fund_rfid_data/data/rdf_poc/test_3x.jsonl

{"sample_id": "0000315554:ALL", "cik": "0000315554", "trust_name": "JOHN HANCOCK BOND TRUST", "input_text": "2016, respectively. Returns shown prior to Class R6 shares 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 R6 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. 4\nFund summary 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\n3.84 %\nBest quarter:\nQ2 2020\n10.67 %\nWorst quarter:\nQ1 2020\n- 14.20 %\nAverage annual total returns (%) as of 12/31/2024\n1 year\n5 year\n10 year\nClass A (before tax)\n2.12\n2.22\n3.65\nafter tax on distributions\n- 0.33\n- 0.02\n1.25\nafter tax on distributions, with sale\n1.21\n0.70\n1.69\nClass C\n4.35\n2.20\n3.27\nClass I\n6.76\n3.30\n4.34\nClass R6\n6.88\n3.34\n4.35\nBloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.25\n- 0.33\n1.35\nICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes)\n8.20\n4.04\n5.08 Investment management Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC Portfolio management The following individuals are jointly and primarily responsible for the day-to-day management of the fund s portfolio.\nJames Gearhart, CFA\nJonas Grazulis, CFA\nCaryn E. Rothman, CFA\nPortfolio Manager Managed the fund since 2022\nPortfolio Manager Managed the fund since 2022\nSenior Portfolio Manager, Head of Global Credit Managed the fund since 2017 Purchase 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. 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 Signature Services, Inc., P.O. Box 219909, Kansas City, MO 64121-9909; or for most account types through our website: jhinvestments.com; or by telephone: 800-225-5291. Taxes The fund s distributions are taxable, and will be taxed as ordinary income and/or capital gains, unless you are investing through a tax-deferred arrangeme\n...\nacquired fund fees and expenses paid indirectly, and (j) short dividend expense. The advisor may terminate this voluntary waiver at any time upon notice to the fund. 17\nFund details Subadvisor The subadvisor handles the fund s portfolio management activities, subject to oversight by the advisor. Manulife Investment Management (US) LLC 197 Clarendon 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. James Gearhart, CFA Portfolio Manager Managed the fund since 2022 Joined Manulife IM (US) in 2015 Began business career in 2011 Jonas Grazulis, CFA Portfolio Manager Managed the fund since 2022 Joined Manulife IM (US) in 2011 Began business career in 2011 Caryn E. Rothman, CFA Senior Portfolio Manager, Head of Global Credit Managed the fund since 2017 Joined Manulife IM (US) in 1996 Began business career in 1996 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. 18\nF\n...\nn, 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 2019 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 2019 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 15\nFund details 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. Citibank, N.A. 388 Greenwich Street New York, NY 10013 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\n...\nt programs and provides a variety of advisory oversight and investment research services. The advisor also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager, or subadvisor changes) and coordinates and oversees services provided under other agreements. The advisor has ultimate responsibility to oversee a subadvisor and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the advisor, among other things: (i) monitors on a daily basis the compliance of the subadvisors with the investment objectives and related policies of each fund; (ii) monitors significant changes that may impact the subadvisors' overall business and regularly performs due diligence reviews of the subadvisors; (iii) reviews the performance of the subadvisors; and (iv) reports periodically on such performance to the Board of Trustees. The advisor employs a team of investment professionals who provide these ongoing research and monitoring services. Each fund relies on an order from the Securities and Exchange Commission (SEC) permitting the advisor, subject to approval by the Board of Trustees, to appoint a subadvisor or change the terms of a subadvisory agreement without obtaining shareholder approval. Each fund, therefore, is able to change subadvisors or the fees paid to a subadvisor, from time to time, without the expense and delays associated with obtaining shareholder approval of the change. This order does not, however, permit the advisor to appoint a subadvisor that is an affiliate of the advisor or the fund (other than by reason of serving as a subadvisor to the fund), or to increase the subadvisory fee of an affiliated subadvisor, without the approval of the shareholders. Management fee for John Hancock Bond Fund The fund pays the advisor a management fee for its services to the fund. The advisor in turn pays the fees of the subadvisor. The management fee is stated as an annual percentage of the aggregate net assets of the fund (together with the assets of any other applicable fund identified in the advisory agreement) determined in accordance with the following schedule, and that rate is applied to the average daily net assets of the fund.\nAverage daily net assets ($)\nAnnual rate (%)\nFirst 500 million\n0.450\nNext 500 million\n0.425\nNext 1 billion\n0.400\nNext 500 million\n0.350\nExcess over 2.5 billion\n0.300 Management fee for John Hancock High Yield Fund The fund pays the advisor a management fee for its services to the fund. The advisor in turn pays the fees of the subadvisor. The management fee is stated as an annual percentage of the aggregate net assets of the fund (together with the assets of any other applicable fund identified in the advisory agreement) determined in accordance with the following schedule, and that rate is applied to the average daily net assets of the fund.\nAverage daily net assets ($)\nAnnual rate (%)\nFirst 75 million\n0.6250\nNext 75 million\n0.5625\nNext 350 million\n0.5000\nNext 2 billion\n0.4750\nExcess over 2.5 billion\n0.4500 Management fee for John Hancock Investment Grade Bond Fund The fund pays the advisor a management fee for its services to the fund. The advisor in turn pays the fees of the subadvisor. The management fee is stated as an annual percentage of the aggregate net assets of the fund (together with the assets of any other applicable fund identified in the advisory agreement) determined in accordance with the following schedule, and that rate is applied to the average daily net assets of the fund.\nAverage daily net assets ($", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:John_Hancock_High_Yield_Fund", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_High_Yield_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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; transferAgent John Hancock Signature Services, Inc. .\nJohn Hancock Short Duration Bond Fund advisedBy John Hancock Investment Management LLC ; custodian Citibank, N.A. ; seriesOf JOHN HANCOCK BOND TRUST ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent John Hancock Signature Services, Inc. .\nJOHN HANCOCK BOND TRUST underwrittenBy JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC .", "stats": {"input_chars": 14976, "n_triples": 16, "text_to_json_ratio": 9.7}}
{"sample_id": "0000316968:ALL", "cik": "0000316968", "trust_name": "T. ROWE PRICE GOVERNMENT MONEY FUND, INC.", "input_text": "sents only past performance and is not necessarily an indication of future results.\nPrior\nto August 1, 2016, the fund operated as a prime money market fund and invested in certain types of securities that the fund\nis no longer permitted to hold. Consequently, the performance information below may have been different if the current investment\nlimitations had been in effect during the period prior to the fund s conversion to a government money market fund.\nThe\nfollowing bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and\nworst calendar quarter returns during those years for the fund s Investor Class. Returns for other share classes vary since\nthey have different expenses.\nCalender\nYear Returns\nyear\nreturns\n2015\n0.01 %\n2016\n0.02 %\n2017\n0.51 %\n2018\n1.48 %\n2019\n1.88 %\n2020\n0.27 %\n2021\n0.01 %\n2022\n1.43 %\n2023\n4.84 %\n2024\n5.00 %\nQuarter\nEnded\nTotal\nReturn\nQuarter\nEnded\nTotal\nReturn\nBest\nQuarter\n12/31/23\n1.29 %\nWorst\nQuarter\n6/30/15\n0.00 %\nThe\nfund s return for the six months ended 6/30/25 was 2.03 %.\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. In addition, the table also includes a comparative index that has investment characteristics similar to those\nof the fund (Strategy Benchmark(s)).\nSUMMARY\n5\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n01/26/1976\n5.00\n%\n2.29\n%\n1.53\n%\n%\nI\nClass\n05/03/2017\n5.12\n2.36\n2.08\nStrategy\nBenchmark(s)\nLipper\nU.S. Government Money Market Funds Index\n4.88\n2.20\n1.45\n1.88\na\na Return\nsince 4/30/17.\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\nAlexander\nS. Obaza\nPortfolio\nManager and Chair of Investment Advisory Committee\n2023\n2005\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.\nT. ROWE PRICE\n6\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 with your intermediary or retirement plan to determine the investment\nminimums that apply to your account.\nTax\nInf\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\n22\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 , or money\nmarket 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\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...\nce 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 Rate Fund\nPRFRX\nT.\nRowe Price Floating Rate Fund Advisor Class\nPAFRX\nT.\nRowe Price Floating Rate Fund I Class\nTFAIX\nT.\nRowe Price Floating Rate Fund Z Class\nTRIZX\nT.\nROWE PRICE GLOBAL ALLOCATION FUND, INC.\nT.\nRowe Price Global Allocation Fund\nRPGAX\nT.\nRowe Price Global Allocation Fund Advisor Class\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 GNMA Fund Z Class\nTRZGX\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 In\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_Government_Money_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_Government_Money_Fund_Inc", "p": "custodian", "o": "org:JPMorgan_Chase_Bank_London", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Government_Money_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_Government_Money_Fund_Inc", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_GOVERNMENT_MONEY_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_Government_Money_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_Government_Money_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_GOVERNMENT_MONEY_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 Government Money Fund, Inc. <predicate_marker> advisedBy <object_marker> T. Rowe Price Associates, Inc. <predicate_marker> custodian <object_marker> JPMorgan Chase Bank, London <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <predicate_marker> seriesOf <object_marker> T. ROWE PRICE GOVERNMENT MONEY 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 GOVERNMENT MONEY FUND, INC. <predicate_marker> underwrittenBy <object_marker> T. Rowe Price Investment Services, Inc. <triple_end>", "target_serialized_plain": "T. Rowe Price Government Money Fund, Inc. advisedBy T. Rowe Price Associates, Inc. ; custodian JPMorgan Chase Bank, London , State Street Bank and Trust Company ; seriesOf T. ROWE PRICE GOVERNMENT MONEY FUND, INC. ; transferAgent T. Rowe Price Retirement Plan Services, Inc. , T. Rowe Price Services, Inc. .\nT. ROWE PRICE GOVERNMENT MONEY FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 22512, "n_triples": 7, "text_to_json_ratio": 31.4}}
{"sample_id": "0000702149:ALL", "cik": "0000702149", "trust_name": "North Carolina Capital Management Trust", "input_text": "est rate increases can cause the price of a money market security to decrease.\nIncome Risk.\nA low or negative interest rate environment can adversely affect the fund's yield.\nIssuer-Specific Changes.\nA decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.\nYou could lose money by investing in the fund\n.\nAlthough the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so\n.\nAn investment in the fund is not\na bank account and is not\ninsured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency\n.\nFidelity\nInvestments and its affiliates, the fund's sponsor,\nis not required to reimburse the fund for losses\n, and you should not expect that the sponsor will provide financial support to the fund at any time\n, including during periods of market stress\n.\nThe fund will not impose a fee upon the sale of your shares\n.\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.\nYear-by-Year Returns\n2014\n2015\n2016\n2017\n2018\n2019\n2020\n2021\n2022\n2023\n0.01\n%\n0.06\n%\n0.32\n%\n0.74\n%\n1.72\n%\n2.08\n%\n0.39\n%\n0.01\n%\n1.55\n%\n5.05\n%\nDuring the periods shown in the chart:\nReturns\nQuarter ended\nHighest Quarter Return\n1.33\n%\nDecember 31, 2023\nLowest Quarter Return\n0.00\n%\nMarch 31, 2014\nYear-to-Date Return\n2.64\n%\nJune 30, 2024\nAverage Annual Returns\nFor the periods ended December 31, 2023\nPast 1\nyear\nPast 5\nyears\nPast 10\nyears\nGovernment Portfolio\n5.05\n%\n1.80\n%\n1.18\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\nShares are offered exclusively to the following entities of the State of North Carolina: local governments and public authorities, as those terms are defined in North Carolina General Statute 159-7, and school administrative units, local ABC boards, community colleges, public hospitals, or housing authorities and other entities authorized by North Carolina law to use forms of investment allowed by North Carolina General Statute 159-30 (collectively, \"investors\") .\nYou may buy or sell shares in various ways:\nInternet\nnccmt.fidelity.com (only for existing participants who have signed up for NCCMTNet)\nPhone\nTo contact Capital Management of the Carolinas, L.L.C. (CMC) 1-800-222-3232 (toll-free) or 1-704-377-3535 (locally)\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 that each of the Federal Reserve Bank of Richmond (Richmond Fed) and the New York Stock Exchange (NYSE) are open, unless following such schedule would cause the fund to be closed for two consecutive business days, in which case the fund will be open for business each day that the Richmond Fed is open for business. The fund also may be open for business on other days if the Richmond Fed is open.\nThere is no purchase minimum for fund shares.\nTax Information\nMost investors in the fund will be tax-exempt entities. Taxable and tax-exempt investors who must account for income and gains that may result from certain shareholder transactions should be aware that distributions they receive from the fund are subject to federal income tax as ordinary income, except to the extent reported as capital gains, and may also be subject to state or local taxes.\nPayments to Broker-Dealers and Other Financial Intermediaries\nThe Adviser pays CMC, through Fidelity Distributors Company LLC (FDC), for the sale of fund shares and related services. This payment may create a conflict of interest by influencing CMC and your investment professional to recommend the fund over another investment. Ask your investment professional for more information.\nFund Basics\nInvestment Details\nInvestment Objective\nGovernment Portfolio seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity and to maintain a constant net asset value of $1.00 per share.\nPrincipal Investment Strategies\nThe Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities), as permitted by the Statute and the Code. More detail regarding the provisions of the Statute and the Code is included in the Appendix. Certain issuers of U.S. Government securities are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury.\nIn buying and selling securities for the fund, the Adviser complies with industry-standard regulatory requirements for money market funds regarding the quality, maturity, liquidity, and diversification of the fund's investments. The Adviser stresses maintaining a stable $1.00 share price, liquidity, and income.\nIn addition, the Adviser normally invests at least 80% of the fund's assets in U.S. Government securities and repurchase agreements for those securities.\nDescription of Principal Security Types\nU.S. Government securities are high-quality securities issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. Government. U.S. Government securities may be backed\n...\ngains that may result from certain shareholder transactions.\nDistributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes. A portion of the fund's dividends may be exempt from state and local taxation to the extent that they are derived from certain U.S. Government securities and meet certain requirements.\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, if any, 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.\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.\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,\n2023 , the Adviser had approximately $3.\n9 trillion in discretionary assets under management, and approximately\n$4 .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,\n2023 , FMR UK had approximately $14.\n6 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,\n2023 , FMR H.K. had approximately\n$24 .4 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.\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 Adviser pays most other expenses of the fund.\nThe fund's annual management fee rate is 0.205% of\naverage net assets.\nFor the fiscal year ended June 30, 2024, the fund paid a management fee of 0.138% of the fund's average net assets,\nreflecting the net management fee retained by FMR after payment of 12b-1 fees to the distributor .\nThe Adviser pays FMR Investment Management (UK) Limited, Fidelity Management Research (Hong Kong) Limited, and Fidelity Managemen\n...\ntification 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. Board oversight of different aspects of the fund's activities is exercised primarily through the full Board, but also through the Audit Committee. The\nBoard 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, and the fund's Treasurer and portfolio management personnel, make periodic reports to the Board and Audit Committee, as appropriate. The responsibilities of the Audit Committee, including its oversight responsibilities, are described further under \"Audit Committee.\"\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+\nRobert A. Litterst (1959)\nYear of Election or Appointment: 2014\nTrustee\nMr. Litterst currently serves as a director of Beacon Trust Company (2015-present) and as a Vice President of OH Company LLC (holding company, 2023-present) . Mr. Litterst was the Chief Investment Officer of the Money Market Group at Fidelity Management Research Company (investment adviser firm, 2011-2014) and a portfolio manager at FMR LLC (diversified financial services company, 1991-2014). Mr. Litterst also previously served as the portfolio manager for The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2003-2011).\nCynthia L. Strauss (1954)\nYear of Election or Appointment: 2019\nTrustee\nMs. Strauss currently serves as a member of the Board of Trustees of the Worcester Art Museum (2020-present), a member of the Board of Directors of Fidelity Digital Assets Services, LLC (2018-present), a member of the Board of Trustees of WGBH (public television and radio, 2017-present), and a member of the Board of Exceptional Lives (disability information non-profit, 2015-present). Prior to her retirement, Ms. Strauss was Director of Research at Fidelity Charitable (independent public charity, 2007-2015) and Director of Research, Equity Division (2005-2007), Director of Taxable Bond Fund Research, Fixed Income Division (2002-2005), and Director of Taxable Money Market Fund Research, Fixed Income Division (1992-2002), at Fidelity Management Research Company (investment adviser firm).\n* Determined to be an \"Interested Trustee\" by virtue of, among other things, his or her affiliation with the trust, CMC, 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:\nCorrespondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.\nName, Year of Birth; Principal Occupations and Other Relevant Experience+\nJohn H. Grigg (1961)\nYear of Election or Appointment: 2018\nTrustee\nMr. Grigg is a Managing Director of Fidus Partners, LLC (inv\n...\netts 02210.\nName, Year of Birth; Principal Occupations+\nMark Trogdon (1960)\nYear of\nElection or Appointment: 2024\nMember of the Advisory Board\nMr. Trogdon is a retired Director of the Fiscal Research Division of the North Carolina General Assembly (2011-2023). In that role he led a nonpartisan legislative staff of professional analysts who conducted expert financial and fiscal policy analysis of budget and taxation matters affecting state and local government to serve the information needs of legislators and legislative committees. Prior to his tenure as Director, Mr. Trogdon was a Fiscal Analyst and Principal Fiscal Analyst (1995-2011) with the Fiscal Research Division of the North Carolina General Assembly.\nJohn J. Burke III (1964)\nYear of Election or Appointment: 2018\nChief Financial Officer\nMr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke\nis Head of\nFidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments\n. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities . Previously Mr. Burke\nwas Head of Asset Management Investment Operations (2012-2018).\nMargaret Carey (1973)\nYear of Election or Appointment: 2023\nSecretary and Chief Legal Officer (CLO)\nMs. Carey also serves as an officer of other funds and as CLO of certain\nFidelity entities.\nMs. Carey is a Senior Vice President ,\nDeputy General Counsel\n( 2019-present)\nand is an employee of Fidelity Investments.\nDavid J. Carter (1973)\nYear of Election or Appointment: 2022\nAssistant Secretary\nMr. Carter also serves as Assistant Secretary of other funds. Mr. Carter\nis a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments\n. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020 -present).\nJonathan Davis (1968)\nYear of Election or Appointment: 2014\nAssistant Treasurer\nMr. Davis also serves as an officer of other funds. Mr. Davis\nis a Vice President\n(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: 2021\nPresident and Treasurer\nMs. Del Prato also serves as an officer of other funds. Ms. Del Prato\nis a Senior Vice President (2017 -present) and is an employee of Fidelity Investments\n. Ms. Del Prato\nserves as\nSenior Vice President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Previously, Ms. Del Prato was President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).\nJoshua W. Gould (1982)\nYear of Election or Appointment: 2019\nChief Compliance Officer\nMr. Gould\nis a Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments (2019-present).\nPrior to joining Fidelity, Mr. Gould served in audit, risk management, and compliance functions for several firms, most recently, Natixis Investment Managers (2011-2018) and an affiliated adviser, McDonnell Investment Management, LCC (2018-2019).\nBrett Segaloff (1972)\nYear of Election or Appointment: 2020\nAnti-Money Laundering (AML) Officer\nMr. Segaloff also serves as\nAML Officer of other funds\n. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity enti\n...\nrty of any shareholder or former shareholder held personally liable for the obligations of the fund solely by reason of his or her being or having been a shareholder and not because of his or her acts or 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 share they own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate\nand 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 may be terminated upon the sale of its assets to another open-end management investment company, or upon liquidation and distribution of its assets, if approved by a vote of shareholders of the trust or the fund. In the event of the dissolution or liquidation of the 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, shareholders of that fund are entitled to receive the underlying assets of the fund available for distribution.\nCustodian(s) .\nThe Bank of New York Mellon,\n240 Greenwich Street, New York, New York, 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.\nJPMorgan Chase Bank, headquartered in New York, also may serve as special purpose custodian of certain assets in connection with repurchase agreement transactions.\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\nExecutive 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 h", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "advisedBy", "o": "org:Fidelity_Management_Research_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "custodian", "o": "org:BANK_OF_NEW_YORK_MELLON", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "seriesOf", "o": "trust:North_Carolina_Capital_Management_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "subAdvisedBy", "o": "org:FMR_Investment_Management_UK_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Hong_Kong_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "subAdvisedBy", "o": "org:Fidelity_Management_Research_Japan_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:North_Carolina_Capital_Management_Trust_Government_Portfolio", "p": "transferAgent", "o": "org:Fidelity_Investments_Institutional_Operations_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:North_Carolina_Capital_Management_Trust", "p": "underwrittenBy", "o": "org:Fidelity_Distributors_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> North Carolina Capital Management Trust - Government Portfolio <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> North Carolina Capital Management 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> North Carolina Capital Management Trust <predicate_marker> underwrittenBy <object_marker> Fidelity Distributors Company LLC <triple_end>", "target_serialized_plain": "North Carolina Capital Management Trust - Government Portfolio advisedBy Fidelity Management & Research Company LLC ; custodian BANK OF NEW YORK MELLON ; seriesOf North Carolina Capital Management 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 .\nNorth Carolina Capital Management Trust underwrittenBy Fidelity Distributors Company LLC .", "stats": {"input_chars": 21108, "n_triples": 8, "text_to_json_ratio": 24.2}}
{"sample_id": "0000745467:ALL", "cik": "0000745467", "trust_name": "Meridian Fund Inc", "input_text": "MERIDIAN FUND INC\n0000745467 false 485BPOS 2025-06-30 MERIDIAN FUND INC 0 0 0 0 0 5.51 16.19 25.55 6.96 27.59 24.92 15.01 29.31 15.24 6.25 0 0 0 0 0 3.67 16.40 24.51 7.44 23.53 23.71 26.06 16.86 12.29 9.64 1.04 11.08 27.71 0.96 45.14 25.90 15.11 16.62 18.94 13.05 0 0 0 0 0 0 0 0 0 0 6.74 20.36 22.83 0.71 18.92 27.78 7.79 24.79 14.02 11.71 5.32 16.28 25.63 0 0 0 0 6.91 27.63 24.92 15.12 29.26 15.29 6.29 1984-08-01 1984-08-01 1984-08-01 1984-08-01 0 0 3.42 16.59 24.82 7.31 23.62 23.79 26.12 16.79 12.29 9.65 1994-02-10 1994-02-10 1994-02-10 1994-02-10 1994-02-10 1994-02-10 0.96 13.10 11.15 27.94 0.65 0 0 44.97 26.22 14.92 16.50 18.96 The Investment Adviser has agreed to waive a portion of the investment advisory and/or administration fees and/or reimburse other expenses of the Meridian Small Cap Growth Fund so that the ratio of expenses to average net assets of the Meridian Small Cap Growth Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, dividend expenses on securities sold short and interest expenses on short sales, taxes, and extraordinary expenses) does not exceed 1.25% for the Legacy Class and 1.10% for the Institutional Class. These expense limitations may not be amended or withdrawn until one year after the date of this prospectus without the consent of the Board of Directors. 6.66 20.43 22.86 0.71 19.17 27.91 7.85 24.71 14.06 11.67 0 0 0 0 0000745467 mefi:C000003882Member mefi:LegacyClassAndInstitutionalClassMember 1984-08-01 2024-12-31 0000745467 mefi:C000003882Member mefi:LegacyClassAndInstitutionalClassMember oef:AfterTaxesOnDistributionsAndSalesMember 1984-08-01 2024-12-31 0000745467 mefi:C000003882Member mefi:LegacyClassAndInstitutionalClassMember oef:AfterTaxesOnDistributionsMember 1984-08-01 2024-12-31 0000745467 mefi:Russell2500GrowthIndexMember mefi:LegacyClassAndInstitutionalClassMember 1984-08-01 2024-12-31 0000745467 mefi:C000003883Member mefi:LegacyClassMember 1994-02-10 2024-12-31 0000745467 mefi:C000003883Member mefi:LegacyClassMember oef:AfterTaxesOnDistributionsAndSalesMember 1994-02-10 2024-12-31 0000745467 mefi:C000003883Member mefi:LegacyClassMember oef:AfterTaxesOnDistributionsMember 1994-02-10 2024-12-31 0000745467 mefi:Russell2500IndexMember mefi:LegacyClassMember 1994-02-10 2024-12-31 0000745467 mefi:Russell2500ValueIndexMember mefi:LegacyClassMember 1994-02-10 2024-12-31 0000745467 mefi:S000001463Russell3000IndexMember mefi:LegacyClassMember 1994-02-10 2024-12-31 0000745467 mefi:C000003881Member oef:AfterTaxesOnDistributionsAndSalesMember mefi:LegacyClassMember 2005-01-31 2024-12-31 0000745\n...\n9 Form N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Post-Effective Amendment No. 69 and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 70 MERIDIAN FUND, INC. (Exact name of Registrant as Specified in Charter) 100 Fillmore Street Suite 325 Denver, CO 80206 (Address of Principal Executive Offices) (Zip Code) Registrant s Telephone Number: (303) 398 2929 David Corkins 100 Fillmore Street Suite 325 Denver, CO 80206 (Name and Address of Agent for Service) With copies to: Peter H. Schwartz, Esq. Davis Graham Stubbs LLP 3400 Walnut Street, Suite 700 Denver, CO 80205 It 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)(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.\nM ERIDIAN F UND , I NC . MERIDIAN GROWTH FUND C LASS A S HARES : MRAGX; C LASS C S HARES : MRCGX; I NVESTOR C LASS S HARES : MRIGX MERIDIAN CONTRARIAN FUND C LASS A S HARES : MFCAX; C LASS C S HARES : MFCCX; I NVESTOR C LASS S HARES : MFCIX MERIDIAN HEDGED EQUITY FUND C LASS A S HARES : MRAEX; C LASS C S HARES : MRCEX; I NVESTOR C LASS S HARES : MRIEX MERIDIAN SMALL CAP GROWTH FUND C LASS A S HARES : MSGAX; C LASS C S HARES : MSGCX; I NVESTOR C LASS S HARES : MISGX P ROSPECTUS October 31, 2025 This Prospectus contains essential information for anyone considering an investment in the Funds. Please read this document carefully and retain it for future reference. ArrowMark Colorado Holdings, LLC (the Investment Adviser ) website: www.arrowmarkpartners.com/meridian 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. Link to SAI MERIDIAN FUND, INC. Table of Contents\nFUND SUMMARY\n1\nM ERIDIAN G ROWTH F UND\n1\nM ERIDIAN C ONTRARIAN F UND\n9\nM ERIDIAN H EDGED E QUITY F UND\n16\nM ERIDIAN S MALL C AP G ROWTH F UND\n24\nIMPORTANT ADDITIONAL INFORMATION\nFURTHER INFORMATION ABOUT THE FUNDS INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES\n32\nGeneral\n32\nMeridian Growth Fund\n33\nMeridian Contrarian Fund\n33\nMeridian Hedged Equity Fund\n34\nMeridian Small Cap Growth Fund\n35\nTemporary Investments\n35\nFURTHER INFORMATION ABOUT PRINCIPAL RISKS\n36\nORGANIZATION AND MANAGEMENT\n42\nMeridian Fund, Inc.\n42\nThe Investment Adviser\n42\nPortfolio Managers\n42\nManagement Fees and Other Expenses\n43\nThe Distributor\n45\nThe Transfer, Redemption and Disbursing Agent\n45\nThe Custodian\n45\nSHAREHOLDER INFORMATION\n46\nChoosing a Share Class\n46\nDistribution and Networking, Sub-Accounting and Administrative Services\n53\nPricing of Fund Shares\n55\nAccount Rules and Policies\n56\nHow to Purchase Shares\n60\nExchanges Between Funds\n61\nExchanges Between Share Classes\n61\nHow to Redeem\n62\nDISTRIBUTIONS AND TAX STATUS\n65\nDistributions\n65\nFederal Income Taxes\n66\nFINANCIAL HIGHLIGHTS\n69\nFUND SUMMARY M ERIDIAN G ROWTH F UND Investment Objective The M ERIDIAN G ROWTH F UND seeks long-term growth 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 other fees to financial intermediaries, which are not\n...\nree (3) years from the date on which a waiver or reimbursement in excess of the expense limitation is made by the Adviser, the Funds will carry forward, and may repay the Adviser such amounts; provided, however, that such recapture payments do not cause the Fund s expense ratio (after recapture) to exceed the lesser of (i) the expense limitation in effect at the time of the waiver or (ii) the expense limitation in effect at the time of the recapture. Any reimbursement or repayment will be on a monthly basis, subject to year-end adjustment. During the fiscal year ended June 30, 2025, the Investment Adviser agreed to reimburse certain expenses of the Growth Fund, the Contrarian Fund, the Hedged Equity Fund and the Small Cap Growth Funds in order to limit aggregate operating expenses of their Class A and Investor 44 Class shares from exceeding the amounts listed below.\nExpense Limitation\nGrowth Fund\nClass A\n1.30\n%\nClass C\n2.05\n%\nInvestor Class\n1.05\n%\nContrarian Fund\nClass A\n1.50\n%\nClass C\n2.25\n%\nInvestor Class\n1.25\n%\nHedged Equity Fund\nClass A\n1.50\n%\nClass C\n2.25\n%\nInvestor Class\n1.25\n%\nSmall Cap Growth Fund\nClass A\n1.50\n%\nClass C\n2.25\n%\nInvestor Class\n1.25\n% With respect to these limits, the Investment Adviser reimbursed the following amounts for Class A, Class C and Investor Class shares during the fiscal year ended June 30, 2025.\nGrowth Fund\nClass A\n$\nClass C\n$\nInvestor Class\n$\nContrarian Fund\nClass A\n$\nClass C\n$\nInvestor Class\n$\nHedged Equity Fund\nClass A\n$\n4,212\nClass C\n$\n23\nInvestor Class\n$\n4,117\nSmall Cap Growth Fund\nClass A\n$\n3,013\nClass C\n$\nInvestor Class\n$\n14,084\nWith respect to repayment of reimbursed expenses, the Adviser recouped $80 and $5,753 from the Contrarian Fund and the Small Cap Growth Fund during the fiscal year ended June 30, 2025. T HE D ISTRIBUTOR ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, Colorado 80203 (the Distributor ), has entered into a distribution agreement with Meridian. The Distributor and its affiliates may pay commissions, distribution fees and/or other compensation to entities for selling Fund shares and providing certain distribution-related services to the Funds shareholders. The Distributor also may receive, and may direct to other eligible financial intermediaries, compensation for providing directly or indirectly, personal/liaison and related shareholder support services to Fund shareholders, and may be reimbursed for providing account services, as further described in the section of the prospectus entitled Shareholder Information Distribution and Networking, Sub-Accounting and Administrative Services . T HE T RANSFER , R EDEMPTION AND D ISBURSING A GENT BNY Mellon Investment Servicing (US) Inc. serves as Transfer Agent, redemption, dividend disbursing agent for each Fund and may, in certain circumstances, also serve as shareholder servicing agent for each Fund. BNY Mellon Investment Servicing (US) Inc. is located at 103 Bellevue Parkway, Wilmington, DE 19809. T HE C USTODIAN The Bank of New York Mellon is located at 240 Greenwich Street, New York, New York, 10286, and serves as custodian of all securities and funds owned by the Funds. 45 SHAREHOLDER INFORMATION C HOOSING A S HARE C LASS Each Fund offers the Class A, Class C and Investor Class shares, each representing an interest in the same portfolio but with differing features, such as fees and eligibility requirements. It is important to consider carefully and/or consult with your advisor, broker, dealer, bank, insurance company or other entity (each, generally referred to as a financial intermediary and, collectively, as financial intermediaries ) for additional information on which classes of shares of the Funds, if any, are an appropriate investment choice based on your investment objectives and needs. Certain financial intermediaries may not sell all classes of shares of the Funds and all of such classes may not be available to all investors. Contact your financial intermediary or refer to your plan documents for instructions on how to purchase, redeem or exchange Fund shares. If your financial intermediary sells more than one class of shares of a Fund, you should carefully consider which class (or classes) of shares is most appropriate for your investment objectives and needs. Certain classes have higher expenses than others, which may lower the return on your investment. The differential between classes also will vary depending on the actual investment return for any given investment period. We encourage you to consult with your financial intermediary who can help you with your investment decisions. For further details, please see the SAI. Conversion of Class C shares to Class A shares. 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{"s": "fund:Meridian_Small_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:Meridian_Fund_Inc", "p": "underwrittenBy", "o": "org:ALPS_Distributors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Meridian Contrarian Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy <object_marker> ArrowMark Colorado Holdings, LLC <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> Meridian Fund Inc <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Meridian Growth Fund <predicate_marker> administrator <object_marker> The Bank of New York Mellon <predicate_marker> advisedBy 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Mellon Investment Servicing (US) Inc. .\nMeridian Small Cap Growth Fund administrator The Bank of New York Mellon ; advisedBy ArrowMark Colorado Holdings, LLC ; custodian The Bank of New York Mellon ; seriesOf Meridian Fund Inc ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nMeridian Fund Inc underwrittenBy ALPS Distributors, Inc. .", "stats": {"input_chars": 10995, "n_triples": 21, "text_to_json_ratio": 5.9}}
{"sample_id": "0000762156:ALL", "cik": "0000762156", "trust_name": "BNY Mellon U.S. Mortgage Fund, Inc.", "input_text": "or, New York, New York 10018, is a registered investment adviser specializing in U.S. mortgage and real estate investment\nstrategies. As of June 30, 2024, Amherst Capital had responsibility for managing approximately $4.189 billion in assets. Amherst Capital\nis a subsidiary of Amherst Holdings, LLC (Amherst Holdings), a data, analytic and research focused financial services holding company\nwith expertise in the real estate, mortgage and related structured finance markets, headquartered in Austin, Texas. BNY\n9\nis\nnot an affiliate of Amherst Holdings, although BNY owns a minority interest in Amherst Holdings. Prior to June 29, 2018, Amherst Capital\nwas an indirect, majority-owned subsidiary of BNY and an affiliate of BNYM Investment Adviser. A discussion regarding the basis for the\nboard's approving the sub-investment advisory agreement between BNYM Investment Adviser and Amherst Capital is available in the fund's\nsemi-annual report for the six-month period ended October 31, 2023.\nEric\nSeasholtz is the fund's primary portfolio manager, a position he has held since December 2016, and is primarily responsible for the day-to-day\nmanagement of the fund's portfolio. Mr. Seasholtz is a director and portfolio manager at Amherst Capital, where he has been employed since\nSeptember 2015. Mr. Seasholtz also was an employee of BNYM Investment Adviser from November 2015 until June 29, 2018. Prior to June 29,\n2018 (the date BNYM Investment Adviser engaged Amherst Capital to serve as the fund's sub-adviser), Mr. Seasholtz managed the fund in\nhis capacity as an employee of BNYM Investment Adviser.\nThe\nfund's Statement of Additional Information (SAI) provides additional portfolio manager information, including compensation, other accounts\nmanaged and ownership of fund shares.\nDistributor\nBNY\nMellon Securities Corporation (BNYMSC), a wholly-owned subsidiary of BNYM Investment Adviser, serves as distributor of the fund and of\nthe other funds in the BNY Mellon Family of Funds. Any Rule 12b-1 fees and shareholder services fees, as applicable, are paid to BNYMSC\nfor financing the sale and distribution of fund shares and for providing shareholder account service and maintenance, respectively. BNYM\nInvestment Adviser or BNYMSC may provide cash payments out of its own resources to financial intermediaries that sell shares of funds\nin the BNY Mellon Family of Funds or provide other services. Such payments are separate from any sales charges, 12b-1 fees and/or shareholder\nservices fees or other expenses that may be paid by a fund to those financial intermediaries. Because those payments are not made by fund\nshareholders or the fund, the fund's total expense ratio will not be affected by any such payments. These payments may be made to financial\nintermediaries, including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer agency\nservices, marketing support and/or access to sales meetings, sales representatives and management representatives of the financial intermediary.\nCash compensation also may be paid from BNYM Investment Adviser's or BNYMSC's own resources to financial intermediaries for inclusion\nof a fund on a sales list, including a preferred or select sales list or in other sales programs. These payments sometimes are referred\nto as \"revenue sharing.\" From time to time, BNYM Investment Adviser or BNYMSC also may provide cash or non-cash compensation to financial\nintermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or other entertainment; support for\ndue diligen", "ontology": {"Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "trust:BNY_Mellon_U_S_Mortgage_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 U.S. Mortgage Fund, Inc. <predicate_marker> underwrittenBy <object_marker> BNY Mellon Securities Corporation <triple_end>", "target_serialized_plain": "BNY Mellon U.S. Mortgage Fund, Inc. underwrittenBy BNY Mellon Securities Corporation .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 24.5}}
{"sample_id": "0000789281:ALL", "cik": "0000789281", "trust_name": "Federated Hermes Income Securities Trust", "input_text": "to the Termination Date with the approval of the 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.\nThe Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:\nShare Class\n1 Year\n3 Years\n5 Years\n10 Years\nA\n$ 214\n$ 456\n$ 716\n$ 1,461\nIS\n$ 93\n$ 290\n$ 504\n$ 1,120\nR6\n$ 85\n$ 265\n$ 460\n$ 1,025\n1\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 5 % of the average value of its portfolio.\nRISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE\nWhat are the Fund s Main Investment Strategies?\nThe Fund pursues its investment objective by allocating its portfolio of investments among the following three categories of the fixed-income market: domestic noninvestment-grade (also known as junk bonds ); domestic investment-grade; and foreign (both emerging and developed markets). The Fund s investment adviser, Federated Investment Management Company ( Adviser ) will determine whether a security is investment-grade based upon the credit ratings given by one or more nationally recognized statistical rating organizations (NRSROs). If a security has not received a rating, the Fund must rely entirely upon the Adviser s credit assessment that the security is comparable to investment-grade. While the Fund s portfolio usually includes investments from all three categories, the Fund limits the amount that it may invest in a single category to 75% of its assets. From time to time, the Fund may receive equity securities in connection with the restructuring of defaulted corporate bonds, in general, and high-yield bonds, in particular.\nUnder normal market conditions the Fund will endeavor to maintain an average effective portfolio duration within a range of negative two (-2) to positive three (+3) years, in order to manage Share price volatility due to interest rate risk. The Fund does not limit the effective duration with respect to its investment in any individual holding. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Duration may be based on maturity date, call date or interest rate reset date.\nThe Fund expects that it will primarily hold fixed-income investments that pay interest at rates that increase or decrease in response to changes in market interest rates (so-called floating-rate investments ). The Fund may also invest in fixed-income investments that pay interest at a fixed rate (so-called fixed-rate investments ) that the Adviser believes have low interest rate sensitivity.\nThe Fund will primarily invest in loans made to domestic noninvestment-grade borrowers (i.e., leveraged loans) in the domestic noninvestment-grade categor\n...\nhase 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 R6 Shares. However, if you purchase IS or R6 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 R6 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), Institutional Shares (IS) and Class R6 Shares (R6), 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 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.\n31\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;\nA Federated Hermes Fund;\nAn investor (including a natural person) who acquired the IS class of a Federated Hermes fund pursuant to the terms of an agreement and plan of reorganization which permits the investor to acquire such sh\n...\nass\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?\n34\nWhere applicable, the required minimum initial investment for IS class is generally $1,000,000. There is no minimum subsequent investment amount.\nR6 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?\nThere is no minimum initial or subsequent investment amount required.\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.\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 Number\nNominee/Institution Name\nFund Name and Number and Account Number\nYou cannot purchase Shares by wire on holidays when wire transfers are restricted.\nBy Check\nMake your check payable to The Federated Hermes Funds , note your account number on the check, and send it to:\nThe Federated Hermes Funds\nP.O. Box 219318\nKansas City, MO 64121-9318\n35\nIf you send your check by a private courier or overnight delivery service that requires a street address, send it to:\nThe Federated Hermes Funds\n801 Pennsylvania Avenue\nSuite 219318\nKansas City, MO 64105-1307\nPayment should be made in U.S. dollars and drawn on a U.S. bank. The Fund reserves the right to reject any purchase request. For example, to protect against check fraud the Fund may reject any purchase request involving a check that is not made payable to The Federated Hermes Funds (including, but not limited to, requests to purchase Shares using third-party checks) or involving temporary checks or credit card checks.\nBy Direct Deposit\nYou may establish Payroll Deduction/Direct Deposit arrangements for investments into the Fund by either calling a Client Service Representative at 1-800-341-7400; or by completing the Payroll Deduction/Direct Deposit Form, which is available on FederatedHermes.com/us under Resources and then Literature and Forms, then Forms. You will receive a confirmation when this service is available.\nTHROUGH AN EXCHANGE\nYou may purchase Fund Shares through an exchange from another Federated Hermes fund. To do this you must:\nmeet any applicable shareholder eligibility requirements;\nensure that the account registrations are id\n...\nntil replaced by the information for the succeeding month. The summary portfolio composition information may include identification of the Fund s top 10 holdings and percentage breakdowns of the portfolio by sector and credit quality.\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.\n42\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 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 management totaled approximately $575.4 billion as of December 31, 2025.\nPORTFOLIO MANAGEMENT INFORMATION\nAnthony A. Venturino\nAnthony A. Venturino, CFA, Portfolio Manager, has been the Fund s portfolio manager since May of 2024 and the Bank Loan Affiliated Fund s portfolio manager since March of 2019.\nMr. Venturino is responsible for day-to-day management of the Fund focusing on asset allocation and security selection. He has been with the Adviser or an affiliate since 2005; has worked in investment management since 1998; has managed investment portfolios since 2019. Education: B.S., University of Dayton; M.B.A., Tepper School of Busin\n...\ntment Company Act File No. 811-4577\nCUSIP 31420C647\nCUSIP 31420C670\nCUSIP 31420C571\nQ450812 (5/26)\n2026 Federated Hermes, Inc.\nStatement of Additional Information\nMay 31, 2026\nShare Class | Ticker\nA | FRSAX\nInstitutional | FFRSX\nR6 | FFRLX\nFederated Hermes Floating Rate Strategic Income Fund\nA Portfolio of Federated Hermes Income Securities Trust\nThis Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Floating Rate Strategic Income Fund (the Fund ), dated May 31, 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\n13\nInvestment Risks\n18\nInvestment Objective (and Policies) and Investment Limitations\n20\nWhat Do Shares Cost?\n23\nHow is the Fund Sold?\n26\nPurchases In-Kind\n26\nRedemption In-Kind\n26\nMassachusetts Partnership Law\n27\nAccount and Share Information\n27\nTax Information\n28\nWho Manages and Provides Services to the Fund?\n48\nFinancial Information\n49\nInvestment Ratings\n54\nAddresses\n55\nAppendix\nFederated Hermes Floating Rate Strategic Income 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\nQ450748 (5/26)\n2026 Federated Hermes, Inc.\nHow is the Fund Organized?\nThe Fund is a diversified portfolio of Federated Hermes Income Securities Trust (the Trust ). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on January 24, 1986. 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 Federated Income Securities Trust to Federated Hermes Income Securities Trust and the Fund changed its name from Federated Floating Rate Strategic Income Fund to Federated Hermes Floating Rate Strategic Income 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 Class R6 Shares ( 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 INVESTMENTS\nFixed-income investments 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 of a fixed-income security must repay the principal amount of the security, normally within a specified t\n...\nications 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.\n28\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: January 2000\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\nPaul A. Uhlman *\nBirth Date: April 12, 1966\nTrustee\nIndefinite Term\nBegan serving: May 2026\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 and CEO, Federated Advisory\nServices Company, Federated Equity Management Company of\nPennsylvania, Federated Global Investment Management Corp., Federated\nInvestment Counseling, Federated Investment Management Company and\nFederated MDTA LLC; Vice President, Federated Investors Trust Company\nPrevious Positions: President and Director, Federated Securities Corp.;\nExecutive Vice President, Federated Investment Counseling.\n$0\n$0\n*\nReasons for interested status: J. Christopher Donahue and Paul A. Uhlman 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.\nIndependent Trustees Background, Qualificat", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Federated_Hermes_Intermediate_Corporate_Bond_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Corporate_Bond_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Corporate_Bond_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Corporate_Bond_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_Intermediate_Corporate_Bond_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Income_Securities_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Intermediate_Corporate_Bond_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Term_Income_Fund", "p": "administrator", "o": "org:Federated_Administrative_Services", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Term_Income_Fund", "p": "advisedBy", "o": "org:Federated_Advisory_Services_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Term_Income_Fund", "p": "advisedBy", "o": "org:Federated_Investment_Management_Company", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Term_Income_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_Short_Term_Income_Fund", "p": "seriesOf", "o": "trust:Federated_Hermes_Income_Securities_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Federated_Hermes_Short_Term_Income_Fund", "p": "transferAgent", "o": "org:SS_C_GIDS_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Federated_Hermes_Income_Securities_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 Corporate Bond 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 Income Securities Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Short-Term Income 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 Income Securities Trust <predicate_marker> transferAgent <object_marker> SS&C GIDS, Inc. <triple_end>\n<triple_start> Federated Hermes Income Securities Trust <predicate_marker> underwrittenBy <object_marker> Federated Securities Corp. <triple_end>", "target_serialized_plain": "Federated Hermes Intermediate Corporate Bond Fund administrator Federated Administrative Services ; 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{"sample_id": "0000844779:ALL", "cik": "0000844779", "trust_name": "BlackRock Funds", "input_text": "5-01-01 2025-12-31 0000844779 bf:S000038448Member 2026-01-31 2026-01-31 0000844779 bf:S000038448Member bf:C000118599Member 2026-01-31 2026-01-31 0000844779 bf:S000038448Member bf:C000118600Member 2026-01-31 2026-01-31 0000844779 bf:S000038448Member bf:C000118601Member 2026-01-31 2026-01-31 0000844779 bf:C000118599Member 2016-01-01 2025-12-31 0000844779 bf:C000118599Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000844779 bf:C000118599Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000844779 bf:C000118600Member 2016-01-01 2025-12-31 0000844779 bf:C000118601Member 2016-01-01 2025-12-31 0000844779 bf:FTSENareitAllEquityREITsIndexMember 2016-01-01 2025-12-31 0000844779 bf:Russell1000IndexMember 2016-01-01 2025-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on May 21, 2026 Securities Act File No. 33-26305 Investment Company Act File No. 811-05742 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. 1299 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 1301 (Check appropriate box or boxes) BLACKROCK FUNDS SM (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 SM 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 May 29, 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. MAY 29, 2026\nProspectus BlackRock Funds SM | Investor and Institutional Shares BlackRock Real Estate Securities Fund Investor A: BAREX Investor C: BCREX Institutional: BIREX 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 Intermediaries\n8\nDetails\n...\n. Investor A Shares ANNUAL TOTAL RETURNS BlackRock Real Estate Securities Fund As of 12/31\nDuring the ten-year period shown in the bar chart, the highest return for a quarter was 18.19 % (quarter ended December 31, 2023 ) and the lowest return for a quarter was - 24.07 % (quarter ended March 31, 2020 ). The year-to-date return as of March 31, 2026 was 3.64 %. 6\nFor the periods ended 12/31/25 Average Annual Total Returns\n1 Year\n5 Years\n10 Years\nBlackRock Real Estate Securities Fund Investor A Shares\nReturn Before Taxes\n( 2.63 )%\n3.78 %\n4.90 %\nReturn After Taxes on Distributions\n( 3.32 )%\n2.97 %\n3.72 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n( 1.41 )%\n2.65 %\n3.39 %\nBlackRock Real Estate Securities Fund Investor C Shares\nReturn Before Taxes\n1.03 %\n4.13 %\n4.84 %\nBlackRock Real Estate Securities Fund Institutional Shares\nReturn Before Taxes\n3.04 %\n5.16 %\n5.74 %\nRussell 1000 Index (Reflects no deduction for fees, expenses or taxes)\n17.37 %\n13.59 %\n14.59 %\nFTSE Nareit All Equity REITs Index (Reflects no deduction for fees, expenses or taxes)\n2.27 %\n4.85 %\n5.77 % 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 International Limited and BlackRock (Singapore) Limited. Where applicable, BlackRock refers also to the Fund s sub-advisers. Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nRajan Rehan, CFA\n2017\nHead of Real Estate Securities, Americas for BlackRock Real Assets; Managing Director of BlackRock, Inc.\nCurtis Yee\n2024\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. 7\nInvestor A and Investor C Shares\nInstitutional Shares\nMinimum Initial Investment (continued)\nClients 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.\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. 8 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 Real Estate Securities Fund (the Fund ), a series of BlackRock Funds SM (the Trust ), and your rights as a shareholder. How the Fund Invests Investment Objective The investment objective of the Fund is to seek total return comprised of long-term growth of capital and dividend income. Should the Trust s Board of Trustees (the Board ) determine that the investment objective of the Fund should be changed, shareholders will be given at least 30 days notice before any such change is made. However, such change can be effected without shareholder approval. Investment Process When choosing portfolio securities for the Fund, BlackRock Advisors, LLC, the Fund s investment manager ( BlackRock ): selects stocks based on quality and location of assets, experienced management and a sustainable competitive advantage; seeks to buy securities at a discount to the intrinsic value of the business (assets and management); and seeks a team approach to decision making. Principal Investment Strategies Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a portfolio of equity invest\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. 27 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...\nth 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 Funds SM BlackRock Real Estate Securities Fund 100 Bellevue Parkway Wilmington, Delaware 19809 Written Correspondence: P.O. Box 534429 Pittsburgh, Pennsylvania 15253-4429 Overnight Mail: Attention: 534429 1350 Penn Avenue, Suite 102 Pittsburgh, Pennsylvania 15222 (800) 441-7762 MANAGER AND ADMINISTRATOR BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, Delaware 19809 SUB-ADVISERS BlackRock International Limited Dundas House 20 Brandon Street Edinburgh, EH3 5PP United Kingdom BlackRock (Singapore) Limited 20 Anson Road #18-01 079912 Singapore TRANSFER AGENT BNY Mellon Investment Servicing (US) Inc. 118 Flanders Road Westborough, Massachusetts 01581 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte Touche LLP 115 Federal Street Boston, Massachusetts 02110 ACCOUNTING SERVICES PROVIDER BNY Mellon Investment Servicing (US) Inc. 118 Flanders Road Westborough, Massachusetts 01581 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 Ropes Gray LLP 1211 Avenue of the Americas New York, New York 10036 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 May 29, 2026, 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\n...\nRock Advantage Large Cap Growth Fund and BlackRock Advantage International Fund is incorporated herein by reference to Exhibit 4(tt) of Post-Effective Amendment No. 757 to Registrant s Registration Statement filed on November 21, 2017.\n(u)\nForm of Amendment No. 2 to Addendum No. 6 to the Investment Advisory Agreement between Registrant and BlackRock Advisors, LLC with respect to BlackRock Advantage Emerging Markets Fund is incorporated herein by reference to Exhibit 4(uu) of Post-Effective Amendment No. 757 to Registrant s Registration Statement filed on November 21, 2017.\n(v)\nForm of Sub-Advisory Agreement between BlackRock Advisors, LLC and BlackRock Fund Advisors with respect to iShares Developed Real Estate Index Fund (f/k/a BlackRock Developed Real Estate Index Fund), iShares Russell Mid-Cap Index Fund (f/k/a BlackRock Midcap Index Fund), iShares Russell Small/Mid-Cap Index Fund (f/k/a BlackRock Small/Mid Cap Index Fund), iShares Short-Term TIPS Bond Index Fund (f/k/a BlackRock Short-Term Inflation-Protected Securities Index Fund) and iShares Total U.S. Stock Market Index Fund (f/k/a BlackRock Total Stock Market Index Fund) is incorporated herein by reference to Exhibit 4(vv) of Post-Effective Amendment No. 757 to Registrant s Registration Statement filed on November 21, 2017.\n(w)\nForm of Amended and Restated Sub-Investment Advisory Agreement between BlackRock Advisors, LLC and BlackRock International Limited with respect to BlackRock Energy Opportunities Fund (f/k/a BlackRock All-Cap Energy Resources Portfolio) is incorporated herein by reference to Exhibit 4(kk) of Post-Effective Amendment No. 996 to Registrant s Registration Statement filed on January 27, 2020. C-3\nExhibit Number\nDescription\n(x)\nForm of Sub-Advisory Agreement between BlackRock Advisors, LLC and BlackRock Asset Management North Asia Limited with respect to BlackRock Tactical Opportunities Fund (f/k/a BlackRock Managed Volatility Portfolio) is incorporated herein by reference to Exhibit 4(bbb) of Post-Effective Amendment No. 808 to Registrant s Registration Statement filed on January 25, 2018.\n(y)\nForm of Amendment No. 4 to Addendum No. 5 to the Investment Advisory Agreement between Registrant and BlackRock Advisors, LLC with respect to BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund is incorporated herein by reference to Exhibit 4(ccc) of Post-Effective Amendment No. 851 to Registrant s Registration Statement filed on April 27, 2018.\n(z)\nForm of Amendment No. 3 to Addendum No. 6 to the Investment Advisory Agreement between Registrant and BlackRock Advisors, LLC with respect to BlackRock Commodity Strategies Fund is incorporated herein by reference to Exhibit 4(ddd) of Post-Effective Amendment No. 851 to Registrant s Registration Statement filed on April 27, 2018.\n(aa)\nForm of Addendum No. 1 to the Investment Advisory Agreement between Registrant and BlackRock Fund Advisors with respect to iShares Municipal Bond Index Fund is incorporated herein by reference to Exhibit 4(fff) of Post-Effective Amendment No. 865 to Registrant s Registration Statement filed on May 31, 2018.\n(bb)\nForm of Addendum No. 16 to the Investment Advisory Agreement between Registrant and BlackRock Advisors, LLC with respect to BlackRock China A Opportunities Fund is incorporated herein by reference to Exhibit 4(fff) of Post-Effective Amendment No. 920 to Registrant s Registration Statement filed on December 21, 2018.\n(cc)\nForm of Amended and Restated Sub-Investment Advisory Agreement between BlackRock Advisors, LLC and BlackRock International Limited wi", "ontology": {"Fund": {"administrator": ["Administrator", "TransferAgent"], "advisedBy": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"], "subAdvisedBy": ["SubAdviser"], "custodian": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Advantage_Emerging_Markets_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Advantage_Emerging_Markets_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Emerging_Markets_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Emerging_Markets_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Defensive_Advantage_Emerging_Markets_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Defensive_Advantage_Emerging_Markets_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Defensive_Advantage_Emerging_Markets_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Defensive_Advantage_Emerging_Markets_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Defensive_Advantage_Emerging_Markets_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_ex_China_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_ex_China_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_ex_China_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_ex_China_Fund", "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_ex_China_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Emerging_Markets_ex_China_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Equity_Market_Neutral_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Global_Equity_Market_Neutral_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Equity_Market_Neutral_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Equity_Market_Neutral_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Global_Equity_Market_Neutral_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_Emerging_Markets_Equity_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_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_Advantage_Emerging_Markets_Equity_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_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": "fund:BlackRock_Sustainable_Advantage_Global_Equity_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_Global_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_Global_Equity_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_Global_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_Sustainable_Advantage_International_Equity_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_International_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_International_Equity_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Sustainable_Advantage_International_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_Tactical_Opportunities_Fund", "p": "administrator", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:BlackRock_Tactical_Opportunities_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Tactical_Opportunities_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Tactical_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_Asset_Management_North_Asia_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Tactical_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_Singapore_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Tactical_Opportunities_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Circle_Reserve_Fund", "p": "administrator", "o": "org:BLACKROCK_ADVISORS_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Circle_Reserve_Fund", "p": "administrator", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Circle_Reserve_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Circle_Reserve_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Circle_Reserve_Fund", "p": "seriesOf", "o": "trust:BlackRock_Funds", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Circle_Reserve_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", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Advantage Emerging Markets Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Defensive Advantage Emerging Markets Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <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 ex-China Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <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 Global Equity Market Neutral Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <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 Sustainable Advantage Emerging Markets Equity Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Sustainable Advantage Global Equity Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Sustainable Advantage International Equity Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Tactical Opportunities Fund <predicate_marker> administrator <object_marker> BlackRock Advisors, LLC <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <predicate_marker> seriesOf <object_marker> BlackRock Funds <predicate_marker> subAdvisedBy <object_marker> BlackRock Asset Management North Asia Limited <predicate_marker> subAdvisedBy <object_marker> BlackRock (Singapore) Limited <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> Circle Reserve Fund <predicate_marker> administrator <object_marker> BLACKROCK ADVISORS, LLC <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 Funds <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Funds <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Advantage Emerging Markets Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Defensive Advantage Emerging Markets Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Emerging Markets ex-China Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; subAdvisedBy BlackRock Asset Management North Asia Limited , BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Global Equity Market Neutral Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Sustainable Advantage Emerging Markets Equity Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Sustainable Advantage Global Equity Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Sustainable Advantage International Equity Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Tactical Opportunities Fund administrator BlackRock Advisors, LLC ; advisedBy BlackRock Advisors, LLC ; seriesOf BlackRock Funds ; subAdvisedBy BlackRock Asset Management North Asia Limited , BlackRock (Singapore) Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nCircle Reserve Fund administrator BLACKROCK ADVISORS, LLC , BNY Mellon Investment Servicing (US) Inc. ; advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Funds ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Funds underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 22010, "n_triples": 45, "text_to_json_ratio": 5.4}}
{"sample_id": "0000856671:ALL", "cik": "0000856671", "trust_name": "JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND", "input_text": "30, 2017, 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 I and Class R6 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\n- 3.22 %\nBest quarter:\nQ4 2023\n9.90 %\nWorst quarter:\nQ1 2022\n- 5.27 %\nAverage annual total returns (%) as of 12/31/2024\n1 year\n5 year\n10 year\nClass A (before tax)\n- 1.47\n0.69\n2.03\nafter tax on distributions\n- 1.48\n0.63\n1.97\nafter tax on distributions, with sale\n0.46\n1.20\n2.27\nClass C\n0.96\n0.76\n1.69\nClass I\n2.77\n1.68\n2.57\nClass R6\n2.81\n1.71\n2.58\nBloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.05\n0.99\n2.25\nBloomberg California Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.02\n0.96\n2.23 Investment management Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC Portfolio management The following individuals are jointly and primarily responsible for the day-to-day management of the fund s portfolio.\nDennis DiCicco\nAdam A. Weigold, CFA\nPortfolio Manager Managed the fund since 2018\nSenior Portfolio Manager, Head of Municipal Bonds Managed the fund since 2021 Purchase 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 4\nFund summary 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. 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 Signature Services, Inc., P.O. Box 219909, Kansas City, MO 64121-9909; or for most account types through our website: jhinvestments.com; or by telephone: 800-225-5291. Taxes The fund intends to distribute tax-exempt income. The fund intends to meet certain federal tax requirements so that distributions of the tax-exempt interest it earns may be treated as exempt-interest dividends\n...\nbecause certain fund expenses do not decrease as asset levels decrease; or (iii) fees may be incurred for extraordinary events such as fund tax expenses. Subadvisor The subadvisor handles the fund s portfolio management activities, subject to oversight by the advisor. Manulife Investment Management (US) LLC 197 Clarendon 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. Dennis DiCicco Portfolio Manager Managed the fund since 2018 Joined Manulife IM (US) in 2016 14\nFund details Fixed Income Trader, Capital Security Advisors, LLC (2013 2016) Began business career in 2008 Adam A. Weigold, CFA Senior Portfolio Manager, Head of Municipal Bonds Managed the fund since 2021 Joined Manulife IM (US) in 2021 Vice President and Senior Portfolio Manager, Eaton Vance Management (1998 2021) Began business career in 1998 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. 15\nF\n...\ns thereunder\nGNMA\nGovernment National Mortgage Association\nHKSCC\nHong Kong Securities Clearing Company\nIOs\nInterest-Only\nIRA\nIndividual Retirement Account\nIRS\nInternal Revenue Service\nJHCT\nJohn Hancock Collateral Trust 2\nTerm\nDefinition\nJH Distributors\nJohn Hancock Distributors, LLC\nJHLICO New 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", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:John_Hancock_California_Municipal_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_California_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:John_Hancock_California_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:JOHN_HANCOCK_CALIFORNIA_TAX_FREE_INCOME_FUND", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_California_Municipal_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_California_Municipal_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_CALIFORNIA_TAX_FREE_INCOME_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 California Municipal 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 CALIFORNIA TAX-FREE INCOME 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 CALIFORNIA TAX-FREE INCOME FUND <predicate_marker> underwrittenBy <object_marker> JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC <triple_end>", "target_serialized_plain": "John Hancock California Municipal Bond Fund advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent John Hancock Signature Services, Inc. .\nJOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND underwrittenBy JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC .", "stats": {"input_chars": 11370, "n_triples": 6, "text_to_json_ratio": 16.8}}
{"sample_id": "0000857769:ALL", "cik": "0000857769", "trust_name": "JOHN HANCOCK MUNICIPAL SECURITIES TRUST", "input_text": ", 2017, 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 I shares and Class R6 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\n- 1.80 %\nBest quarter:\nQ4 2023\n8.81 %\nWorst quarter:\nQ1 2022\n- 7.61 %\nAverage annual total returns (%) as of 12/31/2024\n1 year\n5 year\n10 year\nClass A (before tax)\n2.56\n0.61\n2.34\nafter tax on distributions\n2.53\n0.55\n2.20\nafter tax on distributions, with sale\n3.27\n1.31\n2.64\nClass C\n5.11\n0.67\n2.00\nClass I\n7.06\n1.56\n2.90\nClass R6\n7.10\n1.62\n2.91\nBloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.05\n0.99\n2.25\nBloomberg High Yield Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)\n6.32\n2.66\n4.28 Investment management Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC Portfolio management The following individuals are jointly and primarily responsible for the day-to-day management of the fund s portfolio.\nDennis DiCicco\nAdam A. Weigold, CFA\nPortfolio Manager Managed the fund since 2018\nSenior Portfolio Manager, Head of Municipal Bonds Managed the fund since 2021 Purchase 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 4\nFund summary 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. 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 Signature Services, Inc., P.O. Box 219909, Kansas City, MO 64121-9909; or for most account types through our website: jhinvestments.com; or by telephone: 800-225-5291. Taxes The fund intends to distribute tax-exempt income. The fund intends to meet certain federal tax requirements so that distributions of the tax-exempt interest it earns may be treated as exempt-interest dividends\n...\nbecause certain fund expenses do not decrease as asset levels decrease; or (iii) fees may be incurred for extraordinary events such as fund tax expenses. Subadvisor The subadvisor handles the fund s portfolio management activities, subject to oversight by the advisor. Manulife Investment Management (US) LLC 197 Clarendon 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. Dennis DiCicco Portfolio Manager Managed the fund since 2018 Joined Manulife IM (US) in 2016 14\nFund details Fixed Income Trader, Capital Security Advisors, LLC (2013 2016) Began business career in 2008 Adam A. Weigold, CFA Senior Portfolio Manager, Head of Municipal Bonds Managed the fund since 2021 Joined Manulife IM (US) in 2021 Vice President and Senior Portfolio Manager, Eaton Vance Management (1998 2021) Began business career in 1998 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. 15\nF\n...\ns\nJohn Hancock Distributors, LLC\nJHLICO New 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 l", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:John_Hancock_High_Yield_Municipal_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_High_Yield_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:John_Hancock_High_Yield_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:JOHN_HANCOCK_MUNICIPAL_SECURITIES_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_High_Yield_Municipal_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_High_Yield_Municipal_Bond_Fund", "p": "transferAgent", "o": "org:John_Hancock_Signature_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Municipal_Opportunities_Fund", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_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:John_Hancock_Municipal_Opportunities_Fund", "p": "seriesOf", "o": "trust:JOHN_HANCOCK_MUNICIPAL_SECURITIES_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Municipal_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Municipal_Opportunities_Fund", "p": "transferAgent", "o": "org:John_Hancock_Signature_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Short_Duration_Municipal_Opportunities_Fund", "p": "advisedBy", "o": "org:John_Hancock_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Short_Duration_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:John_Hancock_Short_Duration_Municipal_Opportunities_Fund", "p": "seriesOf", "o": "trust:JOHN_HANCOCK_MUNICIPAL_SECURITIES_TRUST", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Short_Duration_Municipal_Opportunities_Fund", "p": "subAdvisedBy", "o": "org:Manulife_Investment_Management_US_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:John_Hancock_Short_Duration_Municipal_Opportunities_Fund", "p": "transferAgent", "o": "org:John_Hancock_Signature_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JOHN_HANCOCK_MUNICIPAL_SECURITIES_TRUST", "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 High Yield Municipal Bond 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Fund advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf JOHN HANCOCK MUNICIPAL SECURITIES TRUST ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent John Hancock Signature Services, Inc. .\nJohn Hancock Short Duration Municipal Opportunities Fund advisedBy John Hancock Investment Management LLC ; custodian State Street Bank and Trust Company ; seriesOf JOHN HANCOCK MUNICIPAL SECURITIES TRUST ; subAdvisedBy Manulife Investment Management (US) LLC ; transferAgent John Hancock Signature Services, Inc. .\nJOHN HANCOCK MUNICIPAL SECURITIES TRUST underwrittenBy JOHN HANCOCK INVESTMENT MANAGEMENT DISTRIBUTORS LLC .", "stats": {"input_chars": 11371, "n_triples": 16, "text_to_json_ratio": 6.8}}
{"sample_id": "0000863520:ALL", "cik": "0000863520", "trust_name": "Western Asset Funds Inc", "input_text": "N ASSET CORE BOND FUND\nProspectus\nMay 1, 2026 Share class (Symbol): A (WABAX), C (WABCX), C1 (LWACX), FI (WAPIX), R (WABRX), I (WATFX), IS (WACSX)\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\n25\nChoosing a share class\n28\nShare class features summary\n28\nShare class availability\n29\nAdditional information about each share class\n31\nBuying shares\n36\nExchanging shares\n38\nRedeeming shares\n40\nOther things to know about transactions\n42\nDividends, other distributions and taxes\n47\nShare price\n49\nFinancial highlights\n50\nAppendix: Waivers and Discounts Available from Certain Service Agents\nA 1\nInvestment objective Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified below. 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 31 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 90 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 FI\nClass R\nClass I\nClass IS\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\nNone\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 FI\nClass R\nClass I\nClass IS\nManagement fees\n0.42\n0.42\n0.42\n0.42\n0.42\n0.42\n0.42\nDistribution an\n...\npleton.com/prospectus (select fund and share class) , or by calling the fund at 877 6LM FUND/656 3863 . 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.\nBest Quarter ( 12/31/2023 ): 7.94 Worst Quarter ( 03/31/2022 ): ( 7.78 )\nAverage annual total returns (%)\n(for periods ended December 31, 2025)\nClass I\n1 year\n5 years\n10 years\nReturn before taxes\n8.00\n( 1.26 )\n2.10\nReturn after taxes on distributions\n6.17\n( 2.67 )\n0.75\nReturn after taxes on distributions and sale of fund shares\n4.70\n( 1.55 )\n1.04\nOther Classes (Return before taxes only)\nClass A\n3.58\n( 2.48 )\n1.28\nClass C\n5.69\n( 2.31 )\n1.00\nClass C1\n5.88\n( 2.12 )\n1.27\nClass FI\n7.52\n( 1.62 )\n1.73\nClass R\n7.14\n( 1.94 )\n1.40\nClass IS\n7.96\n( 1.23 )\n2.13\nBloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes)\n7.30\n( 0.36 )\n2.01 No one index is representative of the fund s portfolio. The after tax returns are shown only for Class I 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 I will vary from returns shown for Class I. Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.\n8\nWestern Asset Core Bond Fund Management Investment manager: Franklin Templeton Fund Adviser, LLC ( FTFA ) Subadvisers: Western Asset Management Company, LLC ( Western Asset ) and Western Asset Management Company Limited in London ( Western Asset London ). References to the subadviser include each applicable subadviser. 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\n2024\nMark S. Lindbloom\nDeputy CIO, Portfolio Manager\n2006\nAmit Chopra\nPortfolio Manager\nJanuary 2026\nFrederick R. Marki*\nPortfolio Manager\n2018\nNicholas Mastroianni\nPortfolio Manager\nJanuary 2026\nJulien A. Scholnick**\nPortfolio Manager\n2016\nRafael Zielonka\nPortfolio Manager\nMay 2026\n*\nEffective December 31, 2026, Frederick R. Marki will step down as a member of the fund s investment professional team.\n**\nEffective September 30, 2026, Julien A. Scholnick will step down as a member of the fund s investment professional team. 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 FI 3\nClass R\nClass I\nClass IS\nGeneral\n1,000/50\n1,000/50\n1,000/50\nN/A\nN/A\n1 million/None 4\nN/A\nUniform Gifts or Transfers to Minor Accounts\n1,000/50\n1,000/50\n1,000/50\nN/A\nN/A\n1 million/None 4\nN/A\nIRAs\n250/50\n250/50\n250/50\nN/\n...\ned in the accompanying bar chart, and if those charges were included, returns would be less than those shown.\nBest Quarter ( 12/31/2023 ): 9.39 Worst Quarter ( 03/31/2022 ): ( 8.83 )\nAverage annual total returns (%)\n(for periods ended December 31, 2025)\nClass I\n1 year\n5 years\n10 years\nReturn before taxes\n7.96\n( 1.84 )\n2.14\nReturn after taxes on distributions\n6.36\n( 3.28 )\n0.55\nReturn after taxes on distributions and sale of fund shares\n4.69\n( 1.98 )\n0.99\nOther Classes (Return before taxes only)\nClass A\n3.57\n( 3.06 )\n1.32\nClass C\n5.73\n( 2.89 )\n1.06\nClass C1\n12.87\n( 1.50 )\n1.93\nClass FI\n7.61\n( 2.18 )\n1.76\nClass R\n7.14\n( 2.50 )\n1.46\nClass IS\n8.01\n( 1.81 )\n2.17\nBloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes)\n7.30\n( 0.36 )\n2.01\nNo one index is representative of the fund s portfolio. The after-tax returns are shown only for Class I 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 I will vary from returns shown for Class I. Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.\n8\nWestern Asset Core Plus Bond Fund Management Investment manager: Franklin Templeton Fund Adviser, LLC ( FTFA ) Subadvisers: Western Asset Management Company, LLC ( Western Asset ), Western Asset Management Company Limited in London ( Western Asset London ), and Western Asset Management Company Pte. Ltd. in Singapore ( Western Asset Singapore ). References to the subadviser include each applicable subadviser. 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\n2024\nMark S. Lindbloom\nDeputy CIO, Portfolio Manager\n2006\nAmit Chopra\nPortfolio Manager\nJanuary 2026\nFrederick R. Marki*\nPortfolio Manager\n2018\nNicholas Mastroianni\nPortfolio Manager\nJanuary 2026\nJulien A. Scholnick**\nPortfolio Manager\n2016\nRafael Zielonka\nPortfolio Manager\nMay 2026\n*\nEffective December 31, 2026, Frederick R. Marki will step down as a member of the fund s investment professional team.\n**\nEffective September 30, 2026, Julien A. Scholnick will step down as a member of the fund s investment professional team. 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 FI 3\nClass R\nClass I\nClass IS\nGeneral\n1,000/50\n1,000/50\n1,000/50\nN/A\nN/A\n1 million/None 4\nN/A\nUniform Gifts or Transfers to Minor Accounts\n1,000/50\n1,000/50\n1,000/50\nN/A\nN/A\n1 million/None 4\nN/A\nIRAs\n250/50\n250/50\n250/50\nN/A\nN/A\n1 million/None 4,5\nN/A 5\nSIMPLE IRAs\nNone/None\nN", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Western_Asset_High_Yield_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Fund", "p": "advisedBy", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Fund", "p": "seriesOf", "o": "trust:Western_Asset_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_High_Yield_Fund", "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_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Intermediate_Bond_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Western_Asset_Intermediate_Bond_Fund", "p": "advisedBy", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Intermediate_Bond_Fund", "p": "seriesOf", "o": "trust:Western_Asset_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Intermediate_Bond_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Intermediate_Bond_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "administrator", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "advisedBy", "o": "org:FRANKLIN_TEMPLETON_FUND_ADVISER_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "seriesOf", "o": "trust:Western_Asset_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Western_Asset_Total_Return_Unconstrained_Fund", "p": "subAdvisedBy", "o": "org:Western_Asset_Management_Company_Pte_Ltd", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Western_Asset_Funds_Inc", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Western Asset High Yield 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> Western Asset Funds Inc <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Limited <triple_end>\n<triple_start> Western Asset Intermediate Bond 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> Western Asset Funds Inc <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company, LLC <predicate_marker> subAdvisedBy <object_marker> Western Asset Management Company Limited <triple_end>\n<triple_start> Western Asset Total Return Unconstrained 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> Western Asset Funds 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>\n<triple_start> Western Asset Funds Inc <predicate_marker> underwrittenBy <object_marker> Franklin Distributors, LLC <triple_end>", "target_serialized_plain": "Western Asset High Yield Fund administrator FRANKLIN TEMPLETON FUND ADVISER, LLC ; advisedBy FRANKLIN TEMPLETON FUND ADVISER, LLC ; seriesOf Western Asset Funds Inc ; subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited .\nWestern Asset Intermediate Bond Fund administrator FRANKLIN TEMPLETON FUND ADVISER, LLC ; advisedBy FRANKLIN TEMPLETON FUND ADVISER, LLC ; seriesOf Western Asset Funds Inc ; subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited .\nWestern Asset Total Return Unconstrained Fund administrator FRANKLIN TEMPLETON FUND ADVISER, LLC ; advisedBy FRANKLIN TEMPLETON FUND ADVISER, LLC ; seriesOf Western Asset Funds Inc ; subAdvisedBy Western Asset Management Company, LLC , Western Asset Management Company Limited , Western Asset Management Company Ltd , Western Asset Management Company Pte. Ltd. .\nWestern Asset Funds Inc underwrittenBy Franklin Distributors, LLC .", "stats": {"input_chars": 10928, "n_triples": 18, "text_to_json_ratio": 6.3}}
{"sample_id": "0000883622:ALL", "cik": "0000883622", "trust_name": "IVY FUNDS", "input_text": "y it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.\nItem 16\nExhibits . The following exhibits are incorporated by reference to the Registrant s previously filed registration statements on Form N-1A indicated below, except as noted:\n(1)\nCopies of the charter of the Registrant as now in effect;\n(a)\nAmended and Restated Agreement and Declaration of Trust (August 15, 2017) incorporated into this filing by reference to Post-Effective\nAmendment No. 146 filed September 1, 2017.\n(i)\nAmended and Restated Schedule A (June 30, 2025) to the Amended and Restated Agreement and Declaration of Trust incorporated into\nthis filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.\n(2)\nCopies of the existing By-Laws or corresponding instruments of the Registrant;\n(a)\nBy-Laws (November 13, 2008) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed January 29, 2010.\n(3)\nCopies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant;\nNot applicable.\n(4)\nCopies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it;\n(a)\nAgreement and Plan of Reorganization (August 22, 2025 ) attached as Exhibit No. EX-99.4.a.\n(5)\nCopies of all instruments defining the rights of holders of the securities being registered, including copies, where applicable, of the relevant portion of the articles of incorporation or by-laws of the Registrant;\nNone other than those contained in Exhibits (1) and (2).\n(6)\nCopies of all investment advisory contracts relating to the management of the assets of the Registrant;\n(a)\nInvestment Management Agreement (April 30, 2021) between Delaware Management Company (a series of Macquarie Investment Management\nBusiness Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.\n(i)\nAmendment No. 2 to Exhibit A (December 31, 2024) to the Investment Management Agreement incorporated into this filing by reference\nto Post-Effective Amendment No. 209 filed January 28, 2025.\n(b)\nSecond Amended and Restated Sub-Advisory Agreement (Active Management) (March 2021) between Delaware Management Company (a series\nof Macquarie Investment\nManagement Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing\nby reference to Post-Effective Amendment No. 200 filed August 1, 2022.\n(i)\nAmendment No. 2 (August 5, 2022) to Exhibit A of the Sub-Advisory Agreement (Active Management) between Delaware Management Company\n(a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024.\n(c)\nSub-Advisory Agreement (Delaware Equity Funds) (May 30, 2019) between Delaware Management Company (a series of Macquarie Investment\nManagement Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.\n(i)\nAmendment No. 3 (August 5, 2022) to Schedule 1 of the Sub-Advisory Agreement (Global Equity) between Delaware Management Company (a\nseries of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024.\n(d)\nSub-Advisory Agreement (Delaware Fixed Income Funds) (May 30, 2019) between Delaware Management Company (a series of Macquarie\nInvestment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.\n(i)\nAmendment No. 4 (April 3, 2023) to Schedule 1 of the Sub-Advisory Agreement between Delaware Management Company (a series of\nMacquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited (Global Fixed Income) incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024.\n(e)\nSub-Advisory Agreement (Fixed Income) (May 30, 2019) between Delaware Management Company (a series of Macquarie Investment Management\nBusiness Trust) and Macquarie Investment Management Europe Limited incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(i)\nAmendment No. 3 (April 3, 2023) to Schedule 1 of the Sub-Advisory Agreement (Global Fixed Income) between Delaware Management\nCompany (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Europe Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024.\n(f)\nSecond Amended and Restated Sub-Advisory Agreement (January 2, 2021) (Active Management Equity Funds) between Macquarie Investment\nManagement Austria Kapitalanlage AG and Delaware Management Company (a series of Macquarie Investment Management Business Trust) incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024.\n(i)\nAmendment No. 3 (October 30, 2024) to Exhibit A of the Second Amended and Restated Sub-Advisory Agreement between Delaware\nManagement Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Austria Kapitalanlage AG (Active Management Equity Funds) incorporated into this filing by reference to Post-Effective\nAmendment No. 208 filed October 28, 2024.\n(g)\nInvestment Advisory Expense Limitation Letter (July 22, 2025) from Delaware Management Company (a series of Macquarie Investment\nManagement Business Trust) relating to the Macquarie Balanced Fund (formerly, Delaware Ivy Balanced Fund), et al. incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.\n(h)\nInvestment Advisory Expense Limitation Letter (January 22, 2025) from Delaware Management Company (a series of Macquarie Investment\nManagement Business Trust) relating to the Macquarie Multi-Asset Income Fund incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025.\n(7)\nCopies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers;\n(a)\nDistribution Agreements.\n(i)\nDistribution Agreement (April 30, 2021) between Delaware Distributors, L.P. and\nthe Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.\n(ii)\nAmendment No. 2 (January 1, 2025) to Schedule I to the Distribution Agreement incorporated into this filing by reference to\nPost-Effective Amendment No. 209 filed January 28, 2025.\n(b)\nForm of Dealer s Agreement incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025.\n(c)\nForm of Registered Investment Advisers Agreement incorporated into this filing by reference to Post-Effective Amendment No. 212 filed\nJuly 29, 2025.\n(d)\nForm of Bank/Trust Agreement incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025.\n(8)\nCopies of all bonus, profit sharing, pension or other similar contracts or arrangements wholly or partly for the benefit of directors or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of\nany plan that is not set forth in a formal document;\nNot applicable.\n(9)\nCopies of all custodian agreements and depository contracts under Section 17(f) of the Investment Company Act of 1940, as amended (the 1940 Act ), for securities and similar investments of the Registrant, including the schedule of\nremuneration;\n(a)\nMutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon (formerly,\nMellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(i)\nAmendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement incorporated into this filing\nby reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(ii)\nAmendment No. 4 (July 19, 2019) to Mutual Fund Custody and Services Agreement incorporated into this\nfiling by reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(iii)\nAmendment No. 5 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated into this\nfiling by reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(iv)\nAmendment No. 6 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated into this\nfiling by reference to Post-Effective Amendment No. 203 filed January 27, 2023.\n(v)\nAmendment No. 7 (June 30, 2024) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to\nPost-Effective Amendment No. 212 filed July 29, 2025.\n(vi)\nAmendment No. 8 (April 1, 2025) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to\nPost-Effective Amendment No. 212 filed July 29, 2025.\n(vii)\nAmendment No. 9 (April 25, 2025) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to\nPost-Effective Amendment No. 212 filed July 29, 2025.\n(10)\nCopies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by Registrant pursuant to Rule 18f-3\nunder the 1940 Act, any agreement with any person relating to implementation of th", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Macquarie_Global_Allocation_Fund", "p": "advisedBy", "o": "org:Macquarie_Investment_Management_Business_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Macquarie_Global_Allocation_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Macquarie_Global_Allocation_Fund", "p": "seriesOf", "o": "trust:IVY_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Macquarie_Global_Allocation_Fund", "p": "subAdvisedBy", "o": "org:Macquarie_Investment_Management_Austria_Kapitalanlage_AG", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:IVY_FUNDS", "p": "underwrittenBy", "o": "org:DELAWARE_DISTRIBUTORS_L_P", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Macquarie Global Allocation Fund <predicate_marker> advisedBy <object_marker> Macquarie Investment Management Business Trust <predicate_marker> custodian <object_marker> The Bank of New York Mellon <predicate_marker> seriesOf <object_marker> IVY FUNDS <predicate_marker> subAdvisedBy <object_marker> Macquarie Investment Management Austria Kapitalanlage AG <triple_end>\n<triple_start> IVY FUNDS <predicate_marker> underwrittenBy <object_marker> DELAWARE DISTRIBUTORS, L.P. <triple_end>", "target_serialized_plain": "Macquarie Global Allocation Fund advisedBy Macquarie Investment Management Business Trust ; custodian The Bank of New York Mellon ; seriesOf IVY FUNDS ; subAdvisedBy Macquarie Investment Management Austria Kapitalanlage AG .\nIVY FUNDS underwrittenBy DELAWARE DISTRIBUTORS, L.P. .", "stats": {"input_chars": 9747, "n_triples": 5, "text_to_json_ratio": 19.5}}
{"sample_id": "0000886244:ALL", "cik": "0000886244", "trust_name": "UBS FUNDS", "input_text": "20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. __\nPost-Effective Amendment No. 161\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 162\n(Check appropriate box or boxes.)\nTHE\nUBS FUNDS\n(Exact Name of Registrant as Specified in Charter)\nOne North Wacker Drive, Chicago, Illinois\n60606\n(Address of Principal Executive Office) (Zip\nCode)\nRegistrant s Telephone Number, including\nArea Code 888-793-8637\nKeith A. Weller, Esq.\nUBS Asset Management (Americas) LLC\nOne North Wacker Drive\nChicago, Illinois 60606\n(Name and Address of Agent for Service)\nPlease send copies of all communications to:\nJana L. Cresswell, Esq.\nStradley Ronon Stevens Young, LLP\n2005 Market Street, Suite 2600\nPhiladelphia, PA 19103\n(215) 564-8048\nApproximate Date of Proposed Public Offering: As soon as practicable\nafter the effective date of this registration statement.\nIt is proposed that this filing will become effective (check appropriate\nbox):\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)\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.\nThe UBS Funds\nProspectus | October 28, 2025\nIncludes:\nUBS Emerging Markets Equity Opportunity Fund Class: A: UEMAX, P: UEMPX\nUBS Engage For Impact Fund Class: A: UEIAX, P: UEIPX\nUBS Global Allocation Fund Class: A: BNGLX, P: BPGLX\nUBS International Sustainable Equity Fund Class: A: BNIEX, P: BNUEX\nUBS Multi Income Bond Fund Class: A: UTBAX, P: UTBPX\nUBS Sustainable Development Bank Bond Fund Class: A: UDBAX, P: UDBPX\nUBS US Dividend Ruler Fund Class: P: DVRUX\nUBS US Quality Growth At Reasonable Price Fund Class: P: QGRPX\nThis prospectus offers Class A and Class P shares in certain series of The UBS Funds (the \"Trust\") (each, a \"Fund\" and, collectively, the \"Funds\").\nAs with all mutual funds, the US Securities and Exchange Commission (\"SEC\") and US Commodity Futures Trading Commission (\"CFTC\") have not approved or disapproved any Fund's shares or determined whether this prospectus is complete or accurate. To state otherwise is a crime.\nNot FDIC Insured. May lose value. No bank guarantee.\nContents\nThe UBS Funds\nWhat every investor should know about the funds\nFund summaries\nPage\nUBS Emerging Markets Equity Opportunity Fund\n4\nUBS Engage For Impact Fund\n11\nUBS Global Allocation Fund\n18\nUBS International Sustainable Equity Fund\n25\nUBS Multi Income Bond Fund\n31\nUBS Sustainable Development Bank Bond Fund\n38\nUBS US Dividend Ruler Fund\n43\nUBS US Quality Growth At Reasonable Price Fund\n49\nMore information about the funds\nUBS Emerging Markets Equity Opportunity Fund Investment objective, strategies, securities selection and risks\n54\nUBS Engage For Impact Fund Investment objective, strategies, securities selection and risks\n63\nUBS Global Allocation Fund Investment objective, strategies, securities selection and risks\n73\nUBS International Sustainable Equity Fund Investment objective, strategies, securities selection and risks\n83\nUBS Multi Income Bond Fund Investment objective, strategies, securities selection and risks\n92\nUBS Sustainable Development Bank Bond Fund Investment objective, strategies, securities selection and risks\n102\nUBS US Dividend Ruler Fund Investment objective, strategies, securities selection and risks\n108\nUB\n...\nbroker for transactions in Class P shares. Shares of the Fund are available in classes other than Class P that have different fees and expenses.\nDifferent intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.\nShareholder fees (fees paid directly from your investment)\nClass A\nClass P\nMaximum front-end sales charge (load) imposed on purchases (as a % of offering price)\n5.50\n%\nNone\nMaximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less)\nNone 1\nNone\nAnnual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)\nClass A\nClass P\nManagement fees\n0.89\n%\n0.89\n%\nDistribution and/or service (12b-1) fees\n0.25\nNone\nOther expenses 2,3,4\n0.38\n0.38\nTotal annual fund operating expenses\n1.52\n1.27\nLess management fee waiver/expense reimbursements 5\n0.25\n0.25\nTotal annual fund operating expenses after management fee waiver/expense reimbursements 5\n1.27\n1.02\n1 Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.\n2 \"Other expenses\" for Class A are based on estimates for the current fiscal year. \"Other expenses\" include \"Acquired fund fees and expenses,\" which were less than 0.01% of the average net assets of the Fund.\n3 \"Other expenses\" do not reflect any extraordinary expenses incurred during the most recent fiscal year, such as the costs associated with a proxy statement of the Fund. Had these expenses been included, \"Other expenses\" would have been 0.39%.\n4 \"Other expenses\" include interest expense of 0.02%.\n5 The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund's investment advisor and administrator (\"UBS AM (Americas)\" or the \"Advisor\"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2026 , do not exceed 1.25% for Class A shares and 1.00% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund 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 the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS A\n...\nthe Advisor's reliance on these exclusions, or the Fund, its investment strategies or this prospectus.\n121\nManaging your fund account\nFlexible pricing\nEach Fund offers Class P shares. Each Fund (except for UBS US Dividend Ruler Fund and UBS US Quality Growth At Reasonable Price Fund) also offers Class A shares. The UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS International Sustainable Equity Fund, UBS Multi Income Bond Fund, UBS Sustainable Development Bank Bond Fund and UBS US Dividend Ruler Fund also offer Class P2 shares, which are offered in a separate prospectus. Each class has different sales charges and ongoing expenses. You can choose the class that is best for you, based on how much you plan to invest in a fund and how long you plan to hold your fund shares, the expenses of the share class and whether you qualify for a reduction or waiver of an applicable sales charge. Class P and Class P2 shares are available only to certain types of investors. Only Class A and Class P shares are offered in this prospectus.\nEach Fund with Class A shares has adopted a Rule 12b-1 plan for its Class A shares that allows it to pay service fees for services provided to shareholders.\nYou may qualify for a waiver of certain sales charges on Class A shares. See \"Sales charge waivers for Class A shares\" below. You may also qualify for a reduced sales charge on Class A shares. See \"Sales charge reductions for Class A shares\" below.\nThe availability of sales charge waivers and discounts may depend on the particular intermediary or type of account through which you purchase or hold fund shares.\nThe Funds' sales charge waivers and discounts disclosed below in this prospectus are available for qualifying purchases made directly from the Funds' distributor, UBS\nAsset Management (US) Inc. (\"UBS AM (US)\") and are generally available through financial intermediaries, unless otherwise specified in Appendix A to this prospectus.\nThe sales charge waivers and discounts available through certain financial intermediaries are set forth in Appendix A to this prospectus, which may differ from those available for purchases made directly from the distributor or certain other financial intermediaries. Please contact your financial intermediary for more information regarding sales charge waivers and discounts and the financial intermediary's related policies and procedures, including information regarding eligibility requirements for waivers or discounts that may be available to you.\nClass A shares\nClass A shares of each Fund, except UBS Sustainable Development Bank Bond Fund, have a front-end sales charge that is included in the offering price of the Class A shares. This sales charge is paid at the time of purchase and is not invested in a Fund. Shareholders of the UBS Sustainable Development Bank Bond Fund pay no front-end or deferred sales charges on Class A shares, except that under very limited circumstances, a deferred sales charge may apply in connection with shares acquired via an exchange from another fund. Each Fund's Class A shares, except UBS Sustainable Development Bank Bond Fund, pay an annual service (12b-1) fee of 0.25% of average net assets on an ongoing basis, and Class A shares of the UBS Sustainable Development Bank Bond Fund pay an annual service (12b-1) fee of 0.10% of average net 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. Class A shares pay no distribution fees.\n122\nThe Class A sales charges for the appli\n...\nto a Fund in connection with your purchase of Fund shares. You may recognize a gain or loss on the redemption of your Fund shares, and you may incur a tax liability.\nExchanging shares\nYou may exchange Class A or Class P shares of a Fund for shares of the same class of most other Family Funds.\nYou will not pay either a front-end sales charge or a deferred sales charge when you exchange shares. Also, you may have to pay a deferred sales charge if you later sell the shares you acquired in the exchange. A Fund will use the date of your original share purchase to determine whether you must pay a deferred sales charge when you sell the shares of the fund acquired in the exchange.\nOther Family Funds may have different minimum investment amounts. You may not be able to exchange your shares if the value of shares you exchange is not as large as the minimum investment amount in that other fund. Further, other Family Funds may have different eligibility requirements for purchase. You may not be able to exchange your shares if you are not eligible to purchase shares of the other Family Fund.\nYou may exchange shares of one fund for shares of another Family Fund only after the first purchase has settled and the first fund has received your payment.\nIf you hold your Fund shares through a financial institution, you may exchange your shares by placing an order with that institution. If you hold Fund shares through the Funds' transfer agent, you may exchange your shares as explained below.\nInvestors exchanging Class P shares on certain brokerage platforms may be subject to commissions or other fees.\nThe Funds may modify or terminate the exchange privilege at any time.\nTransfer agent\nIf you wish to invest in these Funds or any other of the Family Funds through the Funds' transfer agent, BNY Mellon Investment Servicing (US) Inc., you can obtain an application by calling 1-800-647 1568. You must complete and sign the application and mail it, along with a check to the transfer agent.\nYou may also sell or exchange your shares by writing to the Funds' transfer agent. Your letter must include:\nYour name and address;\n132\nYour account number;\nThe name of the fund whose shares you are selling, and if exchanging shares, the name of the fund whose shares you want to buy;\nThe dollar amount or number of shares you want to sell and/or exchange; and\nA guarantee of each registered owner's signature. A signature guarantee may be obtained from a financial institution, broker, dealer or clearing agency that is a participant in one of the medallion programs recognized by the Securities Transfer Agents Association. These are: Securities Transfer Agents Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and the New York Stock Exchange Medallion Signature Program (MSP). The Funds will not accept signature guarantees that are not part of these programs.\nApplications to purchase shares (along with a check), and letters requesting redemptions of shares or exchanges of shares through the transfer agent should be mailed to:\nBNY Mellon Investment Servicing (US) Inc. UBS Asset Management P.O. Box 534416 Pittsburgh, PA 15253-4416\nYou do not have to complete an application when you make additional investments in the same Fund.\nUnless you specifically elect otherwise, you will receive telephone privileges when you open your account, allowing you to obtain your account information, and conduct a number of transactions by phone, including: buy, sell, or exchange shares of the Funds; use electronic funds transfer or wire to buy or sell shares of the Funds; change your a", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:UBS_Emerging_Markets_Equity_Opportunity_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Emerging_Markets_Equity_Opportunity_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Emerging_Markets_Equity_Opportunity_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Emerging_Markets_Equity_Opportunity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Engage_For_Impact_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Engage_For_Impact_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Engage_For_Impact_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Engage_For_Impact_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_GLOBAL_ALLOCATION_FUND", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_GLOBAL_ALLOCATION_FUND", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_GLOBAL_ALLOCATION_FUND", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_GLOBAL_ALLOCATION_FUND", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_International_Sustainable_Equity_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_International_Sustainable_Equity_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_International_Sustainable_Equity_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_International_Sustainable_Equity_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Multi_Income_Bond_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Multi_Income_Bond_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Multi_Income_Bond_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Multi_Income_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Sustainable_Development_Bank_Bond_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Sustainable_Development_Bank_Bond_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Sustainable_Development_Bank_Bond_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_Sustainable_Development_Bank_Bond_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Dividend_Ruler_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Dividend_Ruler_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Dividend_Ruler_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Dividend_Ruler_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Quality_Growth_At_Reasonable_Price_Fund", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Quality_Growth_At_Reasonable_Price_Fund", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Quality_Growth_At_Reasonable_Price_Fund", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_US_Quality_Growth_At_Reasonable_Price_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_U_S_SMALL_CAP_GROWTH_FUND", "p": "administrator", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_U_S_SMALL_CAP_GROWTH_FUND", "p": "advisedBy", "o": "org:UBS_Asset_Management_Americas_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_U_S_SMALL_CAP_GROWTH_FUND", "p": "seriesOf", "o": "trust:UBS_FUNDS", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:UBS_U_S_SMALL_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:UBS_FUNDS", "p": "underwrittenBy", "o": "org:UBS_Asset_Management_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> UBS Emerging Markets Equity Opportunity Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS Engage For Impact Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS GLOBAL ALLOCATION FUND <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS International Sustainable Equity Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS Multi Income Bond Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS Sustainable Development Bank Bond Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS US Dividend Ruler Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS US Quality Growth At Reasonable Price Fund <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS U.S. SMALL CAP GROWTH FUND <predicate_marker> administrator <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> advisedBy <object_marker> UBS Asset Management (Americas) LLC <predicate_marker> seriesOf <object_marker> UBS FUNDS <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> UBS FUNDS <predicate_marker> underwrittenBy <object_marker> UBS Asset Management (US) Inc. <triple_end>", "target_serialized_plain": "UBS Emerging Markets Equity Opportunity Fund administrator UBS Asset Management (Americas) LLC ; advisedBy UBS Asset Management (Americas) LLC ; seriesOf UBS FUNDS ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUBS Engage For Impact Fund administrator UBS Asset Management (Americas) LLC ; advisedBy UBS 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administrator UBS Asset Management (Americas) LLC ; advisedBy UBS Asset Management (Americas) LLC ; seriesOf UBS FUNDS ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUBS US Quality Growth At Reasonable Price Fund administrator UBS Asset Management (Americas) LLC ; advisedBy UBS Asset Management (Americas) LLC ; seriesOf UBS FUNDS ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUBS U.S. SMALL CAP GROWTH FUND administrator UBS Asset Management (Americas) LLC ; advisedBy UBS Asset Management (Americas) LLC ; seriesOf UBS FUNDS ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nUBS FUNDS underwrittenBy UBS Asset Management (US) Inc. .", "stats": {"input_chars": 14411, "n_triples": 37, "text_to_json_ratio": 4.1}}
{"sample_id": "0001018973:ALL", "cik": "0001018973", "trust_name": "NUVEEN MULTISTATE TRUST IV", "input_text": "rns 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 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)\n1/9/92\n( 3.59\n)%\n( 0.01\n)%\n1.45\n%\nClass A (return after taxes on distributions)\n( 3.62\n)%\n( 0.02\n)%\n1.43\n%\nClass A (return after taxes on distributions and sale of Fund shares)\n( 1.18\n)%\n0.53\n%\n1.75\n%\nClass C (return before taxes)\n2/10/14\n( 0.27\n)%\n0.03\n%\n1.22\n%\nClass I (return before taxes)\n2/25/97\n0.84\n%\n1.06\n%\n2.09\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 Kansas Index 2\n(reflects no deduction for fees, expenses or taxes)\n1.88\n%\n1.25\n%\n2.32\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 Kansas 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\nSteven M. Hlavin\nManaging Director\nJanuary 2011\nPaul L. Brennan, 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 Kansas state income taxes. However, all or a portion of these distributions may be subject to the federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, exempt-intere\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.\n60\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\n78\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\n79 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 Kansas 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$\n9.92\n$\n0.26\n$\n(0.17\n)\n$\n0.09\n$\n(0.26\n)\n$\n$\n(0.26\n)\n$\n9.75\n0.86\n%\n$\n110,753\n0.86\n%\n2.65\n%\n15\n%\n2024\n9.89\n0.25\n0.02\n0.27\n(0.24\n)\n(0.24\n)\n9.92\n2.81\n120,696\n0.84\n2.57\n9\n2023\n10.14\n0.24\n(0.26\n)\n(0.02\n)\n(0.23\n)\n(0.23\n)\n9.89\n(0.18\n)\n135,824\n0.81\n2.46\n15\n2022\n10.87\n0.24\n(0.74\n)\n(0.50\n)\n(0.23\n)\n(0.23\n)\n10.14\n(4.68\n)\n153,222\n0.79\n2.24\n15\n2021\n10.51\n0.25\n0.37\n0.62\n(0.26\n)\n(0.26\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 IV, whose Investment Company Act file number is 811-07751. Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, Illinois 60606 (800) 257-8787 www.nuveen.com\nMPR-MS6-0925P\nSeptember 30, 2025\nNuveen Kansas Municipal Bond Fund\nTicker Symbols: Class A FKSTX, Class C FAFOX, Class I FRKSX\nNuveen Kentucky Municipal Bond Fund\nTicker Symbols: Class A FKYTX, Class C FKCCX, Class I FKYRX\nNuveen Michigan Municipal Bond Fund\nTicker Symbols: Class A FMITX, Class C FAFNX, Class I NMMIX\nNuveen Missouri Municipal Bond Fund\nTicker Symbols: Class A FMOTX, Class C FAFPX, Class I FMMRX\nNuveen Ohio Municipal Bond Fund\nTicker Symbols: Class A FOHTX, Class C FAFMX, Class I NXOHX\nNuveen Wisconsin Municipal Bond Fund\nTicker Symbols: Class A FWIAX, Class C FWCCX, Class I FWIRX\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 Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund (each, a Fund , and collectively, the Funds ), each a series of Nuveen Multistate Trust IV. 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 da", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Nuveen_Kansas_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kansas_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_Kansas_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kansas_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kansas_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_Kentucky_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kentucky_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_Kentucky_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kentucky_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Kentucky_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_Michigan_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Michigan_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_Michigan_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Michigan_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Michigan_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_Missouri_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Missouri_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_Missouri_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Missouri_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Missouri_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_Ohio_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Ohio_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_Ohio_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Ohio_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Ohio_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_Wisconsin_Municipal_Bond_Fund", "p": "advisedBy", "o": "org:Nuveen_Fund_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Wisconsin_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_Wisconsin_Municipal_Bond_Fund", "p": "seriesOf", "o": "trust:NUVEEN_MULTISTATE_TRUST_IV", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Wisconsin_Municipal_Bond_Fund", "p": "subAdvisedBy", "o": "org:Nuveen_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Nuveen_Wisconsin_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_IV", "p": "underwrittenBy", "o": "org:Nuveen_Securities_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Nuveen Kansas 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 IV <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 Kentucky 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 IV <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 Michigan 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 IV <predicate_marker> subAdvisedBy <object_marker> Nuveen Asset 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{"sample_id": "0001037897:ALL", "cik": "0001037897", "trust_name": "JP Morgan Fleming Mutual Fund Group Inc", "input_text": ":R2R3R4R5R6SharesMember jpm:S000004475Member jpm:C000070637Member 2021-01-01 2021-12-31 0001037897 jpm:R2R3R4R5R6SharesMember jpm:S000004475Member jpm:C000070637Member 2022-01-01 2022-12-31 0001037897 jpm:R2R3R4R5R6SharesMember jpm:S000004475Member jpm:C000070637Member 2023-01-01 2023-12-31 0001037897 jpm:R2R3R4R5R6SharesMember jpm:S000004475Member jpm:C000070637Member 2024-01-01 2024-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2015-01-01 2015-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2016-01-01 2016-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2017-01-01 2017-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2018-01-01 2018-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2019-01-01 2019-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2020-01-01 2020-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2021-01-01 2021-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2022-01-01 2022-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 2023-01-01 2023-12-31 0001037897 jpm:LSharesMember jpm:S000004475Member jpm:C000012321Member 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. 333-25803 Investment Company Act File No. 811-08189 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. 64\nand/o REGISTRATION STATEMENT\nUNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 65\n(Check appropriate box or boxes) JP Morgan Fleming Mutual Fund Group Inc (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/PSO\n...\nreflect 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_Mid_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_Mid_Cap_Value_Fund", "p": "seriesOf", "o": "trust:JP_Morgan_Fleming_Mutual_Fund_Group_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:JP_Morgan_Fleming_Mutual_Fund_Group_Inc", "p": "underwrittenBy", "o": "org:JPMorgan_Distribution_Services_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> JPMorgan Mid Cap Value Fund <predicate_marker> advisedBy <object_marker> J.P. 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{"sample_id": "0001097077:ALL", "cik": "0001097077", "trust_name": "BlackRock Large Cap Series Funds, Inc.", "input_text": "storACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001097077 blcsfi:C000198229Member blcsfi:ClassKMember 2015-01-01 2024-12-31 0001097077 blcsfi:C000198229Member blcsfi:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001097077 blcsfi:C000198229Member blcsfi:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001097077 blcsfi:ClassKMember blcsfi:Russell1000IndexMember 2015-01-01 2024-12-31 0001097077 blcsfi:ClassKMember blcsfi:Russell1000ValueIndexMember 2015-01-01 2024-12-31 0001097077 blcsfi:InvestorACInstitutionalAndClassRMember blcsfi:Russell1000IndexMember 2015-01-01 2024-12-31 0001097077 blcsfi:InvestorACInstitutionalAndClassRMember blcsfi:Russell1000ValueIndexMember 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. 333-89389 Investment Company Act File No. 811-09637 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. 96 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 97 (Check appropriate box or boxes) BLACKROCK LARGE CAP SERIES FUNDS, INC. (Exact Name of Registrant as Specified in Charter) 100 Bellevue Parkway Wilmington, DE 19809 United States of America (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: 1-800-441-7762 John M. Perlowski BLACKROCK LARGE CAP SERIES FUNDS, 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. SEPTEMBER 26, 2025\nProspectus BlackRock Large Cap Series Funds, Inc. | Investor, Institutional and Class R Shares BlackRock Advantage Large Cap Value Fund Investor A: MDLVX Investor C: MCLVX Institutional: MALVX Class R: MRLVX 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 Financial Intermediaries\n10\nDetails About the Fund\nInformation about how the Fund invests, including investment objective, investment process, principal strategies and risk factors\nHow the Fund Invests\n11\nInvestment Risks\n12\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\n21\nDetails About the Share Classes\n25\nDistribution and Shareholder Servicing Payments\n29\nHow to Buy, Sell, Exchange and Transfer Shares\n30\nAccount Services and Privileges\n37\nFund s Rights\n38\nParticipation in Fee-Based Programs\n38\nShort-Term Trading Policy\n39\nManagement of the Fund\nInformation about BlackRock and the Portfolio Managers\nBlackRock\n40\nPortfolio Manager Information\n41\nConflicts of Interest\n42\nValuation of Fund Investments\n43\nDividends, Distributions and Taxes\n44\nFinancial Highlights\nFinancial Performance of the Fund\n45\nGeneral Information\nShareholder Documents\n49\nCertain Fund Policies\n49\nStatement of Additional Information\n50\nGlossary\nGlossary of Investment Terms\n51\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 Advantage Large Cap Value Fund Investment Objective The investment objective of BlackRock Advantage Large Cap Value Fund (the Fund ), a series of BlackRock Large Cap Series Funds, Inc. (the Corporation ), is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in 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 25 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 Shares\nInstitutional Shares\nClas\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. 9\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. 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 Advantage Large Cap Value Fund (the Fund ), a series of BlackRock Large Cap Series Funds, Inc. (the Corporation ), and your rights as a shareholder. How the Fund Invests Investment Process The Fund seeks to pursue its investment objective by investing in large cap value equity 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 equities while seeking to control incremental risk. BlackRock Advisors, LLC, the Fund s investment manager ( BlackRock ), then constructs and rebalances the portfolio by integrating its investment insights with the model-based optimization process. The Fund has no stated minimum holding period for investments and may buy or sell securities whenever Fund management sees an appropriate opportunity. The Fund may engage in active and frequent trading of its investments. The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors to generate investment ideas, includin\n...\nund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of Investor and Class R Shares of the Fund. All Investor 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 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 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 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. Please\n...\n1, 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 Series Funds, Inc. BlackRock Advantage Large 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 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 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": {"advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Advantage_Large_Cap_Core_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_Cap_Core_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_Cap_Core_Fund", "p": "seriesOf", "o": "trust:BlackRock_Large_Cap_Series_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_Cap_Core_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_Cap_Value_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_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:BlackRock_Advantage_Large_Cap_Value_Fund", "p": "seriesOf", "o": "trust:BlackRock_Large_Cap_Series_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Advantage_Large_Cap_Value_Fund", "p": "transferAgent", "o": "org:BNY_Mellon_Investment_Servicing_US_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Event_Driven_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Event_Driven_Equity_Fund", "p": "custodian", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Event_Driven_Equity_Fund", "p": "seriesOf", "o": "trust:BlackRock_Large_Cap_Series_Funds_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Event_Driven_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_Large_Cap_Series_Funds_Inc", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Advantage Large Cap Core Fund <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 Large Cap Series Funds, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Advantage Large Cap Value Fund <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 Large Cap Series Funds, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Event Driven Equity Fund <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 Large Cap Series Funds, Inc. <predicate_marker> transferAgent <object_marker> BNY Mellon Investment Servicing (US) Inc. <triple_end>\n<triple_start> BlackRock Large Cap Series Funds, Inc. <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Advantage Large Cap Core Fund advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Large Cap Series Funds, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Advantage Large Cap Value Fund advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Large Cap Series Funds, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Event Driven Equity Fund advisedBy BlackRock Advisors, LLC ; custodian The Bank of New York Mellon ; seriesOf BlackRock Large Cap Series Funds, Inc. ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Large Cap Series Funds, Inc. underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 17739, "n_triples": 13, "text_to_json_ratio": 13.7}}
{"sample_id": "0001110502:ALL", "cik": "0001110502", "trust_name": "Hussman Investment Trust", "input_text": "ut the approval of the Board\nof Trustees of the Trust. The investment adviser may agree to continue after November 1, 2026 the current arrangement to limit the Fund s\nexpenses or to implement a similar arrangement, but it is not obligated to do so.\n1\nRisk/Return Summary (continued)\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. The Example\nassumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.\nThe Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same\nas shown in the preceding table. The Example also takes into account that the investment adviser s contractual agreement to waive\nits investment advisory fees and/or to absorb or reimburse Fund expenses remains in effect only until November 1, 2026. Although your\nactual costs may be higher or lower, based on these assumptions your costs would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\n$ 125\n$ 397\n$ 689\n$ 1,520\nPortfolio\nTurnover\nThe\nFund incurs transaction costs, such as brokerage commissions, when it buys and sells securities (or turns over its portfolio).\nA higher portfolio turnover rate will result in higher transaction costs for the Fund and may also result in higher taxes for shareholders\nwho hold Fund shares in taxable accounts. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, reduce\nthe Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 470 %\nof the average value of its portfolio.\nWhat are the Fund s Principal Investment Strategies?\nThe Fund will typically be fully invested in common stocks favored by Hussman Strategic Advisors, Inc., the Fund s investment adviser, except for modest cash balances arising in connection with the Fund s day-to-day operations and proceeds from options written by the Fund to hedge its equity investments. When market conditions are unfavorable in the view of the investment adviser, the Fund may use options and index futures, as well as other hedging strategies, to reduce the exposure of the Fund s stock portfolio to the impact of general market fluctuations. When market conditions are favorable in the view of the investment adviser, the Fund may use options to increase its exposure to the impact of general market fluctuations.\nIn\ngeneral, the stock selection approach of the investment adviser focuses on securities demonstrating favorable valuations and/or market\naction. The primary consideration used by the investment adviser in assessing a stock s valuation is the relationship between its\ncurrent market price and the present value of estimated expected future cash flows per share. Other valuation measures, such as the current\n2\nHussman Strategic Market Cycle Fund\nRisk/Return Summary (continued)\ndividend\nyield, and ratios of stock price to earnings and stock price to revenue, are also analyzed in relation to expected future growth of cash\nflows in an attempt to measure underlying value and the potential for long-term returns. Additional considerations include measures of\nfinancial stability such as variations in profit margins and balance sheet indicators. The analysis of market action includes measurements\nof price behavior and trading volume. The investment adviser believes that strength in these measures is often a reflection of improving\nbusiness prospects and the potential for earnings surprises above consensus estimates, which can re\n...\n- 3.67 %\nReturn\nAfter Taxes on Distributions\n- 7.86 %\n1.52 %\n- 3.97 %\nReturn\nAfter Taxes on Distributions and Sale of Fund Shares\n- 3.89 %\n1.46 %\n- 2.69 %\nS P\n500 INDEX (reflects no deduction for fees, expenses, or taxes)\n25.02 %\n14.53 %\n13.10 %\nManagement of the Fund\nInvestment Adviser\nHussman Strategic Advisors, Inc.\nPortfolio Manager\nJohn P. Hussman, Ph.D. is primarily responsible for the day-to-day management of the portfolio of the Fund. Dr. Hussman is the Chairman and President of Hussman Strategic Advisors, Inc. and has served as the portfolio manager of the Fund since its inception in July 2000.\nPurchase and Sale of Fund Shares\nMinimum\nInitial Investment None\nMinimum\nSubsequent Investment None.\nThe\nFund reserves the right to liquidate an account whose balance remains below $500 for a period of 12 months or more.\n10\nHussman Strategic Market Cycle Fund\nRisk/Return Summary (continued)\nYou may purchase or redeem (sell) shares of the Fund on each day that the New York Stock Exchange is open for business. Transactions may be initiated by written request (The Hussman Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246), by telephone (1-800-HUSSMAN), through the Fund s website (www.hussmanfunds.com.), or through your financial institution.\nTax Information\nThe Fund s distributions are generally taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, or you are a tax-exempt investor. If you are investing through a tax-deferred arrangement, you may be taxed later when you withdraw money from your account.\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 (or the investment adviser) may pay the intermediary for various account-related or shareholder services the intermediary provides to the Fund or to its customers who invest in the Fund. These payments may create a conflict of interest on the part of the broker-dealer or other intermediary. Ask your salesperson or visit your financial intermediary s website for more information.\n11\nInvestment Objective, Strategies and Related Risks\nINVESTMENT OBJECTIVE\nThe Fund seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. It pursues this objective by investing primarily in common stocks and using hedging strategies to vary the exposure of the Fund to general market fluctuations. The Fund is designed for investors who want to participate in the stock market, and also want to reduce their exposure to general market fluctuations in conditions that have historically been unfavorable for stocks, in the view of the investment adviser.\nPORTFOLIO MANAGEMENT PROCESS\nSecurity Selection\nIndividual stocks purchased by the Fund are chosen from the universe of all stocks traded on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ Stock Market. The investment adviser s investment process emphasizes bottom-up security selection, focusing on an analysis of a company s fundamentals revenues, earnings, cash-flows, dividends, and assets and liabilities coupled with an analysis of market action, including price behavior and trading volume.\nThe investment adviser s stock selection approach generally seeks to identify securities which display one or more of the following: (1) favorable valuation, meaning a price which appears reasonable relative to revenues, earnings, cash-flows and dividends expected in the future; and (2) favorable market action as measured by factors such as price behavior and trading volume.\nThe investment adviser believes that the information contained in earnings, balance sheets and annual reports represents only a fraction of what is known about a given stock. The price behavior and trading volume of a stock may reveal additional information about what traders know. For example, positive earnings surprises are generally followed by price strength. However, such surprises are often preceded by price strength. In addition to using fundamental research on earnings and valuation, the investment adviser relies on statistical methods to infer as much information as possible from the behavior of individual stock prices.\nThe focus of this investment approach is to buy stocks of quality companies exhibiting attractive valuation and market action (price and volume behavior) which the investment adviser believes convey favorable information about the future prospects of such companies.\n12\nHussman Strategic Market Cycle Fund\n(800) HUSSMAN\nInvestment Objective, Strategies and Related Risks\n(continued)\nEvaluation of Market Conditions\nSome risks are more rewarding than others. Rather than fully exposing the Fund to stock market risk at all times, the investment adviser attempts to reduce the risk of major capital loss during conditions that have historically been unfavorable for common stocks. In market conditions which the investment adviser identifies as involving high risk and low expected return per unit of risk, the Fund s portfolio may be hedged by using stock index futures, options on stock indices or options on individual securities, or by effecting short sales of exchange traded funds ( ETFs ). In market conditions where average historical returns of common stocks have been near or below risk-free Treasury bill yields, the Fund s portfolio may be fully hedged. The Fund will generally only be fully invested or leveraged when market conditions are favorable in the view of the investment adviser based on historical risk/return profiles.\nThe following discussion is intended to explain the general framework used by the investment adviser to assess whether market conditions are favorable or unfavorable. It should not be interpreted as an exhaustive account of the market analysis techniques used by the investment adviser. The investment adviser s estimates of prospective market return and risk are based on historical data. There is no assurance that these return/risk profiles will have validity in the future or allow the investment adviser to correctly assess market conditions.\nThe investment adviser integrates a wide range of evidence to classify market conditions, with valuation and market action being the most important considerations. Valuation considers the stream of earnings, dividends and c\n...\namount not exceeding 1.15% of the Fund s average daily net assets.\nUnder the terms of this agreement, the Fund is obligated to reimburse Hussman Strategic Advisors the amount of advisory\n23\nFund Management (continued)\nfees\npreviously waived and Fund expenses previously absorbed or reimbursed by Hussman Strategic Advisors for a period of three years from\nthe date such fees or expenses were waived, absorbed or reimbursed, but only if such reimbursement does not cause the Fund s operating\nexpenses (after reimbursement by the Fund is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the\ntime such fees and expenses were waived, absorbed or reimbursed by Hussman Strategic Advisors; and (ii) the expense limitation in effect\nat the time Hussman Strategic Advisors seeks reimbursement. This agreement may not be terminated by Hussman Strategic Advisors without\nthe approval of the Board of Trustees. Hussman Strategic Advisors may agree to continue after November 1, 2026 the current arrangement\nto limit the Fund s expenses or to implement a similar arrangement, but it is not obligated to do so. During the fiscal year ended\nJune 30, 2025, Hussman Strategic Advisors waived $104,269 of the Fund s expenses and did not recoup any previous fee reductions.\nThe investment advisory fee paid by the Fund to Hussman Strategic Advisors during the fiscal year ended June 30, 2025, including the\nfee waiver, was equal to 0.87% of the Fund s average daily net assets.\nA\ndiscussion regarding the basis for the most recent approval by the Board of Trustees of the annual continuance of the Fund s investment\nadvisory agreement with Hussman Strategic Advisors is available in the Fund s annual financial statements for the fiscal year ended\nJune 30, 2025.\nTHE ADMINISTRATOR\nUltimus\nFund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Fund s administrator, transfer agent\nand fund accounting agent. Management and administrative services of Ultimus include (i) providing officers and administrative personnel\nto the Fund, (ii) obtaining valuations, calculating NAVs and performing other accounting, tax and financial services, (iii) recordkeeping,\n(iv) regulatory and reporting services, (v) processing shareholder account transactions and disbursing dividends and distributions, and\n(vi) supervising custodial and other third party services.\nThe SAI has more detailed information about the Fund s service providers.\n24\nHussman Strategic Market Cycle Fund\n(800) HUSSMAN\nHow the Fund Values Its Shares\nThe net asset value ( NAV ) of the Fund s shares is calculated as of the close of regular trading on the New York Stock Exchange (generally 4:00 p.m., Eastern time) on each day that the New York Stock Exchange is open for trading. Currently, the New York Stock Exchange is open for trading every day except Saturdays, Sundays and the following holidays: New Year s Day, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas. To calculate NAV per share, the Fund s assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. The Fund values its portfolio securities at their current market values determined on the basis of market quotations from the principal exchange or market on which they are traded. Such securities are generally valued at the official closing price or the last reported sales price, or if there are no sales on that day, the last bid pri\n...\nmarket conditions or if the investment adviser otherwise deems such borrowing to be appropriate.\nThe Fund may suspend the right of redemption or postpone the date of payment for shares for more than seven days: (a) for any period during which the New York Stock Exchange is closed for other than customary weekend and holiday closings or trading on the New York Stock Exchange is restricted, as determined by rules of the SEC; (b) for any period during which an emergency exists (as determined by rules of the SEC) as a result of which (i) disposal by the Fund of securities owned by it is not reasonably practicable or (ii) it is not reasonably practicable for the Fund to determine the value of its assets; and (c) for such other periods as may be permitted by an order of the SEC.\n35\nHow to Redeem Shares (continued)\nSYSTEMATIC WITHDRAWAL PLAN\nIf\nthe shares in your account have a value of at least $5,000, you (or another person you have designated) may receive monthly or quarterly\npayments in a specified amount. There is currently no charge for this service, but the Transfer Agent reserves the right, upon 30 days\nwritten notice, to make reasonable charges. Telephone the Transfer Agent toll-free at 1-800-HUSSMAN for additional information.\nTRANSACTIONS THROUGH THE ONLINE ACCOUNT MANAGEMENT SYSTEM\nThe Fund may alter, modify or terminate the Online Account Management System at any time. You should be aware that the internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Fund s service providers have established certain security procedures, the Fund, the Transfer Agent and Ultimus Fund Distributors, LLC (the Distributor ) cannot assure that trading information will be completely secure. There may also be delays, malfunctions, or other inconveniences generally associated with this medium, or times when the website is unavailable for Fund transactions. Should this happen, you should consider purchasing or redeeming shares by another method. The Fund, the Transfer Agent, the Distributor and the Adviser may not be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.\nREDEMPTIONS IN KIND\nThe Fund reserves the right to make payment for a redemption in securities rather than cash, which is known as a redemption in kind. This would be done only under extraordinary circumstances and if the Fund deems it advisable for the benefit of all shareholders, such as a redemption of a significant percentage of the Fund s shares that could adversely impact the Fund s operations. If the Fund elects to redeem in kind, it will typically deliver individual readily marketable securities to the redeeming shareholder within three business days after receipt of the redemption request in proper form. The securities that are delivered in a redemption in kind will have a value equal to the market value of the Fund shares being redeemed. When you convert these securities to cash, you will pay brokerage charges and may realize a gain or loss for tax purposes.\n36\nHussman Strategic Market Cycle Fund\n(800) HUSSMAN\nHow to Redeem Shares (continued)\nLost\nShareholders, Inactive Accounts and Unclaimed Property\nCertain\nstates have unclaimed property laws that may require the Fund or its Transfer Agent to transfer the assets of accounts that are considered\nabandoned, inactive, or lost (due to returned mail) to", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Hussman_Strategic_Allocation_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Allocation_Fund", "p": "advisedBy", "o": "org:Hussman_Strategic_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Allocation_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Allocation_Fund", "p": "seriesOf", "o": "trust:Hussman_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Allocation_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Market_Cycle_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Market_Cycle_Fund", "p": "advisedBy", "o": "org:Hussman_Strategic_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Market_Cycle_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Market_Cycle_Fund", "p": "seriesOf", "o": "trust:Hussman_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Market_Cycle_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Total_Return_Fund", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Total_Return_Fund", "p": "advisedBy", "o": "org:Hussman_Strategic_Advisors_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Hussman_Strategic_Total_Return_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": false, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Total_Return_Fund", "p": "seriesOf", "o": "trust:Hussman_Investment_Trust", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Hussman_Strategic_Total_Return_Fund", "p": "transferAgent", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Hussman_Investment_Trust", "p": "underwrittenBy", "o": "org:Ultimus_Fund_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Hussman Strategic Allocation Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Hussman Strategic Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Hussman Investment Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Hussman Strategic Market Cycle Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Hussman Strategic Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Hussman Investment Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Hussman Strategic Total Return Fund <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Hussman Strategic Advisors, Inc. <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Hussman Investment Trust <predicate_marker> transferAgent <object_marker> Ultimus Fund Solutions, LLC <triple_end>\n<triple_start> Hussman Investment Trust <predicate_marker> underwrittenBy <object_marker> Ultimus Fund Distributors, LLC <triple_end>", "target_serialized_plain": "Hussman Strategic Allocation Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Hussman Strategic Advisors, Inc. ; custodian U.S. Bank National Association ; seriesOf Hussman Investment Trust ; transferAgent Ultimus Fund Solutions, LLC .\nHussman Strategic Market Cycle Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Hussman Strategic Advisors, Inc. ; custodian U.S. Bank National Association ; seriesOf Hussman Investment Trust ; transferAgent Ultimus Fund Solutions, LLC .\nHussman Strategic Total Return Fund administrator Ultimus Fund Solutions, LLC ; advisedBy Hussman Strategic Advisors, Inc. ; custodian U.S. Bank National Association ; seriesOf Hussman Investment Trust ; transferAgent Ultimus Fund Solutions, LLC .\nHussman Investment Trust underwrittenBy Ultimus Fund Distributors, LLC .", "stats": {"input_chars": 17292, "n_triples": 16, "text_to_json_ratio": 11.9}}
{"sample_id": "0001160990:ALL", "cik": "0001160990", "trust_name": "PIMCO Corporate & Income Strategy Fund", "input_text": "pay of $250 per share is equal to 1% of the initial offering\nprice. The Underwriters may allow, and such dealers may reallow, a concession\nnot to exceed $37.50 per Preferred Share on sales to certain other dealers.\nAfter the initial public offering, the Underwriters may change the public\noffering price and the other selling terms. Investors must pay for any\nPreferred Shares purchased on or before February 20, 2002. The Underwriters\nhave advised the Fund that the Underwriters do not intend to confirm any sales\nto any accounts over which they exercise discretionary authority.\nThe Fund and Allianz Dresdner Asset Management of America L.P. have each\nagreed to indemnify the several Underwriters or contribute to losses arising\nout of certain liabilities, including 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 anticipates\nthat the Underwriters or their respective affiliates may from time to time act\nin auctions as Broker-Dealers and receive fees as described under \"Description\nof Preferred Shares.\" The Underwriters are active underwriters of, and dealers\nin, securities and act as market makers in a number of such securities, and\n63\ntherefore, subject to certain restrictions, can be expected to engage in\nportfolio transactions with, and perform services for, the Fund.\nThe principal business address of Salomon Smith Barney Inc. is 388 Greenwich\nStreet, 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, MO 64105. The custodian performs custodial and\nfund accounting services.\nBankers Trust Company serves as Auction Agent, transfer agent, registrar,\ndividend paying agent and redemption agent for the Preferred Shares. PFPC Inc.,\n400 Bellevue Parkway, Wilmington, DE 19809, serves as the transfer agent,\nregistrar, dividend disbursement agent and shareholder servicing agent for the\nFund's Common Shares, as well as agent for the Fund's Dividend Reinvestment\nPlan for Common Shares.\nLEGAL MATTERS\nCertain legal matters in connection with the Preferred Shares will be passed\nupon for the Fund by Ropes & Gray, Boston, Massachusetts, and for the\nUnderwriters by Simpson Thacher & Bartlett, New York, New York. Simpson Thacher\n& Bartlett may rely as to certain matters of Massachusetts law on the opinion\nof Ropes & Gray.\n64\nTABLE OF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION\nUse of Proceeds............................................................. 3\nInvestment Objectives and Policies.......................................... 3\nInvestment Restrictions..................................................... 43\nManagement of the Fund...................................................... 45\nInvestment Manager and Portfolio Manager.................................... 51\nPortfolio Transactions...................................................... 55\nDistributions............................................................... 57\nDescription of Shares....................................................... 58\nAnti-Takeover and Other Provisions in the Declaration of Trust.............. 59\nRepurchase of Common Shares; Conversion to Open-End Fund.................... 61\nTax Matters..............................................\n...\nended from time to time.\n\"1940 Act Cure Date\" has the meaning specified under \"Description of\nPreferred Shares--Asset Maintenance--1940 Act Preferred Shares Asset Coverage\"\nin this Prospectus.\n\"1940 Act Preferred Shares Asset Coverage\" has the meaning specified under\n\"Rating Agency Guidelines\" in this Prospectus.\n\"Non-Call Period\" has the meaning set forth under the definition of\n\"Specific Redemption Provisions.\"\n\"Non-Payment Period\" has the meaning specified under \"Description of\nPreferred Shares--Dividends--Non-Payment Period; Late Charge\" in this\nProspectus.\n\"Non-Payment Period Rate\" has the meaning specified under \"Description of\nPreferred Shares--Dividends--Non-Payment Period; Late Charge\" in this\nProspectus.\n\"Normal Dividend Payment Date\" has the meaning specified under \"Description\nof Preferred Shares--Dividends--General\" in this Prospectus.\n\"Notice of Revocation\" has the meaning specified under \"Description of\nPreferred Shares--Dividends--Notification of Dividend Period\" in this\nProspectus.\n\"Notice of Special Dividend Period\" has the meaning specified under\n\"Description of Preferred Shares--Dividends--Notification of Dividend Period\"\nin this Prospectus.\n\"NRSRO\" means a nationally recognized statistical rating organization.\n\"Optional Redemption Price\" has the meaning specified under \"Description of\nPreferred Shares--Redemption--Optional Redemption\" in this Prospectus.\n\"Order\" has the meaning specified under \"Description of Preferred Shares--\nAuction Procedures--Orders by Beneficial Owners, Potential Beneficial Owners,\nExisting Holders and Potential Holders\" in this Prospectus.\n\"Performing\" means with respect to any asset that is a Bank Loan or other\ndebt, the issuer of such investment is not in default of any payment\nobligations in respect thereof.\n\"PIMCO\" means Pacific Investment Management Company LLC.\n\"PIMCO Advisors\" means PIMCO Advisors, a division of Allianz Dresdner Asset\nManagement of America L.P.\n\"PIMCO Funds Advisors\" means PIMCO Funds Advisors LLC.\n\"Potential Beneficial Owner\" means a customer of a Broker-Dealer or a\nBroker-Dealer that is not a Beneficial Owner of Preferred Shares but that\nwishes to purchase such shares, or that is a Beneficial Owner that wishes to\npurchase additional Preferred Shares.\n\"Potential Holder\" means any Broker-Dealer or any such other person as may\nbe permitted by the Fund, including any Existing Holder, who may be interested\nin acquiring Preferred Shares (or, in the case of an Existing Holder,\nadditional Preferred Shares).\n\"Preferred Shares\" means the Auction Rate Cumulative Preferred Shares\nissued pursuant to this Prospectus, with a par value of $0.00001 per share and\na liquidation preference of $25,000 per share plus an amount equal to\naccumulated but unpaid dividends thereon (whether or not earned or declared),\nof the Fund.\n86\n\"Preferred Shares Basic Maintenance Amount\" has the meaning specified under\n\"Description of Preferred Shares--Asset Maintenance--Preferred Shares Basic\nMaintenance Amount\" in this Prospectus.\n\"Preferred Shares Basic Maintenance Cure Date\" has the meaning specified\nunder \"Description of Preferred Shares--Asset Maintenance--Preferred Shares\nBasic Maintenance Amount\" in this Prospectus.\n\"Preferred Shares Basic Maintenance Report\" has the meaning specified under\n\"Description of Preferred Shares--Asset Maintenance--Preferred Shares Basic\nMaintenance Amount\" in this Prospectus.\n\"Premium Call Period\" has the meaning set forth under the definition of\n\"Specific Redemption Provisions\" below.\n\"Pricing Service\" means any pricing service designated by the Board of\nTrustees an", "ontology": {"Fund": {"advisedBy": ["Administrator"], "custodian": ["Administrator"]}}, "target_triples": [{"s": "fund:PIMCO_Corporate_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_Corporate_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 Corporate & 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>", "target_serialized_plain": "PIMCO Corporate & Income Strategy Fund advisedBy Pacific Investment Management Company LLC ; custodian State Street Bank and Trust Company .", "stats": {"input_chars": 7205, "n_triples": 2, "text_to_json_ratio": 30.8}}
{"sample_id": "0001210123:ALL", "cik": "0001210123", "trust_name": "ALLSPRING INCOME OPPORTUNITIES FUND", "input_text": "on preference for shares of each series of AMPS will be $25,000 per share\nplus accumulated but unpaid dividends, if any, whether or not earned or declared. See\n\"Description of AMPS -- Liquidation.\"\nVoting Rights..................... The holders of preferred shares, including the AMPS, voting as a separate class, have the\nright to elect at least two Trustees of the Fund at all times. Such holders also have the\nright to elect a majority of the Trustees in the event that two years' dividends on\nthe preferred shares are unpaid. In each case, the remaining Trustees will be elected by\nholders of common shares and preferred shares, including the AMPS, voting together as a\nsingle class. The holders of preferred shares, including the AMPS, will vote as a\nseparate class or classes on certain other matters required under the Statement, the 1940\nAct and Delaware law. See \"Description of AMPS -- Voting Rights,\" and \"Certain Provisions\nin the Agreement and Declaration of Trust.\"\nFederal Income Taxation....... The Fund intends to take the position that under present law the AMPS will constitute\nstock of the Fund. Distributions with respect to the AMPS (other than distributions in\nredemption of the AMPS that are treated as exchanges of stock under Section 302(b) of the\nInternal Revenue Code of 1986, as amended (the \"Code\")) will constitute dividends to the\nextent of the Fund's current or accumulated earnings and profits as calculated for U.S.\nfederal income tax purposes. Such dividends generally will be taxable as ordinary income\nto shareholders. Distributions of net capital gain that are designated by the Fund as\ncapital gain dividends will be treated as long-term capital gains without regard to the\nlength of time the shareholder has held shares of the Fund.\nCustodian, Auction Agent, State Street Bank and Trust Company serves as the Fund's custodian.\nTransfer Agent, Dividend Deutsche Bank Trust Company Americas serves as auction agent, transfer\nPaying Agent and Registrar.... agent, dividend paying agent, redemption agent and registrar for the\nAMPS.\nFINANCIAL HIGHLIGHTS (Unaudited)\nInformation contained in the table below shows the unaudited operating\nperformance of the Fund from the commencement of the Fund's investment\noperations on February 28, 2003 through March 31, 2003. Since the Fund was\nrecently organized, the table covers approximately one month of operations.\nEVERGREEN INCOME ADVANTAGE FUND\n(for a common share outstanding throughout the period)\nPeriod Ended March\n31, 2003 (a)\n(unaudited)\n-----------------------\nNet asset value, beginning of period $14.33 (b)\n-----------------------\nIncome from investment operations\nNet investment income 0.06\nNet realized and unealized gains or losses on securities and\nforeign currency related transactions 0.18\n-----------------------\nTotal from investment operations 0.24\nOffering costs charged to capital (0.03)\n-----------------------\nNet asset value, end of period $14.54\n-----------------------\nMarket value, end of period $15.00\n-----------------------\nTotal return\nBased on net asset value ( c) 1.47%\nBased on market value (d) 0.00%\nRatios and supplemental data\nNet assets, end of period (in thousands) $923,551\nRatios to average net assets\nExpenses 0.77% (e)\nNet investment income applicable to common shareholders 5.26% (e)\nPortfolio turnover rate 1%\n(a) For the period from February 28, 2003 (commencement of\noperations), to March 31, 2003.\n(b) Initial public offering price of $15.00 per share less\nunderwriting discount of $0.67 per share.\n(c) The net asset value total return is based on the net asset\nvalue on", "ontology": {"Fund": {"custodian": ["Custodian"]}}, "target_triples": [{"s": "fund:ALLSPRING_INCOME_OPPORTUNITIES_FUND", "p": "custodian", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}], "target_serialized": "<triple_start> ALLSPRING INCOME OPPORTUNITIES FUND <predicate_marker> custodian <object_marker> State Street Bank and Trust Company <triple_end>", "target_serialized_plain": "ALLSPRING INCOME OPPORTUNITIES FUND custodian State Street Bank and Trust Company .", "stats": {"input_chars": 3600, "n_triples": 1, "text_to_json_ratio": 25.0}}
{"sample_id": "0001324285:ALL", "cik": "0001324285", "trust_name": "BlackRock Unconstrained Equity Fund", "input_text": "mber blhef:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001324285 blhef:C000007415Member blhef:ClassKMember 2015-01-01 2024-12-31 0001324285 blhef:C000007415Member blhef:ClassKMember oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001324285 blhef:C000007415Member blhef:ClassKMember oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001324285 blhef:C000007415Member blhef:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001324285 blhef:C000047292Member blhef:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 0001324285 blhef:MSCIWorldIndexMember blhef:ClassKMember 2015-01-01 2024-12-31 0001324285 blhef:MSCIWorldIndexMember blhef:InvestorACInstitutionalAndClassRMember 2015-01-01 2024-12-31 iso4217:USD xbrli:pure As filed with the Securities and Exchange Commission on August 27, 2025 Securities Act File No. 333-124372 Investment Company Act File No. 811-21759 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. 41 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 42 (Check appropriate box or boxes) BLACKROCK UNCONSTRAINED 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 UNCONSTRAINED 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 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 Unconstrained Equity Fund | Investor, Institutional and Class R Shares Investor A: MDEGX Investor C: MCEGX Institutional: MAEGX Class R: MREGX 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\n9\nTax Information\n10\nPayments to Broker/Dealers and Othe\n...\n1 %\nReturn After Taxes on Distributions and Sale of Fund Shares\n0.97 %\n6.87 %\n6.43 %\nBlackRock Unconstrained Equity Fund Investor C Shares\nReturn Before Taxes\n5.50 %\n9.80 %\n8.54 %\nBlackRock Unconstrained Equity Fund Institutional Shares\nReturn Before Taxes\n7.62 %\n10.98 %\n9.53 %\nBlackRock Unconstrained Equity Fund Class R Shares\nReturn Before Taxes\n7.02 %\n10.33 %\n8.84 %\nMSCI World Index (Net) 1 (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends)\n18.67 %\n11.17 %\n9.95 % 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. Portfolio Managers\nPortfolio Manager\nPortfolio Manager of the Fund Since\nTitle\nAlister Hibbert\n2022\nManaging Director of BlackRock, Inc.\nMichael Constantis, CFA\n2022\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\n$100 for all accounts. 9\nInvestor A and Investor C Shares\nInstitutional Shares\nClass R Shares\nMinimum Initial Investment (continued)\nof 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.\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. 10 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 Unconstrained Equity 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 achieve long term capital growth. The Fund s investment objective is a non-fundamental policy of the Fund that may be changed by the Board of Trustees (the Board ) without shareholder approval. Investment Process Investment decisions will be based on fundamental, company-specific research to identify and select equity and equity-related securities globally 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 impact of structural (such as economic, demographic or technological) changes, the quality of management teams and their financial discipline. Principal Investment Strategies The Fund seeks to achieve its investment objective through a fully managed investment policy utilizing global equity securities. For purposes of the Fund s investment policies, equity securities\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", "ontology": {"Fund": {"advisedBy": ["Administrator"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:BlackRock_Unconstrained_Equity_Fund", "p": "advisedBy", "o": "org:BlackRock_Advisors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Unconstrained_Equity_Fund", "p": "subAdvisedBy", "o": "org:BlackRock_International_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:BlackRock_Unconstrained_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_Unconstrained_Equity_Fund", "p": "underwrittenBy", "o": "org:BlackRock_Investments_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> BlackRock Unconstrained Equity Fund <predicate_marker> advisedBy <object_marker> BlackRock Advisors, LLC <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 Unconstrained Equity Fund <predicate_marker> underwrittenBy <object_marker> BlackRock Investments, LLC <triple_end>", "target_serialized_plain": "BlackRock Unconstrained Equity Fund advisedBy BlackRock Advisors, LLC ; subAdvisedBy BlackRock International Limited ; transferAgent BNY Mellon Investment Servicing (US) Inc. .\nBlackRock Unconstrained Equity Fund underwrittenBy BlackRock Investments, LLC .", "stats": {"input_chars": 14819, "n_triples": 4, "text_to_json_ratio": 33.4}}
{"sample_id": "0001388126:ALL", "cik": "0001388126", "trust_name": "Pioneer Diversified High Income Fund, Inc.", "input_text": "OAD(2) EXPENSES(3) EXPENSES, TO THE FUND\n---------------------------------------------------------------------------------------------------------------------\nPer share $ 25.00 $ 1.125 $ 0.05 $ 23.825\n---------------------------------------------------------------------------------------------------------------------\nTotal(1) $182,500,000 $8,212,500 $365,000 $173,922,500\n---------------------------------------------------------------------------------------------------------------------\n(1) The underwriters may purchase up to 1,095,000 additional common shares of\nthe Fund at the public offering price, less the sales load, within 45 days\nof the date of this Prospectus to cover any over-allotments. If the\nunderwriters exercise the over-allotment option in full, the total public\noffering price, sales load, estimated offering expenses and proceeds, after\nexpenses, to the Fund will be $209,875,000, $9,444,375, $419,750 and\n$200,010,875, respectively. See \"Underwriting\" on page 78 of this\nProspectus.\n(2) Does not include additional compensation, shareholder servicing, structuring\nor incentive fee payable by the Adviser to certain underwriters. See\n\"Underwriting - Additional Compensation to Certain Underwriters.\"\n(3) The Adviser has agreed to pay all of the Fund's organizational expenses and\nto pay the amount by which the aggregate common shares offering expenses,\nother than the sales load, exceed $0.05 per share. The actual offering\nexpenses for the common shares are estimated to be approximately $8,577,500\nor $1.175 per common share, and preferred shares offering expenses are\nestimated to be approximately $1,169,612 or $0.160 per common share.\nThe underwriters expect to deliver the common shares to purchasers on or about\nMay 30, 2007.\nUBS INVESTMENT BANK MERRILL LYNCH & CO.\nRBC CAPITAL MARKETS JANNEY MONTGOMERY SCOTT LLC\nROBERT W. BAIRD & CO. FERRIS, BAKER WATTS MORGAN KEEGAN & COMPANY, INC.\nINCORPORATED\n(continued from prior page)\nThe Fund does not have a policy of maintaining a specific average credit quality\nor a targeted maturity range for its portfolio. The Fund may invest any portion\nof its assets in securities and other instruments of non-U.S. issuers, including\nemerging market issuers, and may engage in certain strategic transactions.\nIn accordance with the Fund's principal investment strategies, the Fund\nprimarily invests in below investment grade (high yield) debt securities, loans\nand preferred stocks. Below investment grade securities, commonly referred to as\njunk bonds, are obligations that are rated below investment grade by the\nnational rating agencies that cover the obligations (i.e., Ba and below by\nMoody's Investors Services, Inc. (\"Moody's\") or BB and below by Standard &\nPoor's Ratings Group (\"S&P\")), or if unrated, are determined by the Fund's\ninvestment adviser, Pioneer Investment Management, Inc. (the \"Adviser\") or the\nFund's subadviser, Montpelier Capital Advisors, Ltd. (the \"Subadviser\"), as\napplicable, to be of comparable quality. \"Junk bonds\" are considered\npredominantly speculative with respect to the issuer's ability to pay interest\nand repay principal and are susceptible to default or decline in market value\ndue to adverse economic and business developments. With respect to event-linked\nbonds, the rating primarily reflects the rating agency's calculated probability\nthat a pre-defined trigger event will occur. The rating also assesses the event-\nlinked bond's credit risk and the model used to calculate the probability of the\ntrigger event. For event-linked bonds with a \"BB\" rating, the average expected\nloss probability (i.e., the weighted average sum of both\n...\nd............................ 27\nUse of proceeds..................... 27\nInvestment objectives and principal\ninvestment strategies............. 27\nPortfolio contents.................. 29\nLeverage............................ 45\nRisk factors........................ 48\nManagement of the Fund.............. 61\nDividends and distributions......... 64\nAutomatic dividend reinvestment\nplan.............................. 65\nClosed-end fund structure........... 68\nPossible conversion to open-end\nstatus............................ 68\nFederal income tax matters.......... 69\nNet asset value..................... 72\nDescription of shares............... 73\nCertain provisions of the Agreement\nand Declaration of Trust and By-\nLaws.............................. 75\nUnderwriting........................ 78\nAdministrator, custodian, transfer\nagent, registrar, dividend\ndisbursing agent and shareholder\nservicing agent................... 80\nValidity of common shares........... 81\nTable of contents for the Statement\nof Additional Information......... 82\n- 4 -\nPROSPECTUS SUMMARY\nThis is only a summary. This summary does not contain all of the information\nthat you should consider before investing in the Fund's common shares,\nespecially the information set forth under the heading \"Risk factors.\" You\nshould review the more detailed information contained in this Prospectus and in\nthe Statement of Additional Information.\nTHE FUND\nPioneer Diversified High Income Trust (the \"Fund\") is a newly organized,\ndiversified, closed-end management investment company. See \"The Fund.\"\nTHE OFFERING\nThe Fund is offering 7,300,000 common shares of beneficial interest, no par\nvalue, at an initial offering price of $25.00 per share. The common shares are\nbeing offered by a group of underwriters (the \"Underwriters\") led by UBS\nSecurities LLC. The common shares of beneficial interest are called \"common\nshares\" in the rest of this Prospectus. You must purchase at least 100 common\nshares ($2,500) to participate in this offering. Investors will be required to\npay a sales load of 4.50% of the initial offering price, which will reduce the\ninitial amount invested. The Fund has granted to the underwriters the option to\npurchase up to an additional 1,095,000 common shares at the public offering\nprice, less the sales load, within 45 days from the date of this Prospectus to\ncover orders in excess of 7,300,000 common shares, if any. The Fund will pay up\nto $0.05 per share for the Fund's offering expenses. Consequently, giving effect\nto the sales load and assuming offering expenses of $0.05 per share, the initial\nnet asset value of the common shares would be $23.825 immediately after their\nissuance. Pioneer Investment Management, Inc., the Fund's investment adviser\n(the \"Adviser\"), has agreed to pay all of the Fund's organizational expenses and\npay the amount by which the aggregate offering expenses (other than the sales\nload) with respect to the common shares offering exceed $0.05 per share. See\n\"Underwriting.\"\nINVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES\nINVESTMENT OBJECTIVES\nThe Fund's primary investment objective is to provide its common shareholders\nwith a high level of current income. As a secondary investment objective, the\nFund seeks capital appreciation to the extent consistent with its primary\ninvestment objective. The Fund's investment objectives are fundamental policies\nand may not be changed without the approval of a majority of the outstanding\nvoting securities (as defined in the Investment Company Act of 1940, as amended\n(the \"1940 Act\")) of the Fund. There can be no assura\n...\n-----------------------------------------------------\nAnnual Expenses\nAdvisory fee.......................................... 0.85%(4)\nOther expenses........................................ 0.18%\nTotal annual expenses................................. 1.03%(8)\n(8) The Adviser has agreed for the first three years of the Fund's investment\noperations to limit the Fund's total annual expenses (excluding offering\ncosts for common and preferred shares, interest expense, the cost of\ndefending or prosecuting any claim or litigation to which the Fund is a\nparty (together with any amount in judgment or settlement),\nindemnification expenses or taxes incurred due to the failure of the Fund\nto qualify as a regulated investment company under the Internal Revenue\nCode or any other nonrecurring or non-operating expenses) to 0.90% of the\nFund's average daily managed assets in year 1, 0.95% of the Fund's\naverage daily managed assets in year 2, and 1.00% of the Fund's average\ndaily managed assets in year 3. This is a contractual limit and may not\nbe terminated by the Adviser for three years. There can be no\n- 25 -\nassurance that it will be continued after that time. The dividend on any\npreferred shares is not an expense. The expense limitation is based on\nthe Fund's managed assets and not the Fund's net assets attributable to\ncommon shares. If the Fund employs leverage and increases its managed\nassets, the expense limitation expressed in terms of net assets\nattributable to common shares will increase. If the Fund issues\nadditional common shares, such as the result of the underwriters'\nexercise of the overallotment option, the amount of leverage that the\nFund may employ correspondingly increases. This waiver is not reflected\nin the table of Annual Expenses or in the Example.\n- 26 -\nTHE FUND\nPioneer Diversified High Income Trust is a newly organized, diversified, closed-\nend management investment company. The Fund was organized under the laws of the\nState of Delaware on January 30, 2007, and has registered under the 1940 Act. As\na recently organized entity, the Fund has no operating history. The Fund's\nprincipal office is located at 60 State Street, Boston, Massachusetts 02109, and\nits telephone number is (617) 742-7825.\nUSE OF PROCEEDS\nThe net proceeds of this offering will be approximately $173,922,500 (or\napproximately $200,010,875 assuming the underwriters exercise the over-allotment\noption in full) after payment of the estimated offering costs and the deduction\nof the sales load. The Fund will invest the net proceeds of the offering in\naccordance with the Fund's investment objectives and principal investment\nstrategies as stated below. However, investments that, in the judgment of the\nAdviser or Subadviser, are appropriate investments for the Fund may not be\nimmediately available. Therefore, there will be an initial investment period of\napproximately four months following the completion of this offering before the\nFund is required to be invested in accordance with its principal investment\nstrategies. During such period, all or a portion of the proceeds may be invested\nin U.S. government securities or high grade, short-term money market\ninstruments. See \"Investment objectives and principal investment strategies.\"\nINVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES\nINVESTMENT OBJECTIVES\nThe Fund's primary investment objective is to provide its common shareholders\nwith a high level of current income. As a secondary investment objective, the\nFund seeks capital appreciation to the extent consistent with its primary\ninvestment objective. The Fund's inv\n...\nggregate fair market value of\nless than $1,000,000, aggregating for purposes of such computation all\nassets sold, leased or exchanged in any series of similar transactions\nwithin a 12-month period.\nThe Declaration of Trust and By-Laws provide that the Board of Trustees has the\npower, to the exclusion of shareholders, to make, alter or repeal any of the By-\nLaws (except for any By-Law specified not to be amended or repealed by the\nBoard), subject to the requirements of the 1940 Act. Neither this provision of\nthe Declaration of Trust, nor any of the foregoing provisions thereof requiring\nthe affirmative vote of 75% of outstanding shares of the Fund, can be amended or\nrepealed except by the vote of such required number of shares. The Fund's By-\nLaws generally require that advance notice be given to the Fund in the event a\nshareholder desires to nominate a person for election to the Board of Trustees\nor to transact any other business at an annual meeting of shareholders. With\nrespect to an annual meeting following the first annual meeting of shareholders,\nnotice of any such nomination or business must be delivered to or received at\nthe principal executive offices of the Fund not less than 90 calendar days nor\nmore than 120 calendar days prior to the anniversary date of the prior year's\nannual meeting (subject to certain exceptions). In the case of the first annual\nmeeting of shareholders, the notice must be given no later than the tenth\ncalendar day following public disclosure of the date of the meeting, as\nspecified in the By-Laws. Any notice by a shareholder must be accompanied by\ncertain information as provided in the By-Laws.\n- 77 -\nUNDERWRITING\nThe underwriters named below (the \"Underwriters\"), acting through UBS Securities\nLLC, 299 Park Avenue, New York, New York and Merrill Lynch, Pierce, Fenner &\nSmith Incorporated, 4 World Financial Center, New York, New York, as their\nrepresentatives (together with the lead managers, the \"Representatives\"), have\nseverally agreed, subject to the terms and conditions of the underwriting\nagreement (the \"Underwriting Agreement\") with the Fund, the Adviser and the\nSubadviser, to purchase from the Fund the number of common shares set forth\nopposite their respective names. The Underwriters are committed to purchase and\npay for all of such common shares (other than those covered by the over-\nallotment option described below) if any are purchased.\nNUMBER OF\nUNDERWRITERS COMMON SHARES\n------------------------------------------------------------------------------\nUBS Securities LLC............................................. 3,775,000\nMerrill Lynch, Pierce Fenner & Smith Incorporated.............. 1,000,000\nRBC Capital Markets............................................ 500,000\nJanney Montgomery Scott LLC.................................... 500,000\nRobert W. Baird & Co. Incorporated............................. 100,000\nFerris, Baker Watts Incorporated............................... 100,000\nMorgan Keegan & Company, Inc................................... 500,000\nDeutsche Bank Securities Inc................................... 100,000\nBB&T Capital Markets, a division of Scott & Stringfellow, Inc.. 100,000\nGilford Securities Incorporated................................ 50,000\nCommonwealth Securities & Investments Inc...................... 50,000\nStanford Group Company......................................... 50,000\nWedbush Morgan Securities Inc.................................. 50,000\nSummit Brokerage Services, Inc................................. 50,000\nM. L. Stern & Co., LLC..................................", "ontology": {"Fund": {"seriesOf": ["Trust"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Pioneer_Diversified_High_Income_Fund_Inc", "p": "seriesOf", "o": "trust:Pioneer_Diversified_High_Income_Fund_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Pioneer_Diversified_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_Diversified_High_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:MERRILL_LYNCH_PIERCE_FENNER_SMITH_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Pioneer_Diversified_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_Diversified_High_Income_Fund_Inc", "p": "underwrittenBy", "o": "org:ROBERT_W_BAIRD_CO_INCORPORATED", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Pioneer_Diversified_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 Diversified High Income Fund, Inc. <predicate_marker> seriesOf <object_marker> Pioneer Diversified High Income Fund, Inc. <triple_end>\n<triple_start> Pioneer Diversified High Income Fund, Inc. <predicate_marker> underwrittenBy <object_marker> JANNEY MONTGOMERY SCOTT LLC <predicate_marker> underwrittenBy <object_marker> MERRILL LYNCH, PIERCE, FENNER & SMITH INC. <predicate_marker> underwrittenBy <object_marker> RBC CAPITAL MARKETS, LLC <predicate_marker> underwrittenBy <object_marker> ROBERT W. BAIRD & CO. INCORPORATED <predicate_marker> underwrittenBy <object_marker> UBS Securities LLC <triple_end>", "target_serialized_plain": "Pioneer Diversified High Income Fund, Inc. seriesOf Pioneer Diversified High Income Fund, Inc. .\nPioneer Diversified High Income Fund, Inc. underwrittenBy JANNEY MONTGOMERY SCOTT LLC , MERRILL LYNCH, PIERCE, FENNER & SMITH INC. , RBC CAPITAL MARKETS, LLC , ROBERT W. BAIRD & CO. INCORPORATED , UBS Securities LLC .", "stats": {"input_chars": 14462, "n_triples": 6, "text_to_json_ratio": 23.0}}
{"sample_id": "0001520245:ALL", "cik": "0001520245", "trust_name": "T. ROWE PRICE FLOATING RATE FUND, INC.", "input_text": "ember\n2020-03-16\n2024-12-31\n0001520245\nfri:LipperLoanParticipationFundsAverageMember\n2016-11-30\n2024-12-31\n0001520245\nfri:LipperLoanParticipationFundsAverageMember\n2024-01-01\n2024-12-31\n0001520245\nfri:LipperLoanParticipationFundsAverageMember\n2020-01-01\n2024-12-31\n0001520245\nfri:LipperLoanParticipationFundsAverageMember\n2015-01-01\n2024-12-31\n0001520245\nfri:LipperLoanParticipationFundsAverageMember\n2020-03-31\n2024-12-31\n0001520245\nfri:S000033565Member\noef:RiskLoseMoneyMember\n2025-07-25\n2025-07-25\niso4217:USD\nxbrli:shares\niso4217:USD\nxbrli:shares\nxbrli:pure\nRegistration Nos. 333-174605/811-22557\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. 29\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 30\nT. Rowe Price\nFloating Rate 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 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\nAugust\n1, 2025\nT.\nROWE PRICE\nFloating\nRate Fund\nPRFRX\nTFAIX\nPAFRX\nTRIZX\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\nFloating\nRate 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\n22\nFinancial\nHighlights\n22\nDisclosure\nof Fund Portfolio Information\n27\n3\nInformation\nAbout Accounts in T. Rowe Price Funds\nInvesting\nwith T. Rowe Price\n28\nAvailable\nShare Classes\n28\nDistribution\nand Shareholder Servicing Fees\n30\nAccount\nService Fee\n32\nPolicies\nfor Opening an Account\n33\nPricing\nof Shares and Transactions\n35\nInvesting\nDirectly with T. Rowe Price\n37\nInvesting\nThrough a Financial Intermediary\n45\nGeneral\nPolicies Relating to Transactions\n47\nContacting\nT. Rowe Price\n54\nInformation\non Distributions and Taxes\n56\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 (expenses that you pay each year as a percentage 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) f\n...\nlso 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\n7\nAverage\nAnnual Total Returns\nPeriods\nended\nDecember\n31, 2024\nSince\nInception\n1\nYear\n5\nYears\n10\nYears\ninception\ndate\nInvestor\nClass\n07/29/2011\nReturns\nbefore taxes\n8.74\n%\n5.23\n%\n4.65\n%\n%\nReturns\nafter taxes on distributions\n5.18\n2.71\n2.45\nReturns\nafter taxes on distributions and sale\nof\nfund shares\n5.09\n2.88\n2.57\nI\nClass\n11/29/2016\nReturns\nbefore taxes\n8.99\n5.36\n4.94\nAdvisor\nClass\n07/29/2011\nReturns\nbefore taxes\n8.52\n5.01\n4.48\nZ\nClass\n03/16/2020\nReturns\nbefore taxes\n9.55\n8.65\nRegulatory\nBenchmark\nBloomberg\nU.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)\n1.26\na\n1.25\n- 0.33\n1.35\n- 1.00\nb\nStrategy\nBenchmark(s)\nMorningstar\nLSTA Performing Loan Index (reflects no deduction for fees, expenses, or taxes)\n5.59\na\n9.15\n6.09\n5.41\n8.82\nb\nLipper\nLoan Participation Funds Average\n4.24\nc\n8.21\n4.52\n4.07\n7.92\nd\na Return\nsince 11/29/16.\nb Return\nsince 3/16/20.\nc Return\nsince 11/30/16.\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\nPaul\nM. Massaro\nPortfolio Manager and Chair of Investment Advisory Committee\n2011\n2003\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.\nT.\nRowe Price\n8\nThese\ninvestment 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\nretirement 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 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 intermediaries\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\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\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...\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_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_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_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_Floating_Rate_Fund", "p": "seriesOf", "o": "trust:T_ROWE_PRICE_FLOATING_RATE_FUND_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:T_Rowe_Price_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_Floating_Rate_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_FLOATING_RATE_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 Services, Inc. .\nT. ROWE PRICE FLOATING RATE FUND, INC. underwrittenBy T. Rowe Price Investment Services, Inc. .", "stats": {"input_chars": 22549, "n_triples": 7, "text_to_json_ratio": 32.2}}
{"sample_id": "0001540305:ALL", "cik": "0001540305", "trust_name": "ETF Series Solutions", "input_text": "RiskMember 2026-05-28 2026-05-28 0001540305 ck0001540305:S000105084Member ck0001540305:TrackingErrorRiskMember 2026-05-28 2026-05-28 Filed with the U.S. Securities and Exchange Commission on May 28, 2026 1933 Act Registration File No. 333-179562 1940 Act File No. 811-22668 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. 1160 [X] and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 1161 [X] (Check appropriate box or boxes.) ETF SERIES SOLUTIONS (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): (414) 516-1645 Kristina R. Nelson, President ETF Series Solutions c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 (Name and Address of Agent for Service) Copy to: Christopher D. Menconi Morgan, Lewis Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004-2541 As soon as practical after the effective date of this Registration Statement (Approximate Date of Proposed Public Offering) It is proposed that this filing will become effective [ ] Immediately upon filing pursuant to Rule 485(b). [X] on May 28, 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. (ASD) Defiance Autism Impact ETF a series of ETF Series Solutions Listed on The Nasdaq Stock Market LLC PROSPECTUS May 28, 2026 The U.S. Securities and Exchange Commission ( 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 Defiance Autism Impact ETF Summary 3 Additional Information About the Index 9 Additional Information About the Fund 9 Portfolio Holdings Information 12 Management 13 How to Buy and Sell Shares 14 Dividends, Distributions, and Taxes 15 Distribution 17 Premium/Discount Information 17 Additional Notices 18 Financial Highlights 19 2 DEFIANCE AUTISM IMPACT ETF SUMMARY Investment Objective The Defiance Autism Impact ETF (the Fund or the Autism ETF ) seeks to track the total return performance, before fees and expenses, of the VettaFi Autism Impact Index (the Index ). 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 0.79 % Distribution and/or Service (12b-1) Fees 0.00 % Other Expenses * 0.00 % Total Annual Fund Operating Expenses 0.79 % * Estimated for the current fiscal year. 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. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then continue to hold or redeem all of your Shares at the end of those periods. T\n...\nrector of Penserra, Ernesto Tong, CFA, Managing Director of Penserra, and Christine Johanson, CFA, Director and Senior Portfolio Manager of Penserra have been portfolio managers of the Fund since its inception in June, 2026. Purchase and Sale of Shares Shares are listed on 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). 7 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. 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 NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund s website at www.defianceetfs.com. Tax Information Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), 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. 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. 8 ADDITIONAL INFORMATION ABOUT THE INDEX The Index is calculated by an independent third-party calculation agent that is not affiliated with the Fund or its Adviser, Sub-Adviser, distributor, Index Provider, or any of their affiliates. The Fund s Index Provider is not affiliated with the Fund s Adviser, Sub-Adviser, administrator, or distributor. The Index was created for the purpose of being licensed for use by the Fund. ADDITIONAL INFORMATION ABOUT THE FUND Additional Information about the Fund s Investment Objective The Fund s investment objective has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon written notice to shareholders. Additional Information about the Fund s Principal Investment Risks This section provides additional information regarding the principal risks described in the Fund Summary. As in the Fund Summary, the principal risks below are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk described below is considered a principal risk of investing in\n...\nhall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof. The Adviser, the Sub-Adviser, the Index Provider, the Exchange, and the Fund 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 or the ability of the Index to track general stock market performance. The Index Provider has no obligation to take the needs of the Fund or the owners of Shares into consideration in determining, composing, or calculating the Index. The Index Provider is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of Shares to be issued or in the determination or calculation of the equation by which Shares are redeemable. The Fund, the Adviser, and the Sub-Adviser do not guarantee the accuracy, completeness, or performance of the Index or the data included therein and shall have no liability in connection with the Index or Index calculation. The Index Calculation Agent maintains and calculates the Index used by the Fund. The Index Calculation Agent shall have no liability for any errors or omissions in calculating an Index. FINANCIAL HIGHLIGHTS Financial information is not available because the Fund has not commenced operations prior to the date of this Prospectus. 18 DEFIANCE ETFS Adviser Defiance ETFs, LLC 78 SW 7th Street, 5th Floor Miami, Florida, 33130 Sub-Adviser Penserra Capital Management LLC 4 Orinda Way, Suite 100-A Orinda, California 94563 Index Provider VettaFi LLC 225 Liberty Street, 23rd Floor New York, New York 10281 Transfer Agent, Index Receipt Agent, and Administrator U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 Distributor Foreside Fund Services, LLC 190 Middle Street, Suite 301 Portland, Maine 04101 Custodian U.S. Bank National Association 1555 N. Rivercenter Drive, Suite 302 Milwaukee, Wisconsin 53212 Independent Registered Public Accounting Firm Cohen Company, Ltd. 1835 Market St., Suite 310 Philadelphia, Pennsylvania 19103 Legal Counsel Morgan, Lewis Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004-2541 Investors may find more information about the Fund in the following documents: Statement of Additional Information: The Fund s SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated May 28, 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. Annual/Semi-Annual Reports: Additional information about the Fund s investments will be available in the Fund s annual and semi-annual reports to shareholders and in Form N-CSR (when available). In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund s performance during the Fund s prior fiscal year. In Form N-CSR, you will find the Fund s annual and semi-annual financial statements. You can obtain free copies of these documents, request other information or make general inquiries about the Fund by contacting the Fund by calling 1-833-333-9383. Shareholder reports and other information about the Fund is available: Free of charge from the SEC s EDGAR database on the SEC s website at http://www.sec.gov; or Free of charge from the Fund s", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}}, "target_triples": [{"s": "fund:Point_Bridge_America_First_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Point_Bridge_America_First_ETF", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Point_Bridge_America_First_ETF", "p": "seriesOf", "o": "trust:ETF_Series_Solutions", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Point_Bridge_America_First_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Point Bridge America First 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> ETF Series Solutions <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>", "target_serialized_plain": "Point Bridge America First ETF administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf ETF Series Solutions ; transferAgent U.S. Bancorp Fund Services, LLC .", "stats": {"input_chars": 10809, "n_triples": 4, "text_to_json_ratio": 29.9}}
{"sample_id": "0001547580:ALL", "cik": "0001547580", "trust_name": "Victory Portfolios II", "input_text": "ved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.\nVictorySharesLiterature.com\n866-376-7890\n&#x2009;\nTable of Contents &#x2003;\nFund Summary\n1\nInvestment Objective\n1\nFund Fees and Expenses\n1\nPrincipal Investment Strategy\n2\nPrincipal Risks of Investing in the Fund\n3\nInvestment Performance\n13\nManagement of the Fund\n13\nPurchase and Sale of Fund Shares\n13\nTax Information\n13\nPayments to Broker-Dealers and Other Financial\nIntermediaries\n14\nAdditional Fund Information\n15\nInvestments\n18\nAdditional Investment Strategies and Related Risks\n24\nRisk Factors\n25\nOrganization and Management of the Fund\n44\nInvesting with Victory\n45\nShare Price\n45\nHow to Buy and Sell Shares\n47\nDistribution and Service Plan\n49\nDistributions and Taxes\n50\nOther Information\n53\nFinancial Highlights\n55\nVictoryShares Pioneer Active Credit ETF Summary\nInvestment Objective\nThe VictoryShares Pioneer Active Credit ETF (the &#x201c;Fund&#x201d;) seeks total return, including\nhigh current income.\nFund Fees and Expenses\nThis table describes the fees and expenses that you may pay if you buy, hold, and\nsell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial\nintermediaries, which are not reflected in the tables and example below . &#x2003;\nShareholder Fees\n(fees paid directly from your investment)\nNone\nAnnual Fund Operating Expenses\n(expenses that you pay each year as a percentage of the value of your investment)\n&#x2003;\nManagement Fees\n0.39%\nOther Expenses 1\n[ ]%\nTotal Annual Fund Operating Expenses\n[ ]%\nFee Waiver/Expense Reimbursements 2\n[( )]%\nTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursements 2\n0.45%\n1\nEstimated for the current fiscal year.\n2\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\ninterest, taxes, and brokerage commissions) do not exceed 0.45% 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\nto the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b)\nthe recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund&#x2019;s Board of Trustees.\nExample:\nThis Example is intended to help you compare the cost of investing in the Fund with\nthe cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund\nfor the time periods indicated and then sell or continue to hold all of your shares at the end\nof the period, (2) your investment has a 5% return each year, and (3) the Fund&#x2019;s operating expenses remain\nthe same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration\ndate. Although your actual costs may be higher or lower, based upon these assumptions your\ncosts would be: &#x2003;\n1 Year\n3 Years\n$ [ ]\n$ [ ]\nPortfolio Turnover:\nThe Fund pays transaction costs, such as commissions, when it buys and sells securities\n(or &#x201c;turns over&#x201d; its portfolio). A higher portfolio turnover rate may indicate higher transaction\ncosts and may result in higher taxes when shares are held in a taxable account. These costs, which\nare not reflected in annual Fund operating expenses or in the example, affect the Fun\n...\nction 4(a)(3) of the Securities Act. For delivery of prospectuses\nto exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is\nonly available with respect to transactions on a national exchange.\nDealers effecting transactions in the Fund's shares, whether or not participating\nin this distribution, generally are required to deliver a Prospectus. This is in addition\nto any obligation of dealers to deliver a Prospectus when acting as underwriters.\nPortfolio Holdings Disclosure\nA description of the Fund's policies regarding disclosure of the securities in the\nFund&#x2019;s portfolio is found in the Statement of Additional Information. The Fund&#x2019;s portfolio is disclosed\ndaily on the Fund's website at www.VictorySharesLiterature.com. Shareholders also may request portfolio\nholdings schedules at no charge by calling toll free 866-376-7890.\n53\nOther Information\nShareholder Communications\nIn order to eliminate duplicate mailings to an address at which two or more shareholders\nwith the same last name reside, the Victory Funds may send only one copy of any shareholder\nreports, financial statements, proxy statements, prospectuses and their supplements, unless you have\ninstructed us to the contrary. You may request that the Victory Funds send these documents to each\nshareholder individually by calling the Victory Funds at 866-376-7890, and they will be delivered\npromptly.\nWhile this Prospectus and the SAI of the Trust describe pertinent information about\nthe Trust and the Fund, neither this Prospectus nor the SAI represents a contract between the Trust\nor the Fund and any shareholder.\nOther Disclosures\nVictory Capital means Victory Capital Management Inc., the investment adviser of the\nVictoryShares ETFs. VictoryShares ETFs are distributed by Victory Capital Services, Inc. (&#x201c;VCS&#x201d;),\nan affiliate of Victory Capital. VCS is a member of FINRA.\n54\nFinancial Highlights\nBecause the Fund had not commenced operations prior to the date of this prospectus,\nfinancial highlights are not available.\n55\n&#x2009;\n4900 Tiedeman Road,\n4th Floor\nBrooklyn, OH 44144\nStatement of Additional Information (SAI): The SAI contains more information about the Fund's operations, investment restrictions,\npolicies, and practices. The SAI is incorporated by reference into this Prospectus, which means\nthat it is legally part of this Prospectus, even if you do not request a copy.\nAnnual/Semi Annual Reports and Form N-CSR/Form N-CSRS: Annual and semi annual reports contain more information about the Fund's investments and the market conditions and investment strategies that significantly\naffected the Fund's performance during the most recent fiscal period. The Fund's Form N-CSR and Form N-CSRS filings contain the Fund's annual and semi-annual\nfinancial statements.\nHow to Obtain Information: You may obtain a free copy of the SAI, annual and semi annual reports and other information\nsuch as Fund financial statements and ask questions about the Fund or your accounts, online at VictorySharesLiterature.com,\nby contacting the Fund at the following address or telephone number, or by contacting your financial intermediary.\nBy telephone:\nCall VictoryShares at\n866-376-7890\nBy mail:\nVictoryShares\n4900 Tiedeman Road, 4th Floor\nBrooklyn, OH 44144\nYou also can get information about the Fund (including the SAI, other reports and\nother information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC&#x2019;s Edgar database at sec.gov, or\nafter paying a duplicating fee, by electronic request sent to the f\n...\nmation about the Fund's operations, investment restrictions,\npolicies, and practices. The SAI is incorporated by reference into this Prospectus, which means\nthat it is legally part of this Prospectus, even if you do not request a copy.\nAnnual/Semi Annual Reports and Form N-CSR/Form N-CSRS: Annual and semi annual reports contain more information about the Fund's investments and the market conditions and investment strategies that significantly\naffected the Fund's performance during the most recent fiscal period. The Fund's Form N-CSR and Form N-CSRS filings contain the Fund's annual and semi-annual\nfinancial statements.\nHow to Obtain Information: You may obtain a free copy of the SAI, annual and semi annual reports and other information\nsuch as Fund financial statements and ask questions about the Fund or your accounts, online at VictorySharesLiterature.com,\nby contacting the Fund at the following address or telephone number, or by contacting your financial intermediary.\nBy telephone:\nCall VictoryShares at\n866-376-7890\nBy mail:\nVictoryShares\n4900 Tiedeman Road, 4th Floor\nBrooklyn, OH 44144\nYou also can get information about the Fund (including the SAI, other reports and\nother information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC&#x2019;s Edgar database at sec.gov, or\nafter paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.\nInvestment Company Act File Number 811-22696\nVS-PEPI_ETF-PRO (05/26)\nVICTORYSHARES\nSTATEMENT OF ADDITIONAL INFORMATION\n[\n], 2026\nVictoryShares Pioneer Active Credit ETF\n[ ]\nVictoryShares Pioneer Mortgaged-Backed Securities ETF\n[ ]\nVictoryShares Pioneer Equity Premium Income ETF\n[ ]\n(each a Fund and together, the Funds )\nEach Fund is a series of Victory Portfolios II (the Trust )\nListed and traded on:\nThe Nasdaq Stock Market LLC\nThis Statement of Additional Information ( SAI ) is not a prospectus and should be read in conjunction with each Fund s prospectus, dated [ ], 2026, as it may be amended or supplemented from time to time (each, a Prospectus ). This SAI is incorporated by reference in its entirety into each Prospectus. Copies of the Prospectus of each Fund can be obtained without charge upon request made to Victory Funds, P.O. Box 182593, Columbus, OH 43218-2593, at VictorySharesLiterature.com or by calling toll free 1-866-376-7890.\nTABLE OF CONTENTS\nGENERAL INFORMATION\n2\nINVESTMENT OBJECTIVES, POLICIES, AND LIMITATIONS\n2\nINVESTMENT PRACTICES, INSTRUMENTS, AND RISKS\n5\nINVESTMENTS IN THE FUNDS BY OTHER REGISTERED INVESTMENT COMPANIES\n41\nDETERMINING NET ASSET VALUE ( NAV ) AND VALUING PORTFOLIO SECURITIES\n41\nPURCHASE AND REDEMPTION OF SHARES\n42\nMANAGEMENT OF THE TRUST\n48\nCONTROL PERSONS AND PRINCIPAL SHAREHOLDERS\n55\nINVESTMENT ADVISER AND OTHER SERVICE PROVIDERS\n55\nPORTFOLIO MANAGERS\n59\nDISTRIBUTION AND SERVICE PLAN\n60\nCODE OF ETHICS\n61\nPROXY VOTING POLICIES AND PROCEDURES\n61\nPORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS\n63\nDIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS\n66\nTAXES\n66\nADDITIONAL INFORMATION\n74\nAPPENDIX A\n78\nGENERAL INFORMATION\nThe Funds are each diversified series of the Trust (formerly named Compass EMP Funds Trust ), a Delaware statutory trust organized on April 11, 2012. The Trust is registered as an open-end management investment company. The Trust currently consists of 25 series of beneficial interests ( shares ). This SAI relates to the shares of three series of the Trust (each a Fund, and collectively, the Funds ).\nVictory Capital Management Inc. (the Adviser or Victory Capital ) is the\n...\nmoney in amounts of up to one-third (33 1/3%) of the Fund s total assets (including the amount borrowed) less liabilities (other than borrowings) from banks. Any borrowings that exceed this amount will be reduced within three days (excluding Sundays and holidays) to the extent necessary to comply with the 33 1/3% limitation even if it is not advantageous to sell securities at that time. Borrowings may be used for a variety of purposes, including (i) for temporary or emergency purposes, (ii) in anticipation of or in response to adverse market conditions, (iii) for cash management purposes, and (iv) for investment purposes. Borrowed money will cost a Fund\n7\ninterest expense and/or other fees. The costs of borrowing may reduce a Fund s return. To the extent that a Fund has outstanding borrowings, it will be leveraged. Leveraging generally exaggerates the effect on NAV of any increase or decrease in the market value of a Fund s securities.\nEach Fund, together with other funds of the Trust and Victory Portfolios, Victory Portfolios II, and Victory Portfolios III, participates in a 364-day committed credit facility and a 364-day uncommitted, demand credit facility with Citibank, N.A. (Citibank). Each such credit facility may be renewed if so agreed by the parties. Under the agreement with Citibank, the Funds may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. Of this amount, $40 million committed of the line of credit and $60 million of the uncommitted line of credit are reserved for use by the Victory Floating Rate Fund (a series of Victory Portfolios), with that Fund paying the related commitment fees for that amount. The purpose of each agreement is to meet temporary or emergency cash needs. For the committed credit facility, Citibank receives an annual commitment fee of 0.15%. Each Fund pays a pro-rata portion (adjusted for the amount of credit reserved for the Victory Floating Rate Fund) of these fees and pays the interest on any amount that it borrows.\nCallable Securities\nCallable securities give the issuer the right to redeem the security on a given date or dates (known as the call dates) prior to maturity. In return, the call feature is factored into the price of the debt security, and callable debt securities typically offer a higher yield than comparable non-callable securities. Certain securities may be called only in whole (the entire security is redeemed), while others may be called only in part (a portion of the total face value is redeemed) and possibly from time to time as determined by the issuer. There is no guarantee that a Fund will receive higher yields or a call premium on an investment in callable securities.\nThe period of time between the time of issue and the first call date, known as call protection, varies from security to security. Call protection provides the investor holding the security with assurance that the security will not be called before a specified date. As a result, securities with call protection generally cost more than similar securities without call protection. Call protection will make a callable security more similar to a long-term debt security, resulting in an associated increase in the callable security s interest rate sensitivity.\nDocumentation for callable securities usually requires that investors be notified of a call within a prescribed period of time. If a security is called, a Fund will receive the principal amount and accrued interest, and may receive a small additional payment as a call premium. Issuers are more likely to exercise call o\n...\ns 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 Board. From time to time, the Adviser may also voluntarily waive its management fee and/or reimburse expenses for a Fund. These voluntary reductions are not reflected in the fee and expense table in a 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 a Fund.\nNo information is provided for the Funds as they 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 the Victory Fund Complex, in the aggregate, compensate the Adviser for these services.\nNo compliance fees have been paid by the Funds to Victory Capital under the Compliance Agreement as the Funds 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 Funds 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 Funds, the Trust, and Victory Portfolios (\"VP\") 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: 0.08% of the first $15 billion in aggregate Trust, VP net assets, plus 0.05% of aggregate Trust, VP net assets in excess of $15 billion to $30 billion, plus 0.04% of aggregate Trust, VP 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 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\n56\nAccounting 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 incurs in performing\n...\ng Agreement.\n(2)(e)\nAmendment No. 4 dated August 19, 2015, to the Administration and Fund Accounting Agreement.\n(2)(f)\nAmendment No. 5 dated August 24, 2016, to the Administration and Fund Accounting Agreement.\n(2)(g)\nAmendment No. 6 dated February 28, 2018, to the Administration and Fund Accounting\nAgreement.\n(2)(h)\nAmendment No. 7 dated February 27, 2019, to the Administration and Fund Accounting\nAgreement.\n(2)(i)\nAmendment No. 8 dated June 18, 2020, to the Administration and Fund Accounting Agreement .\nC-1\n(2)(j)\nAmendment No 9 dated December 2, 2020, to the Administration and Fund Accounting Agreement.\n(2)(k)\nAmendment No 10 dated May 18, 2021, to the Administration and Fund Accounting Agreement.\n(2)(l)\nAmendment No. 11 dated November 18, 2021, to the Administration and Fund Accounting\nAgreement\ndated July 1, 2006.\n(2)(m)\nAmendment No. 12 dated May 24, 2022, to the Administration and Fund Accounting Agreement.\n(2)(n)\nAmendment No. 13 dated August 30, 2022, to the Administration and Fund Accounting\nAgreement.\n(2)(o)\nAmendment No. 14 dated January 1, 2023, to the Administration and Fund Accounting\nAgreement.\n(2)(p)\nAmendment No. 15 dated May 23, 2023, to the Administration and Fund Accounting Agreement .\n(2)(q)\nAmendment No. 16 dated December 5, 2023, to the Administration and Fund Accounting\nAgreement.\n(2)(r)\nAmendment No. 17 dated May 21, 2024, to the Administration and Fund Accounting Agreement .\n(2)(s)\nAmendment No. 18 dated August 27, 2024, to the Administration and Fund Accounting\nAgreement dated\nJuly 1, 2006 .\n(2)(t)\nAmendment No. 19 dated October 22, 2024, to the Administration and Fund Accounting\nAgreement dated\nJuly 1, 2026 .\n(2)(u)\nAmendment No.20 dated May 20, 2025, to the Administration and Fund Accounting Agreement.\n(3)(a)\nTransfer Agency Agreement with FIS Investor Services LLC ( FIS ) dated November 7, 2015, with respect\nto each mutual fund series of the Registrant.\n(3)(b)\nAmendment dated November 1, 2016, to the Transfer Agency Agreement.\n(3)(c)\nAmendment dated February 22, 2021, to the Transfer Agency Agreement.\n(3)(d)\nAmendment dated August 24, 2021, to the Transfer Agency Agreement.\n(3)(e)\nData Protection Addendum dated May 30, 2018, to the Transfer Agency Agreement.\n(4)(a)\nTransfer Agency Services Agreement with Citibank, N.A. dated February 27, 2017, with\nrespect to\nexchange-traded fund series of the Registrant.\n(4)(b)\nAmendment No. 1 dated March 1, 2019, to the Transfer Agency Agreement with Citibank,\nN.A.\n(4)(c)\nAmendment No. 2 dated June 18, 2020, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(d)\nAmendment No. 3 dated May 18, 2021, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(e)\nAmendment No. 4 dated August 30, 2022, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(f)\nAmendment No. 5 dated September 30, 2022, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(g)\nAmendment No. 6 dated April 24, 2023, to the Transfer Agency Agreement with Citibank\nN.A .\n(4)(h)\nAmendment No. 7 dated June 20, 2024, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(i)\nAmendment No. 8 dated November 15, 2024, to the Transfer Agency Agreement with Citibank\nN.A.\n(4)(j)\nAmendment No. 9 dated June 5, 2025, to the Transfer Agency Agreement with Citibank\nN.A.\n(5)(a)\nSub-administration and Sub-accounting Services Agreement dated October 1, 2015.\n(5)(b)\nAmendment to the Sub-administration and Sub-accounting Services Agreement dated February\n27, 2017.\n(5)(c)\nAmendment No. 2 dated February 28, 2018, to the Sub-administration and Sub-accounting\nServices Agree-\nment.\n(5)(d)\nAmendment No. 3 dated February", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Custodian", "TransferAgent"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:VictoryShares_Core_Intermediate_Bond_ETF", "p": "administrator", "o": "org:Citi_Fund_Services_Ohio_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VictoryShares_Core_Intermediate_Bond_ETF", "p": "administrator", "o": "org:Victory_Capital_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:VictoryShares_Core_Intermediate_Bond_ETF", "p": "advisedBy", "o": 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{"sample_id": "0001547950:ALL", "cik": "0001547950", "trust_name": "Exchange Listed Funds Trust", "input_text": "or services or share economic relationships such\nas having common suppliers, customers or competitors. The process of identifying, grouping, and diversifying holdings across Related Business\nRisk groups within an index is called stratification, and was designed by Syntax to seek to correct for business risk concentrations that\nregularly occur in capitalization-weighted indices and equal-weighted indices.\nTo achieve a stratified weight exposure, the Index\nreclassifies the constituents of the underlying index according to their Related Business Risks by following the Syntax\nFIS Sector Taxonomy ( SFST ) to determine industry classification, which utilizes Syntax s proprietary Functional Information\nSystem (FIS ) technology to capture the attributes of a company's business models and its underlying product lines. SFST\npresents classification as a series of descending tiers (i.e., by Sector, Sub-Sector, Industry, Sub-Industry, and Business Activities).\nEach of the eight primary Sectors of the Index (Consumer Products Services; Energy; Financials; Food; Industrials; Information;\nInformation Tools; and Healthcare) has a target starting weight at each rebalance of one eighth of the index, or 12.5%.\nEach descending level of the SFST tiers then equally\ndivides its allocated weight across each group within that tier (e.g., equally across each Sub-Sector within a Sector, or equally across\neach Industry within a Sub-Sector), and this process is repeated until the bottom level tier is reached and the assigned weight is divided\nequally across all the constituents of the final group in that tier. Because each descending tier may have a different number of groups\nand final constituent securities, the resulting constituent weights may differ significantly from an equally-weighted index.\nExchange Traded Concepts, LLC (the Adviser )\ngenerally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to their\nrespective weightings in the Index. However, the Adviser may utilize a sampling methodology under various circumstances, including when\nit may not be possible or practicable to purchase all of the securities in the Index. The Adviser expects that over time, if the Fund\nhas sufficient assets, the correlation between the Fund s performance, before fees and expenses, and that of the Index will be 95%\nor better. A figure of 100% would indicate perfect correlation.\nThe Fund may invest up to 20% of its assets in investments\nthat are not included in the Index, but that the Adviser believes will help the Fund track the performance of the Index.\nUnder normal market conditions, the Index rebalances\nquarterly. The Index is reconstituted at the time the S P 500 Index does the same, which is conducted on an ongoing basis. The market\ncapitalization of companies in the S P 500 Index as of April 2, 2026 was between $5.3 billion and $3.7 trillion.\nThe Fund will be concentrated ( i.e. hold 25%\nor more of its total assets) in an industry or a group of industries to the extent that the Index is so concentrated.\nPlease see the Additional Strategies Information section\nof the Prospectus for more information on the Syntax Stratified Weight methodology.\n2\nPrincipal Risks\nAs with all funds, a shareholder is subject to\nthe risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed\nby the Federal Deposit Insurance Corporation or any government agency. The principal risks affecting shareholders investments\nin the Funds are set forth below. Each ri\n...\nhese 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.\n9\nFund Summary Stratified LargeCap Hedged\nETF\nInvestment Objective\nThe Stratified LargeCap Hedged ETF (the Fund )\nseeks to obtain capital growth.\nFees and Expenses\nThis table describes the fees and expenses that you\nmay 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\nintermediaries, 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) Management Fee 0.95 % Distribution and Service (12b-1) Fees 0.00 % Other Expenses 0.00 % Acquired Fund Fees and Expenses 1 0.29 % Total Annual Fund Operating Expenses 1.24 % Fee Waiver/Expense Reimbursement 2 ( 0.45 )% Total Annual Fund Operating Expenses After Fee Waiver 3 0 .79 %\n1 The Total Annual Fund Operating Expenses\nin this fee table may not correlate to the expense ratios in the Fund s financial highlights and financial statements because the\nfinancial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and\nExpenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.\n2 Exchange Traded Concepts, LLC (the\nAdviser ) has contractually agreed to waive a portion of its management fee to 0.50% of average daily net assets at least\nthrough April 30, 2027 , provided that the agreement may be terminated by the Board of Trustees (the Board ) of Exchange\nListed Funds Trust (the Trust ) for any reason at any time and by the Adviser for any reason and upon sixty days\nprior notice to the Trust, such termination to be effective upon the expiration of the then-current term.\n3 Fees have been restated to reflect\ncurrent year fees.\nExample\nThis Example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time\nperiods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5%\nreturn each year and that the Fund s operating expenses (including one year of capped expenses each period) remain the same. Although\nyour actual costs may be higher or lower, based on these assumptions your cost would be:\n1\nYear\n3\nYears\n5\nYears\n10\nYears\n$ 81\n$ 349\n$ 638\n$ 1,460\nPortfolio Turnover\nThe Fund pays transaction costs, such as commissions,\nwhen it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction\ncosts and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in annual\nfund operating expenses or in the Example above, affect the Fund s performance. For the fiscal year ended December 31, 2025, the\nFund s blended portfolio turnover rate was 106 % of the average value of its portfolio.\n10\nPrincipal Investment Strategies\nThe Fund is an actively managed exchange-traded fund\n( ETF ) that invests in a portfolio of equity securities, including common stocks and/or ETFs, that tracks a benchmark index\n(the Syntax Stratified LargeCap Index (the Index )) while also employing risk management strategies to limit\ndownside risk and gen\n...\nfinancial statements, or\nto make other inquiries, please contact us as follows:\nCall:\n866-972-4492 Monday through Friday 8:30 a.m. to 5:00 p.m. (Eastern Time)\nWrite:\nExchange Listed Funds Trust 10900 Hefner Pointe Drive, Suite 400 Oklahoma City, Oklahoma 73120\nVisit:\nwww.stratifiedfunds.com/investor-materials\nThe SAI and other information are also available from\na financial intermediary (such as a broker-dealer or bank) through which the Funds shares may be purchased or sold.\nINFORMATION PROVIDED BY THE U.S. SECURITIES AND EXCHANGE\nCOMMISSION\nReports and other information\nabout the Funds are available on the EDGAR Database at www.sec.gov and copies of this information\nalso may be obtained, after paying a duplicating fee, by emailing the SEC at publicinfo@sec.gov .\nThe Trust s Investment Company Act file number: 811-22700\n40\nSTATEMENT OF ADDITIONAL INFORMATION\nSTRATIFIED LARGECAP INDEX ETF (TICKER SYMBOL: SSPY)\nSTRATIFIED LARGECAP HEDGED ETF (TICKER SYMBOL:\nSHUS)\nEach a series of EXCHANGE LISTED FUNDS TRUST\nApril 30, 2026\nPrincipal Listing Exchange for the Funds: NYSE\nArca, Inc.\nInvestment Adviser:\nExchange Traded Concepts, LLC\nThis Statement of Additional Information (the\nSAI ) is not a prospectus. The SAI should be read in conjunction with the Funds prospectus dated April 30, 2026,\nas may be revised from time to time (the Prospectus ). Capitalized terms used herein that are not defined have the same\nmeaning as in the Prospectus, unless otherwise noted. The audited financial statements for the Funds for the fiscal year ended December\n31, 2025 are contained in the Form\nN-CSR and incorporated by reference into this SAI. A copy of each Fund s Annual or Semi-Annual Report, financial statements,\nor Prospectus may be obtained without charge by writing the Fund s distributor, Foreside Fund Services, LLC, at 190 Middle Street,\nSuite 301, Portland, ME 04101, by visiting the Fund s website at www.stratifiedfunds.com ,\nor by calling toll-free 866-972-4492.\nTABLE OF CONTENTS\ngeneral information about THE TRUST\n1\ninformation about investment policies, PERMITTED INVESTMENTS, and related risks\n1\nINVESTMENT restrictions\n13\nexchange listing and trading\n15\nmanagement of the trust\n16\nCODEs OF ETHICS\n21\nPROXY VOTING POLICIES\n21\nINVESTMENT ADVISORY AND OTHER SERVICES\n22\nTHE PORTFOLIO MANAGERs\n23\nTHE distributor\n24\nTHE administrator\n25\nTHE CUSTODIAN\n25\nTHE TRANSFER AGENT\n25\nLEGAL COUNSEL\n25\nINDEPENDENT registered public accounting firm\n26\nportfolio holdings DISCLOSURE POLICIES AND PROCEDURES\n26\nDESCRIPTION OF SHARES\n26\nLIMITATION OF TRUSTEES LIABILITY\n27\nBROKERAGE TRANSACTIONS\n27\nPORTFOLIO TURNOVER RATE\n29\nBOOK ENTRY ONLY SYSTEM\n29\nCONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES\n30\nPurchase and REDEMPtion of shares in creation units\n31\nDETERMINATION OF NET ASSET VALUE\n38\nDIVIDENDS AND DISTRIBUTIONS\n38\nFEDERAL INCOME TAXES\n39\nFinancial Statements\n47\nINDEX DISCLAIMERS\n48\nappendix a: proxy voting policy and procedures\nA-1\ni\nGENERAL INFORMATION ABOUT THE TRUST\nExchange Listed Funds Trust (the Trust )\nis an open-end management investment company consisting of multiple investment series. This SAI relates to the Stratified LargeCap Index\nETF (SSPY) and Stratified LargeCap Hedged ETF (SHUS) (each, a Fund and collectively, the Funds ). The Trust\nwas organized as a Delaware statutory trust on April 4, 2012 as Exchange Traded Concepts Trust II and changed its name on June 2, 2015.\nThe Trust is registered with the U.S. Securities and Exchange Commission (the SEC ) under the Investment Company Act of\n1940 (the 1940 Act ) as an open-end management investment company\n...\nd the address of Sam Singh is Ultimus Fund Solutions, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska\n68022.\n19\nName\nand Year of\nBirth\nPosition(s)\nHeld with\nthe Trust\nTerm\nof\nOffice and\nLength of\nTime Served 1\nPrincipal Occupation(s)\nDuring Past 5 Years\nRichard Malinowski\n(1983)\nPresident\nSecretary\nSince 2025\nSince 2022\nCo-Chief\nExecutive Officer, Exchange Traded Concepts, LLC (since 2025), General Counsel, Exchange Traded Concepts, LLC (since 2022); Senior\nVice President and Senior Managing Counsel, Ultimus Fund Solutions LLC, (2020 to 2022); Senior Vice President, Ultimus Fund Solutions\nLLC (2017 to 2020).\nAndrew\nSerowik (1976)\nVice\nPresident\nSince\n2024\nCo-Chief\nExecutive Officer, Exchange Traded Concepts, LLC (since 2025); Portfolio Manager, Exchange Traded Concepts, LLC (since 2018).\nChristopher Roleke\n(1972)\nTreasurer\nSince\n2012\nController,\nExchange Traded Concepts, LLC (since 2022); Managing Director/Fund Principal Financial Officer, Foreside Management Services, LLC\n(2011 to 2022).\nRachael Inez Hoffman\n(1984)\nChief\nCompliance Officer\nSince\n2026\nChief\nCompliance Officer, Exchange Traded Concepts Trust (since 2026); Senior Counsel, Investment Company Regulation Office, U.S. Securities\nand Exchange Commission (2023 to 2026); Chief Compliance Officer, Americas Asset Management, Credit Suisse Asset Management (2022\nto 2023); Chief Compliance Officer, Global Asset Management, Credit Suisse Asset Management (2022 to 2023); Vice President, Compliance,\nGoldman Sachs Asset Management (2021 to 2022).\nHeather Nichols\n(1983)\nAssistant\nSecretary\nSince\n2023\nCounsel,\nExchange Traded Concepts, LLC (since 2023); Principal, HND Compliance and Regulatory Services, LLC (2015 to 2023).\nSam\nSingh (1976)\nAssistant\nTreasurer\nSince\n2025\nVice\nPresident of Fund Administration at Ultimus Fund Solutions, LLC (since 2011).\n1 Each officer serves at the pleasure of\nthe Board.\nCommittees. The Board has established the following\ncommittees:\nAudit Committee . The Board has an Audit\nCommittee that is composed of each of the Independent Trustees of the Trust. The Audit Committee operates under a written charter approved\nby the Board. The principal responsibilities of the Audit Committee include: recommending which firm to engage as the Funds independent\nregistered public accounting firm and whether to terminate this relationship; reviewing the independent registered public accounting\nfirm s compensation, the proposed scope and terms of its engagement, and the firm s independence; pre-approving audit and\nnon-audit services provided by the Funds independent registered public accounting firm to the Trust and certain other affiliated\nentities; serving as a channel of communication between the independent registered public accounting firm and the Trustees; reviewing\nthe results of each external audit, including any qualifications in the independent registered public accounting firm s opinion,\nany related management letter, management s responses to recommendations made by the independent registered public accounting firm\nin connection with the audit, reports submitted to the Committee by the internal auditing department of the Trust s administrator\nthat are material to the Trust as a whole, if any, and management s responses to any such reports; reviewing each Fund s\naudited financial statements and considering any significant disputes between the Trust s management and the independent registered\npublic accounting firm that arose in connection with the preparation of those financial statements; considering, in consultation with\nthe independent registered publ\n...\nel and communication expenses and salaries and/or commissions of sales personnel in connection with the\ndistribution of the Creation Units of the Fund; (v) payments to financial institutions and intermediaries such as banks, savings and\nloan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries\nof the Trust s service providers as compensation for services or reimbursement of expenses incurred in connection with distribution\nassistance; (vi) facilitating communications with beneficial owners of shares of the Fund, including the cost of providing (or paying\nothers to provide) services to beneficial owners of shares of the Fund, including, but not limited to, assistance in answering inquiries\nrelated to shareholder accounts, and (vii) such other services and obligations as are set forth in the Distribution Agreement.\nTHE ADMINISTRATOR\nUltimus Fund Solutions, LLC ( Ultimus ),\nlocated at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022, serves as the administrator to the Funds.\nFor services provided under the administration\nagreement with the Trust, Ultimus is entitled to a fee based on assets under management, paid by the Adviser, subject to a minimum fee.\nFor the fiscal period September 27, 2024 (date of reorganization) through December 31, 2024, the Administrator received the following\namounts in fees from the Adviser for the services provided to the Funds:\nStratified LargeCap Index ETF\n$37,975\nStratified\nLargeCap Hedged ETF\n$24,038\nFor the fiscal year ended December 31, 2025,\nthe Administrator received the following amounts in fees from the Adviser for the services provided to the Funds:\nStratified LargeCap Index ETF\n$94,395\nStratified\nLargeCap Hedged ETF\n$40,578\nTHE CUSTODIAN\nBrown Brothers Harriman Co. ( BBH ),\nlocated at 50 Post Office Square, Boston, Massachusetts 02110, serves as the custodian of the Funds pursuant to a custodian agreement\nwith the Trust on behalf of the Funds (the Custodian ). The Custodian holds cash, securities and other assets of the Funds\nas required by the 1940 Act.\nTHE TRANSFER AGENT\nBBH, located at 50 Post Office Square, Boston, Massachusetts 02110,\nserves as transfer agent and dividend disbursing agent of the Funds.\nLEGAL COUNSEL\nChapman and Cutler LLP, located at 320 South Canal\nStreet, Chicago, IL 60606, serves as legal counsel to the Trust.\n25\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\nCohen Company, Ltd., located at 1350\nEuclid Avenue, 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\ndisclosure of information about each Fund s security holdings.\nA 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\nthe Fund s service providers who deal directly with, or assist in, functions related to investment management, administration\n...\nricity Futures ETF to be filed by amendment.\nC- 1\n(d)(7) Revised Schedule A to the Advisory Agreement reflecting the addition of the ARIA Innovation ETF to be\nfiled by amendment.\n(d)(8) Revised Schedule A to the Advisory Agreement reflecting the addition of the xETFs U.S. Large Cap Upside\nBoost ETF, xETFs Innovation-100 Upside Boost ETF, xETFs OpenAI Upside Boost ETF, xETFs Anthropic Upside Boost ETF, xETFs NVDA Upside Boost\nETF, xETFs TSLA Upside Boost ETF, and xETFs SpaceX Upside Boost ETF to be filed by amendment.\n(d)(9) Fee\nWaiver Agreement, dated May 10, 2022, between the Registrant and Exchange Traded Concepts, LLC is incorporated herein by reference to\nExhibit (d)(12) to Post-Effective Amendment No. 234 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871\nand 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-22-051959 on August 30, 2022.\n(d)(10) Fee\nWaiver Agreement, dated April 30, 2025, between the Registrant and Exchange Traded Concepts, LLC is incorporated herein by reference to\nExhibit (d)(5) to Post-Effective Amendment No. 279 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871\nand 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-25-036196 on April 28, 2025 .\n(d)(11) Sub-Advisory\nAgreement, dated March 15, 2017, between Exchange Traded Concepts, LLC and Saba Capital Management, L.P. is incorporated herein by reference\nto Exhibit (d)(7) to Post-Effective Amendment No. 48 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871\nand 811-22700), as filed with the SEC via EDGAR Accession No. 0001398344-17-011061 on August 28, 2017.\n(d)(12) Form\nof Sub-Advisory Agreement, dated August 12, 2025, between Exchange Traded Concepts, LLC and Cabana LLC, d/b/a Cabana Asset Management\n(the Cabana Asset Management Sub-Advisory Agreement ) is incorporated herein by reference to Exhibit (d)(7) to Post-Effective\nAmendment No. 284 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700), as filed with the\nSEC via EDGAR Accession No. 0001213900-25-080754 on August 26, 2025 .\n(d)(13) Sub-Advisory\nAgreement, dated December 5, 2023, between Exchange Traded Concepts, LLC and Bancreek Capital Advisors, LLC is incorporated herein by\nreference to Exhibit (d)(11) to Post-Effective Amendment No. 246 to the Registrant s Registration Statement on Form N-1A (File Nos.\n333-180871 and 811-22700), as filed with the SEC via EDGAR Accession No. 0001213900-23-096430 on December 18, 2023 .\n(d)(14) Schedule\nA, as revised December 9, 2025, to the Bancreek Capital Advisors, LLC Sub-Advisory Agreement is incorporated herein by reference to Exhibit\n(d)(12) to Post-Effective Amendment No. 297 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871 and 811-22700),\nas filed with the SEC via EDGAR Accession No. 0001213900-26-004776 on January 16, 2026 .\n(d)(15) Amended Schedule A to the Bancreek Capital Advisors, LLC Sub-Advisory Agreement reflecting the addition\nof the Bancreek Billionaires Club ETF to be filed by amendment.\nC- 2\n(d)(16) Sub-Advisory\nAgreement, dated September 26, 2024, between Exchange Traded Concepts, LLC and Long Pond Capital, LP is incorporated herein by reference\nto Exhibit 99.(d)(11) to Post-Effective Amendment No. 278 to the Registrant s Registration Statement on Form N-1A (File Nos. 333-180871\nand 811-22700), as filed with the SEC via EDGAR Accession No. 0001013762-25-004052 on March 28, 2025.\n(d)(17) Amended\nSchedule A, dated March 27, 2025, to the Sub-Advisory Agreement betwe", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "subAdvisedBy": ["SubAdviser"], "transferAgent": ["Custodian"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Cabana_Target_Beta_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Beta_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Beta_ETF", "p": "custodian", "o": 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"context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Leading_Sector_Moderate_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Leading_Sector_Moderate_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Leading_Sector_Moderate_ETF", "p": "seriesOf", "o": "trust:Exchange_Listed_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Leading_Sector_Moderate_ETF", "p": "subAdvisedBy", "o": "org:Cabana_Asset_Management", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Cabana_Target_Leading_Sector_Moderate_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LG_QRAFT_AI_Powered_U_S_Large_Cap_Core_ETF", "p": "administrator", "o": "org:Ultimus_Fund_Solutions_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LG_QRAFT_AI_Powered_U_S_Large_Cap_Core_ETF", "p": "advisedBy", "o": "org:Exchange_Traded_Concepts_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LG_QRAFT_AI_Powered_U_S_Large_Cap_Core_ETF", "p": "custodian", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LG_QRAFT_AI_Powered_U_S_Large_Cap_Core_ETF", "p": "seriesOf", "o": "trust:Exchange_Listed_Funds_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:LG_QRAFT_AI_Powered_U_S_Large_Cap_Core_ETF", "p": "transferAgent", "o": 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"fund:QRAFT_AI_Enhanced_U_S_Large_Cap_Momentum_ETF", "p": "transferAgent", "o": "org:Brown_Brothers_Harriman_Co", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Exchange_Listed_Funds_Trust", "p": "underwrittenBy", "o": "org:Foreside_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Cabana Target Beta ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Exchange Traded Concepts, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Exchange Listed Funds Trust <predicate_marker> subAdvisedBy <object_marker> Cabana Asset Management <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <triple_end>\n<triple_start> Cabana Target Drawdown 10 ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Exchange Traded Concepts, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Exchange Listed Funds Trust <predicate_marker> subAdvisedBy <object_marker> Cabana Asset Management <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <triple_end>\n<triple_start> Cabana Target Leading Sector Moderate ETF <predicate_marker> administrator <object_marker> Ultimus Fund Solutions, LLC <predicate_marker> advisedBy <object_marker> Exchange Traded Concepts, LLC <predicate_marker> custodian <object_marker> Brown Brothers Harriman & Co. <predicate_marker> seriesOf <object_marker> Exchange Listed Funds Trust <predicate_marker> subAdvisedBy <object_marker> Cabana Asset Management <predicate_marker> transferAgent <object_marker> Brown Brothers Harriman & Co. <triple_end>\n<triple_start> LG QRAFT AI-Powered 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Brothers Harriman & Co. ; seriesOf Exchange Listed Funds Trust ; transferAgent Brown Brothers Harriman & Co. .\nExchange Listed Funds Trust underwrittenBy Foreside Fund Services, LLC .", "stats": {"input_chars": 21625, "n_triples": 34, "text_to_json_ratio": 7.2}}
{"sample_id": "0001548609:ALL", "cik": "0001548609", "trust_name": "Brown Advisory Funds", "input_text": "000088082Member ck0001548609:ETFRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:ForeignSecuritiesRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:InvestmentsInOtherInvestmentCompaniesRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:JapaneseSecuritiesRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:LargeInvestorRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:LiquidityRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:ManagementRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:MediumCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:NewFundRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:REITAndRealEstateRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:SmallerCompanyRiskMember 2025-10-31 2025-10-31 0001548609 ck0001548609:S000088082Member ck0001548609:ValuationRiskMember 2025-10-31 2025-10-31 Filed with the Securities and Exchange Commission on October 29, 2025 1933 Act Registration File No. 333-181202 1940 Act Registration File No. 811-22708 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. 77 [ X ] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] Amendment No. 79 [ X ] (Check appropriate box or boxes.) BROWN ADVISORY FUNDS (Exact Name of Registrant as Specified in Charter) 901 South Bond Street, Suite 400 Baltimore, Maryland 21231 (Address of Principal Executive Offices, including Zip Code) Registrant s Telephone Number, including Area Code: (410) 537-5400 Paul J. Chew, President and Principal Executive Officer Brown Advisory Funds 901 South Bond Street, Suite 400 Baltimore, Maryland 21231 (Name and Address of Agent for Service) Copy to: Patrick W.D. Turley, Esq. Stephen T. Cohen, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006 It is proposed that this filing will become effective (check appropriate box) [ ] immediately upon filing pursuant to paragraph (b) [ X ] on October 31, 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. Prospectus October 31, 2025 BROWN ADVISORY GROWTH EQUITY FUND Institutional Shares (BAFGX) Investor Shares (BIAGX) Advisor Shares (BAGAX) BROWN ADVISORY INTERMEDIATE INCOME FUND Institutional Shares (Not Available for Sale) Investor Shares (BIAIX) Advisor Shares (BAIAX) BROWN ADVISORY FLEXIBLE EQUITY FUND Institutional Shares (BAFFX) Investor Shares (BIAFX) Advisor Shares (BAFAX) BROWN ADVISORY SUSTAINABLE BOND FUND Institutional Shares (BAISX) Investor Shares (BASBX) Advisor Shares (Not Available for Sale) BROWN ADVISORY SUSTAINABLE GROWTH FUND Institutional Shares (BAFWX) Investor Shares (BIAWX) Advisor Shares (BAWAX) BROWN ADVISORY MARYLAND BOND FUND Institutional Shares (Not Available for Sale) Investor Shares (BIAMX) Advisor Shares (Not Available for Sale) BROWN ADVISORY MID-CAP GROWTH FUND Institutional Shares (BAFMX) Investor Shares (BMIDX) Advisor Shares (Not Available for Sale) BROWN ADVISORY TAX-EXEMPT BOND FUND Institutional Shares (BTEIX) Investor Shares (BIAEX) Advisor Shares (Not Available for Sale) BROWN ADVISORY SMALL-CAP GROWTH FUND Institutional Shares (BAFSX) Investor Shares (BIASX) Advisor Shares (BASAX) BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND Institutional Shares (Not Available for Sale) Investor Shares (BITEX) Advisor Shares (Not Available for Sale) BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND Institutional Shares (BAUUX) Investor Shares (BIAUX) Advisor Shares (BAUAX) BROWN ADVISORY MORTGAGE SECURITIES FUND Institutional Shares (BAFZX) Investor Shares (BIAZX) Advisor Shares (Not Available for Sale) BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND Institutional Shares ( BAFYX ) Investor Shares ( BIAYX ) Advisor Shares (Not Available for Sale) BROWN ADVISORY WMC STRATEGIC EUROPEAN EQUITY FUND Institutional Shares (BAFHX) Investor Shares (BIAHX) Advisor Shares (BAHAX) BROWN ADVISORY SUSTAINABLE VALUE FUND Institutional Shares (BASVX) Investor Shares (BISVX) Advisor Shares (Not Available for Sale) BROWN ADVISORY EMERGING MARKETS SELECT FUND Institutional Shares (BAFQX) Investor Shares (BIAQX) Advisor Shares (BAQAX) BROWN ADVISORY GLOBAL LEADERS FUND Institutional Shares (BAFLX) Investor Shares (BIALX) Advisor Shares (Not Available for Sale) BROWN ADVISORY BEUTEL GOODMAN LARGE-CAP VALUE FUND Institutional Shares (BVALX) Investor Shares (BIAVX) Advisor Shares (Not Available for Sale) BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND Institutional Shares (BAILX) Investor Shares (BISLX) Advisor Shares (Not Available for Sale ) BROWN ADVISORY WMC JAPAN EQUITY FUND Institutional Shares (BAFJX) Investor Shares (BIJEX) Advisor Shares (Not Available for Sale) The 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 Summary Section 1 This important section summarizes the Funds objectives, strategies, fees, risks, past performance, portfolio turnover, portfolio manager, your account and other information. Brown Advisory Growth Equity Fund 1 Brown Advisory Flexible Equity Fund 7 Brown Advisory Sustainable Growth Fund 13 Brown Advisory Mid-Cap Growth Fund 19 Brown Advisory Small Cap Growth Fund 25 Brown Advisory Small Cap Fundamental Value Fund 30 B rown A dvisory Su stainable S mall -C ap Core F und 36 Brown Advisory Sustainable Value Fund 42 Brown Advisory Global Leaders Fund 49 Brown Advisory Sustainable International Leaders Fund 56 Brown Advisory Intermediate Income Fund 63 Brown Advisory Sustainable Bond Fund 69 Brown Advisory Maryland Bond Fund 76 Brown Advisory Tax-Exempt Bond Fund 82 Brown Advisory Tax-Exempt Sustainable Bond Fund 88 Brown Advisory Mortgage Securities Fund 95 Brown Advisory WMC Strategic European Equity Fund 101 Brown Advisory Emerging Markets Select Fund 108 Brown Advisory Beutel Goodman Large-Cap Value Fund 115 Brown Advisory WMC Jap an Equity Fund 121 Details About the Funds Investment Strategies Additional Informatio\n...\nn 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 portfolio turnover rate for the Fund was 27 % of the average value of its portfolio. 1 Summary Section Brown Advisory Growth Equity Fund Principal Investment Strategies Under normal conditions, Brown Advisory LLC (the Adviser ) seeks to achieve the Fund s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies. The Fund invests primarily in securities of medium and large market capitalization companies that the Adviser believes have exhibited an above average rate of earnings growth and that have prospects for above average, sustainable growth in the future. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $2 billion at the time of purchase. The Fund may also invest in companies that do not exhibit particularly strong earnings histories but have other attributes that may contribute to accelerated growth in the foreseeable future. Equity securities include domestic common and preferred stock, convertible debt securities, American Depositary Receipts ( ADRs ), real estate investment trusts ( REITs ) and exchange traded funds ( ETFs ). The Fund may also invest in private placements in these types of securities. The Fund invests primarily in ETFs that have an investment objective similar to the Fund s or that otherwise are permitted investments with the Fund s investment policies described herein. ADRs are equity securities traded on U.S. securities exchanges, which are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Fund may invest up to 15% of its net assets in foreign securities, including in emerging markets. The Adviser may sell a security or reduce its position if: The investment thesis is violated; A more attractively priced security is found; or The security becomes overvalued relative to the long-term expectation. In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Fund s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure. Principal Investment Risks As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. 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 government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The following are the principal risks that could affect the value of your investment: American Depositary Receipts ( ADRs ) and Global Depository Receipts ( GDRs ) Risk . ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which\n...\n. Updated performance information is available online at www.brownadvisory.com/mf/wmc-strategic-european-equity-fund or by calling 800-540-6807 (toll free) or call 414-203-9064. Brown Advisory WMC Strategic European Equity Fund Investor Shares Annual Total Returns The Fund s calendar year-to-date total return as of September 30, 2025 was 42.11 %. During the period shown in the chart, the highest quarterly return was 21.67 % (for the quarter ended December 31, 2022 ) and the lowest quarterly return was - 22.13 % (for the quarter ended March 31, 2020 ). 105 Summary Section Brown Advisory WMC Strategic European Equity Fund Brown Advisory WMC Strategic European Equity Fund Average Annual Total Returns For the periods ended December 31, 2024 1 Year 5 Years 10 Years Investor Shares Return Before Taxes 10.84 % 8.24 % 7.71 % Return After Taxes on Distributions 9.74 % 7.16 % 6.79 % Return After Taxes on Distributions and Sale of Fund Shares 7.55 % 6.49 % 6.20 % Advisor Shares Return Before Taxes 10.53 % 7.95 % 7.44 % Institutional Shares Return Before Taxes 11.02 % 8.38 % 7.86 % MSCI Europe Index (reflects no deduction for fees, expenses and taxes) 1.79 % 4.90 % 4.98 % 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 shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Management Brown Advisory LLC is the Fund s investment adviser. Wellington Management Company LLP is the Fund s Sub-Adviser. Investment Sub-Adviser Portfolio Manager Wellington Management Company LLP C. Dirk Enderlein, CFA, has served as portfolio manager since the Fund s inception in 2013. Purchase and Sale of Fund Shares The Fund will stop accepting new purchases, subject to certain exceptions. For more information, please see the section entitled \"Your Account - How to Buy Shares - General Notes on Buying Shares - Restriction on Sale of Shares of the Brown Advisory - WMC Strategic European Equity Fund\" in the Fund's statutory prospectus. You may purchase, exchange or redeem Fund shares on any business day by written request via mail (Brown Advisory Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 800-540-6807 (toll free) or 414-203-9064, or through the Internet at www.brownadvisory.com/client-login. Investors who wish to purchase, exchange or redeem Fund shares through a broker-dealer should contact the broker-dealer directly. The minimum initial and subsequent investment amounts for various types of accounts are shown below. Type of Account Minimum Initial Investment Minimum Additional Investment Institutional Shares Standard Accounts $1,000,000 $100 Investor Shares Standard Accounts $100 $100 Traditional and Roth IRA Accounts $100 N/A Accounts with Systematic Investment Plans $100 $100 Advisor Shares Standard Accounts $100 $100 Traditional and Roth IRA Accounts $100 N/A Accounts with Systematic Investment Plans $100 $100 Qualified Retirement Plans N/A N/A 106 Summary Section Brown Advisory WMC Strategic European Equity Fund The minimum investment requirements are waived for retirement plans that are qualified under Section 401(a) of the Internal Revenue C\n...\ninformation is available online at www.brownadvisory.com/mf/emerging-markets-select-fund or by calling 800 540 6807 (toll free) or call 414-203-9064. Brown Advisory Emerging Markets Select Fund Investor Shares Annual Total Returns The Fund s calendar year-to-date total return as of September 30, 2025 was 23.60 %. During the period shown in the chart, the highest quarterly return was 21.39 % (for the quarter ended December 31, 2020 ) and the lowest quarterly return was - 24.85 % (for the quarter ended March 31, 2020 ). 112 Summary Section Brown Advisory Emerging Markets Select Fund Brown Advisory Emerging Markets Select Fund Average Annual Total Returns For the periods ended December 31, 2024 1 Year 5 Years 10 Years Investor Shares Return Before Taxes 7.99 % 4.00 % 3.23 % Return After Taxes on Distributions 7.54 % 3.86 % 3.15 % Return After Taxes on Distributions and Sale of Fund Shares 5.09 % 3.22 % 2.73 % Advisor Shares Return Before Taxes 7.76 % 3.74 % 2.97 % Institutional Shares Return Before Taxes 8.19 % 4.16 % 3.40 % MSCI Emerging Markets Index (reflects no deduction for fees, expenses and taxes) 7.50 % 1.70 % 3.64 % 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 shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Management Brown Advisory LLC is the Fund s investment adviser. Wellington Management Company LLP and Pzena Investment Management, LLC are the Fund s Sub-Advisers. Investment Sub-Advisers Portfolio Managers Wellington Management Company LLP Niraj Bhagwat, CA, has served as portfolio manager of the Fund since 2019. Pzena Investment Management, LLC Rakesh Bordia, Caroline Cai, and Allison Fisch have served as co-portfolio managers of the Fund since 2019. Akhil Subramanian has served as a co-portfolio manager of the Fund since January 2023. Purchase and Sale of Fund Shares You may purchase, exchange or redeem Fund shares on any business day by written request via mail (Brown Advisory Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 800-540-6807 (toll free) or 414-203-9064, or through the Internet at www.brownadvisory.com/client-login. Investors who wish to purchase, exchange or redeem Fund shares through a broker-dealer should contact the broker-dealer directly. The minimum initial and subsequent investment amounts for various types of accounts are shown below. Type of Account Minimum Initial Investment Minimum Additional Investment Institutional Shares Standard Accounts $1,000,000 $100 Investor Shares Standard Accounts $100 $100 Traditional and Roth IRA Accounts $100 N/A Accounts with Systematic Investment Plans $100 $100 Advisor Shares Standard Accounts $100 $100 Traditional and Roth IRA Accounts $100 N/A Accounts with Systematic Investment Plans $100 $100 Qualified Retirement Plans N/A N/A 113 Summary Section Brown Advisory Emerging Markets Select Fund The minimum investment requirements are waived for retirement plans that are qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended ( IRC ) and tax-exempt under Section 501(a) of the IRC, and plans operating consistent wit\n...\nl equities and assumed the position of Head of U.S. and International Equities in April 2019. He is a portfolio manager and has research responsibilities in the areas of Health Care and Information Technology. Mr. Cardoso is a graduate of York University and is a CFA charterholder. Glenn Fortin, CFA, has served as the portfolio manager of the Fund since its inception in 2018. Mr. Fortin joined Beutel Goodman in 1996 and has over 23 years of investment experience. He is a portfolio manager and research analyst specializing in U.S. and global equities. Previously, Mr. Fortin worked at Curacao International Trust Co. Mr. Fortin is a graduate of the University of Ottawa and is a CFA charterholder. Brown Advisory WMC Japan Equity Fund . Wellington manages the Fund s portfolio. Mr. Iwai is the portfolio manager for the Fund and is responsible for day-to-day management of the Fund s portfolio. Katsushiro Iwai, CFA, CMA has served as portfolio manager of the Fund since its inception in September 2024. Mr. Iwai is Senior Managing Director and lead Portfolio Manager of Wellington s Japan Team. He currently manages the Japan Special Situations, Japan Value Realization and Focused Japan Value Realization strategies and provides research to his team on the auto/auto parts, industrials, financials, real estate, consumer, and telecom industries. Mr. Iwai is located in Wellington s Tokyo office and joined the firm in 2007. Mr. Iwai earned his M.B.A from Cornell University in 2003 and his BA in commercial science from Keio University in 1994. The Funds SAI provides additional information about each portfolio manager s compensation, other accounts managed by each portfolio manager and each portfolio manager s ownership of shares in the Fund that they manage. 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 accounting and transfer agency services to each Fund. ALPS Distributors, Inc. (the Distributor ) serves as each Fund s distributor and principal underwriter in connection with the offering of each Fund s shares. The Distributor may enter into arrangements with banks, broker-dealers and other financial institutions through which investors may purchase or redeem Fund shares. U.S. Bank N.A. serves as custodian to the Funds. The Transfer Agent and U.S. Bank N.A. are affiliates. Fund Expenses In addition to the advisory fees discussed above, each 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 a Fund incurs from investing in the shares of other investment companies.) The Adviser has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, Acquired Fund Fees and Expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to the amounts shown below of each Class s average daily net assets through October 31, 2026. 198 Management Fund Expenses Institutional Shares Investor Shares Advisor Shares Brown Advisory Growth Equity Fund 0.82% 0.97% 1.22% Brown Advisory Flexible Equity Fund 0.82% 0.97% 1.22% Brown Advisory Sustainable Growth Fund 0.82% 0.97% 1.22% Brown Advisory Mid-Cap Growth Fund 0.82% 0.97% 1.22% Brown Advisory Small-Cap Growth Fund 1.04% 1.19% 1.44% Brown Advisory Small-Cap Fundamental Value Fund 1.03% 1.18% 1.43% Brown Advisory Sustainable Small-Cap Core Fund 0.93% 1.08% 1.33% Brown Advisory Sustainable Value Fund 0.70% 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Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Sustainable Growth Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Sustainable International Leaders Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> subAdvisedBy <object_marker> Brown Advisory Ltd. <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Sustainable Small-Cap Core Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Sustainable Value Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Tax-Exempt Bond Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Tax-Exempt Sustainable Bond Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory - WMC Japan Equity Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> subAdvisedBy <object_marker> Wellington Management Company LLP <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory - WMC Strategic European Equity Fund <predicate_marker> administrator <object_marker> U.S. Bancorp Fund Services, LLC <predicate_marker> advisedBy <object_marker> Brown Advisory LLC <predicate_marker> custodian <object_marker> U.S. Bank National Association <predicate_marker> seriesOf <object_marker> Brown Advisory Funds <predicate_marker> subAdvisedBy <object_marker> Wellington Management Company LLP <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Brown Advisory Funds <predicate_marker> underwrittenBy <object_marker> ALPS Distributors, Inc. <triple_end>", "target_serialized_plain": "Brown Advisory - Beutel Goodman Large-Cap Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Beutel, Goodman & Company Ltd. ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Emerging Markets Select Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Pzena Investment Management, LLC , Wellington Management Company LLP ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Flexible Equity Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Global Leaders Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Brown Advisory Ltd. ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Growth Equity Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Intermediate Income Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Maryland Bond Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Mid-Cap Growth Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Mortgage Securities Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Small-Cap Fundamental Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Small-Cap Growth Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Sustainable Bond Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Sustainable Growth Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Sustainable International Leaders Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Brown Advisory Ltd. ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Sustainable Small-Cap Core Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Sustainable Value Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Tax-Exempt Bond Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Tax-Exempt Sustainable Bond Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory - WMC Japan Equity Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Wellington Management Company LLP ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory - WMC Strategic European Equity Fund administrator U.S. Bancorp Fund Services, LLC ; advisedBy Brown Advisory LLC ; custodian U.S. Bank National Association ; seriesOf Brown Advisory Funds ; subAdvisedBy Wellington Management Company LLP ; transferAgent U.S. Bancorp Fund Services, LLC .\nBrown Advisory Funds underwrittenBy ALPS Distributors, Inc. .", "stats": {"input_chars": 21363, "n_triples": 108, "text_to_json_ratio": 2.3}}
{"sample_id": "0001582138:ALL", "cik": "0001582138", "trust_name": "Equalize COMMUNITY DEVELOPMENT FUND", "input_text": "ty Reinvestment Act of 1977, as amended ( CRA ). The\nFund seeks to achieve its objectives by investing primarily in a portfolio of 504 First Lien Loans secured by owner-occupied commercial\nreal estate which represent the non-guaranteed portion of a U.S. Small Business Administration ( SBA ) Section 504\ntransaction. 504 First Lien Loans are not guaranteed by the SBA, the U.S. government or by its agencies, instrumentalities or sponsored\nenterprises. The Fund has no limitation on the amount of its assets that may be invested in securities or other financial instruments\nthat are illiquid. There can be no assurance that the Fund will achieve its investment objectives.\nThis Prospectus applies to the offering of shares of beneficial\ninterest in the Fund. The Fund has registered 50,000,000 shares and is authorized as a Delaware statutory trust to issue an unlimited\nnumber of shares. The Fund is offering to sell 50,000,000 shares (less shares previously sold) on a continuous basis monthly at\nnet asset value ( NAV ) per share plus a sales load (a Sales Charge ) of up to 1.00%, subject to waiver\nor adjustment for certain investors or under certain conditions, as further described herein. As of April 26, 2019, the Fund s\nNAV per share was $9.76. The Sales Charge will be in addition to the subscription price for shares and will not form a part of\nan investor s investment in the Fund. Any Sales Charge will be deducted from the proceeds paid to the Fund. Each investor\nis required to make a minimum initial investment of $10,000, unless this requirement is waived by Bluestone Capital Partners LLC,\nthe Fund s investment adviser (the Adviser ). Pending the closing of any monthly offering, funds received from\nprospective investors will be placed in an interest-bearing escrow account with UMB Bank, n.a., the Fund s escrow agent.\nOn the date of any monthly closing, the balance in the escrow account with respect to each investor whose investment is accepted\nwill be invested in the Fund on behalf of such investor. Any interest earned on escrowed amounts will be credited to the Fund.\nThe Fund s initial offering period terminated on December 16, 2013, and the Fund commenced operations on that date.\nSee The Offering.\nThe Fund operates as an interval fund, which means\nthat the Fund, subject to applicable law, will offer to repurchase a portion of its outstanding shares at per share NAV on a regular\nschedule. The schedule requires the Fund to make repurchase offers once every twelve months. For each repurchase offer, the Fund\nwill offer to repurchase 10% of its outstanding shares, unless the Fund s Board of Trustees has approved a different amount\n(not less than 5% or more than 25% of outstanding shares) for a particular repurchase offer. It is possible that a repurchase offer\nmay be oversubscribed, with the result that shareholders may only be able to have a portion of the shares they request for repurchase\nactually repurchased. The Fund issued repurchase offers on December 15, 2014, 2015, 2016, 2017 and 2018 and anticipates issuing\nits next repurchase offer on or about December 15, 2019. For more information on the Fund s interval structure, policies\nand related risks, see Risks Repurchase Offers Risk and Periodic Repurchase Offers\nbelow.\nThis Prospectus sets forth concisely the information about the\nFund that a prospective investor ought to know before investing. You should read it carefully before you invest, and keep it for\nfuture reference. The Fund has filed with the Securities and Exchange Commission ( SEC ) a Statement of Additional\nInformation ( SAI )\n...\niles for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the\nFund. If a Counterparty s creditworthiness declines, the value of the agreement would be likely to decline, resulting in\nlosses.\n16\nCybersecurity Risk. With the increased use of\ntechnologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related\nrisks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations,\npotentially resulting in financial losses, interference with the Fund s ability to calculate its NAV, impediments to trading,\nthe inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,\nreputational damage, reimbursement or other compensation costs, or additional compliance costs.\nLeverage Risk. Capital raised through leverage\nwill be subject to interest and other costs, and these costs could exceed the income earned by the Fund on the proceeds of such\nleverage. There can be no assurance that the Fund s income from the proceeds of leverage will exceed these costs. However,\nthe Adviser seeks to use leverage for the purposes of making additional investments only if it believes, at the time of using leverage,\nthat the total return on the assets purchased with such funds will exceed interest payments and other costs of the leverage.\nFor additional information on these and other risks related\nto the Fund, see Risks below and the SAI.\nInvestment Adviser\nBluestone Capital Partners LLC, an SEC-registered investment adviser, provides investment management services to the Fund and is responsible for the management of the Fund s portfolio of investments.\nDistributor\nForeside Fund Services, LLC (the Distributor ) is the principal underwriter of shares of the Fund. Shares may be purchased through broker-dealers who have entered into a wholesaling agreement with the Distributor. The Distributor acts as the distributor of shares for the Fund on a best efforts and agency basis (not as principal). The Distributor is not obligated to sell any specific number of shares of the Fund. The Distributor is not affiliated with the Adviser or any other service provider.\nFees and Expenses\nThe Fund will pay to the Adviser a monthly fee at the annual rate of 1.50%, which will be applied to the Fund s average net assets for the month.\n17\nT he Adviser has contractually\nagreed to waive or reduce its management fees and/or reimburse expenses of the Fund until at least March 1, 2021 to ensure that\ntotal annual expenses (excluding interest, leverage interest (i.e., any expenses incurred in connection with borrowings made by\nthe Fund), taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, Excluded\nExpenses )) do not exceed 1.75% of the Fund s average annual net assets. To the extent the Fund incurs Excluded Expenses,\nTotal Annual Expenses (after fee waiver and expense reimbursement) may be greater than 1.75%. All fees and expenses of the Fund\nare indirectly borne by the Fund s shareholders.\nInvestments may be subject to a Sales Charge of up to 1.00%,\nsubject to waiver or adjustment for: (i) affiliates of the Adviser; (ii) certain investors with an established business\nrelationship with the Adviser; (iii) certain investors who purchase shares through an approved broker-dealer selling agent,\nif the selling agent agrees to waive all or a portion of such Sales Charge for such investors; or (iv) investors with no\n...\nf these individuals, its ability to service the Fund could be adversely affected. The Adviser has informed the Fund that the portfolio\nmanagers are actively involved in other business and investment activities not concerning the Fund and will not be able to devote\nall of their time to the Fund s business and affairs.\nPotential Conflicts of Interest\nThe Adviser and the portfolio managers will be subject to certain\nconflicts of interest in their management of the Fund. These conflicts will arise primarily from the involvement of the Adviser\nand the portfolio managers in other activities that may conflict with those of the Fund.\nThe Adviser believes that the portfolio managers have sufficient\ntime and resources to discharge their responsibilities to the Fund. However, conflicts of interest may arise in allocating time,\nservices or functions between the Fund and other entities or businesses to which a portfolio manager provides services. A portfolio\nmanager will devote such time to the Fund as he believes is reasonably necessary for the conduct of the business of the Fund and\nits respective investments.\nIn the ordinary course of his business activities, a portfolio\nmanager may engage in activities where the interests of the Fund and its shareholders conflict with the interest of other entities\nor businesses to which a portfolio manager provides services. Other present and future activities of the portfolio managers or\nsuch entities or businesses may give rise to additional conflicts of interest. In the event that a conflict of interest arises,\na portfolio manager will attempt to resolve such conflicts in a fair and equitable manner and in accordance with the requirements\nand limitations of the 1940 Act.\n52\nSERVICE PROVIDERS\nAdministrator, Transfer Agent and Fund Accountant\nUMB Fund Services, Inc. ( UMBFS ), with its principal\nbusiness office located at 235 West Galena Street, Milwaukee, Wisconsin 53212, serves as administrator, transfer agent and fund\naccountant of the Fund. Under an Administration Agreement with the Fund ( Administration Agreement ), UMBFS is responsible\nfor managing the business affairs of the Fund, subject to the supervision of the Board, and receives an administration fee computed\nat an annual rate based on the Fund s average weekly gross assets. UMBFS s administrative services include recordkeeping,\npreparation and filing of documents required to comply with federal and state securities laws, providing assistance in connection\nwith the Trustees and shareholders meetings and other administrative services necessary to conduct the Fund s\nbusiness. As transfer agent, UMBFS is responsible for the transfer of shares, disbursement of dividends and maintenance of shareholder\naccounting records. As fund accountant, UMBFS provides accounting and bookkeeping services for the Fund, including the calculation\nof the Fund s NAV.\nCustodian and Escrow Agent\nUMB Bank, n.a. ( UMB Bank ), with its principal\nbusiness office located at 1010 Grand Boulevard, Kansas City, Missouri 64106, serves as the custodian and escrow agent for the\nFund.\nLegal Counsel\nGodfrey Kahn, S.C., with its principal business office\nlocated at 833 East Michigan Street, Suite 1800, Milwaukee, Wisconsin 53202, serves as legal counsel to the Fund. Reinhart Boerner\nVan Deuren s.c., with its principal business office located at 1000 North Water Street, Suite 1700, Milwaukee, Wisconsin 53202,\nserves as legal counsel to the Independent Trustees (defined below).\nControl Persons\nAny person who beneficially owns 25% or more of the outstanding\nshares of the Fund may be presu", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:EQUALIZE_COMMUNITY_DEVELOPMENT_FUND", "p": "administrator", "o": "org:UMB_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:EQUALIZE_COMMUNITY_DEVELOPMENT_FUND", "p": "custodian", "o": "org:UMB_BANK_N_A", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:EQUALIZE_COMMUNITY_DEVELOPMENT_FUND", "p": "transferAgent", "o": "org:UMB_FUND_SERVICES_INC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Equalize_COMMUNITY_DEVELOPMENT_FUND", "p": "underwrittenBy", "o": "org:FORESIDE_FUND_SERVICES_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> EQUALIZE COMMUNITY DEVELOPMENT FUND <predicate_marker> administrator <object_marker> UMB FUND SERVICES, INC. <predicate_marker> custodian <object_marker> UMB BANK, N.A. <predicate_marker> transferAgent <object_marker> UMB FUND SERVICES, INC. <triple_end>\n<triple_start> Equalize COMMUNITY DEVELOPMENT FUND <predicate_marker> underwrittenBy <object_marker> FORESIDE FUND SERVICES, LLC <triple_end>", "target_serialized_plain": "EQUALIZE COMMUNITY DEVELOPMENT FUND administrator UMB FUND SERVICES, INC. ; custodian UMB BANK, N.A. ; transferAgent UMB FUND SERVICES, INC. .\nEqualize COMMUNITY DEVELOPMENT FUND underwrittenBy FORESIDE FUND SERVICES, LLC .", "stats": {"input_chars": 10809, "n_triples": 4, "text_to_json_ratio": 26.3}}
{"sample_id": "0001644771:ALL", "cik": "0001644771", "trust_name": "RiverNorth Capital & Income Fund, Inc.", "input_text": "th Capital Management, LLC (2011 to present).\nN/A\nN/A\nMarcus L. Collins (1968)\nChief Compliance Officer and Secretary\nHas served since 2015.\nGeneral Counsel, RiverNorth Capital Management, LLC (2012 to present), Chief Compliance Officer, RiverNorth Capital Management, LLC (2012 to present).\nN/A\nN/A\n1 The term Fund Complex means two or more registered investment companies that:\na) hold themselves out to investors as related companies for purposes of investment and investor services; or\n4\nb) have a common investment adviser or that have an investment adviser that is an affiliated person of the investment adviser\nof any of the other registered investment companies.\nFor Mr. Galley, Mr. Carter and Mr. Oakes, the Fund Complex consists\nof the Fund (1 Fund), RiverNorth Managed Duration Municipal Income Fund, Inc. (1 Fund), RiverNorth/DoubleLine Strategic Opportunity\nFund, Inc. (1 Fund), RiverNorth Opportunities Fund, Inc. (1 Fund), RiverNorth Opportunistic Municipal Income Fund, Inc (1 Fund)\nand the RiverNorth Funds (3 Funds). For Mr. Hutchens and Mr. Swanson, the Fund Complex consists of the Fund (1 Fund), RiverNorth\nOpportunistic Municipal Income Fund, Inc (1 Fund), Rivernorth Managed Duration Municipal Income Fund, Inc. (1 Fund) and RiverNorth\nOpportunities Fund, Inc. (1 Fund). For Mr. Raio, the Fund Complex consists of the Fund (1 Fund) and RiverNorth Opportunistic Municipal\nIncome Fund, Inc (1 Fund), RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 Fund) and RiverNorth Managed Duration Municipal\nIncome Fund, Inc. (1 Fund).\n2 The numbers enclosed in the parentheticals represent the number of funds overseen in each respective directorship held by the\ndirector.\n3 Mr. Galley is deemed an interested person of the Fund due to his position as Chief Investment Officer of RiverNorth\nCapital Management, LLC, investment adviser to the Fund.\n4 Mr. Raio is deemed an interested person of the Fund due to his prior position as Managing Director Head\nof Retail Origination at Wells Fargo, which has served as a broker and principal underwriter for other funds advised by the Adviser.\nThe second and third paragraphs under the\nsubheading entitled Board Leadership Structure beginning on page 24 of the SAI are hereby deleted and replaced with\nthe following:\nThe Audit Committee is comprised of Messrs. Carter, Oakes, Hutchens,\nand Swanson. Mr. Hutchens is the Chair of the Audit Committee and has been determined to qualify as an audit committee financial\nexpert as such term is defined in Form N-CSR. The role of the Audit Committee is to assist the Board of Directors in its\noversight of (i) the quality and integrity of the Fund s financial statements, reporting process and the independent registered\npublic accounting firm (the independent accountants ) and reviews thereof, (ii) the Fund s accounting and financial\nreporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers,\n(iii) the Fund s compliance with certain legal and regulatory requirements, and (iv) the independent accountants qualifications,\nindependence and performance. The Audit Committee is also required to prepare an audit committee report pursuant to the rules of\nthe SEC for inclusion in the Fund s annual proxy statement. The Audit Committee operates pursuant to the Audit Committee\nCharter that was most recently reviewed and approved by the Board of Directors on August 20, 2019. The Audit Committee Charter\nis available at the Fund s website, www.rivernorth.com. As set forth in the Audit Committee Charter, management is respons\n...\nthe Fund s investment performance. In addition, any such returns of capital will decrease the Fund s\ntotal assets and may increase the Fund s expense ratio.\nSee Risks Structural and Market-Related\nRisks Distribution Policy Risks.\nThe Fund may in the future seek to file an\nexemptive application with the SEC seeking an order under the 1940 Act to exempt the Fund from the requirements of Section 19(b)\nof the 1940 Act and Rule 19b-1 thereunder, permitting the Fund to make periodic distributions of long-term capital gains, provided\nthat the distribution policy of the Fund with respect to the Shares calls for periodic distributions in an amount equal to a fixed\npercentage of the Fund s average NAV over a specified period of time or market price per Share at or about the time of distribution\nor pay-out of a level dollar amount. There can be no assurance that the staff of the SEC will grant such relief to the Fund. See\nDistributions in this Prospectus.\nDividend Reinvestment Plan. The Fund\nhas a dividend reinvestment plan commonly referred to as an opt-out plan. Registered owners of the Shares will automatically\nbe a participant under the Fund s dividend reinvestment plan (the Plan ) and have all income dividends and/or\ncapital gains distributions automatically reinvested in Shares of equivalent value, unless such registered owner, at any time,\nspecifically elects to receive income dividends and/or capital gains distributions in cash. A registered owner receiving Shares\nunder the Plan instead of cash distributions may still owe taxes and, because Fund Shares are generally illiquid, may need other\nsources of funds to pay any taxes due. The Fund reserves the right to amend or terminate the Plan at any time.\nEffective with Fund s listing on the\nNYSE, the Plan was amended to permit DST Systems, Inc. (the Plan Administrator ) to purchase the Fund s Common\nShares in the secondary market under certain circumstances. Whenever the Fund declares a dividend payable in cash on such Common\nShares, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in additional Common\nShares. The shares will be acquired by the Administrator for the participants accounts, depending upon the circumstances\ndescribed below, either (i) through receipt of additional unissued but authorized shares from the Fund or (ii) by purchasing outstanding\nshares on the open market on the NYSE or elsewhere. If, on the payment date for any dividend, the closing market price plus estimated\nbrokerage commissions per share is equal to or greater than the NAV per share, the Plan Administrator will invest the dividend\namount in newly issued shares. The number of newly issued shares to be credited to each participant s account will be determined\nby dividing the dollar amount of the dividend by the Fund s NAV per share on the payment date. If, on the payment date for\nany dividend, the NAV per share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund s\nshares are trading at a discount), the Plan Administrator will invest the dividend amount in shares acquired in open-market purchases.\nIn the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business\nday before the next date on which the shares trade on an ex-dividend basis or 30 days after the payment date for\nsuch dividend, whichever is sooner, to invest the dividend amount in shares acquired in open-market purchases. If, before the Plan\nAdministrator has completed its open-market purchases, th", "ontology": {"Fund": {"advisedBy": ["InvestmentAdviser"], "transferAgent": ["TransferAgent"]}}, "target_triples": [{"s": "fund:RiverNorth_Capital_Income_Fund_Inc", "p": "advisedBy", "o": "org:RiverNorth_Capital_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:RiverNorth_Capital_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 Capital & Income Fund, Inc. <predicate_marker> advisedBy <object_marker> RiverNorth Capital Management, LLC <predicate_marker> transferAgent <object_marker> DST Systems, Inc. <triple_end>", "target_serialized_plain": "RiverNorth Capital & Income Fund, Inc. advisedBy RiverNorth Capital Management, LLC ; transferAgent DST Systems, Inc. .", "stats": {"input_chars": 7205, "n_triples": 2, "text_to_json_ratio": 33.8}}
{"sample_id": "0001761055:ALL", "cik": "0001761055", "trust_name": "BlackRock ETF Trust", "input_text": "485APOS\n1\nd228087d485apos.htm\nISHARES FUTURE ROBOTICS AND RELATED TECHNOLOGIES ACTIVE ETF\niShares Future Robotics and Related Technologies Active ETF\nTable of Contents\nAs filed with the Securities and Exchange Commission on May 28, 2026\nSecurities Act File No. 333-228832\nInvestment Company Act File No. 811-23402\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549 FORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No.\nPost-Effective Amendment No. 169\nand/or\nREGISTRATION STATEMENT UNDER THE\nINVESTMENT COMPANY ACT OF 1940\nAmendment No. 171\n(Check appropriate box or boxes)\nBlackRock\nETF Trust (Exact Name of Registrant as Specified in Charter)\n100 Bellevue Parkway Wilmington, Delaware\n19809 United States of America\n(Address of Principal Executive Office)\nRegistrant s Telephone Number, including Area Code: (800) 441-7762\nJohn M. Perlowski BlackRock ETF Trust\n50 Hudson Yards, New York, New York 10001\n(Name and Address of Agent for Service)\nCopies to:\nCounsel for the Fund:\nBryan Chegwidden, Esq.\nJeremy C. Smith, Esq.\nJaney Ahn, Esq.\nRopes Gray LLP\nBlackRock Fund Advisors\n1211 Avenue of the Americas\n50 Hudson Yards\nNew York, New York 10036\nNew York, New York 10001\nIt is\nproposed 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.\nIf appropriate, check the following box:\nThis post-effective amendment designates a new effective date for a previously filed post-effective amendment.\nThis filing relates solely to the following Fund, a series of BlackRock ETF Trust:\niShares Future Robotics and Related Technologies Active ETF.\nTable of Contents\nThe information in this prospectus is not complete and may be changed. We may not sell these\nsecurities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the\noffer or sale is not permitted. SUBJECT TO COMPLETION, DATED MAY 28, 2026\n[ ], 2026\n[ ] Prospectus\nBlackRock ETF Trust iShares Future Robotics and Related\nTechnologies Active ETF | [ ] | [EXCHANGE]\nThe Securities and\nExchange 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\nTable of Contents\nTable of Contents\nFund Overview\nS-1\nMORE INFORMATION ABOUT THE FUND\n1\nA FURTHER DISCUSSION OF PRINCIPAL RISKS\n2\nA FURTHER DISCUSSION OF OTHER RISKS\n14\nPORTFOLIO HOLDINGS INFORMATION\n15\nMANAGEMENT\n15\nSHA\n...\nrepresent the views of BlackRock or any other person within the BlackRock organization. Any such\nviews are subject to change at any time based upon market or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for the Fund are\nbased on numerous factors, may not be relied on as an indication of trading intent on behalf of the Fund. BFA has been granted relief from the SEC that permits\nBFA, subject to Board approval, to hire, terminate and replace sub-advisers for the Fund, and to amend sub-advisory agreements between BFA and sub-advisers with respect to the Fund without obtaining shareholder approval. If a new sub-adviser is\nretained for the Fund or a sub-advisory agreement is materially amended, shareholders will receive notice of such action. The relief does not extend to any increase in the advisory fee paid by the Fund to BFA; any such increase would be subject to\nthe approval of Fund shareholders. Portfolio Managers. Tony Kim and Reid Menge are jointly and primarily responsible for the day-to-day management of the\nFund. Tony Kim has been with BlackRock since 2013. Mr. Kim has been employed by BFA or its affiliates as a portfolio manager since 2013 and has been a\nPortfolio Manager of the Fund since [ ], 2026. Reid Menge has been with BlackRock since 2014. Mr. Menge has been employed by BFA or its affiliates as a\nportfolio manager since 2020 and has been a Portfolio Manager of the Fund since [ ], 2026. The Fund s SAI provides additional information about the\nPortfolio Managers compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers ownership (if any) of shares in the Fund.\nAdministrator, Custodian and Transfer Agent. State Street Bank and Trust Company ( State Street ) is the administrator, custodian and transfer agent\nfor the Fund. Conflicts of Interest. The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the\nAffiliates )), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.\nBFA 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\nengage in activities in which their interests or the interests of other clients may conflict with those of the Fund. BFA and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity\ntrading 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\nwhich the Fund may directly or indirectly invest. BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment\nobjectives similar to those of the 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 the Fund. This may include transactions in securities issued by other\nopen-end and closed-end investment companies, including investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act. The trading activities of BFA and its Affiliates are carried out\nwithout reference to p\n...\nn Affiliate and of other accounts managed by an Affiliate. It is\npossible that the 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.\nIn addition, the Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse interest. The Fund may\nbe adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers, employees or clients. From time to time, BFA\nor its advisory clients (including other funds and accounts) may, subject to compliance with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases) expense ratio of the Fund may be impacted by\npurchases and sales of the Fund by BFA or its advisory clients. The Fund s activities may be limited because of regulatory restrictions applicable to BFA or\nan Affiliate or their policies designed to comply with such restrictions. Under a securities lending program approved by the Board, the Fund has retained BlackRock\nInstitutional Trust Company, N.A., an Affiliate of BFA, to serve as its securities lending agent to the extent that it participates in the securities lending program. For these services, the securities lending agent will receive a fee from the\nparticipating Fund based on the returns earned on the Fund s lending activities, including the investment of the cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the\nFund may lend its portfolio securities under the securities lending program. Under an ETF Services Agreement, the Fund has retained BlackRock Investments, LLC (the\nDistributor 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\nServices ). 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\nredemption 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 may, from time to time,\ndevelop additional relationships with BlackRock or funds managed by BFA and its Affiliates. BFA and its Affiliates may benefit from a fund using a BlackRock index\nby creating increasing acceptance in the marketplace for such indexes. BFA 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\nagreement with BFA 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\ndirectors, officers or employees, may give rise to other conflicts of interest that could disadvantage the Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of interest. Please see the\nSAI for further information. Shareholder Information\nAdditional shareholder information, including how to buy and sell shares of the Fund, is available free of charge by calling toll-free: 1-800-474-2737 or visiting our\nwebsite at www.blackrock.com. Buying and Selling S\n...\no 2019.\nJaney Ahn 1975\nSecretary (Since 2019)\nManaging Director of BlackRock, Inc. since 2018.\n1\nThe address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.\n2\nOfficers of the Trust serve at the pleasure of the Board.\nEach Trustee s ability to perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting,\npublic service or academic positions; experience from service as a board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other investment funds, public companies, non-profit entities or other\norganizations; ongoing commitment to and participation in Board and Board committee (each, a Committee ) meetings, as well as his or her leadership of standing and ad hoc committees throughout the years; or other relevant life\nexperiences.\n14\nTable of Contents\nSet forth below is a discussion of some of the experiences, qualifications and skills of each of the Trustees that\nsupport the conclusion that each Trustee should serve on the Board. Interested Trustees\nRobert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30 years of experience in finance and asset management. In particular,\nMr. Fairbairn s positions as Vice Chairman of BlackRock, Inc., Member of BlackRock s Global Operating Committee and Co-Chair of BlackRock s Human Capital Committee provide the Board with a wealth of practical business\nknowledge and leadership. In addition, Mr. Fairbairn has global investment management and oversight experience through his former positions as Member of BlackRock s Global Executive Committee, Global Head of BlackRock s Retail and\niShares businesses, Head of BlackRock s Global Client Group, Chairman of BlackRock s international businesses and his previous oversight over BlackRock s Strategic Partner\nProgram and Strategic Product Management Group. Mr. Fairbairn also serves as a board member for the funds in the BlackRock Fixed-Income Complex. John M.\nPerlowski s experience as Managing Director of BlackRock, Inc. since 2009, as the Head of BlackRock Global Accounting and Product Services since 2009, and as President and Chief Executive Officer of the BlackRock-advised Funds provides him\nwith a strong understanding of the BlackRock-advised Funds, their operations, and the business and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski s prior position as Managing Director and Chief Operating Officer of\nthe Global Product Group at Goldman Sachs Asset Management, and his former service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of\nhis experience with the management practices of other financial companies. Mr. Perlowski also serves as a board member for the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of BlackRock s Global Executive\nCommittee. Independent Trustees Christopher Ailman has more than 30\nyears of experience in the financial services industry, including most recently serving as Chief Investment Officer of the California State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its investment program.\nMr. Ailman currently is a principal at Ailman Advisers. In addition, he has held various roles in the industry, including as member and chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the North\nAmerican Chapter of the 300 Club of Global CIOs, and", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"], "subAdvisedBy": ["SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:iShares_A_I_Innovation_and_Tech_Active_ETF", "p": "administrator", "o": "org:State_Street_Bank_and_Trust_Company", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:iShares_A_I_Innovation_and_Tech_Active_ETF", "p": "advisedBy", "o": "org:BlackRock_Fund_Advisors", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:iShares_A_I_Innovation_and_Tech_Active_ETF", 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{"sample_id": "0001782952:ALL", "cik": "0001782952", "trust_name": "KURV ETF Trust", "input_text": "er portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in\na taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Gold Fund s\nperformance. The Gold Fund does not have any portfolio turnover because it has not yet commenced operations as of the date of\nthis prospectus.\n3\nPrincipal\nInvestment Strategies\nThe\nGold Fund seeks to primarily invest under normal circumstances in derivative instruments on gold bullion and gold bullion-related\nexchanged traded products ( ETPs ), including gold bullion-related exchange traded funds ( ETFs ) and\ngold bullion-related exchange traded notes ( ETNs ), backed by a portfolio of Fixed Income Instruments of varying\nmaturities, which may be represented by options and forwards, as well as Preferred Securities Instruments. The Gold Fund may also\ninvest in gold bullion-related ETPs directly as well as in gold bullion and derivative instruments on gold bullion. The Gold Fund\nalso seeks to invest in securities of publicly traded companies primarily involved in the gold mining industry( Gold Companies ).\nGold Companies are those companies that generate at least 50% of their revenues from or have at least 50% of their assets related\nto (a) finding, extracting, processing, selling or developing gold, and/or (b) holding physical gold or owning gold royalties.\nGold bullion-related\nETPs are those that invest primarily in physical gold bullion and/or over-the-counter or exchange-traded derivatives on gold\nbullion such as forward contracts, futures contracts, and options contracts or swap contracts, or in companies that are primarily\ninvolved in the gold mining industry. Gold bullion-related ETPs may include other ETFs managed by Kurv Investment Management,\nLLC ( Kurv ), the Gold Fund s adviser. Gold bullion-related ETNs are those with interest and/or principal payments\nlinked to the price of gold bullion. Derivatives are primarily used as substitutes for gold bullion because they are expected\nto produce returns that are substantially similar to those of gold bullion. Derivatives used by the Gold Fund are expected to\nproduce a significant portion of the Gold Fund s returns. The Gold Fund does not invest more than 25% of the Gold Fund assets\nin over-the-counter derivative contracts with any one counterparty. ETFs and ETNs may employ leverage, which magnifies the changes\nin the underlying gold bullion index or gold bullion price upon which they are based. Gold bullion-related ETPs generally are\nnot registered under the Investment Company Act of 1940, as amended, and generally, are not actively managed.\nFixed\nIncome Instruments include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public-\nor private-sector entities as well as ETPs on such instruments and options on such ETPs. Preferred Securities Instruments\nconsist of preferred securities of U.S. companies and ETPs primarily investing in preferred securities. The Gold Fund may invest\nin U.S. and non-U.S. Fixed Income Instruments of any maturity or duration.\nThe\nGold Fund uses futures on gold bullion, as well as option contracts on gold and/or gold bullion-related ETPs, including FLEX options,\nto gain exposure to gold bullion. The value of option contracts on gold bullion-related ETPs as well as gold bullion-related ETNs\nshould closely track changes in gold bullion prices.\nThe\nGold Fund may gain long exposure via purchasing shares of gold and/or gold bullion-related ETPs or creating a synthetic long posit\n...\nivatives are subject to mark-to-market\nor straddle provisions of the Internal Revenue Code. If such provisions are applicable, there could be an increase (or decrease)\nin the amount of taxable dividends paid by the Fund. The use of derivatives, such as call options, may cause the Funds to realize\nhigher amounts of short-term capital gains or otherwise affect the Funds ability to pay out dividends subject to preferential\nrates or the dividend deduction, thereby increasing the amount of taxes payable by some shareholders. The writing of call options\nby the Funds may significantly reduce or eliminate the ability to make distributions eligible to be treated as qualified dividend\nincome or as eligible for the dividends received deduction for corporate shareholders.\nFUND\nWEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS\nThe\nAdviser maintains a website for the Funds at www.kurvinvest.com. Among other things, this website includes the Funds prospectus\nand Statement of Additional Information ( SAI ), and includes the Funds holdings, the Funds last annual\nand semi-annual reports, pricing information about shares trading on the Exchange, updated performance information, premiums and\ndiscounts, and bid/ask spreads. The Funds semi-annual and annual Form N-CSR contain complete listings of the Funds\nportfolio holdings as of the end of the Fund s second and fourth fiscal quarters, respectively. The Funds prepare a report\non Form N-PORT of its portfolio holdings as of the end of each month. The Funds Form N-CSR is filed with the SEC within\n70 days of the end of the reporting period and the Funds monthly portfolio holdings are filed with the SEC within 60 days\nafter the end of each fiscal quarter. You can find the SEC filings on the SEC s website, www.sec.gov. A summarized description\nof the Kurv ETF Trust s policies and procedures with respect to the disclosure of Fund portfolio holdings is available in\nthe Fund s SAI. Information on how to obtain the SAI is listed on the inside back cover of this prospectus.\nFUND\nMANAGEMENT\nAdviser\nKurv\nInvestment Management LLC, located at 1 Letterman Drive, Building C, Suite 3-500, San Francisco, CA 94129 serves as the investment\nadviser to the Funds. The Adviser is a Delaware limited liability company formed in 2022 to provide investment advisory services\nto registered investment companies. In addition, Kurv Investment Management LLC developed the investment strategy for the Funds.\nKurv Investment Management LLC is a wholly owned subsidiary of Kurv Investment, Inc.\nSubject\nto the oversight of the Board of Trustees, the Adviser is responsible for overseeing the management of the Funds investments\nand providing certain administrative services and facilities under an advisory agreement between Kurv ETF Trust, on behalf of\nthe Fund, and the Adviser (the Investment Advisory Agreement ).\nThe\nAdviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services\nnecessary for the Funds to operate. The Adviser administers the business affairs of the Fund, provides office facilities and equipment\nand certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or\nTrustees of the Trust.\n54\nFor\nthe services the Adviser provides to the Funds, each Fund pay the Adviser a fee calculated daily and paid monthly based on the\nFunds average daily net assets at the following annual rates:\nFund\nManagement\nFee Annual Rate\nGold\nFund\n0.99%\nSilver\nFund\n0.99%\nUnder the investment advisory agreement, the Adviser has agreed to p\n...\nbe considered a complete 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 Funds and the Adviser may purchase and resell Fund shares pursuant to this Prospectus.\nFor\nMore Information:\nExisting\nShareholders or Prospective Investors\nKurv\nETFs\nc/o\nForeside Fund Services, LLC\nThree\nCanal Plaza, Suite 100\nPortland,\nMaine 04101\nDealers\nKurv\nETFs\nc/o\nForeside Fund Services, LLC\nThree\nCanal Plaza, Suite 100\nPortland,\nMaine 04101\n58\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 Funds shareholders. The Board noted that Shares can only be purchased and redeemed directly from the Funds 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 Funds 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.\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 to be\neffected in whole or in part in cash, the Board noted that those trades could result in dilution to the Funds and increased transaction\ncosts, which could negatively impact the Fund s ability to achieve its investment objective. However, the Board noted that\ndirect trading by APs is critical to ensuring that Shares trade at or close to NAV. The Funds also employ fair valuation pricing\nto minimize potential dilution from market timing. The Funds impose transaction fees on in-kind purchases and redemptions of Shares\nto cover the custodial and other costs incurred by the Funds in effecting in-kind trades, these fees increase if an investor substitutes\ncash in part or in whole for se\n...\nunder the rules governing wash sales (for an Authorized Participant\nwho does not mark-to-market their holdings), or on the basis that there has been no significant change in economic position. Persons\nexchanging 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\nhave been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less.\nThe\ninformation in this section Tax Information is not intended or written to be used as tax advice. Because everyone s\ntax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before\nmaking an investment in the Fund.\nPREMIUM/DISCOUNT\nINFORMATION\nInformation\nregarding how often Shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount)\nthe NAV of the Funds during the past four calendar quarters, or since inception, as applicable, can be found at the Funds\nwebsite at www.kurvinvest.com.\nFINANCIAL\nHIGHLIGHTS\nBecause\nthe Funds have not commenced operations as of the date of this Prospectus, no financial highlights information is available.\n62\nKURV\nETF\nKurv\nGold Mining Enhanced Income ETF\nKurv\nSilver Mining Enhanced Income ETF\nInvestment\nAdviser\nKurv Investment Management LLC\n1 Letterman Drive, Building C, Suite 3-500\nSan Francisco, CA 94129\nIndependent\nRegistered Public Accounting Firm\nCohen Company, Ltd.\n1835 Market Street, Suite 310\nPhiladelphia, PA 19103\nDistributor\nForeside Fund Services, LLC\nThree\nCanal Plaza, Suite 100\nPortland,\nMaine 04101\nTransfer\nAgent\nU.S. Bancorp Fund Services, LLC\n615 East Michigan Street}\nMilwaukee, WI 53202\nCustodian\nU.S. Bank, N.A.\n1555 N. Rivercenter Drive, MK-WI-S302\nMilwaukee, WI 53212\nLegal\nCounsel\nVedder Price, P.C.\n1401 New York Avenue, NW\nWashington DC, 20005\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 Funds. 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 Funds to be issued, or in the determination or calculation of\nthe equation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares of the Funds\nin connection with the administration, marketing, or trading of the Shares of the Funds. Without limiting any of the foregoing,\nin no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages\neven if notified of the possibility thereof.\nADDITIONAL\nINFORMATION\nThe\nFunds SAI provides additional details about the investments of the Funds and certain other additional information. A current\nSAI is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this\nProspectus.\nAnnual/Semi-Annual\nReports: Additional information about the Funds investments will be available in the Funds annual and semi-annual\nreports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment\nstrategies that significantly affected each Fund s performance. during its last fiscal year. In Form N-CSR, you will find\nthe Funds annual and semi-annual financial", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Kurv_Technology_Titans_Select_ETF", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Kurv_Technology_Titans_Select_ETF", "p": "advisedBy", "o": "org:Kurv_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kurv_Technology_Titans_Select_ETF", "p": "seriesOf", "o": "trust:KURV_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Kurv_Technology_Titans_Select_ETF", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", 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{"sample_id": "0001845809:ALL", "cik": "0001845809", "trust_name": "Putnam ETF Trust", "input_text": "red as an ETF, its performance may have differed. Prospectus 6 The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com . The fund s (and Predecessor Fund s) past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Prospectus 7 Annual total returns\nBest Quarter:\nQ4 2023\n8.98 %\nWorst Quarter:\nQ1 2022\n- 6.44 %\nAverage annual total returns (for periods ended 12/31/25)\nNew York Municipal Income ETF\n1 year\n5 years\n10 years\nReturn before taxes *\n2.60 %\n0.73 %\n2.18 %\nReturn after taxes on distributions *\n2.58 %\n0.71 %\n2.16 %\nReturn after taxes on distributions and sales of fund shares *\n3.08 %\n1.26 %\n2.37 %\nBloomberg Municipal Bond Index (no deduction for fees, expenses or taxes)\n4.25 %\n0.80 %\n2.34 %\n*\nPerformance for the Predecessor Fund s Class R6 shares prior to their inception (5/22/18) is derived from the historical performance of the Predecessor Fund s 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. 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. 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 ) Prospectus 8 Portfolio managers John Bonelli Portfolio Manager of Franklin Advisers and portfolio manager of the fund since inception (2025) and portfolio manager of the Predecessor Fund since 2024. Michael Conn Portfolio Manager of Franklin Advisers and portfolio manager of the fund since inception (2025) and portfolio manager of the Predecessor Fund since 2024. Garrett L. Hamilton, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since inception (2025) and portfolio manager of the Predecessor Fund since 2016. Christopher Sperry, CFA Portfolio Manager of Franklin Advisers and portfolio manager of the fund since inception (2025) and portfolio manager of the Predecessor Fund since 2024. John Wiley Portfolio Manager of Franklin Advisers and portfolio manager of the fund since inception (2025) and portfolio manager of the Predecessor Fund since 2024. Purchase and sale of fund shares Shares 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 net asset value. Shares of the fund may trade at a price greater than the fund s net asset value (premium) or less than the fund s net asset value (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 net as\n...\nThe net asset value per share equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. Shares are only valued as of the scheduled close of regular trading on the NYSE each day the exchange is open. The fund values its investments for which market quotations are readily available at market value. It values all other investments and assets at their fair value, which may differ from recent market prices. The fund s tax-exempt investments are generally valued at fair value on the basis of valuations provided by an independent pricing service approved by the fund s Trustees. Such services determine valuations for normal institutional-size trading units of such securities using information with respect to transactions in the bond being valued, quotations from bond dealers, market transactions in comparable securities, and various relationships, generally recognized by institutional traders, between securities. To the extent a pricing service is unable to value a security or provides a valuation that the Investment Manager does not believe accurately reflects the security s fair value, the security will be valued at fair value by the Investment Manager. The fund s most recent net asset value is available at www.franklintempleton.com or by calling 1-800-225-1581. Prospectus 22 Additional information about the fund The fund is an actively managed ETF. Like other ETFs, shares of the fund are generally purchased and redeemed in creation unit aggregations through authorized participants, shares of the fund are listed and traded on a stock exchange, and individual investors can purchase or sell shares in less than creation unit sizes and for cash in the secondary market through a broker. Derivative actions The fund is a series of Putnam ETF Trust (the Trust ). The Trust s Amended and Restated Agreement and Declaration of Trust imposes certain conditions on derivative actions that are not otherwise required by law, including, in the case of any claim not arising under the federal securities laws, a requirement that the holders of 10% or more of the total outstanding shares of the applicable fund join the request to commence the action. Although these conditions are intended to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a fund or its shareholders as a result of spurious shareholder demands and derivative actions, they may make it more difficult or costly for fund shareholders to bring derivative actions on behalf of the Trust. Information on the fund s website The fund will disclose its top 10 holdings and related portfolio information monthly beginning on or after 5 business days after the end of each month at www.franklintempleton.com. The fund discloses its complete portfolio holdings, including the name, identifier, market value and weight of each security and instrument in the portfolio, at www.franklintempleton.com on each business day, before commencement of trading in shares on the listing exchange. The fund will also disclose its complete portfolio holdings as of the end of the prior month on a monthly basis beginning on or before the 15th calendar day after the end of each month. Recent information, including information regarding the fund s net asset value, market price, premiums and discounts, and bid/ask spread, is also available at www.franklintempleton.com. Buying and selling shares in the secondary market Shares of the fund are listed and traded on an exchange, and individual fund shares may only be bo\n...\n(as opposed to engaging in ordinary secondary market transactions), and thus dealing with shares as part of an unsold allotment within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, you should note that dealers who are not underwriters but are participating in a distribution (as opposed to engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(a)(3)(A) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus-delivery obligation with respect to shares of the fund are reminded that, under Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on an exchange is satisfied by the fact that the prospectus is available at the exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange. Certain affiliates of the fund may purchase and resell fund shares pursuant to this prospectus. Note to secondary market investors The Depository Trust Company ( DTC ), a limited trust company and securities depository that facilitates the clearance and settlement of trades for its participating banks and broker-dealers, has executed an agreement with the fund s distributor, Franklin Distributors, LLC (the Distributor ). DTC, or its nominee, is the registered owner of all outstanding shares of the fund. The Investment Manager will not have any record of your ownership. Your ownership of shares will be shown on the records of DTC and the DTC participant broker through which you hold the shares. Your broker will provide you with account statements, confirmations of your purchases and sales, and tax information. Your broker will also be responsible for distributing income and capital gain distributions and for sending you shareholder reports and other information as may be required. Costs associated with creations and redemptions The fund generally imposes a creation transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of creation units of shares. Information about the procedures regarding creation and redemption of creation units and the applicable transaction fees is included in the SAI. Prospectus 25 Distribution plans and payments to intermediaries Principal distributor The Distributor distributes creation units for the fund on an agency basis, does not maintain a secondary market in shares of the fund, and has no role in determining the investment policies of the fund or the securities that are purchased or sold by the fund. The Distributor is an indirect, wholly-owned broker/dealer subsidiary of Resources. The Distributor s address is One Franklin Parkway, San Mateo, CA 94403-1906. Intermediaries may receive compensation from the Investment Manager, the Distributor, and/or their respective affiliates for providing recordkeeping and administrative services, as well as other retirement plan expenses, and compensation for services intended to result in t\n...\nh compensation provided by the Investment Manager and/or its affiliate may include financial assistance to intermediaries that enables the Investment Manager and/or its affiliate to participate in and/or present at intermediary-sponsored conferences or seminars, sales or training programs for invited registered representatives and other intermediary employees, intermediary entertainment, and other intermediary-sponsored events, and travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, retention and due diligence trips. The Investment Manager and/or its affiliates make payments for entertainment events it deems appropriate, subject to internal guidelines and applicable law. These payments may vary upon the nature of the event. MISCELLANEOUS INVESTMENTS, INVESTMENT PRACTICES AND RISKS\n24\nAs noted in the prospectus, in addition to the main investment strategies and the principal risks described in the prospectus, the fund may employ other investment practices and may be subject to other risks, which are described below. Because the following is a combined description of investment strategies of all series of Putnam ETF Trust that disclose their holdings daily, certain matters described herein may not apply to your fund. Unless a strategy or policy described below is specifically prohibited or limited by the investment restrictions discussed in the fund s prospectus or in this SAI, or by applicable law, the fund may engage in each of the practices described below without limit. This section contains information on the investments and investment practices listed below. With respect to funds for which Franklin Templeton Investment Management Limited ( FTIML ), Franklin Advisers, Putnam Management, and/or PanAgora Asset Management, Inc. ( PanAgora ) serve as sub-adviser (as described in the fund s prospectus), references to the Investment Manager in this section include FTIML, Franklin Advisers, Putnam Management, and/or PanAgora, as appropriate. Artificial Intelligence Artificial intelligence refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. Artificial intelligence can be categorized into two types: narrow artificial intelligence, which is designed for specific tasks, and general artificial intelligence, which has the ability to perform any intellectual task that a human can do and includes generative artificial intelligence ( GAI ). GAI is a type of artificial intelligence technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. Artificial intelligence has various applications in many fields such as healthcare, finance, transportation, and law. The use of artificial intelligence in general may adversely impact markets, the overall performance of the fund s investments, or the services provided to the fund by its service providers. The Investment Manager or a third party service provider may use and/or expand its use of artificial intelligence in connection with its business, operating and investment act\n...\nPast 5 Years\nNumber of Funds in the Franklin Templeton Funds Complex Overseen by Trustee 3\nOther Directorships Held by Trustee\nmarket companies in the healthcare, education, and financial services industries. From 2014 to 2018, Partner at Macro Advisory Partners, a global consulting firm.\nprivate 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.\nKenneth Yutaka Tanji (Born 1966), Trustee since 2026\nCorporate Finance Lecturer at Rutgers University. Until 2024, Executive Vice President and Chief Financial Officer of Prudential Financial, a global investment firm.\n99\nDirector of Public Service Enterprise Group, a publicly traded energy company; and Director of Centene Corporation, a publicly traded healthcare company.\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 Management, and member of Putnam Investments Board of Directors.\n99\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 Virginia 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\n221\nNone.\n92\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\nfunds 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.\n1 The address of each Trustee is 100 Federal Street, Boston, MA 02110. 2 Each Trustee serves for an indefinite term, until his or her resignation, retirement during the year he or she reaches age 75, death or removal. 3 The\n...\nsions, 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 all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, 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 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, the fund s investment manager. 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 105% of the internal costs incurred by FTS for providing administrative services to the Putnam ETFs. The Investment Manager will also reimburse FT Services for fees paid by FT Services to any third-party service provider for sub-administration and other services for 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 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. Subject to certain exceptions, 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 con", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "seriesOf": ["Trust"], "subAdvisedBy": ["InvestmentAdviser", "SubAdviser"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Putnam_BDC_Income_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_BDC_Income_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_BDC_Income_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_BDC_Income_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": 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"fund:Putnam_BioRevolution_ETF", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Core_Bond_ETF", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_High_Yield_ETF", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_ESG_Ultra_Short_ETF", "p": "subAdvisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Emerging_Markets_ex_China_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_Emerging_Markets_ex_China_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Emerging_Markets_ex_China_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Emerging_Markets_ex_China_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Emerging_Markets_ex_China_ETF", "p": "subAdvisedBy", "o": "org:Franklin_Templeton_Investment_Management_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_Emerging_Markets_Equity_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_Emerging_Markets_Equity_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_Emerging_Markets_Equity_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_Emerging_Markets_Equity_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_Emerging_Markets_Equity_ETF", "p": "subAdvisedBy", "o": "org:PanAgora_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_International_Equity_ETF", "p": "administrator", "o": "org:Franklin_Templeton_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_International_Equity_ETF", "p": "advisedBy", "o": "org:Putnam_Investment_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_International_Equity_ETF", "p": "advisedBy", "o": "org:Putnam_Investments_Limited", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_International_Equity_ETF", "p": "seriesOf", "o": "trust:Putnam_ETF_Trust", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Putnam_Panagora_ESG_International_Equity_ETF", "p": "subAdvisedBy", "o": "org:PanAgora_Asset_Management_Inc", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Putnam_ETF_Trust", "p": "underwrittenBy", "o": "org:Franklin_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Putnam BDC Income ETF <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> seriesOf <object_marker> Putnam ETF Trust <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <triple_end>\n<triple_start> Putnam BioRevolution ETF <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> seriesOf <object_marker> Putnam ETF Trust <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <triple_end>\n<triple_start> Putnam ESG Core Bond ETF <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> seriesOf <object_marker> Putnam ETF Trust <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam Investment Management, LLC <triple_end>\n<triple_start> Putnam ESG High Yield ETF <predicate_marker> administrator <object_marker> Franklin Templeton Services, LLC <predicate_marker> advisedBy <object_marker> Putnam Investment Management, LLC <predicate_marker> advisedBy <object_marker> Putnam Investments Limited <predicate_marker> seriesOf <object_marker> Putnam ETF Trust <predicate_marker> subAdvisedBy <object_marker> Franklin Templeton Investment Management Limited <predicate_marker> subAdvisedBy <object_marker> Putnam 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seriesOf Putnam ETF Trust ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC .\nPutnam ESG Ultra Short ETF administrator Franklin Templeton Services, LLC ; advisedBy Putnam Investment Management, LLC , Putnam Investments Limited ; seriesOf Putnam ETF Trust ; subAdvisedBy Franklin Templeton Investment Management Limited , Putnam Investment Management, LLC .\nPutnam Emerging Markets ex-China ETF administrator Franklin Templeton Services, LLC ; advisedBy Putnam Investment Management, LLC , Putnam Investments Limited ; seriesOf Putnam ETF Trust ; subAdvisedBy Franklin Templeton Investment Management Limited .\nPutnam Panagora ESG Emerging Markets Equity ETF administrator Franklin Templeton Services, LLC ; advisedBy Putnam Investment Management, LLC , Putnam Investments Limited ; seriesOf Putnam ETF Trust ; subAdvisedBy PanAgora Asset Management Inc. .\nPutnam Panagora ESG International Equity ETF administrator Franklin Templeton Services, 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{"sample_id": "0001947660:ALL", "cik": "0001947660", "trust_name": "Popular U.S. Government Money Market Fund, LLC", "input_text": "y\n31\ni\nFund Summary\nInvestment Objective\nThe Fund s investment objective is to seek to\nprovide current income consistent with preservation of capital and liquidity.\nFees and Expenses of the Fund\nThe following table describes the fees and expenses\nthat 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\nyour financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional\n(each, a Financial Intermediary ), which are not reflected in the table and example below. More information is available\nfrom your Financial Intermediary and in the Shareholder Information section on pages 12-13 of this prospectus.\nShareholder Fees (fees paid directly from\nyour investment)\nClass A\nWithholding\nShares\nClass A Non-\nWithholding\nShares\nClass I\nInstitutional\nWithholding\nShares\nClass I\nInstitutional\nNon-\nWithholding\nShares 1\nMaximum\nSales Charge (Load) Imposed on Purchases (as a percentage of offering price)\nNone\nNone\nNone\nNone\nMaximum\nDeferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)\nNone\nNone\nNone\nNone\nRedemption\nFee (as a percentage of amount redeemed, if applicable)\nNone\nNone\nNone\nNone\nAnnual\nFund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)\nManagement\nFee\n0.25 %\n0.25 %\n0.25 %\n0.25 %\nDistribution\nand/or Service (12b-1) Fee\n0.25 %\n0.25 %\nNone\nNone\nOther\nExpenses 1\n0.50 %\n0.42 %\n0.65 %\n0.65 %\nExpense\nRecoupment 2,3\n0.08 %\n0.00 %\n0.24 %\n0.34 %\nRemainder of Other Expenses\n0.42 %\n0.42 %\n0.41 %\n0.31 %\nTotal\nAnnual Fund Operating Expenses\n1.00 %\n0.92 %\n0.90 %\n0.90 %\n1 Other expenses are based on estimates for the current fiscal year.\n2 Popular Asset Management\nLLC (the Adviser ) has contractually agreed to waive fees and/or reimburse expenses\nto the extent that Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage\ncommissions and extraordinary expenses) exceed 1.00% of the average daily net assets of a\nclass of the Fund (the Expense Cap ). Any amounts contractually waived or reimbursed\nby the Adviser will be subject to repayment by the Fund to the Adviser within three years,\ncalculated monthly from when the waiver or reimbursement was recorded. Any repayment to the\nAdviser will not cause the Fund s expenses to exceed (i) the expense limitation at\nthe time the fees are waived and (ii) the expense limitation in effect at the time of such\nreimbursement. The expense limitation shall be in effect until at least December 31, 2025 .\nThe Expense Cap may only be amended or eliminated prior to that time with the approval of\nthe Board of Directors.\n3 Pursuant to the Expense Cap, the Adviser has previously\nwaived fees as well as certain operating and organizational expenses. Under the Expense Cap,\nthe Fund is obligated to repay the Adviser in the amount of any such waivers and/or reimbursements,\nsubject to certain limitations (as described below under Management of the Fund\nInvestment Adviser ). The amount presented in the table estimates the amounts the Fund\ncurrently expects to pay during the one-year period beginning on the date of this prospectus\nto reimburse the Adviser for past waivers and/or reimbursements.\n1\nExample:\nThis following example is intended to help you\ncompare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000\nin the Fund for the time periods indicated and then hold or redeem all of your shares at\n...\napply to their account should contact their broker. A\ncopy of the Fund s annual report and semi-annual report and/or the Fund s financial statements may be obtained, when available,\nfrom the Distributor free of charge upon request by calling (787) 758-7400. You may also visit the Fund on the web at https://www.popularfunds.com/us-government-money-market-fund\nto obtain free copies of the Fund s SAI and annual and semi-annual reports.\nReports and other information about the Fund are\nalso available on the EDGAR Database on the SEC s website at http://www.sec.gov. Additionally, copies of this information may be\nobtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.\nAfter the end of each calendar year, shareholders\nwill also receive Puerto Rico tax information regarding dividends and capital gain distributions.\n28\nPortfolio Holdings\nFor a discussion of the Fund s policies\nand procedures regarding the selective disclosure of its portfolio holdings, please see the Fund s Statement of Additional Information,\ndated November 1, 2024 (the SAI ).\nStatement of Additional Information\nFor further information about the Fund, including\nhow the Fund invests, please see the SAI. The SAI is on file with the SEC and is incorporated into this prospectus by reference. This\nmeans that the SAI is legally considered a part of this prospectus even though it is not physically contained within this prospectus.\nA copy of the Fund s SAI may be obtained, when available, free of charge upon request by calling 1-888-855-1034. The Fund makes\navailable its SAI, annual and semi-annual reports, and other information such as Fund financial statements, free of charge, on the Fund s\nwebsite at: www.popularfunds.com .\n29\nContact Information\nTHE FUND\nPopular U.S. Government Money Market Fund, LLC\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\nAtlantic Fund Administration, LLC d/b/a Apex Fund Services\nThree Canal Plaza\nPortland, Maine 04101\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 AUDITOR\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, MA 02199\nFile No. 811-23868\n30\nSTATEMENT OF ADDITIONAL INFORMATION\nPopular U.S. Government Money Market Fund, LLC\n209 Mu oz Rivera Avenue, San Juan, Puerto Rico\n00918 Phone No. (787) 754-4488\nThis Statement of Additional Information ( SAI )\nof Popular U.S. Government Money Market Fund, LLC (the Fund ) is not a prospectus and should be read in conjunction with\nthe prospectus of the Fund, dated November 1, 2024, as it may be amended or supplemented from time to time (the Prospectus ),\nwhich has been filed with the Securities and Exchange Commission (the Commission or the SEC ) and can be obtained,\nwithout charge, by writing or calling the Fund at the address or telephone number printed above, or on the Fund s website at www.popularfunds.com .\nThe Prospectus is incorporated by reference into this SAI, and the parts of this SAI that relate to the Fund has been incorporated by\nreference into the Prospectus.\nReferences to the Investment Company Act of 1940,\nas amended (the Investment Company Act or the 1940 Act ) or other applicable law, will include any rules promulgated\nthereunder and any guidance, interpretations or modifications by the Commission, Commission staff or other authority with appropriate\njurisdiction, including cour\n...\nand providing local\nregulatory compliance services. The Administrator is also charged with providing the Fund with information as reasonably requested thereby\nto prepare any reports and filings required under applicable federal law.\nThe Fund Services Agreement provides for monthly compensation\nof the Administrator at the annual rate of the Fund s average daily total assets, as follows (subject to an annual minimum fee of\n$120,000 and waived to $80,000 for the first two years):\n$0m - $250m\n0.08%\n$250m - $500m\n0.06%\n$500m - $1bn\n0.04%\nAbove $1bn\n0.02%\nThe following table shows the fees paid by the\nFund to the Administrator under the Fund s Administration Agreement and the amounts waived and/or reimbursed by the Administrator\nwith respect to the Fund for the periods indicated:\nSAI- 19\nFees Paid to the\nAdministrator for the\nFiscal Year\nEnded June 30,\nFees Waived by the\nAdministrator for the\nFiscal Year\nEnded June 30,\nShare Class\n2024\n2024\nClass A Withholding Shares\n$2,082\n($674)\nClass A Non-Withholding Shares\n$86\n($25)\nClass I Institutional Withholding Shares\n$0\n($0)\nClass I Institutional Non-Withholding Shares\n$32\n($18)\nAuditing Services\nErnst Young LLP (the Independent\nAuditor or Independent Registered Public Accountant ), with offices located at Parque las Americas 1, 235 Calle Federico\nCosta, Suite 410, San Juan, Puerto Rico, has been selected as the Fund s independent registered public accounting firm. Ernst\nYoung LLP is responsible for auditing the financial statements of the Fund.\nThe table below show the amounts paid by the Fund\nto the Independent Auditor for auditing services for the periods indicated:\nFees Paid to the Auditor For the Fiscal Year\nEnded June 30,\n2024\n$39,820\nCustodian\nThe Fund s securities and cash will be held\nunder a Global Custody Agreement with JP Morgan Chase Bank, N.A., (when acting in such capacity, the Custodian ). The Custodian\nis authorized under the Custodian Agreement to appoint sub-custodians or other agents and to delegate to such sub-custodians or other\nagents any of its obligations under the Custodian Agreement. The Custodian will not receive a separate fee or additional compensation\nfor acting as custodian of the Fund, but will be reimbursed for the out-of-pocket expenses it incurs in providing custodial services to\nthe Fund.\nTransfer Agent and Dividend Disbursing Agent\nPursuant to the terms the Fund Services Agreement,\nAtlantic Fund Administration, LLC, in its capacity as transfer agent for the Fund (the Transfer Agent ), is responsible for\nmaintaining a register of the shares of the Fund for shareholders of record, the opening and maintenance of shareholder accounts and the\nprocessing of dividend and distribution payments from the Fund. Share certificates are not issued, unless specifically requested by shareholders.\nThe Transfer Agent will maintain a share account for each master account and any other shareholder of record. Confirmations of each purchase\nor redemption and of reinvested dividend payments are sent to\nSAI- 20\nmaster account holders and any other shareholders\nof record each month. The Transfer Agent is authorized under the Fund Services Agreement to appoint sub-transfer agents or other agents\nand to delegate to any of such agents its obligations under the Fund Services Agreement. The Transfer Agent will not receive a separate\nfee or additional compensation for acting as transfer agent of the Fund, but will be reimbursed for the out-of-pocket expenses it incurs\nin providing transfer agency services to the Fund.\nDistributor\nThe Distributor acts as distributor of the shares\nunder a di", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}}, "target_triples": [{"s": "fund:Popular_U_S_Government_Money_Market_Fund_LLC", "p": "administrator", "o": "org:APEX_FUND_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_U_S_Government_Money_Market_Fund_LLC", "p": "advisedBy", "o": "org:Popular_Asset_Management_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Popular_U_S_Government_Money_Market_Fund_LLC", "p": "custodian", "o": "org:JP_MORGAN_CHASE_BANK_NA", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_U_S_Government_Money_Market_Fund_LLC", "p": "seriesOf", "o": "trust:Popular_U_S_Government_Money_Market_Fund_LLC", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Popular_U_S_Government_Money_Market_Fund_LLC", "p": "transferAgent", "o": "org:APEX_FUND_SERVICES", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Popular U.S. Government Money Market Fund, LLC <predicate_marker> administrator <object_marker> APEX FUND SERVICES <predicate_marker> advisedBy <object_marker> Popular Asset Management LLC <predicate_marker> custodian <object_marker> JP MORGAN CHASE BANK, NA <predicate_marker> seriesOf <object_marker> Popular U.S. Government Money Market Fund, LLC <predicate_marker> transferAgent <object_marker> APEX FUND SERVICES <triple_end>", "target_serialized_plain": "Popular U.S. Government Money Market Fund, LLC administrator APEX FUND SERVICES ; advisedBy Popular Asset Management LLC ; custodian JP MORGAN CHASE BANK, NA ; seriesOf Popular U.S. Government Money Market Fund, LLC ; transferAgent APEX FUND SERVICES .", "stats": {"input_chars": 11208, "n_triples": 5, "text_to_json_ratio": 25.2}}
{"sample_id": "0001969674:ALL", "cik": "0001969674", "trust_name": "2023 ETF Series Trust", "input_text": "ON APRIL 27, 2026\n1933 Act Registration File No.: 333-272579\n1940 Act File No.: 811-23883\nUNITED STATES\nSECURITIES AND EXCHANGE\nCOMMISSION\nWashington, D.C.\n20549\nFORM N-1A\nREGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\nPre-Effective Amendment No. ___\nPost-Effective Amendment No. 23\nand/or\nREGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940\nAmendment No. 25\nTHE 2023 ETF SERIES TRUST\n(Exact Name of Registrant as Specified in Charter)\n234 West Florida Street, Suite 700\nMilwaukee, Wisconsin 53204\n(Address of Principal Executive Offices, Zip Code)\n(Registrant s Telephone Number, including Area\nCode) (855) 843-2534\nThe Corporation Trust Company\n1209 Orange Street\nCorporation Trust Center\nWilmington, DE 19801\n(Name and Address of Agent for Service)\nCopies to:\nEric\nW. Falkeis\nTidal ETF Services LLC\n234 West Florida Street, Suite 700\nMilwaukee, WI 53204\nW. John McGuire, Esquire\nMorgan, Lewis Bockius LLP\n1111 Pennsylvania Avenue, NW\nWashington, DC 20004\nIt is proposed that this filing will become effective (check appropriate\nbox):\nimmediately upon filing pursuant to paragraph (b)\non April 30, 2026, pursuant to paragraph\n(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\nExplanatory Note :\nThis Post-Effective Amendment No. 23 to the Registration Statement of The 2023 ETF (the Trust ) is being filed to\nadd Pacific NoS Global EM Equity Active ETF S audited financial statements and certain related financial information for the fiscal\nperiod ended December 31, 2025, and to make other permissible changes under Rule 485(b).\nPacific NoS Global\nEM Equity Active ETF (GEME)\nlisted\non The Nasdaq Stock Market, LLC\na series of The 2023 ETF Series Trust\nPROSPECTUS\nApril 30, 2026\nThe U.S. Securities and Exchange Commission (the SEC )\nhas not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation\nto the contrary is a criminal offense.\nTable of Contents\nPage\nFund Summary\n1\nAdditional Principal Investment Strategies Information\n9\nAdditional Principal Risk Information\n9\nPortfolio Holdings\n17\nFund Management\n17\nPortfolio Managers\n19\nBuying and Selling Fund Shares\n19\nPlan of Distribution\n20\nDividends, Distributions and Taxes\n20\nAdditional Information\n25\nFinancial Highlights\n27\nFund Summary Pacific NoS Global\nEM Equity Active ETF\nInvestment Objective\nThe Pacific NoS Global EM Equity Active\nETF (the Fund ) seeks long-term capital appreciation.\nFees and Expenses\nThe table below describes the fees and\nexpenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions\nand other fees to financial intermediaries, which are not reflected in the table and Example below.\nAnnual Fund Operating Expenses\n(Expenses that you pay each year as a percentage of the value of your investment)\nManagement Fee\n0.75 %\nDistribution and Service (12b-1) Fees\n0.00 %\nOther Expenses\n0.00 %\nTotal Annual Fund Operating Expenses\n0.75 %\nExample\nThis Example is intended to help you compare\nthe cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the\nFund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes\nthat your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual\ncosts may be higher or lower, based on these ass\n...\nable upon request.\nPacific NoS Global EM Equity Active ETF\nSelected Per Share Data\nFor the period\nJanuary 23, 2025 (a) to\nDecember 31, 2025\nNet Asset Value, beginning of period\n$\n24.99\nIncome (loss) from investment operations:\nNet investment income (loss) (b)\n0.70\nNet realized and unrealized gain (loss)\n8.16\nTotal from investment operations\n8.86\nLess distributions from:\nNet investment income\n(1.62\n)\nNet realized gain\n(0.64\n)\nTotal distributions\n(2.26\n)\nETF transaction fees per share\n0.06\nNet Asset Value, end of period\n$\n31.65\nTotal return (%) (c)(d)\n35.67\nRatios to Average Net Asset and Supplemental Data\nNet Assets, end of period (000s)\n$\n74,367\nRatio of expenses (%) (e)\n0.75\nRatio of net expenses (%) (e)\n0.75\nRatio of net investment income (%) (e)\n2.52\nPortfolio turnover rate (%) (d)(f)\n80\n(a) Commencement of operations\n(b) Per share net investment income\n(loss) has been calculated using the average shares method\n(c) Net asset value total return is\ncalculated assuming an initial investment made at the net asset value at the beginning\nof the period, reinvestment of all dividends and distributions at net asset value during\nthe period, if any, and redemption on the last day of the period at net asset value. This\npercentage is not an indication of the performance of a shareholder s investment\nin the Fund based on market value due to differences between the market price of the\nshares and the net asset value per share of the Fund.\n(d) Not annualized for periods less\nthan one year\n(e) Annualized for periods less than\none year\n(f) Excludes impact of in-kind transactions\n27\nPacific NoS Global EM Equity Active ETF\nAdviser\nPacific Capital Partners Limited\n74 Wigmore Street\nLondon, W1U 2SQ\nSub-Adviser\nNorth of South Capital LLP\n16 Kinnerton Place South\nLondon SW1X 8EH\nDistributor\nForeside Fund Services, LLC\n190 Middle Street, Suite 301\nPortland, Maine 04101\nSub-Adviser\nTidal Investments LLC\n234 West Florida Street, Suite 700\nMilwaukee, Wisconsin 53204\nLegal Counsel\nMorgan, Lewis Bockius LLP\n1111 Pennsylvania Avenue NW\nWashington, DC 20004\nAdministrator\nCiti Fund Services Ohio, Inc.\n4400 Easton Commons, Suite 200\nColumbus, Ohio 43219\nIndependent\nRegistered Public\nAccounting Firm\nCohen Company, Ltd.\n1350 Euclid Ave., Suite 800,\nCleveland, Ohio 44115\nCustodian and Transfer Agent\nCitibank, N.A.\n388 Greenwich Street\nNew York, New York 10013\nHouseholding\nHouseholding is an option available to\ncertain Fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single\ncopy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered\nunder different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single\ncopy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your\nhouseholding status.\nInvestors may find more information\nabout the Fund in the following documents:\nStatement of Additional Information:\nThe Fund s SAI provides additional details about the investments of the Fund and certain other additional information.\nA current SAI dated April 30, 2026, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference\ninto this Prospectus. It is legally considered a part of this Prospectus.\nAnnual/Semi-Annual Reports: Additional\ninformation about the Fund s investments is available in the Fund s annual and semi-annual reports to shareholders\nand in Form N-CSR. In the annual repor\n...\nand knowledge, its policies and procedures, how it deals\nwith conflicts of interest, what happens in the event of errors, mistakes, incomplete information, wrong information, methodological\nweaknesses, business changes, and feedback from issuers and their shareholders.\nA- 1\nClients\nmay obtain a copy of or Proxy Voting Policy and information about how we voted a client s proxies by contacting us at info@northofsouth.com.\nA- 2\nPART C: OTHER INFORMATION\nItem 28 .\nExhibits\n(a)\n(1)\nCertificate of Trust of The 2023 ETF Series Trust (the Registrant or the Trust ), dated January 23, 2023, was previously filed with the Registrant s initial registration statement on Form N-1A on June 9, 2023 and is hereby incorporated by reference.\n(2)\nDeclaration of Trust of the Registrant, dated as of January 23, 2023, was previously filed with Pre-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on August 21, 2023 and is hereby incorporated by reference.\n(3)\nAmended and Restated Declaration of Trust of the Registrant , dated as of September 14, 2023, was previously filed with Pre-Effective Amendment No. 2 to the Registrant s registration statement on Form N-1A on September 22, 2023 and is hereby incorporated by reference.\n(b)\n(1)\nRegistrant s Bylaws , dated January 23, 2023, were previously filed with the Registrant s initial registration statement on Form N-1A on June 9, 2023 and are hereby incorporated by reference.\n(2)\nRegistrant s Amended and Restated Bylaws , dated August 15, 2023, were previously filed with Pre-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on August 21, 2023 and are hereby incorporated by reference.\n(c)\nNot applicable.\n(d)\n(1)\nInvestment Advisory Agreement, dated August 14, 2023, between the Trust and Eagle Capital Management LLC was previously filed with Post-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on July 30, 2024 and is hereby incorporated by reference.\n(2)\nInvestment Advisory Agreement, dated August 4, 2023, between the Trust and Brandes Investment Partners, L.P. was previously filed with Post-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on August 21, 2023 and is hereby incorporated by reference.\n(3)\nInvestment Advisory Agreement, dated October 29, 2024, between the Trust and Atlas Capital Team Inc. was previously filed with Post-Effective Amendment No. 6 to the Registrant s registration statement on Form N-1A on November 4, 2024 and is hereby incorporated by reference.\n(4)\nInvestment Advisory Agreement, dated December 17, 2024, between the Trust and Pacific Capital Partners Limited was previously filed with Post-Effective Amendment No. 9 to the Registrant s registration statement on Form N-1A on June 24, 2025 and is hereby incorporated by reference.\n(5)\nInvestment Advisory Agreement, dated September 16, 2025, between the Trust and Pictet Asset Management Ltd. was previously filed with Post-Effective Amendment No. 17 to the Registrant s registration statement on Form N-1A on October 27, 2025 and is hereby incorporated by reference.\n(6)\nInvestment Advisory Agreement, dated September 16, 2025, between the Trust and Pictet Asset Management SA (the Pictet Asset Management SA Advisory Agreement ) was previously filed with Post-Effective Amendment No. 17 to the Registrant s registration statement on Form N-1A on October 27, 2025 and is hereby incorporated by reference.\n(7)\nSchedule\nA, dated as of September 16, 2025, to the Pictet Asset Management SA Advisory Agreement was\npreviously filed with Post-Effective Amendment No. 22 to the Registrant s registration statement on Form N-1A on February 9,\n2026, and is hereby incorporated by reference.\n(8)\nInvestment Advisory Agreement, dated December 10, 2025, between the Trust and Transamerica Asset Management, Inc. was previously filed with Post-Effective Amendment No. 19 to the Registrant s registration statement on Form N-1A on December 10, 2025 and is hereby incorporated by reference.\n(9)\nInvestment Advisory Agreement, dated December 19, 2025, between the Trust and TimesSquare Capital Management, LLC wa\n...\n025, between Pacific Capital Partners Limited and Tidal Investments LLC is filed herewith.\n(e)\n(1)\nETF Distribution Agreement, dated August 1, 2023, between the Trust and Foreside Fund Services, LLC (the Distribution Agreement ) was previously filed with Post-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on July 30, 2024 and is incorporated herein by reference.\n(2)\nFirst Amendment, effective as of October 11, 2024, to the Distribution Agreement was previously filed with Post-Effective Amendment No. 6 to the Registrant s registration statement on Form N-1A on November 4, 2024 and is incorporated herein by reference.\nC- 2\n(3)\nSecond Amendment, effective as of June 27, 2025, to the Distribution Agreement was previously filed with Post-Effective No. 13 to the Registrant s registration statement on Form N-1A on September 17, 2025 and is incorporated herein by reference.\n(4)\nThird Amendment, effective as of November 25, 2025, to the Distribution Agreement was previously filed with Post-Effective Amendment No. 19 to the Registrant s registration statement on Form N-1A on December 10, 2025 and is hereby incorporated by reference.\n(5)\nFourth Amendment, effective as of December 18, 2025, to the Distribution Agreement was previously filed with Post-Effective Amendment No. 21 to the Registrant s registration statement on Form N-1A on December 23, 2025 and is incorporated herein by reference.\n(6)\nForm of Authorized Participant Agreement between the Trust and Foreside Fund Services, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant s registration statement on Form N-1A on August 21, 2023 and is incorporated herein by reference.\n(f)\nNot applicable.\n(g)\n(1)\nCustody Agreement, dated July 27, 2023, between the Trust and The Bank of New York Mellon (the BNY Custody Agreement ) was previously filed with Post-Effective Amendment No. No. 4 to the Registrant s registration statement on Form N-1A on October 25, 2024 and is incorporated herein by reference.\n(2)\nAmendment, dated October 1, 2024, to the BNY Custody Agreement was previously filed with Post-Effective Amendment No. 6 to the Registrant s registration statement on Form N-1A on November 4, 2024 and is incorporated herein by reference.\n(3)\nSecond Amendment, dated December 2, 2025, to the BNY Custody Agreement was previously filed with Post-Effective Amendment No. 19 to the Registrant s registration statement on Form N-1A on December 10, 2025 and is hereby incorporated by reference.\n(4)\nThird Amendment to the BNY Custody Agreement, relating to the TimesSquare Quality Small-Mid Cap Growth ETF and TimesSquare Quality International Small Cap Growth ETF, to be filed by amendment.\n(5)\nGlobal Custodial Services Agreement, dated October 9, 2024, between the Trust and Citibank, N.A. was previously filed with Post-Effective Amendment No. 8 to the Registrant s registration statement on Form N-1A on November 8, 2024 and is incorporated herein by reference.\n(6)\nCustodian Agreement, dated July 23, 2025, between the Trust and Brown Brothers Harriman Co. ( BBH ) (the BBH Custody Agreement ) was previously filed with Post-Effective No. 13 to the Registrant s registration statement on Form N-1A on September 17, 2025 and is incorporated herein by reference.\n(7)\nAmendment,\ndated January 27, 2026 to the BBH Custody Agreement was previously filed with\nPost-Effective Amendment No. 22 to the Registrant s registration statement on Form N-1A on February 9, 2026, and is hereby\nincorporated by reference.\n(8)\nForeign Custody Manager Agreement, dated July 28, 2023, be", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Atlas_America_Fund", "p": "administrator", "o": "org:The_Bank_of_New_York_Mellon", "alias_grounded": true, "grounded": true, "context_grounded": false, "extractable": true}, {"s": "fund:Atlas_America_Fund", "p": 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{"sample_id": "0001970751:ALL", "cik": "0001970751", "trust_name": "Advisor Managed Portfolios", "input_text": "exMember 2026-04-30 2026-04-30 0001970751 ck0001970751:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001970751 ck0001970751:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001970751 ck0001970751:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001970751 ck0001970751:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2009-02-03 2025-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2016-01-01 2016-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2017-01-01 2017-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2018-01-01 2018-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2019-01-01 2019-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2020-01-01 2020-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2021-01-01 2021-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2022-01-01 2022-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2023-01-01 2023-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2024-01-01 2024-12-31 0001970751 ck0001970751:S000082973Member ck0001970751:C000246407Member 2025-01-01 2025-12-31 As filed with the U.S. Securities and Exchange Commission on April 30, 2026 File No. 811-23859 File No. 333-270997 UNITED STATES 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. 105 and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. 108 Advisor Managed Portfolios (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) (626) 914-7385 (Registrant s Telephone Numbers, Including Area Code) The Corporation Trust Company 1209 Orange Street Corporation Trust Center Wilmington, Delaware 19801 (Name and Address of Agent for Service) Copies to: Russell B. Simon, President Advisor Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 Christopher D. Menconi, Esquire Morgan, Lewis Bockius LLP 1111 Pennsylvania Avenue NW Washington, D.C. 20004 It is proposed that this filing will become effective: o immediately upon filing pursuant to paragraph (b) On April 30, 2026 pursuant to paragraph (b) o 60 days after filing pursuant to paragraph (a)(1) o on pursuant to paragraph (a)(1) o 75 days after filing pursuant to paragraph (a)(2) o on pursuant to paragraph (a)(2) of Rule 485. Explanatory Note: This Post-Effective Amendment Amendment No. 105 to the Registration Statement of Advisor 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 and to make other permissible changes for the Trust s series: Patient Opportunity Trust. Prospectus April 30, 2026 Patient Opportunity Trust Class A LGOAX Class C LMOPX Class FI LMOFX Class I LMNOX Class IS MVISX Class R LMORX The U.S. 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. Table of Contents Patient Opportunity Trust Summary Section 1 Investment Objectives, Investment Strategies and Principal Risks 14 Fund Management 27 Portfolio H oldings 29 Shareholder Information 29 Share price 29 Choosing a class of shares to buy 29 Buying shares 39 Redeeming shares 41 Converting shares 44 Additional i nformation about t ransactions 44 Dividends, Other Distributions and Taxes 46 Financial Highlights 50 Appendix A - Financial Intermediary Sales Charge Variations A- 1 Patient Opportunity Trust Summary Section Investment Objective The Patien\n...\nf: (1) the Class I Expense Cap in place at the time such amounts were waived or paid, or (2) the Class I Expense Cap at the time of the recoupment. The Class I Expense Cap will remain in effect through at least April 30, 2027. The agreement related to the Expense Cap and the Class I Expense Cap may be terminated at any time by the Board upon 60 days written notice to the Advisor, or by the Advisor with the consent of the Board. Portfolio managers The following individuals are primarily and jointly responsible for the day-to-day management of the Fund s portfolio. Samantha McLemore, CFA, has served as a Portfolio Manager of the Fund since it commenced operation in 2024, the Predecessor Fund since 2017, and the Prior Predecessor Fund since 2014. She served as Assistant Portfolio Manager from 2008 to 2014. Ms. McLemore has worked on the Opportunity strategy since 2002 as an employee of the Previous Advisor. Ms. McLemore also is the sole managing member and Chief Investment Officer of the Advisor, which she founded in 2020. Christina Malbon, CFA, has served as an Assistant Portfolio Manager of the Fund since it commenced operation in 2024 and the Predecessor Fund since April 2023, and previously served as a Senior Research Analyst of the Prior Predecessor Fund since 2013. Ms. Malbon has worked on the Opportunity strategy since starting with the Previous Advisor in 2013, working closely with Samantha McLemore in supporting portfolio investment decisions, research, and trading activities. Ms. Malbon joined Patient Capital Management in 2020 as a Senior Research Analyst. The SAI provides additional information about the Portfolio Managers compensation structure, other accounts that the Portfolio Managers manage and the Portfolio Managers ownership of Fund shares. Distribution Quasar Distributors, LLC ( Quasar or the Distributor ), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, is located at 190 Middle Street, Suite 301, Portland, Maine 04101 and is the distributor for the shares of the Fund. Quasar is a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Shares of the Fund are offered on a continuous basis. The Fund has adopted a Rule 12b-1 distribution plan. Under the plan, the Fund pays distribution and service fees based on annualized percentages of average daily net assets, of up to 0.25% for Class A shares; up to 1.00% for Class C shares; up to 0.25% for Class FI shares; and up to 0.50% for Class R shares. These fees are an ongoing expense and, over time, will increase the cost of your investment and may cost you more than other types of sales charges. Class I and Class IS shares are not subject to Rule 12b-1 distribution and service fees under the plan. The Advisor and/or its affiliates make payments for distribution, shareholder servicing, marketing and promotional activities and related expenses out of their profits and other available sources, including profits from their relationships with the Fund. These payments are not reflected as additional expenses in the fee table contained in this Prospectus. The recipients of these payments may include affiliates of the Advisor, as well as non-affiliated broker/dealers, insurance companies, financial institutions and other Financial Intermediaries through which investors may purchase shares of the Fund, including your Financial Intermediary. The total amount of these payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or\n...\nol over, the decision of any plan sponsor, plan fiduciary or Financial Intermediary to impose such differing requirements. Please consult with your plan sponsor, plan fiduciary or Financial Intermediary for more information about available share classes. Your Financial Intermediary may not offer all share classes. Please contact your Service Agent for additional details. Buying shares Generally You may buy shares at their NAV next determined after receipt by your Financial Intermediary or the transfer agent of your purchase request in good order, plus any applicable sales charge. The Fund may not be available for sale in certain states. Prospective investors should inquire as to whether the Fund is available for sale in their state of residence. You must provide the following information for your order to be processed: Name of fund being bought Class of shares being bought Dollar amount or number of shares being bought (as applicable) Account number (if existing account) Through a Financial Intermediary You should contact your Financial Intermediary to open a brokerage account and make arrangements to buy shares. Your Financial Intermediary may charge an annual account maintenance fee. 39 Through the Fund Please complete the account application and send it with your check payable to the Patient Opportunity Trust to the following address: Regular Mail Patient Opportunity Trust c/o U.S. Bank Global Fund Services P.O. Box 219252 Kansas City, MO 64121-9252 Overnight Delivery Patient Opportunity Trust c/o U.S. Bank Global Fund Services 801 Pennsylvania Ave, Suite 219252 Kansas City, MO 64105-1307 The 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, or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received on the Transfer Agent s premises. Subsequent purchases should be sent to the same address. To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from the Transfer Agent. If you do not have the Invest by Mail form include the Fund name, your name, address, and account number on a separate piece of paper along with your check made payable to the Fund to pay for the shares. For more information, please call the Patient Opportunity Trust at 800-655-0324 between 8 a.m. and 7 p.m. Central time (9 a.m. and 8 p.m. Eastern time). By telephone purchase Investors may purchase additional shares of the Fund by calling 800-655-0324. You automatically have the ability to make telephone and/or internet purchases, unless you specifically decline. If your account has been open for at least 7 business days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network through an authorized bank or through a Financial Intermediary authorized by the Fund to receive purchase orders. You must have banking information established on your account prior to making a purchase. If your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the net asset value, plus applicable sales charge, calculated on the day your order is placed. By wire If you are making your initial investment in the Fund, before wiring fund", "ontology": {"Fund": {"administrator": ["Administrator"], "custodian": ["Custodian"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Zevenbergen_Genea_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Genea_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Genea_Fund", "p": "seriesOf", "o": "trust:Advisor_Managed_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Genea_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Growth_Fund", "p": "administrator", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Growth_Fund", "p": "custodian", "o": "org:U_S_Bank_National_Association", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Growth_Fund", "p": "seriesOf", "o": "trust:Advisor_Managed_Portfolios", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Zevenbergen_Growth_Fund", "p": "transferAgent", "o": "org:U_S_Bancorp_Fund_Services_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "trust:Advisor_Managed_Portfolios", "p": "underwrittenBy", "o": "org:Quasar_Distributors_LLC", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}], "target_serialized": "<triple_start> Zevenbergen Genea 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> Advisor Managed Portfolios <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Zevenbergen 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> Advisor Managed Portfolios <predicate_marker> transferAgent <object_marker> U.S. Bancorp Fund Services, LLC <triple_end>\n<triple_start> Advisor Managed Portfolios <predicate_marker> underwrittenBy <object_marker> Quasar Distributors, LLC <triple_end>", "target_serialized_plain": "Zevenbergen Genea Fund administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf Advisor Managed Portfolios ; transferAgent U.S. Bancorp Fund Services, LLC .\nZevenbergen Growth Fund administrator U.S. Bancorp Fund Services, LLC ; custodian U.S. Bank National Association ; seriesOf Advisor Managed Portfolios ; transferAgent U.S. Bancorp Fund Services, LLC .\nAdvisor Managed Portfolios underwrittenBy Quasar Distributors, LLC .", "stats": {"input_chars": 11276, "n_triples": 9, "text_to_json_ratio": 13.3}}
{"sample_id": "0002008359:ALL", "cik": "0002008359", "trust_name": "Capital Group Conservative Equity ETF", "input_text": "rospectus\nPrincipal\ninvestment strategies The fund\nseeks to invest primarily in common stocks of companies that are likely to participate in the growth of the American economy and whose\ndividends appear to be sustainable. Under normal market conditions, the fund will invest at least 80% of its assets in common stocks\nand other equity-type securities. The fund invests primarily in the United States and Canada.\nThe fund s\nequity investments are limited to securities of companies that are included on an eligible list. When determining whether to include\na security on the eligible list, the investment adviser principally considers whether a company is deemed to have a strong balance sheet\nand sustainable dividend payment prospects. Although the fund focuses on investments in medium to larger capitalization companies, the\nfund s investments are not limited to a particular capitalization size.\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.\nCapital\nGroup Conservative 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 ratin\n...\nes 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 Conservative 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 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\nGrant\nL. Cambridge\n2024\nPartner\nCapital International Investors\nCharles\nE. Ellwein Co-President\n2024\nPartner\nCapital Research Global Investors\nCheryl\nE. Frank\n2024\nPartner\nCapital International Investors\nMartin\nJacobs\n2024\nPartner\nCapital Research Global Investors\nJames\nB. Lovelace\n2024\nPartner\nCapital Research Global Investors\nWilliam\nL. Robbins Co-President and Trustee\n2024\nPartner\nCapital International Investors\nBrant\nW. Thompson\n2024\nPartner\nCapital International Investors\n5 Capital\nGroup Conservative Equity ETF / Prospectus\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-\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 Conservative 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 interruption\n...\npostage used at the fund s offices.\nUnder the Agreement, the investment\nadviser receives a management fee at the annual rate of 0.33%. 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 $500,000.\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 Conservative Equity ETF Page 40\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 fro", "ontology": {"Fund": {"administrator": ["Administrator"], "advisedBy": ["InvestmentAdviser"], "custodian": ["Administrator"], "seriesOf": ["Trust"], "transferAgent": ["Administrator"]}, "Trust": {"underwrittenBy": ["Distributor"]}}, "target_triples": [{"s": "fund:Capital_Group_Conservative_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_Conservative_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_Conservative_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_Conservative_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_Conservative_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_Conservative_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_Conservative_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 Conservative 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 Conservative Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group Conservative Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group Conservative 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 Conservative Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group Conservative Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14412, "n_triples": 6, "text_to_json_ratio": 23.0}}
{"sample_id": "0002008517:ALL", "cik": "0002008517", "trust_name": "Capital Group New Geography Equity ETF", "input_text": "environment, the presence\nof government regulation limiting or banning foreign ownership, and restrictions on repatriation of initial capital, dividends, interest\nand/or capital gains, and may also consider whether the country is designated as a developed market by MSCI Inc. When assessed along\nthese criteria, a developed country will generally resemble the United States and European Union countries more closely relative to developing\ncountries.\nIn addition,\nunder normal market conditions, the fund invests at least 30% of its assets in equity securities of issuers domiciled in qualified developing\ncountries. For purposes of this investment strategy, a qualified developing country will generally resemble the United States and European\nUnion countries more closely relative to nonqualified developing countries. The fund s investment adviser maintains a list of qualified\ndeveloping countries and securities in which the fund may invest. As of December 1, 2024, the qualified developing countries for purposes\nof the fund s investment strategy include Argentina, Bahrain, Bangladesh, Belarus, Belize, Bolivia, Botswana, Brazil, Bulgaria,\nChile, China, Colombia, Costa Rica, Croatia, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Gabon, Ghana,\nGreece, Hungary, India, Indonesia, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Macau, Malaysia, Mauritius,\nMexico, Morocco, Namibia, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Saudi Arabia, Serbia, Slovakia,\nSouth Africa, Sri Lanka, Thailand, Trinidad and Tobago, Tunisia, Turkey, Ukraine, United Arab Emirates, Uruguay, Venezuela, Vietnam and\nZambia. It is possible that the fund may not have investments in one or more of these countries at any given time.\nCapital\nGroup New Geography Equity ETF / Prospectus 2\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 adviser uses a system\nof multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed by individual managers.\nFor more information regarding the investment process of the fund, see the Management and organization section of this\nprospectus.\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.\n3 Capital\nGroup New Geography Equity ETF / Prospectus\nPrincipal risks This section describes the principal risks associated with\ninvesting in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter\nperiod 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 fluctuation\n...\ns 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 New Geography Equity ETF / Prospectus 6\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 Because the fund has been in operation for less than one full calendar year, information\nregarding 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\nBradford\nF. Freer Co-President\n2024\nPartner\nCapital Research Global Investors\nMatt\nHochstetler\n2024\nPartner\nCapital World Investors\nDawid\nJustus Co-President\n2024\nPartner\n- Capital World Investors\nCarl\nM. Kawaja\n2024\nPartner\nCapital World Investors\nWinnie\nKwan\n2024\nPartner\nCapital Research Global Investors\nRobert\nW. Lovelace\n2024\nPartner\nCapital International Investors\nPiyada\nPhanaphat\n2024\nPartner\nCapital World Investors\nAkira\nShiraish i\n2024\nPartner\nCapital International Investors\nTomonori\nTani\n2024\nPartner\nCapital World Investors\nLisa\nThompson Co-President\n2024\nPartner\nCapital International Investors\nChristopher\nThomsen\n2024\nPartner\nCapital Research Global Investors\n7 Capital\nGroup New Geography Equity ETF / Prospectus\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 Divid\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.\n23 Capital\nGroup New Geography 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...\npostage used at the fund s offices.\nUnder\nthe Agreement, the investment adviser receives a management fee at the annual rate of 0.64%. 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 period from June 25, 2024 (commencement of operations) to May 31, 2025, the investment adviser earned from the fund a management fee\nof $789,000.\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 New Geography 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\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_New_Geography_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_New_Geography_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_New_Geography_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_New_Geography_Equity_ETF", "p": "seriesOf", "o": "trust:Capital_Group_New_Geography_Equity_ETF", "alias_grounded": true, "grounded": true, "context_grounded": true, "extractable": true}, {"s": "fund:Capital_Group_New_Geography_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_New_Geography_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 New Geography 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 New Geography Equity ETF <predicate_marker> transferAgent <object_marker> State Street Bank and Trust Company <triple_end>\n<triple_start> Capital Group New Geography Equity ETF <predicate_marker> underwrittenBy <object_marker> Capital Client Group, Inc. <triple_end>", "target_serialized_plain": "Capital Group New Geography 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 New Geography Equity ETF ; transferAgent State Street Bank and Trust Company .\nCapital Group New Geography Equity ETF underwrittenBy Capital Client Group, Inc. .", "stats": {"input_chars": 14413, "n_triples": 6, "text_to_json_ratio": 22.9}}