Shareholder's tax basis in its Common Shares, which\ncould result in higher taxes when the Common Shareholder\nsells such Common Shares. This may cause the Common\nShareholder to owe taxes even if it sells Common Shares\nfor less than the original purchase price of such Common\nShares. See \"Distributions\" and \"Federal Tax Matters.\"\nCUSTODIAN,\nADMINISTRATOR, FUND\nACCOUNTANT AND\nTRANSFER AGENT ..... The Fund has retained The Bank of New York Mellon (\"BNY\")\nas custodian, administrator and fund accountant and\nComputershare Trust Company, N.A. as transfer agent for\nthe Fund. The Advisor and the Board of Trustees will be\nresponsible for overseeing the activities of the\ncustodian, administrator, fund accountant and transfer\nagent. See \"Custodian, Administrator, Fund Accountant and\nTransfer Agent.\"\nLISTING ............ The Fund's Common Shares have been approved for listing on\nthe New York Stock Exchange. The trading or ticker symbol\nof the Common Shares is \"FTHY.\"\nCLOSED-END\nSTRUCTURE .......... Closed-end funds differ from open-end management\ninvestment companies (commonly referred to as mutual\nfunds) in that closed-end funds generally list their\nshares for trading on a securities exchange and do not\nredeem their shares at the option of the shareholder. By\ncomparison, mutual funds issue securities redeemable at\nNAV at the option of the shareholder and typically engage\nin a continuous offering of their shares. Mutual funds are\nsubject to continuous asset in-flows and out-flows that\ncan complicate portfolio management, whereas closed-end\nfunds can generally stay more fully invested in securities\nconsistent with the closed-end fund's investment\nobjective(s) and policies. In addition, in comparison to\nopen-end funds, closed-end funds have greater flexibility\nin their ability to make certain types of investments,\nincluding investments in illiquid securities.\nShares of closed-end funds listed for trading on a\nsecurities exchange frequently trade at a discount from\nNAV, but in some cases trade at a premium. The market\nprice of such shares may be affected by factors such as\nNAV, dividend or distribution levels and their stability\n(which will in turn be affected by levels of dividend and\ninterest payments by the fund's portfolio holdings, the\ntiming and success of the fund's investment", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:First_Trust_High_Yield_Opportunities_2027_Term_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:First_Trust_High_Yield_Opportunities_2027_Term_Fund", "p": "advisedBy", "o": "org:First_Trust_Advisors_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:First_Trust_High_Yield_Opportunities_2027_Term_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:First_Trust_High_Yield_Opportunities_2027_Term_Fund", "p": "transferAgent", "o": "org:Computershare_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> First Trust High Yield Opportunities 2027 Term Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> First Trust Advisors L.P. <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> transferAgent <object_marker> Computershare, Inc. <triple_end>", "target_serialized_plain": "First Trust High Yield Opportunities 2027 Term Fund administrator The Bank of New York Mellon ; advisedBy First Trust Advisors L.P. ; custodian The Bank of New York Mellon ; transferAgent Computershare, Inc. .", "stats": {"input_chars": 7289, "n_triples": 4, "text_to_json_ratio": 19.8}}
{"sample_id": "0001843841:ALL", "cik": "0001843841", "trust_name": "DGI INVESTMENT TRUST", "input_text": "future.\n6\nAnnual Total Returns (Year Ended December 31) Class P Shares\nYears\nReturns\n2022\n- 14.02 %\n2023\n11.68 %\n2024\n7.57 %\nBest Quarter:\n12/31/2023\n10.01 %\nWorst Quarter:\n6/30/2022\n( 7.35 )%\nAverage Annual Total Returns (for the Periods Ended December 31, 2024)\nAfter-tax returns are shown in the table for Class P shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-advantaged arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.\nOne Year Ended December 31, 2024\nSince\nInception ( 05/24/2021 ) *\nClass P Shares Before Taxes\n7.57 %\n1.40 %\nClass P Shares After Taxes on Distributions\n7.13 %\n0.94 %\nClass P Shares After Taxes on Distributions and Sale of Fund Shares\n4.62 %\n0.90 %\nClass T Shares Before Taxes\n7.57 %\n1.40 %\nClass NT Shares Before Taxes\n7.57 %\n1.40 %\nClass A Shares Before Taxes\n3.63 %\n7.32 %\nClass C Shares Before Taxes\n5.54 %\n10.19 %\nClass I Shares Before Taxes\n7.57 %\n11.28 %\nBlended Benchmark Index (50% Bloomberg U.S. Aggregate Bond Index/ 50% S P 500 Total Return Index) ( Index returns do not reflect deduction for fees, expenses, or taxes )\n12.65 %\n5.05 %\nBloomberg U.S. Aggregate Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)\n1.25 %\n( 1.70 )%\nS P 500 Total Return Index (Index returns do not reflect deductions for fees, expenses, or taxes)\n25.02 %\n11.79 %\n*\nThe DGI Balanced Fund Class A, C, and I shares commenced operations on December 6, 2023.\n7\nFund Management\nOriental Trust, a separately identifiable division of Oriental Bank ( Oriental Trust or the Investment Adviser ), is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund s portfolio. The following portfolio manager is primarily responsible for the day-to-day management of the Fund (the Portfolio Manager ):\nPortfolio Manager\nPosition with Oriental Trust\nStart Date with the Fund\nGustavo Roma ach Su rez\nPortfolio Manager\nOctober 2025\nPurchase and Sale of Fund Shares\nThe shares are sold to prospective shareholders at the public offering price with a minimum initial investment of $250 for Class P shares. Class T shares and Class NT shares are purchased only by existing shareholders through reinvestment of certain taxable and non-taxable dividends. There is no minimum initial investment amount for Class T or Class NT shares. Class A and C shares may be purchased by the public. The minimum initial investment in the Fund s Class A shares is $250 and the minimum for additional investments is $25. The minimum initial investment in the Fund s Class C shares is $250 and the minimum for additional investments is $25. Class I shares are available to institutional clients and to advisory or fee-based accounts. The minimum initial investment in the Fund s Class I shares is $1,000,000, except for advisory or fee-based accounts, where the minimum initial investment is $0 and the minimum for additional investments is $25. Requests to purchase or redeem shares of the Fund are processed on each day that the New York Stock Exchange ( NYSE ) is open for business. You may purchase or redeem shares by contacting the Fund at 787-474-1993. If you invest through a financial intermediary, please contact that intermediary regarding purchase and redemption procedures. The minimum ini\n...\ngement and investment of the Fund s securities portfolio, and subject to review and approval by the Board, sets the Fund s overall investment strategies. The following portfolio manager is primarily responsible for the day-to-day management of the Fund:\nGustavo Roma ach Su rez Mr. Roma ach has managed investment funds since 2002, beginning his career at UBS Financial Services in Puerto Rico with experience in fixed income, structured finance, and multi-asset portfolio management. He received a Bachelor of Business Administration degree from Interamerican University of Puerto Rico in 1998 and holds FINRA Series 7 and 66 licenses. He joined the Investment Adviser in December of 2024 and is the Portfolio Manager for the DGI U.S. Government Money Market Fund, a sister fund to the DGI Balanced Fund.\nThe SAI provides additional information about the portfolio manager s compensation, other accounts managed by the portfolio manager, and his ownership of securities in the Fund.\nUnder the Advisory Agreement, Oriental Trust is entitled to receive an annual management fee calculated daily and payable monthly equal to 0.93%, computed daily based on the average net assets of the Fund and paid on the last day of each month.\nFund Expenses\nIn addition to the management fees discussed above, the Fund incurs other expenses such as custodian, transfer agency, interest, acquired fund fees and expenses, and other customary Fund expenses. (Acquired fund fees and expenses are indirect fees that the Fund incurs from investing in the shares of other investment companies.)\nDistribution and Service Fees\nThe Fund has adopted a Distribution and Shareholder Servicing Plan under Rule 12b-1 of the Investment Company Act of 1940, which permits Class A shares and Class C shares of the Fund to compensate Northern Lights Distributors, LLC (the Distributor ) through distribution and/or service fees ( Rule 12b-1 fees ) for expenses associated with distributing and selling shares and maintaining shareholder accounts. These Rule 12b-1 fees are paid to the Distributor and are either kept or paid to your financial advisor or other intermediary for distribution and shareholder services and maintenance of customer accounts. Class P shares, Class T shares, Class NT shares, and Class I shares pay no Rule 12b-1 fees.\nThese Rule 12b-1 fees are in addition to any applicable sales charges and are paid from the Fund s assets on an ongoing basis. (The fees are accrued daily and paid monthly.) As a result, Rule 12b-1 fees increase the cost of your investment and over time may cost more than other types of sales charges. Under the Distribution and Shareholder Servicing Plan, Class A shares and Class C shares pay the Distributor an annual fee of up to 0.25% (Class A Shares) or 1.00% (Class C Shares) of the Fund s average daily net assets attributable to such classes.\n20\nSHAREHOLDER INFORMATION\nPricing of Fund Shares and Fair Value Pricing\nThe value of each class of the shares of the Fund for purposes of the Sales Price and for purposes of redemption (the Redemption Price ) will be determined by the Fund s investment adviser. The determination of the Sales Price and the Redemption Price is made as of the close of trading (presently 4:00 p.m., New York time) on the NYSE on each Business Day (as defined below) and is accomplished by dividing the net assets (the excess of assets over liabilities) of the Fund by the number of outstanding shares.\nThe Fund s assets will be valued by the Fund s investment adviser based upon market quotations when such quotations are available. A security listed or\n...\neduction in mail you receive and a reduction in Fund expenses due to lower printing and mailing costs.\nHowever, if you prefer to continue to receive separate shareholder reports and prospectuses for each shareholder living in your household now or at any time in the future, please contact your financial advisor or the transfer agent if you do not want this policy to apply to you.\nYou can obtain free copies of these documents, request other information, and discuss your questions about the Fund by contacting the Fund at:\nOriental Trust\nOriental Center\n254 Mu oz Rivera Avenue, 10th Floor\nSan Juan, Puerto Rico 00918\n787-474-1993\nhttps://dgiinvest.com/bf You can review and copy information including the Fund s reports and SAI at the Public Reference Room of the SEC, 100 F Street N.E. Washington, D.C. 20549-1520. You can obtain information on the operation of the Public Reference Room by calling (202) 551-8090. Shareholder reports and other information about the Fund are also available:\nFree of charge from the Fund s website at https://dgiinvest.com/bf\nFree of charge from the SEC s EDGAR database on the SEC s website at www.sec.gov\nFor a fee, by writing to the Public Reference Section of the SEC, Washington, D.C. 20549-1520\nFor a fee, by e-mail request to publicinfo@sec.gov\n(The Trust s SEC Investment Company Act file number is 811-23637.)\n31\nStatement of Additional Information\nOctober 28, 2025\nDGI Investment Trust\nDGI Balanced Fund\nClass P DGIBX\nClass T DGITX\nClass NT DGINX\nClass A DGIAX\nClass C DGICX\nClass I DGIIX\nDGI Investment Trust\nOriental Center 254 Mu oz Rivera Avenue, 10th Floor\nSan Juan, Puerto Rico 00918\n787-474-1993\nwww.orientalbank.com\nThis Statement of Additional Information (SAI) is not a prospectus and it should be read in conjunction with the Prospectus for DGI Investment Trust, dated October 28, 2025, advised by Oriental Trust (the Investment Adviser ), a separately identifiable division of Oriental Bank. Copies of the Fund s Prospectus are available at www.dgiinvest.com/bf or by calling the above number.\nThe Fund s audited financial statements and related report of the independent registered public accounting firm may be obtained upon request and without charge by calling the Fund at 787-474-1993 or by visiting www.dgiinvest.com/bf.\nTable of Contents\nThe Trust\n1\nInvestment Strategies, Policies, and Risks\n1\nInvestment Restrictions\n25\nPortfolio Turnover\n26\nPortfolio Holdings Information\n26\nTrustees and Executive Officers\n27\nCode of Ethics\n34\nProxy Voting Policies\n34\nControl Persons and Principal Shareholders\n34\nThe Fund s Investment Team\n34\nService Providers\n36\nExecution of Portfolio Transactions and Brokerage\n38\nCapital Stock\n39\nDetermination of Net Asset Value\n40\nAnti-Money Laundering Program\n41\nPurchases and Redemptions of Fund Shares\n41\nDistributions and Tax Information\n43\nDistribution Plan\n51\nDistributor\n51\nFinancial Statements\n51\nAppendix A\nA - 1\nAppendix B\nB - 1\ni\nThe Trust\nDGI Investment Trust (the Trust ) is a collective investment trust formed and organized under the laws of the Commonwealth of Puerto Rico (the Commonwealth or Puerto Rico ) pursuant to a certain Deed of Constitution of Trust, dated January 28, 2021, as amended and restated from time to time (the Deed of Trust ).\nThe Trust is an investment vehicle designed to replace the investment activities of the Puerto Rico Diversified Tax Managed Total Return IRA Trust as well as add new series from time to time and, therefore, has not been engaged in any business prior to 2021. The Trust is intended to provide an investment option that is compliant with the\n...\nChief Legal Officer, General Counsel and Secretary since May 2021\nGeneral Counsel at OFG Bancorp* and Oriental Bank* since January 2021; Secretary of Oriental Financial Services LLC* since 2017; Assistant Secretary of OFG Bancorp* and Oriental Bank* since 2014; Secretary of OFG USA LLC* (commercial lender) since 2017; Secretary of OFG Ventures LLC* since 2019; Deputy General Counsel at Oriental Bank* from July 2012 to December 2020.\nN/A\nN/A\nTimothy Shaloo (1970)\nChief Compliance Officer since June 2024\nAssistant Vice President and Fund Compliance Officer, Northern Lights Compliance Services, LLC ( NLCS ) (Sept. 2023-present); Senior Compliance Analyst NLCS (2021-2023); Compliance Specialist, Ultimus Fund Solutions, LLC (2016 to 2021).\nN/A\nN/A\nMiriam H. Rodriguez (1962)\nAnti-Money Laundering Compliance Officer\nBSA Officer, Oriental Bank, since May 2023; Chief Compliance Officer, BNC International Bank from August 2021 to April 2023; FI Risk EDD Manager, BSA/AML Compliance, Firstbank/Banco Santander from November 2017 to August 2021.\nN/A\nN/A\nMaggie Bull (1965)\nAssistant Secretary since May 2021\nVice President, Senior Managing Counsel, Ultimus Fund Solutions, LLC ( Ultimus ) since August 2022; Vice President, Senior Legal Counsel, Ultimus from February 2020 to July 2022; Senior Attorney of Ultimus June 2017 - January 2020.\nN/A\nN/A\n29\nName Year of Birth\nPosition with Trust Length of Time Served\nPrincipal Occupation During Past 5 Years\nNumber of Portfolios Overseen by Trustees\nOther Directorships Held by Trustee During Past 5 Years\nJames Colantino (1969)\nAssistant Treasurer since May 2021\nSenior Vice President Fund Administration of Gemini Fund Services, LLC since 2012.\nN/A\nN/A\nLaura Szalyga (1978)\nAssistant Treasurer since August 2021\nVice President of Fund Administration, Ultimus Fund Solutions, LLC, formerly, Gemini Fund Services, LLC, since 2015.\nN/A\nN/A\nAlfonso J. Cuesta (1989)\nAssistant Secretary since September 2024\nDirector Legal Department, Oriental Bank, since October 2025, Manager Legal Department, Oriental Bank, from April 2021 to October 2025; Senior Attorney, Oriental Bank, from March 2020 to March 2021; Associate, Pietrantoni Mendez Alvarez LLC, from October 2014 to March 2020.\nN/A\nN/A\nGustavo Roma ach Su rez\nVice President since September 2025 and Portfolio Manager since October 2025\nPortfolio Manager, DGI Investment Trust since 2024; Portfolio Manager, UBS Financial Services from 2002 to 2024.\nN/A\nN/A\n1\nThe trustees of the Trust who are not interested persons of the Trust as defined under section 2(a)(19) of the 1940 Act (independent trustees).\n2\nMr. Gonz lez is an interested person of the Trust as defined by the 1940 Act because he is an affiliated person of the adviser.\n3\nMr. Gonz lez is the uncle of Hugh Gonz lez Robison, the Fund s Chief Legal Officer, General Counsel and Secretary.\n*\nDenotes an affiliate of the Fund.\n30\nGeneral Information Regarding the Board of Trustees and Leadership Structure\nThe Board has oversight responsibility for the conduct of the affairs of the Trust. The Board approves policies and procedures regarding the operation of the Trust, regularly receives and reviews reports from the Trust s CCO and the Investment Adviser regarding such policies and procedures, and elects the officers of the Trust to perform the daily functions of the Trust. The chair of the Board is an interested person of the Fund. The Board is satisfied that having the Chair be an interested person is appropriate for the Fund due to the Chair s greater familiarity with the Fund and the operations of the Adviser, among other rea\n...\nicies and procedures. During the fiscal years ended June 30, 2025 and June 30, 2024, the Fund paid Northern Lights $37,984 and $38,018, respectively, for CCO services.\nDistributor\nThe Trust has entered into a Distribution Agreement with Northern Lights Distributors, LLC (the Distributor ) on behalf of the Fund, to serve as the distributor of shares of beneficial interest in the Fund. The Distributor s responsibilities include selling the Fund s shares, receiving and submitting purchase orders to the Fund s transfer agent, facilitating redemption of shares by Shareholders, reviewing advertising materials and sales literature, preparing reports for the Board, and providing materials to the Trust s CCO as reasonably necessary to support the Board s findings regarding the Trust s compliance policies and procedures.\nThe Fund pays the Distributor an annual fee of $10,000 plus:\n0.01% per year of the Fund s average daily net assets* up to $250 million;\n0.0075% per year of the Fund s average daily net assets* between $250 million and $500 million;\n0.0050% per year of the Fund s average daily net assets* between $500 million and $1 billion; and\n0.0025% per year of the Fund s average daily net assets* over $1 billion.\n*\nAll fee calculations are based on the Fund s average daily net assets invested in Class A, Class C, and Class I shares only.\nThe Fund will also pay the Distributor $100 per submission for eleven or more advertising submissions made per month. Additionally, the Fund will pay the Distributor a fee of 25% of any FINRA costs incurred. The Fund will also reimburse the Distributor for certain reimbursable expenses incurred on the Trust s behalf, including, but not limited to, NSCC Fund/SERV fees, monitoring software, and any expenses approved by the Trust.\nCustodian\nThe Bank of New York Mellon Corporation ( BNY Mellon or the Custodian ), located at 240 Greenwich Street, New York, NY 10286, is the custodian of the assets of the Fund. The Custodian s responsibilities include safeguarding and controlling the Fund s cash and securities, handling the receipt and delivery of securities, determining income and collecting interest and dividends on the Fund s investments. The Custodian also maintains certain books and records of the Fund that are required by applicable federal regulations. The Custodian does not determine the investment policies of the Fund or decide which securities the Fund will buy or sell.\nLegal Counsel\nStradley Ronon Stevens and Young, LLP, 2000 K Street, NW, Washington, D.C. 20006 and Pietrantoni Mendez Alvarez LLC, Popular Center 19th Floor, 208 Ponce de Le n Ave., San Juan, PR 00918 serve as legal counsel to the Trust.\nIndependent Registered Public Accounting Firm\nCohen Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, PA 19103, is the Fund s independent registered public accounting firm. The independent registered public accounting firm provides services including an audit of the Fund s annual financial statements.\n37\nExecution of Portfolio Transactions and Brokerage\nThe Advisory Agreement states that the Investment Adviser shall be responsible for broker-dealer selection and for negotiation of brokerage commission rates, provided that it shall only direct orders to an affiliated person in accordance with Board adopted procedures and/or the 1940 Act. In general, the Investment Adviser s primary consideration in effecting a securities transaction will be execution at the most favorable cost or proceeds under the circumstances. In selecting a broker-dealer to execute each particular transaction, the", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:DGI_BALANCED_FUND", "p": "administrator", "o": "org:ULTIMUS_FUND_SOLUTIONS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_BALANCED_FUND", "p": "advisedBy", "o": "org:ORIENTAL_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_BALANCED_FUND", "p": "custodian", "o": "org:THE_BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_BALANCED_FUND", "p": "seriesOf", "o": "trust:DGI_INVESTMENT_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_BALANCED_FUND", "p": "transferAgent", "o": "org:ULTIMUS_FUND_SOLUTIONS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_U_S_Government_Money_Market_Fund", "p": "administrator", "o": "org:ULTIMUS_FUND_SOLUTIONS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_U_S_Government_Money_Market_Fund", "p": "advisedBy", "o": "org:ORIENTAL_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_U_S_Government_Money_Market_Fund", "p": "custodian", "o": "org:U_S_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_U_S_Government_Money_Market_Fund", "p": "seriesOf", "o": "trust:DGI_INVESTMENT_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:DGI_U_S_Government_Money_Market_Fund", "p": "transferAgent", "o": "org:ULTIMUS_FUND_SOLUTIONS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:DGI_INVESTMENT_TRUST", "p": "underwrittenBy", "o": "org:Northern_Lights_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> DGI BALANCED FUND <predicate_marker> administrator <object_marker> ULTIMUS FUND SOLUTIONS <predicate_marker> advisedBy <object_marker> ORIENTAL TRUST <predicate_marker> custodian <object_marker> THE BANK OF NEW YORK MELLON <predicate_marker> seriesOf <object_marker> DGI INVESTMENT TRUST <predicate_marker> transferAgent <object_marker> ULTIMUS FUND SOLUTIONS, LLC <triple_end>\n<triple_start> DGI U.S. Government Money Market Fund <predicate_marker> administrator <object_marker> ULTIMUS FUND SOLUTIONS <predicate_marker> advisedBy <object_marker> ORIENTAL TRUST <predicate_marker> custodian <object_marker> U.S. BANK N.A. <predicate_marker> seriesOf <object_marker> DGI INVESTMENT TRUST <predicate_marker> transferAgent <object_marker> ULTIMUS FUND SOLUTIONS, LLC <triple_end>\n<triple_start> DGI INVESTMENT TRUST <predicate_marker> underwrittenBy <object_marker> Northern Lights Distributors, LLC <triple_end>", "target_serialized_plain": "DGI BALANCED FUND administrator ULTIMUS FUND SOLUTIONS ; advisedBy ORIENTAL TRUST ; custodian THE BANK OF NEW YORK MELLON ; seriesOf DGI INVESTMENT TRUST ; transferAgent ULTIMUS FUND SOLUTIONS, LLC .\nDGI U.S. Government Money Market Fund administrator ULTIMUS FUND SOLUTIONS ; advisedBy ORIENTAL TRUST ; custodian U.S. BANK N.A. ; seriesOf DGI INVESTMENT TRUST ; transferAgent ULTIMUS FUND SOLUTIONS, LLC .\nDGI INVESTMENT TRUST underwrittenBy Northern Lights Distributors, LLC .", "stats": {"input_chars": 18080, "n_triples": 11, "text_to_json_ratio": 19.5}}
{"sample_id": "0001847310:ALL", "cik": "0001847310", "trust_name": "Short Term Investment Fund for Puerto Rico Residents, Inc.", "input_text": "ectus). Only Puerto Rico Residents will receive the tax benefits of an investment in the Fund. The tax treatment of this Fund differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended that qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. You should read carefully the section entitled Dividends and Taxes for a more detailed description of the Puerto Rico and United Sates tax implications for an investment in the Fund. You should also consult your tax advisor about your tax situation.\nTHE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.\nNOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. TABLE OF CONTENTS\nFUND SUMMARY\n1\nInvestment Objective\n1\nFees and Expenses of the Fund\n1\nExample\n1\nPrincipal Investment Strategies of the Fund\n2\nPrincipal Risks\n3\nPerformance Information\n5\nInvestment Adviser\n6\nPurchase and Sale of Fund Shares\n7\nTax Information\n7\nPayments to Broker-Dealers and Other Financial Intermediaries\n7\nMORE INFORMATION ABOUT THE FUND\n8\nInvestment Objective\n8\nPrincipal Investment Strategies of the Fund\n8\nInvestment Process\n9\nOther Investments\n9\nPrincipal Risks\n10\nMANAGING YOUR FUND ACCOUNT\n17\nBuying Shares by Check or Electronic Funds Transfer Credit\n17\nMinimum Investments\n17\nRedeeming Shares\n17\nAdditional Information\n18\nFrequent Purchases and Redemptions and Market Timing\n18\nDISTRIBUTION ARRANGEMENTS\n19\nInvestment Advisory and Other Arrangements\n19\nVALUATION\n20\nDIVIDENDS AND TAXES\n21\nFINANCIAL HIGHLIGHTS\n26\nGENERAL INFORMATION\n29\nFund Summary Investment Objective The investment objective of the Short Term Investment Fund for Puerto Rico Residents, Inc. (the Fund ) is to provide current income, consistent with liquidity and conservation of capital. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ( Shares ). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.50 %\nDistribution and/or Service (12b 1) Fees\nNone\nOther Expenses (1)(2)\n0.29 %\nAdministration\n0.05 %\nRemainder of Other Expenses (2)\n0.24 %\nTotal Annual Fund Operating Expenses (3)\n0.79 %\nLess Fee Waivers and/or Expense Reimbursements (1)\nNone\nTotal Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (3)\n0.79 % (1) UBS Trust Company of Puerto Rico, the Fund s administrator (the Administrator ) and the Fund have entered into an Expense Limitation and Reimbursement Agreement (the Expense Limitation Agreement ), whereby the Administrator will pay the Fund s other expenses in order to ensure that the Fund s net total operating expenses (excluding taxes, leverage, interest, brokerage commissions, dividends or interest expenses on short positions, acquired fund fees and expenses and extraordinary expenses) after fee waivers and/or expense reimbursements do not exceed 1.00% of average daily gross assets per annum. The Fund may have to repay some of these waivers and/or reimbursements during the following three years. Any such repayment period is limited to three years from the date of the waiver/reimbursement. Any repayment by the Fund to the Administrator will n\n...\nn dividends distributed by the Fund that constitute income from sources within Puerto Rico. Dividends distributed by the Fund should constitute income from sources within Puerto Rico not subject to U.S. federal income tax in the hands of a Puerto Rico Individual. However, in the case of Puerto Rico Individuals who own, directly or indirectly, at least 10% of the issued and outstanding voting Shares, only the Puerto Rico source ratio of any dividend paid or accrued by the Fund shall be treated as income from sources within Puerto Rico. See the section entitled Dividends and Taxes U.S. Taxation Taxation of Puerto Rico Individuals and Puerto Rico Entities. Foreign corporations not engaged in a U.S. trade or business are generally not subject to U.S. federal income tax on amounts received from sources outside the U.S. Corporations incorporated in Puerto Rico are treated as foreign corporations under the U.S. Code. Dividends distributed by the Fund to Puerto Rico corporations are expected to constitute income from sources within Puerto Rico. Accordingly, Puerto Rico corporations not engaged in a U.S. trade or business are not expected to be subject to U.S. taxation on dividends received from the Fund and dividends received or accrued by a Puerto Rico corporate investor that is engaged in a U.S. trade or business are expected to be subject to U.S. federal income tax only if such dividends are effectively connected to its U.S. trade or business. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. The Investment Adviser may pay its affiliate, UBS Financial Services Inc., the Fund s distributor (the Distributor ) additional compensation in connection with the sale of Shares in consideration of distribution, marketing support and other services at an annual rate of 0.05% (5 basis points) of the value of the net assets invested in the Fund to be paid on a quarterly basis (although the Distributor may choose not to receive such payments, or receive a reduced amount on assets held in certain types of accounts or wrap fee advisory programs). These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. A broker-dealer or financial institution maintaining the account in which you hold shares may charge a separate account, service or transaction fee on the purchase or sale of Fund shares that would be in addition to the fees and expenses shown in the Fund s Fees and Expenses table. Ask your salesperson or visit your financial intermediary s website for more information. 7 More Information About the Fund Investment Objective The Fund s investment objective is to provide current income, consistent with liquidity and conservation of capital. Principal Investment Strategies of the Fund The Fund invests in a portfolio of high quality tax exempt short-term debt instruments of governmental and private issuers, including instruments issued by other Puerto Rico investment companies advised by or co advised by the Investment Adviser. High quality means instruments that at the time of investment are rated within the two highest short-term rating categories by one or more NRSROs or that are unrated but deemed to be of comparable quality by the Investment Adviser. The Fund may continue to hold these instruments\n...\nrector of RERBAC Holdings, LLP since 2004 (real estate development), Director of V. Suarez Co. since 2002, V. Suarez Investment Corporation since 2002, V. Suarez International Banking Entity, Inc. since 2002, Villa Pedres, Inc. since 2002, and Caparra Motor Service since 1998, Director of TC Management from 2002 to 2013, Officer of Candelero Holdings Management, Inc. from 2001 to 2013, 100% owner, President and Registered Principal (Agent) of Starlight Securities Inc. since 1995 (registered broker-dealer), former Member of the Board of Trustees of the University of Puerto Rico, Partner and Officer of Grupo Enersol, LLC since 2013 (solar photovoltaic developer), President of Libra Government Building, Inc. since 1997, Partner of Cometa 74, LLC since 1998, Vice-President of Candelario Point Partners, Inc. since 1998 and Officer of Marbella Development, Corp. from 2001 to 2014. Vicente J. Le n. Mr. Le n has been an Independent Director of the Funds from 2008 to 2019 and since 2021, he oversees 17 funds. For the past five years, Mr. Le n is an independent business consultant and in 2020 and 2021 was a consultant to the Audit Committee of the Funds. He is a former Member and Vice Chairman of the Board of Directors and Chairman and Financial Expert of the Audit Committee of Triple S Management Corp. (a Public Company) from 2000 to 2012, past president of the Puerto Rico Society of Certified Public Accountants and a former Partner at KPMG LLP. Carlos Nido. Mr. Nido has been the President of Green Isle Capital LLC, a Puerto Rico Venture Capital Fund under law 185 investing primarily in feature films and healthcare, since 2015. He is also President and Executive Producer of Pi olywood Studios LLC. He also serves as a member of the Board of Grupo Ferr Rangel, GFR Media, LLC, the UBS Puerto Rico family of Mutual Funds, B. Fern ndez Hnos. Inc., Puerto Rico Ambulatory Surgery Center, and the San Jorge Children s Foundation; Member of the Advisory Board of Advent Morro Private Equity Funds. Former Senior Vice President of Sales of El Nuevo D a, President of Del Mar Events. He is the former President and founder of Virtual, Inc. and Zona Networks and General Manager of Editorial Primera Hora from 1997 until 1999. Clotilde P rez. Ms. Perez has been a Consultant for Corporate Development of V. Suarez Co., Inc. since 2022; Vice President Corporate Development Officer of V. Suarez Co., Inc. from 1999 to 2022; former Member of the Board of Trustee of the University of the Sacred Heart from 2005 to 2019; Member of the Board of Directors of Campofresco Corp. since 2012; former Member of the Board of Directors of Grupo Guayacan, Inc., EnterPrize, Inc. and Puerto Rico Venture Forum from 1999 to 2013; Vice President Venture Capital, PR Economic Development Bank from 1993-1996; and Associate Professor of Finance, University of Puerto Rico, R o Piedras Campus from 1987-1992 . Jose J. Villamil. Mr. Villamil is Chairman of the Board and Chief Executive Officer of Estudios T cnicos, Inc.; Member of the Board of Governors of United Way of Puerto Rico; Chairman of the Puerto Rico Manufacturer s Association s Committee on Competitiveness; Chairman of the Board of BBVA-PR from 1998 to 2012; founding Director of the Puerto Rico Community Foundation and the Aspen Institute s Non-Profit Sector Research Fund; former Member of the New York Federal Reserve Bank s Community Affairs Roundtable; former President of the Puerto Rico Chamber of Commerce, as well as former Chairman of its Economic Advisory Council; former President of the Inter-American Planning Society; former Pr\n...\nledges and agrees that it may not market or introduce any new Fund or share classes (including shares designed\nspecifically for retirement plans or other specific client segment) to UBS-FS personnel (or those of its affiliates covered hereunder) until such time as UBS-FS approves\n(in writing) the new Fund and/or share class for distribution through its system. UBS-FS and the Fund or its transfer, shareholder servicing and/or other agent may enter into a separate written agreement to\nfacilitate the transmission of information regarding such accounts through the NETWORKING system of the National Securities Clearing Corporation ( NSCC ) (that agreement and any exhibits thereto, the NETWORKING\nAgreement ). The parties agree that once\n2\na NETWORKING Agreement is executed, each account served pursuant to this Agreement will be maintained\nthrough the NSCC s NETWORKING system at matrix level 3. UBSTCPR acknowledges and agrees that UBS-FS may rely upon the availability and accuracy of Share Class specific data provided through the NSCC\nProfile II service. UBSTCPR certifies to the accuracy and completeness of the data provided to and through NSCC Profile II with respect to the Funds and will make best efforts to correct and update information otherwise found to be incorrect.\nUBSTCPR acknowledges and agrees that processing errors due to errors in accuracy and completeness of data provided by UBSTCPR to and through NSCC Profile II may result in a loss to UBS-FS that will be subject\nto indemnification by the Funds. Until such time as a NETWORKING Agreement is executed, each account served pursuant to this Agreement will be maintained in accordance with the procedures set forth in that certain\nSub-Transfer Agency And Shareholder Services Agreement dated March 28, 2022 by and between BNY Mellon Investment Servicing (US) Inc., and UBSTCPR, as transfer agent of each Fund, a copy of which is\nattached hereto as Schedule II.\n(b)\nUBS-FS and UBSTCPR agree that\nUBS-FS may sell the Shares through the wrap-fee programs sponsored by UBS-FS and listed in Exhibit C (each, a\nProgram or, together, the Programs ), which UBS-FS may amend at any time in its sole discretion upon written notice to UBSTCPR, and subject to the compensation terms as\ndescribed in Section 5 of this Agreement. UBS-FS and UBSTCPR agree (1) that clients of UBS-FS who participate in any of the Programs ( Program\nClients ) may purchase the Shares and (2) to allow Shares that Program Clients have purchased outside the Programs to be brought within a Program, subject to the terms and conditions of this Agreement. The terms and conditions of this\nAgreement will apply to the Shares in the Programs unless otherwise agreed to in writing by the parties.\nUBS-FS and UBSTCPR agree that all Program-related transactions that are effected\npursuant to this Agreement will be made as to all Programs (1) without any initial sales charges, loads, transaction fees, contingent deferred sales loads, or any fee charged to exchange the Fund s Shares for shares of another Fund, but UBS-FS will be entitled to receive services fees as set forth in Section 5 hereof, (2) for discretionary investment advisory Programs, no minimum amount will be required to make an initial or subsequent\npurchase or redemption of Shares (whether by direct investment or exchange), (3) for all other Programs, no minimum amount will be required to make subsequent (additional) purchase or redemption of Shares (whether by direct investment or exchange).\nNo redemption fees will be assessed in connection with any transaction in Program accounts incl", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator", "TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "administrator", "o": "org:UBS_Trust_Company_of_Puerto_Rico", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "custodian", "o": "org:UBS_Trust_Company_of_Puerto_Rico", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "seriesOf", "o": "trust:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "transferAgent", "o": "org:UBS_Trust_Company_of_Puerto_Rico", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Short_Term_Investment_Fund_for_Puerto_Rico_Residents_Inc", "p": "underwrittenBy", "o": "org:UBS_Financial_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Short Term Investment Fund for Puerto Rico Residents, Inc. <predicate_marker> administrator <object_marker> UBS Trust Company of Puerto Rico <predicate_marker> custodian <object_marker> UBS Trust Company of Puerto Rico <predicate_marker> seriesOf <object_marker> Short Term Investment Fund for Puerto Rico Residents, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> UBS Trust Company of Puerto Rico <triple_end>\n<triple_start> Short Term Investment Fund for Puerto Rico Residents, Inc. <predicate_marker> underwrittenBy <object_marker> UBS Financial Services Inc. <triple_end>", "target_serialized_plain": "Short Term Investment Fund for Puerto Rico Residents, Inc. administrator UBS Trust Company of Puerto Rico ; custodian UBS Trust Company of Puerto Rico ; seriesOf Short Term Investment Fund for Puerto Rico Residents, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. , UBS Trust Company of Puerto Rico .\nShort Term Investment Fund for Puerto Rico Residents, Inc. underwrittenBy UBS Financial Services Inc. .", "stats": {"input_chars": 14415, "n_triples": 6, "text_to_json_ratio": 21.0}}
{"sample_id": "0001848758:ALL", "cik": "0001848758", "trust_name": "NEOS ETF Trust", "input_text": "alesMember\n2024-06-25\n2025-12-31\n0001848758\nneos:SandP500TotalReturnIndexMember\n2024-06-25\n2025-12-31\n0001848758\nneos:Russell2000TotalReturnIndexMember\n2025-01-01\n2025-12-31\n0001848758\nneos:Russell2000TotalReturnIndexMember\n2024-06-25\n2025-12-31\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAs\nfiled with the Securities and Exchange Commission on April\n30, 2026\nFile\nNo. 333-253997\nFile No. 811-23645\nSECURITIES\nAND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM\nN-1A\nREGISTRATION\nSTATEMENT\nUNDER\nTHE SECURITIES ACT OF 1933\nPre-Effective Amendment No. __\nPost-Effective Amendment No. 236\nAND/OR\nTHE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 237\nNEOS\nETF TRUST\n(Exact Name of Registrant as Specified in Charter)\n13\nRiverside Avenue\nWestport,\nCT 06880\n(Address of Principal Executive Office) (Zip Code)\n203.298.7300\n(Registrant s\nTelephone Number, including Area Code)\nThe\nCorporation Trust Company\nCorporation\nTrust Center\n1209\nOrange Street\nNew\nCastle County\nWilmington,\nDE 19801\n(Name and address of agent for service)\nCopies\nof communications to:\nGarrett\nPaolella\nNEOS\nETF Trust\n13\nRiverside Avenue\nWestport,\nCT 06880\nBibb\nL. Strench, Esq.\nThompson Hine LLP\n1919 M Street, N.W., Suite 700\nWashington, D.C. 20036\nIt\nis proposed that this filing will become effective:\nImmediately\nupon filing pursuant to paragraph (b)\nOn\nMay 1, 2026, 2026 pursuant to paragraph (b)\n60\ndays after filing pursuant to paragraph (a)(1)\nOn\n(date) pursuant to paragraph (a)(1)\n75\ndays after filing pursuant to paragraph (a)(2)\nOn\n(date) pursuant to paragraph (a)(2) of Rule 485.\nIf\nappropriate, check the following box:\nThis\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.\nPROSPECTUS\nMay\n1, 2026\nNEOS\nS P 500 High Income ETF (SPYI)\na\nseries of NEOS ETF Trust\nPrincipal\nU.S. Listing Exchange: Cboe BZX Exchange, Inc.\nThe\nSecurities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the adequacy\nof this Prospectus. Any representation to the contrary is a criminal offense.\nTable\nof Contents\nSummary Information NEOS S P 500 High Income ETF\n1\nMore Information About the Fund\n7\nDisclosure of Portfolio Holdings\n11\nFund Management\n12\nShareholder Information\n12\nDistributions\n15\nTax Information\n15\nFinancial Highlights\n17\nPremium/Discount Information\n18\nDisclaimers\n18\nAdditional Information\n18\nSummary\nInformation NEOS S P 500 High Income ETF\nInvestment\nObjective\nThe\nNEOS S P 500 High Income ETF (the Fund ) seeks to generate high monthly income in a tax efficient manner\nwith the potential for equity appreciation in rising markets.\nFund\nFees and Expenses\nThe\ntable below describes the fees and expenses that you pay if you buy, sell, and hold shares of the Fund ( Shares ). You\nmay pay other fees, such as brokerage commissions and other fees to financial intermediaries on the purchase and sale of Fund\nshares, which are not reflected in the tables and examples below. Please contact your financial intermediary about whether\nsuch fees may apply to your transactions.\nShareholder\nFees (fees paid directly from your investment)\nNone\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement\nFee\n0.68 %\nDistribution\nand/or Service (12b-1) Fees\nNone\nOther\nExpenses\n0.00 %\nTotal\nAnnual Fund Operating Expenses\n0.68 %\nExample\nThis\nexample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example\ndoes not take into account brokerage commissions that you pay when purchasin\n...\nualify as Section 1256 Contracts.\nUnder these rules, each section 1256 contract held by the Fund at year end is treated as if it were sold at fair market value\non the last business day of the tax year. If the Section 1256 contracts produce capital gain or loss, gains or losses on the Section\n1256 contracts open at the end of the year, or terminated during the year, are treated as 60% long term and 40% short term, regardless\nof how long the contracts were held. In addition, the Fund may seek to take advantage of tax loss harvesting opportunities by\ntaking investment losses from certain equity and/or options positions to offset realized taxable gains of equities and/or options.\nOpportunistically, the Fund may seek to take advantage of tax loss harvesting opportunities on the SPX call options and/or equity\npositions.\n1\nThe\nS P 500 is a market capitalization weighted index comprised of the securities of approximately 500 leading U.S.-listed\ncompanies representing approximately 80% of the U.S. equity market capitalization. The Fund will concentrate its investments ( i.e. ,\nhold more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent that\nthe Reference Index concentrates in an industry or group of industries.\nThe\nFund, while not an index fund, will generally use a replication strategy to invest in the S P 500 , meaning\nthe Fund will generally invest in all of the component securities of the S P 500 in the same approximate proportions\nas in the S P 500 . However, the Fund may use a representative sampling strategy, meaning it may invest\nin a sample of the securities in the S P 500 whose risk, return, and other characteristics closely resemble the risk,\nreturn, and other characteristics of the S P 500 as a whole, when NEOS Investment Management, LLC, the Fund s investment\nadviser (the Adviser ), believes it is in the best interests of the Fund ( e.g. , when replicating the S P\n500 involves practical difficulties or substantial costs, a S P 500 constituent becomes temporarily illiquid, unavailable,\nor less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the S P 500 ).\nThe\nAdviser may actively manage the written and purchased call options prior to expiration to potentially capture gains and minimize\nlosses due to the movement of the S P 500 .\nThe\nFund s options strategy typically consists of at least two components: (i) written (sold) call options on the S P 500\non up to 100% of the value of the equity securities held by the Fund to generate premium from such options, and (ii) using a portion\nof the premium received to buy out-of-the-money call options on the same Reference Index to provide the potential for upside equity\nparticipation when the underlying index appreciates.\nThe\nFund expects the total value of the written call options and the total value of the purchase call options to each be up to 100%\nof the Fund s net assets. The Fund will use a portion of the premium received from writing call options to purchase out-of-the-money\ncall options. Call options written by the Fund will typically have a strike price that is close to the current price of the reference\nasset, and call options purchased by the Fund will typically have a strike price that is higher than the current price of the\nReference Index asset.\nThe\nFund focuses primarily on SPX call options which offer both European settlement (i.e., options can only be exercised at their\nexpiration date) and cash settlement (i.e., options carry an obligation by their seller to pay the diff\n...\nomplete description of all the activities that could lead to a categorization\nas an underwriter.\nBroker\ndealers who are not underwriters but are participating in a distribution (as contrasted to ordinary secondary trading\ntransactions), and thus dealing with Shares that are part of an unsold allotment within the meaning of Section 4(3)(C)\nof the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the\nSecurities Act. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect\nof such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker dealer firms should note that dealers who\nare not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus\ndealing with Shares that are part of an overallotment within the meaning of Section 4(3)(A) of the Securities Act would be unable\nto take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. Firms that incur a prospectus\ndelivery obligation with respect to Shares are reminded that, under Rule 153 of the Securities Act, a prospectus delivery obligation\nunder Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied\nby the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule\n153 is only available with respect to transactions on an exchange.\nIn\naddition, certain affiliates of the Fund and the Adviser may purchase and resell Fund shares pursuant to this Prospectus.\nFor\nMore Information:\nExisting\nShareholders or Prospective Investors\nNEOS\nS P 500 High Income ETF\nc/o Foreside Fund Services, LLC\n190 Middle Street, Suite 301\nPortland, Maine 04101\nDealers\nNEOS\nS P 500 High Income ETF\nc/o Foreside Fund Services, LLC\n190 Middle Street, Suite 301\nPortland, Maine 04101\nDistribution\nand Service Plan\nThe\nBoard has adopted a Distribution and Service Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance\nwith the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related\nactivities and shareholder services.\nNo\nRule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1\nfees are charged in the future, because the fees are paid out of the Fund s assets, over time these fees will increase the\ncost of your investment and may cost you more than certain other types of sales charges.\nFrequent\nPurchases and Redemptions of Fund Shares\nThe\nBoard has evaluated the risks of frequent purchases and redemptions of Fund shares ( market timing ) activities by\nthe Fund s shareholders. The Board noted that Shares can only be purchased and redeemed directly from the Fund in Creation\nUnits by APs and that the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades\ndo not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including\ndilution, disruption of portfolio management, increases in the Fund s trading costs and the realization of capital gains.\n13\nWith\nrespect to trades directly with the Fund, to the extent effected in-kind, those trades do not cause any of the harmful effects\n(as previously noted) that may result from frequent cash trades. To the extent that the Trust allows or requires trades\n...\n.01\n%\n15.79\n%\n6.31\n%\nSUPPLEMENTAL\nDATA AND RATIOS:\nNet\nassets, end of period (in thousands)\n$\n6,899,340\n$\n3,696,859\n$\n1,383,898\n$\n25,563\nRatio\nof expenses to average net assets (e)\n0.68\n%\n0.68\n%\n0.68\n%\n0.68\n%\nRatio\nof net investment income (loss) to average net assets (e)\n0.59\n%\n0.74\n%\n0.91\n%\n1.37\n%\nPortfolio\nturnover rate (d)(f)\n1\n%\n2\n%\n14\n%\n21\n%\n(a) Inception\ndate of the Fund was August 30, 2022.\n(b) Net\ninvestment income per share has been calculated based on average shares outstanding during\nthe periods.\n(c) Realized\nand unrealized gains and losses per share in the caption are balancing amounts necessary\nto reconcile the change in net asset value per share for the periods, and may not reconcile\nwith the aggregate gains and losses in the Statement of Operations due to share transactions\nfor the periods.\n(d) Not\nannualized for periods less than one year.\n(e) Annualized\nfor periods less than one year.\n(f) Portfolio\nturnover rate excludes in-kind transactions.\n(g) As\nof December 1, 2025 the Fund changed its fiscal and tax reporting year end to December\n31 from May 31. The current period represents activity from June 1, 2025 to December\n31, 2025.\n16\nPremium/Discount\nInformation\nInformation\nregarding how often Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount)\nthe NAV of the Fund during the past four calendar quarters, or since inception, as applicable, can be found at the Fund s\nwebsite at www.Neosfunds.com.\nInvestment\nAdviser\nIndependent\nRegistered Public Accounting Firm\nNEOS\nInvestment Management, LLC\n13 Riverside Ave\nWestport, CT 06880\nCohen\nCompany, Ltd.\n1835 Market Street, Suite 310\nPhiladelphia, PA 19103\nCustodian\nTransfer\nAgent\nU.S.\nBank, N.A.\n1555 N. Rivercenter Drive, Suite 302\nMilwaukee, WI 53212\nU.S.\nBancorp Fund Services, LLC\n615 East Michigan Street\nMilwaukee, WI 53202\nDistributor\nLegal\nCounsel\nForeside\nFund Services, LLC\n190 Middle Street, Suite 301\nPortland, Maine 04101\nThompson\nHine LLP\n1919 M Street, N.W., Suite 700\nWashington D.C., 20036\nDisclaimers\nShares\nof the Trust are not sponsored, endorsed, or promoted by the Exchange. The Exchange makes no representation or warranty, express\nor implied, to the owners of the Shares of the Fund. The Exchange is not responsible for, nor has it participated in, the determination\nof the timing of, prices of, or quantities of the Shares of the Fund to be issued, or in the determination or calculation of the\nequation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares of the Fund in\nconnection with the administration, marketing, or trading of the Shares of the Fund. Without limiting any of the foregoing, in\nno event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even\nif notified of the possibility thereof.\nAdditional\nInformation\nThis\nProspectus does not contain all the information included in the Registration Statement filed with the SEC with respect to the\nFund s Shares. The SAI for the Fund, which has been filed with the SEC, provides more information about the Fund. The SAI\nis incorporated herein by reference and is legally part of this Prospectus. Additional information about the Fund s investments\nis available in the Fund s annual and semi-annual reports to shareholders. In the Fund s annual report, you will find\na discussion of the market conditions and investment strategies that significantly affected the Fund s performance during\nits last fiscal year.\nThese\ndocuments and other information concernin", "ontology": {"Fund": {"administrator": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "advisedBy": ["InvestmentAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:FIS_Bright_Portfolios_Focused_Equity_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:FIS_Bright_Portfolios_Focused_Equity_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:FIS_Bright_Portfolios_Focused_Equity_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": 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"context_grounded": true, "extractable": true}, {"s": "fund:FIS_Knights_of_Columbus_Global_Belief_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Bitcoin_High_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_Bitcoin_High_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Bitcoin_High_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Bitcoin_High_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": 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"seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Enhanced_Income_Credit_Select_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_Hedged_Equity_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_Hedged_Equity_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_Hedged_Equity_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_Hedged_Equity_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_High_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_High_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_High_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Nasdaq_100_R_High_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Real_Estate_High_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_Real_Estate_High_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Real_Estate_High_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Real_Estate_High_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Russell_2000_R_High_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_Russell_2000_R_High_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Russell_2000_R_High_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_Russell_2000_R_High_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_Hedged_Equity_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_Hedged_Equity_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_Hedged_Equity_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_Hedged_Equity_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_High_Income_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_High_Income_ETF", "p": "advisedBy", "o": "org:NEOS_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_High_Income_ETF", "p": "seriesOf", "o": "trust:NEOS_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:NEOS_S_P_500_R_High_Income_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:NEOS_ETF_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> FIS Bright Portfolios Focused Equity ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> FIS Christian Stock Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> FIS Knights of Columbus Global Belief ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Bitcoin High Income ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Enhanced Income 1-3 Month T-Bill ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Enhanced Income 20+ Year Treasury Bond ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Enhanced Income Aggregate Bond ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Enhanced Income Credit Select ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Nasdaq-100(R) Hedged Equity Income ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Nasdaq-100(R) High Income ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS Real Estate High Income ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment 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Bancorp Fund Services LLC <predicate_marker> advisedBy <object_marker> NEOS Investment Management, LLC <predicate_marker> seriesOf <object_marker> NEOS ETF Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> NEOS ETF Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "FIS Bright Portfolios Focused Equity ETF administrator U.S. Bancorp Fund Services LLC ; seriesOf NEOS ETF Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nFIS Christian Stock Fund administrator U.S. Bancorp Fund Services LLC ; seriesOf NEOS ETF Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nFIS Knights of Columbus Global Belief ETF administrator U.S. Bancorp Fund Services LLC ; seriesOf NEOS ETF Trust ; transferAgent U.S. Bancorp Fund Services LLC .\nNEOS Bitcoin High Income ETF administrator U.S. Bancorp Fund Services LLC ; advisedBy NEOS Investment Management, LLC ; 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{"sample_id": "0001849998:ALL", "cik": "0001849998", "trust_name": "Federated Hermes ETF Trust", "input_text": "ot anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Fund s Trustees.\nExample\nThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.\nThe Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. The expenses used to calculate the Fund s Example do not include fee waivers or expense reimbursements. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:\n1 Year\n$ 60\n3 Years\n$ 189\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund s performance. The Fund is a new fund, has not yet completed its first fiscal year of operation and has no portfolio turnover yet to report.\nRISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE\nWhat are the Fund s Main Investment Strategies?\nThe Fund pursues its investment objective of long-term capital growth by investing primarily (that is, more than 50%) in a portfolio of equity securities, including common stock and depositary receipts, issued by foreign (non-U.S.) companies that the Fund s investment adviser, Federated Global Investment Management Corp. (the Adviser ), has deemed as the best opportunities across its investable universe relative to the company s competitive position or its growth prospects. The Fund s portfolio is managed using fundamental company analysis and valuation disciplines. The Adviser\n1\nexpects that, normally, the Fund will be invested primarily in foreign stocks in developed markets. The Fund is permitted, however, to invest in companies from both developed (including the United States) and emerging market countries. The Fund s investment strategy focuses on non-U.S. companies whose share price does not reflect their intrinsic value. The Adviser seeks to purchase undervalued stocks that the Adviser expects may significantly increase in price. The strategy gives broad exposure to industry leading companies in developed markets, many of which have a strong or growing presence in the emerging markets . The Fund may invest in exchange-traded funds, derivative contracts (such as options, swaps and futures contracts) and hybrid instruments (such as notes linked to underlying securities, indices or commodities) in order to implement its investment strategies. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio s exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s) or to obtain premiums from the sale of derivative contracts. The Fund may also hedge its currency risk by using derivatives such as futures or forward contracts.\nWhat are the Main Risks of Investing in the Fund?\nAll funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary fa\n...\nmay employ fair valuation pricing to minimize potential dilution from market timing. The Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive, excessive, or short-term trading.\nPortfolio Holdings Information\nA description of the Trust s policies and procedures with respect to the disclosure of the Fund s portfolio securities is available in the Fund s Statement of Additional Information. The Fund discloses its portfolio holdings daily at FederatedHermes.com/us. Fund fact sheets are also available on FederatedHermes.com/us and provide information regarding the Fund s top holdings. Other information may be requested by calling 1-800-341-7400.\nDeclaration of Trust Provisions\nThe Board has adopted, and from time to time amends, an Amended and Restated Declaration of Trust for the Trust and the Fund, which governs its operations and by which each shareholder shall be held expressly to have agreed to be bound by the provisions thereof.\nThe Fund s Declaration of Trust also places limitations on the forum in which claims against the Trust may be heard and includes a waiver of a jury trial. Other than federal securities law claims, claims against the Trust are required to be brought in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware. Accordingly, shareholders may be required to bring claims in an inconvenient or less favorable forum.\nWho Manages the Fund?\nThe Board governs the Fund. The Board selects and oversees the Adviser, Federated Global Investment Management Corp. The Adviser manages the Fund s assets, including buying and selling portfolio securities. Federated Advisory Services Company (FASC), an affiliate of the Adviser, provides research, quantitative analysis, equity trading and transaction settlement and certain other support services to the Adviser. The fee for these services is paid by the Adviser and not by the Fund.\nThe address of the Adviser is 101 Park Avenue, 41 st Floor, New York, NY 10178. The address of FASC is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.\nThe Fund has received and can rely upon an order from the Securities and Exchange Commission (SEC) that permits the Adviser, subject to approval by the Board of Trustees, to appoint a sub-adviser or change the terms of a sub-advisory agreement without obtaining shareholder approval. The Fund is permitted to rely upon the SEC order to change sub-advisers, or the fees paid to a sub-adviser, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the Adviser to increase the aggregate advisory fee rate of the Fund without the approval of the shareholders.\nThe Adviser and other advisory subsidiaries of Federated Hermes combined, advise approximately 99 registered investment companies spanning equity, fixed-income and money market mutual funds and also manage a variety of other pooled investment vehicles, private investment companies and customized separately managed accounts (including non-U.S./offshore funds). Federated Hermes assets under management totaled approximately $902.6 billion as of December 31, 2025. Federated Hermes was established in 1955 as Federated Investors, Inc. and is one of the largest investment managers in the United States with more than 2,000 employees. Federated Hermes provides investment products to more than 11,000 investment professionals and instituti\n...\n6.79\n$676.34\n$14,203.13\n$81.57\n$14,123.32\n9\n$14,123.32\n$706.17\n$14,829.49\n$85.16\n$14,746.16\n10\n$14,746.16\n$737.31\n$15,483.47\n$88.92\n$15,396.47\nCumulative\n$6,118.44\n$737.89\n23\nAn SAI dated May 1, 2026, is incorporated by reference into this Prospectus. Additional information about the Fund and its investments is contained in the Fund s SAI, and will be contained in the Fund s Annual and Semi-Annual Reports to shareholders and in Form N-CSR as they become available. In Form N-CSR, when available, you will find, among other information, the Fund s annual and semi-annual financial statements. The Annual Report s Management s Discussion of Fund Performance will discuss market conditions and investment strategies that significantly affected the Fund s performance during its first fiscal year. The SAI contains a description of the Fund s policies and procedures with respect to the disclosure of its portfolio securities. To obtain the SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, when available, without charge, to make inquiries or request e-delivery, call your financial intermediary or the Fund at 1-800-341-7400. You may also access the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information, when available, on the Fund s website at FederatedHermes.com/us/FundInformation.\nThese documents, as well as additional information about the Fund (including portfolio holdings, performance and distributions), are also available on FederatedHermes.com/us.\nYou can obtain information about the Fund (including the SAI) by accessing Fund information from the EDGAR Database on the SEC s website at sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov.\nFederated Hermes International Leaders ETF\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call 1-800-341-7400.\nFederated Securities Corp., Distributor\nInvestment Company Act File No. 811-23730\nCUSIP 31423L867\nQ457047 (5/26)\n2026 Federated Hermes, Inc.\nStatement of Additional Information\nMay 1, 2026\nCboe BZX | FHIL\nFederated Hermes International Leaders ETF\nA Portfolio of Federated Hermes ETF Trust\nThis Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes International Leaders ETF (the Fund ), dated May 1, 2026.\nThis SAI incorporates by reference the Fund s annual financial statements filed on Form N-CSR. Obtain the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report and other information, such as financial statements, without charge by calling 1-800-341-7400. You may also access the Fund s Prospectus, SAI, Annual Report, Semi-Annual Report, financial statements and other information on the Fund s website at FederatedHermes.com/us/FundInformation.\nContents\n1\nHow is the Fund Organized?\n1\nSecurities in Which the Fund Invests\n10\nInvestment Risks\n14\nInvestment Objective (and Policies) and Investment Limitations\n17\nWhat Do Shares Cost?\n19\nHow is the Fund Bought and Sold?\n28\nDelaware Statutory Trust Law\n28\nAccount and Share Information\n29\nTax Information\n30\nWho Manages and Provides Services to the Fund?\n47\nFinancial Information\n47\nInvestment Ratings\n52\nAddresses\n53\nAppendix\nFederated Hermes International Leaders ETF\nFederated Hermes Funds\n4000 Ericsson Drive\nWarrendale, PA 15086-7561\nContact us at FederatedHermes.com/us\nor call 1-800-341-7400.\nFederated Securities Corp., Distributor\nQ457045 (5/26)\n2026 Federated Hermes, Inc.\nHow is the Fund Organized?\nThe Fund is a diversified portfolio of Federated Hermes ETF Trust (the Trust ). The Trust is an open-end, management investment company that was establi\n...\nifications of Independent Trustees\nIndividual Trustee qualifications are noted in the Independent Trustees Background and Compensation chart. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.\nOutstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the Federated Hermes funds, including legal, accounting, business management, the financial industry generally and the investment industry particularly.\nDesire and availability to serve for a substantial period of time, taking into account the Board s current mandatory retirement age of 75 years.\nNo conflicts which would interfere with qualifying as independent.\nAppropriate interpersonal skills to work effectively with other Independent Trustees.\nUnderstanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.\nDiversity of background.\ninterested Trustees Background and Compensation\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nJ. Christopher Donahue*\nBirth Date: April 11, 1949\nPresident and Trustee\nIndefinite Term\nBegan serving: February 2021\nPrincipal Occupations: Principal Executive Officer and President of certain\nof the Funds in the Federated Hermes Complex; Director or Trustee of the\nFunds in the Federated Hermes Complex; Chairman, President, Chief\nExecutive Officer and Director, Federated Hermes, Inc.; Trustee, Federated\nAdministrative Services and Director, Federated Administrative Services,\nInc.; Trustee and Chairman, Federated Advisory Services Company; Director\nor Trustee and Chairman, Federated Investment Management Company,\nFederated Global Investment Management Corp., Federated Equity\nManagement Company of Pennsylvania, and Federated MDTA LLC; Trustee,\nFederated Investment Counseling; Trustee, Federated Shareholder Services\nCompany; Director, Federated Services Company.\nPrevious Positions: President, Federated Investment Counseling; President\nand Chief Executive Officer, Federated Investment Management Company,\nFederated Global Investment Management Corp. and Passport Research,\nLtd.; Chairman, Passport Research, Ltd.\n$0\n$0\n30\nName\nBirth Date\nPositions Held with Trust\nDate Service Began\nPrincipal Occupation(s) for Past Five Years,\nOther Directorships Held and Previous Position(s)\nAggregate\nCompensation\nFrom Fund\n(past fiscal year)\nTotal Compensation\nFrom Fund and\nFederated Hermes Complex\n(past calendar year)\nThomas R. Donahue*\nBirth Date: October 20, 1958\nTrustee\nIndefinite Term\nBegan serving: February 2021\nPrincipal Occupations: Director or Trustee of certain of the Funds in the\nFederated Hermes Complex; Director, Chief Financial Officer, Treasurer,\nVice President and Assistant Secretary, Federated Hermes, Inc.; Chairman\nand Trustee, Federated Administrative Services; Chairman and Director,\nFederated Administrative Services, Inc.; Director or Trustee and Treasurer,\nAdvisory Services Company, Federated Equity Management Company of\nPennsylvania, Federated Global Investment Management Corp., Federated\nInvestment Counseling, and Federated Investment Management Company;\nDirector, MDTA LLC; Director, Executive Vice President and Assistant\nSecretary, Federated Securities Corp.\n...\nt, and may not benefit the particular funds and accounts that generated the brokerage commissions. In addition, brokerage and research services paid for with commissions generated by the Fund may be used in managing other funds and accounts. To the extent that receipt of these services may replace services for which the Adviser or its affiliates might otherwise have paid, it would tend to reduce their expenses. The Adviser and its affiliates exercise reasonable business judgment in selecting brokers to execute securities transactions where receipt of research services is a factor. They determine in good faith that commissions charged by such persons are reasonable in relationship to the value of the brokerage and research services provided.\nBecause the Fund had not commenced operations as of the date of the SAI, the Fund did not own any securities of its regular broker-dealers.\nAdministrator\nFederated Administrative Services (FAS), a subsidiary of Federated Hermes, provides administrative personnel and services, including certain legal, compliance and financial administrative services ( Administrative Services ), necessary for the operation of the Fund. FAS provides Administrative Services for a fee based upon the rates set forth below paid on the average daily net assets of the Fund. For purposes of determining the appropriate rate breakpoint, Investment Complex is defined as all of the Federated Hermes funds subject to a fee under the Administrative Services Agreement with FAS. FAS is also entitled to reimbursement for certain out-of-pocket expenses incurred in providing Administrative Services to the Fund.\nAdministrative Services\nFee Rate\nAverage Daily Net Assets\nof the Investment Complex\n0.100%\non assets up to $50 billion\n0.075%\non assets over $50 billion\nCUSTODIAN\nState Street Bank and Trust Company, Boston, Massachusetts, is custodian for the securities and cash of the Fund. Foreign instruments purchased by the Fund are held by foreign banks participating in a network coordinated by State Street Bank and Trust Company.\nTransfer Agent And Dividend Disbursing Agent\nState Street Bank and Trust Company, the Fund s registered transfer agent, maintains all necessary shareholder records.\nIndependent Registered Public Accounting Firm\nThe independent registered public accounting firm for the Fund, KPMG LLP, conducts its audits in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require it to plan and perform its audits to provide reasonable assurance about whether the Fund s financial statements and financial highlights are free of material misstatement.\nSecurities Lending Activities\nThe services provided to the Fund by Citibank, N.A. as securities lending agent may include the following: selecting securities previously identified by the Fund as available for loan to be loaned; locating borrowers identified in the securities lending agency agreement; negotiating loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; marking to market non-cash collateral; instructing the Fund s custodian with respect to the transfer of loaned securities; indemnifying the Fund in the event of a borrower default; and arranging for return of loaned securities to the Fund at loan termination.\nAs a new fund, the Fund has not yet completed its first fiscal year and cannot yet report on any securities lending activities for the most recently completed fiscal year.\n50\nFinancial Information\nThe Fund became effective on May 1, 2026 and its fir", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "seriesOf", "o": "trust:Federated_Hermes_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Duration_Corporate_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Federated_Hermes_ETF_Trust", "p": "underwrittenBy", "o": "org:Federated_Securities_Corp", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Federated Hermes Short Duration Corporate ETF <predicate_marker> administrator <object_marker> Federated Administrative Services <predicate_marker> advisedBy <object_marker> Federated Advisory Services Company <predicate_marker> advisedBy <object_marker> Federated Investment Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Federated Hermes ETF Trust <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Federated Hermes ETF Trust <predicate_marker> underwrittenBy <object_marker> Federated Securities Corp. <triple_end>", "target_serialized_plain": "Federated Hermes Short Duration Corporate ETF administrator Federated Administrative Services ; advisedBy Federated Advisory Services Company , Federated Investment Management Company ; custodian State Street Bank and Trust Company ; seriesOf Federated Hermes ETF Trust ; transferAgent State Street Bank and Trust Company .\nFederated Hermes ETF Trust underwrittenBy Federated Securities Corp. .", "stats": {"input_chars": 18193, "n_triples": 7, "text_to_json_ratio": 26.3}}
{"sample_id": "0001862970:ALL", "cik": "0001862970", "trust_name": "Popular High Grade Fixed-Income Fund, Inc.", "input_text": "o your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (each, a Financial Intermediary ), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your spouse and children whose principal residence is within Puerto Rico invest, or agree to invest in the future, at least $ 50,000 in the Popular Family of Funds (as defined below). More information about these and other discounts is available from your Financial Intermediary and in the Shareholder Information section on page 13 of the Fund s prospectus and in Appendix B and page B-1 of the Fund s statement of additional information.\nShareholder Fees (fees paid directly from your investment)\nClass A Shares\nClass I Institutional\nShares *\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n2.50 %\nNone\nMaximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nNone\nNone\nRedemption Fee (as a percentage of amount redeemed, if applicable) 1\n2.00 %\n2.00 %\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nClass I * Institutional\nShares\nManagement Fee 2\n0.72 %\n0.72 %\nDistribution and/or Service (12b-1) Fee 3\n0.25 %\nNone\nOther Expenses\n1.54 %\n1.54 %\nInterest\non reverse repurchase agreements 4\n2.18 %\n2.18 %\nTotal Annual Fund Operating Expenses 4\n4.69 %\n4.44 %\n*\nThere are no Class I Institutional Shares outstanding as of the date of this prospectus.\n1\nThe Fund will impose a 2.00% redemption fee on redemptions made within five business days after acquiring shares.\n2\nPursuant to an investment advisory agreement between the Fund and Popular Asset Management LLC (the Adviser ), the Management Fee paid by the Fund is based on a rate of 0.50% per annum of the Fund s average daily total assets, which includes leverage. The Management Fee in the table is greater than 0.50% since it is computed as a percentage of the Fund s net assets for presentation therein.\n3\nThe Distribution and/or Service (12b-1) Fee reflects current fees.\n4\nReflects Interest and Leverage Expenses associated with an investment strategy to enhance portfolio yield. Excluding the leverage expenses, Total Annual Fund Operating Expenses would be 2.51% and 2.26% for Class A and Class I Institutional Shares, respectively.\nExample:\nThis following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A Shares\n$ 708\n$ 1,628\n$ 2,554\n$ 4,893\nClass I Institutional Shares\n$ 445\n$ 1,343\n$ 2,251\n$ 4,564\nPortfolio Turnover:\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the previous expense example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfoli\n...\nf the Fund s service providers or issuers of securities in which the Fund invests. The rapid development and increasingly widespread use of artificial intelligence ( AI ) and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data.\nBecause technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Fund and its service providers to plan for or respond to a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.\nExpense Risk . Fund expenses are subject to a variety of factors, including fluctuations in the Fund s net assets. Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund s net assets decrease due to market declines or redemptions, the Fund s expenses will increase as a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund s expense ratio could be significant.\nEscheatment. Many states and Puerto Rico have unclaimed property rules that provide for transfer to the state (also known as escheatment ) of unclaimed property under various circumstances. These circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both. Unclaimed or inactive accounts may be subject to escheatment laws, and the Fund and ALPS Fund Services, Inc. (the Transfer Agent ), the Fund s transfer agent, will not be liable to shareholders and their representatives for good faith compliance with those laws.\nLimited Tax Benefits. An investment in the Fund will afford the tax benefits described herein in the section entitled Taxation solely to individuals whose principal residence is in Puerto Rico, or to corporations and other business organizations whose principal office and place of business are in Puerto Rico. Therefore, shareholders whose principal residence is not in Puerto Rico, or business organizations whose principal office and place of business is not Puerto Rico will not have a right to the same tax benefits.\nShareholder Information\nWhich Share Class Should I Choose?\nThe Fund currently offers Class A Shares. The Fund does not currently offer Class I Institutional Shares. Each share class represents an ownership interest in the same investment portfolio of securities. Each share class has different eligibility and availability criteria, sales charges, expenses, and dividends and distributions, allowing you to invest in the way that best suits your needs. Factors you should consider when choosing a share class include the amount you plan to invest, the total costs associated with your investment and how long you plan to hold your shares.\nThe decision as to which class of shares is more appropriate for you depends on the amount and intended duration of the investment. Investors who are planning to establish a program of regular investment may want to consider Class A Shares because as the investment accumulates, investors may qualify for reduced front-end sales charges and the amount invested is subject to lower ongoing expenses over the term of the investment.\nIf you are eligible to invest\n...\nng the existing sales charges, sales charge waivers and breakpoints, the methods used to value accounts for purposes of determining the applicability of breakpoints, the information that needs to be provided to a shareholder s Financial Intermediary in order to receive such breakpoints and letters of intent, accumulation plans, dividend reinvestment plans, withdrawal plans, exchange privileges, employee benefit plans, redemption reinvestment plans, and waivers for particular classes of shareholders is available at https://www.popularfunds.com/high-grade-fixed-income-fund or the SAI which is also available on the Fund s website or upon request.\nClass A Shares Sales Charges and Waivers/Reductions\nInitial Sales Charges :\nClass A Shares are sold at their net asset value plus an initial sales charge of up to 2.5%. The initial sales charge for Class A Shares may be reduced or waived for certain purchasers.\nThe table below shows the initial sales charge that you would pay if you buy Class A Shares. The offering price for Class A Shares includes any initial sales charge. You may qualify for a reduced initial sales charge. Purchases of Class A Shares at certain dollar levels, known as breakpoints , allow for a reduction in the initial sales charge. If you choose Class A Shares, you will pay a sales charge at the time of purchase as shown in the table below.\nYour Investment\nSales Charge as a %\nof Offering Price\nSales Charge as a % of\nYour Investment 1\nDealer s Reallowance as a\n% of Offering Price 2\nLess than $50,000\n2.50%\n2.56%\n2.00%\n$50,000-99,999\n2.25%\n2.30%\n1.75%\n$100,000-$249,000\n2.00%\n2.04%\n1.75%\n$250,000-$499,999\n1.75%\n1.78%\n1.50%\n$500,000-$999,999\n0.75%\n0.76%\n0.50%\n$1,000,000 and over\n0.00%\n0.00%\n0.00%\n1\nRounded to the nearest one-hundredth percent.\n2\nAt the discretion of Popular Securities, LLC (the Distributor ), the Dealer s Reallowance, from time to time, may be equal to the entire sales charge set forth in the column of the above table under Sales Charge as a % of Offering Price.\nThe Fund s website (https://www.popularfunds.com/high-grade-fixed-income-fund) provides, free of charge, the information here disclosed on sales charges.\n14\nExcept as provided below under Right of Accumulation and Letters of Intent, the reduced sales charges shown above apply to the aggregate of purchases of Class A Shares made at one time by any Puerto Rico person, which includes an individual, his or her spouse and children whose principal residence is within Puerto Rico purchasing shares for his or her own account, or a trustee or other fiduciary of a single trust estate or single fiduciary account which is deemed to be a resident of Puerto Rico. Investors may meet the minimum investment amounts required to qualify for reduced sales charges by adding their purchases of Class A Shares to the net asset value of all Class A Shares held in Popular Total Return Fund, Inc., Popular Income Plus Fund, Inc. and any other fund organized by Banco Popular de Puerto Rico ( Banco Popular ). The Fund, Popular Income Plus Fund, Inc., Popular Total Return Fund, Inc. and any other fund organized by Banco Popular, or an affiliate, are sometimes referred to herein as the Popular Family of Funds.\nClass I Institutional Shares are sold at their net asset value without an initial sales charge.\nInitial Sales Charge Waivers\nPurchases of Class A Shares may be made at net asset value without a sales charge in the following circumstances:\nSales of Class A Shares to directors or officers of the Fund and employees of the Adviser or the Distributor and their respective subsidiaries and\n...\nabout individuals who are prospective, former or current investors. The Fund collects personal information for business purposes to process requests and transactions and to provide customer service. Personal information is obtained from the following sources:\nInvestor applications and other forms, which may include your name(s), address, social security number, or tax identification number;\nWritten and electronic correspondence, including telephone contacts; and\nAccount history, including information about Fund transactions and balances in your accounts with the Transfer Agent.\nThe Fund limits access to personal information to those employees who need to know that information in order to process transactions and service accounts. Employees are required to maintain and protect the confidentiality of personal information. The Fund maintains physical, electronic, and procedural safeguards to protect personal information.\nThe Fund may share personal information described above with its affiliates for business purposes, such as to facilitate the servicing of accounts.\nInvestors should contact the broker-dealer through which they hold shares in the Fund for a copy of their privacy policy.\nStatement of Additional Information\nFor further information about the Fund, including how the Fund invests, please see the Fund s Statement of Additional Information, dated October 22, 2025 (the SAI ).\nFor a discussion of the Fund s policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. The SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically contained within this Prospectus.\n26\nContact Information\nTHE FUND\nPopular High Grade Fixed-Income Fund, Inc.\nPopular Center, North Building\nSecond Level (Fine Arts)\n209 Mu oz Rivera Avenue\nSan Juan, Puerto Rico 00918\nADVISER\nPopular Asset Management LLC\nPopular Center, North Building\nSecond Level (Fine Arts)\n209 Mu oz Rivera Avenue\nSan Juan, Puerto Rico 00918\nADMINISTRATOR, TRANSFER\nAGENT AND DIVIDEND DISBURSING AGENT\nALPS Fund Services, Inc.\n1290 Broadway, Suite 1000\nDenver, Colorado 80203\nCUSTODIAN\nJPMorgan Chase Bank, N.A.\n383 Madison Avenue\nNew York, New York 10017\nTHE DISTRIBUTOR\nPopular Securities, LLC\n208 Ponce De Leon Avenue\nPopular Center, Suite 1200\nSan Juan, Puerto Rico 00918\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nErnst Young LLP\nParque las Americas 1\n235 Calle Federico Costa\nSuite 410\nSan Juan, Puerto Rico\nLEGAL COUNSEL\nPietrantoni Mendez Alvarez LLC\nPopular Center, 19th Floor\n208 Ponce de Le n, San Juan, 00918, Puerto Rico\nRopes Gray LLP\nPrudential Tower\n800 Boylston Street, Boston, Massachusetts 02199\n27\nSTATEMENT\nOF ADDITIONAL INFORMATION\nPopular\nTotal Return Fund, Inc.\nPopular\nHigh Grade Fixed-Income Fund, Inc.\nPopular\nIncome Plus Fund, Inc.\n209\nMu oz Rivera Avenue, San Juan, Puerto Rico 00918 Phone No. (787) 754-4488\nThis\ncombined Statement of Additional Information ( SAI ) of Popular Total Return Fund, Inc. ( Total Return Fund ),\nPopular High Grade Fixed-Income Fund, Inc. ( High Grade Fund ) and Popular Income Plus Fund, Inc. ( Income Plus\nFund ) (each, a Fund and collectively, the Funds ) is not a prospectus and should be read in\nconjunction with the applicable prospectus of the High Grade Fund and the Income Plus Fund, dated October 22, 2025, and the Total\nReturn Fund s prospectus, dated July 25, 2025, as they may be amended or supplemented from time to time (each, a Prospectus\nand collectively, the Prospec\n...\nto the Administrator\nfor\nthe Fiscal Year Ended June 30,\nFees\nWaived by the Administrator\nfor\nthe Fiscal Year Ended June 30,\nFees\nReimbursed by the\nAdministrator\nfor the Fiscal Year Ended June 30,\n2023\n2024\n2025\n2023\n2024\n2025\n2023\n2024\n2025\n$129,515.00\n$123,973.00\n$87,963.00\n$0.00\n$0.00\n$0.00\n$0.00\n$0.00\n$0.00\nIncome\nPlus Fund\nFees\nPaid to the Administrator\nfor\nthe Fiscal Year Ended June 30,\nFees\nWaived by the Administrator\nfor\nthe Fiscal Year Ended June 30,\nFees\nReimbursed by the\nAdministrator\nfor the Fiscal Year Ended June 30,\n2023\n2024\n2025\n2023\n2024\n2025\n2023\n2024\n2025\n$68,255.00\n$68,023.00\n$44,543.00\n$0.00\n$0.00\n$0.00\n$0.00\n$0.00\n$0.00\nAuditing\nServices\nErnst Young LLP, with offices located at Parque las Americas 1, 235 Calle Federico Costa, Suite 410, San Juan, Puerto Rico, was\nthe Funds independent registered public accountants beginning in the fiscal years ending March 31, 2024 and March 31, 2025 (with\nrespect to the Popular Total Return Fund, Inc.) and June 30, 2024 and June 30, 2025 (with respect to the Popular High Grade Fixed-Income\nFund, Inc. and the Popular Income Plus Fund, Inc.). Ernst Young LLP is referred to below as the \"auditor\" for the applicable periods\nin which it served as the Funds' independent registered public accountant.\nThe\ntables below show the amounts paid by each Fund to the Fund s auditor for auditing services for the periods indicated:\nFees\nPaid to the Auditor For the Fiscal Year Ended March 31,\n2025\n2024\n2023\nTotal Return Fund\n$52,581.00\n$51,550.00\n$53,667.00\nFees\nPaid to the Auditor For the Fiscal Year Ended June 30,\n2025\n2024\n2023\nHigh Grade Fixed-Income Fund\n$56,610.00\n$55,500.00\n$76,960.00\nIncome Plus Fund\n$56,100.00\n$54,500.00\n$76,960.00\n37\nCustodian\nThe\nFunds securities and cash will be held under a Global Custody Agreement with JP Morgan Chase Bank, N.A., (when acting in\nsuch capacity, the Custodian ). The Custodian is authorized under the Custodian Agreement to appoint sub-custodians\nor other agents and to delegate to such sub-custodians or other agents any of its obligations under the Custodian Agreement. The\nCustodian will not receive a separate fee or additional compensation for acting as custodian of the Funds, but will be reimbursed\nfor the out-of-pocket expenses it incurs in providing custodial services to the Funds.\nTransfer\nAgent and Dividend Disbursing Agent\nPursuant\nto the terms of a Services Agreement (the Transfer Agent Agreement ), ALPS Fund Services, Inc., in its capacity as\ntransfer agent for the Funds (the Transfer Agent ), is responsible for maintaining a register of the Shares of the\nFunds for shareholders of record, the opening and maintenance of shareholder accounts and the processing of dividend and distribution\npayments from the Funds. Share certificates are not issued, unless specifically requested by shareholders. The Transfer Agent\nwill maintain a share account for each master account and any other shareholder of record. Confirmations of each purchase or redemption\nand of reinvested dividend payments are sent to master account holders and any other shareholders of record each month. The Transfer\nAgent is authorized under the Transfer Agent Agreement to appoint sub-transfer agents or other agents and to delegate to any of\nsuch agents its obligations under the Transfer Agent Agreement. The Transfer Agent will not receive a separate fee or additional\ncompensation for acting as transfer agent of the Funds, but will be reimbursed for the out-of-pocket expenses it incurs in providing\ntransfer agency services to the Funds.\nDistributor\nThe\nDistributor acts as distributor of t", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "administrator", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "advisedBy", "o": "org:Popular_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "custodian", "o": "org:JP_MORGAN_CHASE_BANK", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "seriesOf", "o": "trust:Popular_High_Grade_Fixed_Income_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "transferAgent", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Popular_High_Grade_Fixed_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:Popular_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Popular High Grade Fixed-Income Fund, Inc. <predicate_marker> administrator <object_marker> ALPS Fund Services, Inc. <predicate_marker> advisedBy <object_marker> Popular Asset Management LLC <predicate_marker> custodian <object_marker> JP MORGAN CHASE BANK, <predicate_marker> seriesOf <object_marker> Popular High Grade Fixed-Income Fund, Inc. <predicate_marker> transferAgent <object_marker> ALPS Fund Services, Inc. <triple_end>\n<triple_start> Popular High Grade Fixed-Income Fund, Inc. <predicate_marker> underwrittenBy <object_marker> Popular Securities, LLC <triple_end>", "target_serialized_plain": "Popular High Grade Fixed-Income Fund, Inc. administrator ALPS Fund Services, Inc. ; advisedBy Popular Asset Management LLC ; custodian JP MORGAN CHASE BANK, ; seriesOf Popular High Grade Fixed-Income Fund, Inc. ; transferAgent ALPS Fund Services, Inc. .\nPopular High Grade Fixed-Income Fund, Inc. underwrittenBy Popular Securities, LLC .", "stats": {"input_chars": 18018, "n_triples": 6, "text_to_json_ratio": 30.5}}
{"sample_id": "0001862971:ALL", "cik": "0001862971", "trust_name": "Popular Income Plus Fund, Inc.", "input_text": "are not reflected in the table and example below. You may qualify for sales charge discounts if you and your spouse and children whose principal residence is within Puerto Rico, invest or agree to invest in the future, at least $ 50,000 in the Popular Family of Funds (as defined below). More information about these and other discounts is available from your Financial Intermediary and in the Shareholder Information section on page 17 of the Fund s prospectus and in Appendix B and page B-1 of the Fund s statement of additional information.\nShareholder Fees (fees paid directly from your investment)\nClass A Shares\nClass C Shares\nClass I Institutional\nShares *\nMaximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)\n2.50 %\nNone\nNone\nMaximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nNone\n1.00 % 1\nNone\nRedemption Fee (as a percentage of amount redeemed, if applicable) 2\n2.00 %\n2.00 %\n2.00 %\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\nClass A Shares\nClass C Shares\nClass I Institutional\nShares *\nManagement Fee 2\n0.71 %\n0.71 %\n0.71 %\nDistribution and/or Service (12b-1) Fee 4\n0.25 %\n1.00 %\nNone\nOther Expenses\n2.73 %\n2.73 %\n2.73 %\nInterest\non reverse repurchase agreements 4\n2.12 %\n2.12 %\n2.12 %\nTotal Annual Fund Operating Expenses 5\n5.81 %\n6.56 %\n5.57 %\n*\nThere are no outstanding Class I Institutional Shares as of the date of this prospectus.\n1\nThere is no contingent deferred sales charge ( CDSC ) on Class C Shares after one year.\n2\nThe Fund will impose a 2.00% redemption fee on redemptions made within five business days after acquiring shares.\n3\nPursuant to an investment advisory agreement between the Fund and Popular Asset Management LLC (the Adviser ), the Management Fee paid by the Fund is based on a rate of 0.50% per annum of the Fund s average daily total assets, which includes leverage. The Management Fee in the table is greater than 0.50% since it is computed as a percentage of the Fund s net assets for presentation therein.\n4\nThe Distribution and/or Service (12b-1) Fee reflects current fees.\n5\nReflects Interest and Leverage Expenses associated with an investment strategy to enhance portfolio yield. Excluding the leverage expenses, Total Annual Fund Operating Expenses would be 3.69%, 4.44%, and 3.44% for Class A, Class C and Class I Institutional Shares, respectively.\nExample:\nThis following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A Shares\n$ 814\n$ 1,929\n$ 3,027\n$ 5,696\nClass C Shares\n$ 751\n$ 1,923\n$ 3,158\n$ 6,084\nClass I Institutional Shares\n$ 554\n$ 1,654\n$ 2,742\n$ 5,411\nYou would pay the following expenses if you did not redeem your shares:\n1 Year\n3 Years\n5 Years\n10 Years\nClass A Shares\n$ 814\n$ 1,929\n$ 3,027\n$ 5,696\nClass C Shares\n$ 651\n$ 1,923\n$ 3,158\n$ 6,084\nClass I Institutional Shares\n$ 554\n$ 1,654\n$ 2,742\n$ 5,411\nThe Example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs woul\n...\normation regarding the existing sales charges, sales charge waivers and breakpoints, the methods used to value accounts for purposes of determining the applicability of breakpoints, the information that needs to be provided to a shareholder s Financial Intermediary in order to receive such breakpoints and letters of intent, accumulation plans, dividend reinvestment plans, withdrawal plans, exchange privileges, employee benefit plans, redemption reinvestment plans, and waivers for particular classes of shareholders is available at https://www.popularfunds.com/income-plus-fund or the SAI which is also available on the Fund s website or upon request.\nClass A Shares Sales Charges and Waivers/Reductions\nInitial Sales Charges :\nClass A Shares are sold at their net asset value plus an initial sales charge of up to 3.5%. The initial sales charge for Class A Shares may be reduced or waived for certain purchasers.\nThe table below shows the initial sales charge that you would pay if you buy Class A Shares. The offering price for Class A Shares includes any initial sales charge. You may qualify for a reduced initial sales charge. Purchases of Class A Shares at certain dollar levels, known as breakpoints , allow for a reduction in the initial sales charge. If you choose Class A Shares, you will pay a sales charge at the time of purchase as shown in the table below.\nYour Investment\nSales Charge as a %\nof Offering Price\nSales Charge as a % of\nYour Investment 1\nDealer s Reallowance as a\n% of Offering Price 2\nLess than $50,000\n2.50%\n2.56%\n2.00%\n$50,000 - $99,999\n2.25\n2.30\n1.75\n$100,000 - $249,999\n2.00\n2.04\n1.75\n$250,000 - $499,999\n1.75\n1.78\n1.50\n$500,000 - $999,999\n0.75\n0.76\n0.50\n$1,000,000 - and over\n0.00\n0.00\n0.00\n1\nRounded to the nearest one-hundredth percent.\n2\nAt the discretion of Popular Securities, LLC (the Distributor ), the Dealer s Reallowance, from time to time, may be equal to the entire sales charge set forth in the column of the above table under Sales Charge as a % of Offering Price.\nThe Fund s website (https://www.popularfunds.com/income-plus-fund) provides, free of charge, the information here disclosed on sales charges.\n18\nExcept as provided below under Right of Accumulation and Letters of Intent, the reduced sales charges shown above apply to the aggregate of purchases of Class A Shares made at one time by any Puerto Rico person, which includes an individual, his or her spouse and children whose principal residence is within Puerto Rico purchasing shares for his or her own account, or a trustee or other fiduciary of a single trust estate or single fiduciary account which is deemed to be a resident of Puerto Rico. Investors may meet the minimum investment amounts required to qualify for reduced sales charges by adding their purchases of Class A Shares to the net asset value of all Class A Shares held in Popular Total Return Fund, Inc., Popular High Grade Fixed-Income Fund, Inc. and any other fund organized by Banco Popular de Puerto Rico. The Fund, Popular High Grade Fixed-Income Fund, Inc., Popular Total Return Fund, Inc. and any other fund organized by Banco Popular de Puerto Rico, or an affiliate, are sometimes referred to herein as the Popular Family of Funds.\nClass C Shares and Class I Institutional Shares are sold at their net asset value without an initial sales charge.\nInitial Sales Charge Waivers\nPurchases of Class A Shares may be made at net asset value without a sales charge in the following circumstances:\nSales of Class A Shares to directors or officers of the Fund and employees of the Adviser or the Distributor and their\n...\ned as income from investment in the Fund. For further information regarding the automatic cash withdrawal plan, shareholders should contact the Distributor.\nSpecial Redemption Fees on Short Term Trading\nThe Fund will impose a 2.00% redemption fee, payable directly to the Fund, on redemptions made within five (5) days after acquiring shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first.\nThe Fund reserves the right to waive the redemption fee at its discretion if the Fund believes such waiver is consistent with the best interests of the Fund and to the extent permitted or required by applicable law. In addition, the Fund reserves the right to modify or eliminate the redemption fee or waivers at any time.\nFrequent Purchases and Redemptions and Market Timing\nThe interests of the Fund s long-term shareholders and its ability to manage its investments may be adversely affected when its shares are repeatedly bought and sold in response to short-term market fluctuations also known as market timing. Market timing may cause the Fund to have difficulty implementing long-term investment strategies, because it cannot predict how much cash it will have to invest. Market timing also may force the Fund to sell portfolio securities at disadvantageous times to raise the cash needed to buy a market timer s Fund shares. These factors may hurt the Fund s performance and its shareholders.\nThe Fund currently uses several methods to reduce the risks of market timing, including assessing redemption fees on redemptions and/or exchanges made within certain periods in order to protect the Fund from the costs of short-term or excessive trading.\nSubject to the oversight of the Fund s Chief Compliance Officer (the CCO ), ALPS Fund Services, Inc. (the Transfer Agent ), the Fund s transfer agent, has implemented procedures to help monitor for potential market timing activity. On a weekly basis, the Transfer Agent provides trade reports to the CCO so that the CCO can review for any activity that may indicate potential market timing activity. Identified transactions are compared to historical transactions in an effort to ascertain if excessive trading has occurred. If the CCO finds or suspects that excessive trading activity and/or market timing activity may be occurring, the CCO will determine what appropriate action, if any, should be taken with regard to the account(s) involved.\nIf information regarding a shareholder s trading activity in any of the Fund is brought to the attention of the Board and based on that information the Board in its sole discretion concludes that the trading may be detrimental to the Fund as described in the Fund s market timing policy, the Board may temporarily or permanently bar such shareholder s future purchases into the Fund or, alternatively, may limit the amount, number or frequency of any future purchases and/or the method by which a shareholder may request future purchases and redemptions.\nTransactions placed in violation of the Fund s Market Timing Policy are not necessarily deemed accepted by the Fund and may be cancelled or revoked by the Fund on the next business day following receipt by the Fund.\nIn considering an investor s trading activity, the Fund may consider, among other factors, the trading history of accounts under common ownership or control for the purpose of enforcing these policies.\nFor accounts serviced by Financial Intermediaries where the identity of the shareholder is unknown and/or the account is within an omnibus account, the Trans\n...\ns about individuals who are prospective, former or current investors. The Fund collects personal information for business purposes to process requests and transactions and to provide customer service. Personal information is obtained from the following sources:\nInvestor applications and other forms, which may include your name(s), address, social security number, or tax identification number;\nWritten and electronic correspondence, including telephone contacts; and\nAccount history, including information about Fund transactions and balances in your accounts with the Transfer Agent.\nThe Fund limits access to personal information to those employees who need to know that information in order to process transactions and service accounts. Employees are required to maintain and protect the confidentiality of personal information. The Fund maintains physical, electronic and procedural safeguards to protect personal information.\nThe Fund may share personal information described above with its affiliates for business purposes, such as to facilitate the servicing of accounts.\nInvestors should contact the broker-dealer through which they hold shares in the Fund for a copy of their privacy policy.\nStatement of Additional Information\nFor further information about the Fund, including how the Fund invests, please see the Fund s Statement of Additional Information, dated October 22, 2025 (the SAI ).\nFor a discussion of the Fund s policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. The SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically contained within this Prospectus.\n32\nContact Information\nTHE FUND\nPopular Income Plus Fund, Inc.\nPopular Center, North Building\nSecond Level (Fine Arts)\n209 Mu oz Rivera Avenue\nSan Juan, Puerto Rico 00918\nADVISER\nPopular Asset Management LLC\nPopular Center, North Building\nSecond Level (Fine Arts)\n209 Mu oz Rivera Avenue\nSan Juan, Puerto Rico 00918\nADMINISTRATOR, TRANSFER\nAGENT AND DIVIDEND DISBURSING AGENT\nALPS Fund Services, Inc.\n1290 Broadway, Suite 1000\nDenver, Colorado 80203\nCUSTODIAN\nJPMorgan Chase Bank, N.A.\n383 Madison Avenue\nNew York, New York 10017\nTHE DISTRIBUTOR\nPopular Securities, LLC\n208 Ponce De Leon Avenue\nPopular Center, Suite 1200\nSan Juan, Puerto Rico 00918\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nErnst Young LLP\nParque las Americas 1\n235 Calle Federico Costa\nSuite 410\nSan Juan, Puerto Rico\nLEGAL COUNSEL\nPietrantoni Mendez Alvarez LLC\nPopular Center, 19th Floor\n208 Ponce de Le n, San Juan, 00918, Puerto Rico\nRopes Gray LLP\nPrudential Tower\n800 Boylston Street, Boston, Massachusetts 02199\n33\nSTATEMENT\nOF ADDITIONAL INFORMATION\nPopular\nTotal Return Fund, Inc.\nPopular\nHigh Grade Fixed-Income Fund, Inc.\nPopular\nIncome Plus Fund, Inc.\n209\nMu oz Rivera Avenue, San Juan, Puerto Rico 00918 Phone No. (787) 754-4488\nThis\ncombined Statement of Additional Information ( SAI ) of Popular Total Return Fund, Inc. ( Total Return Fund ),\nPopular High Grade Fixed-Income Fund, Inc. ( High Grade Fund ) and Popular Income Plus Fund, Inc. ( Income Plus Fund )\n(each, a Fund and collectively, the Funds ) is not a prospectus and should be read in conjunction with the\napplicable prospectus of the High Grade Fund and the Income Plus Fund, dated October 22, 2025, and the Total Return Fund s prospectus,\ndated July 25, 2025, as they may be amended or supplemented from time to time (each, a Prospectus and collectively, the\nProspectuses ), which have been filed with the Securities and Exchange Commission (the Commission or the SEC )\nand can be obtained, without charge, by writing or calling the Funds at the address or telephone number printed above, or on the Funds\nwebsite at www.popularfunds.com . The Prospectuses are incorporated by reference into this\nSAI, and the parts of this SAI that relate to each Fund have been incorporated by reference into such Fund s Pr", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Popular_Income_Plus_Fund_Inc", "p": "administrator", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_Income_Plus_Fund_Inc", "p": "advisedBy", "o": "org:Popular_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_Income_Plus_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_Income_Plus_Fund_Inc", "p": "seriesOf", "o": "trust:Popular_Income_Plus_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_Income_Plus_Fund_Inc", "p": "transferAgent", "o": "org:ALPS_Fund_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Popular_Income_Plus_Fund_Inc", "p": "underwrittenBy", "o": "org:Popular_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Popular Income Plus Fund, Inc. <predicate_marker> administrator <object_marker> ALPS Fund Services, Inc. <predicate_marker> advisedBy <object_marker> Popular Asset Management LLC <predicate_marker> custodian <object_marker> JPMorgan Chase <predicate_marker> seriesOf <object_marker> Popular Income Plus Fund, Inc. <predicate_marker> transferAgent <object_marker> ALPS Fund Services, Inc. <triple_end>\n<triple_start> Popular Income Plus Fund, Inc. <predicate_marker> underwrittenBy <object_marker> Popular Securities, LLC <triple_end>", "target_serialized_plain": "Popular Income Plus Fund, Inc. administrator ALPS Fund Services, Inc. ; advisedBy Popular Asset Management LLC ; custodian JPMorgan Chase ; seriesOf Popular Income Plus Fund, Inc. ; transferAgent ALPS Fund Services, Inc. .\nPopular Income Plus Fund, Inc. underwrittenBy Popular Securities, LLC .", "stats": {"input_chars": 14841, "n_triples": 6, "text_to_json_ratio": 27.1}}
{"sample_id": "0001870102:ALL", "cik": "0001870102", "trust_name": "Capital Group Core Equity ETF", "input_text": "pay all operating expenses of the fund,\nexcept for the management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal\nfees and expenses relating to arbitration or litigation, payments under the fund s 12b-1 plan (if any) and other non-routine or\nextraordinary expenses. Additionally, the fund will be responsible for its non-operating expenses, including brokerage commissions and\nfees and expenses associated with the fund s securities lending program, if any.\nExample\nThis example is intended to help you compare the cost of investing in the fund with the cost of\ninvesting in other funds.\nThe example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 year\n3 years\n5 years\n10 years\n$ 34\n$ 106\n$ 185\n$ 418\nPortfolio\nturnover The fund pays transaction costs, such as commissions, when it buys and sells securities\n(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in\nhigher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or\nin the example, affect the fund s investment results. During the most recent fiscal year, the fund s portfolio turnover rate\nwas 34 % of the average value of its portfolio.\n1 Capital\nGroup Core Equity ETF / Prospectus\nPrincipal\ninvestment strategies The fund\ninvests primarily in common stocks of companies that the investment adviser believes demonstrate the potential for appreciation and/or\ndividends. The fund normally invests at least 80% of its assets in equity securities. The fund may invest up to 15% of its assets, at\nthe time of purchase, outside the United States. The fund is designed for investors seeking both capital appreciation and income.\nThe fund is nondiversified, which\nmeans it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund\nrelies on the professional judgment of its investment adviser to make decisions about the fund s portfolio investments. The basic\ninvestment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent\ngood, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively\nattractive investment opportunities.\nPrincipal\nrisks This section describes the principal risks\nassociated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest\nfor a shorter period of time.\nMarket\nconditions The prices of, and the income generated by, the common stocks and other securities held by the fund may decline\ndue to various factors, including events or conditions affectin\n...\nmarks or other funds with similar objectives.\nYour investment\nin the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental\nagency, entity or person. You should consider how this fund fits into your overall investment program.\nCapital\nGroup Core Equity ETF / Prospectus 4\nInvestment\nresults The following bar\nchart shows how the fund s investment results have varied from year to year, and the following table shows how the fund s\naverage annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other\nmeasures of market results that reflect the fund s investment universe. This information provides some indication of the risks\nof investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information\non the fund s investment results can be obtained by visiting capitalgroup.com/etf .\nAverage annual total returns For the periods ended December 31, 2024: 1 year Lifetime Fund (inception date 2/22/2022 ) 24.84 % 14.41 % After taxes on distributions 24.53 14.08 After taxes on distributions and sale of fund shares 14.91 11.22\nIndexes 1 year Lifetime (since fund s inception) S P 500 Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 25.02 % 13.31 %\nAfter-tax returns are calculated\nusing the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of\nstate and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results\nshown above.\n5 Capital\nGroup Core Equity ETF / Prospectus\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio\nmanager\nin this fund since:\nPrimary\ntitle with\ninvestment adviser\nCharles\nE. Ellwein\n2022\nPartner\nCapital Research Global Investors\nJ.\nBlair Frank\n2022\nPartner\nCapital Research Global Investors\nCaroline\nJones\n2022\nPartner\nCapital Research Global Investors\nKeiko\nMcKibben President\n2022\nPartner\nCapital Research Global Investors\nPurchase\nand sale of fund shares The fund\nis an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market through\na broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than\nNAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a\nbuyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when buying\nor selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV, market\nprice, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank),\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\nCapital\nGroup Core Equity ETF / Prospectus 18\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruption, includ\n...\nhe fund s offices.\nUnder\nthe Agreement, the investment adviser receives a management fee at the annual rate of .33%. Management fees are paid monthly and accrued\ndaily based on the average net assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of\nthe fund other than (i) interest expenses and other charges in connection with borrowing money, including line of credit and other loan\ncommitment fees; (ii) taxes; (iii) brokerage expenses and commissions and other fees, charges or expenses incurred in connection with\nthe execution of portfolio transactions or in connection with creation and redemption transactions; (iv) acquired fund fees and expenses;\n(v) expenses incident to meetings of fund shareholders and the associated preparation, filing and mailing of associated notices and proxy\nstatements; (vi) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation,\nincluding any settlements in connection therewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance\nwith Rule 12b-1 under the 1940 Act; (viii) fees and expenses related to the provision of securities lending services, including lending\nagent fees; (ix) other non-routine or extraordinary expenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe fiscal years ended May 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $13,497,000, $5,555,000\nand $1,681,000, respectively.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nCapital\nGroup Core Equity ETF Page 42\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares\nin amounts less than creation units are generally not distributed by the distributor or its agent. The distributor or its agent will arrange\nfor the delivery of the prospectus and, upon request, this statement of additional information to persons purchasing creation units and\nwill maintain records of both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although\nthe distributor does not receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company\nor its affiliates may pay the distributor from time to", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_Core_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Core_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Core_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Core_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Core_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Core_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_Core_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group Core Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group Core Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Core Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group Core Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group Core Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group Core Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14413, "n_triples": 6, "text_to_json_ratio": 23.9}}
{"sample_id": "0001870116:ALL", "cik": "0001870116", "trust_name": "Capital Group Global Growth Equity ETF", "input_text": "pay all operating expenses of the fund,\nexcept for the management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal\nfees and expenses relating to arbitration or litigation, payments under the fund s 12b-1 plan (if any) and other non-routine or\nextraordinary expenses. Additionally, the fund will be responsible for its non-operating expenses, including brokerage commissions and\nfees and expenses associated with the fund s securities lending program, if any.\nExample\nThis example is intended to help you compare the cost of investing in the fund with the cost of\ninvesting in other funds.\nThe example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 year\n3 years\n5 years\n10 years\n$ 48\n$ 151\n$ 263\n$ 591\nPortfolio\nturnover The fund pays transaction costs, such as commissions, when it buys and sells securities\n(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in\nhigher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or\nin the example, affect the fund s investment results. During the most recent fiscal year, the fund s portfolio turnover rate\nwas 26 % of the average value of its portfolio.\n1 Capital\nGroup Global Growth Equity ETF / Prospectus\nPrincipal investment strategies The fund invests primarily in common stocks of companies around the\nworld that the investment adviser believes have the potential for growth. The fund normally invests at least 80% of its assets in equity\nsecurities. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies in various countries,\nincluding the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions,\nthe fund will invest a percentage of its net assets outside the United States. That percentage will represent at least (a) 40% of the\nfund s net assets, unless market conditions are not deemed favorable by the fund s investment adviser, in which case 30%,\nor (b) the percentage of the MSCI All Country World Index represented by companies outside the United States minus 5%, whichever is lower.\nThe fund\nis nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment\nopportunities. Securities may be sold when the investment adviser believes that they no longer\n...\nmilar objectives.\nCapital\nGroup Global Growth Equity ETF / Prospectus 4\nYour investment\nin the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental\nagency, entity or person. You should consider how this fund fits into your overall investment program.\nInvestment results The following bar chart shows how the investment results have varied from year\nto year, and the following table shows how the fund s average annual total returns for various periods compare with a broad measure\nof securities market results and, if applicable, other measures of market results that reflect the fund s investment universe.\nThis information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are\nnot predictive of future investment results. Updated information on the fund s investment results can be obtained by visiting capitalgroup.com/etf .\nAverage annual total returns For the periods ended December 31, 2024: 1 year Lifetime Fund (inception date 2/22/2022 ) 14.95 % 7.32 % After taxes on distributions 14.69 7.12 After taxes on distributions and sale of fund shares 9.10 5.66\nIndexes 1 year Lifetime (since fund s inception) MSCI All Country World Index (ACWI) (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 17.49 % 8.80 %\nAfter-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ\nfrom the results shown above.\n5 Capital\nGroup Global Growth Equity ETF / Prospectus\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio manager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nBarbara\nBurtin\n2025\nPartner\nCapital World Investors\nPatrice\nCollette President\n2022\nPartner\nCapital World Investors\nMatt\nHochstetler\n2023\nPartner\nCapital World Investors\nPiyada\nPhanaphat\n2022\nPartner\nCapital World Investors\nJason\nB. Smith\n2024\nPartner\nCapital World Investors\nPurchase and sale of fund shares The fund is an exchange-traded fund ( ETF ). Individual\nshares of the fund may only be bought and sold in the secondary market through a broker-dealer at market price. Because ETF shares trade\nat market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor\nmay incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase fund shares (bid) and\nthe lowest price a seller is willing to accept for fund shares (ask) when buying or selling shares in the secondary market (the bid-ask\nspread ). Recent information regarding the fund s NAV, market price, premiums and discounts, and bid-ask spread is available\nat capitalgroup.com/etf.\nTax information Dividends and capital gain distributions you receive from the fund are subject to\nfederal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-favored (in which\ncase you may be taxed later, upon withdrawal of your investment from such account).\nPayments to broker-dealers and other financial intermediaries If you purchase shares of the fund\nthrough a broker-dealer or other financial intermediary (suc\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\n19 Capital\nGroup Global Growth Equity ETF / Prospectus\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruptio\n...\ne fund s offices.\nUnder the Agreement, the investment\nadviser receives a management fee at the annual rate of .47%. Management fees are paid monthly and accrued daily based on the average\nnet assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of the fund other than (i) interest\nexpenses and other charges in connection with borrowing money, including line of credit and other loan commitment fees; (ii) taxes; (iii)\nbrokerage expenses and commissions and other fees, charges or expenses incurred in connection with the execution of portfolio transactions\nor in connection with creation and redemption transactions; (iv) acquired fund fees and expenses; (v) expenses incident to meetings of\nfund shareholders and the associated preparation, filing and mailing of associated notices and proxy statements; (vi) legal fees or expenses\nin connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection\ntherewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; (viii)\nfees and expenses related to the provision of securities lending services, including lending agent fees; (ix) other non-routine or extraordinary\nexpenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe fiscal years ended May 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $22,013,000, $11,399,000\nand $4,143,000, respectively.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nCapital\nGroup Global Growth Equity ETF Page 45\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares in amounts less than creation\nunits are generally not distributed by the distributor or its agent. The distributor or its agent will arrange for the delivery of the\nprospectus and, upon request, this statement of additional information to persons purchasing creation units and will maintain records\nof both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although the distributor does\nnot receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company or its affiliates\nmay pay the distributor from", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_Global_Growth_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Growth_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Growth_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Growth_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Global_Growth_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Growth_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_Global_Growth_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group Global Growth Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group Global Growth Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Global Growth Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group Global Growth Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group Global Growth Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group Global Growth Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14414, "n_triples": 6, "text_to_json_ratio": 22.9}}
{"sample_id": "0001870130:ALL", "cik": "0001870130", "trust_name": "Capital Group International Focus Equity ETF", "input_text": "may act as Authorized Participants. In addition, to the extent that securities held by the fund are traded\noutside a collateralized settlement system, Authorized Participants may be required to post collateral on certain trades on an agency\nbasis (on behalf of other market participants), which only a limited number of Authorized Participants may be able to do. If Authorized\nParticipants exit the business or are unable to or elect not to engage in creation or redemption transactions, and no other Authorized\nParticipant engages in such function, fund shares may trade at a premium or discount to the fund s net asset value and/or at wider\nintraday bid-ask spreads and possibly face trading halts or delisting.\nNondiversification\nAs a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund.\nA fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political,\ngeographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely\naffect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund s shares can be\nexpected to fluctuate more than might be the case if the fund were more broadly diversified.\nManagement\nThe investment adviser to the fund actively manages the fund s investments. Consequently, the fund is subject to the risk\nthat the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or\nincorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant\nbenchmarks or other funds with similar objectives.\nCapital\nGroup International Focus Equity ETF / Prospectus 4\nYour investment\nin the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental\nagency, entity or person. You should consider how this fund fits into your overall investment program.\nInvestment\nresults The following bar\nchart shows how the fund s investment results have varied from year to year, and the following table shows how the fund s\naverage annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other\nmeasures of market results that reflect the fund s investment universe. This information provides some indication of the risks\nof investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information\non the fund s investment results can be obtained by visiting capitalgroup.com/etf .\nAverage annual total returns For the periods ended December 31, 2024: 1 year Lifetime Fund (inception date 2/22/2022 ) 4.75 % 1.37 % After taxes on distributions 4.63 1.19 After taxes on distributions and sale of fund shares 3.12 1.10\nIndexes 1 year Lifetime (since fund s inception) MSCI All Country World ex USA Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 5.53 % 2.41 %\nAfter-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ\nfrom the results shown above.\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio\nmanager\nin\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nNicholas\nJ. Grace\n2022\nPartner\nCapital Research Global Investors\nSung\nLee\n2022\nPartner\nCapital Research Global Investors\nRenaud\nH. Samyn\n2022\nPartner\nCapital Research Global Investors\nChristopher\nThomsen President\n2022\nPartner\nCapital Research Global Investors\n5 Capital\nGroup International Focus Equity ETF / Prospectus\nPurchase\nand sale of fund shares The fund\nis an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market through\na broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than\nNAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a\nbuyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when buying\nor selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV, market\nprice, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broke\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\n17 Capital\nGroup International Focus Equity ETF / Prospectus\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other inter\n...\nhe fund s offices.\nUnder\nthe Agreement, the investment adviser receives a management fee at the annual rate of .54%. Management fees are paid monthly and accrued\ndaily based on the average net assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of\nthe fund other than (i) interest expenses and other charges in connection with borrowing money, including line of credit and other loan\ncommitment fees; (ii) taxes; (iii) brokerage expenses and commissions and other fees, charges or expenses incurred in connection with\nthe execution of portfolio transactions or in connection with creation and redemption transactions; (iv) acquired fund fees and expenses;\n(v) expenses incident to meetings of fund shareholders and the associated preparation, filing and mailing of associated notices and proxy\nstatements; (vi) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation,\nincluding any settlements in connection therewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance\nwith Rule 12b-1 under the 1940 Act; (viii) fees and expenses related to the provision of securities lending services, including lending\nagent fees; (ix) other non-routine or extraordinary expenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe fiscal years ended May 31, 2025, 2024 and 2023, the investment adviser earned from the fund management fees of $16,787,000, $9,918,000\nand $4,088,000, respectively.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nCapital\nGroup International Focus Equity ETF Page 45\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares\nin amounts less than creation units are generally not distributed by the distributor or its agent. The distributor or its agent will arrange\nfor the delivery of the prospectus and, upon request, this statement of additional information to persons purchasing creation units and\nwill maintain records of both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although\nthe distributor does not receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company\nor its affiliates may pay the distributo", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_International_Focus_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Focus_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Focus_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Focus_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_International_Focus_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Focus_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_International_Focus_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group International Focus Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group International Focus Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group International Focus Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group International Focus Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group International Focus Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group International Focus Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 12548, "n_triples": 6, "text_to_json_ratio": 19.4}}
{"sample_id": "0001924868:ALL", "cik": "0001924868", "trust_name": "Tidal Trust II", "input_text": "defiance:C000275364Member\n2026-06-05\n2026-06-05\n0001924868\ndefiance:C000275363Member\n2026-06-05\n2026-06-05\n0001924868\ndefiance:S000104721Member\noef:RiskLoseMoneyMember\n2026-06-05\n2026-06-05\n0001924868\ndefiance:S000104720Member\noef:RiskLoseMoneyMember\n2026-06-05\n2026-06-05\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nAS\nFILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON JUNE 5, 2026\n1933\nAct Registration File No.: 333-264478\n1940\nAct File No.: 811-23793\nUNITED\nSTATES\nSECURITIES\nAND EXCHANGE COMMISSION\nWashington,\nD.C. 20549\nFORM\nN-1A\nREGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective\nAmendment No. ___\nPost-Effective\nAmendment No. 621\nand/or\nREGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment\nNo. 624\nTIDAL\nTRUST II\n(Exact\nName of Registrant as Specified in Charter)\n234\nWest Florida Street, Suite 700\nMilwaukee,\nWisconsin 53204\n(Address\nof Principal Executive Offices, Zip Code)\n(Registrant s\nTelephone Number, including Area Code) (855) 843-2534\nThe\nCorporation Trust Company\n1209\nOrange Street\nCorporation\nTrust Center\nWilmington,\nDE 19801\n(Name\nand Address of Agent for Service)\nCopies\nto:\nEric\nW. Falkeis\nTidal\nETF Services LLC\n234\nWest Florida Street, Suite 700\nMilwaukee,\nWI 53204\nRachael\nL. Schwartz\nSullivan\nWorcester LLP\n1251\nAvenue of the Americas\nNew York, New York 10020\nIt\nis proposed that this filing will become effective (check appropriate box):\nimmediately\nupon filing pursuant to paragraph (b)\non\n(date) pursuant to paragraph (b)\n60\ndays after filing pursuant to paragraph (a)(1)\non\n(date) pursuant to paragraph (a)(1)\n75\ndays after filing pursuant to paragraph (a)(2)\non\n(date) pursuant to paragraph (a)(2) of rule 485\nExplanatory\nNote : This Post-Effective Amendment No. 621\nto the Registration Statement of Tidal Trust II (the Trust ) is being filed to respond to Staff comments with respect\nto the registration statement of Defiance Daily Target 2X Long SpaceX ETF and Defiance Daily Target 2X Short SpaceX ETF as two\nnew series of the Trust, and to make other permissible changes under Rule 485(b).\nDefiance\nDaily Target 2X Short SpaceX ETF (SPCQ)\nlisted\non CBOE BZX Exchange, Inc.\nPROSPECTUS\nJune\n5, 2026\nThe\nU.S. Securities and Exchange Commission (the SEC ) has not approved or disapproved of these securities or passed\nupon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nThe\nFund seeks daily leveraged inverse investment results and is intended to be used as a short-term trading vehicle. The Fund attempts\nto provide daily investment results that correspond to two times the inverse (or opposite) of the performance of an underlying\nsecurity.\nThe\nFund seeks daily inverse leveraged investment results and is intended to be used as a short-term trading vehicle. The Fund is\nnot intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.\nThe\nFund is very different from most mutual funds and exchange-traded funds. Investors should note that:\n(1) The\nFund is riskier than alternatives that do not use leverage because the Fund magnifies\nthe performance of its underlying security.\n(2) The\nFund pursues a daily investment objective that is inverse to the performance of its underlying\nsecurity, a result opposite of most mutual funds and ETFs.\n(3) The\npursuit of its daily investment objective means that the return of the Fund for a period\nlonger than a full trading day will be the product of a series of daily leveraged inverse\nreturns, for each trading day during the relev\n...\nr 333-296070 through the SEC s\nwebsite at www.sec.gov .\nAdditional\ninformation about SpaceX may also be obtained from other publicly available sources, including press releases, news articles,\nindustry publications and other publicly disseminated documents.\nThis\ndocument relates only to the securities offered hereby and does not relate to the shares of SPCX or other securities of Space\nExploration Technologies Corporation. The Fund has derived all disclosures contained in this document regarding SPCX from the\npublicly available documents. None of the Fund, Tidal Trust II (the Trust ), or the Adviser, or their respective\naffiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry\nregarding such documents with respect to SPCX. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes\nany representation that such publicly available documents or any other publicly available information regarding SPCX is accurate\nor complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events\nthat would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading\nprice of SPCX (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent\ndisclosure of any such events or the disclosure of or failure to disclose material future events concerning SPCX could affect\nthe value received with respect to the securities and therefore the value of the securities.\nNone\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of SPCX.\nNONE\nOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SPACE EXPLORATION TECHNOLOGIES\nCORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SPACE EXPLORATION TECHNOLOGIES\nCORPORATION.\nMoreover,\nSpace Exploration Technologies Corporation has not participated in the development of the Fund s investment strategy. Space\nExploration Technologies Corporation does not select or approve the Fund s portfolio holdings, nor does it participate in\nthe construction, design, or implementation of the Fund. Space Exploration Technologies Corporation does not provide any assurances,\nguarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security\nby Space Exploration Technologies Corporation.\nNone\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SpaceX\nor its affiliates. All rights in the trademarks are reserved by their respective owners.\nDue\nto the Fund s investment strategy, the Fund s investment exposure is concentrated in the same industry as that assigned\nto the Underlying Security. As of the date of this Prospectus, SpaceX is assigned to the Cable Satellite industry.\n3\nPrincipal\nInvestment Risks\nThe\nprincipal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all\nor a portion of your investment in the Fund. Each risk summarized below is considered a principal risk of investing\nin the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund s net\nasset value per share ( NAV ), trading price, yield, total return and/or ability to meet its investment objective.\nFor more in\n...\nnception in 2026.\nPurchase\nand Sale of Shares\nThe\nFund issues and redeems Shares at NAV only in large blocks known as Creation Units, which only APs (typically, broker-dealers)\nmay purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the Deposit\nSecurities ) and/or a designated amount of U.S. cash.\nShares\nare listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary\nmarket through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade\nat a price greater than NAV (premium) or less than NAV (discount).\nAn\ninvestor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares\n(the bid price) and the lowest price a seller is willing to accept for Shares (the ask price) when\nbuying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the bid-ask\nspread.\nWhen\navailable, information regarding the Fund s NAV, market price, how often Shares traded on the Exchange at a premium or discount,\nand bid-ask spreads can be found on the Fund s website at www.defianceetfs.com.\n10\nTax\nInformation\nFund\ndistributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or a combination),\nunless your investment is in an individual retirement account ( IRA ) or other tax-advantaged account. Distributions\non investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.\nFinancial\nIntermediary Compensation\nIf\nyou purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an Intermediary ),\nthe Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities\nthat are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities,\nsuch as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create\na conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any\nsuch arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary s website for\nmore information.\n11\nADDITIONAL\nINFORMATION ABOUT THE FUND\nInvestment\nObjective\nThe\nFund seeks daily inverse investment results of -2 times (-200%) the daily percentage change of the common stock of its Underlying\nSecurity. The Fund seeks -2X investment results on a daily basis from the close of regular trading on one trading day\nto the close on the next trading day which should not be equated with seeking a -2X investment objective for any other\nperiod.\nThe\nFund seeks to provide a return of -2X daily performance of its Underlying Security. The Fund does not attempt to, and should not\nbe expected to, provide -2X returns of its Underlying Security for periods other than a single day. The Fund rebalances its implied\nexposure on a daily basis, increasing inverse exposure in the Underlying Security in response to that day s gains or reducing\ninverse exposure in the Underlying Security in response to that day s losses.\nThe\nexposure to the Underlying Security received by an investor who purchases the Fund intra-day will differ from the Fund s\nstated daily investment objective by an amount determined by the move\n...\nits share price typically drops by an amount roughly equal to the distribution. As a hypothetical\nexample, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution\non December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains\n$5,000 (250 shares $19 in share value plus 250 shares $1 distribution), you would owe taxes on the $250 distribution,\neven if you reinvest the distribution rather than receiving it in cash.\nDistributions\nare taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they\nwere reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your\ninvestment, without corresponding benefit.\nUnless\nyou are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid\npurchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund s\ndistribution schedule prior to investing. When available, information about the Fund s distribution schedule can be found\non the Fund s website at www.defianceetfs.com.\nThe\nforegoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund.\nIt is not a substitute for personal tax advice. You also may be subject to foreign, state, and local tax on Fund distributions\nand sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all\napplicable tax laws. For more information, please see the section entitled Federal Income Taxes in the SAI.\nDISTRIBUTION\nForeside\nFund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the Distributor ), the\nFund s distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund\non an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies\nof the Fund or the securities that are purchased or sold by the Fund. The Distributor s principal address is 190 Middle\nStreet, Suite 301, Portland, Maine 04101.\nThe\nBoard has adopted a Distribution (Rule 12b-1) Plan (the Plan ) pursuant to Rule 12b-1 under the 1940 Act. In accordance\nwith the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution\nfees for the sale and distribution of its Shares.\nNo\nRule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1\nfees are charged in the future, because the fees are paid out of assets of the Fund on an ongoing basis, over time these fees\nwill increase the cost of your investment and may cost you more than certain other types of sales charges.\nPREMIUM/DISCOUNT\nINFORMATION\nWhen\navailable, information regarding how often Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or\nbelow (i.e., at a discount) the NAV of the Fund can be found on the Fund s website at www.defianceetfs.com.\nWhen\navailable, information regarding the number of days in the prior six months that the Fund failed to provide the sought after leveraged\nreturns (subject to a de minimis threshold) as well as the highest positive and negative variances during the period can be found\non the Fund s website at www.defianceetfs.com.\nADDITIONAL\nNOTICES\n...\nder bringing a direct claim must be a shareholder of the Fund with respect to which the direct action is brought at the\ntime of the injury complained of or have acquired the shares afterwards by operation of law from a person who was a shareholder\nat that time. The Declaration of Trust further provides that the Fund shall be responsible for payment of attorneys fees\nand legal expenses incurred by a complaining shareholder only if required by law, and any attorneys fees that the Fund\nis obligated to pay shall be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the\nfederal securities laws.\nThe\nDeclaration of Trust also requires that actions by shareholders against the Fund be brought exclusively in a federal or state\ncourt located within the State of Delaware. This provision will not apply to claims brought under the federal securities laws.\nLimiting shareholders ability to bring actions only in courts located in Delaware may cause shareholders economic hardship\nto litigate the action in those courts, including paying for travel expenses of witnesses and counsel, requiring retaining local\ncounsel, and may limit shareholders ability to bring a claim in a judicial forum that shareholders find favorable for disputes,\nwhich may discourage such actions.\nFINANCIAL\nHIGHLIGHTS\nThis\nsection would ordinarily include Financial Highlights for the Fund. The Financial Highlights tables are intended to help you understand\nthe performance of the Fund for that Fund s period of operations. Because the Fund has not yet completed its initial fiscal\nperiod as of the date of this Prospectus, no Financial Highlights are shown.\n32\nDefiance\nETFs\nAdviser\nTidal\nInvestments LLC\n234 West Florida Street, Suite 700\nMilwaukee, Wisconsin 53204\nAdministrator\nTidal\nETF Services LLC\n234 West Florida Street, Suite 700\nMilwaukee, Wisconsin 53204\nDistributor\nForeside\nFund Services, LLC\n190 Middle Street, Suite 301\nPortland,\nMaine 04101\nFund Accountant\nand Transfer Agent\nU.S.\nBancorp Fund Services, LLC,\ndoing business as U.S. Bank Global\nFund Services\n615 East Michigan Street\nMilwaukee, Wisconsin 53202\nLegal\nCounsel\nSullivan\nWorcester LLP\n1251 Avenue of the Americas, 19 th Floor\nNew York, New York 10020\nCustodian\nU.S.\nBank National Association\n1555 North Rivercenter Drive\nMilwaukee, Wisconsin 53212\nIndependent\nRegistered Public\nAccounting Firm\nCohen\nCompany, Ltd.\n1835\nMarket Street, Suite 310\nPhiladelphia, Pennsylvania 19103\nInvestors\nmay find more information about the Fund in the following documents:\nStatement\nof Additional Information: The Fund s SAI provides additional details about the investments of the Fund and certain\nother additional information. A current SAI dated June 5, 2026, as supplemented from time to time, is on file with the SEC and\nis herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.\nAnnual/Semi-Annual\nReports: Additional information about the Fund s investments will be available in the Fund s annual and semi-annual\nreports to shareholders and in Form N-CSR. In the Fund s annual report you will find a discussion of the market conditions\nand investment strategies that significantly affected the Fund s performance after the first fiscal year the Fund is in\noperation. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements.\nYou\ncan obtain free copies of these documents, when available, request other information or make general inquiries about the Fund\nby contacting the Fund at the Defiance ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 219252 Kansas City, MO 64121-9252 or\ncalling 833-333-9383.\nShareholder\nreports and other information about the Fund is also available:\nFree\nof charge from the SEC s EDGAR database on the SEC s website at w\n...\nFutures ETF, Return Stacked Bonds Futures Yield ETF, Return Stacked U.S. Equity\nFutures Yield ETF, Return Stacked Bonds Merger Arbitrage ETF and Return Stacked U.S. Stocks\nGold/Bitcoin ETF) , previously filed with Post-Effective Amendment No. 355 on Form N-1A\non May 27, 2025 and is incorporated herein by reference.\n(iii) Third\nAmendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (adding Return Stacked\nInternational Stocks Managed Futures ETF) , previously filed with Post-Effective Amendment\nNo. 593 on Form N-1A on May 4, 2026 and is incorporated herein by reference.\n(xxxi)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Montrose Estate Capital Management, LLC d/b/a Days Global Advisors (for the\nDGA Absolute Return ETF) , previously filed with Post-Effective Amendment No. 79 on April 14,\n2023.\n(xxxii)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Veridien Global Investors LLC (for the Veridien Climate Action ETF) ,\npreviously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference.\n(xxxiii)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Roundhill Financial Inc. (for the Roundhill Generative AI Technology\nETF) , previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and\nis incorporated herein by reference.\n(xxxiv)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend\nETF) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and\nis incorporated herein by reference.\n(xxxv)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Blueprint Fund Management, LLC (for the Blueprint Chesapeake Multi-Asset Trend\nETF) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and\nis incorporated herein by reference.\n(xxxvi)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Grizzle Investment Management LLC (for the Grizzle Growth ETF) ,\npreviously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.\n(xxxvii)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and Cambria Investment Management, L.P. (for the Grizzle Growth ETF) ,\npreviously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.\n(xxxviii)\nInvestment\nSub-Advisory Agreement between Toroso Investments, LLC and MSA Power Funds LLC (for the CoreValues Alpha Greater China Growth ETF ,\npreviously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.\n(i) First\nAmendment to the Sub-Advisory Agreement between Tidal Investment LLC and MSA Power Funds LLC (for the CoreValues America First Technology\nIndex ETF) , previously filed with Post-Effective Amendment No. 463 on Form N-1A on November 10,\n2025 and is incorporated herein by reference.\n(xxxix)\nInvestment\nSub-Advisory Agreement between Tidal Investments LLC and Hilton Capital Management, LLC (on behalf of Hilton Small-MidCap Opportunity\nETF) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023\nand is incorporated herein by reference.\n(i) First\nAmendment to the Investment Sub-Advisory Agreement Adding: Hilton BDC Corporate Bond ETF , previously\nfiled with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference.\n(xl)\nInvestment\nSub-Advisory Agreement between Tidal Investments LLC and Quantify Chaos Advisors, LLC (for the Quantify Absolute Income ETF) ,\npreviously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference.\n(i) First\nAmendment to the Investment Sub-Advisory Agreement Adding: STKd 100% Bitcoin 100% Gold ETF ,\npreviously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference.\n(ii) Second\nAm", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "administrator", "o": "org:Tidal_ETF_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "advisedBy", "o": "org:Tidal_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "seriesOf", "o": "trust:Tidal_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "subAdvisedBy", "o": "org:Blueprint_Fund_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Blueprint_Chesapeake_Multi_Asset_Trend_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "administrator", "o": "org:Tidal_ETF_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "advisedBy", "o": "org:Tidal_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "custodian", "o": "org:U_S_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "seriesOf", "o": "trust:Tidal_Trust_II", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "subAdvisedBy", "o": "org:Cambria_Investment_Management_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cambria_Chesapeake_Pure_Trend_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Tidal_Trust_II", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Blueprint Chesapeake Multi-Asset Trend ETF <predicate_marker> administrator <object_marker> Tidal ETF Services, LLC <predicate_marker> advisedBy <object_marker> Tidal Investments LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A. <predicate_marker> seriesOf <object_marker> Tidal Trust II <predicate_marker> subAdvisedBy <object_marker> Blueprint Fund Management, LLC <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Cambria Chesapeake Pure Trend ETF <predicate_marker> administrator <object_marker> Tidal ETF Services, LLC <predicate_marker> advisedBy <object_marker> Tidal Investments LLC <predicate_marker> custodian <object_marker> U.S. Bank N.A. <predicate_marker> seriesOf <object_marker> Tidal Trust II <predicate_marker> subAdvisedBy <object_marker> Cambria Investment Management, L.P. <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services LLC <triple_end>\n<triple_start> Tidal Trust II <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services, LLC <triple_end>", "target_serialized_plain": "Blueprint Chesapeake Multi-Asset Trend ETF administrator Tidal ETF Services, LLC ; advisedBy Tidal Investments LLC ; custodian U.S. Bank N.A. ; seriesOf Tidal Trust II ; subAdvisedBy Blueprint Fund Management, LLC ; transferAgent U.S. Bancorp Fund Services LLC .\nCambria Chesapeake Pure Trend ETF administrator Tidal ETF Services, LLC ; advisedBy Tidal Investments LLC ; custodian U.S. Bank N.A. ; seriesOf Tidal Trust II ; subAdvisedBy Cambria Investment Management, L.P. ; transferAgent U.S. Bancorp Fund Services LLC .\nTidal Trust II underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 22400, "n_triples": 13, "text_to_json_ratio": 20.5}}
{"sample_id": "0001953487:ALL", "cik": "0001953487", "trust_name": "Mason Capital Fund Trust", "input_text": "ration No. 333-270294\nInvestment Company Act Registration No. 811-23853\nAs filed with the Securities and Exchange Commission\non October 25, 2024\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D. C. 20549\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT\nOF 1933 [X]\n[ ]\nPre-Effective Amendment No.\n[X]\nPost-Effective Amendment No. 1\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY\nACT OF 1940 [X]\n[X]\nAmendment No. 1\n(Check appropriate box or boxes.)\nMason Capital Fund Trust\n(Exact Name of Registrant as Specified in Charter)\n50 Federal Street,\n9 th Floor, Boston, MA 02110\n(Address of Principal Executive Offices) (Zip Code)\nRegistrant s Telephone Number, including\nArea Code: (617) 228-5190\nThe Corporation Trust Company\n1209 Orange Street\nWilmington, DE 19801\n(Name and Address of Agent for Service)\nWith copy to:\nAndrew Davalla\nThompson Hine LLP\n41 South High Street, Suite 1700\nColumbus, OH 43215\nElliot Bruce\nMason Capital Partners\n50 Federal Street, 9 th Floor\nBoston, MA 02110\nIt is proposed that this filing will become effective:\n[ ] Immediately\nupon filing pursuant to paragraph (b) of Rule 485\n[X] On October 28, 2024\npursuant to paragraph (b) of Rule 485\n[ ] 60\ndays after filing pursuant to paragraph (a)(1) of Rule 485\n[ ] On\n(date) pursuant to paragraph (a)(1) of Rule 485\n[ ] 75\ndays after filing pursuant to paragraph (a)(2) of Rule 485\n[ ] On\n(date) pursuant to paragraph (a)(2) of Rule 485.\nIf appropriate, check the following box:\n[ ] This\npost-effective amendment designates a new effective date for a previously filed post-effective\namendment.\nFundamentals First ETF\nExchange-traded fund shares are not individually\nredeemable\nand are listed on Cboe BZX Exchange, Inc. under\nthe symbol KNOW\nProspectus Dated October 28, 2024\nwww.fundamentalsfirstfund.com\nAdvised by:\nMason Capital Partners\n50 Federal Street, 9 th Floor\nBoston, MA 02110\n(617) 228-5190\nwww.mason-capital.com\nThe Securities and Exchange Commission (SEC)\nhas not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the\ncontrary is a criminal offense.\nTABLE OF CONTENTS\nFundamentals First ETF Summary\n1\nInvestment Objectives/Goals\n1\nPortfolio Turnover\n2\nPrincipal Investment Strategies\n2\nPrincipal Risks of Investing in the Fund\n3\nPerformance Information\n7\nManagement\n8\nPurchase and Sale of Fund Shares\n8\nTax Information\n8\nPayments to Broker-Dealers and Other Financial Intermediaries\n8\nAdditional Information About Principal Investment Strategies and Related Risks\n9\nInvestment Objectives/Goals\n9\nPrincipal Investment Strategies\n9\nPrincipal Investment Risks\n10\nTemporary Investments\n15\nManagement of the Fund\n15\nInvestment Advisor\n15\nPortfolio Managers\n16\nAdvisor s Prior Related Performance Information\n17\nNet Asset Value\n17\nPremium/Discount Information\n18\nHow to Buy and Sell Shares\n18\nFrequent Purchases and Redemptions of Fund Shares\n20\nDividends, Other Distributions and Taxes\n20\nFinancial Highlights\n23\nPRIVACY NOTICE\n25\ni\nFundamentals First ETF Summary\nInvestment Objectives/Goals\nThe Fund seeks income and capital growth.\nFees and Expenses\nThis table describes the fees and expenses that\nyou may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to\nfinancial intermediaries, which are not reflected in the tables and examples below.\nShareholder Fees (fees paid directly from your investment)\nMaximum\nSales Charge (Load) Imposed on Purchases\n(as a percentage of offering price)\nNone\nMaximum\nDeferred Sales Charge (Load)\n(as a percentage of offering price)\n...\nr the day-to-day management of the Fund.\nPurchase and Sale of Fund\nShares\nThe Fund issues and redeems Shares at NAV\nper Share only in large blocks of shares (each block of Shares is called a Creation Unit ). Creation Units are issued and\nredeemed for cash and/or in-kind for securities. Individual Shares may only be purchased and sold in secondary market transactions through\nbrokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.\nShares\nof the Fund are listed for trading on the Cboe BZX Exchange, Inc. (the Exchange ) and trade at market prices rather than\nNAV. Shares of the Fund may trade at a price that is greater than NAV (premium) or less than NAV (discount). An investor may incur costs\nattributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest\nprice a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask\nspread ). Information on the Fund s NAV, market price, premiums and discounts, and bid-ask spreads, can be found on the Fund s\nwebsite at www.fundamentalsfirstfund .com .\nTax Information\nDividends and capital gain distributions you receive\nfrom the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either\nordinary income or capital gains tax rates unless you are investing through a tax-free plan. If you are investing through a tax-free plan,\nyou will be taxed upon withdrawal from certain retirement plans and accounts generally subject to federal income tax.\nPayments to Broker-Dealers and Other Financial\nIntermediaries\nIf you purchase the Fund through a broker-dealer\nor other financial intermediary (such as a bank), the Advisor may pay the intermediary for the sale of Fund shares and related services.\nThese payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend\nthe Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information.\n8\nAdditional Information About Principal Investment\nStrategies and Related Risks\nInvestment Objectives/Goals\nThe Fund seeks income and capital growth.\nThe Fund s investment objective may\nbe changed by the Board of Trustees upon 60 days written notice to shareholders. The Fund s investment policies may be changed\nby the Board of Trustees without shareholder approval unless otherwise noted in this Prospectus or the Statement of Additional Information.\nPrincipal Investment Strategies\nThe Fund primarily invests in publicly traded\nsecurities of publicly traded companies and fixed income securities. The majority of the Fund s assets are held in equities with\nthe balance allocated to fixed income securities. The Fund invests in both U.S. and non-U.S. based companies.\nEquity securities include common stock and\nAmerican Depositary Receipts ( ADRs ) and may be made in companies of any market capitalization, industry or geographical\nlocation including foreign and emerging market countries. The Fund considers issuers from foreign countries to be those issuers economically\ntied, as described above, to a country or countries outside the United States. The Fund considers emerging market countries to be those\nrepresented in the MSCI Emerging Markets Index.\nWith respect to fixed income securities, the\nFund may invest in (1) domestic and foreign corporate bonds and notes (including commercial notes, unsecured promissory notes and variable\n...\nred plus any Cash Component it\npays. An Authorized Participant that exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference\nbetween the exchanger s basis in the Creation Units and the sum of the aggregate market value of the securities received plus any\ncash equal to the difference between the NAV of the Shares being redeemed and the value of the securities. The Internal Revenue Service\n( Service ), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted\ncurrently under the rules governing wash sales or for other reasons. Persons exchanging securities should consult their\nown tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.\nAny capital gain or loss realized upon redemption\nof Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term\ncapital gain or loss if the Shares have been held for one year or less.\nIf you purchase or redeem Creation Units, you\nwill be sent a confirmation statement showing how many Shares you purchased or sold and at what price. See Tax Status in\nthe SAI for a description of the newly effective requirement regarding basis determination methods applicable to Share redemptions and\nthe Fund s obligation to report basis information to the Service.\nThe foregoing discussion summarizes some of the\npossible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult\nyour personal tax advisor about the potential tax consequences of an investment in the Shares under all applicable tax laws. See Tax\nStatus in the SAI for more information.\nFund Service Providers\nU.S. Bancorp Fund Services LLC d/b/a U.S. Bank\nGlobal Fund Services is the Fund s administrator and fund accountant. It has its principal office at 615 East Michigan Street, Milwaukee,\nWI 53202 and is primarily in the business of providing administrative, fund accounting and regulatory filing services to retail and institutional\nmutual funds.\nU.S. Bank National Association is the Fund s\ncustodian. It has its principal office at 1555 North Rivercenter Drive, Suite 302, Milwaukee, WI 53212.\nQuasar Distributors, LLC (the Distributor ),\nlocated at 111 E Kilbourn Ave., Suite 2200, Milwaukee, WI 53202, is the distributor for the shares of the Fund. The Distributor is a registered\nbroker-dealer and member of the Financial Industry Regulatory Authority, Inc. ( FINRA ).\nThompson Hine LLP, 41 South High Street, Suite\n1700, Columbus, OH 43215, serves as legal counsel to the Trust.\nCohen Company, Ltd. located at 1835 Market\nStreet, Suite 310, Philadelphia, PA 19103 serves as the Fund s independent registered public accounting firm. The independent registered\npublic accounting firm is responsible for auditing the annual financial statements of the Fund.\n22\nOther Information\nContinuous Offering\nThe method by which Creation Units of Shares are\ncreated and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold\nby a Fund on an ongoing basis, a distribution, as such term is used in the Securities Act of 1933, as amended (the Securities\nAct ), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending\non the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters\nand subject them to the prospectus delivery requirement and liability provisions of the Securities Act.\nFor example, a broker-dealer firm or its client\nmay be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent\nShares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling\neffort involving solicitation of secondary market demand for Shares. A determina", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Fundamentals_First_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fundamentals_First_ETF", "p": "advisedBy", "o": "org:Mason_Capital_Partners", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fundamentals_First_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fundamentals_First_ETF", "p": "seriesOf", "o": "trust:Mason_Capital_Fund_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Fundamentals_First_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Mason_Capital_Fund_Trust", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Fundamentals First ETF <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Mason Capital Partners <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Mason Capital Fund Trust <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Mason Capital Fund Trust <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "Fundamentals First ETF administrator U.S. Bancorp Fund Services, LLC ; advisedBy Mason Capital Partners ; custodian U.S. Bank National Association ; seriesOf Mason Capital Fund Trust ; transferAgent U.S. Bancorp Fund Services, LLC .\nMason Capital Fund Trust underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 11299, "n_triples": 6, "text_to_json_ratio": 20.4}}
{"sample_id": "0001969445:ALL", "cik": "0001969445", "trust_name": "Capital Group International Equity ETF", "input_text": "pay all operating expenses of the fund,\nexcept for the management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal\nfees and expenses relating to arbitration or litigation, payments under the fund s 12b-1 plan (if any) and other non-routine or\nextraordinary expenses. Additionally, the fund will be responsible for its non-operating expenses, including brokerage commissions and\nfees and expenses associated with the fund s securities lending program, if any.\nExample\nThis example is intended to help you compare the cost of investing in the fund with the cost of\ninvesting in other funds.\nThe example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 year\n3 years\n5 years\n10 years\n$ 55\n$ 173\n$ 302\n$ 677\nPortfolio\nturnover The fund pays transaction costs, such as commissions, when it buys and sells securities\n(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in\nhigher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or\nin the example, affect the fund s investment results. During the most recent fiscal year, the fund s portfolio turnover rate\nwas 22 % of the average value of its portfolio.\n1 Capital\nGroup International Equity ETF / Prospectus\nPrincipal\ninvestment strategies The fund\ninvests primarily in common stocks outside of the United States that the investment adviser believes have the potential for growth, many\nof which have the potential to pay dividends. Under normal market conditions, the fund will invest at least 80% of its net assets in\nequity securities, and at least 80% of its net assets outside the United States. The fund therefore expects to be invested in a number\nof countries outside the United States. The fund may invest up to 10% of its net assets in emerging markets. In determining the domicile\nof an issuer, the fund s investment adviser will generally look to the determination of MSCI Inc. (MSCI).\nIn pursuing\nthe fund s objective, the fund s investment adviser focuses primarily on companies with attributes that are associated with\nlong-term growth and resilience to market declines, such as strong management, participation in a growing market, strong balance sheets,\npayment of dividends and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets.\nThe fund\nis nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to inves\n...\ns.\nYour investment in the fund is not\na bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity\nor person. You should consider how this fund fits into your overall investment program.\n5 Capital\nGroup International Equity ETF / Prospectus\nInvestment\nresults The following bar\nchart shows the fund s investment results for its first full calendar year of operations, and the following table shows how the\nfund s average annual total returns for various periods compare with a broad measure of securities market results and, if applicable,\nother measures of market results that reflect the fund s investment universe. This information provides some indication of the\nrisks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated\ninformation on the fund s investment results can be obtained by visiting capitalgroup.com/etf .\nAverage annual total returns For the periods ended December 31, 2024: 1 year Lifetime Fund (inception date 9/26/2023 ) 1.09 % 9.84 % After taxes on distributions 0.85 9.57 After taxes on distributions and sale of fund shares 0.92 7.55\nIndexes 1 year Lifetime (since fund s inception) MSCI EAFE (Europe, Australasia, Far East) Index (reflects no deductions for account fees, expenses or U.S. federal income taxes) 3.82 % 11.58 %\nAfter-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ\nfrom the results shown above.\nCapital\nGroup International Equity ETF / Prospectus 6\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio\nmanager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nEu-Gene\nCheah\n2023\nPartner\nCapital International Investors\nGerald\nDu Manoir President\n2023\nPartner\nCapital International Investors\nSamir\nParekh\n2024\nPartner\nCapital International Investors\nPurchase\nand sale of fund shares The fund\nis an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market through\na broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than\nNAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a\nbuyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when buying\nor selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV, market\nprice, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund s distributor\nor its affiliates may pay the intermediary for the\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\nCapital\nGroup International Equity ETF / Prospectus 20\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruptio\n...\nadviser receives a management fee at the annual rate of 0.54%. Management fees are paid monthly and accrued\ndaily based on the average net assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of\nthe fund other than (i) interest expenses and other charges in connection with borrowing money, including line of credit and other loan\ncommitment fees; (ii) taxes; (iii) brokerage expenses and commissions and other fees, charges or expenses incurred in connection with\nthe execution of portfolio transactions or in connection with creation and redemption transactions; (iv) acquired fund fees and expenses;\n(v) expenses incident to meetings of fund shareholders and the associated preparation, filing and mailing of associated notices and proxy\nstatements; (vi) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation,\nincluding any settlements in connection therewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance\nwith Rule 12b-1 under the 1940 Act; (viii) fees and expenses related to the provision of securities lending services, including lending\nagent fees; (ix) other non-routine or extraordinary expenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe fiscal year ended May 31, 2025 and the period from September 26, 2023 (commencement of operations) to May 31, 2024, the investment\nadviser earned from the fund management fees of $1,622,000 and $288,000, respectively.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of\nCapital\nGroup International Equity ETF Page 42\nservices\nunder these agreements under the terms of both the transfer agency and the administration agreement.\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares\nin amounts less than creation units are generally not distributed by the distributor or its agent. The distributor or its agent will arrange\nfor the delivery of the prospectus and, upon request, this statement of additional information to persons purchasing creation units and\nwill maintain records of both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although\nthe distributor does not receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company\nor its affiliates may pay the distributor fro", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_International_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_International_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_International_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group International Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group International Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group International Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group International Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group International Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group International Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14413, "n_triples": 6, "text_to_json_ratio": 22.9}}
{"sample_id": "0001969489:ALL", "cik": "0001969489", "trust_name": "Capital Group Dividend Growers ETF", "input_text": "pay all operating expenses of the fund,\nexcept for the management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal\nfees and expenses relating to arbitration or litigation, payments under the fund s 12b-1 plan (if any) and other non-routine or\nextraordinary expenses. Additionally, the fund will be responsible for its non-operating expenses, including brokerage commissions and\nfees and expenses associated with the fund s securities lending program, if any.\nExample\nThis example is intended to help you compare the cost of investing in the fund with the cost of\ninvesting in other funds.\nThe example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 year\n3 years\n5 years\n10 years\n$ 48\n$ 151\n$ 263\n$ 591\nPortfolio\nturnover The fund pays transaction costs, such as commissions, when it buys and sells securities\n(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in\nhigher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or\nin the example, affect the fund s investment results. During the most recent fiscal year, the fund s portfolio turnover rate\nwas 25 % of the average value of its portfolio.\n1 Capital\nGroup Dividend Growers ETF / Prospectus\nPrincipal\ninvestment strategies The fund\ninvests primarily in common stocks of companies around the world that the investment adviser believes have the potential to provide combinations\nof current yield and dividend growth over the long-term. In selecting investments, the adviser evaluates a company's current dividend\nyield, its dividend history and forecast of dividend growth based on the company's overall financial health. The fund normally invests\nat least 80% of its assets in equity securities, and at least 80% of its assets in the securities of dividend-paying companies. Under\nnormal circumstances, the fund will invest a significant portion of its assets outside the United States, including in emerging markets.\nIn determining the domicile of an issuer, the fund s investment adviser will generally look to the determination of MSCI Inc. (MSCI).\nThe fund is nondiversified, which\nmeans it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund\nrelies on the professional judgment of its investment adviser to make decisions about the fund s portfolio investments. The basic\ninvestment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent\ngood, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively\nattractive investment opportun\n...\nalue or its investment results to lag relevant\nbenchmarks or other funds with similar objectives.\nYour investment\nin the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental\nagency, entity or person. You should consider how this fund fits into your overall investment program.\n5 Capital\nGroup Dividend Growers ETF / Prospectus\nInvestment\nresults The following bar\nchart shows the fund s investment results for its first full calendar year of operations, and the following table shows how the\nfund s average annual total returns for various periods compare with a broad measure of securities market results and, if applicable,\nother measures of market results that reflect the fund s investment universe. This information provides some indication of the\nrisks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated\ninformation on the fund s investment results can be obtained by visiting capitalgroup.com/etf .\nAverage annual total returns For the periods ended December 31, 2024: 1 year Lifetime Fund (inception date 9/26/2023 ) 11.21 % 17.20 % After taxes on distributions 10.63 16.63 After taxes on distributions and sale of fund shares 7.03 13.15\nIndexes 1 year Lifetime (since fund s inception) MSCI All Country World Index (ACWI) 17.49 % 23.81 %\nAfter-tax\nreturns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not\nreflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ\nfrom the results shown above.\nCapital\nGroup Dividend Growers ETF / Prospectus 6\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio manager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nAline\nAvzaradel President\n2025\nPartner\nCapital International Investors\nGrant\nL. Cambridge\n2023\nPartner\nCapital International Investors\nSaurav\nJain\n2023\nPartner\nCapital International Investors\nSteven\nT. Watson\n2023\nPartner\nCapital International Investors\nPurchase\nand sale of fund shares The fund\nis an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market through\na broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than\nNAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a\nbuyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when buying\nor selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV, market\nprice, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\n19 Capital\nGroup Dividend Growers ETF / Prospectus\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruption, i\n...\ndviser receives a management fee at the annual rate of 0.47%. Management fees are paid monthly and accrued daily based on the average\nnet assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of the fund other than (i) interest\nexpenses and other charges in connection with borrowing money, including line of credit and other loan commitment fees; (ii) taxes; (iii)\nbrokerage expenses and commissions and other fees, charges or expenses incurred in connection with the execution of portfolio transactions\nor in connection with creation and redemption transactions; (iv) acquired fund fees and expenses; (v) expenses incident to meetings of\nfund shareholders and the associated preparation, filing and mailing of associated notices and proxy statements; (vi) legal fees or expenses\nin connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection\ntherewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; (viii)\nfees and expenses related to the provision of securities lending services, including lending agent fees; (ix) other non-routine or extraordinary\nexpenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe fiscal year ended May 31, 2025 and the period from September 26, 2023 (commencement of operations) to May 31, 2024, the investment\nadviser earned from the fund a management fees of $6,362,000 and $553,000, respectively.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of\nCapital\nGroup Dividend Growers ETF Page 46\nservices\nunder these agreements under the terms of both the transfer agency and the administration agreement.\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares in amounts less than creation\nunits are generally not distributed by the distributor or its agent. The distributor or its agent will arrange for the delivery of the\nprospectus and, upon request, this statement of additional information to persons purchasing creation units and will maintain records\nof both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although the distributor does\nnot receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company or its affiliates\nmay pay the distributor from tim", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_Dividend_Growers_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Dividend_Growers_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Dividend_Growers_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Dividend_Growers_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Dividend_Growers_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Dividend_Growers_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_Dividend_Growers_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group Dividend Growers ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group Dividend Growers ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Dividend Growers ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group Dividend Growers ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group Dividend Growers ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group Dividend Growers ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14415, "n_triples": 6, "text_to_json_ratio": 23.4}}
{"sample_id": "0002008374:ALL", "cik": "0002008374", "trust_name": "Capital Group Global Equity ETF", "input_text": "terest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal\nfees and expenses relating to arbitration or litigation, payments under the fund s 12b-1 plan (if any) and other non-routine or\nextraordinary expenses. Additionally, the fund will be responsible for its non-operating expenses, including brokerage commissions and\nfees and expenses associated with the fund s securities lending program, if any.\nExample\nThis example is intended to help you compare the cost of investing in the fund with the cost of\ninvesting in other funds.\nThe example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:\n1 year\n3 years\n5 years\n10\nyears\n$ 48\n$ 151\n$ 263\n$ 591\nPortfolio\nturnover The fund pays transaction costs, such as commissions, when it buys and sells securities\n(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in\nhigher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or\nin the example, affect the fund s investment results. During the period from June 25, 2024, (commencement of operations) to the\nend of the most recent fiscal year, the fund s portfolio turnover rate was 22 % of the average value of its portfolio.\n1 Capital\nGroup Global Equity ETF / Prospectus\nPrincipal\ninvestment strategies The\nfund invests primarily in common stocks of issuers around the world that the investment adviser believes have the potential for growth,\nmany of which have the potential to pay dividends. Under normal market conditions, the fund will invest at least 80% of its assets in\ncommon stocks and other equity-type securities. The fund will allocate its assets among various countries, including the United States\n(but in no fewer than three countries). Under normal market conditions, the fund will invest a percentage of its net assets outside the\nUnited States. That percentage will represent at least (a) 40% of the fund s net assets, unless market conditions are not deemed\nfavorable by the fund s investment adviser, in which case 30%, or (b) the percentage of the MSCI World Index represented by companies\noutside the United States minus 5%, whichever is lower. The fund may invest up to 10% of its assets in emerging markets. In determining\nthe domicile of an issuer, the fund s investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity\nsecurities.\nIn pursuing\nthe fund s objective, the fund s investment adviser focuses primarily on companies with attributes that are associated with\nlong-term growth and resilience to market declines, such as strong management, participation in a growing market, strong balance sheets,\npayment of dividends and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets.\nThe fund\nis nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under\n...\nengages in such function, fund shares may trade at a premium or discount to the fund s net\nasset value and/or at wider intraday bid-ask spreads and possibly face trading halts or delisting.\nNondiversification\nAs a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund.\nA fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political,\ngeographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely\naffect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund s shares can be\nexpected to fluctuate more than might be the case if the fund were more broadly diversified.\nManagement\nThe investment adviser to the fund actively manages the fund s investments. Consequently, the fund is subject to the\nrisk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed\nor incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant\nbenchmarks or other funds with similar objectives.\nYour investment in the fund is not\na bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity\nor person. You should consider how this fund fits into your overall investment program.\n5 Capital\nGroup Global Equity ETF / Prospectus\nInvestment\nresults Because the fund has been\nin operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus.\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio manager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nEu-Gene\nCheah\n2024\nPartner\nCapital International Investors\nNoriko\nHonda Chen\n2025\nPartner\nCapital International Investors\nGerald\nDu Manoir President\n2024\nPartner\nCapital International Investors\nBrant\nW. Thompson\n2025\nPartner\nCapital International Investors\nSteven\nT. Watson\n2024\nPartner\nCapital International Investors\nCapital\nGroup Global Equity ETF / Prospectus 6\nPurchase\nand sale of fund shares The\nfund is an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market\nthrough a broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater\nthan NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price\na buyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when\nbuying or selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV,\nmarket price, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\ny\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party pricing services.\nThe fund s portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations\nor prices from third-party pricing services, as applicable, are not readily available or are not considered reliable. For example, if\nevents occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that,\nin the opinion of the investment adviser, materially affect the value of any of the fund s equity securities that trade principally\nin those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures\nmay be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended\nto result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available\nto short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any portion of such securities, assets or other positions for which cash may be substituted). The fund may,\nin certain circumstances, offer creation units partially or solely for cash.\nExcept when aggregated in one or\nmore creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ, and the fund may accept\ncustom baskets. More information regarding custom baskets is contained in the fund s statement of additional information.\nThe prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is\nreceived in an acceptable form under the Authorized Participant Agreement.\nCapital\nGroup Global Equity ETF / Prospectus 20\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruption, incl\n...\npostage used at the fund s offices.\nUnder the Agreement, the investment\nadviser receives a management fee at the annual rate of 0.47%. Management fees are paid monthly and accrued daily based on the average\nnet assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of the fund other than (i) interest\nexpenses and other charges in connection with borrowing money, including line of credit and other loan commitment fees; (ii) taxes; (iii)\nbrokerage expenses and commissions and other fees, charges or expenses incurred in connection with the execution of portfolio transactions\nor in connection with creation and redemption transactions; (iv) acquired fund fees and expenses; (v) expenses incident to meetings of\nfund shareholders and the associated preparation, filing and mailing of associated notices and proxy statements; (vi) legal fees or expenses\nin connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection\ntherewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; (viii)\nfees and expenses related to the provision of securities lending services, including lending agent fees; (ix) other non-routine or extraordinary\nexpenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe period from June 25, 2024 (commencement of operations) to May 31, 2025, the investment adviser earned from the fund a management fee\nof $559,000.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nCapital\nGroup Global Equity ETF Page 43\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares in amounts less than creation\nunits are generally not distributed by the distributor or its agent. The distributor or its agent will arrange for the delivery of the\nprospectus and, upon request, this statement of additional information to persons purchasing creation units and will maintain records\nof both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although the distributor does\nnot receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company or its affiliates\nmay pay the distributor from time", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_Global_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Global_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Global_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_Global_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group Global Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group Global Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Global Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group Global Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group Global Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group Global Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14409, "n_triples": 6, "text_to_json_ratio": 23.7}}
{"sample_id": "0002008516:ALL", "cik": "0002008516", "trust_name": "Capital Group International Core Equity ETF", "input_text": "er equity-type securities. The fund may invest up to 20% of its assets\nin the United States. However, the fund currently intends to invest at least 90% of its assets in issuers whose securities are listed\nprimarily on exchanges outside the United States, cash, cash equivalents (including shares of money market or similar funds managed by\nthe investment adviser or its affiliates) and securities, such as U.S. Treasuries, held for collateral purposes. The fund therefore expects\nto be invested in various (but no fewer than three) countries outside the United States.\nThe fund\nis designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund focuses on stocks of companies\nwith strong earnings that pay dividends. The investment adviser believes that these stocks may be more resistant to market declines than\nstocks of companies that do not pay dividends.\nThe fund is nondiversified, which\nmeans it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund\nrelies on the professional judgment of its investment adviser to make decisions about the fund s portfolio investments. The basic\ninvestment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent\ngood, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively\nattractive investment opportunities.\nCapital\nGroup International Core Equity ETF / Prospectus 2\nPrincipal\nrisks This section describes the principal risks\nassociated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest\nfor a shorter period of time.\nMarket\nconditions The prices of, and the income generated by, the common stocks and other securities held by the fund may decline\ndue to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market\nchanges; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses\nto economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and\ncommodity price fluctuations.\nEconomies\nand financial markets throughout the world are highly interconnected. Events (including public health emergencies, such as the spread\nof infectious disease), bank failures and other circumstances in one country or region could have impacts on global economies or markets.\nAs a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected,\nthe value and liquidity of the fund s investments may be negatively affected by developments in other countries and regions.\nIssuer\nrisks The prices of, and the income generated by, securities held by the fund may decline in response to various factors\ndirectly related to the issuers of such securities, including reduced demand for an issuer s goods or services, poor management\nperformance, major litigation, investigations or other controversies related to the issuer, changes in the issuer s financial condition\nor credit\n...\nsuch function, fund shares may trade at a premium or discount to the fund s net asset value and/or at wider\nintraday bid-ask spreads and possibly face trading halts or delisting.\nNondiversification\nAs a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund.\nA fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political,\ngeographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely\naffect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund s shares can be\nexpected to fluctuate more than might be the case if the fund were more broadly diversified.\nManagement\nThe investment adviser to the fund actively manages the fund s investments. Consequently, the fund is subject to the risk\nthat the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or\nincorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant\nbenchmarks or other funds with similar objectives.\nYour investment\nin the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental\nagency, entity or person. You should consider how this fund fits into your overall investment program.\n5 Capital\nGroup International Core Equity ETF / Prospectus\nInvestment\nresults Because the fund has been\nin operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus.\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio\nmanager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nBarbara\nBurtin\n2024\nPartner\nCapital World Investors\nBobby\nChada\n2024\nPartner\nCapital International Investors\nMichael\nCohen\n2024\nPartner\nCapital World Investors\nPatrice\nCollette\n2024\nPartner\nCapital World Investors\nLeo\nHee\n2024\nPartner\nCapital World Investors\nAndrew\nB. Suzman Co-President\n2024\nPartner\nCapital World Investors\nLisa\nThompson\n2024\nPartner\nCapital International Investors\nSteven\nT. Watson Co-President\n2024\nPartner\nCapital International Investors\nCapital\nGroup International Core Equity ETF / Prospectus 6\nPurchase\nand sale of fund shares The\nfund is an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market\nthrough a broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater\nthan NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price\na buyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when\nbuying or selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV,\nmarket price, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in whic\n...\nuotations, and debt securities are valued primarily on the basis of prices from third-party\npricing services. The fund s portfolio investments are valued in accordance with procedures for making fair value determinations\nif market quotations or prices from third-party pricing services, as applicable, are not readily available or are not considered reliable.\nFor example, if events occur between the close of markets outside the United States and the close of regular trading on the New York\nStock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund s equity securities\nthat trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Similarly,\nfair value procedures may be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of\nthese procedures is intended to result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities\notherwise available to short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the fund s distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund a designated portfolio of securities, assets or other positions (a creation basket ), and an amount of cash\n(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate\nthe holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units,\ngenerally for a designated portfolio of securities, assets or other positions (a redemption basket ) held by the fund and\nan amount of cash (including any\n19 Capital\nGroup International Core Equity ETF / Prospectus\nportion\nof such securities, assets or other positions for which cash may be substituted). The fund may, in certain circumstances, offer creation\nunits partially or solely for cash.\nExcept when\naggregated in one or more creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ,\nand the fund may accept custom baskets. More information regarding custom baskets is contained in the fund s statement\nof additional information. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation\nor redemption order is received in an acceptable form under the Authorized Participant Agreement.\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interr\n...\npostage used at the fund s offices.\nUnder the Agreement, the investment\nadviser receives a management fee at the annual rate of 0.54%. Management fees are paid monthly and accrued daily based on the average\nnet assets of the fund. Under the Agreement, the investment adviser pays all ordinary operating expenses of the fund other than (i) interest\nexpenses and other charges in connection with borrowing money, including line of credit and other loan commitment fees; (ii) taxes; (iii)\nbrokerage expenses and commissions and other fees, charges or expenses incurred in connection with the execution of portfolio transactions\nor in connection with creation and redemption transactions; (iv) acquired fund fees and expenses; (v) expenses incident to meetings of\nfund shareholders and the associated preparation, filing and mailing of associated notices and proxy statements; (vi) legal fees or expenses\nin connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection\ntherewith; (vii) any service and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; (viii)\nfees and expenses related to the provision of securities lending services, including lending agent fees; (ix) other non-routine or extraordinary\nexpenses; and (x) compensation for management services payable to the investment adviser.\nFor\nthe period from June 25, 2024 (commencement of operations) to May 31, 2025, the investment adviser earned from the fund a management fee\nof $364,000.\nOther\nservice agreements with third-party service providers The fund has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the fund. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nCapital\nGroup International Core Equity ETF Page 43\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfund s shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nThe\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares in amounts less than creation\nunits are generally not distributed by the distributor or its agent. The distributor or its agent will arrange for the delivery of the\nprospectus and, upon request, this statement of additional information to persons purchasing creation units and will maintain records\nof both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although the distributor does\nnot receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company or its affiliates\nmay pay the distributo", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_International_Core_Equity_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Core_Equity_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Core_Equity_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Core_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_International_Core_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_International_Core_Equity_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_International_Core_Equity_ETF", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group International Core Equity ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group International Core Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group International Core Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group International Core Equity ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group International Core Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group International Core Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14413, "n_triples": 6, "text_to_json_ratio": 22.4}}
{"sample_id": "0002014487:ALL", "cik": "0002014487", "trust_name": "Palmer Square Funds Trust", "input_text": "___________________\nFORM N-1A\n___________________________\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. ___ Post-Effective Amendment No. 5 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 8 ___________________________ Palmer Square Funds Trust (Exact Name of Registrant as Specified in Charter) ___________________________ 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 (Address of Principal Executive Offices) (Zip Code) 816-994-3200 (Registrant s Telephone Number, including Area Code) Scott Betz 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 (Name and Address of Agent for Service) ___________________________ Copies to: Joseph Mannon Deborah Bielicke Eades Vedder Price P.C. 222 North LaSalle Street, 26 th Floor Chicago, Illinois 60601 ___________________________\nIt is proposed that this filing will become effective (check appropriate box):\nImmediately upon filing pursuant to paragraph (b)\nOn October 31, 2025 pursuant to paragraph (b)\n60 days after filing pursuant to paragraph (a)\nOn [ ], 2025 pursuant to paragraph (a)\n75 days after filing pursuant to paragraph (a)(2)\nOn [ ], 2025 pursuant to paragraph (a)(2) of Rule 485\nIf appropriate, check the following box:\nThis post -effective amendment designates a new effective date for a previously filed post -effective amendment.\nPalmer Square Income Plus Fund Class I (Ticker Symbol: PSYPX)\nClass T (Ticker Symbol: PSTPX)\nPalmer Square Ultra-Short Duration Investment Grade Fund (PSDSX)\nPROSPECTUS October 31, 2025\nThe Securities and Exchange Commission (the SEC ) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.\nPalmer Square Income Plus Fund Palmer Square Ultra-Short Duration Investment Grade Fund Each a series of Palmer Square Funds Trust (the Trust ) Each of the funds described in this Prospectus is referred to as a Fund and collectively as the Funds.\nTABLE OF CONTENTS\nSUMMARY SECTION PALMER SQUARE INCOME PLUS FUND\n1\nSUMMARY SECTION PALMER SQUARE ULTRA-SHORT DURATION INVESTMENT GRADE FUND\n9\nMORE ABOUT THE FUNDS INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RISKS\n16\nMANAGEMENT OF THE FUNDS\n29\nYOUR ACCOUNT WITH THE FUNDS\n32\nDIVIDENDS AND DISTRIBUTIONS\n41\nFEDERAL INCOME TAX CONSEQUENCES\n41\nFINANCIAL HIGHLIGHTS\n43\nFOR MORE INFORMATION\n48\nThis Prospectus sets forth basic information about the Fund that you should know before investing. It should be read and retained for future reference.\nThe date of this Prospectus is October 31, 2025.\ni\nSUMMARY SECTION PALMER SQUARE INCOME PLUS FUND\nInvestment Objectives\nThe investment objective of the Palmer Square Income Plus Fund (the Fund ) is income. A secondary objective of the Fund is capital appreciation.\nFees and Expenses of the Fund\nThis table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.\nClass I Shares Class T Shares Shareholder Fees (fees paid directly from your investment) None None Wire fee $ 20 $ 20 Overnight check delivery fee $ 25 $ 25 Retirement account fees (annual maintenance fee) $ 15 $ 15\nAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management fees 0.49 % 0.49 % Distribution (Rule 12b-1) fees None None Other expenses 0.21 % 0.08 % Shareholder se\n...\ns any borrowings for investment purposes) in debt securities. The types of debt securities in which the Fund may invest include, but are not limited to, (i) asset -backed securities, including collateralized loan obligations ( CLOs ) and mortgage -backed securities, (ii) corporate bonds, notes, debentures and commercial paper, (iii) securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored entities, (iv) bank loans, (v) senior secured floating rate and fixed rate loans or debt, (vi) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt and (vii) credit derivatives, including credit default swaps. The Fund may invest a significant portion of its assets a limited number of investment types. The Fund s investment strategy involves active and frequent trading.\nThe Fund s investments in asset -backed securities may be comprised of loans or leases secured by motor vehicles or other equipment, consumer receivables from sources such as credit cards or student loans, or cash flows from operating assets such as royalties and leases.\nMortgage -backed securities in which the Fund may invest include those issued or guaranteed by federal agencies and/or U.S. Government sponsored instrumentalities, such as the Government National Mortgage Administration ( Ginnie Mae ), the Federal Housing Administration ( FHA ), the Federal National Mortgage Association ( Fannie Mae ) and the Federal Home Loan Mortgage Corporation ( Freddie Mac ). The Fund may also invest in commercial mortgage -backed securities ( CMBS ) and collateralized mortgage -backed securities ( CMOs ) issued or guaranteed by private entities.\nThe Fund may invest in debt securities of any maturity and credit quality. Under normal market conditions, Palmer Square Capital Management LLC (the Advisor ) expects that the Fund will invest primarily in securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moody s Investors Service, Inc. ( Moody s ), or in the BBB or higher categories by Standard Poor s, a division of McGraw Hill Companies Inc. ( S P ), or Fitch Ratings Ltd. ( Fitch ) or, if unrated by Moody s, S P, or Fitch, or another Nationally Recognized Statistical Rating Organization ( NRSRO ), determined by the Advisor, to be of comparable credit quality. However, the Fund may invest up to 30% of its net assets in high yield securities securities rated below investment grade that generally have higher yields and higher risks than investment grade securities. High yield securities, commonly referred to as junk bonds , are rated below investment grade by at least one of Moody s, S P or Fitch (or if unrated, determined by the Advisor to be of comparable credit quality to high yield securities).\nThe Advisor anticipates the Fund s average portfolio duration under normal market conditions to be less than two years. Duration is a measure of the underlying portfolio s price sensitivity to changes in prevailing interest rates.\nFor the purposes of achieving the Fund s investment objectives, hedging risks, and enhancing liquidity, the Fund may also employ derivatives, such as: puts and calls on U.S. Treasury futures; options, swaps and other interest rate derivatives; and credit default swaps and their associated derivatives on selected entities or indexes (where the Fund may act as either buyer or seller). As it pertains to the Advisor s use of derivatives for hedging, risks that can be quantitatively measured and managed include interest rate r\n...\norgan Co. in Leveraged Finance and Mergers Acquisitions (FIG Group), advising corporations and private equity firms on investment banking and capital markets, from 1997 through 1999. Mr. Long received an MBA from the Harvard Business School in 2005, and an undergraduate degree in Economics, cum laude, from Princeton University in 1997.\nJon R. Brager, CFA. Mr. Brager is a Senior Credit Analyst and Portfolio Manager with responsibilities for the firm s long/short and corporate credit strategies. In his role, Mr. Brager conducts fundamental credit research, generates investment ideas and assists in the portfolio management of opportunistic credit products. Mr. Brager has 16 years of professional experience, including 11 years in the global credit markets spanning analyst, trading and portfolio management roles. Prior to joining Palmer Square in 2015, he was a Senior Analyst at Hermes Investment Management, a London -based asset manager. At Hermes, Mr. Brager s focus was credit research coverage of the auto, basic material, and industrial sectors. Before that, Mr. Brager was a portfolio manager for a multi -strategy credit fund at BCM Partners, LLP, having spent several years before that as a credit analyst at BCM and LNG Capital, LLP. Mr. Brager started his career as a systems engineer at Lockheed Martin Missiles Fire Control in Dallas. Mr. Brager earned an MBA from London Business School, a Master s degree in Economics from Southern Methodist University as well as Bachelor s degrees in Mathematics and Management Science. He is also a CFA charterholder.\nThe SAI provides additional information about the portfolio managers method of compensation, other accounts managed by the portfolio managers and the portfolio managers ownership of Fund securities.\nOther Service Providers\nForeside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland Maine 04101 (the Distributor ), serves as the Trust s distributor in connection with the offering of Fund shares. The Distributor may enter into agreements with banks, broker -dealers , or other financial intermediaries through which investors may purchase or redeem shares. The Distributor is not affiliated with the Trust, the Advisor, or any other service provider for the Funds.\nFund Expenses\nEach Fund is responsible for its own operating expenses (all of which will be borne directly or indirectly by the Fund s shareholders), including among others, legal fees and expenses of counsel to the Fund and the Fund s independent trustees; insurance (including trustees and officers errors and omissions insurance); auditing and accounting expenses; taxes and governmental fees; listing fees; fees and expenses of the Fund s custodians, administrators, transfer agents, registrars and other service providers; expenses for portfolio pricing services by a pricing agent, if any; expenses in connection with the issuance and offering of shares; brokerage commissions and other costs of acquiring or disposing of any portfolio holding of the Fund and any litigation expenses.\nThe Advisor has contractually agreed to waive its fees and/or pay for operating expenses of each Fund to ensure that the total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N -1A ), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed the limits (as a percentage of average daily net assets) set forth below.\n...\napplicable Fund s toll -free telephone number as printed in such Fund s prospectus. The Trust s administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first -class mail or other means designed to ensure equally prompt delivery.\nThe Adviser shall provide a complete voting record for the 12 months ended June 30 each year, as required by the Proxy Rule, to the Trust s administrator by July 15. The Trust s fund administrator will file a report based on such record on Form N -PX on an annual basis with the Securities and Exchange Commission no later than August 31 st of each year.\nAdopted: April 16, 2024\nB-2\nPART C\nOTHER INFORMATION\nPalmer Square Funds Trust\nItem 28. Exhibits\n(a)\n(1)\nCertificate of Trust of Palmer Square Funds Trust (the Registrant ) dated March 5, 2024 (1)\n(2)\nAmended and Restated Agreement and Declaration of Trust of the Registrant dated August 27, 2024 (3)\n(3)\nAmended and Restated Agreement and Declaration of Trust of the Registrant dated September 10, 2024 (4)\n(b)\nRegistrant s By-Laws dated March 25, 2024 (2)\n(c)\n(1)\nAmended and Restated Agreement and Declaration of Trust incorporated by reference to Item (a)(3) above.\n(2)\nRegistrant s By-Laws incorporated by reference to Item (b) above.\n(d)\n(1)\nForm of Investment Advisory Agreement between the Registrant and Palmer Square Capital Management LLC ETFs (3)\n(2)\nForm of Investment Advisory Agreement between the Registrant and Palmer Square Capital Management LLC Mutual Funds (5)\n(e)\n(1)\nETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC (3)\n(2)\nDistribution Agreement between the Registrant and Foreside Fund Services, LLC Mutual Funds ( * )\n(f)\nNot applicable\n(g)\n(1)\nGlobal Custody Agreement between the Registrant and JPMorgan Chase Bank, N.A. (3)\n(2)\nJoinder and First Amendment to Global Custody Agreement between the Registrant and JPMorgan Chase Bank, N.A. (*)\n(h)\n(1)\nFund Services Agreement between the Registrant and JPMorgan Chase Bank, N.A. (3)\n(2)\nFirst Joinder to Fund Services Agreement between the Registrant and JPMorgan Chase Bank, N.A. (*)\n(3)\nAgency Services Agreement between the Registrant and JPMorgan Chase Bank, N.A. (3)\n(4)\nAmendment to Agency Services Agreement between the Registrant and JPMorgan Chase Bank, N.A. (*)\n(5)\nIndex License Agreement with respect to Palmer Square CLO Senior Debt ETF and Palmer Square CLO Debt ETF (3)\n(6)\nTransfer Agency Agreement between the Registrant and UMB Fund Services, Inc. (*)\n(i)\n(1)\nOpinion and Consent of Counsel with respect to Palmer Square Credit Opportunities ETF (2)\n(2)\nOpinion and Consent of Counsel with respect to Palmer Square CLO Senior Debt ETF and Palmer Square CLO Debt ETF (3)\n(3)\nOpinion and Consent of Vedder Price P.C. with respect to Palmer Square Income Plus Fund and Palmer Square Ultra-Short Duration Fund (*)\nC-1\n(j)\n(1)\nConsent of Independent Registered Public Accounting Firm (4)\n(2)\nConsent of Independent Registered Public Accounting Firm (*)\n(k)\nNot applicable\n(l)\n(1)\nSubscription Agreement with respect to Palmer Square Income Plus Fund (*)\n(2)\nSubscription Agreement with respect to Palmer Square Ultra-Short Duration Investment Grade Fund (*)\n(m)\nNot applicable\n(n)\nNot applicable\n(o)\nReserved\n(p)\n(1)\nCode of Ethics for the Registrant (2)\n(2)\nCode of Ethics for Palmer Square Capital Management LLC (2)\n(q)\nPowers of Attorney for certain Trustees (2)\n____________ (1) Incorporated herein by reference to the Registrant s Registration Statement on Form N -1A filed on March 6, 2024.\n(2) Incorporated herein by referenc", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Palmer_Square_CLO_Senior_Debt_ETF", "p": "advisedBy", "o": "org:Palmer_Square_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Palmer_Square_CLO_Senior_Debt_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Palmer_Square_CLO_Senior_Debt_ETF", "p": "seriesOf", "o": "trust:Palmer_Square_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Palmer_Square_Credit_Opportunities_ETF", "p": "advisedBy", "o": "org:Palmer_Square_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Palmer_Square_Credit_Opportunities_ETF", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_N_A", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Palmer_Square_Credit_Opportunities_ETF", "p": "seriesOf", "o": "trust:Palmer_Square_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Palmer_Square_Funds_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Palmer Square CLO Senior Debt ETF <predicate_marker> advisedBy <object_marker> Palmer Square Capital Management LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Palmer Square Funds Trust <triple_end>\n<triple_start> Palmer Square Credit Opportunities ETF <predicate_marker> advisedBy <object_marker> Palmer Square Capital Management LLC <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, N.A. <predicate_marker> seriesOf <object_marker> Palmer Square Funds Trust <triple_end>\n<triple_start> Palmer Square Funds Trust <predicate_marker> underwrittenBy <object_marker> Foreside Fund Services LLC <triple_end>", "target_serialized_plain": "Palmer Square CLO Senior Debt ETF advisedBy Palmer Square Capital Management LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Palmer Square Funds Trust .\nPalmer Square Credit Opportunities ETF advisedBy Palmer Square Capital Management LLC ; custodian JPMorgan Chase Bank, N.A. ; seriesOf Palmer Square Funds Trust .\nPalmer Square Funds Trust underwrittenBy Foreside Fund Services LLC .", "stats": {"input_chars": 14413, "n_triples": 7, "text_to_json_ratio": 20.4}}
{"sample_id": "0002025137:ALL", "cik": "0002025137", "trust_name": "Virtus Managed Account Completion Shares (MACS) Trust", "input_text": "other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential\nof one or more such events and developments, could have a significant impact on the fund and its investments,\nincluding hampering the ability of the fund s portfolio manager(s) to invest the fund s assets as\nintended. Large Shareholder Risk:\nCertain account holders, including the subadviser or funds or accounts over which\nthe subadviser has investment discretion, may from time to time own or control a significant percentage\nof the fund s shares. The fund is subject to the risk that a redemption by large shareholders of all\nor a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent\nbasis, including as a result of asset allocation decisions made by the subadviser, will adversely affect\nthe fund s performance if it is forced to sell portfolio securities or invest cash when the subadviser\nwould not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns\na substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of\nthe fund s portfolio, increase the fund s transaction costs and/or lead to the liquidation of the\nfund. Such transactions also potentially limit the use of any capital loss carryforwards and certain\nother losses to offset future realized capital gains (if any). The effects of taxable gains resulting\nfrom large redemptions of fund shares would particularly impact non-redeeming shareholders who do not\nhold their fund shares in a tax-advantaged or tax-exempt vehicle. Performance\nInformation The fund has not had a full calendar year of operations; therefore, performance\ninformation is not shown here. Management The\nfund s investment adviser is Virtus Investment Advisers, LLC ( VIA or the Adviser ). The\nfund s subadviser is Newfleet Asset Management ( Newfleet or the Subadviser ), an operating\ndivision of Virtus Fixed Income Advisers, LLC, an affiliate of VIA.\n2 Virtus Newfleet ABS MACS\nPortfolio Management The following individuals are jointly and primarily\nresponsible for the day-to-day management of the fund s portfolio. David\nL. Albrycht, CFA, Newfleet Division President and Chief Investment Officer\nand Senior Portfolio Manager at Newfleet, has managed the fund since inception in 2025. Nicodemus Rinaldi, Senior\nManaging Director, Portfolio Manager and Co-Head of the Securitized Products team at Newfleet, has managed\nthe fund since inception in 2025. Andrew\nSzabo, CFA, Senior Managing Director,\nPortfolio Manager and Co-Head of the Securitized Products team at Newfleet, has managed the fund since\ninception in 2025. Zachary Szyndlar, CFA, Managing Director, Portfolio Manager and Credit Analyst, Securitized Products\nat Newfleet, has managed the fund since inception in 2025. Purchase\nand Sale of Fund Shares The fund s shares are used exclusively for\n(i) separately managed accounts advised or subadvised by the Adviser or Subadviser or their affiliates\nand (ii) other funds managed by the Adviser or Subadviser or their affiliates, and shares may be purchased\nonly at the direction of the Adviser or Subadviser or their affiliates. Shares of the fund may be redeemed\non any business day that the New York Stock Exchange is open. In addition, shares will be redeemed when\nyou terminate your managed account. There is no minimum investment for purchases. Taxes The\nfund s distributions are taxable to you as either ordinary income or capital gains, except when your\ninvestment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.\nSuch tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.\nVirtus Newflee\n...\nt have its holdings similarly concentrated. Events\nnegatively affecting the industries or market sectors in which a fund has invested are therefore likely\nto cause the value of the fund s shares to decrease, perhaps significantly. Investment\nGrade Securities A fund may invest in all types of long-term or short-term\ninvestment-grade debt obligations of U.S. issuers. In addition to the types of securities mentioned in\nconnection with the fund s principal investment strategies, the fund may also invest in other bonds,\ndebentures, notes, municipal bonds, equipment lease certificates, equipment trust certificates, conditional\nsales contracts and commercial paper. Debt instruments with lower credit ratings have a higher risk of\ndefault on payment of principal and interest, and securities with longer maturities are subject to greater\nprice fluctuations in response to changes in interest rates. If interest rates rise, the value of debt\ninstruments generally will fall. Large Shareholder Certain\naccount holders, including the subadviser or funds or accounts over which the subadviser has investment\ndiscretion, may from time to time own or control a significant percentage of a fund s shares. A fund\nmay be subject to the risk that a redemption by large shareholders of all or a portion of the fund shares\nor a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset\nallocation decisions made by the subadviser, will adversely affect the fund s performance if it is\nforced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to\ndo so. This risk will be particularly pronounced if one shareholder owns a substantial portion of a fund.\nRedemptions of a large number of shares may affect the liquidity of a fund s\nVirtus Managed Account Completion Shares (MACS) Trust 43\nportfolio, increase the fund s transaction costs and/or lead to the liquidation\nof the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain\nother losses to offset future realized capital gains (if any). The effects of taxable gains resulting\nfrom large redemptions of fund shares would particularly impact non-redeeming shareholders who do not\nhold their fund shares in a tax-advantaged or tax-exempt vehicle. Leverage When\na fund makes investments in futures contracts, forward contracts, swaps and other derivative instruments,\nthe futures contracts, forward contracts, swaps and certain other derivatives provide the economic effect\nof financial leverage by creating additional investment exposure, as well as the potential for greater\nloss. When a fund uses leverage through activities such as borrowing, entering into short sales, purchasing\nsecurities on a when-issued basis, or purchasing derivative instruments in an effort to increase its\nreturns, the fund has the risk of magnified capital losses that occur when losses affect an asset base,\nenlarged by borrowings or the creation of liabilities, that exceeds the net assets of the fund. The value\nof the shares of a fund employing leverage will be more volatile and sensitive to market movements. Leverage\nmay also involve the creation of a liability that requires the fund to pay interest. Market\nVolatility The value of the securities in which a fund invests may go up or down in response\nto the prospects of individual issuers and/or general economic conditions. Such price changes may be\ntemporary or may last for extended periods. Instability in the financial\nmarkets may expose each fund to greater market and liquidity risk and\n...\nds or to make shareholder inquiries. Information about the funds\n(including the SAI) is available on the EDGAR database on the SEC s website at http://www.sec.gov.\nYou may also obtain copies upon payment of a duplicating fee by electronic request at publicinfo@sec.gov. Virtus\nFund Services: 800-243-1574 Investment Company Act File\nNo. 811-23968 8485 10-25\nVirtus Managed Account Completion Shares (MACS) Trust 101\nMunson Street Greenfield, MA 01301 STATEMENT OF ADDITIONAL INFORMATION October 28, 2025 Virtus Managed Account\nCompletion Shares (MACS) Trust (the Trust ) is an open-end management investment company issuing\nshares in 8 separate series or Funds , all of which are publicly offered and described herein: FUND TICKER\nSYMBOL Virtus Newfleet ABS MACS VMADX Virtus Newfleet CMBS MACS VMAEX Virtus Newfleet Floating Rate MACS VMAFX Virtus Newfleet High Yield MACS VMAHX Virtus Newfleet RMBS MACS VMAJX Virtus Seix High Yield MACS VMAKX Virtus Stone Harbor EMD MACS VMALX Virtus Stone Harbor EMD Sovereign MACS VMAMX This Statement of Additional Information ( SAI ) relates to the shares of\nthe Funds. This SAI is not a prospectus, and it should be read in conjunction with the Prospectuses for\nthe Funds dated October 28, 2025, as described below and as supplemented and amended from time to time.\nEach Fund s Prospectuses are incorporated by reference into this SAI,\nand the portions of this SAI that relate to each Fund have been incorporated by reference into such Fund s\nProspectuses. The portions of this SAI that do not relate to a Fund do\nnot form a part of such Fund s SAI, have not been incorporated by reference into such Fund s Prospectuses\nand should not be relied upon by investors in such Fund. The\nProspectuses may be obtained by downloading them from virtus.com; by calling VP Distributors, LLC at\n800.243.1574; or by writing to the Distributor at One Financial Plaza, Hartford, CT 06103. Capitalized\nterms used and not defined herein have the same meanings as those used in the Prospectuses. The audited financial statements for Virtus Newfleet ABS MACS,\nVirtus Newfleet CMBS MACS, Virtus Newfleet Floating Rate MACS, Virtus Newfleet High Yield MACS, Virtus\nNewfleet RMBS MACS, Virtus Seix High Yield MACS, and Virtus Stone Harbor EMD MACS appear in each applicable\nFund s Financials Report for its fiscal period ending June 30, 2025. The financial statements from\nthe foregoing Financials Report are incorporated herein by reference. Shareholders may obtain a copy\nof the applicableFunds most recent Financials Report , without charge, by calling\n800.243.1574 or by downloading it from virtus.com. As of the date of this SAI,\nVirtus Stone Harbor EMD Sovereign MACS has not commenced operations. The financial statements for\nthat Fund will be available in that Fund s first Form N-CSR following its launch.\nTable of Contents Page GLOSSARY 3 GENERAL INFORMATION AND HISTORY 7 MORE INFORMATION ABOUT FUND INVESTMENT STRATEGIES RELATED RISKS 10 INVESTMENT LIMITATIONS 48 MANAGEMENT OF THE TRUST 49 CONTROL PERSONS AND PRINCIPAL\nHOLDERS OF SECURITIES 58 INVESTMENT ADVISORY AND OTHER SERVICES 58 PORTFOLIO MANAGERS 61 BROKERAGE ALLOCATION AND OTHER PRACTICES 63 PURCHASE, REDEMPTION AND PRICING OF SHARES 65 INVESTOR ACCOUNT SERVICES AND POLICIES 67 DIVIDENDS, DISTRIBUTIONS AND TAXES 68 PERFORMANCE INFORMATION 75 FINANCIAL STATEMENTS 76 APPENDIX A DESCRIPTION OF RATINGS A- 1 APPENDIX B CONTROL PERSONS\nAND PRINCIPAL SHAREHOLDERS B- 1 No person has been authorized to give any information or to make any representations\nnot contained in this SAI or in the Prospectuses in connection with the offering made by the Prospectuses,\nand, if given or made, such information or representations must not be relied upon as having been authorized\nby the Funds. The Prospectuses do not constitute an offering by the Funds in any jurisdiction in which\nsuch offering may not lawfully be made.\nGLOSSARY 1933\nAct The Securities Act of 1933,\nas amended 1940 Act The Investment Company Act of 1940, as amended ABS MACS Virtus\nNewfleet ABS MACS ACH Automated\nClearing House, a nationwide electronic money transfer system that provides for the inter-bank clearing\nof credit and debit transactions and for the exchange of information among participating financial institutions Administrator The Trust s administrative agent, Virtus Fund Services, LLC ADRs American Depositary Receipts ADSs American\nDepositary Shares Adviser The investment adviser to the Funds, Virtus Investment Advisers, LLC BNY BNY Mellon Investment Servicing (US) Inc., the sub-administrative and accounting\nagent and sub-transfer agent for the Funds Board The Board of Trustees of\nVirtus Managed Account Completion Shares (MACS) Trust (also referred to herein as the Trustees ) CCO Chief Compliance Officer CDRs Continental\nDepositary Receipts (another name for EDRs) CEA Commodity Exchange Act,\nwhich is the U.S. law governing trading in commodity futures CFTC Commodity\nFutures Trading Commission, which is the U.S. regulator governing trading in commodity futures CMBS MACS Virtus Newfleet CMBS MACS Code The\nInternal Revenue Code of 1986, as amended, which is the law governing U.S. federal taxes Custodian The custodian of the Funds assets, The Bank of New York Mellon Distributor The principal underwriter of shares of the Funds, VP Distributors,\nLLC EDRs European Depositary Receipts (another name for CDRs) EMD MACS Virtus Stone Harbor EMD MACS EMD Sovereign MACS Virtus Stone Harbor EMD Sovereign MACS ETFs Exchange-traded\nFunds\n3\nFHFA Federal Housing Finance Agency, an independent Federal agency that regulates FNMA,\nFHLMC and the twelve Federal Home Loan Banks FHLMC Federal Home Loan Mortgage Corporation, also known as Freddie\nMac , which is a government-sponsored corporation formerly owned by the twelve Federal Home Loan Banks\nand now owned entirely by private stockholders FINRA Financial Industry Regulatory Authority, a self-regulatory\norganization with authority over registered broker-dealers operating in the United States, including\nVP Distributors Fitch Fitch Ratings, Inc. Floating\nRate MACS Virtus Newfleet Floating\nRate MACS FNMA Federal National Mortgage Association, also known as Fannie Mae , which is\na government-sponsored corporation owned entirely by private stockholders and subject to general regulation\nby the Secretary of Housing and Urban Development Fund\nComplex The group of Funds sponsored by Virtus and\nmanaged by the Adviser or its affiliates, including the Virtus Funds and certain other closed-end funds Funds The\nseries of the Trust discussed in this SAI GDRs Global Depositary Receipts GICs Guaranteed Investment Contracts GNMA Government\nNational Mortgage Association, also known as Ginnie Mae , which is a wholly-owned United States\nGovernment corporation within the Department of Housing and Urban Development IMF International Monetary\nFund, an international organization seeking to promote international economic cooperation, international\ntrade, employment and exchange rate stability, among oth", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_ABS_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_CMBS_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_Floating_Rate_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_High_Yield_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Newfleet_RMBS_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Seix_High_Yield_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "administrator", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "advisedBy", "o": "org:Virtus_Investment_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "seriesOf", "o": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "subAdvisedBy", "o": "org:Virtus_Fixed_Income_Advisers_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Virtus_Stone_Harbor_EMD_MACS", "p": "transferAgent", "o": "org:Virtus_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Virtus_Managed_Account_Completion_Shares_MACS_Trust", "p": "underwrittenBy", "o": "org:VP_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Virtus Newfleet ABS MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Newfleet CMBS MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Newfleet Floating Rate MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Newfleet High Yield MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Newfleet RMBS MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Seix High Yield MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Stone Harbor EMD MACS <predicate_marker> administrator <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> administrator <object_marker> Virtus Fund Services, LLC <predicate_marker> advisedBy <object_marker> Virtus Investment Advisers, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> subAdvisedBy <object_marker> Virtus Fixed Income Advisers, LLC <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <predicate_marker> transferAgent <object_marker> Virtus Fund Services, LLC <triple_end>\n<triple_start> Virtus Managed Account Completion Shares (MACS) Trust <predicate_marker> underwrittenBy <object_marker> VP Distributors, LLC <triple_end>", "target_serialized_plain": "Virtus 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{"sample_id": "0002034928:ALL", "cik": "0002034928", "trust_name": "Capital Group Equity ETF Trust I", "input_text": "Index. As of July 1, 2025, the smallest company for the Russell 1000 Index had a market capitalization of approximately $823.2 million\nand the largest company for the Russell 1000 Index had a market capitalization of approximately $3.8 trillion. The market capitalization\nof the companies included in the Russell 1000 Index will change with market conditions. The investment adviser currently defines growth\ncompanies to be companies that are included in the Russell 1000 Growth Index or exhibit the potential for growth based on historical\nor projected revenue or earnings, or if the investment adviser expects the company to contribute to the fund s long-term growth\nof capital based on factors such as whether the company is attractively valued or is positioned to benefit from innovation, economic\ngrowth, or increasing consumer demand. The fund strives to maintain a fully invested portfolio.\nThe fund\nis nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.\nThe investment\nadviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed\nby individual managers. For more information regarding the investment process of the fund, see the Management and organization\nsection of this prospectus.\nThe fund relies on the professional\njudgment of its investment adviser to make decisions about the fund s portfolio investments. The basic investment philosophy of\nthe investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment\nopportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment\nopportunities.\n1 Capital\nGroup Equity ETF Trust I / Prospectus\nPrincipal\nrisks This section describes the principal\nrisks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you\ninvest for a shorter period of time.\nMarket\nconditions The prices of, and the income generated by, the common stocks and other securities held by the fund may decline\ndue to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market\nchanges; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses\nto economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and\ncommodity price fluctuations.\nEconomies and financial markets\nthroughout the world are highly interconnected. Events (including public health emergencies, such as the spread of infectious disease),\nbank failures and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether\nor not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity\nof the fund s investments may be negatively affected by developments in other countries and regions.\nIssuer\nrisks The prices of, and the income generated by, securities held by the fund may decline in response to various factors\ndirectly related to the issuers of such securities, including reduced demand for an issuer s goods or services, poor management\nperformance, major litigation, investigations or other controversies related to the issuer, changes in the issuer s financial condition\nor credit rating, cha\n...\nengages in such function, fund shares may trade at a premium or discount to the fund s net asset value and/or at wider\nintraday bid-ask spreads and possibly face trading halts or delisting.\nNondiversification\nAs a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund.\nA fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political,\ngeographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely\naffect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund s shares can be\nexpected to fluctuate more than might be the case if the fund were more broadly diversified.\nManagement\nThe investment adviser to the fund actively manages the fund s investments. Consequently, the fund is subject to the\nrisk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed\nor incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant\nbenchmarks or other funds with similar objectives.\nYour\ninvestment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other\ngovernmental agency, entity or person. You should consider how this fund fits into your overall investment program.\nInvestment\nresults Because the fund\nhas been in operation for less than one full calendar year, information regarding investment results is not available as of the date\nof this prospectus.\nCapital\nGroup Equity ETF Trust I / Prospectus 2\nManagement\nInvestment\nadviser Capital Research and Management Company\nPortfolio managers The individuals primarily responsible for the portfolio management of the\nfund are:\nPortfolio\nmanager/ Fund\ntitle (if applicable)\nPortfolio\nmanager in\nthis fund since:\nPrimary\ntitle with\ninvestment adviser\nMark\nL. Casey\n2025\nPartner\nCapital International Investors\nPeter\nEliot President\n2025\nPartner\nCapital International Investors\nEric\nH. Stern\n2025\nPartner\nCapital International Investors\nPurchase\nand sale of fund shares The\nfund is an exchange-traded fund ( ETF ). Individual shares of the fund may only be bought and sold in the secondary market\nthrough a broker-dealer at market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater\nthan NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price\na buyer is willing to pay to purchase fund shares (bid) and the lowest price a seller is willing to accept for fund shares (ask) when\nbuying or selling shares in the secondary market (the bid-ask spread ). Recent information regarding the fund s NAV,\nmarket price, premiums and discounts, and bid-ask spread is available at capitalgroup.com/etf.\nTax\ninformation Dividends\nand capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local\ntaxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment\nfrom such account).\nPayments\nto broker-dealers and other financial intermediaries If\nyou purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund s distributor\nor its affiliates may pay the intermediary for the sal\n...\ns from\nthird-party pricing services. Futures contracts are valued primarily on the basis of settlement prices. The fund s portfolio investments\nare valued in accordance with procedures for making fair value determinations if market quotations or prices from third-party pricing\nservices, as applicable, are not readily available or are not considered reliable. For example, if events occur between the close of\nmarkets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment\nadviser, materially affect the value of any of the fund s equity securities that trade principally in those international markets,\nthose securities will be valued in accordance with fair value procedures. Similarly, fair value procedures may be employed if an issuer\ndefaults on its debt securities and there is no market for its securities. Use of these procedures is intended to result in more appropriate\nnet asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available to short-term investors.\nBecause\nthe fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price\nits shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem the fund shares.\nCreations\nand redemptions Prior to trading in the secondary market, shares of the fund are created\nat NAV only in block-size creation units or multiples thereof. Creations and redemptions must be made through a firm (an Authorized\nParticipant ) that is a member or participant of a clearing agency registered with the SEC, and that has executed a written agreement\n(the Authorized Participant Agreement ) with the funds distributor, Capital Client Group, Inc. (the distributor ),\nan affiliate of the investment adviser, with respect to the purchase and redemption of creation units.\nA creation\ntransaction, which is subject to acceptance by the distributor or its agents, generally takes place when an Authorized Participant deposits\ninto the fund (i) cash or (ii) a designated portfolio of securities, assets or other positions (a creation basket ), and\nan amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in either\ncase which approximate the holdings of the fund in exchange for a specified number of creation units. Similarly, shares can be redeemed\nonly in creation units, generally for (i) cash or (ii) a designated portfolio of securities, assets or other positions (a redemption\nbasket ) held by the fund and an amount of cash (including any portion of such securities, assets or other positions for which\ncash may be substituted). The fund currently expects to offer creation units partially or solely for cash.\nExcept when\naggregated in one or more creation units, shares are generally not redeemable by the fund. Creation and redemption baskets may differ,\nand the fund may accept custom baskets. More information regarding custom baskets is contained in the fund s statement\nof additional information. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation\nor redemption order is received in an acceptable form under the Authorized Participant Agreement.\nAuthorized\nParticipants may create or redeem creation units for their own accounts or for their customers, including, without limitation, affiliates\nof the fund. In the event of a system failure or other interruption, including disruptions\n...\nther than (i) interest expenses and other charges in connection with borrowing money, including\nline of credit and other loan commitment fees; (ii) taxes; (iii) brokerage expenses and commissions and other fees, charges or expenses\nincurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (iv) acquired\nfund fees and expenses; (v) expenses incident to meetings of fund shareholders and the associated preparation, filing and mailing of associated\nnotices and proxy statements; (vi) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration\nor litigation, including any settlements in connection therewith; (vii) any service and distribution expenses pursuant to a plan adopted\nin accordance with Rule 12b-1 under the 1940 Act; (viii) any fees and expenses related to the provision of securities lending services,\nincluding lending agent fees, (ix) other non-routine or extraordinary expenses; and (x) compensation for management services payable to\nthe investment adviser.\nFor\nthe period from January 14, 2025 (commencement of operations) to May 31, 2025, the investment adviser earned from Capital Group U.S. Small\nand Mid Cap ETF a management fee of $211,000. Because Capital Group U.S. Large Growth ETF and Capital Group U.S. Large Value ETF have\nnot completed their first fiscal year of operations, information regarding the management fee earned by the investment adviser for these\nfunds is not shown.\nCapital\nGroup Equity ETF Trust I Page 48\nOther\nservice agreements with third-party service providers The trust has entered into the Transfer\nAgency and Service Agreement (the transfer agency agreement ) and the Administration Agreement (the administration\nagreement ) with State Street Bank and Trust Company ( State Street ). Under the terms of the transfer agency agreement,\nState Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent. Under the terms of the administration\nagreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for\nthe maintenance and operations of the trust. The investment adviser bears the costs of services under these agreements under the terms\nof both the transfer agency and the administration agreement.\nDistributor\nand plan of distribution Capital Client Group, Inc. is the principal underwriter of the\nfunds shares. The distributor is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA\n92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.\nA\nfund shares are continuously offered for sale through the distributor or its agent only in creation units, as described in the Creation\nand redemption of creation units section of this statement of additional information. The fund shares\nin amounts less than creation units are generally not distributed by the distributor or its agent. The distributor or its agent will arrange\nfor the delivery of the prospectus and, upon request, this statement of additional information to persons purchasing creation units and\nwill maintain records of both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. Although\nthe distributor does not receive any fees under the Principal Underwriting Agreement with the fund, Capital Research and Management Company\nor its affiliates may pay the distributor from time to time for certain distribution-related se", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_U_S_Small_and_Mid_Cap_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_U_S_Small_and_Mid_Cap_ETF", "p": "advisedBy", "o": "org:Capital_Research_and_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_U_S_Small_and_Mid_Cap_ETF", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_U_S_Small_and_Mid_Cap_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Equity_ETF_Trust_I", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_U_S_Small_and_Mid_Cap_ETF", "p": "transferAgent", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Capital_Group_Equity_ETF_Trust_I", "p": "underwrittenBy", "o": "org:Capital_Client_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Capital Group U.S. Small and Mid Cap ETF <predicate_marker> administrator <object_marker> State Street Bank and Trust Company <predicate_marker> advisedBy <object_marker> Capital Research and Management Company <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> Capital Group Equity ETF Trust I <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Equity ETF Trust I <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group U.S. Small and Mid Cap ETF administrator State Street Bank and Trust Company ; advisedBy Capital Research and Management Company ; custodian State Street Bank and Trust Company ; seriesOf Capital Group Equity ETF Trust I ; transferAgent State Street Bank and Trust Company .\nCapital Group Equity ETF Trust I underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14412, "n_triples": 6, "text_to_json_ratio": 23.3}}