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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 574.92 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 560.92 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 82.97 560.92 Td (T) Tj ET Q q 0 0 0 rg BT 88.81 560.92 Td (urnover) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 560.92 Td (.......................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 560.92 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 546.92 Td (Disclosure of Portfolio Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 546.92 Td (.................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 546.92 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 533.08 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 532.92 Td (.................................................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 533.08 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 519.92 Td (The Board of Directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 519.92 Td (................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 519.92 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 505.92 Td (Of) Tj ET Q q 0 0 0 rg BT 55.46 505.92 Td (ficers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 505.92 Td (........................................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 505.92 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 491.92 Td (Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 491.92 Td (.............................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 491.92 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.92 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 71.30 477.92 Td (V) Tj ET Q q 0 0 0 rg BT 77.79 477.92 Td (oting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 477.92 Td (..................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 477.92 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 464.08 Td (The Funds) Tj ET Q q 0 0 0 rg BT 87.81 464.08 Td ( Principal Shar) Tj ET Q q 0 0 0 rg BT 152.36 464.08 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 463.92 Td (............................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 464.08 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 451.08 Td (Service Pr) Tj ET Q q 0 0 0 rg BT 83.05 451.08 Td (oviders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 450.92 Td (.........................................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 451.08 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 437.92 Td (Investment ) Tj ET Q q 0 0 0 rg BT 91.66 437.92 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 437.92 Td (......................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 437.92 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 423.92 Td (Portfolio Managers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 423.92 Td (......................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 423.92 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 409.92 Td (T) Tj ET Q q 0 0 0 rg BT 50.93 409.92 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 80.74 409.92 Td (Agent and ) Tj ET Q q 0 0 0 rg BT 124.06 409.92 Td (Administrator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 409.92 Td (...............................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 409.92 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 395.92 Td (Sub-Administrator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 395.92 Td (.......................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 395.92 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.92 Td (Distributor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 381.92 Td (....................................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 381.92 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 367.92 Td (Custodian Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.50 367.92 Td (...........................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 367.92 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 353.92 Td (Securities Lending ) Tj ET Q q 0 0 0 rg BT 122.48 353.92 Td (Agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 353.92 Td (............................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 353.92 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 339.92 Td (Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 169.97 339.92 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 339.92 Td (........................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 339.92 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 326.08 Td (Br) Tj ET Q q 0 0 0 rg BT 50.02 326.08 Td (okerage ) Tj ET Q q 0 0 0 rg BT 86.03 326.08 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 325.92 Td (...................................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 326.08 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 312.92 Td (Regular Broker) Tj ET Q q 0 0 0 rg BT 106.82 312.92 Td (-Dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 312.92 Td (...............................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 312.92 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 299.08 Td (Information ) Tj ET Q q 0 0 0 rg BT 93.45 299.08 Td (About Fund Shar) Tj ET Q q 0 0 0 rg BT 168.11 299.08 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 298.92 Td (.................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 299.08 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.92 Td (Multiple Class Structure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 285.92 Td (..............................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 285.92 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 271.92 Td (V) Tj ET Q q 0 0 0 rg BT 51.67 271.92 Td (aluation of a Fund) Tj ET Q q 0 0 0 rg BT 127.21 271.92 Td (s Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.00 271.92 Td (..................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 271.92 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 257.92 Td (Special Requirements for Lar) Tj ET Q q 0 0 0 rg BT 162.92 257.92 Td (ge Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 257.92 Td (............................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 257.92 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 244.08 Td (T) Tj ET Q q 0 0 0 rg BT 45.21 244.08 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 243.92 Td (..............................................................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 244.08 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 230.92 Td (Federal Income ) Tj ET Q q 0 0 0 rg BT 109.79 230.92 Td (T) Tj ET Q q 0 0 0 rg BT 115.20 230.92 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 230.92 Td (..................................................................................................................................................................) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 230.92 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 217.08 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.00 216.92 Td (....................................................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 217.08 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 204.08 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 82.91 204.08 Td (A) Tj ET Q q 0 0 0 rg BT 89.58 204.08 Td ( Principal Shar) Tj ET Q q 0 0 0 rg BT 161.72 204.08 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 203.92 Td (........................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.40 204.08 Td (A-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 191.08 Td (Appendix B Explanation of Fixed-Income Securities Ratings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 190.92 Td (..............................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.00 191.08 Td (B-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 178.08 Td (Appendix C - Pr) Tj ET Q q 0 0 0 rg BT 109.10 178.08 Td (oxy ) Tj ET Q q 0 0 0 rg BT 126.42 178.08 Td (V) Tj ET Q q 0 0 0 rg BT 132.73 178.08 Td (oting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 177.92 Td (...........................................................................................................................................) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.40 178.08 Td (C-1) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 736.85 Td (The Funds) Tj ET Q q 0 0 0 rg BT 118.70 736.85 Td ( History) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 721.85 Td (American Century ) Tj ET Q q 0 0 0 rg BT 107.96 721.85 Td (V) Tj ET Q q 0 0 0 rg BT 114.07 721.85 Td (ariable Portfolios, Inc. is a registered open-end management investment company that was or) Tj ET Q q 0 0 0 rg BT 486.55 721.85 Td (ganized as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 709.85 Td (Maryland corporation on June 4, 1987. ) Tj ET Q q 0 0 0 rg BT 189.62 709.85 Td (The corporation was known as ) Tj ET Q q 0 0 0 rg BT 314.68 709.85 Td (TCI Portfolios, Inc. until May 1997. ) Tj ET Q q 0 0 0 rg BT 461.99 709.85 Td (Throughout this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 697.85 Td (statement of additional information we refer to ) Tj ET Q q 0 0 0 rg BT 220.61 697.85 Td (American Century ) Tj ET Q q 0 0 0 rg BT 297.07 697.85 Td (V) Tj ET Q q 0 0 0 rg BT 303.18 697.85 Td (ariable Portfolios, Inc., as the corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.85 Td (Each fund described in this statement of additional information is a separate series of the corporation and operates for many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.85 Td (purposes as if it were an independent company) Tj ET Q q 0 0 0 rg BT 218.29 670.85 Td (. Each fund has its own investment objective, strategy) Tj ET Q q 0 0 0 rg BT 433.15 670.85 Td (, management team, assets, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 658.85 Td (tax identification and stock registration numbers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 631.35 m 302 631.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 631.35 m 572 631.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 603.35 m 302 603.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 603.35 m 572 603.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 589.35 m 302 589.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 589.35 m 572 589.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 561.35 m 302 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 561.35 m 572 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 547.35 m 302 547.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 547.35 m 572 547.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 533.35 m 302 533.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 533.35 m 572 533.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 505.35 m 302 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 505.35 m 572 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 491.35 m 302 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 491.35 m 572 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 463.35 m 302 463.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 463.35 m 572 463.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 449.35 m 302 449.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 449.35 m 572 449.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 421.35 m 302 421.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 421.35 m 572 421.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 407.35 m 302 407.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 407.35 m 572 407.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 379.35 m 302 379.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 379.35 m 572 379.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 365.35 m 302 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 365.35 m 572 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 337.35 m 302 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 337.35 m 572 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 323.35 m 302 323.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 323.35 m 572 323.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 295.35 m 302 295.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 295.35 m 572 295.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 281.35 m 302 281.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 281.35 m 572 281.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 253.35000000000002 m 302 253.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 253.35000000000002 m 572 253.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 239.35000000000002 m 302 239.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 239.35000000000002 m 572 239.35000000000002 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 635.91 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 304.50 635.91 Td (Inception Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 622.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 622.08 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 621.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 607.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 607.92 Td (05/01/1991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 593.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 593.92 Td (05/02/2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 580.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 580.08 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 83.67 580.08 Td (Appr) Tj ET Q q 0 0 0 rg BT 106.09 580.08 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 579.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 565.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 565.92 Td (1) Tj ET Q q 0 0 0 rg BT 309.31 565.92 Td (1/20/1987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 551.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 551.92 Td (04/25/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 537.92 Td (Class ) Tj ET Q q 0 0 0 rg BT 70.48 537.92 Td (Y) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 537.92 Td (09/22/2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 524.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 524.08 Td ( Gr) Tj ET Q q 0 0 0 rg BT 61.90 524.08 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 523.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 509.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 509.92 Td (05/02/201) Tj ET Q q 0 0 0 rg BT 344.87 509.92 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 495.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 495.92 Td (05/02/201) Tj ET Q q 0 0 0 rg BT 344.87 495.92 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 482.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 482.08 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 106.90 482.08 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 481.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 467.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 467.92 Td (10/30/1997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 453.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 453.92 Td (05/01/2002) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 440.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 440.08 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 439.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 425.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 425.92 Td (05/01/1994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 411.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 411.92 Td (08/15/2001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 398.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 398.08 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 121.91 398.08 Td (V) Tj ET Q q 0 0 0 rg BT 128.58 398.08 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 397.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 383.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 383.92 Td (12/01/2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 369.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 369.92 Td (10/29/2004) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 356.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 356.08 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 90.25 356.08 Td (V) Tj ET Q q 0 0 0 rg BT 96.92 356.08 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 355.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 341.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 341.92 Td (12/01/2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 327.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 327.92 Td (10/29/2004) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 314.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 314.08 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 313.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 299.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 299.92 Td (05/01/2001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 285.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 285.92 Td (05/01/2002) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 272.08 Td (VP) Tj ET Q q 0 0 0 rg BT 47.28 272.08 Td ( ) Tj ET Q q 0 0 0 rg BT 49.60 272.08 Td (V) Tj ET Q q 0 0 0 rg BT 55.90 272.08 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 271.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 257.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 257.92 Td (05/01/1996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 243.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 243.92 Td (08/14/2001) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 736.85 Td (Fund Investment Guidelines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 721.85 Td (This section explains the extent to which the funds) Tj ET Q q 0 0 0 rg BT 236.82 721.85 Td ( advisor) Tj ET Q q 0 0 0 rg BT 268.36 721.85 Td (, ) Tj ET Q q 0 0 0 rg BT 272.81 721.85 Td (American Century Investment Management, Inc. \(ACIM\), can use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 709.85 Td (various investment vehicles and strategies in managing a fund) Tj ET Q q 0 0 0 rg BT 282.54 709.85 Td (s assets. Descriptions of the investment techniques and risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 697.85 Td (associated with each appear in the section, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 203.65 697.85 Td (Investment Strategies and Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.57 697.85 Td (, which begins on page 5. In the case of the funds) Tj ET Q q 0 0 0 rg BT 530.61 697.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 685.85 Td (principal investment strategies, these descriptions elaborate upon the discussion contained in the prospectuses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.85 Td (Each fund is diversified as defined in the Investment Company ) Tj ET Q q 0 0 0 rg BT 285.33 670.85 Td (Act of 1940 \(the Investment Company ) Tj ET Q q 0 0 0 rg BT 441.41 670.85 Td (Act\). Diversified means that, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 658.85 Td (with respect to 75% of its total assets, each fund will not invest more than 5% of its total assets in the securities of a single issuer or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 646.85 Td (own more than 10% of the outstanding voting securities of a single issuer \(other than U.S. government securities and securities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 634.85 Td (other investment companies\).) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 614.05 Td (All Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 599.05 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 599.05 Td (o meet federal tax requirements for qualification as a regulated investment company) Tj ET Q q 0 0 0 rg BT 373.07 599.05 Td (, each fund must limit its investments so that at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 587.05 Td (the close of each quarter of its taxable year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 572.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.05 Td (no more than 25% of its total assets are invested in the securities of a single issuer \(other than the U.S. government or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.05 Td (regulated investment company\), and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 545.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.05 Td (with respect to at least 50% of its total assets, no more than 5% of its total assets are invested in the securities of a single issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.05 Td (\(other than the U.S. government or a regulated investment company\) and it does not own more than 10% of the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.05 Td (voting securities of a single issuer) Tj ET Q q 0 0 0 rg BT 184.75 521.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 506.05 Td (In general, within the restrictions outlined here and in the funds) Tj ET Q q 0 0 0 rg BT 288.18 506.05 Td ( prospectuses, the fund managers have broad powers to decide how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 494.05 Td (to invest fund assets, including the power to hold them uninvested. Investments are varied according to what is judged advantageous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 482.05 Td (under changing economic conditions. It is the advisor) Tj ET Q q 0 0 0 rg BT 246.27 482.05 Td () Tj ET Q q 0 0 0 rg BT 249.04 482.05 Td (s policy to retain maximum flexibility in management without restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 470.05 Td (provisions as to the proportion of one or another class of securities that may be held, subject to the investment restrictions described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 458.05 Td (on the following pages. Subject to the specific limitations applicable to a fund, the funds) Tj ET Q q 0 0 0 rg BT 387.90 458.05 Td ( management teams may invest the assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 446.05 Td (of each fund in varying amounts in other instruments and may use other techniques when such a course is deemed appropriate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 434.05 Td (pursue a fund) Tj ET Q q 0 0 0 rg BT 88.71 434.05 Td (s investment objective. Unless otherwise noted, all investment restrictions described below and in each fund) Tj ET Q q 0 0 0 rg BT 524.15 434.05 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 422.05 Td (prospectus are measured at the time of the transaction in the security) Tj ET Q q 0 0 0 rg BT 304.92 422.05 Td (. If market action af) Tj ET Q q 0 0 0 rg BT 383.86 422.05 Td (fecting fund securities \(including, but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 410.05 Td (limited to, appreciation, depreciation or a credit rating event\) causes a fund to exceed an investment restriction, the advisor is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 398.05 Td (required to take immediate action. Under normal market conditions, however) Tj ET Q q 0 0 0 rg BT 340.16 398.05 Td (, the advisor) Tj ET Q q 0 0 0 rg BT 389.69 398.05 Td () Tj ET Q q 0 0 0 rg BT 392.47 398.05 Td (s policies and procedures indicate that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 386.05 Td (advisor will not make any purchases that will make the fund further outside the investment restriction.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 365.25 Td (VP) Tj ET Q q 0 0 0 rg BT 49.39 365.25 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 99.96 365.25 Td (Appr) Tj ET Q q 0 0 0 rg BT 131.60 365.25 Td (eciation, ) Tj ET Q q 0 0 0 rg BT 185.00 365.25 Td (VP) Tj ET Q q 0 0 0 rg BT 202.89 365.25 Td ( Gr) Tj ET Q q 0 0 0 rg BT 223.24 365.25 Td (owth, ) Tj ET Q q 0 0 0 rg BT 259.55 365.25 Td (VP) Tj ET Q q 0 0 0 rg BT 277.44 365.25 Td ( International and ) Tj ET Q q 0 0 0 rg BT 389.59 365.25 Td (VP) Tj ET Q q 0 0 0 rg BT 407.48 365.25 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 350.25 Td (It is the advisor) Tj ET Q q 0 0 0 rg BT 93.80 350.25 Td () Tj ET Q q 0 0 0 rg BT 96.58 350.25 Td (s intention that each fund will generally consist of domestic and foreign common stocks, convertible securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 338.25 Td (equity equivalent securities. Senior securities that, in the opinion of the portfolio managers, are high-grade issues also may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 326.25 Td (purchased for defensive purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 311.25 Td (So long as a suf) Tj ET Q q 0 0 0 rg BT 94.65 311.25 Td (ficient number of acceptable securities are available, the portfolio managers intend to keep the funds fully invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 299.25 Td (in securities, regardless of the movement of stock or bond prices, generally) Tj ET Q q 0 0 0 rg BT 331.04 299.25 Td (. However) Tj ET Q q 0 0 0 rg BT 372.29 299.25 Td (, should a fund) Tj ET Q q 0 0 0 rg BT 434.50 299.25 Td (s investment methodology fail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 287.25 Td (to identify suf) Tj ET Q q 0 0 0 rg BT 87.42 287.25 Td (ficient acceptable securities, or for any other reason, including the desire to take a temporary defensive position, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 275.25 Td (funds may invest up to 100% of their assets in U.S. government securities. In most circumstances, each fund) Tj ET Q q 0 0 0 rg BT 468.35 275.25 Td (s actual level of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 263.25 Td (and cash equivalents will be less than 10%. ) Tj ET Q q 0 0 0 rg BT 207.11 263.25 Td (The managers may use futures contracts as a way to expose each fund) Tj ET Q q 0 0 0 rg BT 489.78 263.25 Td (s cash assets to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 251.25 Td (the market while maintaining liquidity) Tj ET Q q 0 0 0 rg BT 184.71 251.25 Td (. ) Tj ET Q q 0 0 0 rg BT 189.53 251.25 Td (The managers may not leverage a fund) Tj ET Q q 0 0 0 rg BT 347.79 251.25 Td (s portfolio without appropriately segregating assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 239.25 Td (to cover such positions. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 145.37 239.25 Td (Derivative Instruments,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.80 239.25 Td ( page 8, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.67 239.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 296.08 239.25 Td (es and Options,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.58 239.25 Td ( page 12 and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 411.90 239.25 Td (Short-T) Tj ET Q q 0 0 0 rg BT 441.54 239.25 Td (erm Securities,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.52 239.25 Td ( page 22.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 218.45 Td (VP) Tj ET Q q 0 0 0 rg BT 49.39 218.45 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 203.45 Td (In general, within the restrictions outlined here and in the fund) Tj ET Q q 0 0 0 rg BT 284.48 203.45 Td (s prospectus, the portfolio managers have broad powers to decide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.45 Td (how to invest fund assets, including the power to hold them uninvested. ) Tj ET Q q 0 0 0 rg BT 320.35 191.45 Td (As a matter of fundamental policy) Tj ET Q q 0 0 0 rg BT 456.60 191.45 Td (, the managers will invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 179.45 Td (approximately 60% of the fund) Tj ET Q q 0 0 0 rg BT 159.24 179.45 Td (s portfolio in equity securities and the remainder in bonds and other fixed-income securities. ) Tj ET Q q 0 0 0 rg BT 530.90 179.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 167.45 Td (equity portion of the fund generally will be invested in equity securities of publicly traded U.S. companies with a market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 155.45 Td (capitalization greater than $2 billion. ) Tj ET Q q 0 0 0 rg BT 181.27 155.45 Td (The fund) Tj ET Q q 0 0 0 rg BT 220.42 155.45 Td (s investment approach may cause its equity portion to be more heavily invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.45 Td (some industries than in others. However) Tj ET Q q 0 0 0 rg BT 192.18 143.45 Td (, it may not invest more than 25% of its net assets in companies whose principal business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 131.45 Td (activities are in the same industry) Tj ET Q q 0 0 0 rg BT 164.98 131.45 Td (. In addition, as a diversified investment company) Tj ET Q q 0 0 0 rg BT 364.00 131.45 Td (, its investments in a single issue are limited, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 119.45 Td (described above in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 108.97 119.45 Td (Fund Investment Guidelines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.22 119.45 Td ( ) Tj ET Q q 0 0 0 rg BT 226.54 119.45 Td (The portfolio managers also may purchase foreign securities, convertible securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 107.45 Td (equity-equivalent securities, futures contracts and similar securities, and short-term securities. For more information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 95.45 Td (equity equivalents, see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 124.81 95.45 Td (Equity Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.62 95.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 80.45 Td (The fixed-income portion of the fund generally will be invested in a diversified portfolio of high- and medium-grade government, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.45 Td (corporate, mortgage-backed, asset-backed and similar securities. ) Tj ET Q q 0 0 0 rg BT 292.04 68.45 Td (There are no maturity restrictions on the individual securities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.45 Td (which the fund invests. ) Tj ET Q q 0 0 0 rg BT 126.58 56.45 Td (The fixed-income portion of the fund will have a weighted average maturity of three and one-half years or ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (longer) Tj ET Q q 0 0 0 rg BT 56.50 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 61.31 742.10 Td (The managers will actively manage the portfolio, adjusting the portfolio) Tj ET Q q 0 0 0 rg BT 352.34 742.10 Td (s weighted average maturity in response to expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (changes in interest rates. During periods of rising interest rates, or when rates are expected to rise, a shorter) Tj ET Q q 0 0 0 rg BT 460.31 730.10 Td (-weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (maturity may be adopted in order to reduce the ef) Tj ET Q q 0 0 0 rg BT 229.30 718.10 Td (fect of bond price declines on the fund) Tj ET Q q 0 0 0 rg BT 386.19 718.10 Td (s net asset value. ) Tj ET Q q 0 0 0 rg BT 455.71 718.10 Td (When interest rates are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (falling, or expected to fall, and bond prices rising, or expected to rise, a longer) Tj ET Q q 0 0 0 rg BT 344.53 706.10 Td (-weighted average portfolio maturity may be adopted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 691.10 Td (o achieve its objective, the fixed-income portion of the fund may invest some or all of its assets in a diversified portfolio of high- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (and medium-grade debt securities payable in U.S. and up to 10% in foreign currencies. Non-investment-grade securities are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (to greater credit risk and consequently of) Tj ET Q q 0 0 0 rg BT 195.15 667.10 Td (fer higher yields.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (The fixed-income portion of the fund may invest no more than 5% of its assets in securities rated below investment grade. For a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 640.10 Td (description of the fixed-income securities rating system, see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.93 640.10 Td (Explanation of Fixed-Income Securities Ratings,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.60 640.10 Td ( in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 481.38 640.10 Td (Appendix B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.75 640.10 Td (. It also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 628.10 Td (may invest in unrated securities if the portfolio managers determine that they are of equivalent credit quality) Tj ET Q q 0 0 0 rg BT 464.03 628.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.85 628.10 Td (The fixed-income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (portion of ) Tj ET Q q 0 0 0 rg BT 73.54 616.10 Td (VP) Tj ET Q q 0 0 0 rg BT 85.95 616.10 Td ( Balanced also may invest in derivative instruments such as options, futures contracts, options on futures contracts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (and swap agreements \(including, but not limited to, credit default swap agreements\), or in mortgage- or asset-backed securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (provided that such investments are in keeping with the fund) Tj ET Q q 0 0 0 rg BT 273.39 592.10 Td (s investment objective.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (The fixed-income portion of ) Tj ET Q q 0 0 0 rg BT 147.39 577.10 Td (VP) Tj ET Q q 0 0 0 rg BT 159.81 577.10 Td ( Balanced may invest in U.S. dollar) Tj ET Q q 0 0 0 rg BT 301.80 577.10 Td (-denominated securities issued or guaranteed by the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (government and its agencies and instrumentalities. Specifically) Tj ET Q q 0 0 0 rg BT 283.28 565.10 Td (, it may invest in \(1\) direct obligations of the United States, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 553.10 Td (reasury bills, notes and bonds, which are supported by the full faith and credit of the United States; and \(2\) obligations \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (mortgage-related securities\) issued or guaranteed by agencies and instrumentalities of the U.S. government. ) Tj ET Q q 0 0 0 rg BT 464.51 541.10 Td (These agencies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 529.10 Td (instrumentalities may include, but are not limited to, the Government National Mortgage ) Tj ET Q q 0 0 0 rg BT 388.64 529.10 Td (Association, Federal National Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 517.10 Td (Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks, Federal Home Loan Banks and Resolution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 505.10 Td (Funding Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (The securities of some of these agencies and instrumentalities, such as the Government National Mortgage ) Tj ET Q q 0 0 0 rg BT 460.26 490.10 Td (Association, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 478.10 Td (guaranteed as to principal and interest by the U.S. ) Tj ET Q q 0 0 0 rg BT 233.20 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 238.96 478.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 267.74 478.10 Td (, and other securities are supported by the right of the issuer) Tj ET Q q 0 0 0 rg BT 506.71 478.10 Td (, such as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 466.10 Td (Federal Home Loan Banks, to borrow from the ) Tj ET Q q 0 0 0 rg BT 222.11 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 227.86 466.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 256.64 466.10 Td (. Other obligations, including those issued by the Federal National ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 454.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 72.33 454.10 Td (Association and the Federal Home Loan Mortgage Corporation, are supported only by the credit of the instrumentality) Tj ET Q q 0 0 0 rg BT 545.72 454.10 Td (.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 433.30 Td (VP) Tj ET Q q 0 0 0 rg BT 49.39 433.30 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 132.73 433.30 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 418.30 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 418.30 Td ( Income & Growth will generally be invested in equity securities of publicly traded U.S. companies with a market capitalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 406.30 Td (greater than $2 billion. ) Tj ET Q q 0 0 0 rg BT 124.90 406.30 Td (The fund) Tj ET Q q 0 0 0 rg BT 164.06 406.30 Td (s investment approach may cause its investments in equity securities to be more heavily invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 394.30 Td (some industries than in others. However) Tj ET Q q 0 0 0 rg BT 192.18 394.30 Td (, it may not invest more than 25% of the net assets in companies whose principal business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.30 Td (activities are in the same industry) Tj ET Q q 0 0 0 rg BT 164.98 382.30 Td (. In addition, as a diversified investment company) Tj ET Q q 0 0 0 rg BT 364.00 382.30 Td (, its investments in a single issuer are limited, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 370.30 Td (described previously in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 127.31 370.30 Td (Fund Investment Guidelines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 370.30 Td (. ) Tj ET Q q 0 0 0 rg BT 244.88 370.30 Td (The portfolio managers also may purchase foreign securities, convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 358.30 Td (securities, equity-equivalent securities, futures contracts and similar securities, and short-term securities.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 337.50 Td (VP) Tj ET Q q 0 0 0 rg BT 49.39 337.50 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 153.75 337.50 Td (V) Tj ET Q q 0 0 0 rg BT 162.57 337.50 Td (alue, ) Tj ET Q q 0 0 0 rg BT 194.21 337.50 Td (VP) Tj ET Q q 0 0 0 rg BT 212.10 337.50 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 272.13 337.50 Td (V) Tj ET Q q 0 0 0 rg BT 280.96 337.50 Td (alue and ) Tj ET Q q 0 0 0 rg BT 335.17 337.50 Td (VP) Tj ET Q q 0 0 0 rg BT 353.06 337.50 Td ( ) Tj ET Q q 0 0 0 rg BT 356.30 337.50 Td (V) Tj ET Q q 0 0 0 rg BT 365.13 337.50 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 322.50 Td (The managers of ) Tj ET Q q 0 0 0 rg BT 101.01 322.50 Td (VP) Tj ET Q q 0 0 0 rg BT 113.42 322.50 Td ( Lar) Tj ET Q q 0 0 0 rg BT 129.62 322.50 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 182.76 322.50 Td (V) Tj ET Q q 0 0 0 rg BT 188.88 322.50 Td (alue, ) Tj ET Q q 0 0 0 rg BT 210.35 322.50 Td (VP) Tj ET Q q 0 0 0 rg BT 222.76 322.50 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 262.86 322.50 Td (V) Tj ET Q q 0 0 0 rg BT 268.98 322.50 Td (alue and ) Tj ET Q q 0 0 0 rg BT 304.89 322.50 Td (VP) Tj ET Q q 0 0 0 rg BT 317.30 322.50 Td ( ) Tj ET Q q 0 0 0 rg BT 319.62 322.50 Td (V) Tj ET Q q 0 0 0 rg BT 325.73 322.50 Td (alue will invest primarily in stocks of companies that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 310.50 Td (managers believe are undervalued at the time of purchase. ) Tj ET Q q 0 0 0 rg BT 266.21 310.50 Td (The portfolio managers usually will purchase equity securities of U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 298.50 Td (and foreign companies, but they can purchase other types of securities as well, such as notes, bonds and other debt securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 283.50 Td (Income is a secondary objective of ) Tj ET Q q 0 0 0 rg BT 172.93 283.50 Td (VP) Tj ET Q q 0 0 0 rg BT 185.34 283.50 Td ( Lar) Tj ET Q q 0 0 0 rg BT 201.54 283.50 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 254.68 283.50 Td (V) Tj ET Q q 0 0 0 rg BT 260.80 283.50 Td (alue, ) Tj ET Q q 0 0 0 rg BT 282.27 283.50 Td (VP) Tj ET Q q 0 0 0 rg BT 294.68 283.50 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 334.78 283.50 Td (V) Tj ET Q q 0 0 0 rg BT 340.89 283.50 Td (alue and ) Tj ET Q q 0 0 0 rg BT 376.81 283.50 Td (VP) Tj ET Q q 0 0 0 rg BT 389.22 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 391.54 283.50 Td (V) Tj ET Q q 0 0 0 rg BT 397.65 283.50 Td (alue. ) Tj ET Q q 0 0 0 rg BT 418.76 283.50 Td (As a result, a portion of the funds) Tj ET Q q 0 0 0 rg BT 555.21 283.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 271.50 Td (assets may consist of debt securities.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 736.85 Td (Fund Investments and Risks) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 716.05 Td (Investment Strategies and Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 701.05 Td (This section describes investment vehicles and techniques the portfolio managers can use in managing a fund) Tj ET Q q 0 0 0 rg BT 471.65 701.05 Td (s assets. It also details ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 689.05 Td (the risks associated with each, because each investment vehicle and technique contributes to a fund) Tj ET Q q 0 0 0 rg BT 431.08 689.05 Td (s overall risk profile.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 670.65 Td (Asset-Backed Securities \(ABS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.65 Td (ABS are structured like mortgage-backed securities, but instead of mortgage loans or interest in mortgage loans, the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.65 Td (assets may include, for example, such items as motor vehicle installment sales or installment loan contracts, leases of various types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.65 Td (of real and personal property) Tj ET Q q 0 0 0 rg BT 146.36 631.65 Td (, home equity loans, student loans, small business loans, and receivables from credit card agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.65 Td (The ability of an issuer of ) Tj ET Q q 0 0 0 rg BT 136.48 619.65 Td (ABS to enforce its security interest in the underlying assets may be limited. ) Tj ET Q q 0 0 0 rg BT 440.67 619.65 Td (The value of an asset-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.65 Td (security is af) Tj ET Q q 0 0 0 rg BT 82.41 607.65 Td (fected by changes in the market) Tj ET Q q 0 0 0 rg BT 212.08 607.65 Td (s perception of the assets backing the security) Tj ET Q q 0 0 0 rg BT 394.43 607.65 Td (, the creditworthiness of the servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 595.65 Td (agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.65 Td (Payments of principal and interest passed through to holders of ) Tj ET Q q 0 0 0 rg BT 285.89 580.65 Td (ABS are typically supported by some form of credit enhancement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.65 Td (such as a letter of credit, surety bond, limited guarantee by another entity or a priority to certain of the borrower) Tj ET Q q 0 0 0 rg BT 478.94 568.65 Td () Tj ET Q q 0 0 0 rg BT 481.71 568.65 Td (s other securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.65 Td (The degree of credit enhancement varies, and generally applies to only a fraction of the asset-backed security) Tj ET Q q 0 0 0 rg BT 471.03 556.65 Td (s par value until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 544.65 Td (exhausted. If the credit enhancement of an asset-backed security held by the fund has been exhausted, and if any required payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.65 Td (of principal and interest are not made with respect to the underlying loans, the fund may experience losses or delays in receiving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 520.65 Td (payment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 505.65 Td (Some types of ) Tj ET Q q 0 0 0 rg BT 90.67 505.65 Td (ABS may be less ef) Tj ET Q q 0 0 0 rg BT 169.36 505.65 Td (fective than other types of securities as a means of locking in attractive long-term interest rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 493.65 Td (One reason is the need to reinvest prepayments of principal, another is the possibility of significant unscheduled prepayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 481.65 Td (resulting from declines in interest rates. ) Tj ET Q q 0 0 0 rg BT 192.11 481.65 Td (These prepayments would have to be reinvested at lower rates. ) Tj ET Q q 0 0 0 rg BT 445.07 481.65 Td (As a result, these securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 469.65 Td (may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 457.65 Td (maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 445.65 Td (also significantly shorten the ef) Tj ET Q q 0 0 0 rg BT 156.84 445.65 Td (fective maturities of these securities, especially during periods of declining interest rates. Conversely) Tj ET Q q 0 0 0 rg BT 559.95 445.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 433.65 Td (during periods of rising interest rates, a reduction in prepayments may increase the ef) Tj ET Q q 0 0 0 rg BT 372.32 433.65 Td (fective maturities of these securities, subjecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 421.65 Td (them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 409.65 Td (potentially increasing the volatility of the fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 394.65 Td (The risks of investing in ) Tj ET Q q 0 0 0 rg BT 130.66 394.65 Td (ABS are ultimately dependent upon the repayment of loans by the individual or corporate borrowers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.65 Td (Although the fund would generally have no recourse against the entity that originated the loans in the event of default by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 370.65 Td (borrower) Tj ET Q q 0 0 0 rg BT 67.75 370.65 Td (, ) Tj ET Q q 0 0 0 rg BT 72.20 370.65 Td (ABS typically are structured to mitigate this risk of default.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 355.65 Td (ABS are generally issued in more than one class, each with dif) Tj ET Q q 0 0 0 rg BT 281.80 355.65 Td (ferent payment terms. Multiple class ) Tj ET Q q 0 0 0 rg BT 430.10 355.65 Td (ABS may be used as a method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 343.65 Td (of providing credit support through creation of one or more classes whose right to payments is made subordinate to the right to such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 331.65 Td (payments of the remaining class or classes. Multiple classes also may permit the issuance of securities with payment terms, interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 319.65 Td (rates or other characteristics dif) Tj ET Q q 0 0 0 rg BT 157.37 319.65 Td (fering both from those of each other and from those of the underlying assets. Examples include so-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 307.65 Td (called strips \(ABS entitling the holder to disproportionate interests with respect to the allocation of interest and principal of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 295.65 Td (assets backing the security\), and securities with classes having characteristics such as floating interest rates or scheduled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 283.65 Td (amortization of principal.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 265.25 Td (Bank Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 250.25 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 250.25 Td ( Balanced may invest in bank loans, which include senior secured and unsecured floating rate loans of corporations, partnerships, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 238.25 Td (or other entities. ) Tj ET Q q 0 0 0 rg BT 99.08 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.49 238.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 136.05 238.25 Td (, these loans hold a senior position in the borrower) Tj ET Q q 0 0 0 rg BT 338.60 238.25 Td () Tj ET Q q 0 0 0 rg BT 341.38 238.25 Td (s capital structure, may be secured by the borrower) Tj ET Q q 0 0 0 rg BT 545.84 238.25 Td () Tj ET Q q 0 0 0 rg BT 548.62 238.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 226.25 Td (assets and have interest rates that reset frequently) Tj ET Q q 0 0 0 rg BT 228.27 226.25 Td (. ) Tj ET Q q 0 0 0 rg BT 233.09 226.25 Td (These loans are usually rated non-investment grade by the rating agencies. ) Tj ET Q q 0 0 0 rg BT 532.99 226.25 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 214.25 Td (economic downturn generally leads to higher non-payment and default rates by borrowers, and a bank loan can lose a substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 202.25 Td (part of its value due to these and other adverse conditions and events. However) Tj ET Q q 0 0 0 rg BT 347.67 202.25 Td (, as compared to junk bonds, senior floating rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 190.25 Td (loans are typically senior in the capital structure and are often secured by collateral of the borrower) Tj ET Q q 0 0 0 rg BT 427.45 190.25 Td (. ) Tj ET Q q 0 0 0 rg BT 431.90 190.25 Td (A) Tj ET Q q 0 0 0 rg BT 438.57 190.25 Td ( fund) Tj ET Q q 0 0 0 rg BT 462.17 190.25 Td (s investments in bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 178.25 Td (loans are subject to credit risk, and there is no assurance that the liquidation of collateral would satisfy the claims of the borrower) Tj ET Q q 0 0 0 rg BT 549.21 178.25 Td () Tj ET Q q 0 0 0 rg BT 551.99 178.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 166.25 Td (obligations in the event of non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. ) Tj ET Q q 0 0 0 rg BT 524.78 166.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 154.25 Td (interest rates on many bank loans reset frequently) Tj ET Q q 0 0 0 rg BT 229.40 154.25 Td (, and therefore investors are subject to the risk that the return will be less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.25 Td (anticipated when the investment was first made. Most bank loans, like most investment grade bonds, are not traded on any national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 130.25 Td (securities exchange. Bank loans generally have less liquidity than investment grade bonds and there may be less publicly available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 118.25 Td (information about them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 103.25 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 103.25 Td ( fund eligible to invest in bank loans may purchase bank loans from other lenders \(sometimes referred to as loan assignments\) or it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.25 Td (may also acquire a participation interest in another lender) Tj ET Q q 0 0 0 rg BT 261.78 91.25 Td () Tj ET Q q 0 0 0 rg BT 264.56 91.25 Td (s portion of the bank loan. Lar) Tj ET Q q 0 0 0 rg BT 385.73 91.25 Td (ge bank loans to corporations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.25 Td (governments may be shared or syndicated among several lenders, usually commercial or investment banks. ) Tj ET Q q 0 0 0 rg BT 462.49 79.25 Td (A) Tj ET Q q 0 0 0 rg BT 469.16 79.25 Td ( fund may participate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.25 Td (in such syndicates, or can buy part of a loan, becoming a direct lender) Tj ET Q q 0 0 0 rg BT 310.57 67.25 Td (. Participation interests involve special types of risk, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 55.25 Td (liquidity risk and the risks of being a lender) Tj ET Q q 0 0 0 rg BT 205.36 55.25 Td (. Risks of being a lender include credit risk \(the borrower) Tj ET Q q 0 0 0 rg BT 434.83 55.25 Td () Tj ET Q q 0 0 0 rg BT 437.60 55.25 Td (s ability to meet required ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (principal and interest payments under the terms of the loan\), industry risk \(the borrower) Tj ET Q q 0 0 0 rg BT 382.88 742.10 Td () Tj ET Q q 0 0 0 rg BT 385.66 742.10 Td (s industry) Tj ET Q q 0 0 0 rg BT 427.61 742.10 Td (s exposure to rapid change or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (regulation\), financial risk \(the ef) Tj ET Q q 0 0 0 rg BT 160.99 730.10 Td (fectiveness of the borrower) Tj ET Q q 0 0 0 rg BT 270.48 730.10 Td () Tj ET Q q 0 0 0 rg BT 273.26 730.10 Td (s financial policies and use of leverage\), liquidity risk \(the adequacy of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (the borrower) Tj ET Q q 0 0 0 rg BT 83.24 718.10 Td () Tj ET Q q 0 0 0 rg BT 86.02 718.10 Td (s back-up sources of cash\), and collateral risk \(the suf) Tj ET Q q 0 0 0 rg BT 300.76 718.10 Td (ficiency of the collateral) Tj ET Q q 0 0 0 rg BT 400.98 718.10 Td (s value to repay the loan in the event of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (non-payment or default by the borrower\). If a fund purchases a participation interest, it may only be able to enforce its rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (through the lender) Tj ET Q q 0 0 0 rg BT 104.41 694.10 Td (, and may assume the credit risk of the lender in addition to the credit risk of the borrower) Tj ET Q q 0 0 0 rg BT 463.47 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (In addition, transactions in bank loans may take more than seven days to settle. ) Tj ET Q q 0 0 0 rg BT 349.76 679.10 Td (As a result, the proceeds from the sale of bank loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (may not be readily available to make additional investments or to meet the fund) Tj ET Q q 0 0 0 rg BT 353.35 667.10 Td (s redemption obligations. ) Tj ET Q q 0 0 0 rg BT 457.05 667.10 Td (T) Tj ET Q q 0 0 0 rg BT 462.46 667.10 Td (o mitigate these risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (the fund monitors its short-term liquidity needs in light of the longer settlement period of bank loans. Some bank loan interests may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (not be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 182.01 643.10 Td (Act of 1933 and therefore not af) Tj ET Q q 0 0 0 rg BT 310.67 643.10 Td (forded the protections of the federal securities laws.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 624.70 Td (Collateralized Debt Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 609.70 Td (The funds may also invest in collateralized debt obligations \(CDOs\), including collateralized loan obligations \(CLOs\), collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 597.70 Td (bond obligations \(CBOs\), and other similarly structured investments. CBOs and CLOs are types of asset backed securities. ) Tj ET Q q 0 0 0 rg BT 524.75 597.70 Td (A) Tj ET Q q 0 0 0 rg BT 531.42 597.70 Td ( CLO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 585.70 Td (is a trust or other special purpose entity that is typically collateralized by a pool of loans, which may include, among others, U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 573.70 Td (and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 561.70 Td (investment grade or equivalent unrated loans. ) Tj ET Q q 0 0 0 rg BT 215.61 561.70 Td (A) Tj ET Q q 0 0 0 rg BT 222.28 561.70 Td ( CBO is generally a trust which is backed by a diversified pool of high risk, below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 549.70 Td (investment grade fixed income securities. ) Tj ET Q q 0 0 0 rg BT 200.15 549.70 Td (The risks of an investment in a CDO depend lar) Tj ET Q q 0 0 0 rg BT 391.31 549.70 Td (gely on the type of the collateral backing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 537.70 Td (the obligation and the class of the CDO in which a fund invests. CDOs are subject to credit, interest rate, valuation, prepayment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.70 Td (extension risks. ) Tj ET Q q 0 0 0 rg BT 96.04 525.70 Td (These securities are also subject to risk of default on the underlying asset, particularly during periods of economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (downturn. CDOs carry additional risks including, but not limited to, \(i\) the possibility that distributions from collateral securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (will not be adequate to make interest or other payments, \(ii\) the collateral may decline in value or default, \(iii\) a fund may invest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.70 Td (CDOs that are subordinate to other classes, and \(iv\) the complex structure of the security may not be fully understood at the time of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 477.70 Td (investment and may produce disputes with the issuer or unexpected investment results.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 459.30 Td (Convertible Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 444.30 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 444.30 Td ( convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 432.30 Td (prescribed amount of common stock of the same or a dif) Tj ET Q q 0 0 0 rg BT 257.36 432.30 Td (ferent issuer within a particular time period at a specified price or formula. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 420.30 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 420.30 Td ( convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 408.30 Td (the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 396.30 Td (provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.30 Td (on non-convertible debt. Of course, there can be no assurance of current income because issuers of convertible securities may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.30 Td (default on their obligations. In addition, there can be no assurance of capital appreciation because the value of the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 360.30 Td (common stock will fluctuate. Because of the conversion feature, the managers consider some convertible securities to be equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 348.30 Td (equivalents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 333.30 Td (The price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset. ) Tj ET Q q 0 0 0 rg BT 531.91 333.30 Td (A) Tj ET Q q 0 0 0 rg BT 538.58 333.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 321.30 Td (convertible security is subject to risks relating to the activities of the issuer and/or general market and economic conditions. ) Tj ET Q q 0 0 0 rg BT 527.84 321.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 309.30 Td (stream of income typically paid on a convertible security may tend to cushion the security against declines in the price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 297.30 Td (underlying asset. However) Tj ET Q q 0 0 0 rg BT 138.01 297.30 Td (, the value of a convertible security fluctuates based upon changes of the underlying security) Tj ET Q q 0 0 0 rg BT 507.52 297.30 Td (, changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 285.30 Td (interest rates and changes in credit quality of the issuer or quality spreads. In general, the value of a convertible security is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 273.30 Td (function of \(1\) its yield in comparison with yields of other securities of comparable maturity and quality that do not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.30 Td (conversion privilege and \(2\) its worth, at market value, if converted or exchanged into the underlying common stock. ) Tj ET Q q 0 0 0 rg BT 502.57 261.30 Td (The price of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.30 Td (convertible security often reflects such variations in the price of the underlying common stock in a way that a non-convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.30 Td (security does not. ) Tj ET Q q 0 0 0 rg BT 103.71 237.30 Td (At any given time, investment value generally depends upon such factors as the general level of interest rates, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.30 Td (yield of similar nonconvertible securities, the financial strength of the issuer and the seniority of the security in the issuer) Tj ET Q q 0 0 0 rg BT 516.18 225.30 Td () Tj ET Q q 0 0 0 rg BT 518.96 225.30 Td (s capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.30 Td (structure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 198.30 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 198.30 Td ( convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 186.30 Td (held by a fund is called for redemption, the fund would be required to permit the issuer to redeem the security and convert it to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 174.30 Td (underlying common stock or to cash, or would sell the convertible security to a third party) Tj ET Q q 0 0 0 rg BT 391.88 174.30 Td (, which may have an adverse ef) Tj ET Q q 0 0 0 rg BT 517.47 174.30 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 162.30 Td (fund. ) Tj ET Q q 0 0 0 rg BT 54.28 162.30 Td (A) Tj ET Q q 0 0 0 rg BT 60.95 162.30 Td ( convertible security may feature a put option that permits the holder of the convertible security to sell that security back to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 150.30 Td (the issuer at a predetermined price. ) Tj ET Q q 0 0 0 rg BT 173.38 150.30 Td (A) Tj ET Q q 0 0 0 rg BT 180.05 150.30 Td ( fund generally invests in convertible securities for their favorable price characteristics and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 138.30 Td (total return potential and normally would not exercise an option to convert unless the security is called or conversion is forced.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 119.90 Td (Counterparty Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 104.90 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 104.90 Td ( fund will be exposed to the credit risk of the counterparties with which, or the brokers, dealers and exchanges through which, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 92.90 Td (deals, whether it engaged in exchange traded or of) Tj ET Q q 0 0 0 rg BT 232.62 92.90 Td (f-exchange transactions. If a fund) Tj ET Q q 0 0 0 rg BT 372.01 92.90 Td (s futures commission merchant \(FCM\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 80.90 Td (becomes bankrupt or insolvent, or otherwise defaults on its obligations to the fund, the fund may not receive all amounts owed to it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.90 Td (in respect of its trading, despite the clearinghouse fully dischar) Tj ET Q q 0 0 0 rg BT 282.35 68.90 Td (ging all of its obligations. ) Tj ET Q q 0 0 0 rg BT 389.67 68.90 Td (The Commodity Exchange ) Tj ET Q q 0 0 0 rg BT 499.37 68.90 Td (Act requires an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.90 Td (FCM to segregate all funds received from its customers with respect to regulated futures transactions from such FCM) Tj ET Q q 0 0 0 rg BT 504.44 56.90 Td (s proprietary ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (funds. If an FCM were not to do so to the full extent required by law) Tj ET Q q 0 0 0 rg BT 307.74 742.10 Td (, the assets of an account might not be fully protected in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (event of the bankruptcy of an FCM. Furthermore, in the event of an FCM) Tj ET Q q 0 0 0 rg BT 330.88 730.10 Td (s bankruptcy) Tj ET Q q 0 0 0 rg BT 381.61 730.10 Td (, a fund would be limited to recovering only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (a pro rata share of all available funds segregated on behalf of an FCM) Tj ET Q q 0 0 0 rg BT 313.90 718.10 Td (s combined customer accounts, even though certain property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (specifically traceable to the fund \(for example, U.S. ) Tj ET Q q 0 0 0 rg BT 240.96 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 246.71 706.10 Td (reasury bills deposited by the fund\) was held by an FCM. FCM bankruptcies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (have occurred in which customers were unable to recover from the FCM) Tj ET Q q 0 0 0 rg BT 325.01 694.10 Td (s estate the full amount of their funds on deposit with such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (FCM and owing to them. Such situations could arise due to various factors, or a combination of factors, including inadequate FCM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (capitalization, inadequate controls on customer trading and inadequate customer capital. In addition, in the event of the bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 658.10 Td (or insolvency of a clearinghouse, the fund might experience a loss of funds deposited through its FCM as mar) Tj ET Q q 0 0 0 rg BT 470.39 658.10 Td (gin with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 646.10 Td (clearinghouse, a loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 634.10 Td (positions. Such a bankruptcy or insolvency might also cause a substantial delay before the fund could obtain the return of funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.10 Td (owed to it by an FCM who was a member of such clearinghouse.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.10 Td (Because bi-lateral derivative transactions are traded between counterparties based on contractual relationships, a fund is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 595.10 Td (the risk that a counterparty will not perform its obligations under the related contracts. ) Tj ET Q q 0 0 0 rg BT 380.85 595.10 Td (Although each fund intends to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 583.10 Td (transactions only with counterparties which the advisor believes to be creditworthy) Tj ET Q q 0 0 0 rg BT 362.98 583.10 Td (, there can be no assurance that a counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 571.10 Td (will not default and that the funds will not sustain a loss on a transaction as a result. In situations where a fund is required to post ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 559.10 Td (mar) Tj ET Q q 0 0 0 rg BT 46.87 559.10 Td (gin or other collateral with a counterparty) Tj ET Q q 0 0 0 rg BT 212.82 559.10 Td (, the counterparty may fail to segregate the collateral or may commingle the collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.10 Td (with the counterparty) Tj ET Q q 0 0 0 rg BT 119.81 547.10 Td (s own assets. ) Tj ET Q q 0 0 0 rg BT 176.20 547.10 Td (As a result, in the event of the counterparty) Tj ET Q q 0 0 0 rg BT 351.97 547.10 Td (s bankruptcy or insolvency) Tj ET Q q 0 0 0 rg BT 459.36 547.10 Td (, a fund) Tj ET Q q 0 0 0 rg BT 492.40 547.10 Td (s collateral may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 535.10 Td (be subject to the conflicting claims of the counterparty) Tj ET Q q 0 0 0 rg BT 252.54 535.10 Td (s creditors, and a fund may be exposed to the risk of a court treating a fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 523.10 Td (as a general unsecured creditor of the counterparty) Tj ET Q q 0 0 0 rg BT 233.25 523.10 Td (, rather than as the owner of the collateral.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 508.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 508.10 Td ( fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations under those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 496.10 Td (instruments, and that certain events may occur that have an immediate and significant adverse ef) Tj ET Q q 0 0 0 rg BT 417.56 496.10 Td (fect on the value of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 484.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 85.48 484.10 Td (There can be no assurance that an issuer of an instrument in which a fund invests will not default, or that an event that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 472.10 Td (has an immediate and significant adverse ef) Tj ET Q q 0 0 0 rg BT 206.25 472.10 Td (fect on the value of an instrument will not occur) Tj ET Q q 0 0 0 rg BT 398.29 472.10 Td (, and that a fund will not sustain a loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 460.10 Td (on a transaction as a result.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 445.10 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 445.10 Td (ransactions entered into by a fund may be executed on various U.S. and non-U.S. exchanges, and may be cleared and settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 433.10 Td (through various clearinghouses, custodians, depositories and prime brokers throughout the world. ) Tj ET Q q 0 0 0 rg BT 426.15 433.10 Td (Although a fund attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 421.10 Td (execute, clear and settle the transactions through entities the advisor believes to be sound, there can be no assurance that a failure by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 409.10 Td (any such entity will not lead to a loss to a fund. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 390.70 Td (Cyber) Tj ET Q q 0 0 0 rg BT 63.28 390.70 Td ( Security Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 375.70 Td (As the funds increasingly rely on technology and information systems to operate, they become susceptible to operational risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 363.70 Td (linked to security breaches in those information systems. Both calculated attacks and unintentional events can cause failures in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.70 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 351.70 Td ( information systems. Cyber attacks can include acquiring unauthorized access to information systems, usually through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 339.70 Td (hacking or the use of malicious software, for purposes of stealing assets or confidential information, corrupting data, or disrupting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.70 Td (fund operations. Cyber attacks can also occur without direct access to information systems, for example by making network services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 315.70 Td (unavailable to intended users. Cyber security failures by) Tj ET Q q 0 0 0 rg BT 255.78 315.70 Td (, or breaches of the information systems of, the advisor) Tj ET Q q 0 0 0 rg BT 475.60 315.70 Td (, distributors, broker) Tj ET Q q 0 0 0 rg BT 557.06 315.70 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 303.70 Td (dealers, other service providers \(including, but not limited to, index providers, fund accountants, custodians, transfer agents and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 291.70 Td (administrators\), or the issuers of securities the fund invests in may also cause disruptions and impact the funds) Tj ET Q q 0 0 0 rg BT 475.67 291.70 Td ( business operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 279.70 Td (Breaches in information security may result in financial losses, interference with the funds) Tj ET Q q 0 0 0 rg BT 395.92 279.70 Td ( ability to calculate NA) Tj ET Q q 0 0 0 rg BT 487.93 279.70 Td (V) Tj ET Q q 0 0 0 rg BT 493.86 279.70 Td (, impediments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 267.70 Td (trading, inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 255.70 Td (penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. ) Tj ET Q q 0 0 0 rg BT 464.15 255.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 514.05 255.70 Td (, the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 243.70 Td (may incur substantial costs to prevent future cyber incidents. ) Tj ET Q q 0 0 0 rg BT 276.81 243.70 Td (The funds have business continuity plans in the event of, and risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 231.70 Td (management systems to help prevent, such cyber attacks, but these plans and systems have limitations, including the possibility that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 219.70 Td (certain risks have not been identified. Moreover) Tj ET Q q 0 0 0 rg BT 222.97 219.70 Td (, the funds do not control the cyber security plans and systems of our service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 207.70 Td (providers and other third party business partners. ) Tj ET Q q 0 0 0 rg BT 229.61 207.70 Td (The funds and their shareholders could be negatively impacted as a result.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 189.30 Td (Debt Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 174.30 Td (Each of the funds \(other than ) Tj ET Q q 0 0 0 rg BT 150.17 174.30 Td (VP) Tj ET Q q 0 0 0 rg BT 162.58 174.30 Td ( Balanced, for whom investing in debt securities is required\) may invest in debt securities. ) Tj ET Q q 0 0 0 rg BT 525.36 174.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 162.30 Td (secondary objective of ) Tj ET Q q 0 0 0 rg BT 124.34 162.30 Td (VP) Tj ET Q q 0 0 0 rg BT 136.75 162.30 Td ( Lar) Tj ET Q q 0 0 0 rg BT 152.95 162.30 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 206.09 162.30 Td (V) Tj ET Q q 0 0 0 rg BT 212.20 162.30 Td (alue, ) Tj ET Q q 0 0 0 rg BT 233.68 162.30 Td (VP) Tj ET Q q 0 0 0 rg BT 246.09 162.30 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 286.19 162.30 Td (V) Tj ET Q q 0 0 0 rg BT 292.30 162.30 Td (alue and ) Tj ET Q q 0 0 0 rg BT 328.21 162.30 Td (VP) Tj ET Q q 0 0 0 rg BT 340.63 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 342.95 162.30 Td (V) Tj ET Q q 0 0 0 rg BT 349.06 162.30 Td (alue is income creation. ) Tj ET Q q 0 0 0 rg BT 446.34 162.30 Td (The funds may invest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 150.30 Td (debt securities when the portfolio managers believe such securities represent an attractive investment for the fund. ) Tj ET Q q 0 0 0 rg BT 490.32 150.30 Td (These funds may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 138.30 Td (invest in debt securities for income, or as a defensive strategy when the managers believe adverse economic or market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 126.30 Td (exist.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 111.30 Td (In the event of exceptional market or economic conditions, the funds \(except ) Tj ET Q q 0 0 0 rg BT 340.93 111.30 Td (VP) Tj ET Q q 0 0 0 rg BT 353.35 111.30 Td ( Income & Growth\) may) Tj ET Q q 0 0 0 rg BT 451.56 111.30 Td (, as a temporary defensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 99.30 Td (measure, invest all or a substantial portion of their assets in cash or high-quality) Tj ET Q q 0 0 0 rg BT 350.22 99.30 Td (, short-term debt securities. ) Tj ET Q q 0 0 0 rg BT 461.68 99.30 Td (T) Tj ET Q q 0 0 0 rg BT 467.09 99.30 Td (o the extent a fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 87.30 Td (assumes a defensive position, it will not be pursuing its objective. ) Tj ET Q q 0 0 0 rg BT 296.19 87.30 Td (All funds, except as described below) Tj ET Q q 0 0 0 rg BT 442.72 87.30 Td (, generally will limit their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 75.30 Td (purchases of debt securities to investment-grade obligations. For long-term debt obligations, this includes securities that are rated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 63.30 Td (Baa or better by Moody) Tj ET Q q 0 0 0 rg BT 129.81 63.30 Td (s Investors Service, Inc. or BBB or better by Standard & Poor) Tj ET Q q 0 0 0 rg BT 377.64 63.30 Td () Tj ET Q q 0 0 0 rg BT 380.42 63.30 Td (s Corporation \(S&P\), or that are not rated but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 51.30 Td (are considered by the managers to be of equivalent quality) Tj ET Q q 0 0 0 rg BT 264.38 51.30 Td (. ) Tj ET Q q 0 0 0 rg BT 268.82 51.30 Td (According to Moody) Tj ET Q q 0 0 0 rg BT 355.48 51.30 Td (s, bonds rated Baa are medium-grade and possess ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (some speculative characteristics. ) Tj ET Q q 0 0 0 rg BT 164.22 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 170.89 742.10 Td ( BBB rating by S&P) Tj ET Q q 0 0 0 rg BT 252.76 742.10 Td ( indicates S&P) Tj ET Q q 0 0 0 rg BT 314.98 742.10 Td (s belief that a security exhibits an adequate capacity for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (repayment, but is more vulnerable to adverse economic conditions or changing circumstances than is the case with higher) Tj ET Q q 0 0 0 rg BT 517.81 730.10 Td (-quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (debt securities. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.92 718.10 Td (Explanation of Fixed-Income Securities Ratings, ) Tj ET Q q 0 0 0 rg BT 307.91 718.10 Td (Appendix B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.28 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 703.10 Td ( Balanced, ) Tj ET Q q 0 0 0 rg BT 88.43 703.10 Td (VP) Tj ET Q q 0 0 0 rg BT 100.85 703.10 Td ( Lar) Tj ET Q q 0 0 0 rg BT 117.04 703.10 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 170.19 703.10 Td (V) Tj ET Q q 0 0 0 rg BT 176.30 703.10 Td (alue, ) Tj ET Q q 0 0 0 rg BT 197.77 703.10 Td (VP) Tj ET Q q 0 0 0 rg BT 210.19 703.10 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 250.28 703.10 Td (V) Tj ET Q q 0 0 0 rg BT 256.40 703.10 Td (alue and ) Tj ET Q q 0 0 0 rg BT 292.31 703.10 Td (VP) Tj ET Q q 0 0 0 rg BT 304.72 703.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.04 703.10 Td (V) Tj ET Q q 0 0 0 rg BT 313.16 703.10 Td (alue may invest up to 5% of their assets in high-yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 74.08 691.10 Td (These securities, sometimes referred to as junk bonds, are higher risk debt obligations that are rated below investment-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (grade securities, or are unrated, but with similar credit quality) Tj ET Q q 0 0 0 rg BT 277.71 679.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.53 679.10 Td (There are no credit or maturity restrictions on the fixed-income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (securities in which the high-yield portion of a fund) Tj ET Q q 0 0 0 rg BT 237.56 667.10 Td (s portfolio may be invested.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (Debt securities rated lower than Baa by Moody) Tj ET Q q 0 0 0 rg BT 223.39 652.10 Td (s or BBB by S&P) Tj ET Q q 0 0 0 rg BT 293.41 652.10 Td (, or their equivalent, are considered by many to be predominantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 640.10 Td (speculative. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 628.10 Td (principal and interest payments on such securities than is the case with higher quality debt securities. Regardless of rating levels, all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (debt securities considered for purchase by a fund are analyzed by the investment manager to determine, to the extent reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (possible, that the planned investment is sound, given the fund) Tj ET Q q 0 0 0 rg BT 280.63 604.10 Td (s investment objective. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 391.99 604.10 Td (Explanation of Fixed-Income Securities ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (Ratings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.06 592.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.06 592.10 Td (Appendix B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.43 592.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (If the aggregate value of high-yield securities exceeds 5% of a fund) Tj ET Q q 0 0 0 rg BT 304.44 577.10 Td (s assets because of their market appreciation or other assets) Tj ET Q q 0 0 0 rg BT 544.44 577.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (depreciation, the funds will not necessarily sell them. Instead, the portfolio managers will not purchase additional high-yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (securities until their value is less than 5% of a fund) Tj ET Q q 0 0 0 rg BT 238.67 553.10 Td (s assets. Portfolio managers will monitor these investments to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (whether holding them will likely help the fund meet its investment objectives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 526.10 Td (In addition to other factors that will af) Tj ET Q q 0 0 0 rg BT 183.78 526.10 Td (fect its value, the value of a fund) Tj ET Q q 0 0 0 rg BT 317.61 526.10 Td (s investments in fixed-income securities will change as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (prevailing interest rates change. In general, the prices of such securities vary inversely with interest rates. ) Tj ET Q q 0 0 0 rg BT 454.40 514.10 Td (As prevailing interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (fall, the prices of bonds and other securities that trade on a yield basis rise. ) Tj ET Q q 0 0 0 rg BT 332.06 502.10 Td (When prevailing interest rates rise, bond prices generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (fall. Depending upon the particular amount and type of fixed-income securities holdings of a fund, these changes may impact the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 478.10 Td (asset value of that fund) Tj ET Q q 0 0 0 rg BT 127.03 478.10 Td (s shares.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 459.70 Td (Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 444.70 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 444.70 Td (o the extent permitted by its investment objectives and policies, each of the funds may invest in instruments that are commonly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 432.70 Td (referred to as derivative instruments. Generally) Tj ET Q q 0 0 0 rg BT 219.66 432.70 Td (, a derivative instrument is a financial arrangement the value of which is based on, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 420.70 Td (derived from, a traditional security) Tj ET Q q 0 0 0 rg BT 169.97 420.70 Td (, asset, or market index. Examples of common derivative instruments include futures contracts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 408.70 Td (warrants, structured notes, credit default swaps, options contracts, swap transactions, forward currency contracts, and treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 396.70 Td (futures, including foreign government bond futures. Certain derivative instruments are described more accurately as index/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.70 Td (structured instruments. Index/structured instruments are derivative instruments whose value or performance is linked to other equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.70 Td (securities, currencies, interest rates, indices or other financial indicators \(reference indices\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 357.70 Td (Some derivative instruments, such as mortgage-related and other asset-backed securities, are in many respects like any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 345.70 Td (investment, although they may be more volatile or less liquid than more traditional debt securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 330.70 Td (There are many dif) Tj ET Q q 0 0 0 rg BT 107.67 330.70 Td (ferent types of derivative instruments and many dif) Tj ET Q q 0 0 0 rg BT 312.15 330.70 Td (ferent ways to use them. Futures and options are commonly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 318.70 Td (used for traditional hedging purposes to attempt to protect a fund from exposure to changing interest rates, securities prices, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 306.70 Td (currency exchange rates and for cash management purposes as a low-cost method of gaining exposure to a particular securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 294.70 Td (market without investing directly in those securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 279.70 Td (The return on a derivative instrument may increase or decrease, depending upon changes in the reference index or instrument to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 267.70 Td (which it relates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 252.70 Td (There are risks associated with investing in derivatives, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 237.70 Td (the risk that the underlying security) Tj ET Q q 0 0 0 rg BT 181.76 237.70 Td (, interest rate, market index or other financial asset will not move in the direction the portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 225.70 Td (managers anticipate or that the value of the structured or derivative instrument will not move or react to changes in the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 213.70 Td (security) Tj ET Q q 0 0 0 rg BT 71.51 213.70 Td (, interest rate, market index or other financial asset as anticipated;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 198.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 198.70 Td (the possibility that there may be no liquid secondary market, which may make it dif) Tj ET Q q 0 0 0 rg BT 374.96 198.70 Td (ficult or impossible to close out a position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 186.70 Td (when desired;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 171.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 171.70 Td (the risk that daily limits on price fluctuations and speculative position limits on exchanges on which a fund may conduct its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 159.70 Td (transactions in derivative instruments may prevent profitable liquidation of positions, subjecting a fund to the potential of greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 147.70 Td (losses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 132.70 Td (the risk that adverse price movements in an instrument can result in a loss substantially greater than a fund) Tj ET Q q 0 0 0 rg BT 469.27 132.70 Td (s initial investment;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 117.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 117.70 Td (the risk that a fund will have an obligation to deliver securities or currency pursuant to a derivatives transaction that such fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 105.70 Td (does not own at the inception of the derivatives trade;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 90.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 90.70 Td (the risk that the counterparty will fail to perform its obligations; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 75.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 75.70 Td (the risk that a fund will be subject to higher volatility because some derivative instruments create leverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 60.70 Td (The funds) Tj ET Q q 0 0 0 rg BT 74.36 60.70 Td ( Board of Directors has reviewed the advisor) Tj ET Q q 0 0 0 rg BT 253.83 60.70 Td () Tj ET Q q 0 0 0 rg BT 256.61 60.70 Td (s policy regarding investments in derivative instruments. ) Tj ET Q q 0 0 0 rg BT 485.83 60.70 Td (That policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 48.70 Td (specifies factors that must be considered in connection with a purchase of derivative instruments. ) Tj ET Q q 0 0 0 rg BT 422.59 48.70 Td (The policy also establishes a ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (committee that must review certain proposed purchases before the purchases can be made. ) Tj ET Q q 0 0 0 rg BT 395.62 742.10 Td (The advisor will report on fund activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (in derivative instruments to the Board of Directors as necessary) Tj ET Q q 0 0 0 rg BT 284.94 730.10 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 711.70 Td (Equity Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 696.70 Td (In addition to investing in common stocks, the funds may invest in other equity securities and equity equivalents, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 684.70 Td (securities that permit a fund to receive an equity interest in an issuer) Tj ET Q q 0 0 0 rg BT 303.79 684.70 Td (, the opportunity to acquire an equity interest in an issuer) Tj ET Q q 0 0 0 rg BT 531.38 684.70 Td (, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 672.70 Td (opportunity to receive a return on its investment that permits the fund to benefit from the growth over time in the equity of an issuer) Tj ET Q q 0 0 0 rg BT 558.59 672.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 660.70 Td (Examples of equity securities and equity equivalents include common stock, preferred stock, securities convertible into common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 648.70 Td (stock, stock futures contracts and stock index futures contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 633.70 Td (The funds may make foreign investments either directly in foreign securities or indirectly by purchasing depositary receipts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 621.70 Td (depositary shares or similar instruments \(DRs\) for foreign securities. DRs are securities that are listed on exchanges or quoted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 609.70 Td (over) Tj ET Q q 0 0 0 rg BT 49.07 609.70 Td (-the-counter markets in one country but represent shares of issuers domiciled in another country) Tj ET Q q 0 0 0 rg BT 432.47 609.70 Td (. Direct investments in foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 597.70 Td (securities may be made either on foreign securities exchanges, electronic trading networks or in over) Tj ET Q q 0 0 0 rg BT 434.21 597.70 Td (-the-counter markets.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 579.30 Td (For) Tj ET Q q 0 0 0 rg BT 49.94 579.30 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 100.05 579.30 Td (ency ) Tj ET Q q 0 0 0 rg BT 126.16 579.30 Td (T) Tj ET Q q 0 0 0 rg BT 133.27 579.30 Td (ransactions and Forward Exchange Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 564.30 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 564.30 Td ( fund may conduct foreign currency transactions on a spot basis \(i.e., cash\) or forward basis \(i.e., by entering into forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 552.30 Td (currency exchange contracts, currency options and futures transactions to purchase or sell foreign currencies\). ) Tj ET Q q 0 0 0 rg BT 472.99 552.30 Td (Although foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 540.30 Td (exchange dealers generally do not char) Tj ET Q q 0 0 0 rg BT 187.08 540.30 Td (ge a fee for such transactions, they do realize a profit based on the dif) Tj ET Q q 0 0 0 rg BT 464.84 540.30 Td (ference between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 528.30 Td (prices at which they are buying and selling various currencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.30 Td (Forward contracts are customized transactions that require a specific amount of a currency to be delivered at a specific exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.30 Td (rate on a specific date or range of dates in the future. Forward contracts are generally traded in an interbank market directly between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.30 Td (currency traders \(usually lar) Tj ET Q q 0 0 0 rg BT 143.77 489.30 Td (ger commercial banks\) and their customers. ) Tj ET Q q 0 0 0 rg BT 321.02 489.30 Td (The parties to a forward contract may agree to of) Tj ET Q q 0 0 0 rg BT 516.58 489.30 Td (fset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 477.30 Td (terminate the contract before its maturity) Tj ET Q q 0 0 0 rg BT 194.40 477.30 Td (, or may hold the contract to maturity and complete the contemplated currency exchange.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 462.30 Td (The following summarizes the principal currency management strategies involving forward contracts. ) Tj ET Q q 0 0 0 rg BT 440.81 462.30 Td (A) Tj ET Q q 0 0 0 rg BT 447.48 462.30 Td ( fund may also use swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.30 Td (agreements, indexed securities, and options and futures contracts relating to foreign currencies for the same purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.30 Td (\(1\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 435.30 Td (Settlement Hedges or T) Tj ET Q q 0 0 0 rg BT 142.54 435.30 Td (ransaction Hedges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.31 435.30 Td ( ) Tj ET Q q 0 0 0 rg BT 222.63 435.30 Td (When the portfolio managers wish to lock in the U.S. dollar price of a foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.30 Td (currency-denominated security when a fund is purchasing or selling the security) Tj ET Q q 0 0 0 rg BT 369.30 423.30 Td (, the fund may enter into a forward contract to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.30 Td (do so. ) Tj ET Q q 0 0 0 rg BT 75.71 411.30 Td (This type of currency transaction, often called a settlement hedge or transaction hedge, protects the fund against an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.30 Td (adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.30 Td (made or received \(i.e., settled\). Forward contracts to purchase or sell a foreign currency may also be used by a fund in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.30 Td (anticipation of future purchases or sales of securities denominated in foreign currency) Tj ET Q q 0 0 0 rg BT 392.34 375.30 Td (, even if the specific investments have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.30 Td (yet been selected by the portfolio managers. ) Tj ET Q q 0 0 0 rg BT 228.14 363.30 Td (This strategy is often referred to as anticipatory hedging.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 348.30 Td (\(2\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 348.30 Td (Position Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 348.30 Td (. ) Tj ET Q q 0 0 0 rg BT 120.14 348.30 Td (When the portfolio managers believe that the currency of a particular foreign country may suf) Tj ET Q q 0 0 0 rg BT 495.37 348.30 Td (fer substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.30 Td (decline against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 169.62 336.30 Td (, a fund may enter into a forward contract to sell foreign currency for a fixed U.S. dollar amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.30 Td (approximating the value of some or all of its portfolio securities either denominated in, or whose value is tied to, such foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.30 Td (currency) Tj ET Q q 0 0 0 rg BT 83.83 312.30 Td (. ) Tj ET Q q 0 0 0 rg BT 88.65 312.30 Td (This use of a forward contract is sometimes referred to as a position hedge. For example, if a fund owned securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.30 Td (denominated in Euros, it could enter into a forward contract to sell Euros in return for U.S. dollars to hedge against possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (declines in the Euro) Tj ET Q q 0 0 0 rg BT 131.98 288.30 Td (s value. ) Tj ET Q q 0 0 0 rg BT 164.84 288.30 Td (This hedge would tend to of) Tj ET Q q 0 0 0 rg BT 277.14 288.30 Td (fset both positive and negative currency fluctuations, but would not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.30 Td (tend to of) Tj ET Q q 0 0 0 rg BT 87.64 276.30 Td (fset changes in security values caused by other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 261.30 Td ( fund could also hedge the position by entering into a forward contract to sell another currency expected to perform similarly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.30 Td (to the currency in which the fund) Tj ET Q q 0 0 0 rg BT 185.01 249.30 Td (s existing investments are denominated. ) Tj ET Q q 0 0 0 rg BT 347.02 249.30 Td (This type of hedge, often called a proxy hedge, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.30 Td (could of) Tj ET Q q 0 0 0 rg BT 82.37 237.30 Td (fer advantages in terms of cost, yield or ef) Tj ET Q q 0 0 0 rg BT 250.74 237.30 Td (ficiency) Tj ET Q q 0 0 0 rg BT 282.29 237.30 Td (, but may not hedge currency exposure as ef) Tj ET Q q 0 0 0 rg BT 458.43 237.30 Td (fectively as a simple ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (position hedge against U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 193.75 225.30 Td (This type of hedge may result in losses if the currency used to hedge does not perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (similarly to the currency in which the hedged securities are denominated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.30 Td (The precise matching of forward contracts in the amounts and values of securities involved generally would not be possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.30 Td (because the future values of such foreign currencies will change as a consequence of market movements in the values of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.30 Td (securities between the date the forward contract is entered into and the date it matures. Predicting short-term currency market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (movements is extremely dif) Tj ET Q q 0 0 0 rg BT 160.68 162.30 Td (ficult, and the successful execution of a short-term hedging strategy is highly uncertain. Normally) Tj ET Q q 0 0 0 rg BT 551.31 162.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (consideration of the prospect for currency parities will be incorporated into the long-term investment decisions made with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.30 Td (respect to overall diversification strategies. However) Tj ET Q q 0 0 0 rg BT 260.13 138.30 Td (, the managers believe that it is important to have flexibility to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.30 Td (such forward contracts when they determine that a fund) Tj ET Q q 0 0 0 rg BT 274.97 126.30 Td (s best interests may be served.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.30 Td (At the maturity of the forward contract, the fund may either sell the portfolio security and make delivery of the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (currency) Tj ET Q q 0 0 0 rg BT 83.83 99.30 Td (, or it may retain the security and terminate the obligation to deliver the foreign currency by purchasing an of) Tj ET Q q 0 0 0 rg BT 524.05 99.30 Td (fsetting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.30 Td (forward contract with the same currency trader obligating the fund to purchase, on the same maturity date, the same amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.30 Td (the foreign currency) Tj ET Q q 0 0 0 rg BT 129.92 75.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.30 Td (It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of the forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.30 Td (contract. ) Tj ET Q q 0 0 0 rg BT 86.15 48.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 135.49 48.30 Td (, it may be necessary for a fund to purchase additional foreign currency on the spot market \(and bear the ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (expense of such purchase\) if the market value of the security is less than the amount of foreign currency the fund is obligated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (deliver and if a decision is made to sell the security and make delivery of the foreign currency the fund is obligated to deliver) Tj ET Q q 0 0 0 rg BT 549.61 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (\(3\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 715.10 Td (Shifting Curr) Tj ET Q q 0 0 0 rg BT 102.20 715.10 Td (ency Exposur) Tj ET Q q 0 0 0 rg BT 155.97 715.10 Td (e \(VP) Tj ET Q q 0 0 0 rg BT 178.27 715.10 Td ( International Only\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.32 715.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.64 715.10 Td (This fund may also enter into forward contracts to shift their investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 703.10 Td (exposure from one currency into another) Tj ET Q q 0 0 0 rg BT 211.94 703.10 Td (. ) Tj ET Q q 0 0 0 rg BT 216.76 703.10 Td (This may include shifting exposure from U.S. dollars to foreign currency) Tj ET Q q 0 0 0 rg BT 508.26 703.10 Td (, or from one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 691.10 Td (foreign currency to another foreign currency) Tj ET Q q 0 0 0 rg BT 226.82 691.10 Td (. ) Tj ET Q q 0 0 0 rg BT 231.64 691.10 Td (This strategy tends to limit exposure to the currency sold, and increase exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.10 Td (to the currency that is purchased, much as if a fund had sold a security denominated in one currency and purchased an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.10 Td (equivalent security denominated in another currency) Tj ET Q q 0 0 0 rg BT 259.05 667.10 Td (. For example, if the portfolio managers believed that the U.S. dollar may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.10 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 655.10 Td (fer a substantial decline against the Euro, they could enter into a forward contract to purchase Euros for a fixed amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.10 Td (U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 101.82 643.10 Td (This transaction would protect against losses resulting from a decline in the value of the U.S. dollar) Tj ET Q q 0 0 0 rg BT 499.10 643.10 Td (, but would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.10 Td (cause the fund to assume the risk of fluctuations in the value of the Euro.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (Successful use of currency management strategies will depend on the fund management team) Tj ET Q q 0 0 0 rg BT 408.04 616.10 Td (s skill in analyzing currency values. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (Currency management strategies may substantially subject a fund) Tj ET Q q 0 0 0 rg BT 296.70 604.10 Td (s investment exposure to changes in currency rates and could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (result in losses to a fund if currencies do not perform as the portfolio managers anticipate. For example, if a currency) Tj ET Q q 0 0 0 rg BT 501.90 592.10 Td (s value rose at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (a time when the portfolio manager hedged a fund by selling the currency in exchange for U.S. dollars, a fund would not participate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.10 Td (in the currency) Tj ET Q q 0 0 0 rg BT 94.25 568.10 Td (s appreciation. Similarly) Tj ET Q q 0 0 0 rg BT 191.63 568.10 Td (, if the portfolio managers increase a fund) Tj ET Q q 0 0 0 rg BT 361.57 568.10 Td (s exposure to a currency and that currency) Tj ET Q q 0 0 0 rg BT 533.44 568.10 Td (s value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.10 Td (declines, a fund will sustain a loss. ) Tj ET Q q 0 0 0 rg BT 172.69 556.10 Td (There is no assurance that the portfolio managers) Tj ET Q q 0 0 0 rg BT 372.15 556.10 Td ( use of foreign currency management strategies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 544.10 Td (will be advantageous to a fund or that they will hedge at appropriate times.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 529.10 Td (The funds will generally cover outstanding forward contracts by maintaining liquid portfolio securities denominated in, or whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 517.10 Td (value is tied to, the currency underlying the forward contract or the currency being hedged. ) Tj ET Q q 0 0 0 rg BT 398.12 517.10 Td (T) Tj ET Q q 0 0 0 rg BT 403.53 517.10 Td (o the extent that a fund is not able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 505.10 Td (cover its forward currency positions with underlying portfolio securities, the fund will segregate on its records cash or other liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 493.10 Td (assets having a value equal to the aggregate amount of a fund) Tj ET Q q 0 0 0 rg BT 280.03 493.10 Td (s commitments under forward contracts.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 474.70 Td (For) Tj ET Q q 0 0 0 rg BT 49.94 474.70 Td (eign Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 459.70 Td (An unlimited portion of each fund) Tj ET Q q 0 0 0 rg BT 171.19 459.70 Td (s assets may be invested in the securities of issuers located in foreign countries, including foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 447.70 Td (governments, when securities meet its standards of selection, except for ) Tj ET Q q 0 0 0 rg BT 320.67 447.70 Td (VP) Tj ET Q q 0 0 0 rg BT 333.09 447.70 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 373.18 447.70 Td (V) Tj ET Q q 0 0 0 rg BT 379.30 447.70 Td (alue and ) Tj ET Q q 0 0 0 rg BT 415.21 447.70 Td (VP) Tj ET Q q 0 0 0 rg BT 427.62 447.70 Td ( ) Tj ET Q q 0 0 0 rg BT 429.94 447.70 Td (V) Tj ET Q q 0 0 0 rg BT 436.06 447.70 Td (alue, which may invest up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.70 Td (35% of their assets in foreign securities, and ) Tj ET Q q 0 0 0 rg BT 210.99 435.70 Td (VP) Tj ET Q q 0 0 0 rg BT 223.40 435.70 Td ( Lar) Tj ET Q q 0 0 0 rg BT 239.60 435.70 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 292.75 435.70 Td (V) Tj ET Q q 0 0 0 rg BT 298.86 435.70 Td (alue, which may invest up to 20% of its assets in foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.70 Td (securities. In addition, ) Tj ET Q q 0 0 0 rg BT 122.69 423.70 Td (VP) Tj ET Q q 0 0 0 rg BT 135.10 423.70 Td ( Income & Growth, ) Tj ET Q q 0 0 0 rg BT 215.73 423.70 Td (VP) Tj ET Q q 0 0 0 rg BT 228.15 423.70 Td ( Lar) Tj ET Q q 0 0 0 rg BT 244.34 423.70 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 297.49 423.70 Td (V) Tj ET Q q 0 0 0 rg BT 303.60 423.70 Td (alue, ) Tj ET Q q 0 0 0 rg BT 325.07 423.70 Td (VP) Tj ET Q q 0 0 0 rg BT 337.49 423.70 Td ( ) Tj ET Q q 0 0 0 rg BT 339.81 423.70 Td (V) Tj ET Q q 0 0 0 rg BT 345.92 423.70 Td (alue and ) Tj ET Q q 0 0 0 rg BT 381.83 423.70 Td (VP) Tj ET Q q 0 0 0 rg BT 394.24 423.70 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 434.34 423.70 Td (V) Tj ET Q q 0 0 0 rg BT 440.46 423.70 Td (alue will limit their purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.70 Td (of foreign securities to those of issuers whose principal business activities are located in developed countries. In determining where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.70 Td (a company is located, the portfolio managers will consider various factors, including where the company is headquartered, where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 387.70 Td (the company) Tj ET Q q 0 0 0 rg BT 85.65 387.70 Td (s principal operations are located, where the company) Tj ET Q q 0 0 0 rg BT 303.90 387.70 Td (s revenues are derived, where the principal trading market is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 375.70 Td (located and the country in which the company was legally or) Tj ET Q q 0 0 0 rg BT 274.58 375.70 Td (ganized. ) Tj ET Q q 0 0 0 rg BT 310.49 375.70 Td (The weight given to each of these factors will vary depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 363.70 Td (on the circumstances in a given case. ) Tj ET Q q 0 0 0 rg BT 181.82 363.70 Td (The funds consider a security to be a developed country security if its issuer is located in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.70 Td (following developed countries list, which is subject to change: ) Tj ET Q q 0 0 0 rg BT 283.12 351.70 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 324.22 351.70 Td (Austria, Belgium, Bermuda, Canada, Denmark, Finland, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 339.70 Td (France, Germany) Tj ET Q q 0 0 0 rg BT 100.26 339.70 Td (, Hong Kong, Ireland, Israel, Italy) Tj ET Q q 0 0 0 rg BT 235.41 339.70 Td (, Japan, Luxembour) Tj ET Q q 0 0 0 rg BT 314.65 339.70 Td (g, ) Tj ET Q q 0 0 0 rg BT 324.47 339.70 Td (The Netherlands, New Zealand, Norway) Tj ET Q q 0 0 0 rg BT 485.98 339.70 Td (, Portugal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.70 Td (Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Securities of foreign issuers may trade in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 315.70 Td (U.S. or foreign securities markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.70 Td (Investments in foreign securities may present certain risks, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 285.70 Td (Curr) Tj ET Q q 0 0 0 rg BT 52.98 285.70 Td (ency Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.87 285.70 Td ( ) Tj ET Q q 0 0 0 rg BT 99.19 285.70 Td (The value of the foreign investments held by the funds may be significantly af) Tj ET Q q 0 0 0 rg BT 411.98 285.70 Td (fected by changes in currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 273.70 Td (exchange rates. ) Tj ET Q q 0 0 0 rg BT 95.45 273.70 Td (The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.70 Td (currency in which the security is denominated and tends to increase when the value of the dollar falls against such currency) Tj ET Q q 0 0 0 rg BT 524.57 261.70 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.70 Td (addition, the value of fund assets may be af) Tj ET Q q 0 0 0 rg BT 204.88 249.70 Td (fected by losses and other expenses incurred in converting between various currencies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.70 Td (order to purchase and sell foreign securities and buy currency restrictions, exchange control regulation, currency devaluations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.70 Td (political developments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 210.70 Td (Social, Political and Economic Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.84 210.70 Td ( ) Tj ET Q q 0 0 0 rg BT 187.16 210.70 Td (The economies of many of the countries in which the funds may invest are not as developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 198.70 Td (as the economy of the United States and may be subject to significantly dif) Tj ET Q q 0 0 0 rg BT 330.97 198.70 Td (ferent forces. Political or social instability) Tj ET Q q 0 0 0 rg BT 498.05 198.70 Td (, expropriation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 186.70 Td (nationalization, confiscatory taxation, and limitations on the removal of funds or other assets, could also adversely af) Tj ET Q q 0 0 0 rg BT 499.24 186.70 Td (fect the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 174.70 Td (of investments. Further) Tj ET Q q 0 0 0 rg BT 124.14 174.70 Td (, the funds may find it dif) Tj ET Q q 0 0 0 rg BT 225.89 174.70 Td (ficult or be unable to enforce ownership rights, pursue legal remedies or obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 162.70 Td (judgments in foreign courts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 147.70 Td (Regulatory Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.72 147.70 Td ( Foreign companies generally are not subject to the regulatory controls imposed on U.S. issuers and, in general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 135.70 Td (there is less publicly available information about foreign securities than is available about domestic securities. Many foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 123.70 Td (companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 111.70 Td (to those applicable to domestic companies and there may be less stringent investor protection and disclosure standards in some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 99.70 Td (foreign markets. Income from foreign securities owned by the funds may be reduced by a withholding tax at the source, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 87.70 Td (would reduce dividend income payable to shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 72.70 Td (Market and ) Tj ET Q q 0 0 0 rg BT 84.65 72.70 Td (T) Tj ET Q q 0 0 0 rg BT 90.58 72.70 Td (rading Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.37 72.70 Td ( Brokerage commission rates in foreign countries, which generally are fixed rather than subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 60.70 Td (negotiation as in the United States, are likely to be higher) Tj ET Q q 0 0 0 rg BT 260.61 60.70 Td (. ) Tj ET Q q 0 0 0 rg BT 265.43 60.70 Td (The securities markets in many of the countries in which the funds may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 48.70 Td (invest will have substantially less trading volume than the principal U.S. markets. ) Tj ET Q q 0 0 0 rg BT 360.05 48.70 Td (As a result, the securities of some companies in ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (these countries may be less liquid, more volatile and harder to value than comparable U.S. securities. Furthermore, one securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (broker may represent all or a significant part of the trading volume in a particular country) Tj ET Q q 0 0 0 rg BT 388.78 730.10 Td (, resulting in higher trading costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (decreased liquidity due to a lack of alternative trading partners. ) Tj ET Q q 0 0 0 rg BT 286.50 718.10 Td (There generally is less government regulation and supervision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (foreign stock exchanges, brokers and issuers, which may make it dif) Tj ET Q q 0 0 0 rg BT 304.58 706.10 Td (ficult to enforce contractual obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (Clearance and Settlement Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.93 691.10 Td ( Foreign securities markets also have dif) Tj ET Q q 0 0 0 rg BT 327.37 691.10 Td (ferent clearance and settlement procedures, and in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (dif) Tj ET Q q 0 0 0 rg BT 42.43 667.10 Td (ficult to conduct such transactions. Delays in clearance and settlement could result in temporary periods when assets of the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (are uninvested and no return is earned. ) Tj ET Q q 0 0 0 rg BT 188.48 655.10 Td (The inability of the funds to make intended security purchases due to clearance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (settlement problems could cause the funds to miss attractive investment opportunities. Inability to dispose of portfolio securities due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (to clearance and settlement problems could result either in losses to the funds due to subsequent declines in the value of the portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.10 Td (security or) Tj ET Q q 0 0 0 rg BT 73.58 619.10 Td (, if the funds have entered into a contract to sell the security) Tj ET Q q 0 0 0 rg BT 312.02 619.10 Td (, liability to the purchaser) Tj ET Q q 0 0 0 rg BT 413.94 619.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (Ownership Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.18 604.10 Td ( Evidence of securities ownership may be uncertain in many foreign countries. ) Tj ET Q q 0 0 0 rg BT 419.47 604.10 Td (As a result, there is a risk that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (fund) Tj ET Q q 0 0 0 rg BT 52.61 592.10 Td (s trade details could be incorrectly or fraudulently entered at the time of the transaction, resulting in a loss to the fund.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (Emerging Markets Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.77 577.10 Td ( Each fund other than ) Tj ET Q q 0 0 0 rg BT 225.17 577.10 Td (VP) Tj ET Q q 0 0 0 rg BT 237.58 577.10 Td ( Income & Growth, ) Tj ET Q q 0 0 0 rg BT 318.21 577.10 Td (VP) Tj ET Q q 0 0 0 rg BT 330.63 577.10 Td ( Lar) Tj ET Q q 0 0 0 rg BT 346.82 577.10 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 399.97 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 406.08 577.10 Td (alue, ) Tj ET Q q 0 0 0 rg BT 427.55 577.10 Td (VP) Tj ET Q q 0 0 0 rg BT 439.97 577.10 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 480.06 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 486.18 577.10 Td (alue and ) Tj ET Q q 0 0 0 rg BT 522.09 577.10 Td (VP) Tj ET Q q 0 0 0 rg BT 534.50 577.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.82 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 542.94 577.10 Td (alue, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (may invest its holdings in securities of issuers located in emer) Tj ET Q q 0 0 0 rg BT 279.05 565.10 Td (ging market \(developing\) countries. ) Tj ET Q q 0 0 0 rg BT 424.66 565.10 Td (The funds consider emer) Tj ET Q q 0 0 0 rg BT 528.05 565.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (market countries to include all countries that are not considered by the advisor to be developed countries, which are listed on page ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 526.10 Td (Investing in securities of issuers in emer) Tj ET Q q 0 0 0 rg BT 192.39 526.10 Td (ging market countries involves exposure to significantly higher risk than investing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (countries with developed markets. Emer) Tj ET Q q 0 0 0 rg BT 192.66 514.10 Td (ging market countries may have economic structures that generally are less diverse and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (mature, and political systems that can be expected to be less stable than those of developed countries. Securities prices in emer) Tj ET Q q 0 0 0 rg BT 537.82 502.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (market countries can be significantly more volatile than in developed countries, reflecting the greater uncertainties of investing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 478.10 Td (lesser developed markets and economies. In particular) Tj ET Q q 0 0 0 rg BT 247.96 478.10 Td (, emer) Tj ET Q q 0 0 0 rg BT 272.76 478.10 Td (ging market countries may have relatively unstable governments, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 466.10 Td (may present the risk of nationalization of businesses, expropriation, confiscatory taxation or in certain instances, reversion to closed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 454.10 Td (market, centrally planned economies. Such countries may also have less protection of property rights than developed countries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 439.10 Td (The economies of emer) Tj ET Q q 0 0 0 rg BT 125.45 439.10 Td (ging market countries may be based predominantly on only a few industries or may be dependent on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td (revenues from particular commodities or on international aid or developmental assistance, may be highly vulnerable to changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 415.10 Td (local or global trade conditions, and may suf) Tj ET Q q 0 0 0 rg BT 209.61 415.10 Td (fer from extreme and volatile debt burdens or inflation rates. In addition, securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 403.10 Td (markets in emer) Tj ET Q q 0 0 0 rg BT 95.74 403.10 Td (ging market countries may trade a relatively small number of securities and may be unable to respond ef) Tj ET Q q 0 0 0 rg BT 512.92 403.10 Td (fectively to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 391.10 Td (increases in trading volume, potentially resulting in a lack of liquidity and in volatility in the price of securities traded on those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 379.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 67.60 379.10 Td (Also, securities markets in emer) Tj ET Q q 0 0 0 rg BT 196.00 379.10 Td (ging market countries typically of) Tj ET Q q 0 0 0 rg BT 331.33 379.10 Td (fer less regulatory protection for investors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 364.10 Td (Sanctions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.62 364.10 Td (The U.S. may impose economic sanctions against companies in various sectors of certain countries. ) Tj ET Q q 0 0 0 rg BT 478.73 364.10 Td (This could limit a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 352.10 Td (fund) Tj ET Q q 0 0 0 rg BT 52.61 352.10 Td (s investment opportunities in such countries, impairing the fund) Tj ET Q q 0 0 0 rg BT 310.63 352.10 Td (s ability to invest in accordance with its investment strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 340.10 Td (and/or to meet its investment objective. For example, a fund may be prohibited from investing in securities issued by companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 328.10 Td (subject to such sanctions. In addition, the sanctions may require a fund to freeze its existing investments in sanctioned companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 316.10 Td (prohibiting the fund from selling or otherwise transacting in these investments. Current sanctions or the threat of potential sanctions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 304.10 Td (may also impair the value or liquidity of af) Tj ET Q q 0 0 0 rg BT 202.94 304.10 Td (fected securities and negatively impact a fund. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 289.10 Td (Risk of Focusing Investment on Region or) Tj ET Q q 0 0 0 rg BT 210.22 289.10 Td ( Country) Tj ET Q q 0 0 0 rg BT 248.28 289.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.78 289.10 Td ( Investing a significant portion of assets in one country or region makes a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 277.10 Td (fund more dependent upon the political and economic circumstances of that particular country or region.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 262.10 Td (Eur) Tj ET Q q 0 0 0 rg BT 46.13 262.10 Td (ozone Investment Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.49 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.81 262.10 Td (The Economic and Monetary Union of the European Union \(EMU\) is comprised of the European Union ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 250.10 Td (\(EU\) members that have adopted the euro currency) Tj ET Q q 0 0 0 rg BT 235.48 250.10 Td (. By adopting the euro as its currency) Tj ET Q q 0 0 0 rg BT 384.24 250.10 Td (, a member state relinquishes control of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 238.10 Td (own monetary policies and is subject to fiscal and monetary controls. EMU members could voluntarily abandon, or be forced out of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 226.10 Td (the euro. Such events could impact the market values of Eurozone and various other securities and currencies, cause redenomination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 214.10 Td (of certain securities into less valuable local currencies, and create more volatile and illiquid markets. ) Tj ET Q q 0 0 0 rg BT 435.51 214.10 Td (As a result, European countries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 202.10 Td (are significantly af) Tj ET Q q 0 0 0 rg BT 106.29 202.10 Td (fected by fiscal and monetary controls implemented by the EMU. ) Tj ET Q q 0 0 0 rg BT 370.75 202.10 Td (The euro currency may not fully reflect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 190.10 Td (strengths and weaknesses of the various economies that comprise the EMU and Europe generally) Tj ET Q q 0 0 0 rg BT 419.90 190.10 Td (. Certain countries and regions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 178.10 Td (the EU are experiencing significant financial dif) Tj ET Q q 0 0 0 rg BT 224.01 178.10 Td (ficulties. Some of these countries may be dependent on assistance from other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 166.10 Td (European governments and institutions or agencies. ) Tj ET Q q 0 0 0 rg BT 240.06 166.10 Td (Assistance may be dependent on a country) Tj ET Q q 0 0 0 rg BT 413.35 166.10 Td (s implementation of reforms or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 154.10 Td (reaching a certain level of performance. Failure to reach those objectives or an insuf) Tj ET Q q 0 0 0 rg BT 367.84 154.10 Td (ficient level of assistance could result in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.10 Td (economic downturn that could significantly af) Tj ET Q q 0 0 0 rg BT 215.99 142.10 Td (fect the value of investments in those and other European countries. One or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 130.10 Td (countries could depart from the EU, which could weaken the EU and, by extension, its remaining members. For example, the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 118.10 Td (Kingdom) Tj ET Q q 0 0 0 rg BT 72.06 118.10 Td (s departure, described in more detail below) Tj ET Q q 0 0 0 rg BT 243.84 118.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 103.10 Td (United Kingdom Investment Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.92 103.10 Td ( Commonly known as Brexit, the United Kingdom) Tj ET Q q 0 0 0 rg BT 385.34 103.10 Td (s exit from the EU may result in substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.10 Td (volatility in foreign exchange markets and may lead to a sustained weakness in the British pound) Tj ET Q q 0 0 0 rg BT 422.24 91.10 Td (s exchange rate against the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.10 Td (States dollar) Tj ET Q q 0 0 0 rg BT 80.81 79.10 Td (, the euro and other currencies, which may impact fund returns.Brexit may destabilize some or all of the other EU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.10 Td (member countries and/or the Eurozone.) Tj ET Q q 0 0 0 rg BT 191.82 67.10 Td (These developments could result in losses to the funds, as there may be negative ef) Tj ET Q q 0 0 0 rg BT 523.49 67.10 Td (fects on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 55.10 Td (the value of a fund) Tj ET Q q 0 0 0 rg BT 109.25 55.10 Td (s investments and/or on a fund) Tj ET Q q 0 0 0 rg BT 234.51 55.10 Td (s ability to enter into certain transactions or value certain investments, and these ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (developments may make it more dif) Tj ET Q q 0 0 0 rg BT 175.45 742.10 Td (ficult for funds to exit certain investments at an advantageous time or price. Such events could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (results from, among other things, increased uncertainty and volatility in the United Kingdom, the EU and other financial markets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (fluctuations in asset values; fluctuations in exchange rates; decreased liquidity of investments located, traded or listed within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (United Kingdom, the EU or elsewhere; changes in the willingness or ability of financial and other counterparties to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (transactions or the price and terms on which other counterparties are willing to transact; and/or changes in legal and regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (regimes to which fund investments are or become subject.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 663.70 Td (Futur) Tj ET Q q 0 0 0 rg BT 61.28 663.70 Td (es and Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 648.70 Td (Each fund may enter into futures contracts, options or options on futures contracts. Futures contracts provide for the sale by one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 636.70 Td (party and purchase by another party of a specific security at a specified future time and price. Generally) Tj ET Q q 0 0 0 rg BT 445.67 636.70 Td (, futures transactions will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 624.70 Td (used to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 609.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 609.70 Td (protect against a decline in market value of the fund) Tj ET Q q 0 0 0 rg BT 251.25 609.70 Td (s securities \(taking a short futures position\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 594.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 594.70 Td (protect against the risk of an increase in market value for securities in which the fund generally invests at a time when the fund is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 582.70 Td (not fully invested \(taking a long futures position\); or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 567.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 567.70 Td (provide a temporary substitute for the purchase of an individual security that may not be purchased in an orderly fashion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 552.70 Td (Some futures and options strategies, such as selling futures, buying puts and writing calls, hedge a fund) Tj ET Q q 0 0 0 rg BT 447.81 552.70 Td (s investments against price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 540.70 Td (fluctuations. Other strategies, such as buying futures, writing puts and buying calls, tend to increase market exposure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.70 Td (Although other techniques may be used to control a fund) Tj ET Q q 0 0 0 rg BT 261.72 525.70 Td (s exposure to market fluctuations, the use of futures contracts may be a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (more ef) Tj ET Q q 0 0 0 rg BT 62.13 513.70 Td (fective means of hedging this exposure. ) Tj ET Q q 0 0 0 rg BT 223.30 513.70 Td (While a fund pays brokerage commissions in connection with opening and closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (out futures positions, these costs are lower than the transaction costs incurred in the purchase and sale of the underlying securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 486.70 Td (For example, the sale of a future by a fund means the fund becomes obligated to deliver the security \(or securities, in the case of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 474.70 Td (index future\) at a specified price on a specified date. ) Tj ET Q q 0 0 0 rg BT 243.17 474.70 Td (The purchase of a future means the fund becomes obligated to buy the security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 462.70 Td (\(or securities\) at a specified price on a specified date. ) Tj ET Q q 0 0 0 rg BT 246.50 462.70 Td (The portfolio managers may engage in futures and options transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.70 Td (provided that the transactions are consistent with the fund) Tj ET Q q 0 0 0 rg BT 265.33 450.70 Td (s investment objectives. ) Tj ET Q q 0 0 0 rg BT 363.46 450.70 Td (The managers also may engage in futures and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 438.70 Td (options transactions based on specific securities. Futures contracts are traded on national futures exchanges. Futures exchanges and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 426.70 Td (trading are regulated under the Commodity Exchange ) Tj ET Q q 0 0 0 rg BT 248.38 426.70 Td (Act by the Commodity Futures ) Tj ET Q q 0 0 0 rg BT 375.13 426.70 Td (T) Tj ET Q q 0 0 0 rg BT 380.89 426.70 Td (rading Commission \(CFTC\), a U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 414.70 Td (government agency) Tj ET Q q 0 0 0 rg BT 109.43 414.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.70 Td (Index futures contracts dif) Tj ET Q q 0 0 0 rg BT 136.56 399.70 Td (fer from traditional futures contracts in that when delivery takes place, no stocks or bonds change hands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 387.70 Td (Instead, these contracts settle in cash at the spot market value of the index. ) Tj ET Q q 0 0 0 rg BT 331.40 387.70 Td (Although other types of futures contracts by their terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 375.70 Td (call for actual delivery or acceptance of the underlying securities, in most cases, the contracts are closed out before the settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 363.70 Td (date. ) Tj ET Q q 0 0 0 rg BT 52.60 363.70 Td (A) Tj ET Q q 0 0 0 rg BT 59.27 363.70 Td ( futures position may be closed by taking an opposite position in an identical contract \(i.e., buying a contract that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.70 Td (previously been sold or selling a contract that has previously been bought\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 336.70 Td (Unlike when the fund purchases or sells a security) Tj ET Q q 0 0 0 rg BT 231.91 336.70 Td (, no price is paid or received by the fund upon the purchase or sale of the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 324.70 Td (Initially) Tj ET Q q 0 0 0 rg BT 62.51 324.70 Td (, the fund will be required to deposit an amount of cash or securities equal to a varying specified percentage of the contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.70 Td (amount. ) Tj ET Q q 0 0 0 rg BT 66.31 312.70 Td (This amount is known as initial mar) Tj ET Q q 0 0 0 rg BT 210.01 312.70 Td (gin. ) Tj ET Q q 0 0 0 rg BT 227.60 312.70 Td (The mar) Tj ET Q q 0 0 0 rg BT 261.02 312.70 Td (gin deposit is intended to ensure completion of the contract \(delivery or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.70 Td (acceptance of the underlying security\) if it is not terminated prior to the specified delivery date. ) Tj ET Q q 0 0 0 rg BT 414.97 300.70 Td (A) Tj ET Q q 0 0 0 rg BT 421.64 300.70 Td ( mar) Tj ET Q q 0 0 0 rg BT 439.51 300.70 Td (gin deposit does not constitute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.70 Td (a mar) Tj ET Q q 0 0 0 rg BT 53.80 288.70 Td (gin transaction for purposes of the fund) Tj ET Q q 0 0 0 rg BT 214.32 288.70 Td (s investment restrictions. Minimum initial mar) Tj ET Q q 0 0 0 rg BT 400.23 288.70 Td (gin requirements are established by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.70 Td (futures exchanges and may be revised.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.70 Td (In addition, brokers may establish mar) Tj ET Q q 0 0 0 rg BT 185.17 261.70 Td (gin deposit requirements that are higher than the exchange minimums. Cash held in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.70 Td (mar) Tj ET Q q 0 0 0 rg BT 46.87 249.70 Td (gin accounts generally is not income-producing. However) Tj ET Q q 0 0 0 rg BT 278.34 249.70 Td (, coupon bearing securities, such as ) Tj ET Q q 0 0 0 rg BT 422.01 249.70 Td (T) Tj ET Q q 0 0 0 rg BT 427.76 249.70 Td (reasury bills and bonds, held in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.70 Td (mar) Tj ET Q q 0 0 0 rg BT 46.87 237.70 Td (gin accounts generally will earn income. Subsequent payments to and from the broker) Tj ET Q q 0 0 0 rg BT 390.53 237.70 Td (, called variation mar) Tj ET Q q 0 0 0 rg BT 475.31 237.70 Td (gin, will be made on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.70 Td (a daily basis as the price of the underlying security or index fluctuates, making the future more or less valuable, a process known as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.70 Td (marking the contract to market. Changes in variation mar) Tj ET Q q 0 0 0 rg BT 260.41 213.70 Td (gin are recorded by the fund as unrealized gains or losses. ) Tj ET Q q 0 0 0 rg BT 493.67 213.70 Td (At any time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 201.70 Td (prior to expiration of the future, the fund may elect to close the position by taking an opposite position. ) Tj ET Q q 0 0 0 rg BT 445.58 201.70 Td (A) Tj ET Q q 0 0 0 rg BT 452.25 201.70 Td ( final determination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 189.70 Td (variation mar) Tj ET Q q 0 0 0 rg BT 84.91 189.70 Td (gin is then made; additional cash is required to be paid by or released to the fund and the fund realizes a loss or gain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 174.70 Td (By buying a put option, a fund obtains the right \(but not the obligation\) to sell the instrument underlying the option at a fixed strike ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 162.70 Td (price and in return a fund pays the current market price for the option \(known as the option premium\). ) Tj ET Q q 0 0 0 rg BT 441.93 162.70 Td (A) Tj ET Q q 0 0 0 rg BT 448.60 162.70 Td ( fund may terminate its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 150.70 Td (position in a put option it has purchased by allowing it to expire, by exercising the option or by entering into an of) Tj ET Q q 0 0 0 rg BT 487.62 150.70 Td (fsetting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 138.70 Td (transaction, if a liquid market exists. If the option is allowed to expire, a fund will lose the entire premium it paid. If a fund exercises ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 126.70 Td (a put option on a security) Tj ET Q q 0 0 0 rg BT 132.22 126.70 Td (, it will sell the instrument underlying the option at the strike price. ) Tj ET Q q 0 0 0 rg BT 402.26 126.70 Td (The buyer of a typical put option can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 114.70 Td (expect to realize a gain if the value of the underlying instrument falls substantially) Tj ET Q q 0 0 0 rg BT 359.91 114.70 Td (. However) Tj ET Q q 0 0 0 rg BT 401.16 114.70 Td (, if the price of the instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 102.70 Td (underlying the option does not fall enough to of) Tj ET Q q 0 0 0 rg BT 222.40 102.70 Td (fset the cost of purchasing the option, a put buyer can expect to suf) Tj ET Q q 0 0 0 rg BT 489.92 102.70 Td (fer a loss limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 90.70 Td (to the amount of the premium paid, plus related transaction costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 75.70 Td (The features of call options are essentially the same as those of put options, except that the buyer of a call option obtains the right to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 63.70 Td (purchase, rather than sell, the instrument underlying the option at the option) Tj ET Q q 0 0 0 rg BT 337.81 63.70 Td (s strike price. ) Tj ET Q q 0 0 0 rg BT 393.73 63.70 Td (The buyer of a typical call option can ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (expect to realize a gain if the value of the underlying instrument increases substantially and can expect to suf) Tj ET Q q 0 0 0 rg BT 466.72 742.10 Td (fer a loss if security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (prices do not rise suf) Tj ET Q q 0 0 0 rg BT 114.63 730.10 Td (ficiently to of) Tj ET Q q 0 0 0 rg BT 168.88 730.10 Td (fset the cost of the option.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (When a fund writes a put option, it takes the opposite side of the transaction from the option) Tj ET Q q 0 0 0 rg BT 403.08 715.10 Td (s buyer) Tj ET Q q 0 0 0 rg BT 431.69 715.10 Td (. In return for the receipt of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (premium, a fund assumes the obligation to pay the strike price for the instrument underlying the option if the other party to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (option chooses to exercise it. ) Tj ET Q q 0 0 0 rg BT 149.25 691.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.92 691.10 Td ( fund may seek to terminate its position in a put option it writes before exercise by purchasing an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (of) Tj ET Q q 0 0 0 rg BT 39.65 679.10 Td (fsetting option in the market at its current price. Otherwise, a fund must continue to be prepared to pay the strike price while the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (option is outstanding, regardless of price changes, and must continue to post mar) Tj ET Q q 0 0 0 rg BT 354.59 667.10 Td (gin as discussed below) Tj ET Q q 0 0 0 rg BT 445.31 667.10 Td (. If the price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (underlying instrument rises, a put writer would generally realize as profit the premium it received. If the price of the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (instrument remains the same over time, it is likely that the writer will also profit, because it should be able to close out the option at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (a lower price. If the price of the underlying instrument falls, the put writer would expect to suf) Tj ET Q q 0 0 0 rg BT 408.70 631.10 Td (fer a loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 616.10 Td ( fund writing a call option is obligated to sell or deliver the option) Tj ET Q q 0 0 0 rg BT 304.51 616.10 Td (s underlying instrument in return for the strike price upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (exercise of the option. ) Tj ET Q q 0 0 0 rg BT 122.68 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.71 604.10 Td (riting calls generally is a profitable strategy if the price of the underlying instrument remains the same or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (falls. ) Tj ET Q q 0 0 0 rg BT 53.17 592.10 Td (A) Tj ET Q q 0 0 0 rg BT 59.83 592.10 Td ( call writer of) Tj ET Q q 0 0 0 rg BT 113.79 592.10 Td (fsets part of the ef) Tj ET Q q 0 0 0 rg BT 185.81 592.10 Td (fect of a price decline by receipt of the option premium, but gives up some ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (participate in security price increases. ) Tj ET Q q 0 0 0 rg BT 184.58 580.10 Td (The writer of an exchange traded put or call option on a security) Tj ET Q q 0 0 0 rg BT 441.06 580.10 Td (, an index of securities or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.10 Td (futures contract is required to deposit cash or securities or a letter of credit as mar) Tj ET Q q 0 0 0 rg BT 357.58 568.10 Td (gin and to make mark to market payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.10 Td (variation mar) Tj ET Q q 0 0 0 rg BT 84.91 556.10 Td (gin as the position becomes unprofitable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (Risks Related to Futures and Options T) Tj ET Q q 0 0 0 rg BT 193.94 541.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 526.10 Td (Futures and options prices can be volatile, and trading in these markets involves certain risks. If the portfolio managers apply a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (hedge at an inappropriate time or judge interest rate or equity market trends incorrectly) Tj ET Q q 0 0 0 rg BT 378.77 514.10 Td (, futures and options strategies may lower a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (fund) Tj ET Q q 0 0 0 rg BT 52.61 502.10 Td (s return.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 487.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 487.10 Td ( fund could suf) Tj ET Q q 0 0 0 rg BT 98.26 487.10 Td (fer losses if it is unable to close out its position because of an illiquid secondary market. Futures contracts may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 475.10 Td (closed out only on an exchange that provides a secondary market for these contracts, and there is no assurance that a liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 463.10 Td (secondary market will exist for any particular futures contract at any particular time. Consequently) Tj ET Q q 0 0 0 rg BT 425.71 463.10 Td (, it may not be possible to close a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 451.10 Td (futures position when the portfolio managers consider it appropriate or desirable to do so. In the event of adverse price movements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 439.10 Td (a fund would be required to continue making daily cash payments to maintain its required mar) Tj ET Q q 0 0 0 rg BT 408.72 439.10 Td (gin. If the fund had insuf) Tj ET Q q 0 0 0 rg BT 507.96 439.10 Td (ficient cash, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td (it might have to sell portfolio securities to meet daily mar) Tj ET Q q 0 0 0 rg BT 261.27 427.10 Td (gin requirements at a time when the portfolio managers would not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 415.10 Td (otherwise elect to do so. In addition, a fund may be required to deliver or take delivery of instruments underlying futures contracts it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 403.10 Td (holds. ) Tj ET Q q 0 0 0 rg BT 57.99 403.10 Td (The portfolio managers will seek to minimize these risks by limiting the futures contracts entered into on behalf of the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 391.10 Td (to those traded on national futures exchanges and for which there appears to be a liquid secondary market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 376.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 376.10 Td ( fund could suf) Tj ET Q q 0 0 0 rg BT 98.26 376.10 Td (fer losses if the prices of its futures and options positions were poorly correlated with its other investments, or if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 364.10 Td (securities underlying futures contracts purchased by a fund had dif) Tj ET Q q 0 0 0 rg BT 297.62 364.10 Td (ferent maturities than those of the portfolio securities being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 352.10 Td (hedged. Such imperfect correlation may give rise to circumstances in which a fund loses money on a futures contract at the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 340.10 Td (time that it experiences a decline in the value of its hedged portfolio securities. ) Tj ET Q q 0 0 0 rg BT 348.34 340.10 Td (A) Tj ET Q q 0 0 0 rg BT 355.01 340.10 Td ( fund also could lose mar) Tj ET Q q 0 0 0 rg BT 455.64 340.10 Td (gin payments it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 328.10 Td (deposited with a mar) Tj ET Q q 0 0 0 rg BT 114.91 328.10 Td (gin broker if, for example, the broker became bankrupt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 313.10 Td (Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day) Tj ET Q q 0 0 0 rg BT 503.22 313.10 Td (. ) Tj ET Q q 0 0 0 rg BT 508.04 313.10 Td (The daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 301.10 Td (limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day) Tj ET Q q 0 0 0 rg BT 530.53 301.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 289.10 Td (settlement price at the end of the trading session. Once the daily limit has been reached in a particular type of contract, no trades ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 277.10 Td (may be made on that day at a price beyond the limit. However) Tj ET Q q 0 0 0 rg BT 280.18 277.10 Td (, the daily limit governs only price movement during a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 265.10 Td (trading day and, therefore, does not limit potential losses. In addition, the daily limit may prevent liquidation of unfavorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 253.10 Td (positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 241.10 Td (trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 226.10 Td (Options on Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 211.10 Td (By purchasing an option on a futures contract, a fund obtains the right, but not the obligation, to sell the futures contract \(a put ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 199.10 Td (option\) or to buy the contract \(a call option\) at a fixed strike price. ) Tj ET Q q 0 0 0 rg BT 298.36 199.10 Td (A) Tj ET Q q 0 0 0 rg BT 305.03 199.10 Td ( fund can terminate its position in a put option by allowing it to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 187.10 Td (expire or by exercising the option. If the option is exercised, the fund completes the sale of the underlying security at the strike ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 175.10 Td (price. Purchasing an option on a futures contract does not require a fund to make mar) Tj ET Q q 0 0 0 rg BT 372.32 175.10 Td (gin payments unless the option is exercised.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 160.10 Td (Although they do not currently intend to do so, the funds may write \(or sell\) call options that obligate them to sell \(or deliver\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 148.10 Td (option) Tj ET Q q 0 0 0 rg BT 59.83 148.10 Td (s underlying instrument upon exercise of the option. ) Tj ET Q q 0 0 0 rg BT 271.00 148.10 Td (While the receipt of option premiums would mitigate the ef) Tj ET Q q 0 0 0 rg BT 508.81 148.10 Td (fects of price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 136.10 Td (declines, the funds would give up some ability to participate in a price increase on the underlying security) Tj ET Q q 0 0 0 rg BT 454.06 136.10 Td (. If a fund were to engage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 124.10 Td (in options transactions, it would own the futures contract at the time a call was written and would keep the contract open until the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 112.10 Td (obligation to deliver it pursuant to the call expired.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 97.10 Td (Restrictions on the Use of Futures Contracts and Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 82.10 Td (Each fund may enter into futures contracts, options, options on futures contracts, or swap agreements as permitted by its investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 70.10 Td (policies and the Commodity Futures ) Tj ET Q q 0 0 0 rg BT 179.36 70.10 Td (T) Tj ET Q q 0 0 0 rg BT 185.12 70.10 Td (rading Commission \(CFTC\) rules. ) Tj ET Q q 0 0 0 rg BT 324.66 70.10 Td (The advisor to each fund has claimed an exclusion from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 58.10 Td (the definition of the term commodity pool operator under the Commodity Exchange ) Tj ET Q q 0 0 0 rg BT 378.63 58.10 Td (Act and, therefore, the advisor is not subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 46.10 Td (to registration or regulation as a commodity pool operator under that ) Tj ET Q q 0 0 0 rg BT 307.82 46.10 Td (Act with respect to its provision of services to each fund.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (The CFTC recently adopted certain rule amendments that may impose additional limits on the ability of a fund to invest in futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (contracts, options on futures, swaps, and certain other commodity interests if its investment advisor does not register with the CFTC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (as a commodity pool operator with respect to such fund. It is expected that the funds will be able to execute their investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (strategies within the limits adopted by the CFTC) Tj ET Q q 0 0 0 rg BT 228.98 706.10 Td (s rules. ) Tj ET Q q 0 0 0 rg BT 259.26 706.10 Td (As a result, the advisor does not intend to register with the CFTC as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (commodity pool operator on behalf of any of the funds. In the event that one of the funds engages in transactions that necessitate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (future registration with the CFTC, the advisor will register as a commodity pool operator and comply with applicable regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (with respect to that fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 655.10 Td (o the extent required by law) Tj ET Q q 0 0 0 rg BT 148.17 655.10 Td (, each fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (an amount suf) Tj ET Q q 0 0 0 rg BT 87.97 643.10 Td (ficient to cover its obligations under the futures contracts, options and swap agreements.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 624.70 Td (Inflation-linked Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 609.70 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 609.70 Td ( Balanced may purchase inflation-linked securities issued by the U.S. ) Tj ET Q q 0 0 0 rg BT 323.66 609.70 Td (T) Tj ET Q q 0 0 0 rg BT 329.42 609.70 Td (reasury) Tj ET Q q 0 0 0 rg BT 358.19 609.70 Td (, U.S. government agencies and instrumentalities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 597.70 Td (other than the U.S. ) Tj ET Q q 0 0 0 rg BT 109.08 597.70 Td (T) Tj ET Q q 0 0 0 rg BT 114.84 597.70 Td (reasury) Tj ET Q q 0 0 0 rg BT 143.62 597.70 Td (, and entities other than the U.S. ) Tj ET Q q 0 0 0 rg BT 274.52 597.70 Td (T) Tj ET Q q 0 0 0 rg BT 280.28 597.70 Td (reasury or U.S. government agencies and instrumentalities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 582.70 Td (Inflation-linked securities are designed to of) Tj ET Q q 0 0 0 rg BT 208.20 582.70 Td (fer a return linked to inflation, thereby protecting future purchasing power of the money ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 570.70 Td (invested in them. However) Tj ET Q q 0 0 0 rg BT 138.85 570.70 Td (, inflation-linked securities provide this protected return only if held to maturity) Tj ET Q q 0 0 0 rg BT 457.01 570.70 Td (. In addition, inflation-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 558.70 Td (linked securities may not trade at par value. Real interest rates \(the market rate of interest less the anticipated rate of inflation\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 546.70 Td (change over time as a result of many factors, such as what investors are demanding as a true value for money) Tj ET Q q 0 0 0 rg BT 467.64 546.70 Td (. ) Tj ET Q q 0 0 0 rg BT 472.46 546.70 Td (When real rates do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 534.70 Td (change, inflation-linked securities prices will be more sensitive to these changes than conventional bonds, because these securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 522.70 Td (were sold originally based upon a real interest rate that is no longer prevailing. Should market expectations for real interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 510.70 Td (rise, the price of inflation-linked securities and the share price of a fund holding these securities will fall. Investors in the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 498.70 Td (should be prepared to accept not only this share price volatility but also the possible adverse tax consequences it may cause.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 483.70 Td (An investment in securities featuring inflation-indexed principal and/or interest involves factors not associated with more traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 471.70 Td (fixed-principal securities. Such factors include the possibility that the inflation index may be subject to significant changes, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 459.70 Td (changes in the index may or may not correlate to changes in interest rates generally or changes in other indices, or that the resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 447.70 Td (interest may be greater or less than that payable on other securities of similar maturities. In the event of sustained deflation, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.70 Td (possible that the amount of semiannual interest payments, the inflation-indexed principal of the security or the value of the stripped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.70 Td (components will decrease. If any of these possibilities are realized, a fund) Tj ET Q q 0 0 0 rg BT 329.45 423.70 Td (s net asset value could be negatively af) Tj ET Q q 0 0 0 rg BT 485.04 423.70 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 408.70 Td (Inflation-linked T) Tj ET Q q 0 0 0 rg BT 105.30 408.70 Td (reasury Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 393.70 Td (Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 116.86 393.70 Td (T) Tj ET Q q 0 0 0 rg BT 122.62 393.70 Td (reasury securities are U.S. ) Tj ET Q q 0 0 0 rg BT 229.62 393.70 Td (T) Tj ET Q q 0 0 0 rg BT 235.38 393.70 Td (reasury securities with a final value and interest payment stream linked to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 381.70 Td (inflation rate. Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 173.23 381.70 Td (T) Tj ET Q q 0 0 0 rg BT 178.99 381.70 Td (reasury securities may be issued in either note or bond form. Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 508.72 381.70 Td (T) Tj ET Q q 0 0 0 rg BT 514.48 381.70 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 369.70 Td (notes have maturities of at least one year) Tj ET Q q 0 0 0 rg BT 194.09 369.70 Td (, but not more than 10 years. Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 396.37 369.70 Td (T) Tj ET Q q 0 0 0 rg BT 402.13 369.70 Td (reasury bonds have maturities of more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 357.70 Td (than 10 years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 342.70 Td (Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 116.86 342.70 Td (T) Tj ET Q q 0 0 0 rg BT 122.62 342.70 Td (reasury securities may be attractive to investors seeking an investment backed by the full faith and credit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 330.70 Td (the U.S. government that provides a return in excess of the rate of inflation. ) Tj ET Q q 0 0 0 rg BT 335.95 330.70 Td (These securities were first sold in the U.S. market in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 318.70 Td (January 1997. Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 175.46 318.70 Td (T) Tj ET Q q 0 0 0 rg BT 181.22 318.70 Td (reasury securities are auctioned and issued on a quarterly basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 303.70 Td (Structur) Tj ET Q q 0 0 0 rg BT 63.91 303.70 Td (e and Inflation Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 303.70 Td ( ) Tj ET Q q 0 0 0 rg BT 157.32 303.70 Td (The principal value of inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 333.20 303.70 Td (T) Tj ET Q q 0 0 0 rg BT 338.96 303.70 Td (reasury securities will be adjusted to reflect changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 291.70 Td (the level of inflation. ) Tj ET Q q 0 0 0 rg BT 117.68 291.70 Td (The index for measuring the inflation rate for inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 386.31 291.70 Td (T) Tj ET Q q 0 0 0 rg BT 392.07 291.70 Td (reasury securities is the non-seasonally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 279.70 Td (adjusted U.S. City ) Tj ET Q q 0 0 0 rg BT 106.78 279.70 Td (A) Tj ET Q q 0 0 0 rg BT 113.26 279.70 Td (verage ) Tj ET Q q 0 0 0 rg BT 141.86 279.70 Td (All Items Consumer Price Index for ) Tj ET Q q 0 0 0 rg BT 287.38 279.70 Td (All Urban Consumers \(Consumer Price Index\) published monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 267.70 Td (by the U.S. Department of Labor) Tj ET Q q 0 0 0 rg BT 163.78 267.70 Td () Tj ET Q q 0 0 0 rg BT 166.56 267.70 Td (s Bureau of Labor Statistics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 252.70 Td (Semiannual coupon interest payments are made at a fixed percentage of the inflation-linked principal value. ) Tj ET Q q 0 0 0 rg BT 465.04 252.70 Td (The coupon rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 240.70 Td (semiannual interest rate of each issuance of inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 292.62 240.70 Td (T) Tj ET Q q 0 0 0 rg BT 298.38 240.70 Td (reasury securities is determined at the time the securities are sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 228.70 Td (to the public \(i.e., by competitive bids in the auction\). ) Tj ET Q q 0 0 0 rg BT 248.49 228.70 Td (The coupon rate will likely reflect real yields available in the U.S. ) Tj ET Q q 0 0 0 rg BT 514.88 228.70 Td (T) Tj ET Q q 0 0 0 rg BT 520.64 228.70 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 216.70 Td (market; real yields are the prevailing yields on U.S. ) Tj ET Q q 0 0 0 rg BT 239.87 216.70 Td (T) Tj ET Q q 0 0 0 rg BT 245.63 216.70 Td (reasury securities with similar maturities, less then-prevailing inflation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 204.70 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 86.30 204.70 Td (While a reduction in inflation will cause a reduction in the interest payment made on the securities, the repayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 192.70 Td (principal at the maturity of the security is guaranteed by the U.S. ) Tj ET Q q 0 0 0 rg BT 292.91 192.70 Td (T) Tj ET Q q 0 0 0 rg BT 298.67 192.70 Td (reasury to be no less than the original face or par amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 180.70 Td (security at the time of issuance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 165.70 Td (Indexing Methodology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.75 165.70 Td ( - ) Tj ET Q q 0 0 0 rg BT 129.90 165.70 Td (The principal value of inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 305.78 165.70 Td (T) Tj ET Q q 0 0 0 rg BT 311.54 165.70 Td (reasury securities will be indexed, or adjusted, to account for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 153.70 Td (changes in the Consumer Price Index. Semiannual coupon interest payment amounts will be determined by multiplying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 141.70 Td (inflation-linked principal amount by one-half the stated rate of interest on each interest payment date.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 126.70 Td (T) Tj ET Q q 0 0 0 rg BT 36.14 126.70 Td (axation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.14 126.70 Td ( - ) Tj ET Q q 0 0 0 rg BT 74.29 126.70 Td (The taxation of inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 222.69 126.70 Td (T) Tj ET Q q 0 0 0 rg BT 228.44 126.70 Td (reasury securities is similar to the taxation of conventional bonds. Both interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 114.70 Td (payments and the dif) Tj ET Q q 0 0 0 rg BT 114.91 114.70 Td (ference between original principal and the inflation-indexed principal will be treated as interest income subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 102.70 Td (to taxation. Interest payments are taxable when received or accrued. ) Tj ET Q q 0 0 0 rg BT 305.64 102.70 Td (The inflation adjustment to the principal is subject to tax in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 90.70 Td (year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received. If an upward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 78.70 Td (adjustment has been made, investors in non-tax-deferred accounts will pay taxes on this amount currently) Tj ET Q q 0 0 0 rg BT 453.23 78.70 Td (. Decreases in the indexed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 66.70 Td (principal can be deducted only from current or previous interest payments reported as income.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (Inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 116.86 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.62 742.10 Td (reasury securities therefore have a potential cash flow mismatch to an investor) Tj ET Q q 0 0 0 rg BT 435.71 742.10 Td (, because investors must pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (taxes on the inflation-indexed principal before the repayment of principal is received. It is possible that, particularly for high income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (tax bracket investors, inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 204.06 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 209.82 718.10 Td (reasury securities would not generate enough cash in a given year to cover the tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (liability they could create. ) Tj ET Q q 0 0 0 rg BT 138.22 706.10 Td (This is similar to the current tax treatment for zero-coupon bonds and other discount securities. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 116.31 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.07 694.10 Td (reasury securities are sold prior to maturity) Tj ET Q q 0 0 0 rg BT 293.58 694.10 Td (, capital losses or gains are realized in the same manner as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (traditional bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (Investors in a fund will receive dividends that represent both the interest payments and the principal adjustments of the inflation-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (linked securities held in the fund) Tj ET Q q 0 0 0 rg BT 165.08 655.10 Td (s portfolio. ) Tj ET Q q 0 0 0 rg BT 210.91 655.10 Td (An investment in a fund may) Tj ET Q q 0 0 0 rg BT 326.63 655.10 Td (, therefore, be a means to avoid the cash flow mismatch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (associated with a direct investment in inflation-linked securities. For more information about taxes and their ef) Tj ET Q q 0 0 0 rg BT 473.97 643.10 Td (fect on you as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (investor in the funds, see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.70 631.10 Td (T) Tj ET Q q 0 0 0 rg BT 138.35 631.10 Td (axes,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.61 631.10 Td ( page 51.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (U.S. Government ) Tj ET Q q 0 0 0 rg BT 105.02 616.10 Td (Agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 601.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 601.10 Td ( number of U.S. government agencies and instrumentalities other than the U.S. ) Tj ET Q q 0 0 0 rg BT 355.69 601.10 Td (T) Tj ET Q q 0 0 0 rg BT 361.45 601.10 Td (reasury may issue inflation-linked securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 589.10 Td (Some U.S. government agencies have issued inflation-linked securities whose design mirrors that of the inflation-linked U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 577.10 Td (reasury securities described above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 562.10 Td (Other Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.10 Td (Entities other than the U.S. ) Tj ET Q q 0 0 0 rg BT 142.13 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.89 547.10 Td (reasury or U.S. government agencies and instrumentalities may issue inflation-linked securities. ) Tj ET Q q 0 0 0 rg BT 533.72 547.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 535.10 Td (some entities have issued inflation-linked securities whose design mirrors that of the inflation-linked U.S. ) Tj ET Q q 0 0 0 rg BT 456.79 535.10 Td (T) Tj ET Q q 0 0 0 rg BT 462.54 535.10 Td (reasury securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 523.10 Td (described above, others utilize dif) Tj ET Q q 0 0 0 rg BT 166.55 523.10 Td (ferent structures. For example, the principal value of these securities may be adjusted with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 511.10 Td (reference to the Consumer Price Index, but the semiannual coupon interest payments are made at a fixed percentage of the original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 499.10 Td (issue principal. ) Tj ET Q q 0 0 0 rg BT 93.99 499.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 146.10 499.10 Td (, the principal value may remain fixed, but the coupon interest payments may be adjusted with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 487.10 Td (reference to the Consumer Price Index.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 468.70 Td (Initial Public Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 453.70 Td (The funds may invest in initial public of) Tj ET Q q 0 0 0 rg BT 192.13 453.70 Td (ferings \(IPOs\) of common stock or other equity securities issued by a company) Tj ET Q q 0 0 0 rg BT 508.07 453.70 Td (. ) Tj ET Q q 0 0 0 rg BT 512.89 453.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 441.70 Td (purchase of securities in an IPO may involve higher transaction costs than those associated with the purchase of securities already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 429.70 Td (traded on exchanges or other established markets. In addition to the risks associated with equity securities generally) Tj ET Q q 0 0 0 rg BT 493.77 429.70 Td (, IPO securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 417.70 Td (may be subject to additional risk due to factors such as the absence of a prior public market, unseasoned trading and speculation, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 405.70 Td (potentially small number of securities available for trading, limited information about the issuer and other factors. ) Tj ET Q q 0 0 0 rg BT 488.97 405.70 Td (These factors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 393.70 Td (cause IPO shares to be volatile in price. ) Tj ET Q q 0 0 0 rg BT 192.10 393.70 Td (While a fund may hold IPO securities for a period of time, it may sell them in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 381.70 Td (aftermarket soon after the purchase, which could increase portfolio turnover and lead to increased expenses such as commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 369.70 Td (and transaction costs. Investments in IPOs could have a magnified impact \(either positive or negative\) on performance if a fund) Tj ET Q q 0 0 0 rg BT 544.67 369.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 357.70 Td (assets are relatively small. ) Tj ET Q q 0 0 0 rg BT 138.78 357.70 Td (The impact of IPOs on a fund) Tj ET Q q 0 0 0 rg BT 260.42 357.70 Td (s performance may tend to diminish as assets grow) Tj ET Q q 0 0 0 rg BT 463.61 357.70 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 339.30 Td (Inverse Floaters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 324.30 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 324.30 Td ( Balanced may invest in inverse floaters. ) Tj ET Q q 0 0 0 rg BT 208.31 324.30 Td (An inverse floater is a type of derivative security that bears an interest rate that moves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.30 Td (inversely to market interest rates. ) Tj ET Q q 0 0 0 rg BT 166.46 312.30 Td (As market interest rates rise, the interest rate on inverse floaters goes down, and vice versa. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.30 Td (Generally) Tj ET Q q 0 0 0 rg BT 70.27 300.30 Td (, this is accomplished by expressing the interest rate on the inverse floater as an above-market fixed rate of interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.30 Td (reduced by an amount determined by reference to a market-based or bond-specific floating interest rate \(as well as by any fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.30 Td (associated with administering the inverse floater program\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.30 Td (Inverse floaters may be issued in conjunction with an equal amount of Dutch ) Tj ET Q q 0 0 0 rg BT 341.14 261.30 Td (Auction floating-rate bonds \(floaters\), or a market-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.30 Td (based index may be used to set the interest rate on these securities. ) Tj ET Q q 0 0 0 rg BT 299.75 249.30 Td (A) Tj ET Q q 0 0 0 rg BT 306.42 249.30 Td ( Dutch ) Tj ET Q q 0 0 0 rg BT 335.31 249.30 Td (Auction is an auction system in which the price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.30 Td (security is gradually lowered until it meets a responsive bid and is sold. Floaters and inverse floaters may be brought to market by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.30 Td (\(1\) a broker) Tj ET Q q 0 0 0 rg BT 78.50 225.30 Td (-dealer who purchases fixed-rate bonds and places them in a trust, or \(2\) an issuer seeking to reduce interest expenses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.30 Td (using a floater/inverse floater structure in lieu of fixed-rate bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 198.30 Td (In the case of a broker) Tj ET Q q 0 0 0 rg BT 120.42 198.30 Td (-dealer structured of) Tj ET Q q 0 0 0 rg BT 201.31 198.30 Td (fering \(where underlying fixed-rate bonds have been placed in a trust\), distributions from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 186.30 Td (the underlying bonds are allocated to floater and inverse floater holders in the following manner:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 171.30 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.30 Td (Floater holders receive interest based on rates set at a six-month interval or at a Dutch ) Tj ET Q q 0 0 0 rg BT 394.94 171.30 Td (Auction, which typically is held every 28 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.30 Td (to 35 days. Current and prospective floater holders bid the minimum interest rate that they are willing to accept on the floaters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.30 Td (and the interest rate is set just high enough to ensure that all of the floaters are sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.30 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.30 Td (Inverse floater holders receive all of the interest that remains, if any) Tj ET Q q 0 0 0 rg BT 319.85 132.30 Td (, on the underlying bonds after floater interest and auction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.30 Td (fees are paid. ) Tj ET Q q 0 0 0 rg BT 104.84 120.30 Td (The interest rates on inverse floaters may be significantly reduced, even to zero, if interest rates rise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 105.30 Td (Procedures for determining the interest payment on floaters and inverse floaters brought to market directly by the issuer are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 93.30 Td (comparable, although the interest paid on the inverse floaters is based on a presumed coupon rate that would have been required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 81.30 Td (bring fixed-rate bonds to market at the time the floaters and inverse floaters were issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 66.30 Td (Where inverse floaters are issued in conjunction with floaters, inverse floater holders may be given the right to acquire the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 54.30 Td (underlying security \(or to create a fixed-rate bond\) by calling an equal amount of corresponding floaters. ) Tj ET Q q 0 0 0 rg BT 452.55 54.30 Td (The underlying security ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (may then be held or sold. However) Tj ET Q q 0 0 0 rg BT 171.34 742.10 Td (, typically) Tj ET Q q 0 0 0 rg BT 210.68 742.10 Td (, there are time constraints and other limitations associated with any right to combine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (interests and claim the underlying security) Tj ET Q q 0 0 0 rg BT 200.52 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (Floater holders subject to a Dutch ) Tj ET Q q 0 0 0 rg BT 168.69 715.10 Td (Auction procedure generally do not have the right to put back their interests to the issuer or to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (third party) Tj ET Q q 0 0 0 rg BT 72.78 703.10 Td (. If a Dutch ) Tj ET Q q 0 0 0 rg BT 120.27 703.10 Td (Auction fails, the floater holder may be required to hold its position until the underlying bond matures, during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (which time interest on the floater is capped at a predetermined rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 676.10 Td (The secondary market for floaters and inverse floaters may be limited. ) Tj ET Q q 0 0 0 rg BT 315.10 676.10 Td (The market value of inverse floaters tends to be significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 664.10 Td (more volatile than fixed-rate bonds.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 645.70 Td (Investment in Issuers with Limited Operating Histories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 630.70 Td (Each fund may invest a portion of its assets in the equity securities of issuers with limited operating histories. ) Tj ET Q q 0 0 0 rg BT 471.24 630.70 Td (VP) Tj ET Q q 0 0 0 rg BT 483.65 630.70 Td ( Balanced, ) Tj ET Q q 0 0 0 rg BT 528.17 630.70 Td (VP) Tj ET Q q 0 0 0 rg BT 540.58 630.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 618.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 62.33 618.70 Td (Appreciation, ) Tj ET Q q 0 0 0 rg BT 119.35 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 131.76 618.70 Td ( Growth, ) Tj ET Q q 0 0 0 rg BT 169.63 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 182.05 618.70 Td ( Income & Growth, ) Tj ET Q q 0 0 0 rg BT 262.68 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 275.09 618.70 Td ( International, ) Tj ET Q q 0 0 0 rg BT 333.50 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 345.91 618.70 Td ( Lar) Tj ET Q q 0 0 0 rg BT 362.11 618.70 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 415.25 618.70 Td (V) Tj ET Q q 0 0 0 rg BT 421.37 618.70 Td (alue, ) Tj ET Q q 0 0 0 rg BT 442.84 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 455.25 618.70 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 495.35 618.70 Td (V) Tj ET Q q 0 0 0 rg BT 501.47 618.70 Td (alue, ) Tj ET Q q 0 0 0 rg BT 522.94 618.70 Td (VP) Tj ET Q q 0 0 0 rg BT 535.35 618.70 Td ( Ultra ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 606.70 Td (and ) Tj ET Q q 0 0 0 rg BT 48.26 606.70 Td (VP) Tj ET Q q 0 0 0 rg BT 60.67 606.70 Td ( ) Tj ET Q q 0 0 0 rg BT 62.99 606.70 Td (V) Tj ET Q q 0 0 0 rg BT 69.10 606.70 Td (alue may invest up to 5% of their assets in such companies. ) Tj ET Q q 0 0 0 rg BT 309.15 606.70 Td (The portfolio managers consider an issuer to have a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 594.70 Td (operating history if that issuer has a record of less than three years of continuous operation. ) Tj ET Q q 0 0 0 rg BT 398.71 594.70 Td (The managers will consider periods of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 582.70 Td (capital formation, incubation, consolidations, and research and development in determining whether a particular issuer has a record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 570.70 Td (of three years of continuous operation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 555.70 Td (Investments in securities of issuers with limited operating histories may involve greater risks than investments in securities of more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 543.70 Td (mature issuers. By their nature, such issuers present limited operating histories and financial information upon which the managers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 531.70 Td (may base their investment decision on behalf of the funds. In addition, financial and other information regarding such issuers, when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 519.70 Td (available, may be incomplete or inaccurate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 504.70 Td (For purposes of this limitation, issuers refers to operating companies that issue securities for the purposes of issuing debt or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 492.70 Td (raising capital as a means of financing their ongoing operations. It does not, however) Tj ET Q q 0 0 0 rg BT 371.28 492.70 Td (, refer to entities, corporate or otherwise, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 480.70 Td (are created for the express purpose of securitizing obligations or income streams. For example, a fund) Tj ET Q q 0 0 0 rg BT 441.64 480.70 Td (s investments in a trust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 468.70 Td (created for the purpose of pooling mortgage obligations or other financial assets would not be subject to the limitation.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 450.30 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 72.96 450.30 Td (T) Tj ET Q q 0 0 0 rg BT 80.07 450.30 Td (ransition Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.30 Td (The London Interbank Of) Tj ET Q q 0 0 0 rg BT 134.34 435.30 Td (fered Rate \(LIBOR\) is a benchmark interest rate intended to be representative of the rate at which major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.30 Td (international banks who are members of the British Bankers ) Tj ET Q q 0 0 0 rg BT 273.94 423.30 Td (Association lend to one another over short-terms. LIBOR is the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.30 Td (common benchmark interest rate index used to make adjustments to variable-rate loans. Global banking and financial industries use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.30 Td (LIBOR to determine interest rates for a variety of financial instruments-such as debt instruments and derivatives-and borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 387.30 Td (arrangements. Following manipulation allegations, the Financial Conduct ) Tj ET Q q 0 0 0 rg BT 327.83 387.30 Td (Authority) Tj ET Q q 0 0 0 rg BT 366.07 387.30 Td (, the United Kingdom) Tj ET Q q 0 0 0 rg BT 456.06 387.30 Td (s financial regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 375.30 Td (body) Tj ET Q q 0 0 0 rg BT 50.85 375.30 Td (, announced a plan to phase out the use ofLIBORby the end of2021. Uncertainty remains regarding the future utilization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 363.30 Td (LIBOR and the specific replacement rate or rates. ) Tj ET Q q 0 0 0 rg BT 232.25 363.30 Td (As such, the potential ef) Tj ET Q q 0 0 0 rg BT 328.99 363.30 Td (fects of the transition away from LIBOR on the funds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.30 Td (and the financial instruments they use, is still unknown. ) Tj ET Q q 0 0 0 rg BT 256.56 351.30 Td (The transition process may lead to increased volatility or illiquidity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 339.30 Td (markets for instruments that currently rely on LIBOR. ) Tj ET Q q 0 0 0 rg BT 250.44 339.30 Td (The transition may also result in a change in the value of certain instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.30 Td (the funds hold or a change in the cost of temporary borrowing for the funds. ) Tj ET Q q 0 0 0 rg BT 337.91 327.30 Td (When LIBOR is discontinued, the LIBOR replacement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 315.30 Td (rate may be lower than market expectations, which could have an adverse impact on the value of preferred and debt-securities with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 303.30 Td (floating or fixed-to-floating rate coupons. ) Tj ET Q q 0 0 0 rg BT 200.16 303.30 Td (The transition away from LIBOR could result in losses to the funds. If LIBOR becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 291.30 Td (less utilized during the transition period, losses could occur prior to the end of 2021.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 272.90 Td (Loans of Portfolio Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 257.90 Td (In order to realize additional income, a fund may lend its portfolio securities. Such loans may not exceed one-third of the fund) Tj ET Q q 0 0 0 rg BT 538.85 257.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 245.90 Td (total assets valued at market, however) Tj ET Q q 0 0 0 rg BT 183.27 245.90 Td (, this limitation does not apply to purchases of debt securities in accordance with the fund) Tj ET Q q 0 0 0 rg BT 544.29 245.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 233.90 Td (investment objectives, policies and limitations, or to repurchase agreements with respect to portfolio securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 218.90 Td (Cash received from the borrower as collateral through loan transactions may be invested in other eligible securities. Investing this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 206.90 Td (cash subjects that investment to market appreciation or depreciation. If a borrower defaults on a securities loan because of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 194.90 Td (insolvency or other reasons, the lending fund could experience delays and costs in recovering the securities loan, the lending fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 182.90 Td (could experience delays in recovering the securities it loaned; if the value of the loaned securities increased over the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 170.90 Td (collateral, the fund could suf) Tj ET Q q 0 0 0 rg BT 146.00 170.90 Td (fer a loss. ) Tj ET Q q 0 0 0 rg BT 186.92 170.90 Td (T) Tj ET Q q 0 0 0 rg BT 192.33 170.90 Td (o minimize the risk of default on securities loans, the advisor adheres to guidelines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 158.90 Td (prescribed by the Board of Directors governing lending of securities. ) Tj ET Q q 0 0 0 rg BT 309.29 158.90 Td (These guidelines strictly govern:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.90 Td (the type and amount of collateral that must be received by the fund;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 128.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.90 Td (the circumstances under which additions to that collateral must be made by borrowers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 113.90 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.90 Td (the return to be received by the fund on the loaned securities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 98.90 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.90 Td (the limitations on the percentage of fund assets on loan; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 83.90 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.90 Td (the credit standards applied in evaluating potential borrowers of portfolio securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.90 Td (In addition, the guidelines require that the fund have the option to terminate any loan of a portfolio security at any time and set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.90 Td (requirements for recover of securities from borrowers.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 742.25 Td (Mortgage-Backed Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 727.25 Td (Background) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 712.25 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 712.25 Td ( mortgage-backed security represents an ownership interest in a pool of mortgage loans. ) Tj ET Q q 0 0 0 rg BT 392.32 712.25 Td (The loans are made by financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 700.25 Td (institutions to finance home and other real estate purchases. ) Tj ET Q q 0 0 0 rg BT 271.98 700.25 Td (As the loans are repaid, investors receive payments of both interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 688.25 Td (principal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 673.25 Td (Like fixed-income securities such as U.S. ) Tj ET Q q 0 0 0 rg BT 200.16 673.25 Td (T) Tj ET Q q 0 0 0 rg BT 205.92 673.25 Td (reasury bonds, mortgage-backed securities pay a stated rate of interest during the life of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 661.25 Td (the security) Tj ET Q q 0 0 0 rg BT 77.22 661.25 Td (. However) Tj ET Q q 0 0 0 rg BT 118.47 661.25 Td (, unlike a bond, which returns principal to the investor in one lump sum at maturity) Tj ET Q q 0 0 0 rg BT 450.26 661.25 Td (, mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 649.25 Td (securities return principal to the investor in increments during the life of the security) Tj ET Q q 0 0 0 rg BT 368.25 649.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 634.25 Td (Because the timing and speed of principal repayments vary) Tj ET Q q 0 0 0 rg BT 267.44 634.25 Td (, the cash flow on mortgage-backed securities is irregular) Tj ET Q q 0 0 0 rg BT 495.97 634.25 Td (. If mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.25 Td (holders sell their homes, refinance their loans, prepay their mortgages or default on their loans, the principal is distributed pro rata to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 610.25 Td (investors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 595.25 Td (As with other fixed-income securities, the prices of mortgage-backed securities fluctuate in response to changing interest rates; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 583.25 Td (when interest rates fall, the prices of mortgage-backed securities rise, and vice versa. Changing interest rates have additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 571.25 Td (significance for mortgage-backed securities investors, however) Tj ET Q q 0 0 0 rg BT 283.78 571.25 Td (, because they influence prepayment rates \(the rates at which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 559.25 Td (mortgage holders prepay their mortgages\), which in turn af) Tj ET Q q 0 0 0 rg BT 267.63 559.25 Td (fect the yields on mortgage-backed securities. ) Tj ET Q q 0 0 0 rg BT 453.21 559.25 Td (When interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.25 Td (decline, prepayment rates generally increase. Mortgage holders take advantage of the opportunity to refinance their mortgages at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 535.25 Td (lower rates with lower monthly payments. ) Tj ET Q q 0 0 0 rg BT 202.67 535.25 Td (When interest rates rise, mortgage holders are less inclined to refinance their mortgages. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 523.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 57.13 523.25 Td (fect of prepayment activity on yield depends on whether the mortgage-backed security was purchased at a premium or at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 511.25 Td (discount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 496.25 Td ( fund may receive principal sooner than it expected because of accelerated prepayments. Under these circumstances, the fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 484.25 Td (might have to reinvest returned principal at rates lower than it would have earned if principal payments were made on schedule. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 472.25 Td (Conversely) Tj ET Q q 0 0 0 rg BT 76.40 472.25 Td (, a mortgage-backed security may exceed its anticipated life if prepayment rates decelerate unexpectedly) Tj ET Q q 0 0 0 rg BT 493.88 472.25 Td (. Under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 460.25 Td (circumstances, a fund might miss an opportunity to earn interest at higher prevailing rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 445.25 Td (GNMA) Tj ET Q q 0 0 0 rg BT 60.95 445.25 Td ( Certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 430.25 Td (The Government National Mortgage ) Tj ET Q q 0 0 0 rg BT 179.79 430.25 Td (Association \(GNMA\) is a wholly owned corporate instrumentality of the United States within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 418.25 Td (the Department of Housing and Urban Development. ) Tj ET Q q 0 0 0 rg BT 246.26 418.25 Td (The National Housing ) Tj ET Q q 0 0 0 rg BT 337.08 418.25 Td (Act of 1934 \(Housing ) Tj ET Q q 0 0 0 rg BT 426.52 418.25 Td (Act\), as amended, authorizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 406.25 Td (GNMA) Tj ET Q q 0 0 0 rg BT 61.50 406.25 Td ( to guarantee the timely payment of interest and repayment of principal on certificates that are backed by a pool of mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 394.25 Td (loans insured by the Federal Housing ) Tj ET Q q 0 0 0 rg BT 182.59 394.25 Td (Administration under the Housing ) Tj ET Q q 0 0 0 rg BT 321.47 394.25 Td (Act, or by ) Tj ET Q q 0 0 0 rg BT 364.05 394.25 Td (T) Tj ET Q q 0 0 0 rg BT 369.81 394.25 Td (itle ) Tj ET Q q 0 0 0 rg BT 384.90 394.25 Td (V) Tj ET Q q 0 0 0 rg BT 391.94 394.25 Td ( of the Housing ) Tj ET Q q 0 0 0 rg BT 455.83 394.25 Td (Act of 1949 \(FHA) Tj ET Q q 0 0 0 rg BT 528.88 394.25 Td ( Loans\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.25 Td (or guaranteed by the Department of ) Tj ET Q q 0 0 0 rg BT 176.26 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 182.37 382.25 Td (eterans ) Tj ET Q q 0 0 0 rg BT 212.64 382.25 Td (Af) Tj ET Q q 0 0 0 rg BT 223.01 382.25 Td (fairs under the Servicemen) Tj ET Q q 0 0 0 rg BT 333.24 382.25 Td (s Readjustment ) Tj ET Q q 0 0 0 rg BT 396.57 382.25 Td (Act of 1944 \(V) Tj ET Q q 0 0 0 rg BT 456.10 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 462.77 382.25 Td ( Loans\), as amended, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 370.25 Td (by pools of other eligible mortgage loans. ) Tj ET Q q 0 0 0 rg BT 200.73 370.25 Td (The Housing ) Tj ET Q q 0 0 0 rg BT 254.62 370.25 Td (Act provides that the full faith and credit of the U.S. government is pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 358.25 Td (to the payment of all amounts that may be required to be paid under any guarantee. GNMA) Tj ET Q q 0 0 0 rg BT 396.11 358.25 Td ( has unlimited authority to borrow from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 346.25 Td (the U.S. ) Tj ET Q q 0 0 0 rg BT 66.32 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.08 346.25 Td (reasury in order to meet its obligations under this guarantee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 331.25 Td (GNMA) Tj ET Q q 0 0 0 rg BT 61.50 331.25 Td ( certificates represent a pro rata interest in one or more pools of the following types of mortgage loans: \(a\) fixed-rate level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 319.25 Td (payment mortgage loans; \(b\) fixed-rate graduated payment mortgage loans \(GPMs\); \(c\) fixed-rate growing equity mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 307.25 Td (\(GEMs\); \(d\) fixed-rate mortgage loans secured by manufactured \(mobile\) homes \(MHs\); \(e\) mortgage loans on multifamily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 295.25 Td (residential properties under construction \(CLCs\); \(f\) mortgage loans on completed multifamily projects \(PLCs\); \(g\) fixed-rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 283.25 Td (mortgage loans that use escrowed funds to reduce the borrower) Tj ET Q q 0 0 0 rg BT 284.84 283.25 Td () Tj ET Q q 0 0 0 rg BT 287.62 283.25 Td (s monthly payments during the early years of the mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 271.25 Td (\(buydown mortgage loans\); and \(h\) mortgage loans that provide for payment adjustments based on periodic changes in interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 259.25 Td (or in other payment terms of the mortgage loans. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 244.25 Td (Fannie Mae Certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 229.25 Td (The Federal National Mortgage ) Tj ET Q q 0 0 0 rg BT 159.79 229.25 Td (Association \(FNMA) Tj ET Q q 0 0 0 rg BT 241.18 229.25 Td ( or Fannie Mae\) is a federally chartered and privately owned corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 217.25 Td (established under the Federal National Mortgage ) Tj ET Q q 0 0 0 rg BT 228.66 217.25 Td (Association Charter ) Tj ET Q q 0 0 0 rg BT 310.31 217.25 Td (Act. Fannie Mae was originally established in 1938 as a U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 205.25 Td (government agency designed to provide supplemental liquidity to the mortgage market and was reor) Tj ET Q q 0 0 0 rg BT 432.59 205.25 Td (ganized as a stockholder) Tj ET Q q 0 0 0 rg BT 530.41 205.25 Td (-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 193.25 Td (and privately managed corporation by legislation enacted in 1968. Fannie Mae acquires capital from investors who would not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 181.25 Td (ordinarily invest in mortgage loans directly and thereby expands the total amount of funds available for housing. ) Tj ET Q q 0 0 0 rg BT 483.98 181.25 Td (This money is used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 169.25 Td (to buy home mortgage loans from local lenders, replenishing the supply of capital available for mortgage lending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 154.25 Td (Fannie Mae certificates represent a pro rata interest in one or more pools of FHA) Tj ET Q q 0 0 0 rg BT 354.72 154.25 Td ( Loans, ) Tj ET Q q 0 0 0 rg BT 386.48 154.25 Td (V) Tj ET Q q 0 0 0 rg BT 392.41 154.25 Td (A) Tj ET Q q 0 0 0 rg BT 399.08 154.25 Td ( Loans, or) Tj ET Q q 0 0 0 rg BT 438.95 154.25 Td (, most commonly) Tj ET Q q 0 0 0 rg BT 508.02 154.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.25 Td (conventional mortgage loans \(i.e., mortgage loans that are not insured or guaranteed by a government agency\) of the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 130.25 Td (types: \(a\) fixed-rate level payment mortgage loans; \(b\) fixed-rate growing equity mortgage loans; \(c\) fixed-rate graduated payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 118.25 Td (mortgage loans; \(d\) adjustable-rate mortgage loans; and \(e\) fixed-rate mortgage loans secured by multifamily projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 103.25 Td (Fannie Mae certificates entitle the registered holder to receive amounts representing a pro rata interest in scheduled principal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.25 Td (interest payments \(at the certificate) Tj ET Q q 0 0 0 rg BT 174.77 91.25 Td (s pass-through rate, which is net of any servicing and guarantee fees on the underlying mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.25 Td (loans\), any principal prepayments, and a proportionate interest in the full principal amount of any foreclosed or otherwise liquidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.25 Td (mortgage loan. ) Tj ET Q q 0 0 0 rg BT 93.80 67.25 Td (The full and timely payment of interest and repayment of principal on each Fannie Mae certificate is guaranteed by ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (Fannie Mae; this guarantee is not backed by the full faith and credit of the U.S. government. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 420.00 742.10 Td (Recent Events Regar) Tj ET Q q 0 0 0 rg BT 502.93 742.10 Td (ding Fannie ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (Mae and Fr) Tj ET Q q 0 0 0 rg BT 78.90 730.10 Td (eddie Mac) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.82 730.10 Td ( below) Tj ET Q q 0 0 0 rg BT 147.11 730.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (Freddie Mac Certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 700.10 Td (The Federal Home Loan Mortgage Corporation \(FHLMC or Freddie Mac\) is a corporate instrumentality of the United States created ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 688.10 Td (pursuant to the Emer) Tj ET Q q 0 0 0 rg BT 114.91 688.10 Td (gency Home Finance ) Tj ET Q q 0 0 0 rg BT 201.83 688.10 Td (Act of 1970 \(FHLMC ) Tj ET Q q 0 0 0 rg BT 291.83 688.10 Td (Act\), as amended. Freddie Mac was established primarily for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 676.10 Td (purpose of increasing the availability of mortgage credit. Its principal activity consists of purchasing first-lien conventional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 664.10 Td (residential mortgage loans \(and participation interests in such mortgage loans\) and reselling these loans in the form of mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (backed securities, primarily Freddie Mac certificates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 637.10 Td (Freddie Mac certificates represent a pro rata interest in a group of mortgage loans \(a Freddie Mac certificate group\) purchased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 625.10 Td (Freddie Mac. ) Tj ET Q q 0 0 0 rg BT 87.13 625.10 Td (The mortgage loans underlying Freddie Mac certificates consist of fixed- or adjustable-rate mortgage loans with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 613.10 Td (original terms to maturity of between 10 and 30 years, substantially all of which are secured by first-liens on one- to four) Tj ET Q q 0 0 0 rg BT 515.05 613.10 Td (-family ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 601.10 Td (residential properties or multifamily projects. Each mortgage loan must meet standards set forth in the FHLMC ) Tj ET Q q 0 0 0 rg BT 478.90 601.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 497.78 601.10 Td (A) Tj ET Q q 0 0 0 rg BT 504.45 601.10 Td ( Freddie Mac ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 589.10 Td (certificate group may include whole loans, participation interests in whole loans, undivided interests in whole loans, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (participations composing another Freddie Mac certificate group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 562.10 Td (Freddie Mac guarantees to each registered holder of a Freddie Mac certificate the timely payment of interest at the rate provided for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 550.10 Td (by the certificate. Freddie Mac also guarantees ultimate collection of all principal on the related mortgage loans, without any of) Tj ET Q q 0 0 0 rg BT 540.86 550.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 538.10 Td (or deduction, but generally does not guarantee the timely repayment of principal. Freddie Mac may remit principal at any time after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 526.10 Td (default on an underlying mortgage loan, but no later than 30 days following \(a\) foreclosure sale, \(b\) payment of a claim by any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (mortgage insurer) Tj ET Q q 0 0 0 rg BT 99.13 514.10 Td (, or \(c\) the expiration of any right of redemption, whichever occurs later) Tj ET Q q 0 0 0 rg BT 386.95 514.10 Td (, and in any event no later than one year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (after demand has been made upon the mortgager for accelerated payment of principal. Obligations guaranteed by Freddie Mac are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (not backed by the full faith and credit pledge of the U.S. government. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 328.91 490.10 Td (Recent Events Regar) Tj ET Q q 0 0 0 rg BT 411.84 490.10 Td (ding Fannie Mae and Fr) Tj ET Q q 0 0 0 rg BT 510.34 490.10 Td (eddie Mac) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.26 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 478.10 Td (below) Tj ET Q q 0 0 0 rg BT 55.29 478.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 463.10 Td (Recent Events Regarding Fannie Mae and Freddie Mac) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 448.10 Td (Since September 2008, Fannie Mae and Freddie Mac have operated under a conservatorship administered by the Federal Housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 436.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 65.10 436.10 Td (Agency \(FHF) Tj ET Q q 0 0 0 rg BT 119.63 436.10 Td (A\). In addition, the U.S. ) Tj ET Q q 0 0 0 rg BT 218.61 436.10 Td (T) Tj ET Q q 0 0 0 rg BT 224.37 436.10 Td (reasury has entered into senior preferred stock purchase agreements \(PSP) Tj ET Q q 0 0 0 rg BT 516.95 436.10 Td (A\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 424.10 Td (provide additional financing to Fannie Mae and Freddie Mac. ) Tj ET Q q 0 0 0 rg BT 280.14 424.10 Td (Three amendments have been made to the original agreement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 412.10 Td (PSP) Tj ET Q q 0 0 0 rg BT 47.27 412.10 Td (A, each of which has further strengthened the credit worthiness of these entities. ) Tj ET Q q 0 0 0 rg BT 370.59 412.10 Td (The most recent amendment eliminates the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 400.10 Td (requirement to pay a 10% preferred stock dividend in exchange for a quarterly sweep of net worth. ) Tj ET Q q 0 0 0 rg BT 428.95 400.10 Td (This in turn eliminates any need ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 388.10 Td (to borrow from the ) Tj ET Q q 0 0 0 rg BT 109.63 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.39 388.10 Td (reasury to pay dividends and was intended to strengthen the financial commitment to these enterprises.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 373.10 Td (The future status and role of Fannie Mae or Freddie Mac could be impacted by) Tj ET Q q 0 0 0 rg BT 346.30 373.10 Td (, among other things, the actions taken and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 361.10 Td (restrictions placed on Fannie Mae or Freddie Mac by the FHF) Tj ET Q q 0 0 0 rg BT 278.48 361.10 Td (A) Tj ET Q q 0 0 0 rg BT 285.15 361.10 Td ( in its role as conservator) Tj ET Q q 0 0 0 rg BT 385.00 361.10 Td (, the restrictions placed on Fannie Mae) Tj ET Q q 0 0 0 rg BT 543.00 361.10 Td (s or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 349.10 Td (Freddie Mac) Tj ET Q q 0 0 0 rg BT 85.09 349.10 Td (s operations and activities under the senior preferred stock purchase agreements, market responses to developments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 337.10 Td (Fannie Mae or Freddie Mac, and future legislative, regulatory) Tj ET Q q 0 0 0 rg BT 277.99 337.10 Td (, or legal action that alters the operations, ownership, structure and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 325.10 Td (mission of Fannie Mae or Freddie Mac, each of which may) Tj ET Q q 0 0 0 rg BT 267.73 325.10 Td (, in turn, impact the value of, and cash flows on, any securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 313.10 Td (guaranteed by Fannie Mae and Freddie Mac.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 298.10 Td (Collateralized Mortgage Obligations \(CMOs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 283.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 283.10 Td ( CMO is a multiclass bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 271.10 Td (by \(a\) GNMA, Fannie Mae or Freddie Mac pass-through certificates; \(b\) unsecured mortgage loans insured by the Federal Housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 259.10 Td (Administration or guaranteed by the Department of ) Tj ET Q q 0 0 0 rg BT 239.31 259.10 Td (V) Tj ET Q q 0 0 0 rg BT 245.43 259.10 Td (eterans) Tj ET Q q 0 0 0 rg BT 276.33 259.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.28 259.10 Td (Af) Tj ET Q q 0 0 0 rg BT 288.65 259.10 Td (fairs; \(c\) unsecuritized conventional mortgages; or \(d\) any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 247.10 Td (combination thereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 232.10 Td (In structuring a CMO, an issuer distributes cash flow from the underlying collateral over a series of classes called tranches. Each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 220.10 Td (CMO is a set of two or more tranches, with average lives and cash flow patterns designed to meet specific investment objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 208.10 Td (The average life expectancies of the dif) Tj ET Q q 0 0 0 rg BT 189.01 208.10 Td (ferent tranches in a four) Tj ET Q q 0 0 0 rg BT 284.32 208.10 Td (-part deal, for example, might be two, five, seven and 20 years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 193.10 Td (As payments on the underlying mortgage loans are collected, the CMO issuer pays the coupon rate of interest to the bondholders in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 181.10 Td (each tranche. ) Tj ET Q q 0 0 0 rg BT 86.19 181.10 Td (At the outset, scheduled and unscheduled principal payments go to investors in the first tranches. Investors in later ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 169.10 Td (tranches do not begin receiving principal payments until the prior tranches are paid of) Tj ET Q q 0 0 0 rg BT 374.26 169.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 382.41 169.10 Td (This basic type of CMO is known as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 157.10 Td (sequential pay or plain vanilla CMO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.10 Td (Some CMOs are structured so that the prepayment or market risks are transferred from one tranche to another) Tj ET Q q 0 0 0 rg BT 469.96 142.10 Td (. Prepayment stability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 130.10 Td (is improved in some tranches if other tranches absorb more prepayment variability) Tj ET Q q 0 0 0 rg BT 361.03 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 115.10 Td (The final tranche of a CMO often takes the form of a Z-bond, also known as an accrual bond or accretion bond. Holders of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 103.10 Td (securities receive no cash until the earlier tranches are paid in full. During the period that the other tranches are outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.10 Td (periodic interest payments are added to the initial face amount of the Z-bond but are not paid to investors. ) Tj ET Q q 0 0 0 rg BT 456.74 91.10 Td (When the prior tranches ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.10 Td (are retired, the Z-bond receives coupon payments on its higher principal balance plus any principal prepayments from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.10 Td (underlying mortgage loans. ) Tj ET Q q 0 0 0 rg BT 143.52 67.10 Td (The existence of a Z-bond tranche helps stabilize cash flow patterns in the other tranches. In a changing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 55.10 Td (interest rate environment, however) Tj ET Q q 0 0 0 rg BT 170.49 55.10 Td (, the value of the Z-bond tends to be more volatile.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (As CMOs have evolved, some classes of CMO bonds have become more prevalent. ) Tj ET Q q 0 0 0 rg BT 368.74 742.10 Td (The planned amortization class \(P) Tj ET Q q 0 0 0 rg BT 503.89 742.10 Td (AC\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (tar) Tj ET Q q 0 0 0 rg BT 41.87 730.10 Td (geted amortization class \(T) Tj ET Q q 0 0 0 rg BT 149.63 730.10 Td (AC\), for example, were designed to reduce prepayment risk by establishing a sinking-fund structure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (P) Tj ET Q q 0 0 0 rg BT 36.14 718.10 Td (AC and ) Tj ET Q q 0 0 0 rg BT 69.29 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 74.60 718.10 Td (AC bonds assure to varying degrees that investors will receive payments over a predetermined period under various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (prepayment scenarios. ) Tj ET Q q 0 0 0 rg BT 122.86 706.10 Td (Although P) Tj ET Q q 0 0 0 rg BT 167.78 706.10 Td (AC and ) Tj ET Q q 0 0 0 rg BT 200.93 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.24 706.10 Td (AC bonds are similar) Tj ET Q q 0 0 0 rg BT 291.10 706.10 Td (, P) Tj ET Q q 0 0 0 rg BT 300.74 706.10 Td (AC bonds are better able to provide stable cash flows under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (various prepayment scenarios than ) Tj ET Q q 0 0 0 rg BT 172.38 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 177.69 694.10 Td (AC bonds because of the order in which these tranches are paid.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (The existence of a P) Tj ET Q q 0 0 0 rg BT 111.66 679.10 Td (AC or ) Tj ET Q q 0 0 0 rg BT 138.70 679.10 Td (T) Tj ET Q q 0 0 0 rg BT 144.01 679.10 Td (AC tranche can create higher levels of risk for other tranches in the CMO because the stability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (P) Tj ET Q q 0 0 0 rg BT 36.14 667.10 Td (AC or ) Tj ET Q q 0 0 0 rg BT 63.18 667.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.49 667.10 Td (AC tranche is achieved by creating at least one other tranche known as a companion bond, support or non-P) Tj ET Q q 0 0 0 rg BT 511.89 667.10 Td (AC bond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (that absorbs the variability of principal cash flows. Because companion bonds have a high degree of average life variability) Tj ET Q q 0 0 0 rg BT 524.29 655.10 Td (, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (generally pay a higher yield. ) Tj ET Q q 0 0 0 rg BT 147.57 643.10 Td (A) Tj ET Q q 0 0 0 rg BT 154.24 643.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.56 643.10 Td (T) Tj ET Q q 0 0 0 rg BT 161.87 643.10 Td (AC bond can have some of the prepayment variability of a companion bond if there is also a P) Tj ET Q q 0 0 0 rg BT 538.62 643.10 Td (AC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (bond in the CMO issue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (Floating-rate CMO tranches \(floaters\) pay a variable rate of interest that is usually tied to the LIBOR. Institutional investors with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (short-term liabilities, such as commercial banks, often find floating-rate CMOs attractive investments. Super floaters \(which float a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (certain percentage above LIBOR\) and inverse floaters \(which float inversely to LIBOR\) are variations on the floater structure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (have highly variable cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (Stripped Mortgage-Backed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 550.10 Td (Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 538.10 Td (securities to create two or more new securities, each with a specified percentage of the underlying security) Tj ET Q q 0 0 0 rg BT 459.94 538.10 Td (s principal or interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 526.10 Td (payments. Mortgage-backed securities may be partially stripped so that each investor class receives some interest and some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (principal. ) Tj ET Q q 0 0 0 rg BT 71.86 514.10 Td (When securities are completely stripped, however) Tj ET Q q 0 0 0 rg BT 271.38 514.10 Td (, all of the interest is distributed to holders of one type of security) Tj ET Q q 0 0 0 rg BT 532.34 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (known as an interest-only security) Tj ET Q q 0 0 0 rg BT 168.04 502.10 Td (, or IO, and all of the principal is distributed to holders of another type of security known as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (principal-only security) Tj ET Q q 0 0 0 rg BT 121.66 490.10 Td (, or PO. Strips can be created in a pass-through structure or as tranches of a CMO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 475.10 Td (The market values of IOs and POs are very sensitive to interest rate and prepayment rate fluctuations. POs, for example, increase \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 463.10 Td (decrease\) in value as interest rates decline \(or rise\). ) Tj ET Q q 0 0 0 rg BT 238.44 463.10 Td (The price behavior of these securities also depends on whether the mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 451.10 Td (collateral was purchased at a premium or discount to its par value. Prepayments on discount coupon POs generally are much lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 439.10 Td (than prepayments on premium coupon POs. IOs may be used to hedge a fund) Tj ET Q q 0 0 0 rg BT 343.66 439.10 Td (s other investments because prepayments cause the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td (value of an IO strip to move in the opposite direction from other mortgage-backed securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 412.10 Td (Commercial Mortgage-Backed Securities \(CMBS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 397.10 Td (CMBS are securities created from a pool of commercial mortgage loans, such as loans for hotels, shopping centers, of) Tj ET Q q 0 0 0 rg BT 503.13 397.10 Td (fice buildings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 385.10 Td (apartment buildings, and the like. Interest and principal payments from these loans are passed on to the investor according to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 373.10 Td (particular schedule of payments. ) Tj ET Q q 0 0 0 rg BT 163.77 373.10 Td (They may be issued by U.S. government agencies or by private issuers. ) Tj ET Q q 0 0 0 rg BT 451.58 373.10 Td (The credit quality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 361.10 Td (CMBS depends primarily on the quality of the underlying loans and on the structure of the particular deal. Generally) Tj ET Q q 0 0 0 rg BT 497.67 361.10 Td (, deals are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 349.10 Td (structured with senior and subordinate classes. Multiple classes may permit the issuance of securities with payment terms, interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 337.10 Td (rates, or other characteristics dif) Tj ET Q q 0 0 0 rg BT 159.87 337.10 Td (fering both from those of each other and those of the underlying assets. Examples include classes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 325.10 Td (having characteristics such as floating interest rates or scheduled amortization of principal. Rating agencies rate the individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 313.10 Td (classes of the deal based on the degree of seniority or subordination of a particular class and other factors. ) Tj ET Q q 0 0 0 rg BT 457.28 313.10 Td (The value of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 301.10 Td (securities may change because of actual or perceived changes in the creditworthiness of individual borrowers, their tenants, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 289.10 Td (servicing agents, or the general state of commercial real estate and other factors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 274.10 Td (Adjustable Rate Mortgage Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 259.10 Td (Adjustable rate mortgage securities \(ARMs\) have interest rates that reset at periodic intervals. ) Tj ET Q q 0 0 0 rg BT 408.59 259.10 Td (Acquiring ) Tj ET Q q 0 0 0 rg BT 451.09 259.10 Td (ARMs permits a fund to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 247.10 Td (participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 235.10 Td (pool on which ) Tj ET Q q 0 0 0 rg BT 90.67 235.10 Td (ARMs are based. In addition, when prepayments of principal are made on the underlying mortgages during periods of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 223.10 Td (rising interest rates, a fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 211.10 Td (invested. Mortgages underlying most ) Tj ET Q q 0 0 0 rg BT 182.32 211.10 Td (ARMs, however) Tj ET Q q 0 0 0 rg BT 248.02 211.10 Td (, have limits on the allowable annual or lifetime increases that can be made in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 199.10 Td (the interest rate that the mortgagor pays. ) Tj ET Q q 0 0 0 rg BT 195.15 199.10 Td (Therefore, if current interest rates rise above such limits over the period of the limitation, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 187.10 Td (fund holding an ) Tj ET Q q 0 0 0 rg BT 96.77 187.10 Td (ARM does not benefit from further increases in interest rates. Moreover) Tj ET Q q 0 0 0 rg BT 384.34 187.10 Td (, when interest rates are in excess of coupon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 175.10 Td (rates \(i.e., the rates being paid by mortgagors\) of the mortgages, ) Tj ET Q q 0 0 0 rg BT 289.48 175.10 Td (ARMs behave more like fixed income securities and less like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 163.10 Td (adjustable rate securities and are subject to the risks associated with fixed income securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 148.10 Td (In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 136.10 Td (market interest rates slightly) Tj ET Q q 0 0 0 rg BT 144.43 136.10 Td (, thereby creating the potential for capital depreciation on such securities.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 117.70 Td (Mortgage Dollar) Tj ET Q q 0 0 0 rg BT 116.92 117.70 Td ( Rolls) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 102.70 Td (VP) Tj ET Q q 0 0 0 rg BT 43.91 102.70 Td ( Balanced may enter into mortgage dollar rolls in which a fund sells mortgage-backed securities to financial institutions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 90.70 Td (delivery in the current month and simultaneously contracts to repurchase similar securities on a specified future date. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 78.70 Td (period between the sale and repurchase \(the roll period\), the fund for) Tj ET Q q 0 0 0 rg BT 315.08 78.70 Td (goes principal and interest paid on the mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 66.70 Td (securities. ) Tj ET Q q 0 0 0 rg BT 74.08 66.70 Td (The fund is compensated by the dif) Tj ET Q q 0 0 0 rg BT 214.98 66.70 Td (ference between the current sales price and the forward price for the future purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 54.70 Td (\(often referred to as the drop\), as well as by the interest earned on the cash proceeds of the initial sale. ) Tj ET Q q 0 0 0 rg BT 450.31 54.70 Td (The fund will use the ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (proceeds generated from the transaction to invest in other securities that are permissible investments for the fund. Such investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (may have a leveraging ef) Tj ET Q q 0 0 0 rg BT 131.82 730.10 Td (fect, increasing the volatility of the fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (For each mortgage dollar roll transaction, a fund will cover the roll by segregating on its books an of) Tj ET Q q 0 0 0 rg BT 433.71 715.10 Td (fsetting cash position or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (position of liquid securities of equivalent value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 688.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 688.10 Td ( fund could suf) Tj ET Q q 0 0 0 rg BT 98.26 688.10 Td (fer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 676.10 Td (the mortgage-backed securities it initially sold. ) Tj ET Q q 0 0 0 rg BT 221.54 676.10 Td (The fund also takes the risk that the mortgage-backed securities that it repurchases at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 664.10 Td (a later date will have less favorable market characteristics than the securities originally sold.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 645.70 Td (Municipal Bonds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 630.70 Td (Municipal bonds, which generally have maturities of more than one year when issued, are designed to meet longer) Tj ET Q q 0 0 0 rg BT 489.21 630.70 Td (-term capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 618.70 Td (needs. ) Tj ET Q q 0 0 0 rg BT 59.09 618.70 Td (These securities have two principal classifications: general obligation bonds and revenue bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 603.70 Td (General obligation \(GO\) bonds are issued by states, counties, cities, towns, school districts and regional districts to fund a variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 591.70 Td (public projects, including construction of and improvements to schools, highways, and water and sewer systems. GO bonds are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 579.70 Td (backed by the issuer) Tj ET Q q 0 0 0 rg BT 113.23 579.70 Td () Tj ET Q q 0 0 0 rg BT 116.01 579.70 Td (s full faith and credit based on its ability to levy taxes for the timely payment of interest and repayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 567.70 Td (principal, although such levies may be constitutionally or statutorily limited as to rate or amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 552.70 Td (Revenue bonds are not backed by an issuer) Tj ET Q q 0 0 0 rg BT 204.32 552.70 Td () Tj ET Q q 0 0 0 rg BT 207.10 552.70 Td (s taxing authority; rather) Tj ET Q q 0 0 0 rg BT 305.28 552.70 Td (, interest and principal are secured by the net revenues from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 540.70 Td (project or facility) Tj ET Q q 0 0 0 rg BT 100.26 540.70 Td (. Revenue bonds are issued to finance a variety of capital projects, including construction or refurbishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 528.70 Td (utility and waste disposal systems, highways, bridges, tunnels, air and seaport facilities and hospitals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (Industrial development bonds \(IDBs\), a type of revenue bond, are issued by or on behalf of public authorities to finance privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (operated facilities. ) Tj ET Q q 0 0 0 rg BT 107.67 501.70 Td (These bonds are used to finance business, manufacturing, housing, athletic and pollution control projects, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.70 Td (as public facilities such as mass transit systems, air and seaport facilities and parking garages. Payment of interest and repayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 477.70 Td (principal on an IDB depend solely on the ability of the facility) Tj ET Q q 0 0 0 rg BT 283.38 477.70 Td (s operator to meet financial obligations, and on the pledge, if any) Tj ET Q q 0 0 0 rg BT 542.93 477.70 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 465.70 Td (the real or personal property financed. ) Tj ET Q q 0 0 0 rg BT 186.53 465.70 Td (The interest earned on IDBs may be subject to the federal alternative minimum tax.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.70 Td (Some longer) Tj ET Q q 0 0 0 rg BT 82.13 450.70 Td (-term municipal bonds allow an investor to put or sell the security at a specified time and price to the issuer or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 438.70 Td (put provider) Tj ET Q q 0 0 0 rg BT 84.54 438.70 Td (. If a put provider fails to honor its commitment to purchase the security) Tj ET Q q 0 0 0 rg BT 376.59 438.70 Td (, the fund may have to treat the security) Tj ET Q q 0 0 0 rg BT 537.93 438.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 426.70 Td (final maturity as its ef) Tj ET Q q 0 0 0 rg BT 119.07 426.70 Td (fective maturity) Tj ET Q q 0 0 0 rg BT 182.01 426.70 Td (, lengthening the fund) Tj ET Q q 0 0 0 rg BT 272.54 426.70 Td (s weighted average maturity and increasing the volatility of the fund.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 408.30 Td (Municipal Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 393.30 Td (Municipal notes are issued by state and local governments or government entities to provide short-term capital or to meet cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 381.30 Td (needs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 366.30 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 366.30 Td (ax anticipation notes \(T) Tj ET Q q 0 0 0 rg BT 130.80 366.30 Td (ANs\) are issued in anticipation of seasonal tax revenues, such as ad valorem property) Tj ET Q q 0 0 0 rg BT 471.71 366.30 Td (, income, sales, use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 354.30 Td (and business taxes, and are payable from these future taxes. ) Tj ET Q q 0 0 0 rg BT 272.34 354.30 Td (T) Tj ET Q q 0 0 0 rg BT 277.65 354.30 Td (ANs usually are general obligations of the issuer) Tj ET Q q 0 0 0 rg BT 471.77 354.30 Td (. General obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 342.30 Td (are backed by the issuer) Tj ET Q q 0 0 0 rg BT 127.94 342.30 Td () Tj ET Q q 0 0 0 rg BT 130.72 342.30 Td (s full faith and credit based on its ability to levy taxes for the timely payment of interest and repayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 330.30 Td (principal, although such levies may be constitutionally or statutorily limited as to rate or amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 315.30 Td (Revenue anticipation notes \(RANs\) are issued with the expectation that receipt of future revenues, such as federal revenue sharing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 303.30 Td (or state aid payments, will be used to repay the notes. ) Tj ET Q q 0 0 0 rg BT 247.65 303.30 Td (T) Tj ET Q q 0 0 0 rg BT 253.06 303.30 Td (ypically) Tj ET Q q 0 0 0 rg BT 284.63 303.30 Td (, these notes also constitute general obligations of the issuer) Tj ET Q q 0 0 0 rg BT 523.46 303.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.30 Td (Bond anticipation notes \(BANs\) are issued to provide interim financing until long-term financing can be arranged. In most cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.30 Td (the long-term bonds provide the money for repayment of the notes. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 257.90 Td (Other) Tj ET Q q 0 0 0 rg BT 61.94 257.90 Td ( Investment Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 242.90 Td (Each of the funds may invest in other investment companies, such as closed-end investment companies, unit investment trusts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 230.90 Td (exchange traded funds \(ETFs\) and other open-end investment companies, provided that the investment is consistent with the fund) Tj ET Q q 0 0 0 rg BT 553.04 230.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 218.90 Td (investment policies and restrictions. Under the Investment Company ) Tj ET Q q 0 0 0 rg BT 307.83 218.90 Td (Act, a fund) Tj ET Q q 0 0 0 rg BT 355.32 218.90 Td (s investment in such securities, subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 206.90 Td (exceptions, currently is limited to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.90 Td (3% of the total voting stock of any one investment company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 176.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.90 Td (5% of the fund) Tj ET Q q 0 0 0 rg BT 111.99 176.90 Td (s total assets with respect to any one investment company; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 161.90 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.90 Td (10% of the fund) Tj ET Q q 0 0 0 rg BT 116.99 161.90 Td (s total assets in the aggregate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 146.90 Td (Such exceptions may include reliance on Section 12\(d\)\(1\)\(G\) and Rule 12d1-2 of the Investment Company ) Tj ET Q q 0 0 0 rg BT 462.22 146.90 Td (Act, which would permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 134.90 Td (a fund to invest in af) Tj ET Q q 0 0 0 rg BT 113.80 134.90 Td (filiated investment companies \(other ) Tj ET Q q 0 0 0 rg BT 262.09 134.90 Td (American Century mutual funds and ETFs\) and unaf) Tj ET Q q 0 0 0 rg BT 472.69 134.90 Td (filiated investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 122.90 Td (companies in excess of the limitations described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 107.90 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 107.90 Td ( fund) Tj ET Q q 0 0 0 rg BT 61.78 107.90 Td (s investments in other investment companies may include money market funds managed by the advisor) Tj ET Q q 0 0 0 rg BT 474.46 107.90 Td (. Investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 95.90 Td (money market funds are not subject to the percentage limitations set forth above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 80.90 Td (As a shareholder of another investment company) Tj ET Q q 0 0 0 rg BT 226.90 80.90 Td (, a fund would bear) Tj ET Q q 0 0 0 rg BT 303.98 80.90 Td (, along with other shareholders, its pro rata portion of the other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.90 Td (investment company) Tj ET Q q 0 0 0 rg BT 117.32 68.90 Td (s expenses, including advisory fees. ) Tj ET Q q 0 0 0 rg BT 262.94 68.90 Td (These expenses would be in addition to the management fee that each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.90 Td (fund bears directly in connection with its own operations.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (ETFs are a type of fund bought and sold on a securities exchange. ) Tj ET Q q 0 0 0 rg BT 296.98 742.10 Td (An ETF trades like common stock and may be actively managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (or index-based. ) Tj ET Q q 0 0 0 rg BT 95.09 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.76 730.10 Td ( fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (awaiting purchase of underlying securities, to gain exposure to specific asset classes or sectors, or as a substitute for investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (directly in securities. ) Tj ET Q q 0 0 0 rg BT 117.40 706.10 Td (The risks of owning an ETF generally reflect the risks of owning the underlying securities. ) Tj ET Q q 0 0 0 rg BT 482.32 706.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 532.22 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (because the price of ETF shares is based on market price rather than net asset value \(NA) Tj ET Q q 0 0 0 rg BT 383.96 694.10 Td (V\), shares may trade at a price greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (NA) Tj ET Q q 0 0 0 rg BT 44.65 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 51.70 682.10 Td ( \(a premium\) or less than NA) Tj ET Q q 0 0 0 rg BT 167.60 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 174.64 682.10 Td ( \(a discount\). ) Tj ET Q q 0 0 0 rg BT 229.07 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 235.74 682.10 Td ( fund may also incur brokerage commissions, as well as the cost of the bid/ask ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (spread, when purchasing or selling ETF shares. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 651.70 Td (Private Placement Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 636.70 Td (The funds may invest in private placement securities. Private placement securities are securities that are not registered under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 624.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 72.88 624.70 Td (Act of 1933. ) Tj ET Q q 0 0 0 rg BT 125.47 624.70 Td (They are generally eligible for sale only to certain eligible investors. Private placements often may of) Tj ET Q q 0 0 0 rg BT 530.70 624.70 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 612.70 Td (attractive opportunities for investment not otherwise available on the open market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 597.70 Td (Investments in private placements are generally considered to be illiquid. Privately placed securities may be dif) Tj ET Q q 0 0 0 rg BT 476.72 597.70 Td (ficult to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 585.70 Td (promptly or at reasonable prices and might thereby cause a fund dif) Tj ET Q q 0 0 0 rg BT 301.50 585.70 Td (ficulty in satisfying redemption requests. In addition, less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 573.70 Td (information may be available about companies that make private placements than about publicly of) Tj ET Q q 0 0 0 rg BT 428.69 573.70 Td (fered companies and such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 561.70 Td (companies may not be subject to the disclosure and other investor protection requirements that would be applicable if their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 549.70 Td (securities were publicly traded. Privately placed securities are typically fair valued and generally have no secondary trading market; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 537.70 Td (therefore, such investments may be more dif) Tj ET Q q 0 0 0 rg BT 209.32 537.70 Td (ficult to value than publicly traded securities. Dif) Tj ET Q q 0 0 0 rg BT 405.74 537.70 Td (ficulty in valuing a private placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.70 Td (may make it dif) Tj ET Q q 0 0 0 rg BT 94.36 525.70 Td (ficult to accurately determine a fund) Tj ET Q q 0 0 0 rg BT 242.34 525.70 Td (s exposure to private placement investments, which could cause a fund to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (invest to a greater extent than permitted in illiquid investments and subject a fund to increased risks. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 495.30 Td (Repur) Tj ET Q q 0 0 0 rg BT 63.95 495.30 Td (chase ) Tj ET Q q 0 0 0 rg BT 94.28 495.30 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.06 495.30 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 480.30 Td (Each fund may invest in repurchase agreements when they present an attractive short-term return on cash that is not otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 468.30 Td (committed to the purchase of securities pursuant to the investment policies of that fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 453.30 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 453.30 Td ( repurchase agreement occurs when, at the time a fund purchases an interest-bearing obligation, the seller \(a bank or a broker) Tj ET Q q 0 0 0 rg BT 537.76 453.30 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 441.30 Td (dealer registered under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 223.64 441.30 Td (Act of 1934\) agrees to purchase it on a specified date in the future at an agreed-upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 429.30 Td (price. ) Tj ET Q q 0 0 0 rg BT 56.30 429.30 Td (The repurchase price reflects an agreed-upon interest rate during the time the fund) Tj ET Q q 0 0 0 rg BT 387.82 429.30 Td (s money is invested in the security) Tj ET Q q 0 0 0 rg BT 524.93 429.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 414.30 Td (Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 402.30 Td (collateralized by the security purchased. ) Tj ET Q q 0 0 0 rg BT 194.58 402.30 Td (The fund) Tj ET Q q 0 0 0 rg BT 233.74 402.30 Td (s risk is the seller) Tj ET Q q 0 0 0 rg BT 303.54 402.30 Td () Tj ET Q q 0 0 0 rg BT 306.32 402.30 Td (s ability to pay the agreed-upon repurchase price on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 390.30 Td (repurchase date. If the seller defaults, the fund may incur costs in disposing of the collateral, which would reduce the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 378.30 Td (realized thereon. If the seller seeks relief under the bankruptcy laws, the disposition of the collateral may be delayed or limited. ) Tj ET Q q 0 0 0 rg BT 542.80 378.30 Td (T) Tj ET Q q 0 0 0 rg BT 548.21 378.30 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 366.30 Td (the extent the value of the security decreases, the fund could experience a loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.30 Td (The funds will limit repurchase agreement transactions to securities issued by the U.S. government and its agencies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 339.30 Td (instrumentalities, and will enter into such transactions with those banks and securities dealers who are deemed creditworthy by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.30 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 327.30 Td ( advisor) Tj ET Q q 0 0 0 rg BT 87.70 327.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.30 Td (Repurchase agreements maturing in more than seven days would count toward a fund) Tj ET Q q 0 0 0 rg BT 376.95 312.30 Td (s 15% limit on illiquid securities.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 293.90 Td (Restricted and Illiquid Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 278.90 Td (The funds may) Tj ET Q q 0 0 0 rg BT 90.84 278.90 Td (, from time to time, purchase restricted or illiquid securities, including Rule 144A) Tj ET Q q 0 0 0 rg BT 417.15 278.90 Td ( securities, when they present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 266.90 Td (attractive investment opportunities that otherwise meet the funds) Tj ET Q q 0 0 0 rg BT 293.18 266.90 Td ( criteria for selection. Restricted securities include securities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 254.90 Td (cannot be sold to the public without registration under the Securities ) Tj ET Q q 0 0 0 rg BT 306.72 254.90 Td (Act of 1933 or the availability of an exemption from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 242.90 Td (registration, or that are not readily marketable because they are subject to other legal or contractual delays in or restrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 230.90 Td (resale. Rule 144A) Tj ET Q q 0 0 0 rg BT 102.87 230.90 Td ( securities are securities that are privately placed with and traded among qualified institutional investors rather ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 218.90 Td (than the general public. ) Tj ET Q q 0 0 0 rg BT 127.30 218.90 Td (Although Rule 144A) Tj ET Q q 0 0 0 rg BT 210.64 218.90 Td ( securities are considered restricted securities, they are not necessarily illiquid.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 203.90 Td (W) Tj ET Q q 0 0 0 rg BT 40.54 203.90 Td (ith respect to securities eligible for resale under Rule 144A, the staf) Tj ET Q q 0 0 0 rg BT 310.27 203.90 Td (f of the Securities and Exchange Commission \(SEC\) has taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.90 Td (the position that the liquidity of such securities in the portfolio of a fund of) Tj ET Q q 0 0 0 rg BT 330.71 191.90 Td (fering redeemable securities is a question of fact for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 179.90 Td (Board of Directors to determine, such determination to be based upon a consideration of the readily available trading markets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 167.90 Td (the review of any contractual restrictions. ) Tj ET Q q 0 0 0 rg BT 199.49 167.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 248.83 167.90 Td (, the Board of Directors is responsible for developing and establishing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 155.90 Td (guidelines and procedures for determining the liquidity of Rule 144A) Tj ET Q q 0 0 0 rg BT 308.38 155.90 Td ( securities. ) Tj ET Q q 0 0 0 rg BT 353.10 155.90 Td (As allowed by Rule 144A, the Board of Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.90 Td (has delegated the day-to-day function of determining the liquidity of Rule 144A) Tj ET Q q 0 0 0 rg BT 351.14 143.90 Td ( securities to the portfolio managers. ) Tj ET Q q 0 0 0 rg BT 499.53 143.90 Td (The board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 131.90 Td (retains the responsibility to monitor the implementation of the guidelines and procedures it has adopted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 116.90 Td (Because the secondary market for such securities is generally limited to certain qualified institutional investors, the liquidity of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 104.90 Td (securities may be limited accordingly and a fund may) Tj ET Q q 0 0 0 rg BT 245.23 104.90 Td (, from time to time, hold a Rule 144A) Tj ET Q q 0 0 0 rg BT 395.76 104.90 Td ( or other security that is illiquid. In such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 92.90 Td (an event, the portfolio managers will consider appropriate remedies to minimize the ef) Tj ET Q q 0 0 0 rg BT 377.03 92.90 Td (fect on such fund) Tj ET Q q 0 0 0 rg BT 448.96 92.90 Td (s liquidity) Tj ET Q q 0 0 0 rg BT 488.59 92.90 Td (. Each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 80.90 Td (funds may invest no more than 15% of the value of its assets in illiquid securities.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 740.90 Td (Short Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 725.90 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 725.90 Td ( fund may engage in short sales for cash management purposes only if, at the time of the short sale, the fund owns or has the right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 713.90 Td (to acquire securities equivalent in kind and amount to the securities being sold short.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 698.90 Td (In a short sale, the seller does not immediately deliver the securities sold and is said to have a short position in those securities until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 686.90 Td (delivery occurs. ) Tj ET Q q 0 0 0 rg BT 97.68 686.90 Td (T) Tj ET Q q 0 0 0 rg BT 103.09 686.90 Td (o make delivery to the purchaser) Tj ET Q q 0 0 0 rg BT 233.47 686.90 Td (, the executing broker borrows the securities being sold short on behalf of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 674.90 Td (seller) Tj ET Q q 0 0 0 rg BT 52.60 674.90 Td (. ) Tj ET Q q 0 0 0 rg BT 57.42 674.90 Td (While the short position is maintained, the seller collateralizes its obligation to deliver the securities sold short in an amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 662.90 Td (equal to the proceeds of the short sale plus an additional mar) Tj ET Q q 0 0 0 rg BT 273.75 662.90 Td (gin amount established by the Board of Governors of the Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 650.90 Td (Reserve. If a fund engages in a short sale, the fund will segregate cash, cash equivalents or other appropriate liquid securities on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 638.90 Td (records in an amount suf) Tj ET Q q 0 0 0 rg BT 130.18 638.90 Td (ficient to meet the purchase price. ) Tj ET Q q 0 0 0 rg BT 267.99 638.90 Td (There will be certain additional transaction costs associated with short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 626.90 Td (sales, but the fund will endeavor to of) Tj ET Q q 0 0 0 rg BT 182.39 626.90 Td (fset these costs with income from the investment of the cash proceeds of short sales.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 608.50 Td (Short-T) Tj ET Q q 0 0 0 rg BT 71.07 608.50 Td (erm Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 593.50 Td (In order to meet anticipated redemptions, anticipated purchases of additional securities for a fund) Tj ET Q q 0 0 0 rg BT 423.03 593.50 Td (s portfolio, or) Tj ET Q q 0 0 0 rg BT 477.34 593.50 Td (, in some cases, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 581.50 Td (temporary defensive purposes, the funds may invest a portion of their assets in money market and other short-term securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 566.50 Td (Examples of those securities include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 551.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 551.50 Td (Securities issued or guaranteed by the U.S. government and its agencies and instrumentalities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 536.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 536.50 Td (Commercial Paper;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 521.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 521.50 Td (Certificates of Deposit and Euro Dollar Certificates of Deposit;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 506.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 506.50 Td (Bankers) Tj ET Q q 0 0 0 rg BT 75.86 506.50 Td ( ) Tj ET Q q 0 0 0 rg BT 77.80 506.50 Td (Acceptances;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 491.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 491.50 Td (Short-term notes, bonds, debentures or other debt instruments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 476.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 476.50 Td (Repurchase agreements; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 461.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 461.50 Td (Money Market funds.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 443.10 Td (Swap ) Tj ET Q q 0 0 0 rg BT 61.85 443.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 81.63 443.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 428.10 Td (Each fund may invest in swap agreements, consistent with its investment objective and strategies. ) Tj ET Q q 0 0 0 rg BT 424.19 428.10 Td (A) Tj ET Q q 0 0 0 rg BT 430.86 428.10 Td ( fund may enter into a swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 416.10 Td (agreement in order to, for example, attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 404.10 Td (or spread through purchases and/or sales of instruments in other markets; protect against currency fluctuations; attempt to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 392.10 Td (duration to protect against any increase in the price of securities the fund anticipates purchasing at a later date; or gain exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 380.10 Td (certain markets in the most economical way possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 365.10 Td (Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 353.10 Td (more than one year) Tj ET Q q 0 0 0 rg BT 107.86 353.10 Td (. In a standard swap transaction, two parties agree to exchange the returns \(or dif) Tj ET Q q 0 0 0 rg BT 439.21 353.10 Td (ferentials in rates of return\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 341.10 Td (earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor) Tj ET Q q 0 0 0 rg BT 507.16 341.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.98 341.10 Td (The gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 329.10 Td (returns to be exchanged or swapped between the parties are generally calculated with respect to a notional amount, i.e., the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 317.10 Td (return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency) Tj ET Q q 0 0 0 rg BT 536.73 317.10 Td (, or in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 305.10 Td (a basket of securities representing a particular index. Forms of swap agreements include, for example, interest rate swaps, under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 293.10 Td (which fixed- or floating-rate interest payments on a specific principal amount are exchanged and total return swaps, under which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 281.10 Td (one party agrees to pay the other the total return of a defined underlying asset \(usually an index, including inflation indexes, stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 269.10 Td (bond or defined portfolio of loans and mortgages\) in exchange for fee payments, often a variable stream of cash flows based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 257.10 Td (LIBOR.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 242.10 Td (The funds may enter into credit default swap agreements to hedge an existing position by purchasing or selling credit protection. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 230.10 Td (Credit default swaps enable an investor to buy/sell protection against a credit event of a specific issuer) Tj ET Q q 0 0 0 rg BT 440.26 230.10 Td (. ) Tj ET Q q 0 0 0 rg BT 445.08 230.10 Td (The seller of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 218.10 Td (protection against a security or basket of securities receives an up-front or periodic payment to compensate against potential default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 206.10 Td (event\(s\). ) Tj ET Q q 0 0 0 rg BT 68.53 206.10 Td (The fund may enhance returns by selling protection or attempt to mitigate credit risk by buying protection. Market supply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 194.10 Td (and demand factors may cause distortions between the cash securities market and the credit default swap market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 179.10 Td (Whether a fund) Tj ET Q q 0 0 0 rg BT 96.47 179.10 Td (s use of swap agreements will be successful depends on the advisor) Tj ET Q q 0 0 0 rg BT 366.50 179.10 Td () Tj ET Q q 0 0 0 rg BT 369.27 179.10 Td (s ability to predict correctly whether certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 167.10 Td (types of investments are likely to produce greater returns than other investments. Interest rate swaps could result in losses if interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 155.10 Td (rate changes are not correctly anticipated by the fund. ) Tj ET Q q 0 0 0 rg BT 248.44 155.10 Td (T) Tj ET Q q 0 0 0 rg BT 253.85 155.10 Td (otal return swaps could result in losses if the reference index, security) Tj ET Q q 0 0 0 rg BT 532.00 155.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.10 Td (investments do not perform as anticipated by the fund. Credit default swaps could result in losses if the fund does not correctly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 131.10 Td (evaluate the creditworthiness of the issuer on which the credit default swap is based. Because they are two-party contracts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 119.10 Td (because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover) Tj ET Q q 0 0 0 rg BT 504.26 119.10 Td (, a fund bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 107.10 Td (the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 95.10 Td (agreement counterparty) Tj ET Q q 0 0 0 rg BT 125.52 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.34 95.10 Td (The funds will enter into swap agreements only with counterparties that meet certain standards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 83.10 Td (creditworthiness or that are cleared through a Derivatives Clearing Or) Tj ET Q q 0 0 0 rg BT 310.93 83.10 Td (ganization \(DCO\). Certain restrictions imposed on the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 71.10 Td (by the Internal Revenue Code may limit the funds) Tj ET Q q 0 0 0 rg BT 234.04 71.10 Td ( ability to use swap agreements.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 100.75 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 109.39 742.10 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 284.35 742.10 Td (Act \(the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 374.61 742.10 Td (Act\) and related regulatory developments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (require the clearing and exchange-trading of certain standardized derivative instruments that the CFTC and SEC have defined as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 69.64 718.10 Td (The CFTC has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 500.06 718.10 Td (Act and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (CFTC continues to approve contracts for central clearing. ) Tj ET Q q 0 0 0 rg BT 263.93 706.10 Td (Although exchange trading is designed to decrease counterparty risk, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (does not do so entirely because the fund will still be subject to the credit risk of the central clearinghouse. Cleared swaps are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (to mar) Tj ET Q q 0 0 0 rg BT 57.14 682.10 Td (gin requirements imposed by both the central clearinghouse and the clearing member FCM.Uncleared swaps are now subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (to posting and collecting collateral on a daily basis to secure mark-to-market obligations \(variation mar) Tj ET Q q 0 0 0 rg BT 443.97 670.10 Td (gin\). Requirements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 658.10 Td (posting of initial mar) Tj ET Q q 0 0 0 rg BT 115.47 658.10 Td (gin in connection with OTC derivatives will be phased-in through 2020.) Tj ET Q q 0 0 0 rg BT 406.35 658.10 Td (These requirements will increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 646.10 Td (amount of collateral a fund is required to provide and the costs associated with providing it if a fund is subject to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 634.10 Td (requirements.Swaps datareportingmaysubject afund to administrative costs, andthesafeguards established to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.10 Td (protecttraderanonymity maynotfunctionas expected. Exchange trading,centralclearing, mar) Tj ET Q q 0 0 0 rg BT 412.55 622.10 Td (gin requirements,anddata reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 610.10 Td (regulations may increase a fund) Tj ET Q q 0 0 0 rg BT 161.45 610.10 Td (s cost of hedging risk and, as a result, may af) Tj ET Q q 0 0 0 rg BT 341.23 610.10 Td (fect shareholder returns.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 591.70 Td (U.S. Government Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 576.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 51.60 576.70 Td (T) Tj ET Q q 0 0 0 rg BT 57.36 576.70 Td (reasury bills, notes, zero-coupon bonds and other bonds are direct obligations of the U.S. ) Tj ET Q q 0 0 0 rg BT 415.43 576.70 Td (T) Tj ET Q q 0 0 0 rg BT 421.19 576.70 Td (reasury) Tj ET Q q 0 0 0 rg BT 449.97 576.70 Td (, which has never failed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 564.70 Td (pay interest and repay principal when due. ) Tj ET Q q 0 0 0 rg BT 203.48 564.70 Td (T) Tj ET Q q 0 0 0 rg BT 209.23 564.70 Td (reasury bills have initial maturities of one year or less, ) Tj ET Q q 0 0 0 rg BT 428.71 564.70 Td (T) Tj ET Q q 0 0 0 rg BT 434.47 564.70 Td (reasury notes from two to 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 552.70 Td (years, and ) Tj ET Q q 0 0 0 rg BT 74.36 552.70 Td (T) Tj ET Q q 0 0 0 rg BT 80.11 552.70 Td (reasury bonds more than 10 years. ) Tj ET Q q 0 0 0 rg BT 219.24 552.70 Td (Although U.S. ) Tj ET Q q 0 0 0 rg BT 279.63 552.70 Td (T) Tj ET Q q 0 0 0 rg BT 285.38 552.70 Td (reasury securities carry little principal risk if held to maturity) Tj ET Q q 0 0 0 rg BT 528.82 552.70 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 540.70 Td (prices of these securities \(like all debt securities\) change between issuance and maturity in response to fluctuating market interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 528.70 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 513.70 Td ( number of U.S. government agencies and instrumentalities issue debt securities. ) Tj ET Q q 0 0 0 rg BT 362.91 513.70 Td (These agencies generally are created by Congress ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (to fulfill a specific need, such as providing credit to home buyers or farmers. ) Tj ET Q q 0 0 0 rg BT 339.74 501.70 Td (Among these agencies are the Federal Home Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.70 Td (Banks, the Federal Farm Credit Banks, and the Resolution Funding Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 474.70 Td (Some agency securities are backed by the full faith and credit of the U.S. government, and some are guaranteed only by the issuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 462.70 Td (agency) Tj ET Q q 0 0 0 rg BT 59.17 462.70 Td (. ) Tj ET Q q 0 0 0 rg BT 63.61 462.70 Td (Agency securities typically of) Tj ET Q q 0 0 0 rg BT 183.12 462.70 Td (fer somewhat higher yields than U.S. ) Tj ET Q q 0 0 0 rg BT 334.01 462.70 Td (T) Tj ET Q q 0 0 0 rg BT 339.77 462.70 Td (reasury securities with similar maturities. However) Tj ET Q q 0 0 0 rg BT 543.76 462.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.70 Td (these securities may involve greater risk of default than securities backed by the U.S. ) Tj ET Q q 0 0 0 rg BT 373.99 450.70 Td (T) Tj ET Q q 0 0 0 rg BT 379.74 450.70 Td (reasury) Tj ET Q q 0 0 0 rg BT 408.52 450.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.70 Td (Interest rates on agency securities may be fixed for the term of the investment \(fixed-rate agency securities\) or tied to prevailing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.70 Td (interest rates \(floating-rate agency securities\). Interest rate resets on floating-rate agency securities generally occur at intervals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.70 Td (one year or less, based on changes in a predetermined interest rate index.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 396.70 Td (Floating-rate agency securities frequently have caps limiting the extent to which coupon rates can be raised. ) Tj ET Q q 0 0 0 rg BT 465.33 396.70 Td (The price of a floating-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.70 Td (rate agency security may decline if its capped coupon rate is lower than prevailing market interest rates. Fixed- and floating-rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.70 Td (agency securities may be issued with a call date \(which permits redemption before the maturity date\). ) Tj ET Q q 0 0 0 rg BT 439.79 372.70 Td (The exercise of a call may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 360.70 Td (reduce an obligation) Tj ET Q q 0 0 0 rg BT 115.91 360.70 Td (s yield to maturity) Tj ET Q q 0 0 0 rg BT 188.31 360.70 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 345.70 Td (Interest Rate Resets on Floating-Rate U.S. Government ) Tj ET Q q 0 0 0 rg BT 262.53 345.70 Td (Agency Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.13 345.70 Td (Interest rate resets on floating-rate U.S. government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 333.70 Td (agency securities generally occur at intervals of one year or less in response to changes in a predetermined interest rate index. ) Tj ET Q q 0 0 0 rg BT 536.12 333.70 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 321.70 Td (are two main categories of indices: those based on U.S. ) Tj ET Q q 0 0 0 rg BT 255.15 321.70 Td (T) Tj ET Q q 0 0 0 rg BT 260.90 321.70 Td (reasury securities and those derived from a calculated measure, such as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 309.70 Td (cost-of-funds index. Commonly used indices include the three-month, six-month and one-year ) Tj ET Q q 0 0 0 rg BT 411.51 309.70 Td (T) Tj ET Q q 0 0 0 rg BT 417.27 309.70 Td (reasury bill rates; the two-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 297.70 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 297.70 Td (reasury note yield; the Eleventh District Federal Home Loan Bank Cost of Funds Index \(EDCOFI\); and the London Interbank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 285.70 Td (Of) Tj ET Q q 0 0 0 rg BT 41.87 285.70 Td (fered Rate \(LIBOR\). Fluctuations in the prices of floating-rate U.S. government agency securities are typically attributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 273.70 Td (dif) Tj ET Q q 0 0 0 rg BT 42.43 273.70 Td (ferences between the coupon rates on these securities and prevailing market interest rates between interest rate reset dates.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 255.30 Td (V) Tj ET Q q 0 0 0 rg BT 39.06 255.30 Td (ariable-, Floating- and ) Tj ET Q q 0 0 0 rg BT 156.40 255.30 Td (Auction-Rate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 240.30 Td (V) Tj ET Q q 0 0 0 rg BT 37.61 240.30 Td (ariable- and floating-rate securities, including floating-rate notes \(FRNs\), provide for periodic adjustments to the interest rate. ) Tj ET Q q 0 0 0 rg BT 542.55 240.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 228.30 Td (adjustments are generally based on an index-linked formula, or determined through a remarketing process.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.30 Td (These types of securities may be combined with a put or demand feature that permits the fund to demand payment of principal plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 201.30 Td (accrued interest from the issuer or a financial institution. One example is the variable-rate demand note \(VRDN\). ) Tj ET Q q 0 0 0 rg BT 486.44 201.30 Td (VRDNs combine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 189.30 Td (a demand feature with an interest rate reset mechanism designed to result in a market value for the security that approximates par) Tj ET Q q 0 0 0 rg BT 547.70 189.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 177.30 Td (VRDNs are generally designed to meet the requirements of money market fund Rule 2a-7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 162.30 Td (Auction rate securities \(ARS\) are variable rate bonds whose interest rates are reset at specified intervals through a Dutch auction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 150.30 Td (process. ) Tj ET Q q 0 0 0 rg BT 65.94 150.30 Td (A) Tj ET Q q 0 0 0 rg BT 72.61 150.30 Td ( Dutch auction is a competitive bidding process designed to determine a single uniform clearing rate that enables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 138.30 Td (purchases and sales of the ) Tj ET Q q 0 0 0 rg BT 137.30 138.30 Td (ARS to take place at par) Tj ET Q q 0 0 0 rg BT 234.21 138.30 Td (. ) Tj ET Q q 0 0 0 rg BT 238.66 138.30 Td (All accepted bids and holders of the ) Tj ET Q q 0 0 0 rg BT 384.45 138.30 Td (ARS receive the same rate. ) Tj ET Q q 0 0 0 rg BT 494.97 138.30 Td (ARS holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 126.30 Td (rely on the liquidity generated by the Dutch auction. ) Tj ET Q q 0 0 0 rg BT 242.93 126.30 Td (There is a risk that an auction will fail due to insuf) Tj ET Q q 0 0 0 rg BT 444.63 126.30 Td (ficient demand for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 114.30 Td (securities. If an auction fails, an ) Tj ET Q q 0 0 0 rg BT 160.90 114.30 Td (ARS may become illiquid until either a subsequent successful auction is conducted, the issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 102.30 Td (redeems the issue, or a secondary market develops.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 83.90 Td (When-Issued and Forward Commitment ) Tj ET Q q 0 0 0 rg BT 242.84 83.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 262.62 83.90 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.90 Td (The funds may sometimes purchase new issues of securities on a when-issued or forward commitment basis in which the transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.90 Td (price and yield are each fixed at the time the commitment is made, but payment and delivery occur at a future date.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (For example, a fund may sell a security and at the same time make a commitment to purchase the same or a comparable security at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (future date and specified price. Conversely) Tj ET Q q 0 0 0 rg BT 202.45 730.10 Td (, a fund may purchase a security and at the same time make a commitment to sell the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (same or a comparable security at a future date and specified price. ) Tj ET Q q 0 0 0 rg BT 298.14 718.10 Td (These types of transactions are executed simultaneously in what ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (are known as dollar) Tj ET Q q 0 0 0 rg BT 109.88 706.10 Td (-rolls, buy/sell back transactions, cash and carry) Tj ET Q q 0 0 0 rg BT 301.39 706.10 Td (, or financing transactions. For example, a broker) Tj ET Q q 0 0 0 rg BT 498.35 706.10 Td (-dealer may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (seek to purchase a particular security that a fund owns. ) Tj ET Q q 0 0 0 rg BT 253.18 694.10 Td (The fund will sell that security to the broker) Tj ET Q q 0 0 0 rg BT 429.05 694.10 Td (-dealer and simultaneously enter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (into a forward commitment agreement to buy it back at a future date. ) Tj ET Q q 0 0 0 rg BT 309.55 682.10 Td (This type of transaction generates income for the fund if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (dealer is willing to execute the transaction at a favorable price in order to acquire a specific security) Tj ET Q q 0 0 0 rg BT 429.84 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (When purchasing securities on a when-issued or forward commitment basis, a fund assumes the rights and risks of ownership, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (including the risks of price and yield fluctuations. Market rates of interest on debt securities at the time of delivery may be higher or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (lower than those contracted for on the when-issued security) Tj ET Q q 0 0 0 rg BT 269.11 631.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.56 631.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 322.89 631.10 Td (, the value of that security may decline prior to delivery) Tj ET Q q 0 0 0 rg BT 544.66 631.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.10 Td (which could result in a loss to the fund. ) Tj ET Q q 0 0 0 rg BT 191.29 619.10 Td (While the fund will make commitments to purchase or sell securities with the intention of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.10 Td (actually receiving or delivering them, it may sell the securities before the settlement date if doing so is deemed advisable as a matter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 595.10 Td (of investment strategy) Tj ET Q q 0 0 0 rg BT 119.72 595.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (In purchasing securities on a when-issued or forward commitment basis, a fund will segregate cash, cash equivalents or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.10 Td (appropriate liquid securities on its records in an amount suf) Tj ET Q q 0 0 0 rg BT 268.76 568.10 Td (ficient to meet the purchase price. ) Tj ET Q q 0 0 0 rg BT 406.57 568.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.98 568.10 Td (o the extent a fund remains fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.10 Td (invested or almost fully invested at the same time it has purchased securities on a when-issued basis, there will be greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 544.10 Td (fluctuations in its net asset value than if it solely set aside cash to pay for when-issued securities. ) Tj ET Q q 0 0 0 rg BT 420.39 544.10 Td (When the time comes to pay for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.10 Td (the when-issued securities, a fund will meet its obligations with available cash, through the sale of securities, or) Tj ET Q q 0 0 0 rg BT 477.65 532.10 Td (, although it would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 520.10 Td (not normally expect to do so, by selling the when-issued securities themselves \(which may have a market value greater or less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 508.10 Td (the fund) Tj ET Q q 0 0 0 rg BT 67.33 508.10 Td (s payment obligation\). Selling securities to meet when-issued or forward commitment obligations may generate taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 496.10 Td (capital gains or losses.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 477.70 Td (Zer) Tj ET Q q 0 0 0 rg BT 49.94 477.70 Td (o-Coupon and Step-Coupon Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 462.70 Td (The funds may purchase zero-coupon debt securities. Zero-coupon securities do not make regular cash interest payments, and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.70 Td (sold at a deep discount to their face value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.70 Td (The funds may also purchase step-coupon or step-rate debt securities. Instead of having a fixed coupon for the life of the security) Tj ET Q q 0 0 0 rg BT 547.34 435.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.70 Td (coupon or interest payments may increase to predetermined rates at future dates. ) Tj ET Q q 0 0 0 rg BT 355.36 423.70 Td (The issuer generally retains the right to call the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.70 Td (security) Tj ET Q q 0 0 0 rg BT 62.51 411.70 Td (. Some step-coupon securities are issued with no coupon payments at all during an initial period, and only become interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.70 Td (bearing at a future date; these securities are sold at a deep discount to their face value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.70 Td (Although zero-coupon and certain step-coupon securities may not pay current cash income, federal income tax law requires the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.70 Td (holder to include in income each year the portion of any original issue discount and other noncash income on such securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 360.70 Td (accrued during that year) Tj ET Q q 0 0 0 rg BT 127.84 360.70 Td (. In order to continue to qualify for treatment as a regulated investment company under the Internal Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 348.70 Td (Code and avoid certain excise tax, the funds are required to make distributions of any original issue discount and other noncash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 336.70 Td (income accrued for each year) Tj ET Q q 0 0 0 rg BT 148.65 336.70 Td (. ) Tj ET Q q 0 0 0 rg BT 153.10 336.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 202.43 336.70 Td (, the funds may be required to dispose of other portfolio securities, which may occur in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 324.70 Td (periods of adverse market prices, in order to generate a case to meet these distribution requirements.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 303.90 Td (Investment Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.90 Td (Unless otherwise indicated, with the exception of the percentage limitations on borrowing, the policies described below apply at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.90 Td (time a fund enters into a transaction. ) Tj ET Q q 0 0 0 rg BT 179.23 276.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 228.57 276.90 Td (, any later increase or decrease beyond the specified limitation resulting from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 264.90 Td (change in a fund) Tj ET Q q 0 0 0 rg BT 100.64 264.90 Td (s assets will not be considered in determining whether it has complied with its investment policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.90 Td (For purposes of a fund) Tj ET Q q 0 0 0 rg BT 124.82 249.90 Td (s investment policies, the party identified as the issuer of a municipal security depends on the form and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.90 Td (conditions of the security) Tj ET Q q 0 0 0 rg BT 132.22 237.90 Td (. ) Tj ET Q q 0 0 0 rg BT 137.04 237.90 Td (When the assets and revenues of a political subdivision are separate from those of the government that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.90 Td (created the subdivision and the security is backed only by the assets and revenues of the subdivision, the subdivision is deemed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.90 Td (sole issuer) Tj ET Q q 0 0 0 rg BT 72.89 213.90 Td (. Similarly) Tj ET Q q 0 0 0 rg BT 114.46 213.90 Td (, in the case of an Industrial Development Bond, if the bond were backed only by the assets and revenues of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 201.90 Td (non-governmental user) Tj ET Q q 0 0 0 rg BT 123.57 201.90 Td (, the non-governmental user would be deemed the sole issuer) Tj ET Q q 0 0 0 rg BT 367.39 201.90 Td (. If, in either case, the creating government or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 189.90 Td (some other entity were to guarantee the security) Tj ET Q q 0 0 0 rg BT 222.72 189.90 Td (, the guarantee would be considered a separate security and treated as an issue of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 177.90 Td (guaranteeing entity) Tj ET Q q 0 0 0 rg BT 107.76 177.90 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 159.50 Td (Fundamental Investment Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 144.50 Td (The funds) Tj ET Q q 0 0 0 rg BT 74.36 144.50 Td ( fundamental investment policies are set forth below) Tj ET Q q 0 0 0 rg BT 283.37 144.50 Td (. ) Tj ET Q q 0 0 0 rg BT 288.18 144.50 Td (These investment policies, a fund) Tj ET Q q 0 0 0 rg BT 425.09 144.50 Td (s investment objective set forth in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.50 Td (its prospectus, and a fund) Tj ET Q q 0 0 0 rg BT 136.20 132.50 Td (s status as diversified may not be changed without approval of a majority of the outstanding votes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 120.50 Td (shareholders of a fund. Under the Investment Company ) Tj ET Q q 0 0 0 rg BT 255.61 120.50 Td (Act, the vote of a majority of the outstanding votes of shareholders means, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 108.50 Td (the vote of \(A\) 67 percent or more of the voting securities present at a shareholder meeting, if the holders of more than 50 percent of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 96.50 Td (the outstanding voting securities are present or represented by proxy; or \(B\) more than 50 percent of the outstanding voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 84.50 Td (securities, whichever is less. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 733.5 m 143 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 733.5 m 572 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 708.5 m 143 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 708.5 m 572 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 673.5 m 143 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 673.5 m 572 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 628.5 m 143 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 628.5 m 572 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 593.5 m 143 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 593.5 m 572 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 568.5 m 143 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 568.5 m 572 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 533.5 m 143 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 533.5 m 572 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 488.5 m 143 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 488.5 m 572 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 473.5 m 143 473.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 473.5 m 572 473.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 738.21 Td (Subject) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 145.50 738.21 Td (Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 723.17 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 713.17 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 724.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 724.07 Td ( fund may not issue senior securities, except as permitted under the Investment Company ) Tj ET Q q 0 0 0 rg BT 510.97 724.07 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 699.07 Td (Borrowing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 699.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 699.07 Td ( fund may not borrow money) Tj ET Q q 0 0 0 rg BT 268.77 699.07 Td (, except that a fund may borrow for temporary or emer) Tj ET Q q 0 0 0 rg BT 486.88 699.07 Td (gency purposes \(not) Tj ET Q /GS0 gs q 416.23 0 0 9.09 145.50 686.91 cm /I2 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 679.07 Td (amount borrowed\) less liabilities \(other than borrowings\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 664.07 Td (Lending) Tj ET Q /GS0 gs q 408.73 0 0 9.09 145.50 661.91 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 654.07 Td (total assets would be lent to other parties except, \(i\) through the purchase of debt securities in accordance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 644.07 Td (with its investment objective, policies and limitations or \(ii\) by engaging in repurchase agreements with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 634.07 Td (respect to portfolio securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 619.07 Td (Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 619.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 619.07 Td ( fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 609.07 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 197.07 609.07 Td (This policy shall not prevent a fund from investing in securities or other instruments backed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 599.07 Td (by real estate or securities of companies that deal in real estate or are engaged in the real estate business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 584.07 Td (Concentration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 584.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 584.07 Td ( fund may not concentrate its investments in securities of issuers in a particular industry \(other than) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 574.07 Td (securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 559.07 Td (Underwriting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 559.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 559.07 Td ( fund may not act as an underwriter of securities issued by others, except to the extent that the fund may) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 549.07 Td (be considered an underwriter within the meaning of the Securities ) Tj ET Q q 0 0 0 rg BT 411.25 549.07 Td (Act of 1933 in the disposition of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 539.07 Td (restricted securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 524.07 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 524.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.45 524.07 Td ( fund may not purchase or sell physical commodities unless acquired as a result of ownership of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 514.07 Td (securities or other instruments, provided that this limitation shall not prohibit the fund from purchasing or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 504.07 Td (selling options and futures contracts or from investing in securities or other instruments backed by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 494.07 Td (physical commodities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 479.07 Td (Control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 479.07 Td (A) Tj ET Q q 0 0 0 rg BT 152.17 479.07 Td ( fund may not invest for purposes of exercising control over management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 474.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 459.00 Td (For purposes of the investment policy relating to senior securities, a fund may borrow from any bank provided that immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 447.00 Td (after any such borrowing there is asset coverage of at least 300% for all borrowings of such fund. In the event that such asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 435.00 Td (coverage falls below 300%, the fund shall, within three days thereafter \(not including Sundays and holidays\) or such longer period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.00 Td (as the SEC may prescribe by rules and regulations, reduce the amount of its borrowings to an extent that the asset coverage of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.00 Td (borrowings is at least 300%. In addition, when a fund enters into certain transactions involving potential leveraging, it will hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.00 Td (of) Tj ET Q q 0 0 0 rg BT 39.65 399.00 Td (fsetting positions or segregate assets to cover such obligations at levels consistent with the guidance of the SEC and its staf) Tj ET Q q 0 0 0 rg BT 531.59 399.00 Td (f.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.00 Td (For purposes of the investment policies relating to lending and borrowing, the funds have received an exemptive order from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.00 Td (SEC regarding an interfund lending program. Under the terms of the exemptive order) Tj ET Q q 0 0 0 rg BT 372.94 372.00 Td (, the funds may borrow money from or lend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 360.00 Td (money to other ) Tj ET Q q 0 0 0 rg BT 93.99 360.00 Td (American Century Investments-advised funds that permit such transactions. ) Tj ET Q q 0 0 0 rg BT 399.20 360.00 Td (All such transactions will be subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 348.00 Td (the limits for borrowing and lending set forth above. ) Tj ET Q q 0 0 0 rg BT 243.50 348.00 Td (The funds will borrow money through the program only when the costs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 336.00 Td (equal to or lower than the cost of short-term bank loans. Interfund loans and borrowings normally extend only overnight, but can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 324.00 Td (have a maximum duration of seven days. ) Tj ET Q q 0 0 0 rg BT 197.94 324.00 Td (The funds will lend through the program only when the returns are higher than those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.00 Td (available from other short-term instruments \(such as repurchase agreements\). ) Tj ET Q q 0 0 0 rg BT 342.87 312.00 Td (The funds may have to borrow from a bank at a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.00 Td (interest rate if an interfund loan is called or not renewed. ) Tj ET Q q 0 0 0 rg BT 260.30 300.00 Td (Any delay in repayment to a lending fund could result in a lost investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.00 Td (opportunity or additional borrowing costs. For purposes of the funds) Tj ET Q q 0 0 0 rg BT 307.95 288.00 Td ( investment policy relating to borrowing, short positions held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.00 Td (by the funds are not considered borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.00 Td (For purposes of the investment policy relating to concentration, a fund shall not purchase any securities that would cause 25% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.00 Td (more of the value of the fund) Tj ET Q q 0 0 0 rg BT 150.90 249.00 Td (s net assets at the time of purchase to be invested in the securities of one or more issuers conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.00 Td (their principal business activities in the same industry) Tj ET Q q 0 0 0 rg BT 245.53 237.00 Td (, provided that) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 222.00 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.00 Td (there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state, territory or possession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.00 Td (of the United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.00 Td (repurchase agreements secured by such obligations \(except that an Industrial Development Bond backed only by the assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.00 Td (revenues of a non-governmental user will be deemed to be an investment in the industry represented by such user\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 171.00 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.00 Td (wholly owned finance companies will be considered to be in the industries of their parents if their activities are primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.00 Td (related to financing the activities of the parents;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 144.00 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.00 Td (utilities will be divided according to their services, for example, gas, gas transmission, electric and gas, electric and telephone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.00 Td (will each be considered a separate industry; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 117.00 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.00 Td (personal credit and business credit businesses will be considered separate industries.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 98.60 Td (Nonfundamental Investment Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 83.60 Td (In addition, the funds are subject to the following investment policies that are not fundamental and may be changed by the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 71.60 Td (Directors.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 733.5 m 141 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 733.5 m 572 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 708.5 m 141 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 708.5 m 572 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 663.5 m 141 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 663.5 m 572 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 628.5 m 141 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 628.5 m 572 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 573.5 m 141 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 573.5 m 572 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 538.5 m 141 538.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 538.5 m 572 538.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 483.5 m 141 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 483.5 m 572 483.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 738.21 Td (Subject) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 143.50 738.21 Td (Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 724.07 Td (Leveraging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 724.07 Td (A) Tj ET Q q 0 0 0 rg BT 150.45 724.07 Td ( fund may not purchase additional investment securities at any time during which outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 714.07 Td (borrowings exceed 5% of the total assets of the fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 699.07 Td (Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 699.07 Td (A) Tj ET Q q 0 0 0 rg BT 150.45 699.07 Td ( fund may not purchase any security or enter into a repurchase agreement if, as a result, more than 15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 689.07 Td (of its net assets would be invested in illiquid securities. Illiquid securities include repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 679.07 Td (not entitling the holder to payment of principal and interest within seven days, and securities that are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 669.07 Td (illiquid by virtue of legal or contractual restrictions on resale or the absence of a readily available market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 654.07 Td (Short Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 654.07 Td (A) Tj ET Q q 0 0 0 rg BT 150.45 654.07 Td ( fund may not sell securities short, unless it owns or has the right to obtain securities equivalent in kind) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 644.07 Td (and amount to the securities sold short, and provided that transactions in futures contracts and options are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 634.07 Td (not deemed to constitute selling securities short.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 619.07 Td (Mar) Tj ET Q q 0 0 0 rg BT 51.07 619.07 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 619.07 Td (A) Tj ET Q q 0 0 0 rg BT 150.45 619.07 Td ( fund may not purchase securities on mar) Tj ET Q q 0 0 0 rg BT 314.75 619.07 Td (gin, except to obtain such short-term credits as are necessary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 609.07 Td (for the clearance of transactions, and provided that mar) Tj ET Q q 0 0 0 rg BT 364.15 609.07 Td (gin payments and other deposits in connection) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 599.07 Td (with transactions involving futures, options \(puts, calls, etc.\), swaps, short sales, forward contracts,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 589.07 Td (commitment agreements, and other similar investment techniques shall not be deemed to constitute) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 579.07 Td (purchasing securities on mar) Tj ET Q q 0 0 0 rg BT 258.10 579.07 Td (gin.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 564.07 Td (Futures and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 554.07 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 564.07 Td (A) Tj ET Q q 0 0 0 rg BT 150.17 564.07 Td ( fund may enter into futures contracts and write and buy put and call options relating to futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 554.07 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 184.04 554.07 Td (A) Tj ET Q q 0 0 0 rg BT 190.71 554.07 Td ( fund may not, however) Tj ET Q q 0 0 0 rg BT 285.57 554.07 Td (, enter into leveraged futures transactions if it would be possible for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 544.07 Td (the fund to lose more than the notional value of the investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 529.07 Td (Issuers with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 519.07 Td (Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 509.07 Td (Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 499.07 Td (Histories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 528.17 Td (The funds may invest in the equity securities of issuers with limited operating histories. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.88 528.17 Td (Investment in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 143.50 518.16 Td (Issuers with Limited Operating Histories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.40 518.16 Td ( under ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 335.17 518.16 Td (Fund Investments and Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.09 518.16 Td (. ) Tj ET Q q 0 0 0 rg BT 451.54 518.16 Td (An issuer is considered to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 508.17 Td (have a limited operating history if that issuer has a record of less than three years of continuous operation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 498.17 Td (Periods of capital formation, incubation, consolidations, and research and development may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 488.17 Td (considered in determining whether a particular issuer has a record of three years of continuous operation.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 469.00 Td (For purposes of the funds) Tj ET Q q 0 0 0 rg BT 136.30 469.00 Td ( investment policy relating to leveraging, short positions held by the funds are not considered borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 454.00 Td (The Investment Company ) Tj ET Q q 0 0 0 rg BT 137.32 454.00 Td (Act imposes certain additional restrictions upon the funds) Tj ET Q q 0 0 0 rg BT 370.68 454.00 Td ( ability to acquire securities issued by insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 442.00 Td (companies, broker) Tj ET Q q 0 0 0 rg BT 105.16 442.00 Td (-dealers, underwriters or investment advisors, and upon transactions with af) Tj ET Q q 0 0 0 rg BT 407.96 442.00 Td (filiated persons as defined by the ) Tj ET Q q 0 0 0 rg BT 541.81 442.00 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 430.00 Td (It also defines and forbids the creation of cross and circular ownership. Neither the SEC nor any other agency of the federal or state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 418.00 Td (government participates in or supervises the management of the funds or their investment practices or policies.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 397.20 Td (T) Tj ET Q q 0 0 0 rg BT 39.55 397.20 Td (emporary Defensive Measur) Tj ET Q q 0 0 0 rg BT 208.80 397.20 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.20 Td (For temporary defensive purposes, each fund \(except ) Tj ET Q q 0 0 0 rg BT 246.24 382.20 Td (VP) Tj ET Q q 0 0 0 rg BT 258.65 382.20 Td ( Income & Growth\) may invest in securities that may not fit its investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 370.20 Td (objective or its stated market. During a temporary defensive period, a fund may invest a portion of its assets in money market, cash, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 358.20 Td (cash-equivalents or other short-term securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 343.20 Td (Examples of those securities include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 328.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 328.20 Td (securities issued or guaranteed by the U.S. government and its agencies and instrumentalities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 313.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 313.20 Td (commercial paper;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 298.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 298.20 Td (interest-bearing bank accounts or certificates of deposit;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 283.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 283.20 Td (short-term notes, bonds, or other debt instruments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 268.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 268.20 Td (repurchase agreements; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 253.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 253.20 Td (money market funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 238.20 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 238.20 Td (o the extent a fund assumes a defensive position, it may not achieve its investment objective.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 217.45 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 87.62 217.45 Td (T) Tj ET Q q 0 0 0 rg BT 95.67 217.45 Td (urnover) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 202.45 Td (The portfolio turnover rate of each fund for its most recent fiscal year is included in the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 383.32 202.45 Td (Fund Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.70 202.45 Td ( section of that fund) Tj ET Q q 0 0 0 rg BT 527.46 202.45 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 190.45 Td (prospectus. ) Tj ET Q q 0 0 0 rg BT 79.09 190.45 Td (The portfolio turnover rate for each fund) Tj ET Q q 0 0 0 rg BT 244.58 190.45 Td (s last five fiscal years \(or a shorter period if the fund is less than five years old\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 178.45 Td (is shown in the Financial Highlights tables in the prospectus. ) Tj ET Q q 0 0 0 rg BT 277.13 178.45 Td (V) Tj ET Q q 0 0 0 rg BT 283.24 178.45 Td (ariations in a fund) Tj ET Q q 0 0 0 rg BT 358.50 178.45 Td (s portfolio turnover rate from year to year may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 166.45 Td (due to a fluctuating volume of shareholder purchase and redemption activity) Tj ET Q q 0 0 0 rg BT 336.30 166.45 Td (, varying market conditions, and/or changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 154.45 Td (manager) Tj ET Q q 0 0 0 rg BT 66.29 154.45 Td () Tj ET Q q 0 0 0 rg BT 69.07 154.45 Td (s investment outlook.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 136.05 Td (VP) Tj ET Q q 0 0 0 rg BT 46.83 136.05 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 136.28 136.05 Td (V) Tj ET Q q 0 0 0 rg BT 143.85 136.05 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 121.05 Td (The portfolio managers of ) Tj ET Q q 0 0 0 rg BT 138.51 121.05 Td (VP) Tj ET Q q 0 0 0 rg BT 150.92 121.05 Td ( Lar) Tj ET Q q 0 0 0 rg BT 167.12 121.05 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 220.26 121.05 Td (V) Tj ET Q q 0 0 0 rg BT 226.37 121.05 Td (alue purchase portfolio securities with a view to the long-term investment merits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 109.05 Td (each security and, consequently) Tj ET Q q 0 0 0 rg BT 158.02 109.05 Td (, the fund may hold its investment securities for several years. However) Tj ET Q q 0 0 0 rg BT 444.48 109.05 Td (, the decision to purchase or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 97.05 Td (sell any security is ultimately based upon the anticipated contribution of the security to the stated objective of the fund. In order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 85.05 Td (achieve the fund) Tj ET Q q 0 0 0 rg BT 100.36 85.05 Td (s objective, the portfolio managers may sell a given security regardless of the time it has been held in the portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 73.05 Td (Portfolio turnover may af) Tj ET Q q 0 0 0 rg BT 133.24 73.05 Td (fect the character of capital gains realized and distributed by the fund, if any) Tj ET Q q 0 0 0 rg BT 437.46 73.05 Td (, because short-term capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 61.05 Td (gains are characterized as ordinary income. Higher turnover would generate correspondingly higher brokerage commissions, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 49.05 Td (is a cost the fund pays directly) Tj ET Q q 0 0 0 rg BT 152.49 49.05 Td (.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 740.90 Td (Other) Tj ET Q q 0 0 0 rg BT 61.94 740.90 Td ( Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 725.90 Td (W) Tj ET Q q 0 0 0 rg BT 40.54 725.90 Td (ith respect to each other fund, the managers may sell securities without regard to the length of time the security has been held. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 713.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 80.84 713.90 Td (, each fund) Tj ET Q q 0 0 0 rg BT 127.76 713.90 Td (s portfolio turnover rate may be substantial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 698.90 Td (The portfolio managers intend to purchase a given security whenever they believe it will contribute to the stated objective of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 686.90 Td (particular fund. In order to achieve each fund) Tj ET Q q 0 0 0 rg BT 215.30 686.90 Td (s investment objective, the managers may sell a given security regardless of the length ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 674.90 Td (of time it has been held in the portfolio and regardless of the gain or loss realized on the sale. ) Tj ET Q q 0 0 0 rg BT 405.93 674.90 Td (The managers may sell a portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 662.90 Td (security if they believe that the security is not fulfilling its purpose because, among other things, it did not live up to the managers) Tj ET Q q 0 0 0 rg BT 553.69 662.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 650.90 Td (expectations, because it may be replaced with another security holding greater promise, because it has reached its optimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 638.90 Td (potential, because of a change in the circumstances of a particular company or industry or in general economic conditions, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 626.90 Td (because of some combination of such reasons.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 611.90 Td (When a general decline in security prices is anticipated, the equity funds may decrease or eliminate entirely their equity positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 599.90 Td (and increase their cash positions, and when a general rise in price levels is anticipated, the equity funds may increase their equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 587.90 Td (positions and decrease their cash positions. However) Tj ET Q q 0 0 0 rg BT 242.43 587.90 Td (, it should be expected that the funds will, under most circumstances, be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 575.90 Td (essentially fully invested in equity securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 560.90 Td (Because investment decisions are based on a particular security) Tj ET Q q 0 0 0 rg BT 288.07 560.90 Td (s anticipated contribution to a fund) Tj ET Q q 0 0 0 rg BT 430.54 560.90 Td (s investment objective, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 548.90 Td (managers believe that the rate of portfolio turnover is irrelevant when they determine that a change is required to pursue the fund) Tj ET Q q 0 0 0 rg BT 549.92 548.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 536.90 Td (investment objective. ) Tj ET Q q 0 0 0 rg BT 118.98 536.90 Td (As a result, a fund) Tj ET Q q 0 0 0 rg BT 194.80 536.90 Td (s annual portfolio turnover rate cannot be anticipated and may be higher than that of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 524.90 Td (mutual funds with similar investment objectives. Higher turnover would generate correspondingly greater brokerage commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 512.90 Td (which is a cost the funds pay directly) Tj ET Q q 0 0 0 rg BT 179.42 512.90 Td (. Portfolio turnover also may af) Tj ET Q q 0 0 0 rg BT 304.77 512.90 Td (fect the character of capital gains realized and distributed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 500.90 Td (fund, if any) Tj ET Q q 0 0 0 rg BT 77.23 500.90 Td (, because short-term capital gains are characterized as ordinary income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 485.90 Td (Because the managers do not take portfolio turnover rate into account in making investment decisions, \(1\) the managers have no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 473.90 Td (intention of maintaining any particular rate of portfolio turnover) Tj ET Q q 0 0 0 rg BT 287.69 473.90 Td (, whether high or low) Tj ET Q q 0 0 0 rg BT 372.85 473.90 Td (, and \(2\) the portfolio turnover rates in the past ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 461.90 Td (should not be considered as representative of the rates that will be attained in the future.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 441.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 87.25 441.10 Td (e of Portfolio Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 426.10 Td (The advisor \(ACIM\) has adopted policies and procedures with respect to the disclosure of fund portfolio holdings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 414.10 Td (characteristics, which are described below) Tj ET Q q 0 0 0 rg BT 199.94 414.10 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 395.70 Td (Distribution to the Public) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 380.70 Td (Month-end full portfolio holdings for each fund will generally be made available for distribution 15 days after the end of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 368.70 Td (calendar quarter for each of the preceding three months. ) Tj ET Q q 0 0 0 rg BT 257.88 368.70 Td (This disclosure is in addition to the portfolio disclosure in annual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 356.70 Td (semiannual shareholder reports and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.89 356.70 Td (the quarter) Tj ET Q q 0 0 0 rg BT 218.73 356.70 Td (-end portfolio disclosures on Form N-POR) Tj ET Q q 0 0 0 rg BT 389.50 356.70 Td (T) Tj ET Q q 0 0 0 rg BT 394.87 356.70 Td (. Such) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.87 356.70 Td ( disclosures are filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 344.70 Td (Securities and Exchange Commission within 60 days of each fiscal quarter end and also posted on americancentury) Tj ET Q q 0 0 0 rg BT 492.94 344.70 Td (.com at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 332.70 Td (approximately the same time the filings are made. ) Tj ET Q q 0 0 0 rg BT 233.75 332.70 Td (The distribution of holdings after the above time periods is not limited.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 317.70 Td (On a monthly basis, top 10 holdings \(on an absolute basis and relative to the appropriate benchmark\) for each fund \(except ) Tj ET Q q 0 0 0 rg BT 524.69 317.70 Td (AC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 305.70 Td (Alternatives Market Neutral ) Tj ET Q q 0 0 0 rg BT 146.55 305.70 Td (V) Tj ET Q q 0 0 0 rg BT 152.67 305.70 Td (alue Fund, which is limited to the top five pairs by type, as described below\) will generally be made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 293.70 Td (available for distribution 7 days after the end of each month, and will be posted on americancentury) Tj ET Q q 0 0 0 rg BT 429.88 293.70 Td (.com at approximately the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 281.70 Td (time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 266.70 Td (Portfolio characteristics that are derived from portfolio holdings will be made available for distribution 7 days after the end of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 254.70 Td (month, or as soon thereafter as possible, which timeframe may vary by fund. Certain characteristics, as determined by the advisor) Tj ET Q q 0 0 0 rg BT 549.55 254.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 242.70 Td (will be posted on americancentury) Tj ET Q q 0 0 0 rg BT 168.58 242.70 Td (.com monthly at approximately the time they are made available for distribution. Data derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 230.70 Td (from portfolio returns and any other characteristics not deemed confidential will be available for distribution at any time. ) Tj ET Q q 0 0 0 rg BT 517.55 230.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 218.70 Td (advisor may make determinations of confidentiality on a fund-by-fund basis, and may add or delete characteristics to or from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 206.70 Td (considered confidential at any time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.70 Td (Any ) Tj ET Q q 0 0 0 rg BT 50.67 191.70 Td (American Century Investments fund that sells securities short as an investment strategy will disclose full portfolio holdings in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 179.70 Td (annual and semiannual shareholder reports and on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.66 179.70 Td (N-POR) Tj ET Q q 0 0 0 rg BT 288.06 179.70 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.43 179.70 Td (. ) Tj ET Q q 0 0 0 rg BT 298.25 179.70 Td (These funds will make long and short holdings as of the end of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 167.70 Td (calendar quarter available for distribution 15 days after the end of each calendar quarter) Tj ET Q q 0 0 0 rg BT 381.61 167.70 Td (. ) Tj ET Q q 0 0 0 rg BT 386.43 167.70 Td (These funds may also make limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 155.70 Td (disclosures as noted in the Single Event Requests section below) Tj ET Q q 0 0 0 rg BT 286.08 155.70 Td (. ) Tj ET Q q 0 0 0 rg BT 290.90 155.70 Td (The distribution of holdings after the above time periods is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.70 Td (limited.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 128.70 Td (Examples of securities \(both long and short\) currently or previously held in a portfolio may be included in presentations or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 116.70 Td (marketing documents as soon as available. ) Tj ET Q q 0 0 0 rg BT 204.33 116.70 Td (The inclusion of such examples is at the relevant portfolio) Tj ET Q q 0 0 0 rg BT 439.54 116.70 Td (s team discretion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 101.70 Td (So long as portfolio holdings are disclosed in accordance with the above parameters, the advisor makes no distinction among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 89.70 Td (dif) Tj ET Q q 0 0 0 rg BT 42.43 89.70 Td (ferent categories of recipients, such as individual investors, institutional investors, intermediaries that distribute the funds) Tj ET Q q 0 0 0 rg BT 530.18 89.70 Td ( shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 77.70 Td (third-party service providers, rating and ranking or) Tj ET Q q 0 0 0 rg BT 234.31 77.70 Td (ganizations, and fund af) Tj ET Q q 0 0 0 rg BT 330.21 77.70 Td (filiates. Because this information is publicly available and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 65.70 Td (widely disseminated, the advisor places no conditions or restrictions on, and does not monitor) Tj ET Q q 0 0 0 rg BT 406.31 65.70 Td (, its use. Nor does the advisor require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 53.70 Td (special authorization for its disclosure.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 740.90 Td (Accelerated Disclosur) Tj ET Q q 0 0 0 rg BT 142.91 740.90 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 725.90 Td (The advisor recognizes that certain parties, in addition to the advisor and its af) Tj ET Q q 0 0 0 rg BT 344.55 725.90 Td (filiates, may have legitimate needs for information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 713.90 Td (about portfolio holdings and characteristics prior to the times prescribed above. Such accelerated disclosure is permitted under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 701.90 Td (circumstances described below) Tj ET Q q 0 0 0 rg BT 155.25 701.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 686.90 Td (Ongoing ) Tj ET Q q 0 0 0 rg BT 69.75 686.90 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 671.90 Td (Certain parties, such as investment consultants who provide regular analysis of fund portfolios for their clients and intermediaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 659.90 Td (who pass through information to fund shareholders, may have legitimate needs for accelerated disclosure. ) Tj ET Q q 0 0 0 rg BT 456.74 659.90 Td (These needs may include, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 647.90 Td (for example, the preparation of reports for customers who invest in the funds, the creation of analyses of fund characteristics for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 635.90 Td (intermediary or consultant clients, the reformatting of data for distribution to the intermediary) Tj ET Q q 0 0 0 rg BT 409.44 635.90 Td (s or consultant) Tj ET Q q 0 0 0 rg BT 470.55 635.90 Td (s clients, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 623.90 Td (review of fund performance for ERISA) Tj ET Q q 0 0 0 rg BT 188.39 623.90 Td ( fiduciary purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 608.90 Td (In such cases, accelerated disclosure is permitted if the service provider enters an appropriate non-disclosure agreement with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 596.90 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 596.90 Td ( distributor in which it agrees to treat the information confidentially until the public distribution date and represents that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 584.90 Td (information will be used only for the legitimate services provided to its clients \(i.e., not for trading\). Non-disclosure agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 572.90 Td (require the approval of an attorney in the advisor) Tj ET Q q 0 0 0 rg BT 227.35 572.90 Td () Tj ET Q q 0 0 0 rg BT 230.13 572.90 Td (s legal department. ) Tj ET Q q 0 0 0 rg BT 308.26 572.90 Td (The advisor) Tj ET Q q 0 0 0 rg BT 356.11 572.90 Td () Tj ET Q q 0 0 0 rg BT 358.89 572.90 Td (s compliance department receives quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 560.90 Td (reports detailing which clients received accelerated disclosure, what they received, when they received it and the purposes of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 548.90 Td (disclosure. Compliance personnel are required to confirm that an appropriate non-disclosure agreement has been obtained from each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 536.90 Td (recipient identified in the reports.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 521.90 Td (Those parties who have entered into non-disclosure agreements as of December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.33 521.90 Td ( 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.83 521.90 Td ( are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 506.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 506.90 Td (Aetna Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 491.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 491.90 Td (Alight Solutions LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 476.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 476.90 Td (AllianceBernstein L.P) Tj ET Q q 0 0 0 rg BT 128.26 476.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 461.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 461.90 Td (American Fidelity ) Tj ET Q q 0 0 0 rg BT 115.49 461.90 Td (Assurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 446.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 446.90 Td (Ameritas Life Insurance Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 431.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 431.90 Td (AMP) Tj ET Q q 0 0 0 rg BT 61.80 431.90 Td ( Capital Investors Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 416.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 416.90 Td (Annuity Investors Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 401.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 401.90 Td (Aon Hewitt Investment Consulting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 386.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 386.90 Td (Athene ) Tj ET Q q 0 0 0 rg BT 71.33 386.90 Td (Annuity & Life ) Tj ET Q q 0 0 0 rg BT 135.49 386.90 Td (Assurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 371.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 371.90 Td (AUL/American United Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 356.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 356.90 Td (AXA) Tj ET Q q 0 0 0 rg BT 61.61 356.90 Td ( Equitable Funds Management Group, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 341.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 341.90 Td (Bell Globemedia Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 326.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 326.90 Td (Bellwether Consulting, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 311.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 311.90 Td (BNY) Tj ET Q q 0 0 0 rg BT 61.24 311.90 Td ( Mellon Performance & Risk ) Tj ET Q q 0 0 0 rg BT 179.28 311.90 Td (Analytics, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 296.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 296.90 Td (Brighthouse Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 281.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 281.90 Td (Callan ) Tj ET Q q 0 0 0 rg BT 68.55 281.90 Td (Associates, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 266.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 266.90 Td (Calvert ) Tj ET Q q 0 0 0 rg BT 71.88 266.90 Td (Asset Management Company) Tj ET Q q 0 0 0 rg BT 189.54 266.90 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 251.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 251.90 Td (Cambridge ) Tj ET Q q 0 0 0 rg BT 86.88 251.90 Td (Associates, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 236.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 236.90 Td (Cambridge Financial Services, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 221.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 221.90 Td (CapitalCities, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 206.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 206.90 Td (Charles Schwab & Co., Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 191.90 Td (Clearwater ) Tj ET Q q 0 0 0 rg BT 86.31 191.90 Td (Analytics, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 176.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 176.90 Td (Cleary Gull Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 161.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 161.90 Td (Commerce Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 146.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 146.90 Td (Connecticut General Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 131.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 131.90 Td (Corestone Investment Managers ) Tj ET Q q 0 0 0 rg BT 171.86 131.90 Td (AG) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 116.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 116.90 Td (Corning Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 101.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 101.90 Td (Curcio ) Tj ET Q q 0 0 0 rg BT 70.04 101.90 Td (W) Tj ET Q q 0 0 0 rg BT 78.67 101.90 Td (ebb LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 86.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 86.90 Td (Deutsche ) Tj ET Q q 0 0 0 rg BT 79.66 86.90 Td (AM Distributors, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 71.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 71.90 Td (Eckler Partners Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 56.90 Td (EquiT) Tj ET Q q 0 0 0 rg BT 65.14 56.90 Td (rust Life Insurance Company) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 742.10 Td (Electra Information Systems, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 727.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 727.10 Td (Farm Bureau Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 712.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 712.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 59.40 712.10 Td ( US LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 697.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 697.10 Td (Fidelity ) Tj ET Q q 0 0 0 rg BT 73.93 697.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.57 697.10 Td (orkplace Services, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 682.10 Td (FIL) Tj ET Q q 0 0 0 rg BT 55.13 682.10 Td ( Investment Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 667.10 Td (Finance-Doc Multimanagement ) Tj ET Q q 0 0 0 rg BT 169.91 667.10 Td (AG) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 652.10 Td (Fund Evaluation Group, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 637.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 637.10 Td (Gavion, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 622.10 Td (Government Employees Pension Service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 607.10 Td (Great-W) Tj ET Q q 0 0 0 rg BT 74.67 607.10 Td (est Financial Retirement Plan Services, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 592.10 Td (The Guardian Life Insurance Company of ) Tj ET Q q 0 0 0 rg BT 210.44 592.10 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 577.10 Td (ICMA) Tj ET Q q 0 0 0 rg BT 66.06 577.10 Td ( Retirement Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 562.10 Td (Intel Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 547.10 Td (InvesT) Tj ET Q q 0 0 0 rg BT 67.92 547.10 Td (rust Consulting, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 532.10 Td (Iron Capital ) Tj ET Q q 0 0 0 rg BT 90.49 532.10 Td (Advisors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 517.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 517.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 51.98 517.10 Td (ferson National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 502.10 Td (JL) Tj ET Q q 0 0 0 rg BT 49.58 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.51 502.10 Td ( Investment Management Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 487.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 487.10 Td (John Hancock Financial Services, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 472.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 472.10 Td (Kansas City Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 457.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 457.10 Td (Kiwoom ) Tj ET Q q 0 0 0 rg BT 77.45 457.10 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 442.10 Td (Kmotion, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 427.10 Td (Korea Investment Management Co. Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 412.10 Td (Korea ) Tj ET Q q 0 0 0 rg BT 67.25 412.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.66 412.10 Td (eachers Pension) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 397.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 397.10 Td (Legal Super Pty Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 382.10 Td (The Lincoln National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 367.10 Td (Lipper Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 352.10 Td (Marquette ) Tj ET Q q 0 0 0 rg BT 83.54 352.10 Td (Associates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 337.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 337.10 Td (Massachusetts Mutual Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 322.10 Td (Mercer Investment Management, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 307.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 307.10 Td (Merrill L) Tj ET Q q 0 0 0 rg BT 76.88 307.10 Td (ynch) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 292.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 292.10 Td (Midland National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 277.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 277.10 Td (Minnesota Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 262.10 Td (Modern ) Tj ET Q q 0 0 0 rg BT 74.48 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.12 262.10 Td (oodmen of ) Tj ET Q q 0 0 0 rg BT 128.11 262.10 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 247.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 247.10 Td (Montana Board of Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 232.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 232.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 57.54 232.10 Td (gan Stanley Smith Barney LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 217.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 217.10 Td (Morningstar Investment Management LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 202.10 Td (Morningstar) Tj ET Q q 0 0 0 rg BT 89.54 202.10 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 187.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 187.10 Td (Morningstar Investment Services, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 172.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 172.10 Td (MUFG Union Bank, NA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 157.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 157.10 Td (Mutual of ) Tj ET Q q 0 0 0 rg BT 82.17 157.10 Td (America Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 142.10 Td (National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 127.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 127.10 Td (Nationwide Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 112.10 Td (NEPC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 97.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 97.10 Td (The Newport Group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 82.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 82.10 Td (Nomura ) Tj ET Q q 0 0 0 rg BT 75.22 82.10 Td (Asset Management U.S.A. Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 67.10 Td (Nomura Securities International, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 52.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 52.10 Td (The Northern ) Tj ET Q q 0 0 0 rg BT 96.96 52.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.72 52.10 Td (rust Company) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 742.10 Td (Northwestern Mutual Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 727.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 727.10 Td (NYLIFE Distributors, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 712.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 712.10 Td (Old Mutual Global Investors \(UK\) Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 697.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 697.10 Td (Pacific Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 682.10 Td (Pavilion ) Tj ET Q q 0 0 0 rg BT 75.78 682.10 Td (Advisory Group Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 667.10 Td (Principal Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 652.10 Td (Prudential Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 637.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 637.10 Td (RidgeW) Tj ET Q q 0 0 0 rg BT 73.02 637.10 Td (orth Capital Management, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 622.10 Td (Rocaton Investment ) Tj ET Q q 0 0 0 rg BT 122.71 622.10 Td (Advisors, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 607.10 Td (RSM US ) Tj ET Q q 0 0 0 rg BT 79.23 607.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.86 607.10 Td (ealth Management LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 592.10 Td (R) Tj ET Q q 0 0 0 rg BT 46.37 592.10 Td (VK, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 577.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 59.03 577.10 Td ( Financial Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 562.10 Td (Security Benefit Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 547.10 Td (Shinhan BNP) Tj ET Q q 0 0 0 rg BT 94.86 547.10 Td ( Paribas ) Tj ET Q q 0 0 0 rg BT 128.75 547.10 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 532.10 Td (SP-Fund Management Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 517.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 517.10 Td (State Street Global Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 502.10 Td (SunT) Tj ET Q q 0 0 0 rg BT 61.82 502.10 Td (rust Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 487.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 487.10 Td (Symetra Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 472.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 472.10 Td (T) Tj ET Q q 0 0 0 rg BT 45.91 472.10 Td (okio Marine ) Tj ET Q q 0 0 0 rg BT 97.01 472.10 Td (Asset Management Co., Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 457.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 457.10 Td (T) Tj ET Q q 0 0 0 rg BT 45.91 457.10 Td (owers ) Tj ET Q q 0 0 0 rg BT 72.11 457.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.75 457.10 Td (atson Investment Services, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 45.91 442.10 Td (owers ) Tj ET Q q 0 0 0 rg BT 72.11 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.75 442.10 Td (atson Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 427.10 Td (UBS Financial Services, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 412.10 Td (UBS ) Tj ET Q q 0 0 0 rg BT 62.27 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.91 412.10 Td (ealth Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 397.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 397.10 Td (V) Tj ET Q q 0 0 0 rg BT 46.61 397.10 Td (alic Financial ) Tj ET Q q 0 0 0 rg BT 102.71 397.10 Td (Advisors Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 46.43 382.10 Td (ALIC Retirement Services Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 367.10 Td (V) Tj ET Q q 0 0 0 rg BT 46.61 367.10 Td (estek Systems, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 352.10 Td (V) Tj ET Q q 0 0 0 rg BT 46.43 352.10 Td (oya Retirement Insurance and ) Tj ET Q q 0 0 0 rg BT 168.05 352.10 Td (Annuity Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 337.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 337.10 Td (W) Tj ET Q q 0 0 0 rg BT 49.14 337.10 Td (ells Far) Tj ET Q q 0 0 0 rg BT 78.67 337.10 Td (go Bank, N.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 49.54 322.10 Td (ilshire ) Tj ET Q q 0 0 0 rg BT 76.48 322.10 Td (Associates Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 307.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 307.10 Td (Zeno Consulting Group, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 292.10 Td (Once a party has executed a non-disclosure agreement, it may receive any or all of the following data for funds in which its clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 280.10 Td (have investments or are actively considering investment: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 265.10 Td (\(1\) Full holdings \(both long and short\) quarterly as soon as reasonably available; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 250.10 Td (\(2\) Full holdings \(long only\) monthly as soon as reasonably available;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 235.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 45.48 235.10 Td (T) Tj ET Q q 0 0 0 rg BT 50.89 235.10 Td (op 10 holdings \(top 5 pairs for each type for ) Tj ET Q q 0 0 0 rg BT 229.19 235.10 Td (AC ) Tj ET Q q 0 0 0 rg BT 245.03 235.10 Td (Alternatives Market Neutral ) Tj ET Q q 0 0 0 rg BT 360.08 235.10 Td (V) Tj ET Q q 0 0 0 rg BT 366.19 235.10 Td (alue Fund\) monthly as soon as reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 223.10 Td (available; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 208.10 Td (\(4\) Portfolio attributes \(such as sector or country weights\), characteristics and performance attribution monthly as soon as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 196.10 Td (reasonably available.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 181.10 Td (The types, frequency and timing of disclosure to such parties vary) Tj ET Q q 0 0 0 rg BT 294.94 181.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 166.10 Td (Single Event Requests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 151.10 Td (In certain circumstances, the advisor may provide fund holding information on an accelerated basis outside of an ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 139.10 Td (arrangement with manager) Tj ET Q q 0 0 0 rg BT 138.47 139.10 Td (-level or higher authorization. For example, from time to time the advisor may receive requests for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 127.10 Td (proposals \(RFPs\) from consultants or potential clients that request information about a fund) Tj ET Q q 0 0 0 rg BT 400.88 127.10 Td (s holdings on an accelerated basis. ) Tj ET Q q 0 0 0 rg BT 540.56 127.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 115.10 Td (long as such requests are on a one-time basis, and do not result in continued receipt of data, such information may be provided in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 103.10 Td (RFP) Tj ET Q q 0 0 0 rg BT 48.18 103.10 Td (. In these circumstances, top 15 long and short holdings may be disclosed 7 days after the end of each month. Such disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.10 Td (may be presented in paired trades, such as by showing a long holding in one sector or security and a corresponding short holding in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.10 Td (another sector or security together to show a long/short strategy) Tj ET Q q 0 0 0 rg BT 285.50 79.10 Td (. Such information will be provided with a confidentiality legend and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.10 Td (only in cases where the advisor has reason to believe that the data will be used only for legitimate purposes and not for trading.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 742.25 Td (Service Providers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 727.25 Td (V) Tj ET Q q 0 0 0 rg BT 37.61 727.25 Td (arious service providers to the funds and the funds) Tj ET Q q 0 0 0 rg BT 241.82 727.25 Td ( advisor must have access to some or all of the funds) Tj ET Q q 0 0 0 rg BT 455.19 727.25 Td ( portfolio holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.25 Td (information on an accelerated basis from time to time in the ordinary course of providing services to the funds. ) Tj ET Q q 0 0 0 rg BT 477.30 715.25 Td (These service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.25 Td (providers include the funds) Tj ET Q q 0 0 0 rg BT 143.23 703.25 Td ( custodian \(daily) Tj ET Q q 0 0 0 rg BT 209.23 703.25 Td (, with no lag\), auditors \(as needed\) and brokers involved in the execution of fund trades ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.25 Td (\(as needed\). ) Tj ET Q q 0 0 0 rg BT 81.75 691.25 Td (Additional information about these service providers and their relationships with the funds and the advisor are provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.25 Td (elsewhere in this statement of additional information. In addition, the funds) Tj ET Q q 0 0 0 rg BT 335.68 679.25 Td ( investment advisor may use analytical systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.25 Td (provided by third party data aggregators who have access to the funds) Tj ET Q q 0 0 0 rg BT 313.72 667.25 Td ( portfolio holdings daily) Tj ET Q q 0 0 0 rg BT 410.01 667.25 Td (, with no lag. ) Tj ET Q q 0 0 0 rg BT 464.83 667.25 Td (These data aggregators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.25 Td (enter into separate non-disclosure agreements after authorization by an appropriate of) Tj ET Q q 0 0 0 rg BT 373.40 655.25 Td (ficer of the advisor) Tj ET Q q 0 0 0 rg BT 448.65 655.25 Td (. ) Tj ET Q q 0 0 0 rg BT 453.47 655.25 Td (The agreements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.25 Td (service providers and data aggregators generally require that they treat the funds) Tj ET Q q 0 0 0 rg BT 355.34 643.25 Td ( portfolio holdings information confidentially until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.25 Td (the public distribution date and represent that the information will be used only for the legitimate services it provides \(i.e., not for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.25 Td (trading\).) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 600.85 Td (Additional Safeguards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 585.85 Td (The advisor) Tj ET Q q 0 0 0 rg BT 79.36 585.85 Td () Tj ET Q q 0 0 0 rg BT 82.13 585.85 Td (s policies and procedures include a number of safeguards designed to control disclosure of portfolio holdings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 573.85 Td (characteristics so that such disclosure is consistent with the best interests of fund shareholders, including procedures to address ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 561.85 Td (conflicts between the interests of shareholders and those of the advisor and its af) Tj ET Q q 0 0 0 rg BT 353.17 561.85 Td (filiates. First, the frequency with which this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 549.85 Td (information is disclosed to the public, and the length of time between the date of the information and the date on which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 537.85 Td (information is disclosed, are selected to minimize the possibility of a third party improperly benefiting from fund investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.85 Td (decisions to the detriment of fund shareholders. In the event that a request for portfolio holdings or characteristics creates a potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.85 Td (conflict of interest that is not addressed by the safeguards and procedures described above, the advisor) Tj ET Q q 0 0 0 rg BT 441.18 513.85 Td () Tj ET Q q 0 0 0 rg BT 443.96 513.85 Td (s procedures require that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.85 Td (such requests may only be granted with the approval of the advisor) Tj ET Q q 0 0 0 rg BT 299.85 501.85 Td () Tj ET Q q 0 0 0 rg BT 302.63 501.85 Td (s legal department and the relevant chief investment of) Tj ET Q q 0 0 0 rg BT 521.81 501.85 Td (ficers. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.85 Td (addition, distribution of portfolio holdings information, including compliance with the advisor) Tj ET Q q 0 0 0 rg BT 409.04 489.85 Td () Tj ET Q q 0 0 0 rg BT 411.82 489.85 Td (s policies and the resolution of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 477.85 Td (potential conflicts that may arise, is monitored quarterly by the advisor) Tj ET Q q 0 0 0 rg BT 315.41 477.85 Td () Tj ET Q q 0 0 0 rg BT 318.18 477.85 Td (s compliance department. Finally) Tj ET Q q 0 0 0 rg BT 450.83 477.85 Td (, the funds) Tj ET Q q 0 0 0 rg BT 495.36 477.85 Td ( Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 465.85 Td (Directors exercises oversight of disclosure of the funds) Tj ET Q q 0 0 0 rg BT 254.30 465.85 Td ( portfolio securities. ) Tj ET Q q 0 0 0 rg BT 336.88 465.85 Td (The board has received and reviewed a summary of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 453.85 Td (advisor) Tj ET Q q 0 0 0 rg BT 61.31 453.85 Td () Tj ET Q q 0 0 0 rg BT 64.09 453.85 Td (s policy and is informed on a quarterly basis of any changes to or violations of such policy detected during the prior quarter) Tj ET Q q 0 0 0 rg BT 557.29 453.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 438.85 Td (Neither the advisor nor the funds receive any compensation from any party for the distribution of portfolio holdings information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 423.85 Td (The advisor reserves the right to change its policies and procedures with respect to the distribution of portfolio holdings information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 411.85 Td (at any time. ) Tj ET Q q 0 0 0 rg BT 80.75 411.85 Td (There is no guarantee that these policies and procedures will protect the funds from the potential misuse of holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.85 Td (information by individuals or firms in possession of such information.) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 374.25 Td (Management) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 353.45 Td (The Board of Dir) Tj ET Q q 0 0 0 rg BT 134.30 353.45 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 338.45 Td (The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 326.45 Td (retirement, resignation or removal from of) Tj ET Q q 0 0 0 rg BT 200.70 326.45 Td (fice. ) Tj ET Q q 0 0 0 rg BT 220.51 326.45 Td (The board has adopted a mandatory retirement age for directors who are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 314.45 Td (interested persons, as that term is defined in the Investment Company ) Tj ET Q q 0 0 0 rg BT 320.87 314.45 Td (Act \(independent directors\). Independent directors shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 302.45 Td (retire by December 31 of the year in which they reach their 75) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 280.84 306.98 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.89 302.45 Td ( birthday) Tj ET Q q 0 0 0 rg BT 321.07 302.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 287.45 Td (Jonathan S. ) Tj ET Q q 0 0 0 rg BT 79.93 287.45 Td (Thomas is an interested person because he currently serves as President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 472.38 287.45 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 503.48 287.45 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 275.45 Td (Century Companies, Inc. \(ACC\), the parent company of ) Tj ET Q q 0 0 0 rg BT 257.84 275.45 Td (American Century Investment Management, Inc. \(ACIM or the advisor\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 263.45 Td (The other directors \(more than three-fourths of the total number\) are independent. ) Tj ET Q q 0 0 0 rg BT 360.91 263.45 Td (They are not employees, directors or of) Tj ET Q q 0 0 0 rg BT 518.17 263.45 Td (ficers of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 251.45 Td (and have no financial interest in, ) Tj ET Q q 0 0 0 rg BT 163.96 251.45 Td (ACC or any of its wholly owned, direct or indirect, subsidiaries, including ) Tj ET Q q 0 0 0 rg BT 463.08 251.45 Td (ACIM, ) Tj ET Q q 0 0 0 rg BT 493.64 251.45 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 239.45 Td (Century Investment Services, Inc. \(ACIS\) and ) Tj ET Q q 0 0 0 rg BT 218.13 239.45 Td (American Century Services, LLC \(ACS\), and they do not have any other af) Tj ET Q q 0 0 0 rg BT 519.53 239.45 Td (filiations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 227.45 Td (positions or relationships that would cause them to be considered interested persons under the Investment Company ) Tj ET Q q 0 0 0 rg BT 505.84 227.45 Td (Act. ) Tj ET Q q 0 0 0 rg BT 525.09 227.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 215.45 Td (directors serve in this capacity for seven \(in the case of Jonathan S. ) Tj ET Q q 0 0 0 rg BT 304.84 215.45 Td (Thomas, 16; and Stephen E. ) Tj ET Q q 0 0 0 rg BT 419.73 215.45 Td (Y) Tj ET Q q 0 0 0 rg BT 425.95 215.45 Td (ates, 8\) registered investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 203.45 Td (companies in the ) Tj ET Q q 0 0 0 rg BT 101.21 203.45 Td (American Century Investments family of funds. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (The following table presents additional information about the directors. ) Tj ET Q q 0 0 0 rg BT 319.58 742.10 Td (The mailing address for each director is 4500 Main Street, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (Kansas City) Tj ET Q q 0 0 0 rg BT 79.46 730.10 Td (, Missouri 641) Tj ET Q q 0 0 0 rg BT 137.15 730.10 Td (1) Tj ET Q q 0 0 0 rg BT 141.78 730.10 Td (1.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 651.6 m 117 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 651.6 m 178 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 651.6 m 242 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 651.6 m 395 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 651.6 m 451 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 651.6 m 551 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 635.6 m 117 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 635.6 m 178 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 635.6 m 242 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 635.6 m 395 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 635.6 m 451 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 635.6 m 551 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 635.6 m 117 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 574.6 m 117 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 635.6 m 178 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 574.6 m 178 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 635.6 m 242 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 574.6 m 242 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 635.6 m 395 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 574.6 m 395 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 635.6 m 451 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 574.6 m 451 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 635.6 m 551 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 574.6 m 551 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 574.6 m 117 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 513.6 m 117 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 574.6 m 178 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 513.6 m 178 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 574.6 m 242 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 513.6 m 242 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 574.6 m 395 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 513.6 m 395 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 574.6 m 451 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 513.6 m 451 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 574.6 m 551 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 513.6 m 551 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 513.6 m 117 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 468.6 m 117 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 513.6 m 178 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 468.6 m 178 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 513.6 m 242 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 468.6 m 242 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 513.6 m 395 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 468.6 m 395 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 513.6 m 451 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 468.6 m 451 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 513.6 m 551 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 468.6 m 551 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 468.6 m 117 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 353.6 m 117 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 468.6 m 178 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 353.6 m 178 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 468.6 m 242 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 353.6 m 242 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 468.6 m 395 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 353.6 m 395 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 468.6 m 451 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 353.6 m 451 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 468.6 m 551 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 353.6 m 551 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 353.6 m 117 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 308.6 m 117 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 353.6 m 178 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 308.6 m 178 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 353.6 m 242 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 308.6 m 242 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 353.6 m 395 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 308.6 m 395 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 353.6 m 451 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 308.6 m 451 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 353.6 m 551 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 308.6 m 551 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 253.60000000000002 m 117 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 253.60000000000002 m 178 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 253.60000000000002 m 242 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 253.60000000000002 m 395 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 253.60000000000002 m 451 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 253.60000000000002 m 551 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 218.60000000000002 m 117 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 218.60000000000002 m 178 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 218.60000000000002 m 242 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 218.60000000000002 m 395 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 218.60000000000002 m 451 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 218.60000000000002 m 551 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 173.60000000000002 m 117 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 173.60000000000002 m 178 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 173.60000000000002 m 242 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 173.60000000000002 m 395 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 173.60000000000002 m 451 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 173.60000000000002 m 551 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 173.60000000000002 m 117 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 157.60000000000002 m 117 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 173.60000000000002 m 178 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 157.60000000000002 m 178 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 173.60000000000002 m 242 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 157.60000000000002 m 242 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 173.60000000000002 m 395 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 157.60000000000002 m 395 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 173.60000000000002 m 451 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 157.60000000000002 m 451 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 173.60000000000002 m 551 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 157.60000000000002 m 551 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 82.60000000000002 m 117 82.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 82.60000000000002 m 178 82.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 82.60000000000002 m 242 82.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 82.60000000000002 m 395 82.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 82.60000000000002 m 451 82.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 82.60000000000002 m 551 82.60000000000002 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 666.31 Td (Name \(Y) Tj ET Q q 0 0 0 rg BT 68.30 666.31 Td (ear of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 656.31 Td (Birth\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.39 656.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 119.50 676.31 Td (Position\(s\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 676.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 119.50 666.31 Td (Held with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.67 666.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 119.50 656.31 Td (Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 656.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 180.50 666.31 Td (Length of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.56 666.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 180.50 656.31 Td (T) Tj ET Q q 0 0 0 rg BT 185.51 656.31 Td (ime Served) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.66 656.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 666.31 Td (Principal Occupation\(s\) During ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 656.31 Td (Past 5 Y) Tj ET Q q 0 0 0 rg BT 276.92 656.31 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.14 656.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 706.31 Td (Number of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 706.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 696.31 Td (American) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.38 696.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 686.31 Td (Century) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.72 686.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 676.31 Td (Portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 676.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 666.31 Td (Overseen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.26 666.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.50 656.31 Td (by Dir) Tj ET Q q 0 0 0 rg BT 422.96 656.31 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.51 656.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 676.31 Td (Other Dir) Tj ET Q q 0 0 0 rg BT 492.85 676.31 Td (ectorships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.96 676.31 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 666.31 Td (Held During Past) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 656.31 Td (5 Y) Tj ET Q q 0 0 0 rg BT 465.64 656.31 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.87 656.31 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 640.28 Td (Independent Dir) Tj ET Q q 0 0 0 rg BT 105.16 640.28 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.70 640.28 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 642.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 642.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 642.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 642.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 626.17 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 69.13 626.17 Td (W) Tj ET Q q 0 0 0 rg BT 78.02 626.17 Td (. Bunn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 616.17 Td (\(1953\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 626.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 626.17 Td (Since 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 626.17 Td (Retired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 626.17 Td (63) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 626.16 Td (Squar) Tj ET Q q 0 0 0 rg BT 477.02 626.16 Td (eT) Tj ET Q q 0 0 0 rg BT 486.28 626.16 Td (wo Financial;) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 616.16 Td (Barings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 606.17 Td (\(formerly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.32 606.17 Td (Babson) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 596.16 Td (Capital Funds T) Tj ET Q q 0 0 0 rg BT 518.51 596.16 Td (rust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.08 596.16 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 586.17 Td (\(2013 to 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 565.17 Td (Chris H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 554.17 Td (Cheesman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 541.17 Td (\(1962\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 565.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 565.17 Td (Since 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 565.17 Td (Retired. Senior ) Tj ET Q q 0 0 0 rg BT 307.36 565.17 Td (V) Tj ET Q q 0 0 0 rg BT 313.98 565.17 Td (ice President & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 555.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 268.67 555.17 Td (Audit Executive, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 545.16 Td (AllianceBernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 545.16 Td ( \(1999 to 2018\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 565.17 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 565.17 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 504.17 Td (Barry Fink) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 494.17 Td (\(1955\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 504.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 504.17 Td (Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 494.17 Td (2012\(indepen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 484.17 Td (dent since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 474.17 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 474.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 504.17 Td (Retired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 504.17 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 504.17 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 459.17 Td (Rajesh K. Gupta ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 449.17 Td (\(1960\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 459.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 459.17 Td (Since 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 459.17 Td (Partner Emeritus, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 316.98 459.17 Td (SeaCr) Tj ET Q q 0 0 0 rg BT 341.61 459.17 Td (est ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 449.16 Td (Investment Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.52 449.16 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 439.16 Td (SeaCr) Tj ET Q q 0 0 0 rg BT 269.13 439.16 Td (est W) Tj ET Q q 0 0 0 rg BT 290.15 439.16 Td (ealth Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.85 439.16 Td ( \(2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 429.17 Td (to Present\); Chief Executive Of) Tj ET Q q 0 0 0 rg BT 370.39 429.17 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 419.17 Td (and Chief Investment Of) Tj ET Q q 0 0 0 rg BT 343.46 419.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 361.38 419.17 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 409.16 Td (SeaCr) Tj ET Q q 0 0 0 rg BT 269.13 409.16 Td (est Investment Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.76 409.16 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 399.17 Td (\(2006 to 2019\); Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 389.17 Td (Of) Tj ET Q q 0 0 0 rg BT 254.87 389.17 Td (ficer and Chief Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 379.17 Td (Of) Tj ET Q q 0 0 0 rg BT 254.87 379.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 272.79 379.17 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 277.79 379.17 Td (SeaCr) Tj ET Q q 0 0 0 rg BT 302.42 379.17 Td (est W) Tj ET Q q 0 0 0 rg BT 323.44 379.17 Td (ealth ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 369.16 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.71 369.16 Td ( \(2008 to 2019\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 459.17 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 459.17 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 344.17 Td (L) Tj ET Q q 0 0 0 rg BT 40.06 344.17 Td (ynn Jenkins) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 333.17 Td (\(1963\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 344.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 344.17 Td (Since 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 344.17 Td (Consultant, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 292.83 344.17 Td (LJ Strategies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.33 344.17 Td ( \(2019 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 334.17 Td (present\);United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 324.17 Td (Representative) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.92 324.17 Td (, U.S. House of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 314.16 Td (Repr) Tj ET Q q 0 0 0 rg BT 263.57 314.16 Td (esentatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.94 314.16 Td (\(2009 to 2018\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 344.17 Td (63) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 454.50 344.16 Td (MGP) Tj ET Q q 0 0 0 rg BT 475.98 344.16 Td ( Ingr) Tj ET Q q 0 0 0 rg BT 495.33 344.16 Td (edients,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 454.50 333.16 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 299.17 Td (Jan M. Lewis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 289.17 Td (\(1957\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 299.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 299.17 Td (Since 201) Tj ET Q q 0 0 0 rg BT 220.03 299.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 299.17 Td (Retired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 299.17 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 299.17 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 244.17 Td (John R. ) Tj ET Q q 0 0 0 rg BT 67.38 244.17 Td (Whitten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 234.17 Td (\(1946\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 244.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 244.17 Td (Since 2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 244.17 Td (Retired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 244.17 Td (63) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 244.16 Td (Onto Innovation Inc.;) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 234.16 Td (Rudolph T) Tj ET Q q 0 0 0 rg BT 494.53 234.16 Td (echnologies, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.50 224.16 Td (Inc. \(2006 to 2019\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 209.17 Td (Stephen E. ) Tj ET Q q 0 0 0 rg BT 79.95 209.17 Td (Y) Tj ET Q q 0 0 0 rg BT 86.17 209.17 Td (ates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 199.17 Td (\(1948\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 209.17 Td (Director and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 199.17 Td (Chairman of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 189.17 Td (the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 209.17 Td (Since 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 199.17 Td (\(Chairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 189.17 Td (since 2018\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 209.17 Td (Retired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 209.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 209.17 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 164.33 Td (Inter) Tj ET Q q 0 0 0 rg BT 55.98 164.33 Td (ested Dir) Tj ET Q q 0 0 0 rg BT 94.40 164.33 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.04 164.33 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 164.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 164.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 164.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 148.17 Td (Jonathan S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 138.17 Td (Thomas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 128.17 Td (\(1963\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 148.17 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 148.17 Td (Since 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 148.17 Td (President and Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 138.17 Td (Of) Tj ET Q q 0 0 0 rg BT 254.87 138.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 272.79 138.17 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 277.79 138.17 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.23 138.17 Td ( \(2007 to present\). ) Tj ET Q q 0 0 0 rg BT 372.50 138.17 Td (Also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 128.17 Td (serves as Chief Executive Of) Tj ET Q q 0 0 0 rg BT 360.39 128.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 378.30 128.17 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 118.16 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.28 118.16 Td (; Executive ) Tj ET Q q 0 0 0 rg BT 309.86 118.16 Td (V) Tj ET Q q 0 0 0 rg BT 316.48 118.16 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.50 108.16 Td (ACIM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 108.16 Td (; Director) Tj ET Q q 0 0 0 rg BT 307.13 108.16 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 312.13 108.16 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.58 108.16 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 336.58 108.16 Td (ACIM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.02 108.16 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 98.17 Td (other ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.55 98.17 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 98.17 Td ( subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 148.17 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 148.17 Td (None) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 740.90 Td (Qualifications of Dir) Tj ET Q q 0 0 0 rg BT 136.61 740.90 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 725.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 70.27 725.90 Td (, no one factor was decisive in the selection of the directors to the board. Qualifications considered by the board to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 713.90 Td (important to the selection and retention of directors include the following: \(i\) the individual) Tj ET Q q 0 0 0 rg BT 400.02 713.90 Td (s business and professional experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 701.90 Td (and accomplishments; \(ii\) the individual) Tj ET Q q 0 0 0 rg BT 195.91 701.90 Td (s educational background and accomplishments; \(iii\) the individual) Tj ET Q q 0 0 0 rg BT 467.78 701.90 Td (s experience and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 689.90 Td (expertise performing senior policy-making functions in business, government, education, accounting, law and/or administration; \(iv\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 677.90 Td (how the individual) Tj ET Q q 0 0 0 rg BT 109.27 677.90 Td (s expertise and experience would contribute to the mix of relevant skills and experience on the board; \(v\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 665.90 Td (individual) Tj ET Q q 0 0 0 rg BT 74.83 665.90 Td (s ability to work ef) Tj ET Q q 0 0 0 rg BT 150.19 665.90 Td (fectively with the other members of the board; and \(vi\) the individual) Tj ET Q q 0 0 0 rg BT 430.39 665.90 Td (s ability and willingness to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 653.90 Td (the time commitment necessary to serve as an ef) Tj ET Q q 0 0 0 rg BT 225.14 653.90 Td (fective director) Tj ET Q q 0 0 0 rg BT 285.38 653.90 Td (. In addition, the individuals) Tj ET Q q 0 0 0 rg BT 400.73 653.90 Td ( ability to review and critically evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 641.90 Td (information, their ability to evaluate fund service providers, their ability to exercise good business judgment on behalf of fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 629.90 Td (shareholders, their prior service on the board, and their familiarity with the funds are considered important assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 614.90 Td (When assessing potential new directors, the board has a policy of considering individuals from various and diverse backgrounds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 602.90 Td (Such diverse backgrounds may include dif) Tj ET Q q 0 0 0 rg BT 201.55 602.90 Td (ferences in professional experience, education, individual skill sets and other individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 590.90 Td (attributes. ) Tj ET Q q 0 0 0 rg BT 73.16 590.90 Td (Additional information about each director) Tj ET Q q 0 0 0 rg BT 245.14 590.90 Td () Tj ET Q q 0 0 0 rg BT 247.92 590.90 Td (s individual educational and professional experience \(supplementing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 578.90 Td (information provided in the table above\) follows and was considered as part of his or her nomination to, or retention on, the board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 563.90 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 68.27 563.90 Td (W) Tj ET Q q 0 0 0 rg BT 77.35 563.90 Td (. Bunn: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.54 563.90 Td (BS in Business ) Tj ET Q q 0 0 0 rg BT 174.06 563.90 Td (Administration, ) Tj ET Q q 0 0 0 rg BT 239.43 563.90 Td (W) Tj ET Q q 0 0 0 rg BT 248.07 563.90 Td (ake Forest University; MBA) Tj ET Q q 0 0 0 rg BT 361.67 563.90 Td ( in Finance, University of North Carolina at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 551.90 Td (Chapel Hill; formerly ) Tj ET Q q 0 0 0 rg BT 120.46 551.90 Td (V) Tj ET Q q 0 0 0 rg BT 127.09 551.90 Td (ice Chairman and President, KeyCorp) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 278.99 551.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.49 551.90 Td (\(banking services\); 31 years of experience in investment, commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 539.90 Td (and corporate banking managing directorship roles with Bank of ) Tj ET Q q 0 0 0 rg BT 291.71 539.90 Td (America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 524.90 Td (Chris H. Cheesman:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.44 524.90 Td ( BS in Business ) Tj ET Q q 0 0 0 rg BT 183.46 524.90 Td (Administration \(Accounting\), Hofstra University; 32 years of experience in global financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 512.90 Td (services at ) Tj ET Q q 0 0 0 rg BT 75.37 512.90 Td (AllianceBernstein; formerly) Tj ET Q q 0 0 0 rg BT 187.18 512.90 Td (, auditor with Price ) Tj ET Q q 0 0 0 rg BT 266.15 512.90 Td (W) Tj ET Q q 0 0 0 rg BT 274.79 512.90 Td (aterhouse; Certified Public ) Tj ET Q q 0 0 0 rg BT 383.93 512.90 Td (Accountant and Certified Financial Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 500.90 Td (Auditor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 485.90 Td (Barry Fink:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 485.90 Td ( BA) Tj ET Q q 0 0 0 rg BT 98.73 485.90 Td ( in English and History) Tj ET Q q 0 0 0 rg BT 190.85 485.90 Td (, Binghamton University; Juris Doctorate, University of Michigan; formerly held leadership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 473.90 Td (roles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.44 473.90 Td (including chief operating of) Tj ET Q q 0 0 0 rg BT 164.61 473.90 Td (ficer with ) Tj ET Q q 0 0 0 rg BT 205.15 473.90 Td (American Century Investments; formerly held leadership roles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.63 473.90 Td ( during a 20-year career ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 461.90 Td (with Mor) Tj ET Q q 0 0 0 rg BT 68.82 461.90 Td (gan Stanley Investment Management; formerly asset management and securities law attorney at Seward & Kissel; serves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 449.90 Td (as chairman and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.14 449.90 Td (on the Executive Committee of the Board of Directors of ICI Mutual Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 434.90 Td (Rajesh K. Gupta: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.28 434.90 Td (BS in Quantitative ) Tj ET Q q 0 0 0 rg BT 185.67 434.90 Td (Analysis, New ) Tj ET Q q 0 0 0 rg BT 246.68 434.90 Td (Y) Tj ET Q q 0 0 0 rg BT 252.90 434.90 Td (ork University) Tj ET Q q 0 0 0 rg BT 310.30 434.90 Td (, Stern School of Business; MBA) Tj ET Q q 0 0 0 rg BT 443.09 434.90 Td ( in Finance, New ) Tj ET Q q 0 0 0 rg BT 513.53 434.90 Td (Y) Tj ET Q q 0 0 0 rg BT 519.75 434.90 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 422.90 Td (University) Tj ET Q q 0 0 0 rg BT 73.07 422.90 Td (, Stern School of Business; formerly held leadership roles during 19-year career with Mor) Tj ET Q q 0 0 0 rg BT 432.24 422.90 Td (gan Stanley Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 410.90 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 395.90 Td (L) Tj ET Q q 0 0 0 rg BT 37.62 395.90 Td (ynn Jenkins: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.86 395.90 Td (BS in ) Tj ET Q q 0 0 0 rg BT 119.32 395.90 Td (Accounting, ) Tj ET Q q 0 0 0 rg BT 170.80 395.90 Td (W) Tj ET Q q 0 0 0 rg BT 179.43 395.90 Td (eber State University; ) Tj ET Q q 0 0 0 rg BT 268.58 395.90 Td (AA) Tj ET Q q 0 0 0 rg BT 282.47 395.90 Td ( in Business, Kansas State University; formerly) Tj ET Q q 0 0 0 rg BT 471.52 395.90 Td (, United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 383.90 Td (Representative; formerly) Tj ET Q q 0 0 0 rg BT 130.53 383.90 Td (, Kansas State ) Tj ET Q q 0 0 0 rg BT 189.23 383.90 Td (T) Tj ET Q q 0 0 0 rg BT 194.99 383.90 Td (reasurer) Tj ET Q q 0 0 0 rg BT 226.78 383.90 Td (, Kansas State Senator and Kansas State Representative; 20 years of experience in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 371.90 Td (finance and accounting, including as a certified public accountant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 356.90 Td (Jan M. Lewis:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.33 356.90 Td ( BS in Civil Engineering, University of Nebraska and MBA, Rockhurst College; Graduate Certificate in Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 344.90 Td (Markets and Institutions, Boston University; formerly) Tj ET Q q 0 0 0 rg BT 246.38 344.90 Td (, formerly) Tj ET Q q 0 0 0 rg BT 285.72 344.90 Td (, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 424.94 344.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 442.86 344.90 Td (, Catholic Charities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 332.90 Td (Northeast Kansas \(human services or) Tj ET Q q 0 0 0 rg BT 180.16 332.90 Td (ganization\); President, BUCON, Inc. \(full-service design-build construction company\); 20 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 320.90 Td (years of experience with Butler Manufacturing Company \(metal buildings producer\) and its subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 305.90 Td (Jonathan S. ) Tj ET Q q 0 0 0 rg BT 84.40 305.90 Td (Thomas:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.18 305.90 Td ( BA) Tj ET Q q 0 0 0 rg BT 138.02 305.90 Td ( in Economics, University of Massachusetts; MBA, Boston College; formerly held senior leadership roles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 293.90 Td (with Fidelity Investments, Boston Financial Services, Bank of ) Tj ET Q q 0 0 0 rg BT 282.03 293.90 Td (America and Mor) Tj ET Q q 0 0 0 rg BT 352.94 293.90 Td (gan Stanley; serves on the Board of Governors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 281.90 Td (the Investment Company Institute) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 266.90 Td (John R. ) Tj ET Q q 0 0 0 rg BT 67.16 266.90 Td (Whitten:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.49 266.90 Td ( BS in Business ) Tj ET Q q 0 0 0 rg BT 170.51 266.90 Td (Administration, Cleveland State University; CP) Tj ET Q q 0 0 0 rg BT 360.41 266.90 Td (A; formerly) Tj ET Q q 0 0 0 rg BT 407.25 266.90 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 487.05 266.90 Td (ficer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 254.90 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 254.90 Td (reasurer) Tj ET Q q 0 0 0 rg BT 69.05 254.90 Td (, ) Tj ET Q q 0 0 0 rg BT 73.50 254.90 Td (Applied Industrial ) Tj ET Q q 0 0 0 rg BT 148.86 254.90 Td (T) Tj ET Q q 0 0 0 rg BT 154.27 254.90 Td (echnologies, Inc. \(bearings and power transmission company\); thirteen years of experience with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 242.90 Td (accounting firm Deloitte & ) Tj ET Q q 0 0 0 rg BT 142.40 242.90 Td (T) Tj ET Q q 0 0 0 rg BT 147.81 242.90 Td (ouche LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 227.90 Td (Stephen E. ) Tj ET Q q 0 0 0 rg BT 79.75 227.90 Td (Y) Tj ET Q q 0 0 0 rg BT 85.87 227.90 Td (ates:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.86 227.90 Td ( BS and MS in Industrial Engineering, University of ) Tj ET Q q 0 0 0 rg BT 316.95 227.90 Td (Alabama; formerly) Tj ET Q q 0 0 0 rg BT 392.66 227.90 Td (, Executive ) Tj ET Q q 0 0 0 rg BT 439.96 227.90 Td (V) Tj ET Q q 0 0 0 rg BT 446.58 227.90 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 502.77 227.90 Td (T) Tj ET Q q 0 0 0 rg BT 508.18 227.90 Td (echnology & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 215.90 Td (Operations, Key Corp \(banking services\); formerly) Tj ET Q q 0 0 0 rg BT 235.24 215.90 Td (, President, USAA) Tj ET Q q 0 0 0 rg BT 309.13 215.90 Td ( Information ) Tj ET Q q 0 0 0 rg BT 361.71 215.90 Td (T) Tj ET Q q 0 0 0 rg BT 367.12 215.90 Td (echnology Company \(financial services\); 33 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 203.90 Td (years of experience in Information ) Tj ET Q q 0 0 0 rg BT 172.09 203.90 Td (T) Tj ET Q q 0 0 0 rg BT 177.50 203.90 Td (echnology; formerly) Tj ET Q q 0 0 0 rg BT 258.77 203.90 Td (, Director) Tj ET Q q 0 0 0 rg BT 296.69 203.90 Td (, ) Tj ET Q q 0 0 0 rg BT 301.13 203.90 Td (Applied Industrial ) Tj ET Q q 0 0 0 rg BT 376.50 203.90 Td (T) Tj ET Q q 0 0 0 rg BT 381.91 203.90 Td (echnologies, Inc.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 185.50 Td (Responsibilities of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 170.50 Td (The board is responsible for overseeing the advisor) Tj ET Q q 0 0 0 rg BT 236.53 170.50 Td () Tj ET Q q 0 0 0 rg BT 239.31 170.50 Td (s management and operations of the funds pursuant to the management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 158.50 Td (agreements. Directors also have significant responsibilities under the federal securities laws. ) Tj ET Q q 0 0 0 rg BT 402.77 158.50 Td (Among other things, they:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 143.50 Td (oversee the performance of the funds;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 128.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 128.50 Td (oversee the quality of the advisory and shareholder services provided by the advisor and other service providers to the funds;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 113.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 113.50 Td (review annually the fees paid to the advisor for its services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 98.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 98.50 Td (monitor potential conflicts of interest between the funds and their af) Tj ET Q q 0 0 0 rg BT 312.46 98.50 Td (filiates, including the advisor;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 83.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 83.50 Td (oversee custody of assets and the valuation of securities; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 68.50 Td (oversee the funds) Tj ET Q q 0 0 0 rg BT 113.06 68.50 Td ( compliance program.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (In performing their duties, board members receive detailed information about the funds, the advisor and other service providers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (the funds regularly throughout the year) Tj ET Q q 0 0 0 rg BT 187.44 730.10 Td (, and meet at least quarterly with management of the advisor to review reports about fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 77.97 718.10 Td (The directors) Tj ET Q q 0 0 0 rg BT 133.59 718.10 Td ( role is to provide oversight and not to provide day-to-day management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (The board has all powers necessary or convenient to carry out its responsibilities. Consequently) Tj ET Q q 0 0 0 rg BT 413.53 703.10 Td (, the board may adopt bylaws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (providing for the regulation and management of the af) Tj ET Q q 0 0 0 rg BT 248.47 691.10 Td (fairs of the funds and may amend and repeal them to the extent that such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (bylaws do not reserve that right to the funds) Tj ET Q q 0 0 0 rg BT 210.16 679.10 Td ( shareholders. ) Tj ET Q q 0 0 0 rg BT 268.02 679.10 Td (They may increase or reduce the number of board members and may) Tj ET Q q 0 0 0 rg BT 542.54 679.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 175.09 667.10 Td (Act, fill board vacancies. Board members also may elect and remove such of) Tj ET Q q 0 0 0 rg BT 482.02 667.10 Td (ficers and appoint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (and terminate such agents as they consider appropriate. ) Tj ET Q q 0 0 0 rg BT 254.85 655.10 Td (They may establish and terminate committees consisting of two or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (directors who may exercise the powers and authority of the board as determined by the directors. ) Tj ET Q q 0 0 0 rg BT 421.47 643.10 Td (They may) Tj ET Q q 0 0 0 rg BT 461.08 643.10 Td (, in general, delegate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (such authority as they consider desirable to any of) Tj ET Q q 0 0 0 rg BT 231.82 631.10 Td (ficer of the funds, to any board committee and to any agent or employee of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.10 Td (funds or to any custodian, transfer agent, investor servicing agent, principal underwriter or other service provider for a fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 604.10 Td (o communicate with the board, or a member of the board, a shareholder should send a written communication addressed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (attention of the corporate secretary \(the Corporate Secretary\) at ) Tj ET Q q 0 0 0 rg BT 295.53 592.10 Td (American Century funds, P) Tj ET Q q 0 0 0 rg BT 403.85 592.10 Td (.O. Box 418210, Kansas City) Tj ET Q q 0 0 0 rg BT 520.70 592.10 Td (, Missouri ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (64141-9210. Shareholders who prefer to communicate by email may send their comments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.10 Td (corporatesecretary@americancentury) Tj ET Q q 0 0 0 rg BT 180.52 568.10 Td (.com. ) Tj ET Q q 0 0 0 rg BT 205.06 568.10 Td (The Corporate Secretary will forward all such communications to each member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.10 Td (Compliance and Shareholder Services Committee, or if applicable, the individual director\(s\) and/or committee chair named in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 544.10 Td (correspondence. However) Tj ET Q q 0 0 0 rg BT 135.49 544.10 Td (, if a shareholder communication is addressed exclusively to the funds) Tj ET Q q 0 0 0 rg BT 418.84 544.10 Td ( independent directors, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.10 Td (Corporate Secretary will forward the communication to the Compliance and Shareholder Services Committee chair) Tj ET Q q 0 0 0 rg BT 492.34 532.10 Td (, who will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 520.10 Td (determine the appropriate action.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (Board Leadership Structur) Tj ET Q q 0 0 0 rg BT 171.29 501.70 Td (e and Standing Board Committees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 486.70 Td (Stephen E. ) Tj ET Q q 0 0 0 rg BT 76.95 486.70 Td (Y) Tj ET Q q 0 0 0 rg BT 83.17 486.70 Td (ates currently serves as the independent chairman of the board and has served in such capacity since 2018. ) Tj ET Q q 0 0 0 rg BT 510.52 486.70 Td (All of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 474.70 Td (board) Tj ET Q q 0 0 0 rg BT 57.05 474.70 Td (s members except Jonathan S. ) Tj ET Q q 0 0 0 rg BT 179.62 474.70 Td (Thomas are independent directors. ) Tj ET Q q 0 0 0 rg BT 320.22 474.70 Td (The independent directors meet separately) Tj ET Q q 0 0 0 rg BT 488.94 474.70 Td (, as needed and at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 462.70 Td (least in conjunction with each quarterly meeting of the board, to consider a variety of matters that are scheduled to come before the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 450.70 Td (board and meet periodically with the funds) Tj ET Q q 0 0 0 rg BT 205.70 450.70 Td ( Chief Compliance Of) Tj ET Q q 0 0 0 rg BT 294.11 450.70 Td (ficer and fund auditors. ) Tj ET Q q 0 0 0 rg BT 389.73 450.70 Td (They are advised by independent legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 438.70 Td (counsel. No independent director may serve as an of) Tj ET Q q 0 0 0 rg BT 240.97 438.70 Td (ficer or employee of a fund. ) Tj ET Q q 0 0 0 rg BT 354.90 438.70 Td (The board has also established several committees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 426.70 Td (as described below) Tj ET Q q 0 0 0 rg BT 106.93 426.70 Td (. ) Tj ET Q q 0 0 0 rg BT 111.75 426.70 Td (The board believes that the current leadership structure, with independent directors filling all but one position on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 414.70 Td (the board, with an independent director serving as chairman of the board, and with the board committees comprised only of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 402.70 Td (independent directors is appropriate and allows for independent oversight of the funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 387.70 Td (The board has an ) Tj ET Q q 0 0 0 rg BT 102.03 387.70 Td (Audit Committee that approves the funds) Tj ET Q q 0 0 0 rg BT 269.87 387.70 Td ( \(or corporation) Tj ET Q q 0 0 0 rg BT 335.40 387.70 Td (s\) engagement of the independent registered public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 375.70 Td (accounting firm and recommends approval of such engagement to the independent directors. ) Tj ET Q q 0 0 0 rg BT 404.25 375.70 Td (The committee also oversees the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 363.70 Td (activities of the accounting firm, receives regular reports regarding fund accounting, oversees securities valuation \(approving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 351.70 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 351.70 Td ( valuation policy and receiving reports regarding instances of fair valuation thereunder\) and receives regular reports from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 339.70 Td (advisor) Tj ET Q q 0 0 0 rg BT 61.31 339.70 Td () Tj ET Q q 0 0 0 rg BT 64.09 339.70 Td (s internal audit department. ) Tj ET Q q 0 0 0 rg BT 175.82 339.70 Td (The committee currently consists of John R. ) Tj ET Q q 0 0 0 rg BT 355.04 339.70 Td (Whitten \(chair\), ) Tj ET Q q 0 0 0 rg BT 421.22 339.70 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 455.76 339.70 Td (W) Tj ET Q q 0 0 0 rg BT 464.28 339.70 Td (. Bunn, Chris H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.70 Td (Cheesman and L) Tj ET Q q 0 0 0 rg BT 98.15 327.70 Td (ynn Jenkins. It met four times during the fiscal year ended December 31, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.70 Td (The board has a Governance Committee that is responsible for reviewing board procedures and committee structures. ) Tj ET Q q 0 0 0 rg BT 503.66 312.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.70 Td (committee also considers and recommends individuals for nomination as directors, and may recommend the creation of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 288.70 Td (committees. ) Tj ET Q q 0 0 0 rg BT 82.42 288.70 Td (The names of potential director candidates may be drawn from a number of sources, including members of the board, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 276.70 Td (management and shareholders. Shareholders may submit director nominations at any time to the Corporate Secretary) Tj ET Q q 0 0 0 rg BT 498.77 276.70 Td (, ) Tj ET Q q 0 0 0 rg BT 503.21 276.70 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 264.70 Td (Century funds, P) Tj ET Q q 0 0 0 rg BT 97.89 264.70 Td (.O. Box 418210, Kansas City) Tj ET Q q 0 0 0 rg BT 214.74 264.70 Td (, MO 64141-9210. ) Tj ET Q q 0 0 0 rg BT 291.50 264.70 Td (When submitting nominations, shareholders should include the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 252.70 Td (name, age and address of the candidate, as well as a detailed resume of the candidate) Tj ET Q q 0 0 0 rg BT 373.30 252.70 Td (s qualifications and a signed statement from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 240.70 Td (the candidate of his/her willingness to serve on the board. Shareholders submitting nominations should also include information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 228.70 Td (concerning the number of fund shares and length of time held by the shareholder) Tj ET Q q 0 0 0 rg BT 354.05 228.70 Td (, and if applicable, similar information for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 216.70 Td (potential candidate. ) Tj ET Q q 0 0 0 rg BT 111.75 216.70 Td (All nominations submitted by shareholders will be forwarded to the chair of the Governance Committee for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 204.70 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 90.19 204.70 Td (The Corporate Secretary will maintain copies of such materials for future reference by the committee when filling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 192.70 Td (board positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 177.70 Td (If this process yields more than one desirable candidate, the committee will rank them by order of preference depending on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 165.70 Td (qualifications and the funds) Tj ET Q q 0 0 0 rg BT 144.89 165.70 Td ( needs. ) Tj ET Q q 0 0 0 rg BT 174.98 165.70 Td (The candidate\(s\) may then be contacted to evaluate their interest and be interviewed by the full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 153.70 Td (committee. Based upon its evaluation and any appropriate background checks, the committee will decide whether to recommend a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 141.70 Td (candidate) Tj ET Q q 0 0 0 rg BT 72.59 141.70 Td (s nomination to the board.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 126.70 Td (The Governance Committee also may recommend the creation of new committees, evaluate the membership structure of new and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 114.70 Td (existing committees, consider the frequency and duration of board and committee meetings and otherwise evaluate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 102.70 Td (responsibilities, processes, resources, performance and compensation of the board. ) Tj ET Q q 0 0 0 rg BT 364.27 102.70 Td (The committee currently consists of Stephen E. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 90.70 Td (Y) Tj ET Q q 0 0 0 rg BT 37.72 90.70 Td (ates \(chair\), ) Tj ET Q q 0 0 0 rg BT 87.23 90.70 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.34 90.70 Td (homas ) Tj ET Q q 0 0 0 rg BT 121.77 90.70 Td (W) Tj ET Q q 0 0 0 rg BT 130.29 90.70 Td (. Bunn, Chris H. Cheesman, Barry Fink, Rajesh K. Gupta, L) Tj ET Q q 0 0 0 rg BT 370.55 90.70 Td (ynn Jenkins,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 90.70 Td ( Jan M. Lewis and John R. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 78.70 Td (Whitten. It met two times during the fiscal year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.63 78.70 Td (2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 63.70 Td (The board also has a Compliance and Shareholder Services Committee, which reviews the results of the funds) Tj ET Q q 0 0 0 rg BT 474.80 63.70 Td ( compliance testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 51.70 Td (program, meets regularly with the funds) Tj ET Q q 0 0 0 rg BT 194.60 51.70 Td ( Chief Compliance Of) Tj ET Q q 0 0 0 rg BT 283.01 51.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 300.92 51.70 Td (, reviews shareholder communications, reviews quarterly reports ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (regarding the quality of shareholder service provided by the advisor) Tj ET Q q 0 0 0 rg BT 302.40 742.10 Td (, and monitors implementation of the funds) Tj ET Q q 0 0 0 rg BT 478.01 742.10 Td ( Code of Ethics. ) Tj ET Q q 0 0 0 rg BT 544.77 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (committee currently consists of Barry Fink \(chair\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.55 730.10 Td (Jan M. Lewis,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.21 730.10 Td ( Rajesh K. Gupta and Stephen E. ) Tj ET Q q 0 0 0 rg BT 427.98 730.10 Td (Y) Tj ET Q q 0 0 0 rg BT 434.21 730.10 Td (ates. It met four times during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (the fiscal year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.04 718.10 Td (2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (The board has a Fund Performance Review Committee that meets quarterly to review the investment activities and strategies used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (manage fund assets and monitor investment performance. ) Tj ET Q q 0 0 0 rg BT 264.58 691.10 Td (The committee regularly receives reports from the advisor) Tj ET Q q 0 0 0 rg BT 497.92 691.10 Td () Tj ET Q q 0 0 0 rg BT 500.69 691.10 Td (s chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (investment of) Tj ET Q q 0 0 0 rg BT 86.03 679.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 103.95 679.10 Td (, portfolio managers and other investment personnel concerning the funds) Tj ET Q q 0 0 0 rg BT 401.45 679.10 Td ( ef) Tj ET Q q 0 0 0 rg BT 411.54 679.10 Td (forts to achieve their investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 76.86 667.10 Td (The committee also receives information regarding fund trading activities and monitors derivative usage. ) Tj ET Q q 0 0 0 rg BT 499.32 667.10 Td (The committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (does not review individual security selections. ) Tj ET Q q 0 0 0 rg BT 218.78 655.10 Td (The committee currently consists of Jan M. Lewis \(chair\), ) Tj ET Q q 0 0 0 rg BT 453.25 655.10 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 487.78 655.10 Td (W) Tj ET Q q 0 0 0 rg BT 496.30 655.10 Td (. Bunn, Chris H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (Cheesman, Barry Fink, Rajesh K. Gupta, L) Tj ET Q q 0 0 0 rg BT 203.70 643.10 Td (ynn Jenkins, John R. ) Tj ET Q q 0 0 0 rg BT 289.08 643.10 Td (Whitten and Stephen E. ) Tj ET Q q 0 0 0 rg BT 386.18 643.10 Td (Y) Tj ET Q q 0 0 0 rg BT 392.40 643.10 Td (ates. ) Tj ET Q q 0 0 0 rg BT 412.77 643.10 Td (The committee met ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.02 643.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.57 643.10 Td ( times during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (the fiscal year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.04 631.10 Td (2019.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 612.70 Td (Risk Oversight by the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 597.70 Td (As previously disclosed, the board oversees the advisor) Tj ET Q q 0 0 0 rg BT 253.49 597.70 Td () Tj ET Q q 0 0 0 rg BT 256.27 597.70 Td (s management of the funds and meets at least quarterly with management of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 585.70 Td (the advisor to review reports and receive information regarding fund operations. Risk oversight relating to the funds is one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 573.70 Td (component of the board) Tj ET Q q 0 0 0 rg BT 129.53 573.70 Td (s oversight and is undertaken in connection with the duties of the board. ) Tj ET Q q 0 0 0 rg BT 419.46 573.70 Td (As described above, the board) Tj ET Q q 0 0 0 rg BT 543.03 573.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 561.70 Td (committees assist the board in overseeing various types of risks relating to the funds, including, but not limited to, investment risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 549.70 Td (operational risk and enterprise risk. ) Tj ET Q q 0 0 0 rg BT 175.16 549.70 Td (The board receives regular reports from each committee regarding the committee) Tj ET Q q 0 0 0 rg BT 502.79 549.70 Td (s areas of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 537.70 Td (oversight responsibility and, through those reports and its regular interactions with management of the advisor during and between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.70 Td (meetings, analyzes, evaluates, and provides feedback on the advisor) Tj ET Q q 0 0 0 rg BT 303.72 525.70 Td () Tj ET Q q 0 0 0 rg BT 306.50 525.70 Td (s risk management processes. In addition, the board receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.70 Td (information regarding, and has discussions with senior management of the advisor about, the advisor) Tj ET Q q 0 0 0 rg BT 435.39 513.70 Td () Tj ET Q q 0 0 0 rg BT 438.17 513.70 Td (s enterprise risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.70 Td (systems and strategies, including an annual review of the advisor) Tj ET Q q 0 0 0 rg BT 291.80 501.70 Td () Tj ET Q q 0 0 0 rg BT 294.58 501.70 Td (s risk management practices. ) Tj ET Q q 0 0 0 rg BT 412.41 501.70 Td (There can be no assurance that all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.70 Td (elements of risk, or even all elements of material risk, will be disclosed to or identified by the board, or that the advisor) Tj ET Q q 0 0 0 rg BT 508.68 489.70 Td () Tj ET Q q 0 0 0 rg BT 511.46 489.70 Td (s risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 477.70 Td (management systems and strategies, and the board) Tj ET Q q 0 0 0 rg BT 236.16 477.70 Td (s oversight thereof, will mitigate all elements of risk, or even all elements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 465.70 Td (material risk to the funds.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 447.30 Td (Board Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 432.30 Td (For the fiscal year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.43 432.30 Td (2019,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.93 432.30 Td ( each independent director received the following compensation for his or her service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 420.30 Td (to the funds and the ) Tj ET Q q 0 0 0 rg BT 112.32 420.30 Td (American Century family of funds. Under the terms of the management agreement with the advisor) Tj ET Q q 0 0 0 rg BT 509.85 420.30 Td (, the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 408.30 Td (are responsible for paying such fees and expenses. Neither Jonathan S. ) Tj ET Q q 0 0 0 rg BT 316.51 408.30 Td (Thomas nor any of) Tj ET Q q 0 0 0 rg BT 392.14 408.30 Td (ficers of the funds receives compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 396.30 Td (from the funds.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 341.79999999999995 m 222 341.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 341.79999999999995 m 393 341.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 341.79999999999995 m 563 341.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 326.79999999999995 m 222 326.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 326.79999999999995 m 393 326.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 326.79999999999995 m 563 326.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 311.79999999999995 m 222 311.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 326.79999999999995 m 393 326.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 311.79999999999995 m 393 311.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 326.79999999999995 m 563 326.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 311.79999999999995 m 563 311.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 296.79999999999995 m 222 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 311.79999999999995 m 393 311.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 296.79999999999995 m 393 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 311.79999999999995 m 563 311.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 296.79999999999995 m 563 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 281.79999999999995 m 222 281.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 296.79999999999995 m 393 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 281.79999999999995 m 393 281.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 296.79999999999995 m 563 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 281.79999999999995 m 563 281.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 266.79999999999995 m 222 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 266.79999999999995 m 393 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 281.79999999999995 m 563 281.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 266.79999999999995 m 563 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 251.79999999999995 m 222 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 251.79999999999995 m 393 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 266.79999999999995 m 563 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 251.79999999999995 m 563 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 236.79999999999995 m 222 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 236.79999999999995 m 393 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 251.79999999999995 m 563 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 236.79999999999995 m 563 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 221.79999999999995 m 222 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 221.79999999999995 m 393 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 236.79999999999995 m 563 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 221.79999999999995 m 563 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 206.79999999999995 m 222 206.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 206.79999999999995 m 393 206.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 221.79999999999995 m 563 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 206.79999999999995 m 563 206.79999999999995 l s BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.50 346.25 Td (Name of Dir) Tj ET Q q 0 0 0 rg BT 79.17 346.25 Td (ector) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 224.50 372.71 Td (T) Tj ET Q q 0 0 0 rg BT 229.14 372.71 Td (otal Compensation for Services as ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 224.50 362.71 Td (Dir) Tj ET Q q 0 0 0 rg BT 238.02 362.71 Td (ector of) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 224.50 352.71 Td (the Funds) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 264.22 356.78 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.50 372.71 Td (T) Tj ET Q q 0 0 0 rg BT 400.14 372.71 Td (otal Compensation for Service as ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.50 362.71 Td (Dir) Tj ET Q q 0 0 0 rg BT 409.02 362.71 Td (ectors/T) Tj ET Q q 0 0 0 rg BT 441.25 362.71 Td (rustees for the ) Tj ET Q q 0 0 0 rg BT 500.78 362.71 Td (American) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.50 352.71 Td (Century Investments Family of Funds) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 546.03 356.78 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 34.50 333.20 Td (Independent Dir) Tj ET Q q 0 0 0 rg BT 98.10 333.20 Td (ectors) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 395.50 333.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 318.06 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 65.66 318.06 Td (W) Tj ET Q q 0 0 0 rg BT 73.66 318.06 Td (. Bunn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 316.47 Td ($10,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 316.47 Td ($320,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 303.06 Td (Chris H. Cheesman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 301.47 Td ($10,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 301.47 Td ($320,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 288.06 Td (Barry Fink) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 286.47 Td ($10,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 286.47 Td ($332,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 273.06 Td (Rajesh K. Gupta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 271.47 Td ($8,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 271.47 Td ($268,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 258.06 Td (L) Tj ET Q q 0 0 0 rg BT 39.75 258.06 Td (ynn Jenkins) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 256.47 Td ($10,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 256.47 Td ($320,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 243.06 Td (Jan M. Lewis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 241.47 Td ($10,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 241.47 Td ($332,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 228.06 Td (John R. ) Tj ET Q q 0 0 0 rg BT 64.17 228.06 Td (Whitten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 226.47 Td ($10,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 226.47 Td ($332,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 34.50 213.06 Td (Stephen E. ) Tj ET Q q 0 0 0 rg BT 75.41 213.06 Td (Y) Tj ET Q q 0 0 0 rg BT 81.01 213.06 Td (ates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 211.47 Td ($12,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 211.47 Td ($405,000) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 564.50 211.38 Td () Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 197.58 Td (1 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 40.50 193.50 Td (Includes compensation paid to the dir) Tj ET Q q 0 0 0 rg BT 176.40 193.50 Td (ectors for the fiscal year ended December 31, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 343.10 193.50 Td (2019,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.35 193.50 Td ( and also includes amounts deferr) Tj ET Q q 0 0 0 rg BT 485.26 193.50 Td (ed at the election of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 40.50 182.70 Td (the dir) Tj ET Q q 0 0 0 rg BT 63.91 182.70 Td (ectors under the ) Tj ET Q q 0 0 0 rg BT 124.49 182.70 Td (American Century Mutual Funds) Tj ET Q q 0 0 0 rg BT 245.72 182.70 Td ( Independent Dir) Tj ET Q q 0 0 0 rg BT 306.87 182.70 Td (ectors) Tj ET Q q 0 0 0 rg BT 330.86 182.70 Td ( Deferr) Tj ET Q q 0 0 0 rg BT 356.77 182.70 Td (ed Compensation Plan.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 172.98 Td (2 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 40.50 168.90 Td (Includes compensation paid to each dir) Tj ET Q q 0 0 0 rg BT 182.39 168.90 Td (ector for his or her service as dir) Tj ET Q q 0 0 0 rg BT 301.29 168.90 Td (ector/trustee for seven \(in the case of Mr) Tj ET Q q 0 0 0 rg BT 447.01 168.90 Td (. Y) Tj ET Q q 0 0 0 rg BT 455.69 168.90 Td (ates, eight\) investment ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 40.50 158.10 Td (companies in the ) Tj ET Q q 0 0 0 rg BT 103.57 158.10 Td (American Century Investments family of funds. The total amount of deferr) Tj ET Q q 0 0 0 rg BT 369.46 158.10 Td (ed compensation included in the table is as follows: ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 40.50 147.30 Td (Ms. Jenkins, $1) Tj ET Q q 0 0 0 rg BT 95.82 147.30 Td (17,667; Mr) Tj ET Q q 0 0 0 rg BT 135.82 147.30 Td (. Whitten, $205,840) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 206.56 147.30 Td ( and Mr) Tj ET Q q 0 0 0 rg BT 234.56 147.30 Td (. Y) Tj ET Q q 0 0 0 rg BT 243.24 147.30 Td (ates, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 262.24 147.30 Td ($405,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.30 Td (None of the funds currently provides any pension or retirement benefits to the directors except pursuant to the ) Tj ET Q q 0 0 0 rg BT 473.04 132.30 Td (American Century ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 120.30 Td (Mutual Funds) Tj ET Q q 0 0 0 rg BT 89.93 120.30 Td ( Independent Directors) Tj ET Q q 0 0 0 rg BT 184.15 120.30 Td ( Deferred Compensation Plan adopted by the corporation. Under the plan, the independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 108.30 Td (directors may defer receipt of all or any part of the fees to be paid to them for serving as directors of the funds. ) Tj ET Q q 0 0 0 rg BT 476.07 108.30 Td (All deferred fees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 96.30 Td (credited to accounts established in the names of the directors. ) Tj ET Q q 0 0 0 rg BT 279.29 96.30 Td (The amounts credited to each account then increase or decrease, as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 84.30 Td (case may be, in accordance with the performance of one or more ) Tj ET Q q 0 0 0 rg BT 292.21 84.30 Td (American Century funds selected by the directors. ) Tj ET Q q 0 0 0 rg BT 495.30 84.30 Td (The account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 72.30 Td (balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 60.30 Td (credited to the account. Directors are allowed to change their designation of funds from time to time.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 70.27 742.10 Td (, deferred fees are not payable to a director until the distribution date elected by the director in accordance with the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (of the plan. Such distribution date may be a date on or after the director) Tj ET Q q 0 0 0 rg BT 317.61 730.10 Td () Tj ET Q q 0 0 0 rg BT 320.39 730.10 Td (s retirement date, but may be an earlier date if the director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (agrees not to make any additional deferrals after such distribution date. Distributions may commence prior to the elected payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (date for certain reasons specified in the plan, such as unforeseeable emer) Tj ET Q q 0 0 0 rg BT 322.30 706.10 Td (gencies, death or disability) Tj ET Q q 0 0 0 rg BT 428.84 706.10 Td (. Directors may receive deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (fee account balances either in a lump sum payment or in substantially equal installment payments to be made over a period not to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (exceed 10 years. Upon the death of a director) Tj ET Q q 0 0 0 rg BT 212.41 682.10 Td (, all remaining deferred fee account balances are paid to the director) Tj ET Q q 0 0 0 rg BT 484.86 682.10 Td () Tj ET Q q 0 0 0 rg BT 487.64 682.10 Td (s beneficiary or) Tj ET Q q 0 0 0 rg BT 549.43 682.10 Td (, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (none, to the director) Tj ET Q q 0 0 0 rg BT 112.40 670.10 Td () Tj ET Q q 0 0 0 rg BT 115.18 670.10 Td (s estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (The plan is an unfunded plan and, accordingly) Tj ET Q q 0 0 0 rg BT 216.35 655.10 Td (, the funds have no obligation to segregate assets to secure or fund the deferred fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 643.10 Td (o date, the funds have met all payment obligations under the plan. ) Tj ET Q q 0 0 0 rg BT 302.77 643.10 Td (The rights of directors to receive their deferred fee account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (balances are the same as the rights of a general unsecured creditor of the funds. ) Tj ET Q q 0 0 0 rg BT 350.63 631.10 Td (The plan may be terminated at any time by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.10 Td (administrative committee of the plan. If terminated, all deferred fee account balances will be paid in a lump sum.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 600.70 Td (Ownership of Fund Shar) Tj ET Q q 0 0 0 rg BT 158.98 600.70 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 585.70 Td (The directors owned shares in the funds as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.64 585.70 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.64 585.70 Td ( as shown in the table below) Tj ET Q q 0 0 0 rg BT 406.30 585.70 Td (.) 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140 454.20000000000005 m 245 454.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 454.20000000000005 m 351 454.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 454.20000000000005 m 436 454.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 454.20000000000005 m 542 454.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 440.20000000000005 m 140 440.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 440.20000000000005 m 245 440.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 440.20000000000005 m 351 440.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 440.20000000000005 m 436 440.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 440.20000000000005 m 542 440.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 426.20000000000005 m 140 426.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 426.20000000000005 m 245 426.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 426.20000000000005 m 351 426.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 426.20000000000005 m 436 426.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 426.20000000000005 m 542 426.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 412.20000000000005 m 140 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 412.20000000000005 m 245 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 412.20000000000005 m 351 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 412.20000000000005 m 436 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 412.20000000000005 m 542 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 387.20000000000005 m 140 387.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 387.20000000000005 m 245 387.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 387.20000000000005 m 351 387.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 387.20000000000005 m 436 387.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 387.20000000000005 m 542 387.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 373.20000000000005 m 140 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 373.20000000000005 m 245 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 373.20000000000005 m 351 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 373.20000000000005 m 436 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 373.20000000000005 m 542 373.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 359.20000000000005 m 140 359.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 359.20000000000005 m 245 359.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 359.20000000000005 m 351 359.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 359.20000000000005 m 436 359.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 359.20000000000005 m 542 359.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 345.20000000000005 m 140 345.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 345.20000000000005 m 245 345.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 345.20000000000005 m 351 345.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 345.20000000000005 m 436 345.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 345.20000000000005 m 542 345.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 261.20000000000005 m 140 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 261.20000000000005 m 245 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 261.20000000000005 m 351 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 261.20000000000005 m 436 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 261.20000000000005 m 542 261.20000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.45 535.88 Td (Name of Dir) Tj ET Q q 0 0 0 rg BT 356.03 535.88 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 521.77 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 168.35 521.76 Td (Jonathan S.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 176.15 511.76 Td (Thomas) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.65 511.91 Td (Thomas W) Tj ET Q q 0 0 0 rg BT 305.70 511.91 Td (. Bunn) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 353.65 511.91 Td (Chris H. Cheesman) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 476.80 521.76 Td (Barry) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 479.30 511.76 Td (Fink) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 497.93 Td (Dollar) Tj ET Q q 0 0 0 rg BT 61.54 497.93 Td ( Range of Equity Securities in the Funds:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 483.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 483.77 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 483.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 483.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 483.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 483.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 469.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 469.77 Td ( Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 459.77 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 469.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 469.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 469.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 469.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 444.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 444.77 Td ( Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 444.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 444.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 444.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 444.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 430.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 430.77 Td ( Income & Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 430.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 430.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 430.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 430.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 416.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 416.77 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 416.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 416.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 416.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 416.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 402.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 402.77 Td ( Lar) Tj ET Q q 0 0 0 rg BT 69.20 402.77 Td (ge Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 392.77 Td (V) Tj ET Q q 0 0 0 rg BT 47.17 392.77 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 402.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 402.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 402.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 402.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 377.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 377.77 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 93.10 377.77 Td (V) Tj ET Q q 0 0 0 rg BT 99.68 377.77 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 377.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 377.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 377.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 377.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 363.77 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 363.77 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 363.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 363.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 363.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 363.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 349.77 Td (VP) Tj ET Q q 0 0 0 rg BT 52.91 349.77 Td ( ) Tj ET Q q 0 0 0 rg BT 55.23 349.77 Td (V) Tj ET Q q 0 0 0 rg BT 61.34 349.77 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 349.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 349.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 349.77 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 349.77 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 335.88 Td (Aggr) Tj 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 534.5 m 127 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127 534.5 m 199 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 534.5 m 270 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 534.5 m 364 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 534.5 m 457 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 534.5 m 551 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 520.5 m 127 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127 520.5 m 199 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 520.5 m 270 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 520.5 m 364 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 520.5 m 457 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 520.5 m 551 520.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 505.5 m 127 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127 505.5 m 199 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 505.5 m 270 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 505.5 m 364 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 505.5 m 457 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 505.5 m 551 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 401.5 m 127 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127 401.5 m 199 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 401.5 m 270 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 401.5 m 364 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 401.5 m 457 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 401.5 m 551 401.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 739.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.50 739.23 Td (Name of Dir) Tj ET Q q 0 0 0 rg BT 325.08 739.23 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 704.17 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 143.05 714.21 Td (Rajesh K.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 493.10 704.21 Td (Y) Tj ET Q q 0 0 0 rg BT 497.74 704.21 Td (ates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 690.23 Td (Dollar) Tj ET Q q 0 0 0 rg BT 61.54 690.23 Td ( Range of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 680.23 Td (Equity Securities in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 670.23 Td (the Funds:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 690.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 690.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 656.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 656.07 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 656.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 656.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 656.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 656.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 656.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 642.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 642.07 Td ( Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 632.07 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 642.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 642.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 642.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 642.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 642.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 617.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 617.07 Td ( Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 617.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 617.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 617.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 617.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 617.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 603.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 603.07 Td ( Income &) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 593.07 Td (Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 603.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 603.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 603.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 603.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 603.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 578.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 578.07 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 578.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 578.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 578.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 578.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 578.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 564.07 Td (VP) Tj ET Q q 0 0 0 rg BT 53.10 564.07 Td ( Lar) Tj ET Q q 0 0 0 rg BT 69.20 564.07 Td (ge Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 554.07 Td (V) Tj ET Q q 0 0 0 rg BT 47.17 554.07 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 525.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 525.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 525.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 525.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 511.07 Td (VP) Tj ET Q q 0 0 0 rg BT 52.91 511.07 Td ( ) Tj ET Q q 0 0 0 rg BT 55.23 511.07 Td (V) Tj ET Q q 0 0 0 rg BT 61.34 511.07 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.15 511.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 511.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 511.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 511.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 511.07 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 496.18 Td (Aggr) Tj ET Q q 0 0 0 rg BT 55.98 496.18 Td (egate Dollar) Tj ET Q q 0 0 0 rg BT 107.72 496.18 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 486.18 Td (Range of Equity ) Tj ET Q BT /F2 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Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 387.00 Td (Ranges: ) Tj ET Q q 0 0 0 rg BT 66.59 387.00 Td (Anone, B$1-$10,000, C$10,001-$50,000, D$50,001-$100,000, EMor) Tj ET Q q 0 0 0 rg BT 387.04 387.00 Td (e than $100,000) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 368.60 Td (Beneficial Ownership of ) Tj ET Q q 0 0 0 rg BT 157.17 368.60 Td (Affiliates by Independent Dir) Tj ET Q q 0 0 0 rg BT 307.29 368.60 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 353.60 Td (No independent director or his or her immediate family members beneficially owned shares of the advisor) Tj ET Q q 0 0 0 rg BT 455.68 353.60 Td (, the funds) Tj ET Q q 0 0 0 rg BT 500.21 353.60 Td ( principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 341.60 Td (underwriter or any other person directly or indirectly controlling, controlled by) Tj ET Q q 0 0 0 rg BT 346.59 341.60 Td (, or under common control with the advisor or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 329.60 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 329.60 Td ( principal underwriter as of December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.74 329.60 Td ( 2019.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 739.55 Td (Officers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 724.55 Td (The following table presents certain information about the executive of) Tj ET Q q 0 0 0 rg BT 315.94 724.55 Td (ficers of the funds. Each of) Tj ET Q q 0 0 0 rg BT 424.05 724.55 Td (ficer serves as an of) Tj ET Q q 0 0 0 rg BT 503.28 724.55 Td (ficer for 16 \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 712.55 Td (the case of Robert J. Leach, 15\) investment companies in the ) Tj ET Q q 0 0 0 rg BT 276.71 712.55 Td (American Century family of funds. No of) Tj ET Q q 0 0 0 rg BT 442.87 712.55 Td (ficer is compensated for his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 700.55 Td (or her service as an of) Tj ET Q q 0 0 0 rg BT 119.33 700.55 Td (ficer of the funds. ) Tj ET Q q 0 0 0 rg BT 192.74 700.55 Td (The listed of) Tj ET Q q 0 0 0 rg BT 243.10 700.55 Td (ficers are interested persons of the funds and are appointed or re-appointed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 688.55 Td (an annual basis. ) Tj ET Q q 0 0 0 rg BT 97.41 688.55 Td (The mailing address for each of) Tj ET Q q 0 0 0 rg BT 224.13 688.55 Td (ficer listed below is 4500 Main Street, Kansas City) Tj ET Q q 0 0 0 rg BT 427.61 688.55 Td (, Missouri 641) Tj ET Q q 0 0 0 rg BT 485.30 688.55 Td (1) Tj ET Q q 0 0 0 rg BT 489.93 688.55 Td (1.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 640.05 m 101 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 640.05 m 198 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 640.05 m 551 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 640.05 m 101 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 577.05 m 101 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 640.05 m 198 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 577.05 m 198 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 640.05 m 551 640.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 577.05 m 551 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 577.05 m 101 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 515.05 m 101 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 577.05 m 198 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 515.05 m 198 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 577.05 m 551 577.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 515.05 m 551 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 515.05 m 101 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 456.04999999999995 m 101 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 515.05 m 198 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 456.04999999999995 m 198 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 515.05 m 551 515.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 456.04999999999995 m 551 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 456.04999999999995 m 101 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 408.04999999999995 m 101 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 456.04999999999995 m 198 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 408.04999999999995 m 198 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 456.04999999999995 m 551 456.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 408.04999999999995 m 551 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 408.04999999999995 m 101 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 362.04999999999995 m 101 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 408.04999999999995 m 198 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 362.04999999999995 m 198 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 408.04999999999995 m 551 408.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 362.04999999999995 m 551 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 362.04999999999995 m 101 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 316.04999999999995 m 101 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 362.04999999999995 m 198 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 316.04999999999995 m 198 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 362.04999999999995 m 551 362.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 316.04999999999995 m 551 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 316.04999999999995 m 101 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 280.04999999999995 m 101 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 316.04999999999995 m 198 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 280.04999999999995 m 198 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 316.04999999999995 m 551 316.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 280.04999999999995 m 551 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 280.04999999999995 m 101 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 245.04999999999995 m 101 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 280.04999999999995 m 198 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 101 245.04999999999995 m 198 245.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 280.04999999999995 m 551 280.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 245.04999999999995 m 551 245.04999999999995 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 655.76 Td (Name \(Y) Tj ET Q q 0 0 0 rg BT 68.76 655.76 Td (ear) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 645.76 Td (of Birth\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 655.76 Td (Offices with) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 645.76 Td (the Funds) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.50 645.76 Td (Principal Occupation\(s\) During the Past Five Y) Tj ET Q q 0 0 0 rg BT 391.77 645.76 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 630.62 Td (Patrick ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 620.62 Td (Bannigan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 610.62 Td (\(1965\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 630.62 Td (President since 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 631.31 Td (Executive ) Tj ET Q q 0 0 0 rg BT 238.57 631.31 Td (V) Tj ET Q q 0 0 0 rg BT 244.53 631.31 Td (ice President and Director) Tj ET Q q 0 0 0 rg BT 337.88 631.31 Td (, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 342.38 631.31 Td (ACC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.89 631.31 Td ( \(2012 to present\). Chief Financial Of) Tj ET Q q 0 0 0 rg BT 495.44 631.31 Td (ficer) Tj ET Q q 0 0 0 rg BT 511.56 631.31 Td (, Chief ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 622.31 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 254.07 622.31 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 287.89 622.31 Td (T) Tj ET Q q 0 0 0 rg BT 293.07 622.31 Td (reasurer) Tj ET Q q 0 0 0 rg BT 321.69 622.31 Td (,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 326.19 622.31 Td (ACC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.69 622.31 Td (\(2015 to present\); Chief Operating ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 613.31 Td (Of) Tj ET Q q 0 0 0 rg BT 209.83 613.31 Td (ficer) Tj ET Q q 0 0 0 rg BT 225.96 613.31 Td (,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 230.46 613.31 Td (ACC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.96 613.31 Td (\(2012-2015\). ) Tj ET Q q 0 0 0 rg BT 299.21 613.31 Td (Also serves as President,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 390.94 613.31 Td (ACS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.94 613.31 Td (; ) Tj ET Q q 0 0 0 rg BT 411.53 613.31 Td (V) Tj ET Q q 0 0 0 rg BT 417.49 613.31 Td (ice President,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 468.22 613.31 Td (ACIM) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.22 613.31 Td (; Chief ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 604.31 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 245.57 604.31 Td (ficer) Tj ET Q q 0 0 0 rg BT 261.70 604.31 Td (, Chief ) Tj ET Q q 0 0 0 rg BT 287.95 604.31 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 341.52 604.31 Td (ficer and/or Director) Tj ET Q q 0 0 0 rg BT 415.12 604.31 Td (,) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 419.62 604.31 Td (ACIM) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.61 604.31 Td (, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 446.11 604.31 Td (ACS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.12 604.31 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.50 595.31 Td (other) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 221.24 595.31 Td (ACC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 595.31 Td (subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 567.62 Td (R. ) Tj ET Q q 0 0 0 rg BT 48.49 567.62 Td (W) Tj ET Q q 0 0 0 rg BT 57.13 567.62 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 557.62 Td (Campbell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 547.62 Td (\(1974\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 567.62 Td (Chief Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 557.62 Td (Of) Tj ET Q q 0 0 0 rg BT 113.96 557.62 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 151.53 557.62 Td (T) Tj ET Q q 0 0 0 rg BT 157.38 557.62 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 547.62 Td (since 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 567.62 Td (V) Tj ET Q q 0 0 0 rg BT 207.12 567.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.49 567.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.27 567.62 Td (, \(2020 to present\); Investment Operations and Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 557.62 Td (Accounting, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 252.16 557.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.93 557.62 Td ( \(2000 to present\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 505.62 Td (Amy D.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 495.62 Td (Shelton) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 485.62 Td (\(1964\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 505.62 Td (Chief Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 495.62 Td (Of) Tj ET Q q 0 0 0 rg BT 113.96 495.62 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 151.53 495.62 Td (V) Tj ET Q q 0 0 0 rg BT 158.37 495.62 Td (ice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 485.62 Td (President since 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 505.62 Td (Chief Compliance Of) Tj ET Q q 0 0 0 rg BT 286.41 505.62 Td (ficer) Tj ET Q q 0 0 0 rg BT 304.32 505.62 Td (, ) Tj ET Q q 0 0 0 rg BT 308.77 505.62 Td (American Century funds \(2014 to present\); Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 494.62 Td (Compliance Of) Tj ET Q q 0 0 0 rg BT 261.69 494.62 Td (ficer) Tj ET Q q 0 0 0 rg BT 279.61 494.62 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 284.61 494.62 Td (ACIM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 494.62 Td ( \(2014 to present\); Chief Compliance Of) Tj ET Q q 0 0 0 rg BT 471.05 494.62 Td (ficer) Tj ET Q q 0 0 0 rg BT 488.96 494.62 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 493.96 494.62 Td (ACIS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.07 494.62 Td ( \(2009 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 483.62 Td (to present\). ) Tj ET Q q 0 0 0 rg BT 247.43 483.62 Td (Also serves as ) Tj ET Q q 0 0 0 rg BT 306.96 483.62 Td (V) Tj ET Q q 0 0 0 rg BT 313.59 483.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 369.96 483.62 Td (ACIS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 446.62 Td (Charles ) Tj ET Q q 0 0 0 rg BT 67.27 446.62 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 436.62 Td (Etherington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 426.62 Td (\(1957\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 446.62 Td (General Counsel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 436.62 Td (since 2007 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 426.62 Td (Senior ) Tj ET Q q 0 0 0 rg BT 132.02 426.62 Td (V) Tj ET Q q 0 0 0 rg BT 138.85 426.62 Td (ice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 416.62 Td (President since 2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 446.62 Td (Attorney) Tj ET Q q 0 0 0 rg BT 235.40 446.62 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.40 446.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.85 446.62 Td ( \(1994 to present\); ) Tj ET Q q 0 0 0 rg BT 335.76 446.62 Td (V) Tj ET Q q 0 0 0 rg BT 342.38 446.62 Td (ice President,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 396.25 446.62 Td ( ) Tj ET Q q 0 0 0 rg BT 398.57 446.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.02 446.62 Td ( \(2005 to present\); General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 435.62 Td (Counsel, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 238.28 435.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.73 435.62 Td ( \(2007 to present\). ) Tj ET Q q 0 0 0 rg BT 332.99 435.62 Td (Also serves as General Counsel, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.63 435.62 Td (ACIM, ) Tj ET Q q 0 0 0 rg BT 493.88 435.62 Td (ACS, ) Tj ET Q q 0 0 0 rg BT 516.48 435.62 Td (ACIS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.59 435.62 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 424.62 Td (and other ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.49 424.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.93 424.62 Td ( subsidiaries; and Senior ) Tj ET Q q 0 0 0 rg BT 360.29 424.62 Td (V) Tj ET Q q 0 0 0 rg BT 366.92 424.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.29 424.62 Td (ACIM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.73 424.62 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 467.17 424.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 398.62 Td (C. Jean ) Tj ET Q q 0 0 0 rg BT 66.35 398.62 Td (W) Tj ET Q q 0 0 0 rg BT 75.30 398.62 Td (ade) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 388.62 Td (\(1964\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 398.62 Td (V) Tj ET Q q 0 0 0 rg BT 110.42 398.62 Td (ice President since) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 388.62 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 398.62 Td (Senior ) Tj ET Q q 0 0 0 rg BT 228.93 398.62 Td (V) Tj ET Q q 0 0 0 rg BT 235.55 398.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 291.92 398.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.70 398.62 Td ( \(2017 to present\); ) Tj ET Q q 0 0 0 rg BT 385.61 398.62 Td (V) Tj ET Q q 0 0 0 rg BT 392.23 398.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 448.61 398.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.38 398.62 Td ( \(2007 to 2017\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 352.62 Td (Robert J.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 342.62 Td (Leach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 332.62 Td (\(1966\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 352.62 Td (V) Tj ET Q q 0 0 0 rg BT 110.42 352.62 Td (ice President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 342.62 Td (since 2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 352.62 Td (V) Tj ET Q q 0 0 0 rg BT 207.12 352.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.49 352.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.27 352.62 Td ( \(2000 to present\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 306.62 Td (David H.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 296.62 Td (Reinmiller) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 286.62 Td (\(1963\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 306.62 Td (V) Tj ET Q q 0 0 0 rg BT 110.12 306.62 Td (ice President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 296.62 Td (since 2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 306.62 Td (Attorney) Tj ET Q q 0 0 0 rg BT 235.40 306.62 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.40 306.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.85 306.62 Td ( \(1994 to present\). ) Tj ET Q q 0 0 0 rg BT 335.11 306.62 Td (Also serves as ) Tj ET Q q 0 0 0 rg BT 394.64 306.62 Td (V) Tj ET Q q 0 0 0 rg BT 401.26 306.62 Td (ice President, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 457.63 306.62 Td (ACIM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.07 306.62 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 501.51 306.62 Td (ACS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 270.62 Td (W) Tj ET Q q 0 0 0 rg BT 43.54 270.62 Td (ard D.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 260.62 Td (Stauf) Tj ET Q q 0 0 0 rg BT 55.52 260.62 Td (fer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 250.62 Td (\(1960\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 270.62 Td (Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 260.62 Td (since 2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 270.62 Td (Attorney) Tj ET Q q 0 0 0 rg BT 235.40 270.62 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.40 270.62 Td (ACC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.85 270.62 Td ( \(2003 to present\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 224.75 Td (Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 209.75 Td (The funds, their investment advisor) Tj ET Q q 0 0 0 rg BT 173.01 209.75 Td (, principal underwriter and, if applicable, subadvisor have adopted codes of ethics under Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 197.75 Td (17j-1 of the Investment Company ) Tj ET Q q 0 0 0 rg BT 168.42 197.75 Td (Act. ) Tj ET Q q 0 0 0 rg BT 187.68 197.75 Td (They permit personnel subject to the codes to invest in securities, including securities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 185.75 Td (may be purchased or held by the funds, provided that they first obtain approval from the compliance department before making such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 173.75 Td (investments.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 152.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 46.01 152.95 Td (oxy ) Tj ET Q q 0 0 0 rg BT 70.26 152.95 Td (V) Tj ET Q q 0 0 0 rg BT 79.08 152.95 Td (oting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 136.95 Td (The advisor is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. ) Tj ET Q q 0 0 0 rg BT 528.42 136.95 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 124.95 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 124.95 Td ( Board of Directors has approved the advisor) Tj ET Q q 0 0 0 rg BT 236.35 124.95 Td () Tj ET Q q 0 0 0 rg BT 239.13 124.95 Td (s proxy voting policies to govern the advisor) Tj ET Q q 0 0 0 rg BT 418.08 124.95 Td () Tj ET Q q 0 0 0 rg BT 420.86 124.95 Td (s proxy voting activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 108.95 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 108.95 Td ( copy of the advisor) Tj ET Q q 0 0 0 rg BT 117.96 108.95 Td () Tj ET Q q 0 0 0 rg BT 120.74 108.95 Td (s proxy voting policies is attached hereto as ) Tj ET Q q 0 0 0 rg BT 297.37 108.95 Td (Appendix C. Information regarding how the advisor voted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 96.95 Td (proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.33 96.95 Td (americancentury) Tj ET Q q 0 0 0 rg BT 529.31 96.95 Td (.com/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 84.95 Td (proxy) Tj ET Q q 0 0 0 rg BT 54.18 84.95 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.68 84.95 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 84.95 Td (The advisor) Tj ET Q q 0 0 0 rg BT 106.86 84.95 Td () Tj ET Q q 0 0 0 rg BT 109.63 84.95 Td (s proxy voting record also is available on the SEC) Tj ET Q q 0 0 0 rg BT 312.65 84.95 Td (s website at sec.gov) Tj ET Q q 0 0 0 rg BT 391.43 84.95 Td (.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 736.85 Td (The Funds) Tj ET Q q 0 0 0 rg BT 118.70 736.85 Td ( Principal Shar) Tj ET Q q 0 0 0 rg BT 235.38 736.85 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 721.85 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 721.85 Td ( list of the funds) Tj ET Q q 0 0 0 rg BT 105.75 721.85 Td ( principal shareholders appears in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 242.65 721.85 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 282.73 721.85 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.84 721.85 Td (.) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 696.25 Td (Service Pr) Tj ET Q q 0 0 0 rg BT 110.63 696.25 Td (oviders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 681.25 Td (The funds have no employees. ) Tj ET Q q 0 0 0 rg BT 155.73 681.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.14 681.25 Td (o conduct the funds) Tj ET Q q 0 0 0 rg BT 242.32 681.25 Td ( day-to-day activities, the corporation has hired a number of service providers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 669.25 Td (Each service provider has a specific function to fill on behalf of the funds that is described below) Tj ET Q q 0 0 0 rg BT 419.33 669.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 654.25 Td (ACIM, ) Tj ET Q q 0 0 0 rg BT 62.06 654.25 Td (ACS and ) Tj ET Q q 0 0 0 rg BT 100.40 654.25 Td (ACIS are wholly owned, directly or indirectly) Tj ET Q q 0 0 0 rg BT 283.87 654.25 Td (, by ) Tj ET Q q 0 0 0 rg BT 300.82 654.25 Td (ACC. ) Tj ET Q q 0 0 0 rg BT 326.20 654.25 Td (The Stowers Institute for Medical Research \(SIMR\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 642.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 65.67 642.25 Td (ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ) Tj ET Q q 0 0 0 rg BT 414.48 642.25 Td (ACC. SIMR is part of a not-for) Tj ET Q q 0 0 0 rg BT 539.55 642.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 630.25 Td (profit biomedical research or) Tj ET Q q 0 0 0 rg BT 147.10 630.25 Td (ganization dedicated to finding the keys to the causes, treatments and prevention of disease.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 609.45 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.11 609.45 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 594.45 Td (American Century Investment Management, Inc. \(ACIM\) serves as the investment advisor for each of the funds. ) Tj ET Q q 0 0 0 rg BT 483.87 594.45 Td (A) Tj ET Q q 0 0 0 rg BT 490.54 594.45 Td ( description of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 582.45 Td (the responsibilities of the advisor appears in each prospectus under the heading ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 350.29 582.45 Td (Management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 567.45 Td (Each class of each fund is subject to a contractual unified management fee based on a percentage of the daily net assets of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 555.45 Td (class. For more information about the unified management fee, see ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 301.41 555.45 Td (The Investment ) Tj ET Q q 0 0 0 rg BT 364.55 555.45 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.66 555.45 Td ( under the heading ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 472.30 555.45 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 555.45 Td ( in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 543.45 Td (fund) Tj ET Q q 0 0 0 rg BT 52.61 543.45 Td (s prospectus. ) Tj ET Q q 0 0 0 rg BT 106.59 543.45 Td (The amount of the fee is calculated daily and paid monthly in arrears. For each fund with a stepped fee schedule, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 531.45 Td (the rate of the fee is determined by applying the formula indicated on the table below) Tj ET Q q 0 0 0 rg BT 371.56 531.45 Td (. ) Tj ET Q q 0 0 0 rg BT 376.38 531.45 Td (This formula takes into account the assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 519.45 Td (the fund as well as certain assets, if any) Tj ET Q q 0 0 0 rg BT 188.85 519.45 Td (, of other clients of the advisor outside the ) Tj ET Q q 0 0 0 rg BT 359.37 519.45 Td (American Century Investments fund family \(such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 507.45 Td (as subadvised funds and separate accounts\) that use very similar investment teams and strategies \(strategy assets\). ) Tj ET Q q 0 0 0 rg BT 489.24 507.45 Td (The use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 495.45 Td (strategy assets, rather than fund assets alone, in calculating the fee rate for a particular fund could allow the fund to realize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 483.45 Td (scheduled cost savings more quickly) Tj ET Q q 0 0 0 rg BT 177.49 483.45 Td (. However) Tj ET Q q 0 0 0 rg BT 218.74 483.45 Td (, it is possible that a fund) Tj ET Q q 0 0 0 rg BT 321.78 483.45 Td (s strategy assets will not include assets of other client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 471.45 Td (accounts or that any such assets may not be suf) Tj ET Q q 0 0 0 rg BT 219.88 471.45 Td (ficient to result in a lower fee rate. ) Tj ET Q q 0 0 0 rg BT 359.92 471.45 Td (The management fee schedules for the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 459.45 Td (appear below) Tj ET Q q 0 0 0 rg BT 84.43 459.45 Td (.) 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 294.95000000000005 m 207 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 294.95000000000005 m 367 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 280.95000000000005 m 367 280.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 294.95000000000005 m 572 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 280.95000000000005 m 572 280.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 266.95000000000005 m 207 266.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 266.95000000000005 m 367 266.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 266.95000000000005 m 572 266.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 242.95000000000005 m 207 242.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 242.95000000000005 m 367 242.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 242.95000000000005 m 572 242.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 198.95000000000005 m 367 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 198.95000000000005 m 572 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 154.95000000000005 m 207 154.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 154.95000000000005 m 367 154.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 154.95000000000005 m 572 154.95000000000005 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 436.51 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 209.50 436.51 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 369.50 436.51 Td (Per) Tj ET Q q 0 0 0 rg BT 383.57 436.51 Td (centage of Strategy ) Tj ET Q q 0 0 0 rg BT 463.08 436.51 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 422.68 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 422.68 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 422.52 Td (Class I & Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 422.52 Td (0.90% of first $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 412.52 Td (0.85% of the next $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 402.52 Td (0.80% over $500 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 388.68 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 388.68 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 83.67 388.68 Td (Appr) Tj ET Q q 0 0 0 rg BT 106.09 388.68 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 388.52 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 388.52 Td (1.00% of first $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 378.52 Td (0.95% of the next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 368.52 Td (0.90% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 354.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 354.52 Td (Class II) Tj ET Q 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rg BT 209.50 271.52 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 271.52 Td (0.90%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 257.68 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 257.68 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 106.90 257.68 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 257.52 Td (Class I & Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 257.52 Td (0.70% of first $5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 247.52 Td (0.65% over $5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 233.68 Td (VP) Tj ET Q q 0 0 0 rg BT 47.28 233.68 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 233.52 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 233.52 Td (1.50% of first $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 223.52 Td (1.20% of the next $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 213.52 Td (1.10% of the next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 203.52 Td (1.00% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 189.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 189.52 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 189.52 Td (1.40% of first $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 179.52 Td (1.10% of the next $250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 169.52 Td (1.00% of the next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 159.52 Td (0.90% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 734.5 m 207 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 734.5 m 367 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 734.5 m 572 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 700.5 m 367 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 700.5 m 572 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 666.5 m 207 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 666.5 m 367 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 666.5 m 572 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 652.5 m 367 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 652.5 m 572 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 638.5 m 207 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 638.5 m 367 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 638.5 m 572 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 604.5 m 367 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 604.5 m 572 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 570.5 m 207 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 570.5 m 367 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 570.5 m 572 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 536.5 m 367 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 536.5 m 572 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 502.5 m 207 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 502.5 m 367 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 502.5 m 572 502.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 739.06 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 209.50 739.06 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 369.50 739.06 Td (Per) Tj ET Q q 0 0 0 rg BT 383.57 739.06 Td (centage of Strategy ) Tj ET Q q 0 0 0 rg BT 463.08 739.06 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 725.23 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 725.23 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 121.91 725.23 Td (V) Tj ET Q q 0 0 0 rg BT 128.58 725.23 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 725.07 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 725.07 Td (0.90% of the first $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 715.07 Td (0.80% of the next $4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 705.07 Td (0.70% over $5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 691.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 691.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 691.07 Td (0.80% of the first $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 681.07 Td (0.70% of the next $4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 671.07 Td (0.60% over $5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 657.23 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 657.23 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 90.25 657.23 Td (V) Tj ET Q q 0 0 0 rg BT 96.92 657.23 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 657.07 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 657.07 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 643.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 643.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 643.07 Td (0.90%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 629.23 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 629.23 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 629.07 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 629.07 Td (1.00% of first $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 619.07 Td (0.95% of next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 609.07 Td (0.90% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 595.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 595.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 595.07 Td (0.90% of first $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 585.07 Td (0.85% of next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 575.07 Td (0.80% over $1 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 561.23 Td (VP) Tj ET Q q 0 0 0 rg BT 47.28 561.23 Td ( ) Tj ET Q q 0 0 0 rg BT 49.60 561.23 Td (V) Tj ET Q q 0 0 0 rg BT 55.90 561.23 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 561.07 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 561.07 Td (1.00% of first $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 551.07 Td (0.95% of the next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 541.07 Td (0.90% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 527.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 527.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 527.07 Td (0.90% of first $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 517.07 Td (0.85% of the next $500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 507.07 Td (0.80% over $1 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 488.00 Td (On each calendar day) Tj ET Q q 0 0 0 rg BT 117.19 488.00 Td (, each class of each fund accrues a management fee that is equal to the class) Tj ET Q q 0 0 0 rg BT 423.16 488.00 Td (s management fee rate \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 476.00 Td (calculated pursuant to the above schedules\) times the net assets of the class divided by 365 \(366 in leap years\). On the first business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 464.00 Td (day of each month, the funds pay a management fee to the advisor for the previous month. ) Tj ET Q q 0 0 0 rg BT 395.38 464.00 Td (The management fee is the sum of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 452.00 Td (daily fee calculations for each day of the previous month.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 437.00 Td (The management agreement between the corporation and the advisor shall continue in ef) Tj ET Q q 0 0 0 rg BT 386.18 437.00 Td (fect for a period of two years from its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 425.00 Td (ef) Tj ET Q q 0 0 0 rg BT 39.09 425.00 Td (fective date \(unless sooner terminated in accordance with its terms\) and shall continue in ef) Tj ET Q q 0 0 0 rg BT 404.33 425.00 Td (fect from year to year thereafter for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 413.00 Td (each fund so long as such continuance is approved at least annually by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 398.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.00 Td (either the funds) Tj ET Q q 0 0 0 rg BT 114.29 398.00 Td ( Board of Directors, or a majority of the outstanding voting securities of such fund \(as defined in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.00 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 137.27 386.00 Td (Act\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 371.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.00 Td (the vote of a majority of the directors of the fund who are not parties to the agreement or interested persons of the advisor) Tj ET Q q 0 0 0 rg BT 535.33 371.00 Td (, cast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.00 Td (in person at a meeting called for the purpose of voting on such approval.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 344.00 Td (The management agreement states that the funds) Tj ET Q q 0 0 0 rg BT 229.01 344.00 Td ( Board of Directors or a majority of the outstanding voting securities of each class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 332.00 Td (of such fund may terminate the management agreement at any time without payment of any penalty on 60 days) Tj ET Q q 0 0 0 rg BT 478.95 332.00 Td ( written notice to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 320.00 Td (advisor) Tj ET Q q 0 0 0 rg BT 60.39 320.00 Td (. ) Tj ET Q q 0 0 0 rg BT 65.21 320.00 Td (The management agreement shall be automatically terminated if it is assigned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 305.00 Td (The management agreement states the advisor shall not be liable to the funds or their shareholders for anything other than willful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 293.00 Td (misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 278.00 Td (The management agreement also provides that the advisor and its of) Tj ET Q q 0 0 0 rg BT 304.01 278.00 Td (ficers, directors and employees may engage in other business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 266.00 Td (render services to others, and devote time and attention to any other business whether of a similar or dissimilar nature.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 251.00 Td (Certain investments may be appropriate for the funds and also for other clients advised by the advisor) Tj ET Q q 0 0 0 rg BT 437.50 251.00 Td (. Investment decisions for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 239.00 Td (funds and other clients are made with a view to achieving their respective investment objectives after consideration of such factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 227.00 Td (as their current holdings, availability of cash for investment and the size of their investment generally) Tj ET Q q 0 0 0 rg BT 436.84 227.00 Td (. ) Tj ET Q q 0 0 0 rg BT 441.29 227.00 Td (A) Tj ET Q q 0 0 0 rg BT 447.96 227.00 Td ( particular security may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 215.00 Td (bought or sold for only one client or fund, or in dif) Tj ET Q q 0 0 0 rg BT 234.06 215.00 Td (ferent amounts and at dif) Tj ET Q q 0 0 0 rg BT 333.85 215.00 Td (ferent times for more than one but less than all clients or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 203.00 Td (funds. ) Tj ET Q q 0 0 0 rg BT 58.17 203.00 Td (A) Tj ET Q q 0 0 0 rg BT 64.84 203.00 Td ( particular security may be bought for one client or fund on the same day it is sold for another client or fund, and a client or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 191.00 Td (fund may hold a short position in a particular security at the same time another client or fund holds a long position. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 179.00 Td (purchases or sales of the same security may be made for two or more clients or funds on the same date. ) Tj ET Q q 0 0 0 rg BT 446.19 179.00 Td (The advisor has adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 167.00 Td (procedures designed to ensure such transactions will be allocated among clients and funds in a manner believed by the advisor to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 155.00 Td (equitable to each. In some cases this procedure could have an adverse ef) Tj ET Q q 0 0 0 rg BT 320.36 155.00 Td (fect on the price or amount of the securities purchased or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 143.00 Td (sold by a fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 128.00 Td (The advisor may aggregate purchase and sale orders of the funds with purchase and sale orders of its other clients when the advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 116.00 Td (believes that such aggregation provides the best execution for the funds. ) Tj ET Q q 0 0 0 rg BT 322.34 116.00 Td (The Board of Directors has approved the policy of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 104.00 Td (advisor with respect to the aggregation of portfolio transactions. ) Tj ET Q q 0 0 0 rg BT 290.14 104.00 Td (T) Tj ET Q q 0 0 0 rg BT 295.55 104.00 Td (o the extent equity trades are aggregated, shares purchased or sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 92.00 Td (are generally allocated to the participating portfolios pro rata based on order size. ) Tj ET Q q 0 0 0 rg BT 358.97 92.00 Td (The advisor will not aggregate portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 80.00 Td (transactions of the funds unless it believes such aggregation is consistent with its duty to seek best execution on behalf of the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 68.00 Td (and the terms of the management agreement. ) Tj ET Q q 0 0 0 rg BT 213.47 68.00 Td (The advisor receives no additional compensation or remuneration as a result of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 56.00 Td (aggregation.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (Unified management fees incurred by each fund for the fiscal periods ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.63 742.10 Td (2019, 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.63 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.57 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.57 742.10 Td (, are indicated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (the following table.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 702.6 m 180 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 702.6 m 279 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 702.6 m 378 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 702.6 m 476 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 687.6 m 180 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 687.6 m 279 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 687.6 m 378 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 687.6 m 476 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 670.6 m 180 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 687.6 m 279 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 670.6 m 279 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 687.6 m 378 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 670.6 m 378 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 687.6 m 476 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 670.6 m 476 670.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 654.6 m 180 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 654.6 m 279 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 654.6 m 378 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 654.6 m 476 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 641.6 m 180 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 641.6 m 279 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 641.6 m 378 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 641.6 m 476 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 627.6 m 180 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 627.6 m 279 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 627.6 m 378 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 627.6 m 476 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 613.6 m 180 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 613.6 m 279 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 613.6 m 378 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 613.6 m 476 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 599.6 m 180 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 599.6 m 279 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 599.6 m 378 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 599.6 m 476 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 585.6 m 180 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 585.6 m 279 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 585.6 m 378 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 585.6 m 476 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 568.6 m 180 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 568.6 m 279 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 568.6 m 378 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 568.6 m 476 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 554.6 m 180 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 554.6 m 279 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 554.6 m 378 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 554.6 m 476 554.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 707.28 Td (Unified Management Fees) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 692.31 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.50 692.31 Td (2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 281.50 692.31 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 380.50 692.31 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 678.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 678.17 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 678.17 Td ($2,005,784) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 682.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 678.17 Td ($1,541,545) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 682.70 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 678.17 Td ($1,319,449) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.50 682.70 Td (\(17\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 661.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 661.17 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 80.52 661.17 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 661.17 Td ($3,107,273) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 665.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 661.17 Td ($3,614,741) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 665.70 Td (\(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 661.17 Td ($4,576,800) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.50 665.70 Td (\(18\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 645.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 645.17 Td ( Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 645.17 Td ($37,1) Tj ET Q q 0 0 0 rg BT 204.63 645.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 214.63 649.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 645.17 Td ($38,760) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 314.00 649.70 Td (\(1) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 319.17 649.70 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 645.17 Td ($40,301) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 413.00 649.70 Td (\(19\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 632.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 632.17 Td ( Income & Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 632.17 Td ($2,591,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 632.17 Td ($2,762,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 632.17 Td ($2,716,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 618.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 618.17 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 618.17 Td ($1,728,755) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 622.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 618.17 Td ($1,913,387) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 622.70 Td (\(12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 618.17 Td ($2,195,097) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.50 622.70 Td (\(20\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 604.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 604.17 Td ( Lar) Tj ET Q q 0 0 0 rg BT 63.20 604.17 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 116.34 604.17 Td (V) Tj ET Q q 0 0 0 rg BT 122.92 604.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 604.17 Td ($317,528) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 220.00 608.70 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 604.17 Td ($195,721) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 319.00 608.70 Td (\(13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 604.17 Td ($143,122) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 418.00 608.70 Td (\(21\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 590.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 590.17 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 87.10 590.17 Td (V) Tj ET Q q 0 0 0 rg BT 93.68 590.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 590.17 Td ($5,730,487) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 594.70 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 590.17 Td ($9,541,623) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 594.70 Td (\(14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 590.17 Td ($10,125,980) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 430.50 594.70 Td (\(22\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 576.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 576.17 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 573.27 Td ($1,532,795) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 577.80 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 573.27 Td ($1,616,061) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 577.80 Td (\(15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 573.27 Td ($1,489,809) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.50 577.80 Td (\(23\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 559.17 Td (VP) Tj ET Q q 0 0 0 rg BT 46.91 559.17 Td ( ) Tj ET Q q 0 0 0 rg BT 49.23 559.17 Td (V) Tj ET Q q 0 0 0 rg BT 55.34 559.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 559.17 Td ($6,032,976) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.50 563.70 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 559.17 Td ($6,458,069) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 326.50 563.70 Td (\(16\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 559.17 Td ($7,026,477) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.50 563.70 Td (\(24\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 544.63 Td (1 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 540.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 540.10 Td (eflects waiver by advisor of $282,937 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 529.63 Td (2 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 525.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 525.10 Td (eflects waiver by advisor of $606,137 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 514.63 Td (3 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 510.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 510.10 Td (eflects waiver by advisor of $9,838 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 499.63 Td (4 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 495.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 495.10 Td (eflects waiver by advisor of $588,717 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 484.63 Td (5 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 480.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 480.10 Td (eflects waiver by advisor of $68,130 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 469.63 Td (6 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 465.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 465.10 Td (eflects waiver by advisor of $1,121,375 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 454.63 Td (7 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 450.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 450.10 Td (eflects waiver by advisor of $376,718 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 439.63 Td (8 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 435.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 435.10 Td (eflects waiver by advisor of $1,763,916 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 424.63 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.75 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 39.57 420.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.76 420.10 Td (eflects waiver by advisor of $291,514 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 409.63 Td (1) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 34.75 409.63 Td (0) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 405.10 Td (Amount ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.61 405.10 Td (shown r) Tj ET Q q 0 0 0 rg BT 103.19 405.10 Td (eflects waiver by advisor of $364,978 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 394.63 Td (1) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 34.27 394.63 Td (1 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 40.77 390.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.96 390.10 Td (eflects waiver by advisor of $9,674 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 379.63 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 375.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 375.10 Td (eflects waiver by advisor of $619,709 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 364.63 Td (13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 360.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 360.10 Td (eflects waiver by advisor of $34,470 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 349.63 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 345.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 345.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 345.10 Td (eflects waiver by advisor of $1,958,438 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 334.63 Td (15 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.62 330.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.81 330.10 Td (eflects waiver by advisor of $365,080 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 319.63 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 315.10 Td (Amount) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.11 315.10 Td ( shown r) Tj ET Q q 0 0 0 rg BT 103.19 315.10 Td (eflects waiver by advisor of $1,738,953 in management ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 327.04 315.10 Td (fees) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 304.63 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 300.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 300.10 Td (eflects waiver by advisor of $180,192 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 289.63 Td (18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 285.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 103.19 285.10 Td (eflects waiver by advisor of $1) Tj ET Q q 0 0 0 rg BT 224.92 285.10 Td (13,951 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 274.63 Td (19) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 38.00 274.63 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.62 270.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.81 270.10 Td (eflects waiver by advisor of $9,235 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 259.63 Td (20) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 38.00 259.63 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.62 255.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.81 255.10 Td (eflects waiver by advisor of $535,785 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 244.63 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 40.32 240.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 105.51 240.10 Td (eflects waiver by advisor of $21,439 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 229.63 Td (22) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 38.00 229.63 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.62 225.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.81 225.10 Td (eflects waiver by advisor of $1,918,518 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 214.63 Td (23) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 38.00 214.63 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.62 210.10 Td (Amount shown r) Tj ET Q q 0 0 0 rg BT 104.81 210.10 Td (eflects waiver by advisor of $322,895 in management fees.) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 31.50 199.63 Td (24) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 195.10 Td (Amount) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.11 195.10 Td ( shown r) Tj ET Q q 0 0 0 rg BT 103.19 195.10 Td (eflects waiver by advisor of $1,570,099 in management fees.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 159.30 Td (Portfolio Managers) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 140.90 Td (Accounts Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 125.90 Td (The portfolio managers are responsible for the day-to-day management of various accounts, as indicated by the following table. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 113.90 Td (Unless otherwise noted, these accounts do not have an advisory fee based on performance of the account.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 735.5 m 147 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 735.5 m 265 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 735.5 m 362 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 735.5 m 472 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 735.5 m 562 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 660.5 m 147 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 660.5 m 265 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 660.5 m 362 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 660.5 m 472 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 660.5 m 562 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 646.5 m 265 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 646.5 m 362 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 646.5 m 472 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 646.5 m 562 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 632.5 m 147 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 632.5 m 265 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 632.5 m 362 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 632.5 m 472 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 632.5 m 562 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 618.5 m 265 618.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 618.5 m 362 618.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 618.5 m 472 618.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 618.5 m 562 618.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 603.5 m 147 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 603.5 m 265 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 618.5 m 362 618.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 603.5 m 362 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 603.5 m 472 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 603.5 m 562 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 589.5 m 265 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 589.5 m 362 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 589.5 m 472 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 589.5 m 562 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 575.5 m 147 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 575.5 m 265 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 589.5 m 362 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 575.5 m 362 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 575.5 m 472 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 575.5 m 562 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 561.5 m 265 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 561.5 m 362 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 561.5 m 472 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 561.5 m 562 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 547.5 m 147 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 547.5 m 265 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 547.5 m 362 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 547.5 m 472 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 547.5 m 562 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 533.5 m 265 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 533.5 m 362 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 533.5 m 472 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 533.5 m 562 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 519.5 m 147 519.5 l s 0 0 0 RG 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323.5 m 562 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 309.5 m 265 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 309.5 m 362 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 309.5 m 472 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 309.5 m 562 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 295.5 m 147 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 309.5 m 265 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 295.5 m 265 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 309.5 m 362 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 295.5 m 362 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 309.5 m 472 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 295.5 m 472 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 309.5 m 562 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 295.5 m 562 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 267.5 m 472 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 281.5 m 562 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 267.5 m 562 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 267.5 m 147 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 253.5 m 265 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 253.5 m 362 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 253.5 m 472 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 253.5 m 562 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 235.5 m 265 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 235.5 m 362 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 235.5 m 472 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 235.5 m 562 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 235.5 m 147 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 221.5 m 265 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 221.5 m 362 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 221.5 m 472 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 221.5 m 562 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 207.5 m 147 207.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 221.5 m 265 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 207.5 m 265 207.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 221.5 m 362 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 207.5 m 362 207.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 221.5 m 472 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 207.5 m 472 207.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 221.5 m 562 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 207.5 m 562 207.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 193.5 m 265 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 193.5 m 362 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 193.5 m 472 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 193.5 m 562 193.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 179.5 m 147 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 179.5 m 265 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 179.5 m 362 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 179.5 m 472 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 179.5 m 562 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 165.5 m 265 165.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 165.5 m 362 165.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 165.5 m 472 165.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 165.5 m 562 165.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 151.5 m 147 151.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 151.5 m 265 151.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 151.5 m 362 151.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 151.5 m 472 151.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 151.5 m 562 151.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 137.5 m 265 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 137.5 m 362 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 137.5 m 472 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 137.5 m 562 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 120.5 m 147 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 120.5 m 265 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 120.5 m 362 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 120.5 m 472 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 120.5 m 562 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 103.5 m 265 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 103.5 m 362 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 103.5 m 472 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 103.5 m 562 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 86.5 m 147 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147 86.5 m 265 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 86.5 m 362 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 86.5 m 472 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 86.5 m 562 86.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 739.23 Td (Accounts Managed \(As of December) Tj ET Q q 0 0 0 rg BT 189.84 739.23 Td ( 31, 2019\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 665.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 665.17 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 725.21 Td (Register) Tj ET Q q 0 0 0 rg BT 300.45 725.21 Td (ed Investment) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 715.21 Td (Companies \(e.g.,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 705.21 Td (American Century) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 695.21 Td (Investments funds) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 685.21 Td (and) Tj ET Q q 0 0 0 rg BT 284.82 685.21 Td (American) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 675.21 Td (Century Investments -) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 267.50 665.21 Td (subadvised funds\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 725.21 Td (Other Pooled) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 715.21 Td (Investment) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 705.21 Td (V) Tj ET Q q 0 0 0 rg BT 369.50 705.21 Td (ehicles \(e.g.,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 695.21 Td (commingled) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 685.21 Td (trusts and 529) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 675.21 Td (education) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.50 665.21 Td (savings plans\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 725.21 Td (Other ) Tj ET Q q 0 0 0 rg BT 500.15 725.21 Td (Accounts) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 715.21 Td (\(e.g., separate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 705.21 Td (accounts and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 695.21 Td (corporate accounts,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 685.21 Td (including incubation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 675.21 Td (strategies and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.50 665.21 Td (corporate money\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 651.07 Td (Jef) Tj ET Q q 0 0 0 rg BT 46.07 651.07 Td (frey R. Bourke) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 651.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 651.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 651.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 651.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 651.07 Td (2) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 34.50 645.38 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 637.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 637.07 Td ($13.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 641.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 637.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 637.07 Td ($713.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 623.07 Td (Rob Brookby) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 623.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 623.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 623.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 623.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 623.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 608.62 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 608.17 Td ($5.9 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.26 612.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 608.62 Td ($375.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 608.62 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 594.07 Td (Justin Brown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 594.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 594.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 594.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 594.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 594.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 580.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 580.07 Td ($1) Tj ET Q q 0 0 0 rg BT 293.43 580.07 Td (1.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.54 584.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 580.07 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 580.07 Td ($425.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 566.07 Td (Phillip Davidson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 566.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 566.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 566.07 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 566.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 566.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 552.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 552.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 552.07 Td ($33.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 556.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 552.07 Td ($3.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 552.07 Td ($916.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 538.07 Td (Robert ) Tj ET Q q 0 0 0 rg BT 64.13 538.07 Td (V) Tj ET Q q 0 0 0 rg BT 70.61 538.07 Td (. Gahagan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 538.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 538.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 538.07 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 538.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 538.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 524.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 524.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 524.07 Td ($19.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 528.60 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 524.07 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 524.07 Td ($599.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 510.07 Td (Rajesh Gandhi) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 510.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 510.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 510.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 510.07 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 510.07 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 496.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 496.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 496.07 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.26 500.60 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 496.07 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 496.07 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 482.07 Td (Brian Howell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 482.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 482.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 482.07 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 482.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 482.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 468.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 468.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 468.07 Td ($19.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 472.60 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 468.07 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 468.07 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 454.07 Td (Keith Lee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 454.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 454.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 454.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 454.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 454.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 440.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 440.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 440.07 Td ($17.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 444.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 440.07 Td ($165.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 440.07 Td ($882.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 426.07 Td (Michael Li) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 426.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 426.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 426.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 426.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 426.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 412.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 412.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 412.07 Td ($17.3 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 416.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 412.07 Td ($165.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 412.07 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 398.07 Td (Michael Liss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 398.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 398.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 398.07 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 398.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 398.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 384.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 384.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 384.07 Td ($30.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 388.60 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 384.07 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 384.07 Td ($914.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 370.07 Td (Scott Marolf) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 370.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 370.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 370.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 370.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 370.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 356.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 356.07 Td ($9.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.26 360.60 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 356.07 Td ($608.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 356.07 Td ($462.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 342.07 Td (Claudia Musat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 342.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 342.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 342.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 342.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 342.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 328.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 328.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 328.07 Td ($7.1 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.26 332.60 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 328.07 Td ($383.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 328.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 314.07 Td (Steven Rossi) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 314.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 314.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 314.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 314.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 314.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 300.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 300.07 Td ($5.9 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 330.61 304.60 Td (\(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 300.07 Td ($347.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 300.07 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 286.07 Td (Philip Sundell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 286.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 286.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 286.07 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 286.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 286.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 272.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 272.07 Td ($7.1 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 330.76 276.60 Td (\(1) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 335.94 276.60 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 272.07 Td ($941.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.05 272.07 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 258.07 Td (Charles ) Tj ET Q q 0 0 0 rg BT 67.46 258.07 Td (T) Tj ET Q q 0 0 0 rg BT 73.13 258.07 Td (an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 258.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 258.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 258.07 Td (1) Tj ET Q q 0 0 0 rg BT 313.00 258.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 258.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 258.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 244.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 242.12 Td ($10.7 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 246.65 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 242.12 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 242.12 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 226.07 Td (Kevin ) Tj ET Q q 0 0 0 rg BT 61.35 226.07 Td (T) Tj ET Q q 0 0 0 rg BT 67.02 226.07 Td (oney) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 226.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 226.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 226.07 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 226.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 226.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 212.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 212.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 212.07 Td ($30.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 216.60 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 212.07 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 212.07 Td ($914.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 198.07 Td (Brian) Tj ET Q q 0 0 0 rg BT 59.04 198.07 Td (W) Tj ET Q q 0 0 0 rg BT 67.67 198.07 Td (oglom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 198.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 198.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 198.07 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 198.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 198.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 184.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 184.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 184.07 Td ($33.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 188.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 184.07 Td ($3.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 184.07 Td ($916.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 170.07 Td (Gregory) Tj ET Q q 0 0 0 rg BT 70.23 170.07 Td (W) Tj ET Q q 0 0 0 rg BT 79.18 170.07 Td (oodhams) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 170.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 170.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 170.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 170.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 170.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 156.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 156.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 156.07 Td ($12.6 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.76 160.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 156.07 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 156.07 Td ($425.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 142.07 Td (Nalin ) Tj ET Q q 0 0 0 rg BT 59.03 142.07 Td (Y) Tj ET Q q 0 0 0 rg BT 65.57 142.07 Td (ogasundram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 142.07 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 142.07 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 142.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 142.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 142.07 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 126.62 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.90 126.62 Td ($5.9 billion ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 333.51 131.15 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 126.62 Td ($375.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 126.62 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 109.62 Td (Jim Zhao) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 109.62 Td (Number of ) Tj ET Q q 0 0 0 rg BT 195.32 109.62 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.50 109.62 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 109.62 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 109.62 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 92.62 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 94.07 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.26 98.60 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 92.62 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 92.62 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 746.88 Td (1 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 49.50 742.80 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 742.80 Td ($ 217.6 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 111.49 742.80 Td (million in VP) Tj ET Q q 0 0 0 rg BT 159.32 742.80 Td ( Ultra.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 733.08 Td (2) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 729.00 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 729.00 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 729.00 Td ($518.4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.99 729.00 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 157.07 729.00 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 188.42 729.00 Td (Appr) Tj ET Q q 0 0 0 rg BT 206.08 729.00 Td (eciation. ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 719.28 Td (3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 715.20 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 715.20 Td (Includes) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 79.99 715.20 Td ( $5.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 97.99 715.20 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 148.07 715.20 Td ( Gr) Tj ET Q q 0 0 0 rg BT 159.99 715.20 Td (owth.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 705.48 Td (4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 701.40 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 701.40 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 701.40 Td ($60.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 102.49 701.40 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 152.57 701.40 Td ( Lar) Tj ET Q q 0 0 0 rg BT 167.50 701.40 Td (ge Company V) Tj ET Q q 0 0 0 rg BT 219.49 701.40 Td (alue, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 239.48 701.40 Td ($672.0) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 264.23 701.40 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 314.32 701.40 Td ( Mid Cap V) Tj ET Q q 0 0 0 rg BT 355.07 701.40 Td (alue and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 388.56 701.40 Td ($888.1 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 415.56 701.40 Td (million in VP) Tj ET Q q 0 0 0 rg BT 463.40 701.40 Td ( V) Tj ET Q q 0 0 0 rg BT 470.15 701.40 Td (alue.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 691.68 Td (5) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 687.60 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 687.60 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 687.60 Td ($286.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.99 687.60 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 157.07 687.60 Td ( Balanced.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 677.88 Td (6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 673.80 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 673.80 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 673.80 Td ($184.8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.99 673.80 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 157.07 673.80 Td ( International.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 664.08 Td (7) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 660.00 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 660.00 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 660.00 Td ($671.9) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 106.99 660.00 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 157.07 660.00 Td ( Mid Cap V) Tj ET Q q 0 0 0 rg BT 197.82 660.00 Td (alue and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 231.32 660.00 Td ($888.1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 256.07 660.00 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 306.15 660.00 Td ( V) Tj ET Q q 0 0 0 rg BT 312.90 660.00 Td (alue.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 650.28 Td (8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 646.20 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 49.50 646.20 Td (Includes $5.9 million in VP) Tj ET Q q 0 0 0 rg BT 148.07 646.20 Td ( Gr) Tj ET Q q 0 0 0 rg BT 159.99 646.20 Td (owth. Information is pr) Tj ET Q q 0 0 0 rg BT 243.17 646.20 Td (ovided as of February 21, 2020.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 636.48 Td (9) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 34.42 632.40 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 632.40 Td (Includes ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 82.24 632.40 Td ($ 286.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 109.24 632.40 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 159.32 632.40 Td ( Balanced and) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 211.31 632.40 Td ( $383.6) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 238.31 632.40 Td ( million in VP) Tj ET Q q 0 0 0 rg BT 288.40 632.40 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 338.30 632.40 Td (owth.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 622.68 Td (10) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 37.35 618.60 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (Includes $ 253.5 million in VP) Tj ET Q q 0 0 0 rg BT 159.32 618.60 Td ( Balanced and $290.4 million in VP) Tj ET Q q 0 0 0 rg BT 288.40 618.60 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 338.30 618.60 Td (owth. Information is pr) Tj ET Q q 0 0 0 rg BT 421.48 618.60 Td (ovided as of Mar) Tj ET Q q 0 0 0 rg BT 482.38 618.60 Td (ch 17, 2020.) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 31.50 608.88 Td (1) Tj ET Q BT /F4 5.85 Tf ET q 0 0 0 rg BT 33.99 608.88 Td (1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 36.92 604.80 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 604.80 Td (Includes $60.3 million in VP) Tj ET Q q 0 0 0 rg BT 152.57 604.80 Td ( Lar) Tj ET Q q 0 0 0 rg BT 167.50 604.80 Td (ge Company value and $888.1 million in VP) Tj ET Q q 0 0 0 rg BT 327.31 604.80 Td ( V) Tj ET Q q 0 0 0 rg BT 334.06 604.80 Td (alue.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 572.60 Td (Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 168.26 572.60 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 557.60 Td (Certain conflicts of interest may arise in connection with the management of multiple portfolios. Potential conflicts include, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 545.60 Td (example, conflicts among investment strategies, such as one portfolio buying or selling a security while another portfolio has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 533.60 Td (dif) Tj ET Q q 0 0 0 rg BT 42.43 533.60 Td (fering, potentially opposite position in such security) Tj ET Q q 0 0 0 rg BT 249.80 533.60 Td (. ) Tj ET Q q 0 0 0 rg BT 254.62 533.60 Td (This may include one portfolio taking a short position in the security of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 521.60 Td (issuer that is held long in another portfolio \(or vice versa\). Other potential conflicts may arise with respect to the allocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 509.60 Td (investment opportunities, which are discussed in more detail below) Tj ET Q q 0 0 0 rg BT 299.96 509.60 Td (. ) Tj ET Q q 0 0 0 rg BT 304.41 509.60 Td (American Century Investments has adopted policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 497.60 Td (procedures that are designed to minimize the ef) Tj ET Q q 0 0 0 rg BT 220.97 497.60 Td (fects of these conflicts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 482.60 Td (Responsibility for managing ) Tj ET Q q 0 0 0 rg BT 147.33 482.60 Td (American Century Investments client portfolios is or) Tj ET Q q 0 0 0 rg BT 358.21 482.60 Td (ganized according to investment discipline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 470.60 Td (Investment disciplines include, for example, disciplined equity) Tj ET Q q 0 0 0 rg BT 281.90 470.60 Td (, global growth equity) Tj ET Q q 0 0 0 rg BT 369.57 470.60 Td (, global value equity) Tj ET Q q 0 0 0 rg BT 450.57 470.60 Td (, global fixed income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 458.60 Td (multi-asset strategies, exchange traded funds, and ) Tj ET Q q 0 0 0 rg BT 231.99 458.60 Td (A) Tj ET Q q 0 0 0 rg BT 238.47 458.60 Td (vantis Investors funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.06 458.60 Td (W) Tj ET Q q 0 0 0 rg BT 340.10 458.60 Td (ithin each discipline are one or more portfolio teams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 446.60 Td (responsible for managing specific client portfolios. Generally) Tj ET Q q 0 0 0 rg BT 276.61 446.60 Td (, client portfolios with similar strategies are managed by the same team ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 434.60 Td (using the same objective, approach, and philosophy) Tj ET Q q 0 0 0 rg BT 237.47 434.60 Td (. ) Tj ET Q q 0 0 0 rg BT 244.42 434.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 293.75 434.60 Td (, portfolio holdings, position sizes, and industry and sector ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 422.60 Td (exposures tend to be similar across similar portfolios, which minimizes the potential for conflicts of interest. In addition, ) Tj ET Q q 0 0 0 rg BT 515.56 422.60 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 410.60 Td (Century Investments maintains an ethical wall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.23 410.60 Td (that restricts real time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.14 410.60 Td ( access to information regarding any portfolio) Tj ET Q q 0 0 0 rg BT 492.19 410.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.58 410.60 Td (transaction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.46 410.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 398.60 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.10 398.60 Td (and positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.16 398.60 Td ( to team members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 398.60 Td (that have responsibility for a given portfolio or are within the same equity investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 386.60 Td (discipline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.20 386.60 Td (The ethical wall is intended to aid in preventing the misuse of portfolio holdings information and trading activity in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 374.60 Td (other disciplines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 359.60 Td (For each investment strategy) Tj ET Q q 0 0 0 rg BT 146.09 359.60 Td (, one portfolio is generally designated as the policy portfolio. Other portfolios with similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 347.60 Td (investment objectives, guidelines and restrictions, if any) Tj ET Q q 0 0 0 rg BT 255.80 347.60 Td (, are referred to as tracking portfolios. ) Tj ET Q q 0 0 0 rg BT 418.59 347.60 Td (When managing policy and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 335.60 Td (tracking portfolios, a portfolio team typically purchases and sells securities across all portfolios that the team manages. ) Tj ET Q q 0 0 0 rg BT 508.87 335.60 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 323.60 Td (Century Investments) Tj ET Q q 0 0 0 rg BT 117.13 323.60 Td ( trading systems include various order entry programs that assist in the management of multiple portfolios, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 311.60 Td (such as the ability to purchase or sell the same relative amount of one security across several funds. In some cases a tracking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 299.60 Td (portfolio may have additional restrictions or limitations that cause it to be managed separately from the policy portfolio. Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 287.60 Td (managers make purchase and sale decisions for such portfolios alongside the policy portfolio to the extent the overlap is appropriate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 275.60 Td (and separately) Tj ET Q q 0 0 0 rg BT 88.32 275.60 Td (, if the overlap is not.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 260.60 Td (American Century Investments may aggregate orders to purchase or sell the same security for multiple portfolios when it believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 248.60 Td (such aggregation is consistent with its duty to seek best execution on behalf of its clients. Orders of certain client portfolios may) Tj ET Q q 0 0 0 rg BT 543.51 248.60 Td (, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 236.60 Td (investment restriction or otherwise, be determined not available for aggregation. ) Tj ET Q q 0 0 0 rg BT 354.73 236.60 Td (American Century Investments has adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 224.60 Td (policies and procedures to minimize the risk that a client portfolio could be systematically advantaged or disadvantaged in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 212.60 Td (connection with the aggregation of orders. ) Tj ET Q q 0 0 0 rg BT 203.21 212.60 Td (T) Tj ET Q q 0 0 0 rg BT 208.62 212.60 Td (o the extent equity trades are aggregated, shares purchased or sold are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 200.60 Td (allocated to the participating portfolios ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 189.51 200.60 Td (pr) Tj ET Q q 0 0 0 rg BT 198.03 200.60 Td (o rata) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.20 200.60 Td ( based on order size. Because initial public of) Tj ET Q q 0 0 0 rg BT 403.90 200.60 Td (ferings \(IPOs\) are usually available in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 188.60 Td (limited supply and in amounts too small to permit across-the-board pro rata allocations, ) Tj ET Q q 0 0 0 rg BT 383.65 188.60 Td (American Century Investments has adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 176.60 Td (special procedures designed to promote a fair and equitable allocation of IPO securities among clients over time. Fixed income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 164.60 Td (securities transactions are not executed through a centralized trading desk. Instead, portfolio teams are responsible for executing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 152.60 Td (trades with broker/dealers in a predominantly dealer marketplace. ) Tj ET Q q 0 0 0 rg BT 296.49 152.60 Td (T) Tj ET Q q 0 0 0 rg BT 302.24 152.60 Td (rade allocation decisions are made by the portfolio manager at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 140.60 Td (the time of trade execution and orders entered on the fixed income order management system.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 125.60 Td (Finally) Tj ET Q q 0 0 0 rg BT 59.19 125.60 Td (, investment of ) Tj ET Q q 0 0 0 rg BT 120.85 125.60 Td (American Century Investments) Tj ET Q q 0 0 0 rg BT 248.40 125.60 Td ( corporate assets in proprietary accounts may raise additional conflicts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 113.60 Td (interest. ) Tj ET Q q 0 0 0 rg BT 65.75 113.60 Td (T) Tj ET Q q 0 0 0 rg BT 71.16 113.60 Td (o mitigate these potential conflicts of interest, ) Tj ET Q q 0 0 0 rg BT 256.11 113.60 Td (American Century Investments has adopted policies and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 101.60 Td (intended to provide that trading in proprietary accounts is performed in a manner that does not give improper advantage to ) Tj ET Q q 0 0 0 rg BT 523.02 101.60 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 89.60 Td (Century Investments to the detriment of client portfolios.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 740.90 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 725.90 Td (American Century Investments portfolio manager compensation is structured to align the interests of portfolio managers with those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 713.90 Td (of the shareholders whose assets they manage. ) Tj ET Q q 0 0 0 rg BT 219.22 713.90 Td (As of December 31, 2019, it includes the components described below) Tj ET Q q 0 0 0 rg BT 501.28 713.90 Td (, each of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 701.90 Td (is determined with reference to a number of factors such as overall performance, market competition, and internal equity) Tj ET Q q 0 0 0 rg BT 513.72 701.90 Td (. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 683.50 Td (Base Salary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 668.50 Td (Portfolio managers receive base pay in the form of a fixed annual salary) Tj ET Q q 0 0 0 rg BT 319.07 668.50 Td (. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 650.10 Td (Bonus) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 635.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 635.10 Td ( significant portion of portfolio manager compensation takes the form of an annual incentive bonus tied to performance of mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 623.10 Td (funds a portfolio manager manages. Bonus payments are determined by a combination of factors. One factor is mutual fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 611.10 Td (investment performance. For most ) Tj ET Q q 0 0 0 rg BT 171.19 611.10 Td (American Century Investments mutual funds, investment performance is measured by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 599.10 Td (combination of one-, three- and five-year pre-tax performance relative to various benchmarks and/or internally-customized peer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 587.10 Td (groups. ) Tj ET Q q 0 0 0 rg BT 63.54 587.10 Td (The performance comparison periods may be adjusted based on a fund) Tj ET Q q 0 0 0 rg BT 349.00 587.10 Td (s inception date or a portfolio manager) Tj ET Q q 0 0 0 rg BT 504.32 587.10 Td () Tj ET Q q 0 0 0 rg BT 507.10 587.10 Td (s tenure on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 575.10 Td (the fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 560.10 Td (Custom peer groups are constructed using all the funds in the indicated categories as a starting point. Funds are then eliminated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 548.10 Td (the peer group based on a standardized methodology designed to result in a final peer group that is both more stable over the long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 536.10 Td (term \(i.e., has less peer turnover\) and that more closely represents the fund) Tj ET Q q 0 0 0 rg BT 332.78 536.10 Td (s true peers based on internal investment mandates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 521.10 Td (Portfolio managers may have responsibility for multiple ) Tj ET Q q 0 0 0 rg BT 257.85 521.10 Td (American Century Investments mutual funds. In such cases, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 509.10 Td (performance of each is assigned a percentage weight appropriate for the portfolio manager) Tj ET Q q 0 0 0 rg BT 393.93 509.10 Td () Tj ET Q q 0 0 0 rg BT 396.71 509.10 Td (s relative levels of responsibility) Tj ET Q q 0 0 0 rg BT 526.03 509.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 494.10 Td (Portfolio managers also may have responsibility for portfolios that are managed in a fashion similar to that of other ) Tj ET Q q 0 0 0 rg BT 493.89 494.10 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 482.10 Td (Century Investments mutual funds. ) Tj ET Q q 0 0 0 rg BT 174.36 482.10 Td (This is the case for all of the funds described in this statement of additional information. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 470.10 Td (performance of a similarly managed account is considered for purposes of compensation, it is measured in the same way as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 458.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 80.09 458.10 Td (American Century Investments mutual fund \(i.e., relative to the performance of a benchmark and/or peer group\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 446.10 Td (Performance of ) Tj ET Q q 0 0 0 rg BT 98.23 446.10 Td (VP) Tj ET Q q 0 0 0 rg BT 110.65 446.10 Td ( Balanced, ) Tj ET Q q 0 0 0 rg BT 155.17 446.10 Td (VP) Tj ET Q q 0 0 0 rg BT 167.58 446.10 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 200.91 446.10 Td (Appreciation, ) Tj ET Q q 0 0 0 rg BT 257.93 446.10 Td (VP) Tj ET Q q 0 0 0 rg BT 270.34 446.10 Td ( Growth, ) Tj ET Q q 0 0 0 rg BT 308.21 446.10 Td (VP) Tj ET Q q 0 0 0 rg BT 320.63 446.10 Td ( Income & Growth,VP) Tj ET Q q 0 0 0 rg BT 411.35 446.10 Td ( International, ) Tj ET Q q 0 0 0 rg BT 469.76 446.10 Td (VP) Tj ET Q q 0 0 0 rg BT 482.17 446.10 Td ( Lar) Tj ET Q q 0 0 0 rg BT 498.37 446.10 Td (ge Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 434.10 Td (V) Tj ET Q q 0 0 0 rg BT 37.61 434.10 Td (alue, ) Tj ET Q q 0 0 0 rg BT 59.09 434.10 Td (VP) Tj ET Q q 0 0 0 rg BT 71.50 434.10 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 111.60 434.10 Td (V) Tj ET Q q 0 0 0 rg BT 117.71 434.10 Td (alue, ) Tj ET Q q 0 0 0 rg BT 139.19 434.10 Td (VP) Tj ET Q q 0 0 0 rg BT 151.60 434.10 Td ( Ultra and ) Tj ET Q q 0 0 0 rg BT 193.90 434.10 Td (VP) Tj ET Q q 0 0 0 rg BT 206.31 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.63 434.10 Td (V) Tj ET Q q 0 0 0 rg BT 214.75 434.10 Td (alue, is not separately considered in determining portfolio manager compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 419.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 419.10 Td ( second factor in the bonus calculation relates to the performance of a number of ) Tj ET Q q 0 0 0 rg BT 362.21 419.10 Td (American Century Investments funds managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 407.10 Td (according to one of the following investment disciplines: global growth equity) Tj ET Q q 0 0 0 rg BT 344.68 407.10 Td (, global value equity) Tj ET Q q 0 0 0 rg BT 425.67 407.10 Td (, disciplined equity) Tj ET Q q 0 0 0 rg BT 501.40 407.10 Td (, global fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 395.10 Td (income, and multi-asset strategies. Performance is measured for each product individually as described above and then combined to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 383.10 Td (create an overall composite for the product group. ) Tj ET Q q 0 0 0 rg BT 233.74 383.10 Td (These composites may measure one-year performance \(equal weighted\) or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 371.10 Td (combination of one-, three- and five-year performance \(equal or asset weighted\) depending on the portfolio manager) Tj ET Q q 0 0 0 rg BT 498.35 371.10 Td () Tj ET Q q 0 0 0 rg BT 501.13 371.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 359.10 Td (responsibilities and products managed and the composite for certain portfolio managers may include multiple disciplines. ) Tj ET Q q 0 0 0 rg BT 519.53 359.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 347.10 Td (feature is designed to encourage ef) Tj ET Q q 0 0 0 rg BT 170.42 347.10 Td (fective teamwork among portfolio management teams in achieving long-term investment success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 335.10 Td (for similarly styled portfolios. ) Tj ET Q q 0 0 0 rg BT 153.80 335.10 Td (The ) Tj ET Q q 0 0 0 rg BT 171.30 335.10 Td (American Century ETFs are not included in a product group composite.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 320.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 320.10 Td ( portion of portfolio managers) Tj ET Q q 0 0 0 rg BT 161.29 320.10 Td ( bonuses may also be tied to management of ETFs, profitability) Tj ET Q q 0 0 0 rg BT 417.25 320.10 Td (, or individual performance goals, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 308.10 Td (such as research projects and the development of new products.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 289.70 Td (Restricted Stock Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 274.70 Td (Portfolio managers are eligible for grants of restricted stock of ) Tj ET Q q 0 0 0 rg BT 283.09 274.70 Td (ACC. ) Tj ET Q q 0 0 0 rg BT 308.47 274.70 Td (These grants are discretionary) Tj ET Q q 0 0 0 rg BT 428.04 274.70 Td (, and eligibility and availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 262.70 Td (can vary from year to year) Tj ET Q q 0 0 0 rg BT 136.72 262.70 Td (. ) Tj ET Q q 0 0 0 rg BT 141.54 262.70 Td (The size of an individual) Tj ET Q q 0 0 0 rg BT 243.74 262.70 Td (s grant is determined by individual and product performance as well as other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 250.70 Td (product-specific considerations such as profitability) Tj ET Q q 0 0 0 rg BT 238.01 250.70 Td (. Grants can appreciate/depreciate in value based on the performance of the ) Tj ET Q q 0 0 0 rg BT 540.92 250.70 Td (ACC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 238.70 Td (stock during the restriction period \(generally three to four years\).) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 220.30 Td (Deferr) Tj ET Q q 0 0 0 rg BT 65.25 220.30 Td (ed Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 205.30 Td (Portfolio managers are eligible for grants of deferred compensation. ) Tj ET Q q 0 0 0 rg BT 305.67 205.30 Td (These grants are used in very limited situations, primarily for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 193.30 Td (retention purposes. Grants are fixed and can appreciate/depreciate in value based on the performance of the ) Tj ET Q q 0 0 0 rg BT 462.70 193.30 Td (American Century ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 181.30 Td (Investments mutual funds in which the portfolio manager chooses to invest them.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 162.90 Td (Ownership of Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 147.90 Td (As of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.53 147.90 Td (2019, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.53 147.90 Td (the funds) Tj ET Q q 0 0 0 rg BT 179.05 147.90 Td ( most recent fiscal year end, none of the portfolio managers beneficially owned shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 135.90 Td (funds they manage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.48 135.90 Td (As of February 21, 2020, Scott Marolf did not beneficially own shares of ) Tj ET Q q 0 0 0 rg BT 405.96 135.90 Td (VP) Tj ET Q q 0 0 0 rg BT 418.38 135.90 Td ( Growth and as of March 17 , ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 123.90 Td (2020, Steven Rossi did not beneficially own shares of ) Tj ET Q q 0 0 0 rg BT 249.06 123.90 Td (VP) Tj ET Q q 0 0 0 rg BT 261.48 123.90 Td ( Income and Growth.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 103.10 Td (T) Tj ET Q q 0 0 0 rg BT 39.80 103.10 Td (ransfer) Tj ET Q q 0 0 0 rg BT 83.08 103.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.81 103.10 Td (Agent and ) Tj ET Q q 0 0 0 rg BT 150.38 103.10 Td (Administrator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 88.10 Td (American Century Services, LLC \(ACS\), 4500 Main Street, Kansas City) Tj ET Q q 0 0 0 rg BT 321.91 88.10 Td (, Missouri 641) Tj ET Q q 0 0 0 rg BT 379.60 88.10 Td (1) Tj ET Q q 0 0 0 rg BT 384.23 88.10 Td (1, serves as transfer agent and dividend-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 76.10 Td (paying agent for the funds. It provides physical facilities, computer hardware and software and personnel, for the day-to-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 64.10 Td (administration of the funds and the advisor) Tj ET Q q 0 0 0 rg BT 202.58 64.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.40 64.10 Td (The advisor pays ) Tj ET Q q 0 0 0 rg BT 277.66 64.10 Td (ACS) Tj ET Q q 0 0 0 rg BT 299.89 64.10 Td (s costs for serving as transfer agent and dividend-paying agent ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (for the funds out of the advisor) Tj ET Q q 0 0 0 rg BT 155.73 742.10 Td () Tj ET Q q 0 0 0 rg BT 158.51 742.10 Td (s unified management fee. For a description of this fee and the terms of its payment, see the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (discussion under the caption ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 147.59 730.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 193.22 730.10 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.33 730.10 Td ( on page 39.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (Proceeds from purchases of fund shares may pass through accounts maintained by the transfer agent at Commerce Bank, N.A. or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (UMB Bank, n.a. before being held at the fund) Tj ET Q q 0 0 0 rg BT 217.84 703.10 Td (s custodian. Redemption proceeds also may pass from the custodian to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (shareholder through such bank accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 676.10 Td (From time to time, special services may be of) Tj ET Q q 0 0 0 rg BT 213.77 676.10 Td (fered to shareholders who maintain higher share balances in our family of funds. ) Tj ET Q q 0 0 0 rg BT 538.49 676.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 664.10 Td (services may include the waiver of minimum investment requirements, expedited confirmation of shareholder transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (newsletters and a team of personal representatives. ) Tj ET Q q 0 0 0 rg BT 236.42 652.10 Td (Any expenses associated with these special services will be paid by the advisor) Tj ET Q q 0 0 0 rg BT 552.45 652.10 Td (.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 631.30 Td (Sub-Administrator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.30 Td (The advisor has entered into an ) Tj ET Q q 0 0 0 rg BT 158.68 616.30 Td (Administration ) Tj ET Q q 0 0 0 rg BT 221.18 616.30 Td (Agreement with State Street Bank and ) Tj ET Q q 0 0 0 rg BT 377.07 616.30 Td (T) Tj ET Q q 0 0 0 rg BT 382.83 616.30 Td (rust Company \(SSB\) to provide certain fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.30 Td (accounting, fund financial reporting, tax and treasury/tax compliance services for the funds, including striking the daily net asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.30 Td (value for each fund. ) Tj ET Q q 0 0 0 rg BT 113.78 592.30 Td (The advisor pays SSB a monthly fee as compensation for these services that is based on the total net assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.30 Td (accounts in the ) Tj ET Q q 0 0 0 rg BT 93.43 580.30 Td (American Century complex serviced by SSB. ) Tj ET Q q 0 0 0 rg BT 277.56 580.30 Td (ACS does pay SSB for some additional services on a per fund basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.30 Td (While ) Tj ET Q q 0 0 0 rg BT 57.88 568.30 Td (ACS continues to serve as the administrator of the funds, SSB provides sub-administrative services that were previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 556.30 Td (undertaken by ) Tj ET Q q 0 0 0 rg BT 90.37 556.30 Td (ACS.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 535.50 Td (Distributor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 520.50 Td (The funds) Tj ET Q q 0 0 0 rg BT 74.36 520.50 Td ( shares are distributed by ) Tj ET Q q 0 0 0 rg BT 176.28 520.50 Td (American Century Investment Services, Inc. \(ACIS\), a registered broker) Tj ET Q q 0 0 0 rg BT 465.70 520.50 Td (-dealer) Tj ET Q q 0 0 0 rg BT 492.90 520.50 Td (. ) Tj ET Q q 0 0 0 rg BT 497.72 520.50 Td (The distributor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 508.50 Td (is a wholly owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 160.93 508.50 Td (ACC and its principal business address is 4500 Main Street, Kansas City) Tj ET Q q 0 0 0 rg BT 451.37 508.50 Td (, Missouri 641) Tj ET Q q 0 0 0 rg BT 509.06 508.50 Td (1) Tj ET Q q 0 0 0 rg BT 513.69 508.50 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 493.50 Td (The distributor is the principal underwriter of the funds) Tj ET Q q 0 0 0 rg BT 255.14 493.50 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 287.45 493.50 Td (The distributor makes a continuous, best-ef) Tj ET Q q 0 0 0 rg BT 460.56 493.50 Td (forts underwriting of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 481.50 Td (funds) Tj ET Q q 0 0 0 rg BT 56.31 481.50 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 88.62 481.50 Td (This means the distributor has no liability for unsold shares. ) Tj ET Q q 0 0 0 rg BT 330.90 481.50 Td (The advisor pays ) Tj ET Q q 0 0 0 rg BT 401.17 481.50 Td (ACIS) Tj ET Q q 0 0 0 rg BT 426.73 481.50 Td (s costs for serving as principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 469.50 Td (underwriter of the funds) Tj ET Q q 0 0 0 rg BT 131.00 469.50 Td ( shares out of the advisor) Tj ET Q q 0 0 0 rg BT 231.63 469.50 Td () Tj ET Q q 0 0 0 rg BT 234.41 469.50 Td (s unified management fee. For a description of this fee and the terms of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 457.50 Td (payment, see the above discussion under the caption ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 243.38 457.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 289.02 457.50 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.13 457.50 Td ( on page 39. ) Tj ET Q q 0 0 0 rg BT 370.95 457.50 Td (ACIS does not earn commissions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 445.50 Td (distributing the funds) Tj ET Q q 0 0 0 rg BT 119.64 445.50 Td ( shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 430.50 Td (Certain financial intermediaries unaf) Tj ET Q q 0 0 0 rg BT 178.20 430.50 Td (filiated with the distributor or the funds may perform various administrative and shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 418.50 Td (services for their clients who are invested in the funds. ) Tj ET Q q 0 0 0 rg BT 252.09 418.50 Td (These services may include assisting with fund purchases, redemptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 406.50 Td (exchanges, distributing information about the funds and their performance, preparing and distributing client account statements, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 394.50 Td (other administrative and shareholder services that would otherwise be provided by the distributor or its af) Tj ET Q q 0 0 0 rg BT 453.15 394.50 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 485.18 394.50 Td (The distributor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 382.50 Td (may pay fees out of its own resources to such financial intermediaries for providing these services.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 361.70 Td (Custodian Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 346.70 Td (State Street Bank and ) Tj ET Q q 0 0 0 rg BT 120.19 346.70 Td (T) Tj ET Q q 0 0 0 rg BT 125.94 346.70 Td (rust Company \(SSB\), State Street Financial Center) Tj ET Q q 0 0 0 rg BT 328.57 346.70 Td (, One Lincoln Street, Boston, Massachusetts 021) Tj ET Q q 0 0 0 rg BT 522.90 346.70 Td (1) Tj ET Q q 0 0 0 rg BT 527.53 346.70 Td (1 serves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 334.70 Td (as custodian of the funds) Tj ET Q q 0 0 0 rg BT 133.51 334.70 Td ( cash and securities under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.69 334.70 Td (Master Custodian ) Tj ET Q q 0 0 0 rg BT 318.46 334.70 Td (Agreement with the corporation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.48 334.70 Td (Foreign securities, if any) Tj ET Q q 0 0 0 rg BT 550.25 334.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 322.70 Td (are held by foreign banks participating in a network coordinated by SSB. ) Tj ET Q q 0 0 0 rg BT 325.97 322.70 Td (The custodian takes no part in determining the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 310.70 Td (policies of the funds or in deciding which securities are purchased or sold by the funds. ) Tj ET Q q 0 0 0 rg BT 382.62 310.70 Td (The funds, however) Tj ET Q q 0 0 0 rg BT 461.92 310.70 Td (, may invest in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 298.70 Td (obligations of the custodian and may purchase or sell certain securities from or to the custodian.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 278.90 Td (Securities Lending ) Tj ET Q q 0 0 0 rg BT 145.84 278.90 Td (Agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 263.90 Td (State Street Bank and ) Tj ET Q q 0 0 0 rg BT 120.19 263.90 Td (T) Tj ET Q q 0 0 0 rg BT 125.94 263.90 Td (rust Company \(SSB\) serves as securities lending agent for the funds pursuant to a Securities Lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 251.90 Td (Administration ) Tj ET Q q 0 0 0 rg BT 94.00 251.90 Td (Agreement with the advisor) Tj ET Q q 0 0 0 rg BT 204.81 251.90 Td (. ) Tj ET Q q 0 0 0 rg BT 209.63 251.90 Td (The following table provides the amounts of income and fees/compensation related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 239.90 Td (the funds) Tj ET Q q 0 0 0 rg BT 71.03 239.90 Td ( securities lending activities during the most recent fiscal year:) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 723.5 m 362 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 723.5 m 450 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 723.5 m 550 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 723.5 m 362 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 709.5 m 362 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 723.5 m 450 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 709.5 m 450 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 723.5 m 550 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 709.5 m 550 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 709.5 m 362 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 684.5 m 362 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 709.5 m 450 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 684.5 m 450 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 709.5 m 550 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 684.5 m 550 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 684.5 m 362 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 669.5 m 362 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 684.5 m 450 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 669.5 m 450 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 684.5 m 550 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 669.5 m 550 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 669.5 m 362 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 634.5 m 362 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 669.5 m 450 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 634.5 m 450 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 669.5 m 550 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 634.5 m 550 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 634.5 m 362 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 619.5 m 362 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 634.5 m 450 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 619.5 m 450 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 634.5 m 550 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 619.5 m 550 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 619.5 m 362 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 604.5 m 362 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 619.5 m 450 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 604.5 m 450 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 619.5 m 550 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 604.5 m 550 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 604.5 m 362 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 589.5 m 362 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 604.5 m 450 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 589.5 m 450 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 604.5 m 550 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 589.5 m 550 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 589.5 m 362 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 574.5 m 362 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 589.5 m 450 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 574.5 m 450 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 589.5 m 550 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 574.5 m 550 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 574.5 m 362 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 560.5 m 362 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 574.5 m 450 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 560.5 m 450 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 574.5 m 550 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 560.5 m 550 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43 560.5 m 362 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 560.5 m 450 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 560.5 m 550 560.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 738.17 Td (VP) Tj ET Q q 0 0 0 rg BT 396.20 738.17 Td ( Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.35 728.17 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.75 728.17 Td (VP) Tj ET Q q 0 0 0 rg BT 489.16 728.17 Td ( Growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.50 714.18 Td (Gr) Tj ET Q q 0 0 0 rg BT 57.63 714.18 Td (oss income fr) Tj ET Q q 0 0 0 rg BT 113.54 714.18 Td (om securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 714.18 Td ($261,485) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.75 714.18 Td ($3,046) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.50 699.21 Td (Fees and/or compensation paid by the fund for securities lending activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.50 689.21 Td (and r) Tj ET Q q 0 0 0 rg BT 66.52 689.21 Td (elated services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 674.17 Td (Fees paid to securities lending agent from a revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.25 674.17 Td ($20,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 674.17 Td ($299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 659.17 Td (Fees paid for any cash collateral management service \(including fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 649.17 Td (deducted from a pooled cash collateral reinvestment vehicle\) that are not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 639.17 Td (included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.75 639.17 Td ($1,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 639.17 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 624.17 Td (Administrative fees not included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 624.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 624.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 609.17 Td (Indemnification fee not included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 609.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 609.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 594.17 Td (Rebate \(paid to borrower\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.25 594.17 Td ($56,21) Tj ET Q q 0 0 0 rg BT 416.75 594.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 594.17 Td ($44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 579.17 Td (Other fees not included in revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 579.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 579.17 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.50 565.18 Td (Aggr) Tj ET Q q 0 0 0 rg BT 67.07 565.18 Td (egate fees/compensation for) Tj ET Q q 0 0 0 rg BT 184.63 565.18 Td ( securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.25 565.18 Td ($78,059) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 565.18 Td ($349) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.50 551.18 Td (Net income fr) Tj ET Q q 0 0 0 rg BT 103.63 551.18 Td (om securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 551.18 Td ($183,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.75 551.18 Td ($2,697) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 508.5 m 363 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 508.5 m 442 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 508.5 m 549 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 508.5 m 363 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 494.5 m 363 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 508.5 m 442 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 494.5 m 442 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 508.5 m 549 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 494.5 m 549 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 494.5 m 363 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 469.5 m 363 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 494.5 m 442 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 469.5 m 442 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 494.5 m 549 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 469.5 m 549 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 469.5 m 363 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 454.5 m 363 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 469.5 m 442 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 454.5 m 442 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 469.5 m 549 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 454.5 m 549 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 454.5 m 363 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 419.5 m 363 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 454.5 m 442 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 419.5 m 442 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 454.5 m 549 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 419.5 m 549 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 419.5 m 363 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 404.5 m 363 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 419.5 m 442 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 404.5 m 442 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 419.5 m 549 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 404.5 m 549 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 404.5 m 363 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 389.5 m 363 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 404.5 m 442 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 389.5 m 442 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 404.5 m 549 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 389.5 m 549 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 389.5 m 363 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 374.5 m 363 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 389.5 m 442 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 374.5 m 442 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 389.5 m 549 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 374.5 m 549 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 374.5 m 363 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 359.5 m 363 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 374.5 m 442 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 359.5 m 442 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 374.5 m 549 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 359.5 m 549 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 359.5 m 363 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 345.5 m 363 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 359.5 m 442 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 345.5 m 442 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 359.5 m 549 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 345.5 m 549 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 345.5 m 363 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 345.5 m 442 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 345.5 m 549 345.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.95 513.17 Td (VP) Tj ET Q q 0 0 0 rg BT 381.55 513.17 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.25 513.17 Td (VP) Tj ET Q q 0 0 0 rg BT 488.66 513.17 Td ( ) Tj ET Q q 0 0 0 rg BT 490.98 513.17 Td (V) Tj ET Q q 0 0 0 rg BT 497.09 513.17 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.50 499.18 Td (Gr) Tj ET Q q 0 0 0 rg BT 58.63 499.18 Td (oss income fr) Tj ET Q q 0 0 0 rg BT 114.54 499.18 Td (om securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.25 499.18 Td ($9,838) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 499.18 Td ($24,758) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 46.50 484.21 Td (Fees and/or compensation paid by the fund for securities lending activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 46.50 474.21 Td (and r) Tj ET Q q 0 0 0 rg BT 67.52 474.21 Td (elated services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 459.17 Td (Fees paid to securities lending agent from a revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 459.17 Td ($565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 459.17 Td ($592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 444.17 Td (Fees paid for any cash collateral management service \(including fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 434.17 Td (deducted from a pooled cash collateral reinvestment vehicle\) that are not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 424.17 Td (included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 424.17 Td ($106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 424.17 Td ($462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 409.17 Td (Administrative fees not included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 409.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 409.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 394.17 Td (Indemnification fee not included in the revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 394.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 394.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 379.17 Td (Rebate \(paid to borrower\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.25 379.17 Td ($4,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.75 379.17 Td ($18,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 364.17 Td (Other fees not included in revenue split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 364.17 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 364.17 Td ($0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.50 350.18 Td (Aggr) Tj ET Q q 0 0 0 rg BT 68.07 350.18 Td (egate fees/compensation for) Tj ET Q q 0 0 0 rg BT 185.63 350.18 Td ( securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.25 350.18 Td ($4,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 350.18 Td ($19,417) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.50 336.18 Td (Net income fr) Tj ET Q q 0 0 0 rg BT 104.63 336.18 Td (om securities lending activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.25 336.18 Td ($5,100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.25 336.18 Td ($5,341) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 317.00 Td (As the funds) Tj ET Q q 0 0 0 rg BT 84.64 317.00 Td ( securities lending agent, SSB provides the following services: locating borrowers for fund securities, executing loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 305.00 Td (of portfolio securities pursuant to terms and parameters defined by the advisor and the Board of Directors, monitoring the daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 293.00 Td (value of the loaned securities and collateral, requiring additional collateral as necessary) Tj ET Q q 0 0 0 rg BT 380.15 293.00 Td (, managing cash collateral, and providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 281.00 Td (certain limited recordkeeping and accounting services.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 260.20 Td (Independent Register) Tj ET Q q 0 0 0 rg BT 159.97 260.20 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 218.31 260.20 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 245.20 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 76.31 245.20 Td (T) Tj ET Q q 0 0 0 rg BT 81.72 245.20 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 125.50 245.20 Td ( is the independent registered public accounting firm of the funds. ) Tj ET Q q 0 0 0 rg BT 391.36 245.20 Td (The address of Deloitte & ) Tj ET Q q 0 0 0 rg BT 497.54 245.20 Td (T) Tj ET Q q 0 0 0 rg BT 502.95 245.20 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 546.73 245.20 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 233.20 Td (1) Tj ET Q q 0 0 0 rg BT 36.13 233.20 Td (100 ) Tj ET Q q 0 0 0 rg BT 53.45 233.20 Td (W) Tj ET Q q 0 0 0 rg BT 62.09 233.20 Td (alnut Street, Kansas City) Tj ET Q q 0 0 0 rg BT 160.87 233.20 Td (, Missouri 64106. ) Tj ET Q q 0 0 0 rg BT 233.38 233.20 Td (As the independent registered public accounting firm of the funds, Deloitte & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 221.20 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 221.20 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 80.69 221.20 Td ( provides services including auditing the annual financial statements and financial highlights for each fund.) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 195.60 Td (Br) Tj ET Q q 0 0 0 rg BT 51.17 195.60 Td (okerage ) Tj ET Q q 0 0 0 rg BT 115.66 195.60 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 180.60 Td (The advisor places orders for equity portfolio transactions with broker) Tj ET Q q 0 0 0 rg BT 312.05 180.60 Td (-dealers, who receive commissions for their services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 168.60 Td (Generally) Tj ET Q q 0 0 0 rg BT 70.27 168.60 Td (, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 156.60 Td (traded on U.S. exchanges. ) Tj ET Q q 0 0 0 rg BT 138.23 156.60 Td (The advisor purchases and sells fixed-income securities through principal transactions, meaning the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 144.60 Td (advisor normally purchases securities on a net basis directly from the issuer or a primary market-maker acting as principal for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 74.08 132.60 Td (The funds generally do not pay a stated brokerage commission on these transactions, although the purchase price for debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 120.60 Td (securities usually includes an undisclosed compensation. Purchases of securities from underwriters typically include a commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 108.60 Td (or concession paid by the issuer to the underwriter) Tj ET Q q 0 0 0 rg BT 232.71 108.60 Td (, and purchases from dealers serving as market-makers typically include a dealer) Tj ET Q q 0 0 0 rg BT 555.73 108.60 Td () Tj ET Q q 0 0 0 rg BT 558.51 108.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 96.60 Td (mark-up \(i.e., a spread between the bid and asked prices\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 81.60 Td (Under the management agreement between the funds and the advisor) Tj ET Q q 0 0 0 rg BT 307.38 81.60 Td (, the advisor has the responsibility of selecting brokers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 69.60 Td (dealers to execute portfolio transactions. ) Tj ET Q q 0 0 0 rg BT 195.70 69.60 Td (The funds) Tj ET Q q 0 0 0 rg BT 238.56 69.60 Td ( policy is to secure the most favorable prices and execution of orders on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 57.60 Td (portfolio transactions. ) Tj ET Q q 0 0 0 rg BT 121.58 57.60 Td (The advisor selects broker) Tj ET Q q 0 0 0 rg BT 226.62 57.60 Td (-dealers on their perceived ability to obtain best execution in ef) Tj ET Q q 0 0 0 rg BT 488.00 57.60 Td (fecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 45.60 Td (transactions in its clients) Tj ET Q q 0 0 0 rg BT 132.68 45.60 Td ( portfolios. In selecting broker) Tj ET Q q 0 0 0 rg BT 253.84 45.60 Td (-dealers to ef) Tj ET Q q 0 0 0 rg BT 305.85 45.60 Td (fect portfolio transactions relating to equity securities, the ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (advisor considers the full range and quality of a broker) Tj ET Q q 0 0 0 rg BT 250.40 742.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 278.52 742.10 Td () Tj ET Q q 0 0 0 rg BT 281.30 742.10 Td (s research and brokerage services, including, but not limited to, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 715.10 Td (applicable commission rates and other transaction costs char) Tj ET Q q 0 0 0 rg BT 282.18 715.10 Td (ged by the broker) Tj ET Q q 0 0 0 rg BT 352.24 715.10 Td (-dealer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 700.10 Td (value of research provided to the advisor by the broker) Tj ET Q q 0 0 0 rg BT 259.39 700.10 Td (-dealer \(including economic forecasts, fundamental and technical advice on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 688.10 Td (individual securities, market analysis, and advice, either directly or through publications or writings, as to the value of securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 676.10 Td (availability of securities or of purchasers/sellers of securities\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 661.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 661.10 Td (timeliness of the broker) Tj ET Q q 0 0 0 rg BT 135.00 661.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 163.12 661.10 Td () Tj ET Q q 0 0 0 rg BT 165.90 661.10 Td (s trade executions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 646.10 Td (ef) Tj ET Q q 0 0 0 rg BT 48.09 646.10 Td (ficiency and accuracy of the broker) Tj ET Q q 0 0 0 rg BT 189.20 646.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 217.32 646.10 Td () Tj ET Q q 0 0 0 rg BT 220.10 646.10 Td (s clearance and settlement processes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 631.10 Td (broker) Tj ET Q q 0 0 0 rg BT 66.40 631.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 94.52 631.10 Td () Tj ET Q q 0 0 0 rg BT 97.30 631.10 Td (s ability to provide data on securities executions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 616.10 Td (financial condition of the broker) Tj ET Q q 0 0 0 rg BT 169.70 616.10 Td (-dealer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 601.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 601.10 Td (the quality of the overall brokerage and customer service provided by the broker) Tj ET Q q 0 0 0 rg BT 361.85 601.10 Td (-dealer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 586.10 Td (In transactions to buy and sell fixed-income securities, the selection of the broker) Tj ET Q q 0 0 0 rg BT 356.48 586.10 Td (- dealer is determined by the availability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 574.10 Td (desired security and its of) Tj ET Q q 0 0 0 rg BT 134.07 574.10 Td (fering price, as well as the broker) Tj ET Q q 0 0 0 rg BT 267.42 574.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 295.55 574.10 Td () Tj ET Q q 0 0 0 rg BT 298.33 574.10 Td (s general execution and operational and financial capabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 562.10 Td (the type of transaction involved. ) Tj ET Q q 0 0 0 rg BT 162.95 562.10 Td (The advisor will seek to obtain prompt execution of orders at the most favorable prices or yields. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 550.10 Td (The advisor does not consider the receipt of products or services other than brokerage or research services in selecting broker) Tj ET Q q 0 0 0 rg BT 532.50 550.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 538.10 Td (dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 523.10 Td (On an ongoing basis, the advisor seeks to determine what levels of commission rates are reasonable in the marketplace. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 511.10 Td (evaluating the reasonableness of commission rates, the advisor considers:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 496.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 496.10 Td (rates quoted by broker) Tj ET Q q 0 0 0 rg BT 129.99 496.10 Td (-dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 481.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 481.10 Td (the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 466.10 Td (the ability of a broker) Tj ET Q q 0 0 0 rg BT 126.94 466.10 Td (-dealer to execute lar) Tj ET Q q 0 0 0 rg BT 210.87 466.10 Td (ge trades while minimizing market impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 451.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 451.10 Td (the complexity of a particular transaction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 436.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 436.10 Td (the nature and character of the markets on which a particular trade takes place) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 421.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 421.10 Td (the level and type of business done with a particular firm over a period of time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 406.10 Td (the ability of a broker) Tj ET Q q 0 0 0 rg BT 126.94 406.10 Td (-dealer to provide anonymity while executing trades) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 391.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 391.10 Td (historical commission rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 376.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 376.10 Td (rates that other institutional investors are paying, based on publicly available information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 361.10 Td (The brokerage commissions paid by the funds may exceed those that another broker) Tj ET Q q 0 0 0 rg BT 367.86 361.10 Td (-dealer might have char) Tj ET Q q 0 0 0 rg BT 462.35 361.10 Td (ged for ef) Tj ET Q q 0 0 0 rg BT 501.04 361.10 Td (fecting the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 349.10 Td (same transactions, because of the value of the brokerage and research services provided by the broker) Tj ET Q q 0 0 0 rg BT 437.79 349.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 465.00 349.10 Td (. Research services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 337.10 Td (furnished by broker) Tj ET Q q 0 0 0 rg BT 110.17 337.10 Td (-dealers through whom the funds ef) Tj ET Q q 0 0 0 rg BT 252.45 337.10 Td (fect securities transactions may be used by the advisor in servicing all of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 325.10 Td (accounts, and not all such services may be used by the advisor in managing the portfolios of the funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 310.10 Td (Pursuant to its internal allocation procedures, the advisor regularly evaluates the brokerage and research services provided by each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 298.10 Td (broker) Tj ET Q q 0 0 0 rg BT 57.40 298.10 Td (-dealer that it uses. On a periodic basis, members of the advisor) Tj ET Q q 0 0 0 rg BT 311.86 298.10 Td () Tj ET Q q 0 0 0 rg BT 314.64 298.10 Td (s portfolio management team assess the quality and value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 286.10 Td (research and brokerage services provided by each broker) Tj ET Q q 0 0 0 rg BT 258.69 286.10 Td (-dealer that provides execution services and research to the advisor for its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 274.10 Td (clients) Tj ET Q q 0 0 0 rg BT 60.19 274.10 Td ( accounts. ) Tj ET Q q 0 0 0 rg BT 102.50 274.10 Td (The results of the periodic assessments are used to add or remove brokers from the approved brokers list, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 262.10 Td (needed, and to set research budgets for the following period. Execution-only brokers are used where deemed appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 247.10 Td (In the fiscal years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.76 247.10 Td (2019, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.76 247.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.20 247.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.20 247.10 Td (, the brokerage commissions including, as applicable, futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 235.10 Td (commissions, of each fund are listed in the following table.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 203.60000000000002 m 160 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 203.60000000000002 m 269 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 203.60000000000002 m 378 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 203.60000000000002 m 498 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 190.60000000000002 m 160 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 190.60000000000002 m 269 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 190.60000000000002 m 378 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 190.60000000000002 m 498 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 177.60000000000002 m 160 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 177.60000000000002 m 269 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 177.60000000000002 m 378 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 177.60000000000002 m 498 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 164.60000000000002 m 160 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 164.60000000000002 m 269 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 164.60000000000002 m 378 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 164.60000000000002 m 498 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 151.60000000000002 m 160 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 151.60000000000002 m 269 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 151.60000000000002 m 378 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 151.60000000000002 m 498 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 138.60000000000002 m 160 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 138.60000000000002 m 269 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 138.60000000000002 m 378 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 138.60000000000002 m 498 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 125.60000000000002 m 160 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 125.60000000000002 m 269 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 125.60000000000002 m 378 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 125.60000000000002 m 498 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 112.60000000000002 m 160 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 112.60000000000002 m 269 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 112.60000000000002 m 378 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 112.60000000000002 m 498 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 99.60000000000002 m 160 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 99.60000000000002 m 269 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 99.60000000000002 m 378 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 99.60000000000002 m 498 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 86.60000000000002 m 160 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160 86.60000000000002 m 269 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 86.60000000000002 m 378 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 86.60000000000002 m 498 86.60000000000002 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 208.31 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 215.50 208.31 Td (2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 324.50 208.31 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 444.50 208.31 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 194.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 194.17 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.65 194.17 Td ($40,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 194.17 Td ($35,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 194.17 Td ($37,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 181.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 181.17 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 80.52 181.17 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 181.17 Td ($173,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 181.17 Td ($202,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 181.17 Td ($171,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 168.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 168.17 Td ( Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 168.17 Td ($744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 168.17 Td ($1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 168.17 Td ($1,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 155.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 155.17 Td ( Income & Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 155.17 Td ($107,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.25 155.17 Td ($106,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 155.17 Td ($151,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 142.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 142.17 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 142.17 Td ($135,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 142.17 Td ($189,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 142.17 Td ($240,81) Tj ET Q q 0 0 0 rg BT 459.15 142.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 129.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 129.17 Td ( Lar) Tj ET Q q 0 0 0 rg BT 63.20 129.17 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 116.34 129.17 Td (V) Tj ET Q q 0 0 0 rg BT 122.92 129.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.65 129.17 Td ($12,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 129.17 Td ($8,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 129.17 Td ($5,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 116.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 116.17 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 87.10 116.17 Td (V) Tj ET Q q 0 0 0 rg BT 93.68 116.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 116.17 Td ($185,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 116.17 Td ($461,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 116.17 Td ($404,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 103.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 103.17 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.65 103.17 Td ($15,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 103.17 Td ($20,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 103.17 Td ($20,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 90.17 Td (VP) Tj ET Q q 0 0 0 rg BT 46.91 90.17 Td ( ) Tj ET Q q 0 0 0 rg BT 49.23 90.17 Td (V) Tj ET Q q 0 0 0 rg BT 55.34 90.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 90.17 Td ($243,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 90.17 Td ($301,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 90.17 Td ($185,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 87.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 72.10 Td (Brokerage commissions paid by a fund may vary significantly from year to year as a result of changing asset levels throughout the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 60.10 Td (year) Tj ET Q q 0 0 0 rg BT 48.31 60.10 Td (, portfolio turnover) Tj ET Q q 0 0 0 rg BT 124.28 60.10 Td (, varying market conditions, and other factors.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (The funds) Tj ET Q q 0 0 0 rg BT 74.36 742.10 Td ( distributor \(ACIS\) and investment advisor \(ACIM\) are wholly owned, directly or indirectly) Tj ET Q q 0 0 0 rg BT 441.69 742.10 Td (, by ) Tj ET Q q 0 0 0 rg BT 458.63 742.10 Td (ACC. Nomura Holdings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (Inc. \(Nomura\) is an equity investor in ) Tj ET Q q 0 0 0 rg BT 184.24 730.10 Td (ACC. ) Tj ET Q q 0 0 0 rg BT 209.63 730.10 Td (The fund listed below paid a subsidiary of Nomura \(Af) Tj ET Q q 0 0 0 rg BT 429.67 730.10 Td (filiated Broker\) the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (brokerage commissions for the fiscal years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.29 718.10 Td (2019, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.29 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.73 718.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.23 718.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 689.6 m 178 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 674.6 m 178 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.6 m 278 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 674.6 m 278 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 689.6 m 378 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 674.6 m 378 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 689.6 m 478 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 674.6 m 478 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 674.6 m 178 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 659.6 m 178 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 674.6 m 278 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 659.6 m 278 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 674.6 m 378 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 659.6 m 378 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 674.6 m 478 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 659.6 m 478 659.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 694.31 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 180.50 694.31 Td (2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 280.50 694.31 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 380.50 694.31 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 679.27 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 679.27 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 679.27 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.50 679.27 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 679.27 Td ($994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 664.27 Td (VP) Tj ET Q q 0 0 0 rg BT 46.91 664.27 Td ( ) Tj ET Q q 0 0 0 rg BT 49.23 664.27 Td (V) Tj ET Q q 0 0 0 rg BT 55.34 664.27 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 664.27 Td ($301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.50 664.27 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 664.27 Td ($0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 645.10 Td (For the fiscal year ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.93 645.10 Td ( 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.43 645.10 Td (, the following table shows the percentage of the fund) Tj ET Q q 0 0 0 rg BT 429.15 645.10 Td (s aggregate brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 633.10 Td (commissions paid to the ) Tj ET Q q 0 0 0 rg BT 130.39 633.10 Td (Af) Tj ET Q q 0 0 0 rg BT 140.76 633.10 Td (filiated Broker and the percentage of the fund) Tj ET Q q 0 0 0 rg BT 325.96 633.10 Td (s aggregate dollar amount of portfolio transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 621.10 Td (involving the payment of commissions ef) Tj ET Q q 0 0 0 rg BT 197.13 621.10 Td (fected through the ) Tj ET Q q 0 0 0 rg BT 271.83 621.10 Td (Af) Tj ET Q q 0 0 0 rg BT 282.20 621.10 Td (filiated Broker) Tj ET Q q 0 0 0 rg BT 340.24 621.10 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 585.6 m 196 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 570.6 m 196 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 585.6 m 350 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 570.6 m 350 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 585.6 m 496 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 570.6 m 496 570.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 590.31 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 198.50 600.31 Td (Per) Tj ET Q q 0 0 0 rg BT 212.75 600.31 Td (centage of Br) Tj ET Q q 0 0 0 rg BT 266.25 600.31 Td (okerage) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 198.50 590.31 Td (Commissions) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 352.50 600.31 Td (Per) Tj ET Q q 0 0 0 rg BT 366.57 600.31 Td (centage of Dollar ) Tj ET Q q 0 0 0 rg BT 439.43 600.31 Td (Amount) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 352.50 590.31 Td (Portfolio T) Tj ET Q q 0 0 0 rg BT 396.12 590.31 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 575.27 Td (VP) Tj ET Q q 0 0 0 rg BT 46.91 575.27 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 575.27 Td (0.12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 575.27 Td (0.07%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 550.30 Td (Regular) Tj ET Q q 0 0 0 rg BT 79.46 550.30 Td ( Br) Tj ET Q q 0 0 0 rg BT 98.26 550.30 Td (oker) Tj ET Q q 0 0 0 rg BT 124.95 550.30 Td (-Dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 535.30 Td (As of the end of its most recently completed fiscal year) Tj ET Q q 0 0 0 rg BT 252.14 535.30 Td (, each of the funds listed below owned securities of its regular brokers or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 523.30 Td (dealers \(as defined by Rule 10b-1 under the Investment Company ) Tj ET Q q 0 0 0 rg BT 296.43 523.30 Td (Act of 1940\) or of their parent companies.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 476.79999999999995 m 462 476.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 476.79999999999995 m 561 476.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 476.79999999999995 m 219 476.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 463.79999999999995 m 561 463.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 463.79999999999995 m 462 463.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 450.79999999999995 m 462 450.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 450.79999999999995 m 561 450.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 450.79999999999995 m 462 450.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 437.79999999999995 m 462 437.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 437.79999999999995 m 561 437.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 424.79999999999995 m 462 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 424.79999999999995 m 561 424.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 411.79999999999995 m 462 411.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 411.79999999999995 m 561 411.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 398.79999999999995 m 462 398.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 398.79999999999995 m 561 398.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 385.79999999999995 m 462 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 385.79999999999995 m 561 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 372.79999999999995 m 462 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 372.79999999999995 m 561 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 372.79999999999995 m 219 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 357.79999999999995 m 219 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 357.79999999999995 m 462 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 357.79999999999995 m 561 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 344.79999999999995 m 219 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 357.79999999999995 m 462 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 344.79999999999995 m 462 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 344.79999999999995 m 561 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 331.79999999999995 m 462 331.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 331.79999999999995 m 561 331.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 318.79999999999995 m 462 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 318.79999999999995 m 561 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 318.79999999999995 m 219 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 305.79999999999995 m 462 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 305.79999999999995 m 561 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 305.79999999999995 m 219 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 292.79999999999995 m 462 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 292.79999999999995 m 561 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 278.79999999999995 m 462 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 278.79999999999995 m 561 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 278.79999999999995 m 219 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 278.79999999999995 m 462 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 278.79999999999995 m 561 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 265.79999999999995 m 561 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 265.79999999999995 m 219 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 252.79999999999995 m 219 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 265.79999999999995 m 462 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 252.79999999999995 m 462 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 252.79999999999995 m 561 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 239.79999999999995 m 462 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 239.79999999999995 m 561 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 226.79999999999995 m 462 226.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 226.79999999999995 m 561 226.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 213.79999999999995 m 462 213.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 213.79999999999995 m 561 213.79999999999995 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 481.51 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 221.50 481.51 Td (Br) Tj ET Q q 0 0 0 rg BT 231.13 481.51 Td (oker) Tj ET Q q 0 0 0 rg BT 247.79 481.51 Td (, Dealer or Par) Tj ET Q q 0 0 0 rg BT 309.08 481.51 Td (ent) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.50 500.36 Td (V) Tj ET Q q 0 0 0 rg BT 469.50 500.36 Td (alue of Securities ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.50 490.36 Td (Owned ) Tj ET Q q 0 0 0 rg BT 495.15 490.36 Td (As of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.50 480.36 Td (December 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 467.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 467.53 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 467.37 Td (Bank of ) Tj ET Q q 0 0 0 rg BT 255.66 467.37 Td (America Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 467.37 Td ($3,148,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 454.37 Td (Barclays Capital, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 454.37 Td ($204,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 441.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 441.37 Td (Citigroup, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 441.37 Td ($878,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 428.37 Td (Credit Suisse Group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 428.37 Td ($252,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 415.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 415.37 Td (Goldman Sachs Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 415.37 Td ($1,064,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 402.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 402.37 Td (JPMor) Tj ET Q q 0 0 0 rg BT 248.08 402.37 Td (gan Chase & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 402.37 Td ($4,237,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 389.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 389.37 Td (Mor) Tj ET Q q 0 0 0 rg BT 238.63 389.37 Td (gan Stanley & Co., Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 389.37 Td ($979,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 376.37 Td (UBS Group ) Tj ET Q q 0 0 0 rg BT 271.23 376.37 Td (AB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 376.37 Td ($205,822) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 363.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 363.53 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 83.67 363.53 Td (Appr) Tj ET Q q 0 0 0 rg BT 106.09 363.53 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 363.37 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 348.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 348.53 Td ( Gr) Tj ET Q q 0 0 0 rg BT 61.90 348.53 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 348.37 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 335.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 335.53 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 106.90 335.53 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 335.37 Td (Bank of ) Tj ET Q q 0 0 0 rg BT 255.66 335.37 Td (America Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 335.37 Td ($2,455,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 322.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 322.37 Td (JPMor) Tj ET Q q 0 0 0 rg BT 248.08 322.37 Td (gan Chase & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 322.37 Td ($6,319,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 309.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 309.53 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 309.37 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 296.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 296.53 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 121.91 296.53 Td (V) Tj ET Q q 0 0 0 rg BT 128.58 296.53 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 296.37 Td (Bank of ) Tj ET Q q 0 0 0 rg BT 255.66 296.37 Td (America Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 296.37 Td ($573,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 283.37 Td (JPMor) Tj ET Q q 0 0 0 rg BT 247.99 283.37 Td (gan Chase & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 283.37 Td ($1,519,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 269.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 269.53 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 90.25 269.53 Td (V) Tj ET Q q 0 0 0 rg BT 96.92 269.53 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 269.37 Td (State Street Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 269.37 Td ($6,860,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 256.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.55 256.53 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 256.37 Td (JPMor) Tj ET Q q 0 0 0 rg BT 248.08 256.37 Td (gan Chase & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 256.37 Td ($2,382,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.50 243.53 Td (VP) Tj ET Q q 0 0 0 rg BT 47.28 243.53 Td ( ) Tj ET Q q 0 0 0 rg BT 49.60 243.53 Td (V) Tj ET Q q 0 0 0 rg BT 55.90 243.53 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 243.37 Td (Bank of ) Tj ET Q q 0 0 0 rg BT 255.66 243.37 Td (America Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 243.37 Td ($21,429,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 230.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 230.37 Td (JPMor) Tj ET Q q 0 0 0 rg BT 248.08 230.37 Td (gan Chase & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 230.37 Td ($31,299,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 217.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 217.37 Td (State Street Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 217.37 Td ($6,467,216) Tj ET Q BT /F1 10.00 Tf ET BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 188.70 Td (Information ) Tj ET Q q 0 0 0 rg BT 129.01 188.70 Td (About Fund Shar) Tj ET Q q 0 0 0 rg BT 263.73 188.70 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 173.70 Td (Each of the funds named on the front of this statement of additional information is a series of shares issued by the corporation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 161.70 Td (shares of each fund have equal voting rights. In addition, each series \(or fund\) may be divided into separate classes. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 513.01 161.70 Td (Multiple ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 31.50 149.70 Td (Class Structur) Tj ET Q q 0 0 0 rg BT 88.64 149.70 Td (e,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 149.70 Td ( which follows. ) Tj ET Q q 0 0 0 rg BT 159.46 149.70 Td (Additional funds and classes may be added without a shareholder vote.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 134.70 Td (Each fund votes separately on matters af) Tj ET Q q 0 0 0 rg BT 193.48 134.70 Td (fecting that fund exclusively) Tj ET Q q 0 0 0 rg BT 306.96 134.70 Td (. ) Tj ET Q q 0 0 0 rg BT 311.78 134.70 Td (V) Tj ET Q q 0 0 0 rg BT 317.71 134.70 Td (oting rights are not cumulative, so that investors holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 122.70 Td (more than 50% of the corporation) Tj ET Q q 0 0 0 rg BT 169.51 122.70 Td (s \(all funds\) outstanding shares may be able to elect a Board of Directors. ) Tj ET Q q 0 0 0 rg BT 468.96 122.70 Td (The corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 110.70 Td (undertakes dollar) Tj ET Q q 0 0 0 rg BT 100.44 110.70 Td (-based voting, meaning that the number of votes a shareholder is entitled to is based upon the dollar amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 98.70 Td (shareholder) Tj ET Q q 0 0 0 rg BT 78.52 98.70 Td () Tj ET Q q 0 0 0 rg BT 81.29 98.70 Td (s investment. ) Tj ET Q q 0 0 0 rg BT 136.39 98.70 Td (The election of directors is determined by the votes received from all the corporation shareholders without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 86.70 Td (regard to whether a majority of shares of any one fund voted in favor of a particular nominee or all nominees as a group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 71.70 Td (Shares of the funds are sold only to separate accounts of certain insurance companies in connection with the issuance of variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 59.70 Td (annuity contracts and/or variable life insurance contracts by the insurance companies. Each insurance company separate account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 47.70 Td (requests voting instructions from the variable contract owners and is required to vote its shares of a fund in accordance with the ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (instructions received. Each separate account votes shares for which no voting instructions are received in the same proportion as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (shares for which instructions are received. Shares held by an insurance company in its general account, if any) Tj ET Q q 0 0 0 rg BT 468.75 730.10 Td (, must be voted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (same proportions as the votes cast with respect to shares held in all of the insurance company) Tj ET Q q 0 0 0 rg BT 407.51 718.10 Td (s variable accounts in the aggregate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (Such proportional voting may result in a relatively small number of variable contract owners determining the outcome of a proposal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (The assets belonging to each series are held separately by the custodian and the shares of each series or class represent a beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (interest in the principal, earnings and profit \(or losses\) of investments and other assets held for each series or class. ) Tj ET Q q 0 0 0 rg BT 492.85 679.10 Td (W) Tj ET Q q 0 0 0 rg BT 501.89 679.10 Td (ithin their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (respective series or class, all shares have equal redemption rights. Each share, when issued, is fully paid and non-assessable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (Each shareholder has rights to dividends and distributions declared by the fund he or she owns and to the net assets of such fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 640.10 Td (upon its liquidation or dissolution proportionate to his or her share ownership interest in the fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 625.10 Td (Each fund is of) Tj ET Q q 0 0 0 rg BT 92.13 625.10 Td (fered only to insurance companies for the purpose of of) Tj ET Q q 0 0 0 rg BT 313.82 625.10 Td (fering the fund as an investment option under variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 613.10 Td (annuity or variable life insurance contracts. ) Tj ET Q q 0 0 0 rg BT 206.71 613.10 Td (Although the funds do not foresee any disadvantages to contract owners due to the fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 601.10 Td (that the funds of) Tj ET Q q 0 0 0 rg BT 96.58 601.10 Td (fer shares as an investment medium for both variable annuity and variable life products, the interests of various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 589.10 Td (contract owners participating in a fund might, at some time, be in conflict due to future dif) Tj ET Q q 0 0 0 rg BT 392.88 589.10 Td (ferences in tax treatment of variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (products or other considerations. Consequently) Tj ET Q q 0 0 0 rg BT 219.42 577.10 Td (, each fund) Tj ET Q q 0 0 0 rg BT 266.35 577.10 Td (s Board of Directors will monitor events in order to identify any material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (irreconcilable conflicts that may possibly arise and to determine what action, if any) Tj ET Q q 0 0 0 rg BT 363.79 565.10 Td (, should be taken in response to such conflicts. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (a conflict were to occur) Tj ET Q q 0 0 0 rg BT 125.49 553.10 Td (, an insurance company separate account might be required to withdraw its investments in a fund, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (fund might be forced to sell securities at disadvantageous prices to redeem such investments.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 520.30 Td (Multiple Class Structur) Tj ET Q q 0 0 0 rg BT 172.80 520.30 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 505.30 Td (The corporation) Tj ET Q q 0 0 0 rg BT 98.42 505.30 Td (s Board of Directors has adopted a multiple class plan pursuant to Rule 18f-3 adopted by the SEC. ) Tj ET Q q 0 0 0 rg BT 493.99 505.30 Td (The plan is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 493.30 Td (described in the prospectus of any fund that of) Tj ET Q q 0 0 0 rg BT 216.82 493.30 Td (fers more than one class. Pursuant to such plan, the funds may issue three classes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 481.30 Td (shares: Class I, Class II and Class ) Tj ET Q q 0 0 0 rg BT 168.34 481.30 Td (Y) Tj ET Q q 0 0 0 rg BT 174.27 481.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 466.30 Td (All classes are sold exclusively to insurance companies to fund their obligations under variable annuity and variable life insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 454.30 Td (contracts purchased by their customers. Each class has a dif) Tj ET Q q 0 0 0 rg BT 270.12 454.30 Td (ferent arrangement for shareholder services. In addition to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 442.30 Td (management fee, Class II shares are subject to a Master Distribution Plan \(the Class II Plan\) described below) Tj ET Q q 0 0 0 rg BT 466.84 442.30 Td (. ) Tj ET Q q 0 0 0 rg BT 471.66 442.30 Td (The Class II Plan has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 430.30 Td (been adopted by the funds) Tj ET Q q 0 0 0 rg BT 139.06 430.30 Td ( Board of Directors in accordance with Rule 12b-1 adopted by the SEC under the Investment Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 418.30 Td (Act.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 399.90 Td (Rule 12b-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 384.90 Td (Rule 12b-1 permits an investment company to pay expenses associated with the distribution of its shares in accordance with a plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.90 Td (adopted by its Board of Directors and approved by its shareholders. Pursuant to such rule, the Board of Directors of the funds) Tj ET Q q 0 0 0 rg BT 535.91 372.90 Td ( Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 360.90 Td (II shares have approved and entered into the Class II Plan. ) Tj ET Q q 0 0 0 rg BT 266.80 360.90 Td (The plan is described below) Tj ET Q q 0 0 0 rg BT 378.34 360.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 345.90 Td (In adopting the plan, the Board of Directors \(including a majority of directors who are not interested persons of the funds, as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 333.90 Td (in the Investment Company ) Tj ET Q q 0 0 0 rg BT 144.26 333.90 Td (Act, hereafter referred to as the independent directors\) determined that there was a reasonable likelihood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 321.90 Td (that the plan would benefit the funds and the shareholders of the af) Tj ET Q q 0 0 0 rg BT 298.46 321.90 Td (fected classes. Some of the anticipated benefits include improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 309.90 Td (name recognition of the funds generally; and growing assets in existing funds, which helps retain and attract investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 297.90 Td (management talent, provides a better environment for improving fund performance, and can lower the total expense ratio for funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 285.90 Td (with stepped-fee schedules. Pursuant to Rule 12b-1, information about revenues and expenses under the plan is presented to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 273.90 Td (Board of Directors quarterly) Tj ET Q q 0 0 0 rg BT 144.42 273.90 Td (. Continuance of the plan must be approved by the Board of Directors, including a majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 261.90 Td (independent directors, annually) Tj ET Q q 0 0 0 rg BT 156.64 261.90 Td (. ) Tj ET Q q 0 0 0 rg BT 161.46 261.90 Td (The plan may be amended by a vote of the Board of Directors, including a majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 249.90 Td (independent directors, except that the plan may not be amended to materially increase the amount to be spent for distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 237.90 Td (without majority approval of the shareholders of the af) Tj ET Q q 0 0 0 rg BT 250.14 237.90 Td (fected classes. ) Tj ET Q q 0 0 0 rg BT 309.65 237.90 Td (The plan terminates automatically in the event of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 225.90 Td (assignment and may be terminated upon a vote of a majority of the independent directors or by vote of a majority of outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 213.90 Td (shareholder votes of the af) Tj ET Q q 0 0 0 rg BT 137.39 213.90 Td (fected classes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 198.90 Td (All fees paid under the plan will be made in accordance with Section 2830 of the Conduct Rules of the Financial Industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 186.90 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 77.88 186.90 Td (Authority \(FINRA\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 171.90 Td (Class II Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 156.90 Td (As described in the prospectuses, the funds) Tj ET Q q 0 0 0 rg BT 206.55 156.90 Td ( Class II shares are made available exclusively to insurance companies to fund their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 144.90 Td (obligations under variable annuity and variable life insurance contracts purchased by their customers. ) Tj ET Q q 0 0 0 rg BT 439.51 144.90 Td (The funds) Tj ET Q q 0 0 0 rg BT 482.37 144.90 Td ( distributor enters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 132.90 Td (into contracts with various insurance companies with respect to the sale of the funds) Tj ET Q q 0 0 0 rg BT 370.94 132.90 Td ( shares and/or the use of the funds) Tj ET Q q 0 0 0 rg BT 509.88 132.90 Td ( shares in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 120.90 Td (various insurance products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 105.90 Td (The insurance companies provide various distribution services pursuant to the Class II Plan. ) Tj ET Q q 0 0 0 rg BT 401.79 105.90 Td (T) Tj ET Q q 0 0 0 rg BT 407.20 105.90 Td (o enable the funds) Tj ET Q q 0 0 0 rg BT 482.82 105.90 Td ( shares to be made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 93.90 Td (available through such insurance products, and to compensate the insurance companies for such services, the funds) Tj ET Q q 0 0 0 rg BT 494.22 93.90 Td ( advisor has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 81.90 Td (reduced its management fee by 0.10% per annum with respect to the Class II shares, except for ) Tj ET Q q 0 0 0 rg BT 413.69 81.90 Td (VP) Tj ET Q q 0 0 0 rg BT 426.10 81.90 Td ( Income & Growth and ) Tj ET Q q 0 0 0 rg BT 521.17 81.90 Td (VP) Tj ET Q q 0 0 0 rg BT 533.58 81.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 69.90 Td (Balanced, which has the same management fee for both classes, and the funds) Tj ET Q q 0 0 0 rg BT 346.20 69.90 Td ( Board of Directors has adopted the Class II Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 57.90 Td (Pursuant to the Class II Plan, Class II pays the distributor 0.25% annually of the average daily net asset value of the funds) Tj ET Q q 0 0 0 rg BT 521.20 57.90 Td ( Class II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 45.90 Td (shares for distribution services, including past distribution services \(as described below\). ) Tj ET Q q 0 0 0 rg BT 388.74 45.90 Td (This payment is fixed at 0.25% and is not ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (based on expenses incurred by the distributor) Tj ET Q q 0 0 0 rg BT 212.01 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 216.83 742.10 Td (The Class II Plan is a compensation type plan and the amount paid does not depend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (on the actual expense incurred. During the fiscal year ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.98 730.10 Td ( 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.48 730.10 Td (, the aggregate amount of fees paid under the Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (II Plan was:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 695.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 695.17 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 695.17 Td ($234,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 681.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 681.17 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 80.52 681.17 Td (Appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 681.17 Td ($3,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 667.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 667.17 Td ( Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 667.17 Td ($13,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 653.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 653.17 Td ( Income & Growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 653.17 Td ($75,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 639.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 639.17 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 639.17 Td ($99,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 625.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 625.17 Td ( Lar) Tj ET Q q 0 0 0 rg BT 63.20 625.17 Td (ge Company ) Tj ET Q q 0 0 0 rg BT 116.34 625.17 Td (V) Tj ET Q q 0 0 0 rg BT 122.92 625.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 625.17 Td ($93,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 611.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 611.17 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 87.10 611.17 Td (V) Tj ET Q q 0 0 0 rg BT 93.68 611.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 611.17 Td ($1,172,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 597.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 597.17 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 597.17 Td ($385,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 583.17 Td (VP) Tj ET Q q 0 0 0 rg BT 46.91 583.17 Td ( ) Tj ET Q q 0 0 0 rg BT 49.23 583.17 Td (V) Tj ET Q q 0 0 0 rg BT 55.34 583.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 583.17 Td ($1,102,088) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 564.10 Td (The distributor then makes these payments to the insurance companies who of) Tj ET Q q 0 0 0 rg BT 344.29 564.10 Td (fer Class II for the services described below) Tj ET Q q 0 0 0 rg BT 519.41 564.10 Td (. No ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 552.10 Td (portion of these payments is used by the distributor to pay for advertising, printing costs or interest expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 537.10 Td (Distribution services include any activity undertaken or expense incurred that is primarily intended to result in the sale of Class II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.10 Td (shares, which services may include but are not limited to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 510.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (paying sales commissions, on-going commissions and other payments to brokers, dealers, financial institutions or others who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (sell Class II shares pursuant to selling agreements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 483.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (compensating registered representatives or other employees of the distributor who engage in or support distribution of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (funds) Tj ET Q q 0 0 0 rg BT 74.31 471.10 Td ( Class II shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 456.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (paying and compensating expenses \(including overhead and telephone expenses\) of the distributor;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 441.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.10 Td (printing prospectuses, statements of additional information and reports for other) Tj ET Q q 0 0 0 rg BT 369.22 441.10 Td (-than-existing shareholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 426.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (preparing, printing and distributing of sales literature and advertising materials provided to the funds) Tj ET Q q 0 0 0 rg BT 454.76 426.10 Td ( shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (prospective shareholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 399.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (receiving and answering correspondence from prospective shareholders, including distributing prospectuses, statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (additional information, and shareholder reports;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 372.10 Td (\(g\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (providing facilities to answer questions from prospective shareholders about fund shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 357.10 Td (\(h\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.10 Td (complying with federal and state securities laws pertaining to the sale of fund shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 342.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (assisting shareholders in completing application forms and selecting dividend and other account options;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 327.10 Td (\(j\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (providing other reasonable assistance in connection with the distribution of fund shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 312.10 Td (\(k\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 312.10 Td (ganizing and conducting of sales seminars and payments in the form of transactional and compensation or promotional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (incentives;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 285.10 Td (\(l\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (profit on the foregoing; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 270.10 Td (\(m\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (such other distribution and service activities as the advisor determines may be paid for by the funds pursuant to the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (agreement between the corporation and the fund) Tj ET Q q 0 0 0 rg BT 245.53 258.10 Td (s distributor and in accordance with Rule 12b-1 of the Investment Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (Act.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 31.50 227.70 Td (Payments to Dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 212.70 Td (From time to time, the distributor may provide additional payments to dealers, including but not limited to payment assistance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 200.70 Td (conferences and seminars, provision of sales or training programs for dealer employees and/or the public \(including, in some cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 188.70 Td (payment for travel expenses for registered representatives and other dealer employees who participate\), advertising and sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 176.70 Td (campaigns about a fund or funds, and assistance in financing dealer) Tj ET Q q 0 0 0 rg BT 301.49 176.70 Td (-sponsored events. Other payments may be of) Tj ET Q q 0 0 0 rg BT 484.32 176.70 Td (fered as well, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 164.70 Td (all such payments will be consistent with applicable law) Tj ET Q q 0 0 0 rg BT 255.80 164.70 Td (, including the then-current rules of FINRA. Such payments will not change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 152.70 Td (the price paid by investors for shares of the funds.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 131.90 Td (V) Tj ET Q q 0 0 0 rg BT 40.33 131.90 Td (aluation of a Fund) Tj ET Q q 0 0 0 rg BT 154.55 131.90 Td (s Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 116.90 Td (The net asset value \(NA) Tj ET Q q 0 0 0 rg BT 126.84 116.90 Td (V\) for each class of each fund is calculated by adding the value of all portfolio securities and other assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 104.90 Td (attributable to the class, deducting liabilities, and dividing the result by the number of shares of the class outstanding. Expenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 92.90 Td (interest earned on portfolio securities are accrued daily) Tj ET Q q 0 0 0 rg BT 250.47 92.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 77.90 Td (All classes of the funds are of) Tj ET Q q 0 0 0 rg BT 150.17 77.90 Td (fered at their NA) Tj ET Q q 0 0 0 rg BT 216.91 77.90 Td (V) Tj ET Q q 0 0 0 rg BT 222.84 77.90 Td (. Each fund) Tj ET Q q 0 0 0 rg BT 271.43 77.90 Td (s NA) Tj ET Q q 0 0 0 rg BT 290.98 77.90 Td (V) Tj ET Q q 0 0 0 rg BT 298.02 77.90 Td ( is calculated as of the close of business of the New ) Tj ET Q q 0 0 0 rg BT 505.92 77.90 Td (Y) Tj ET Q q 0 0 0 rg BT 512.14 77.90 Td (ork Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 65.90 Td (Exchange \(the NYSE\) each day the NYSE is open for business. ) Tj ET Q q 0 0 0 rg BT 288.48 65.90 Td (The NYSE usually closes at 4 p.m. Eastern time. ) Tj ET Q q 0 0 0 rg BT 486.04 65.90 Td (The NYSE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 53.90 Td (typically observes the following holidays: New ) Tj ET Q q 0 0 0 rg BT 222.76 53.90 Td (Y) Tj ET Q q 0 0 0 rg BT 228.98 53.90 Td (ear) Tj ET Q q 0 0 0 rg BT 241.56 53.90 Td () Tj ET Q q 0 0 0 rg BT 244.34 53.90 Td (s Day) Tj ET Q q 0 0 0 rg BT 266.74 53.90 Td (, Martin Luther King Jr) Tj ET Q q 0 0 0 rg BT 359.78 53.90 Td (. Day) Tj ET Q q 0 0 0 rg BT 380.79 53.90 Td (, Presidents) Tj ET Q q 0 0 0 rg BT 429.49 53.90 Td ( Day) Tj ET Q q 0 0 0 rg BT 448.00 53.90 Td (, Good Friday) Tj ET Q q 0 0 0 rg BT 503.18 53.90 Td (, Memorial ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (Day) Tj ET Q q 0 0 0 rg BT 47.51 742.10 Td (, Independence Day) Tj ET Q q 0 0 0 rg BT 126.54 742.10 Td (, Labor Day) Tj ET Q q 0 0 0 rg BT 173.93 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 178.75 742.10 Td (Thanksgiving Day and Christmas Day) Tj ET Q q 0 0 0 rg BT 331.41 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 335.86 742.10 Td (Although the funds expect the same holidays to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (observed in the future, the NYSE may modify its holiday schedule at any time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 715.10 Td (The fund values portfolio securities for which market quotations are readily available at their market price. ) Tj ET Q q 0 0 0 rg BT 460.51 715.10 Td (As a general rule, equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (securities listed on a U.S. exchange are valued at the last reported sale price as of the time of valuation. Portfolio securities primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (traded on foreign securities exchanges are generally valued at the preceding of) Tj ET Q q 0 0 0 rg BT 345.34 691.10 Td (ficial close price or last sale price of such securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (on the foreign exchange where primarily traded or at the time the fund) Tj ET Q q 0 0 0 rg BT 315.84 679.10 Td (s NA) Tj ET Q q 0 0 0 rg BT 335.38 679.10 Td (V) Tj ET Q q 0 0 0 rg BT 342.42 679.10 Td ( is determined, if that foreign exchange is open later ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (than the NYSE. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.10 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 652.10 Td (rading in securities on European and ) Tj ET Q q 0 0 0 rg BT 185.55 652.10 Td (Asian securities exchanges and over) Tj ET Q q 0 0 0 rg BT 330.29 652.10 Td (-the-counter markets is normally completed at various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 640.10 Td (times before the close of business on each day that the NYSE is open. ) Tj ET Q q 0 0 0 rg BT 313.19 640.10 Td (The funds may apply model-derived factors to the closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 628.10 Td (prices of equity securities traded on foreign securities exchanges. Factors are based on observable market data as provided by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (independent pricing service. If an event were to occur after the value of a security was established, but before the NA) Tj ET Q q 0 0 0 rg BT 499.46 616.10 Td (V) Tj ET Q q 0 0 0 rg BT 506.50 616.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (determined, that was likely to materially change the NA) Tj ET Q q 0 0 0 rg BT 254.30 604.10 Td (V) Tj ET Q q 0 0 0 rg BT 260.24 604.10 Td (, then that security would be valued as determined in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (procedures adopted by the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.10 Td (T) Tj ET Q q 0 0 0 rg BT 37.26 577.10 Td (rading of these securities in foreign markets may not take place on every day that the NYSE is open. In addition, trading may take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 565.10 Td (place in various foreign markets and on some electronic trading networks on Saturdays or on other days when the NYSE is not open ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (and on which the funds) Tj ET Q q 0 0 0 rg BT 127.40 553.10 Td ( NA) Tj ET Q q 0 0 0 rg BT 143.06 553.10 Td (Vs are not calculated. ) Tj ET Q q 0 0 0 rg BT 232.00 553.10 Td (Therefore, such calculations do not take place contemporaneously with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (determination of the prices of many of the portfolio securities used in such calculation, and the value of the funds) Tj ET Q q 0 0 0 rg BT 487.29 541.10 Td ( portfolios may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 529.10 Td (af) Tj ET Q q 0 0 0 rg BT 39.09 529.10 Td (fected on days when shares of the funds may not be purchased or redeemed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 514.10 Td (The fund may use third party pricing services to assist in the determination of market value. ) Tj ET Q q 0 0 0 rg BT 400.94 514.10 Td (When market quotations are not readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 502.10 Td (available, securities and other assets are valued at fair value as determined according to procedures adopted by the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 490.10 Td (Directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 475.10 Td (Debt securities are generally valued through valuations obtained from a commercial pricing service or at the most recent mean of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 463.10 Td (the bid and asked prices provided by investment dealers in accordance with procedures established by the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 448.10 Td (Because there are approximately one million municipal issues outstanding, and the majority of them do not trade daily) Tj ET Q q 0 0 0 rg BT 504.62 448.10 Td (, the prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 436.10 Td (provided by pricing services for these types of securities generally take into account institutional trading activity) Tj ET Q q 0 0 0 rg BT 480.44 436.10 Td (, trading in similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 424.10 Td (groups of securities, and any developments related to specific securities. ) Tj ET Q q 0 0 0 rg BT 322.89 424.10 Td (The methods used by the pricing services and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 412.10 Td (valuations so established are reviewed by the advisor under the general supervision of the Board of Directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 397.10 Td (There are a number of pricing services available, and the advisor) Tj ET Q q 0 0 0 rg BT 290.15 397.10 Td (, on the basis of ongoing evaluation of these services, may use other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 385.10 Td (pricing services or discontinue the use of any pricing service in whole or in part.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 370.10 Td (Securities maturing within 60 days of the valuation date may also be valued at cost, plus or minus any amortized discount or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 358.10 Td (premium, unless it is determined that this would not result in fair valuation of a given security) Tj ET Q q 0 0 0 rg BT 406.61 358.10 Td (. Other assets and securities for which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 346.10 Td (quotations are not readily available are valued in good faith using methods approved by the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 331.10 Td (The value of any security or other asset denominated in a currency other than U.S. dollars is then converted to U.S. dollars at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 319.10 Td (prevailing foreign exchange rate at the time the fund) Tj ET Q q 0 0 0 rg BT 244.19 319.10 Td (s NA) Tj ET Q q 0 0 0 rg BT 263.74 319.10 Td (V) Tj ET Q q 0 0 0 rg BT 270.78 319.10 Td ( is determined. Securities that are neither listed on a securities exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 307.10 Td (or traded over the counter may be priced using the mean of the bid and asked prices obtained from an independent broker who is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 295.10 Td (established market maker in the security) Tj ET Q q 0 0 0 rg BT 192.18 295.10 Td (. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 274.30 Td (Special Requir) Tj ET Q q 0 0 0 rg BT 119.53 274.30 Td (ements for) Tj ET Q q 0 0 0 rg BT 182.64 274.30 Td ( Large Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 259.30 Td (If, during any 90-day period, a separate account redeems fund shares worth more than $250,000 \(or 1% of the value of the fund) Tj ET Q q 0 0 0 rg BT 544.39 259.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 247.30 Td (assets if that amount is less than $250,000\), we reserve the right to pay part or all of the redemption proceeds in excess of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 235.30 Td (amount in readily marketable securities instead of cash. If we make payment in securities, we will value the securities, selected by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 223.30 Td (the fund, in the same manner as we do in computing the fund) Tj ET Q q 0 0 0 rg BT 278.94 223.30 Td (s net asset value. ) Tj ET Q q 0 0 0 rg BT 348.46 223.30 Td (T) Tj ET Q q 0 0 0 rg BT 353.87 223.30 Td (o the extent practicable, these securities will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 211.30 Td (represent your pro rata share of the fund) Tj ET Q q 0 0 0 rg BT 195.04 211.30 Td (s securities. ) Tj ET Q q 0 0 0 rg BT 244.02 211.30 Td (W) Tj ET Q q 0 0 0 rg BT 252.66 211.30 Td (e may provide these securities in lieu of cash without prior notice. ) Tj ET Q q 0 0 0 rg BT 518.42 211.30 Td (Also, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 199.30 Td (payment is made in securities, you may have to pay brokerage or other transaction costs to convert the securities to cash. ) Tj ET Q q 0 0 0 rg BT 516.45 199.30 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 187.30 Td (securities remain subject to market risk until sold, and you may incur capital gains and/or losses when you sell the securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 172.30 Td (If your redemption would exceed this limit and you would like to avoid being paid in securities, please provide your insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 160.30 Td (company with an unconditional instruction to redeem early enough that it can provide notice to the fund) Tj ET Q q 0 0 0 rg BT 450.27 160.30 Td (s transfer agent at least 15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 148.30 Td (days prior to the date on which the redemption transaction is to occur) Tj ET Q q 0 0 0 rg BT 308.09 148.30 Td (. ) Tj ET Q q 0 0 0 rg BT 312.91 148.30 Td (The instruction must specify the dollar amount or number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 136.30 Td (shares to be redeemed and the date of the transaction. ) Tj ET Q q 0 0 0 rg BT 247.62 136.30 Td (This minimizes the ef) Tj ET Q q 0 0 0 rg BT 334.36 136.30 Td (fect of the redemption on the fund and its remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 124.30 Td (shareholders.) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 98.70 Td (T) Tj ET Q q 0 0 0 rg BT 41.85 98.70 Td (axes) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 31.50 77.90 Td (Federal Income ) Tj ET Q q 0 0 0 rg BT 128.44 77.90 Td (T) Tj ET Q q 0 0 0 rg BT 136.49 77.90 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 62.90 Td (Each fund is held as an investment through a variable annuity contract. ) Tj ET Q q 0 0 0 rg BT 317.62 62.90 Td (The following discussion is a summary of some of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 50.90 Td (federal income tax consequences af) Tj ET Q q 0 0 0 rg BT 173.47 50.90 Td (fecting the participating insurance companies because they are the direct shareholders of each ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 71.31 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 77.43 742.10 Td (ariable product owners may wish to consult their own tax advisor for information relating to the tax consequences of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (investments in this portfolio. In addition, contract owners may consult the prospectus of your insurance company separate account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (for discussion of the tax status of your variable annuity contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 703.10 Td (Each fund intends to qualify annually as a regulated investment company \(RIC\) under Subchapter M of the Internal Revenue Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 691.10 Td (of 1986, as amended \(the Code\). RICs generally are not subject to federal and state income taxes. ) Tj ET Q q 0 0 0 rg BT 423.41 691.10 Td (T) Tj ET Q q 0 0 0 rg BT 428.82 691.10 Td (o qualify as a RIC a fund must, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 679.10 Td (among other requirements, distribute substantially all of its net investment income and net realized capital gains \(if any\) to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.10 Td (each year) Tj ET Q q 0 0 0 rg BT 68.97 667.10 Td (. If a fund were not eligible to be treated as a RIC, it would be liable for taxes at the fund level on all its income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 655.10 Td (significantly reducing its distributions to investors and eliminating investors) Tj ET Q q 0 0 0 rg BT 338.50 655.10 Td ( ability to treat distributions received from the fund in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 643.10 Td (the same manner in which they were realized by the fund. Under certain circumstances, the Code allows funds to cure deficiencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (that would otherwise result in the loss of RIC status, including by paying a fund-level tax.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 36.91 616.10 Td (o qualify as a RIC, a fund must meet certain requirements of the Code, among which are requirements relating to sources of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 604.10 Td (income and diversification of its assets. ) Tj ET Q q 0 0 0 rg BT 191.19 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 197.86 604.10 Td ( fund is also required to distribute 90% of its investment company taxable income each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.10 Td (year) Tj ET Q q 0 0 0 rg BT 48.16 592.10 Td (. ) Tj ET Q q 0 0 0 rg BT 52.60 592.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 102.51 592.10 Td (, a fund must declare dividends by December 31 of each year equal to at least 98% of ordinary income \(as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 580.10 Td (December 31\) and 98.2% of capital gains \(as of October 31\) to avoid the nondeductible 4% federal excise tax on any undistributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 568.10 Td (amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 553.10 Td (Each fund also intends to satisfy the diversification requirements of Section 817\(h\) of the Internal Revenue Code. In addition to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 541.10 Td (diversification requirements under Subchapter M, 817\(h\) places certain limitations on the value of investments in a single issuer or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 529.10 Td (certain number of issuers that the fund can invest in. Because Section 817\(h\) and the regulations thereunder treat the assets of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 517.10 Td (fund as the assets of the related insurance company separate account, each fund must also satisfy these requirements. If a fund failed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 505.10 Td (to satisfy these requirements, a variable annuity or variable life insurance product supported by an insurance company separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 493.10 Td (account invested in the fund may not be treated as an annuity or as life insurance for tax purposes and may no longer be eligible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 481.10 Td (tax deferral.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 466.10 Td (Each fund may utilize the consent dividend provisions of Internal Revenue Code Section 565 to make distributions. Provided that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 454.10 Td (all shareholders agree in a consent filed with the return of each fund to treat as a dividend the amount specified in the consent, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 442.10 Td (amount will be considered a distribution just as any other distribution paid in money and reinvested back into each fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 427.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 427.10 Td ( fund) Tj ET Q q 0 0 0 rg BT 61.78 427.10 Td (s transactions in foreign currencies, forward contracts, options and futures contracts \(including options and futures contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 415.10 Td (on foreign currencies\) will be subject to special provisions of the Code that, among other things, may af) Tj ET Q q 0 0 0 rg BT 446.49 415.10 Td (fect the character of gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 403.10 Td (and losses realized by the fund \(i.e., may af) Tj ET Q q 0 0 0 rg BT 204.87 403.10 Td (fect whether gains or losses are ordinary or capital\), accelerate recognition of income to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 391.10 Td (the fund, defer fund losses, and af) Tj ET Q q 0 0 0 rg BT 166.83 391.10 Td (fect the determination of whether capital gains and losses are characterized as long-term or short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 379.10 Td (term capital gains or losses. ) Tj ET Q q 0 0 0 rg BT 144.63 379.10 Td (These rules could therefore af) Tj ET Q q 0 0 0 rg BT 263.83 379.10 Td (fect the character) Tj ET Q q 0 0 0 rg BT 332.26 379.10 Td (, amount and timing of distributions to shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 367.10 Td (These provisions also may require a fund to mark-to-market certain types of the positions in its portfolio \(i.e., treat them as if they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 355.10 Td (were sold\), which may cause the fund to recognize income without receiving cash with which to make distributions in amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 343.10 Td (necessary to satisfy the distribution requirements of the Code for relief from income and excise taxes. ) Tj ET Q q 0 0 0 rg BT 439.99 343.10 Td (A) Tj ET Q q 0 0 0 rg BT 446.66 343.10 Td ( fund will monitor its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 331.10 Td (transactions and may make such tax elections as fund management deems appropriate with respect to these transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 316.10 Td (A) Tj ET Q q 0 0 0 rg BT 38.17 316.10 Td ( fund) Tj ET Q q 0 0 0 rg BT 61.78 316.10 Td (s investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. However) Tj ET Q q 0 0 0 rg BT 545.16 316.10 Td (, tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 304.10 Td (conventions between certain countries and the United States may reduce or eliminate such taxes. ) Tj ET Q q 0 0 0 rg BT 419.98 304.10 Td (Any foreign taxes paid by a fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 292.10 Td (will reduce its dividend distributions to investors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 277.10 Td (If more than 50% of the value of a fund) Tj ET Q q 0 0 0 rg BT 192.83 277.10 Td (s total assets at the end of its fiscal year consists of securities of foreign corporations, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 265.10 Td (fund may make an election with the Internal Revenue Service with respect to such fiscal year so that fund shareholders may be able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 253.10 Td (to claim a foreign tax credit. If such an election is made, the eligible foreign taxes will be treated as income received by you. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 241.10 Td (order for you to utilize the foreign tax credit, you must have held your shares for 16 days or more during the 31-day period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 229.10 Td (beginning 15 days prior to the ex-dividend date for the mutual fund shares. ) Tj ET Q q 0 0 0 rg BT 333.47 229.10 Td (The mutual fund must meet a similar holding period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 217.10 Td (requirement with respect to foreign securities to which a dividend is attributable. ) Tj ET Q q 0 0 0 rg BT 356.13 217.10 Td (Any foreign taxes withheld on payments made in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 205.10 Td (lieu of dividends or interest with respect to loaned securities will not qualify for the pass-through foreign tax credit to shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 193.10 Td (Any portion of the foreign tax credit that is ineligible will be deducted in computing net investment income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 178.10 Td (If a fund purchases the securities of certain foreign investment entities called passive foreign investment companies \(PFIC\), capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 166.10 Td (gains on the sale of such holdings will be deemed ordinary income regardless of how long the fund holds the investment. ) Tj ET Q q 0 0 0 rg BT 517.88 166.10 Td (The fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 154.10 Td (also may be subject to corporate income tax and an interest char) Tj ET Q q 0 0 0 rg BT 287.61 154.10 Td (ge on certain dividends and capital gains earned from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 142.10 Td (investments, regardless of whether such income and gains are distributed to the fund. ) Tj ET Q q 0 0 0 rg BT 374.28 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 379.69 142.10 Td (o avoid such tax and interest, the fund may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 130.10 Td (elect to treat PFICs as sold on the last day of its fiscal year) Tj ET Q q 0 0 0 rg BT 265.21 130.10 Td (, mark-to-market these securities, and recognize any unrealized gains \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 118.10 Td (losses, to the extent of previously recognized gains\) as ordinary income each year) Tj ET Q q 0 0 0 rg BT 357.78 118.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 103.10 Td (Certain bonds purchased by the fund may be treated as bonds that were originally issued at a discount. Original issue discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 91.10 Td (represents interest for federal income tax purposes and generally can be defined as the dif) Tj ET Q q 0 0 0 rg BT 389.50 91.10 Td (ference between the price at which a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 79.10 Td (security was issued and its stated redemption price at maturity) Tj ET Q q 0 0 0 rg BT 279.40 79.10 Td (. ) Tj ET Q q 0 0 0 rg BT 283.84 79.10 Td (Although no cash is actually received by a fund until the maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 67.10 Td (the bond, original issue discount is treated for federal income tax purposes as income earned by a fund over the term of the bond, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 55.10 Td (and therefore is subject to the distribution requirements of the Code. ) Tj ET Q q 0 0 0 rg BT 306.80 55.10 Td (The annual amount of income earned on such a bond by a fund ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 742.10 Td (generally is determined on the basis of a constant yield to maturity that takes into account the semiannual compounding of accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 730.10 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 718.10 Td (In addition, some of the bonds may be purchased by a fund at a discount that exceeds the original issue discount on such bonds, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 706.10 Td (any) Tj ET Q q 0 0 0 rg BT 45.29 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 50.11 706.10 Td (This additional discount represents market discount for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 390.39 706.10 Td (The gain realized on the disposition of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 694.10 Td (bond having market discount generally will be treated as taxable ordinary income to the extent it does not exceed the accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.10 Td (market discount on such bond \(unless a fund elects to include market discount in income in tax years to which it is attributable\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 670.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 70.27 670.10 Td (, market discount accrues on a daily basis for each day the bond is held by a fund on a constant yield to maturity basis. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 658.10 Td (the case of any debt security having a fixed maturity date of not more than one year from its date of issue, the gain realized on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 646.10 Td (disposition generally will be treated as short-term capital gain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 631.10 Td (As of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.53 631.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.53 631.10 Td (, the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.97 631.10 Td (in the table below had the following) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.38 631.10 Td ( capital loss carryovers. ) Tj ET Q q 0 0 0 rg BT 420.10 631.10 Td (When a fund has a capital loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 619.10 Td (carryover) Tj ET Q q 0 0 0 rg BT 69.41 619.10 Td (, it does not make capital gains distributions until the loss has been of) Tj ET Q q 0 0 0 rg BT 346.96 619.10 Td (fset. ) Tj ET Q q 0 0 0 rg BT 366.22 619.10 Td (The Regulated Investment Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.10 Td (Modernization ) Tj ET Q q 0 0 0 rg BT 92.32 607.10 Td (Act of 2010 allows the funds to carry forward capital losses incurred in future taxable years for an unlimited period.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 579.6 m 432 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 579.6 m 572 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 579.6 m 432 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 565.6 m 432 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 579.6 m 572 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 565.6 m 572 565.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 34.50 584.16 Td (Fund) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 434.50 584.16 Td (Unlimited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.50 570.17 Td (VP) Tj ET Q q 0 0 0 rg BT 47.10 570.17 Td ( Mid Cap ) Tj ET Q q 0 0 0 rg BT 87.10 570.17 Td (V) Tj ET Q q 0 0 0 rg BT 93.68 570.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 570.17 Td ($\(8,381,848\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 18.00 Tf ET q 0 0 0 rg BT 31.50 540.50 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 525.50 Td (Each fund) Tj ET Q q 0 0 0 rg BT 75.09 525.50 Td (s financial statements and financial highlights for the fiscal year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 525.50 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 525.50 Td (, have been audited by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 513.50 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 76.31 513.50 Td (T) Tj ET Q q 0 0 0 rg BT 81.72 513.50 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 124.77 513.50 Td (, independent registered public accounting firm. ) Tj ET Q q 0 0 0 rg BT 318.97 513.50 Td (The funds) Tj ET Q q 0 0 0 rg BT 361.82 513.50 Td ( Reports of Independent Registered Public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 501.50 Td (Accounting Firm and the financial statements included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.38 501.50 Td (annual reports) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.30 501.50 Td ( for each of these funds for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 489.50 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.08 489.50 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.08 489.50 Td ( are incorporated herein by reference. ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.20 33.60 Td (A-1) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 36.00 734.85 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 114.54 734.85 Td (A) Tj ET Q q 0 0 0 rg BT 126.54 734.85 Td ( Principal Shar) Tj ET Q q 0 0 0 rg BT 256.73 734.85 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.85 Td (As of March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.04 719.85 Td (16, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.04 719.85 Td (, the following companies owned more than 5% of the outstanding shares of a class of the funds. ) Tj ET Q q 0 0 0 rg BT 512.66 719.85 Td (The table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.85 Td (shows shares owned of record.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 659.35 m 89.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 659.35 m 465.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 659.35 m 576.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 659.35 m 89.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 645.35 m 89.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 659.35 m 465.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 645.35 m 465.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 659.35 m 576.5 659.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 645.35 m 576.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 645.35 m 89.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 645.35 m 465.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 645.35 m 576.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 455.35 m 89.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 455.35 m 465.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 455.35 m 576.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 390.35 m 89.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 376.35 m 89.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 390.35 m 465.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 376.35 m 465.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 390.35 m 576.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 376.35 m 576.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 376.35 m 89.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 376.35 m 465.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 376.35 m 576.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 159.35000000000002 m 89.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 159.35000000000002 m 465.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 159.35000000000002 m 576.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 100.35000000000002 m 89.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 100.35000000000002 m 465.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 100.35000000000002 m 576.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 100.35000000000002 m 89.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 99.85000000000002 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 100.35000000000002 m 465.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 99.85000000000002 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 100.35000000000002 m 576.5 100.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 99.85000000000002 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 99.85000000000002 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 99.85000000000002 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 99.85000000000002 m BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 674.06 Td (Fund/) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 664.06 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.00 664.06 Td (Shar) Tj ET Q q 0 0 0 rg BT 110.52 664.06 Td (eholder) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.75 684.06 Td (Per) Tj ET Q q 0 0 0 rg BT 506.82 684.06 Td (centage of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 495.75 674.06 Td (Outstanding) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 471.00 664.06 Td (Shar) Tj ET Q q 0 0 0 rg BT 489.52 664.06 Td (es Owned of Recor) Tj ET Q q 0 0 0 rg BT 564.96 664.06 Td (d) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 650.08 Td (VP) Tj ET Q q 0 0 0 rg BT 52.05 650.08 Td ( Balanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 635.92 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 620.92 Td (Lincoln National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 610.92 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 610.92 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 610.92 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 615.47 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 595.92 Td (Nationwide Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 585.92 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 590.47 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 570.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 570.92 Td (Great-W) Tj ET Q q 0 0 0 rg BT 126.17 570.92 Td (est Life & ) Tj ET Q q 0 0 0 rg BT 168.67 570.92 Td (Annuity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 560.92 Td (Greenwood ) Tj ET Q q 0 0 0 rg BT 140.97 560.92 Td (V) Tj ET Q q 0 0 0 rg BT 147.59 560.92 Td (illage, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 565.47 Td (1) Tj ET Q q 0 0 0 rg BT 516.30 565.47 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 545.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 545.02 Td (Symetra Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 535.02 Td (Bellevue, ) Tj ET Q q 0 0 0 rg BT 132.36 535.02 Td (W) Tj ET Q q 0 0 0 rg BT 140.69 535.02 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 540.47 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 520.02 Td (Jef) Tj ET Q q 0 0 0 rg BT 103.48 520.02 Td (ferson National Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 510.02 Td (Louisville, KY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 515.47 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 495.02 Td (First Great ) Tj ET Q q 0 0 0 rg BT 137.37 495.02 Td (W) Tj ET Q q 0 0 0 rg BT 146.00 495.02 Td (est Life & ) Tj ET Q q 0 0 0 rg BT 188.49 495.02 Td (Annuity Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 485.02 Td (Englewood, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 490.47 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 470.02 Td (Lincoln Life & ) Tj ET Q q 0 0 0 rg BT 154.49 470.02 Td (Annuity Company of New ) Tj ET Q q 0 0 0 rg BT 262.99 470.02 Td (Y) Tj ET Q q 0 0 0 rg BT 269.21 470.02 Td (ork) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 460.02 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 460.02 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 460.02 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 465.47 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 445.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 430.02 Td (Lincoln National Life Ins Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 420.02 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 420.02 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 420.02 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 425.47 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 405.02 Td (Lincoln New ) Tj ET Q q 0 0 0 rg BT 146.61 405.02 Td (Y) Tj ET Q q 0 0 0 rg BT 152.83 405.02 Td (ork Corporate ) Tj ET Q q 0 0 0 rg BT 210.97 405.02 Td (V) Tj ET Q q 0 0 0 rg BT 217.08 405.02 Td (ariable Universal Life Series 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 395.02 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 395.02 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 395.02 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 400.47 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 381.08 Td (VP) Tj ET Q q 0 0 0 rg BT 51.78 381.08 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 87.90 381.08 Td (Appr) Tj ET Q q 0 0 0 rg BT 110.50 381.08 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 366.47 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 351.02 Td (Modern ) Tj ET Q q 0 0 0 rg BT 125.98 351.02 Td (W) Tj ET Q q 0 0 0 rg BT 134.62 351.02 Td (oodmen of ) Tj ET Q q 0 0 0 rg BT 179.61 351.02 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 341.02 Td (Rock Island, IL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 346.47 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 326.92 Td (Midland National Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 316.92 Td (Sioux Falls, SD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 321.47 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 301.02 Td (Nationwide Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 291.02 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 296.47 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 275.02 Td (MetLife Insurance Co of Connecticut ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 265.02 Td (Boston, MA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 270.97 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 249.02 Td (AUL) Tj ET Q q 0 0 0 rg BT 112.18 249.02 Td ( ) Tj ET Q q 0 0 0 rg BT 114.13 249.02 Td (American Unit ) Tj ET Q q 0 0 0 rg BT 176.15 249.02 Td (T) Tj ET Q q 0 0 0 rg BT 181.91 249.02 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 239.02 Td (Indianapolis, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 244.97 Td (1) Tj ET Q q 0 0 0 rg BT 516.30 244.97 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 224.02 Td (Annuity Investor Life Insurance Co. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 214.02 Td (Cincinnati, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 219.47 Td (1) Tj ET Q q 0 0 0 rg BT 516.30 219.47 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 199.02 Td (Kansas City Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 189.02 Td (Kansas City) Tj ET Q q 0 0 0 rg BT 139.96 189.02 Td (, MO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 194.47 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 174.02 Td (Farm Bureau Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 169.47 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 149.92 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 135.07 Td (Principal Life Insurance Co. Cust.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 125.07 Td (Des Moines, IA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 105.06 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 120.47 Td (93%) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.20 33.60 Td (A-2) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 711.5 m 89.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 711.5 m 465.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 711.5 m 576.5 711.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 726.21 Td (Fund/) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 716.21 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.00 716.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 110.52 716.21 Td (eholder) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.75 736.21 Td (Per) Tj ET Q q 0 0 0 rg BT 506.82 736.21 Td (centage of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 495.75 726.21 Td (Outstanding) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 471.00 716.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 489.52 716.21 Td (es Owned of Recor) Tj ET Q q 0 0 0 rg BT 564.96 716.21 Td (d) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 711.5 m 89.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 711.5 m 465.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 711.5 m 576.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 711.5 m 89.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 697.5 m 89.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 711.5 m 465.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 697.5 m 465.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 711.5 m 576.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 697.5 m 576.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 697.5 m 89.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 697.5 m 465.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 697.5 m 576.5 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 658.5 m 89.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 658.5 m 465.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 658.5 m 576.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 658.5 m 89.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 644.5 m 89.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 658.5 m 465.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 644.5 m 465.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 658.5 m 576.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 644.5 m 576.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 644.5 m 89.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 644.5 m 465.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 644.5 m 576.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 594.5 m 89.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 594.5 m 465.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 594.5 m 576.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 594.5 m 89.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 594.5 m 465.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 594.5 m 576.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 504.5 m 89.5 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 490.5 m 89.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 504.5 m 465.5 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 490.5 m 465.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 504.5 m 576.5 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 490.5 m 576.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 490.5 m 89.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 490.5 m 465.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 490.5 m 576.5 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 344.5 m 89.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 344.5 m 465.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 344.5 m 576.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 235.5 m 89.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 235.5 m 465.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 235.5 m 576.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 221.5 m 89.5 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 221.5 m 465.5 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 221.5 m 576.5 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 221.5 m 89.5 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 221.5 m 465.5 221.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 702.23 Td (VP) Tj ET Q q 0 0 0 rg BT 51.78 702.23 Td ( Capital ) Tj ET Q q 0 0 0 rg BT 87.90 702.23 Td (Appr) Tj ET Q q 0 0 0 rg BT 110.50 702.23 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 688.07 Td (Class ) Tj ET Q q 0 0 0 rg BT 76.30 688.07 Td (Y) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 673.62 Td (Mutual of ) Tj ET Q q 0 0 0 rg BT 133.67 673.62 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 663.62 Td (New ) Tj ET Q q 0 0 0 rg BT 113.01 663.62 Td (Y) Tj ET Q q 0 0 0 rg BT 119.23 663.62 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 668.62 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 649.23 Td (VP) Tj ET Q q 0 0 0 rg BT 52.05 649.23 Td ( Gr) Tj ET Q q 0 0 0 rg BT 66.40 649.23 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 634.62 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 620.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 619.22 Td (American Century Investment Management, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 609.22 Td (Kansas City) Tj ET Q q 0 0 0 rg BT 139.96 609.22 Td (, MO) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 93.00 599.21 Td ( Shar) Tj ET Q q 0 0 0 rg BT 126.52 599.21 Td (es owned of r) Tj ET Q q 0 0 0 rg BT 179.76 599.21 Td (ecor) Tj ET Q q 0 0 0 rg BT 197.16 599.21 Td (d and beneficially) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 609.62 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 584.62 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 569.17 Td (Forethought Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 559.17 Td (Indianapolis, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 564.62 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 545.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 544.17 Td (T) Tj ET Q q 0 0 0 rg BT 97.41 544.17 Td (alcott Resolution Life and ) Tj ET Q q 0 0 0 rg BT 203.50 544.17 Td (Annuity Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 534.17 Td (Hartford, CT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 539.62 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 519.17 Td (National Life Insurance Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 509.17 Td (Montpelier) Tj ET Q q 0 0 0 rg BT 136.03 509.17 Td (, ) Tj ET Q q 0 0 0 rg BT 140.85 509.17 Td (VT) Tj ET Q q 0 0 0 rg BT 154.00 509.17 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 514.62 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 495.23 Td (VP) Tj ET Q q 0 0 0 rg BT 52.05 495.23 Td ( Income & Gr) Tj ET Q q 0 0 0 rg BT 111.40 495.23 Td (owth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 480.62 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 466.07 Td (Nationwide Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 456.07 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 460.62 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 441.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 441.07 Td (Ameritas Life Insurance Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 431.07 Td (Lincoln, NE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 435.62 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 416.07 Td (American United Life Ins Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 406.07 Td (Indianapolis, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 409.62 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 386.17 Td (Massachusetts Mutual Life Insurance Co. ) Tj ET Q q 0 0 0 rg BT 260.67 386.17 Td (V) Tj ET Q q 0 0 0 rg BT 266.78 386.17 Td (ariable Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 376.17 Td (Springfield, MA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 382.62 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 359.17 Td (CM Life Insurance Company ) Tj ET Q q 0 0 0 rg BT 211.79 359.17 Td (V) Tj ET Q q 0 0 0 rg BT 217.90 359.17 Td (ariable Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 349.17 Td (Springfield, MA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 355.62 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 335.07 Td ( Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 316.17 Td (Minnesota Mutual Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 306.17 Td (Saint Paul, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 313.12 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 292.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 292.07 Td (Principal Life Insurance Co. Cust.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 282.07 Td (Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 284.62 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 263.07 Td (Nationwide Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 253.07 Td (Columbus, OH) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 93.00 243.06 Td ( Includes 12.69% r) Tj ET Q q 0 0 0 rg BT 181.23 243.06 Td (egister) Tj ET Q q 0 0 0 rg BT 208.07 243.06 Td (ed for the benefit of NWV) Tj ET Q q 0 0 0 rg BT 309.25 243.06 Td (AII) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 251.62 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 226.23 Td (VP) Tj ET Q q 0 0 0 rg BT 51.78 226.23 Td ( International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 211.62 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 211.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 192.22 Td (American United Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 182.22 Td (Indianapolis, IN) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 172.21 Td (Includes 15.43% r) Tj ET Q q 0 0 0 rg BT 183.23 172.21 Td (egister) Tj ET Q q 0 0 0 rg BT 210.07 172.21 Td (ed for the benefit of ) Tj ET Q q 0 0 0 rg BT 290.71 172.21 Td (AUL) Tj ET Q q 0 0 0 rg BT 309.42 172.21 Td ( Individual V) Tj ET Q q 0 0 0 rg BT 360.52 172.21 Td (ariable ) Tj ET Q q 0 0 0 rg BT 391.73 172.21 Td (Annuity Unit ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 162.21 Td (T) Tj ET Q q 0 0 0 rg BT 115.01 162.21 Td (rust 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 179.62 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 137.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 147.17 Td (IDS Life Insurance Company Retirement ) Tj ET Q q 0 0 0 rg BT 258.90 147.17 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 293.44 147.17 Td (VBL) Tj ET Q q 0 0 0 rg BT 313.07 147.17 Td ( ) Tj ET Q q 0 0 0 rg BT 315.02 147.17 Td (Annuity 1IF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 137.17 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 142.62 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 120.17 Td (Lincoln National Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 110.17 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 110.17 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 110.17 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 116.62 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 96.07 Td (Midland National Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 86.07 Td (Sioux Falls, SD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 89.62 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 66.17 Td (Symetra Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 56.17 Td (Bellevue, ) Tj ET Q q 0 0 0 rg BT 132.36 56.17 Td (W) Tj ET Q q 0 0 0 rg BT 140.69 56.17 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 62.62 Td (7%) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.20 33.60 Td (A-3) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 711.5 m 89.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 711.5 m 465.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 711.5 m 576.5 711.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 726.21 Td (Fund/) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 716.21 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.00 716.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 110.52 716.21 Td (eholder) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.75 736.21 Td (Per) Tj ET Q q 0 0 0 rg BT 506.82 736.21 Td (centage of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 495.75 726.21 Td (Outstanding) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 471.00 716.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 489.52 716.21 Td (es Owned of Recor) Tj ET Q q 0 0 0 rg BT 564.96 716.21 Td (d) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 612.5 m 89.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 597.5 m 89.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 612.5 m 465.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 597.5 m 465.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 612.5 m 576.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 597.5 m 576.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 597.5 m 89.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 597.5 m 465.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 482.5 m 89.5 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 482.5 m 465.5 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 482.5 m 576.5 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 392.5 m 465.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 392.5 m 576.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 392.5 m 89.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 378.5 m 89.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 378.5 m 465.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 378.5 m 576.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 378.5 m 89.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 378.5 m 465.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 378.5 m 576.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 197.5 m 89.5 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 197.5 m 465.5 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 197.5 m 576.5 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 59.5 m 89.5 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 59 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 59.5 m 465.5 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 59 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 59.5 m 576.5 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 59 m BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 701.62 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 683.17 Td (IDS Life Insurance CompanyRA) Tj ET Q q 0 0 0 rg BT 225.13 683.17 Td (V) Tj ET Q q 0 0 0 rg BT 231.06 683.17 Td (A) Tj ET Q q 0 0 0 rg BT 237.73 683.17 Td ( ) Tj ET Q q 0 0 0 rg BT 239.68 683.17 Td (ADV) Tj ET Q q 0 0 0 rg BT 261.16 683.17 Td ( ) Tj ET Q q 0 0 0 rg BT 263.48 683.17 Td (VBL) Tj ET Q q 0 0 0 rg BT 283.11 683.17 Td ( ) Tj ET Q q 0 0 0 rg BT 285.06 683.17 Td (Annuity \(4AI\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 673.17 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 680.12 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 659.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 655.17 Td (New ) Tj ET Q q 0 0 0 rg BT 113.01 655.17 Td (Y) Tj ET Q q 0 0 0 rg BT 119.23 655.17 Td (ork Life and ) Tj ET Q q 0 0 0 rg BT 170.60 655.17 Td (Annuity Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 645.17 Td (Jersey City) Tj ET Q q 0 0 0 rg BT 136.07 645.17 Td (, NJ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 652.12 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 631.07 Td (Midland National Life Insurance Co. ) Tj ET Q q 0 0 0 rg BT 241.96 631.07 Td (Annuity Division) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 621.07 Td (Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 624.12 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 603.23 Td (VP) Tj ET Q q 0 0 0 rg BT 52.05 603.23 Td ( Large Company ) Tj ET Q q 0 0 0 rg BT 126.41 603.23 Td (V) Tj ET Q q 0 0 0 rg BT 133.08 603.23 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 588.07 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 572.17 Td (Annuity Investor Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 562.17 Td (Cincinnati, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 567.62 Td (36%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 548.07 Td (Lincoln National Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 538.07 Td (Fort ) Tj ET Q q 0 0 0 rg BT 110.99 538.07 Td (W) Tj ET Q q 0 0 0 rg BT 119.63 538.07 Td (ayne, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 542.62 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 523.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 522.17 Td (Jef) Tj ET Q q 0 0 0 rg BT 103.48 522.17 Td (ferson National Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 512.17 Td (Louisville, KY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 517.62 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 497.17 Td (GWLA) Tj ET Q q 0 0 0 rg BT 121.44 497.17 Td ( COLI ) Tj ET Q q 0 0 0 rg BT 149.59 497.17 Td (VUL-7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 487.17 Td (Greenwood, ) Tj ET Q q 0 0 0 rg BT 143.47 487.17 Td (Vlg, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 492.62 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 473.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 473.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 458.07 Td (Lincoln National Life Insurance Co.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 341.17 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 347.62 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 327.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 324.17 Td (Great ) Tj ET Q q 0 0 0 rg BT 116.53 324.17 Td (W) Tj ET Q q 0 0 0 rg BT 125.16 324.17 Td (est Life & ) Tj ET Q q 0 0 0 rg BT 167.65 324.17 Td (Annuity Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 314.17 Td (Englewood, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 320.62 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 300.07 Td (Ameritas Life Insurance Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 290.07 Td (Lincoln, NE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 293.62 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 270.17 Td (Modern ) Tj ET Q q 0 0 0 rg BT 125.98 270.17 Td (W) Tj ET Q q 0 0 0 rg BT 134.62 270.17 Td (oodmen of ) Tj ET Q q 0 0 0 rg BT 179.61 270.17 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 260.17 Td (Rock Island, IL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 266.62 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 241.17 Td (Pruco Life Insurance Company of ) Tj ET Q q 0 0 0 rg BT 230.02 241.17 Td (Arizona) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 238.62 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 212.17 Td (Annuity Investor Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 202.17 Td (Cincinnati, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 209.62 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 188.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 187.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 173.07 Td (Nationwide Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 163.07 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 165.12 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 143.07 Td (Pacific Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 133.07 Td (Newport Beach, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 135.12 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 107.17 Td (IDS Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 97.17 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 105.12 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 74.17 Td (Midland National Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 64.17 Td (Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 73.62 Td (6%) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.20 33.60 Td (A-4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 710.5 m 89.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 710.5 m 465.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 710.5 m 576.5 710.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 725.21 Td (Fund/) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 715.21 Td (Class) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.00 715.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 110.52 715.21 Td (eholder) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 492.75 735.21 Td (Per) Tj ET Q q 0 0 0 rg BT 506.82 735.21 Td (centage of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 495.75 725.21 Td (Outstanding) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 471.00 715.21 Td (Shar) Tj ET Q q 0 0 0 rg BT 489.52 715.21 Td (es Owned of Recor) Tj ET Q q 0 0 0 rg BT 564.96 715.21 Td (d) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 710.5 m 89.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 695.5 m 89.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 710.5 m 465.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 695.5 m 465.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 710.5 m 576.5 710.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 695.5 m 576.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 478.5 m 89.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 478.5 m 465.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 478.5 m 576.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 350.5 m 89.5 350.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 335.5 m 89.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 350.5 m 465.5 350.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 335.5 m 465.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 350.5 m 576.5 350.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 335.5 m 576.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 335.5 m 89.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 335.5 m 465.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 335.5 m 576.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 225.5 m 89.5 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 225.5 m 465.5 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 225.5 m 576.5 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 115.5 m 89.5 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 115.5 m 465.5 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 115.5 m 576.5 115.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 700.73 Td (VP) Tj ET Q q 0 0 0 rg BT 52.05 700.73 Td ( Ultra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 700.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 700.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 685.62 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 685.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 685.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 671.07 Td (T) Tj ET Q q 0 0 0 rg BT 97.76 671.07 Td (ransamerica Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 661.07 Td (Cedar Rapids, Iowa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 664.62 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 644.07 Td (Modern ) Tj ET Q q 0 0 0 rg BT 125.98 644.07 Td (W) Tj ET Q q 0 0 0 rg BT 134.62 644.07 Td (oodmen of ) Tj ET Q q 0 0 0 rg BT 179.61 644.07 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 634.07 Td (Rock Island, IL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 637.62 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 614.17 Td (Jef) Tj ET Q q 0 0 0 rg BT 103.48 614.17 Td (ferson National Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 604.17 Td (Louisville, KY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 610.62 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 581.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 590.07 Td (Principal Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 580.07 Td (Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 585.62 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 556.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 566.17 Td (Annuity Investor Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 556.17 Td (Cincinnati, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 561.62 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 541.17 Td (Farm Bureau Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 531.17 Td (W) Tj ET Q q 0 0 0 rg BT 100.52 531.17 Td (. Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 536.62 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 517.07 Td (Kansas City Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 507.07 Td (Kansas City) Tj ET Q q 0 0 0 rg BT 139.96 507.07 Td (, MO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 512.62 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 483.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 493.17 Td (First ) Tj ET Q q 0 0 0 rg BT 112.66 493.17 Td (V) Tj ET Q q 0 0 0 rg BT 118.77 493.17 Td (ariable Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 483.17 Td (Birmingham, ) Tj ET Q q 0 0 0 rg BT 147.00 483.17 Td (AL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 488.62 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 469.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 453.22 Td (Security Benefit Life Insurance Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 443.22 Td (T) Tj ET Q q 0 0 0 rg BT 97.41 443.22 Td (opeka, KS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 433.21 Td (Includes 21.48% r) Tj ET Q q 0 0 0 rg BT 183.23 433.21 Td (egister) Tj ET Q q 0 0 0 rg BT 210.07 433.21 Td (ed for the benefit of SBL) Tj ET Q q 0 0 0 rg BT 307.38 433.21 Td ( V) Tj ET Q q 0 0 0 rg BT 314.88 433.21 Td (ariflex Q - NA) Tj ET Q q 0 0 0 rg BT 371.31 433.21 Td (VISYS, 9.50% ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 423.21 Td (r) Tj ET Q q 0 0 0 rg BT 113.52 423.21 Td (egister) Tj ET Q q 0 0 0 rg BT 140.37 423.21 Td (ed for the benefit of unbundled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 438.62 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 409.07 Td (IDS Life Insurance Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 399.07 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 404.62 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 386.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 385.22 Td (Principal Life Insurance Co Cust.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 375.22 Td (Des Moines, IA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 365.21 Td (Includes 16.76% r) Tj ET Q q 0 0 0 rg BT 185.73 365.21 Td (egister) Tj ET Q q 0 0 0 rg BT 212.57 365.21 Td (ed for the benefit of Principal Investment Plus V) Tj ET Q q 0 0 0 rg BT 404.76 365.21 Td (ariable ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.00 355.21 Td (Annuity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 370.62 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 340.73 Td (VP) Tj ET Q q 0 0 0 rg BT 51.78 340.73 Td ( ) Tj ET Q q 0 0 0 rg BT 54.10 340.73 Td (V) Tj ET Q q 0 0 0 rg BT 60.40 340.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 340.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 340.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 325.62 Td (Class I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 310.17 Td (IDS Life Insurance Company Flexible Portfolio ) Tj ET Q q 0 0 0 rg BT 285.30 310.17 Td (Annuity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 300.17 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 305.62 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 286.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 285.22 Td (Pruco Life Insurance Company of ) Tj ET Q q 0 0 0 rg BT 230.02 285.22 Td (Arizona) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 275.22 Td (Newark, NJ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.50 265.21 Td (Includes 9.26% r) Tj ET Q q 0 0 0 rg BT 173.73 265.21 Td (egister) Tj ET Q q 0 0 0 rg BT 200.57 265.21 Td (ed for the benefit of Plaz Life and 5.40% r) Tj ET Q q 0 0 0 rg BT 369.07 265.21 Td (egister) Tj ET Q q 0 0 0 rg BT 395.92 265.21 Td (ed for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.50 255.21 Td (benefit of Plaz ) Tj ET Q q 0 0 0 rg BT 165.59 255.21 Td (Annuity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 270.62 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 240.17 Td (Midland National Life Insurance Co) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 230.17 Td (Sioux Falls, SD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 235.62 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 216.07 Td (Class II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 200.17 Td (IDS Life Insurance Company RA) Tj ET Q q 0 0 0 rg BT 225.13 200.17 Td (V) Tj ET Q q 0 0 0 rg BT 231.06 200.17 Td (A) Tj ET Q q 0 0 0 rg BT 237.73 200.17 Td ( ) Tj ET Q q 0 0 0 rg BT 239.68 200.17 Td (ADV) Tj ET Q q 0 0 0 rg BT 261.16 200.17 Td ( ) Tj ET Q q 0 0 0 rg BT 263.48 200.17 Td (VBL) Tj ET Q q 0 0 0 rg BT 283.11 200.17 Td ( ) Tj ET Q q 0 0 0 rg BT 285.06 200.17 Td (Annuity \(3A) Tj ET Q q 0 0 0 rg BT 334.60 200.17 Td (V\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 190.17 Td (Minneapolis, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 195.62 Td (46%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 176.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 176.07 Td (Security Benefit Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 166.07 Td (T) Tj ET Q q 0 0 0 rg BT 97.41 166.07 Td (opeka, KS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 156.07 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 117.00 156.07 Td (Includes 7.07% for the benefit of unbundled and 7.50% r) Tj ET Q q 0 0 0 rg BT 349.65 156.07 Td (egister) Tj ET Q q 0 0 0 rg BT 376.50 156.07 Td (ed for the benefit of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 114.50 146.06 Td (SBL) Tj ET Q q 0 0 0 rg BT 130.99 146.06 Td ( V) Tj ET Q q 0 0 0 rg BT 138.49 146.06 Td (ariflex Q - NA) Tj ET Q q 0 0 0 rg BT 194.92 146.06 Td (VISYS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 160.62 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 130.17 Td (Midland National Life Insurance Co) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 120.17 Td (W) Tj ET Q q 0 0 0 rg BT 100.52 120.17 Td (. Des Moines, IA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 125.62 Td (14%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 101.00 Td (The funds are unaware of any other shareholders, beneficial or of record, who own more than 5% of any class of a fund) Tj ET Q q 0 0 0 rg BT 516.93 101.00 Td (s outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 89.00 Td (shares or who own more than 25% of the voting securities of the corporation. ) Tj ET Q q 0 0 0 rg BT 347.31 89.00 Td (A) Tj ET Q q 0 0 0 rg BT 353.98 89.00 Td ( shareholder owning beneficially more than 25% of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 77.00 Td (corporation) Tj ET Q q 0 0 0 rg BT 84.87 77.00 Td (s outstanding shares may be considered a controlling person. ) Tj ET Q q 0 0 0 rg BT 330.19 77.00 Td (The vote of any such person could have a more significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 65.00 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 65.00 Td (fect on matters presented at a shareholders) Tj ET Q q 0 0 0 rg BT 216.10 65.00 Td ( meeting than votes of other shareholders. ) Tj ET Q q 0 0 0 rg BT 385.50 65.00 Td (As of March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.54 65.00 Td (16, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.54 65.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 476.04 65.00 Td (th) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.82 65.00 Td (e funds) Tj ET Q q 0 0 0 rg BT 515.57 65.00 Td ( of) Tj ET Q q 0 0 0 rg BT 526.22 65.00 Td (ficers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 53.00 Td (directors, as a group, owned less than 1% of any class of a fund) Tj ET Q q 0 0 0 rg BT 292.88 53.00 Td (s outstanding shares.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (B-1) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 36.00 734.85 Td (Appendix B Explanation of Fixed-Income Securities Ratings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.85 Td (As described in the prospectuses, the funds invest in fixed-income securities. ) Tj ET Q q 0 0 0 rg BT 346.02 719.85 Td (Those investments, however) Tj ET Q q 0 0 0 rg BT 459.76 719.85 Td (, are subject to certain credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.85 Td (quality restrictions, as noted in the prospectuses and in this statement of additional information. ) Tj ET Q q 0 0 0 rg BT 420.18 707.85 Td (The following are examples of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.85 Td (rating categories referenced in the prospectus disclosure.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 668.35 m 83.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 668.35 m 548.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 654.35 m 83.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 654.35 m 548.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 639.35 m 83.5 639.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 639.35 m 548.5 639.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 614.35 m 83.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 614.35 m 548.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 589.35 m 83.5 589.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 589.35 m 548.5 589.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 554.35 m 83.5 554.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 554.35 m 548.5 554.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 519.35 m 83.5 519.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 519.35 m 548.5 519.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 474.35 m 83.5 474.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 474.35 m 548.5 474.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 439.35 m 83.5 439.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 439.35 m 548.5 439.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 394.35 m 83.5 394.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 394.35 m 548.5 394.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 349.35 m 83.5 349.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 349.35 m 548.5 349.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 314.35 m 83.5 314.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 314.35 m 548.5 314.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 289.35 m 83.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 289.35 m 548.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 214.35000000000002 m 83.5 214.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 214.35000000000002 m 548.5 214.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 214.35000000000002 m 83.5 214.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 189.35000000000002 m 83.5 189.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 189.35000000000002 m 548.5 189.35000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 673.08 Td (Ratings of Corporate Debt Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 659.08 Td (Standard & Poor) Tj ET Q q 0 0 0 rg BT 109.94 659.08 Td () Tj ET Q q 0 0 0 rg BT 112.53 659.08 Td (s Long-T) Tj ET Q q 0 0 0 rg BT 149.11 659.08 Td (erm Issue Credit Ratings*) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 644.91 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 644.91 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 629.92 Td (AAA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 629.92 Td (An obligation rated AAA) Tj ET Q q 0 0 0 rg BT 190.70 629.92 Td () Tj ET Q q 0 0 0 rg BT 193.10 629.92 Td ( has the highest rating assigned by Standard & Poor) Tj ET Q q 0 0 0 rg BT 399.83 629.92 Td () Tj ET Q q 0 0 0 rg BT 403.07 629.92 Td (s. ) Tj ET Q q 0 0 0 rg BT 411.60 629.92 Td (The obligor) Tj ET Q q 0 0 0 rg BT 458.63 629.92 Td () Tj ET Q q 0 0 0 rg BT 461.87 629.92 Td (s capacity to meet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 619.92 Td (its financial commitment on the obligation is extremely strong.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 604.92 Td (AA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.92 Td (An obligation rated AA) Tj ET Q q 0 0 0 rg BT 183.48 604.92 Td () Tj ET Q q 0 0 0 rg BT 185.88 604.92 Td ( dif) Tj ET Q q 0 0 0 rg BT 199.03 604.92 Td (fers from the highest-rated obligations only to a small degree. ) Tj ET Q q 0 0 0 rg BT 447.95 604.92 Td (The obligor) Tj ET Q q 0 0 0 rg BT 494.97 604.92 Td () Tj ET Q q 0 0 0 rg BT 498.21 604.92 Td (s capacity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 594.92 Td (to meet its financial commitment on the obligation is very strong.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 579.92 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 579.92 Td (An obligation rated A) Tj ET Q q 0 0 0 rg BT 176.26 579.92 Td () Tj ET Q q 0 0 0 rg BT 178.66 579.92 Td ( is somewhat more susceptible to the adverse ef) Tj ET Q q 0 0 0 rg BT 368.70 579.92 Td (fects of changes in circumstances and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 569.92 Td (economic conditions than obligations in higher) Tj ET Q q 0 0 0 rg BT 273.92 569.92 Td (-rated categories. However) Tj ET Q q 0 0 0 rg BT 381.62 569.92 Td (, the obligor) Tj ET Q q 0 0 0 rg BT 430.21 569.92 Td () Tj ET Q q 0 0 0 rg BT 433.45 569.92 Td (s capacity to meet its) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 559.92 Td (financial commitment on the obligation is still strong.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 544.92 Td (BBB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.92 Td (An obligation rated BBB) Tj ET Q q 0 0 0 rg BT 192.56 544.92 Td ( exhibits adequate protection parameters. However) Tj ET Q q 0 0 0 rg BT 395.24 544.92 Td (, adverse economic conditions or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 534.92 Td (changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 524.92 Td (commitment on the obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 509.92 Td (BB;B;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 499.92 Td (CCC;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 489.92 Td (CC; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 479.92 Td (C) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 509.92 Td (Obligations rated BB, B, CCC, CC, and C) Tj ET Q q 0 0 0 rg BT 287.55 509.92 Td ( are regarded as having significant speculative characteristics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 499.92 Td (BB) Tj ET Q q 0 0 0 rg BT 105.63 499.92 Td ( indicates the least degree of speculation and C) Tj ET Q q 0 0 0 rg BT 299.26 499.92 Td ( the highest. ) Tj ET Q q 0 0 0 rg BT 349.90 499.92 Td (While such obligations will likely have some) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 489.92 Td (quality and protective characteristics, these may be outweighed by lar) Tj ET Q q 0 0 0 rg BT 364.69 489.92 Td (ge uncertainties or major exposures to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 479.92 Td (adverse conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 464.92 Td (BB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 464.92 Td (An obligation rated BB) Tj ET Q q 0 0 0 rg BT 185.89 464.92 Td ( is less vulnerable to nonpayment than other speculative issues. However) Tj ET Q q 0 0 0 rg BT 477.19 464.92 Td (, it faces major) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.92 Td (ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 444.92 Td (obligor) Tj ET Q q 0 0 0 rg BT 115.07 444.92 Td () Tj ET Q q 0 0 0 rg BT 118.31 444.92 Td (s inadequate capacity to meet its financial commitment on the obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 429.92 Td (B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 429.92 Td (An obligation rated B) Tj ET Q q 0 0 0 rg BT 179.22 429.92 Td ( is more vulnerable to nonpayment than obligations rated BB, but the obligor currently) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 419.92 Td (has the capacity to meet its financial commitment on the obligation. ) Tj ET Q q 0 0 0 rg BT 359.54 419.92 Td (Adverse business, financial, or economic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.92 Td (conditions will likely impair the obligor) Tj ET Q q 0 0 0 rg BT 245.89 409.92 Td () Tj ET Q q 0 0 0 rg BT 249.13 409.92 Td (s capacity or willingness to meet its financial commitment on the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 399.92 Td (obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 384.92 Td (CCC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 384.92 Td (An obligation rated CCC) Tj ET Q q 0 0 0 rg BT 192.56 384.92 Td ( is currently vulnerable to nonpayment, and is dependent upon favorable business,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 374.92 Td (financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.92 Td (of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 354.92 Td (financial commitment on the obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 339.92 Td (CC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 339.92 Td (An obligation rated CC) Tj ET Q q 0 0 0 rg BT 185.89 339.92 Td ( is currently highly vulnerable to nonpayment. ) Tj ET Q q 0 0 0 rg BT 373.16 339.92 Td (The CC) Tj ET Q q 0 0 0 rg BT 410.75 339.92 Td ( rating is used when a default has) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.92 Td (not yet occurred, but Standard & Poor) Tj ET Q q 0 0 0 rg BT 238.65 329.92 Td () Tj ET Q q 0 0 0 rg BT 241.89 329.92 Td (s expects default to be a virtual certainty) Tj ET Q q 0 0 0 rg BT 403.17 329.92 Td (, regardless of the anticipated time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.92 Td (to default.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 304.92 Td (C) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.92 Td (An obligation rated C) Tj ET Q q 0 0 0 rg BT 179.22 304.92 Td ( is currently highly vulnerable to nonpayment,and the obligation is expected to have lower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 294.92 Td (relative seniority or lower ultimate recovery compared to obligations that are rated higher) Tj ET Q q 0 0 0 rg BT 443.92 294.92 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 279.92 Td (D) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 279.92 Td (An obligation rated D) Tj ET Q q 0 0 0 rg BT 179.77 279.92 Td ( is in default or in breach of an imputed promise. For non-hybrid capital instruments, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.92 Td (D) Tj ET Q q 0 0 0 rg BT 99.51 269.92 Td ( rating category is used when payments on an obligation are not made on the date due, unless Standard &) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 259.92 Td (Poor) Tj ET Q q 0 0 0 rg BT 105.08 259.92 Td () Tj ET Q q 0 0 0 rg BT 108.32 259.92 Td (s believes that such payments will be made within five business days in the absence of a stated grace period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 249.92 Td (or within the earlier of the stated grace period or 30 calendar days. ) Tj ET Q q 0 0 0 rg BT 354.13 249.92 Td (The D) Tj ET Q q 0 0 0 rg BT 385.60 249.92 Td ( rating also will be used upon the filing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 239.92 Td (of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty) Tj ET Q q 0 0 0 rg BT 526.37 239.92 Td (, for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 229.92 Td (example due to automatic stay provisions. ) Tj ET Q q 0 0 0 rg BT 256.52 229.92 Td (An obligation) Tj ET Q q 0 0 0 rg BT 314.57 229.92 Td (s rating is lowered to D) Tj ET Q q 0 0 0 rg BT 414.18 229.92 Td ( if it is subject to a distressed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 219.92 Td (exchange of) Tj ET Q q 0 0 0 rg BT 134.49 219.92 Td (fer) Tj ET Q q 0 0 0 rg BT 145.23 219.92 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 204.92 Td (NR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 204.92 Td (This indicates that no rating has been requested, or that there is insuf) Tj ET Q q 0 0 0 rg BT 360.46 204.92 Td (ficient information on which to base a rating,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 194.92 Td (or that Standard & Poor) Tj ET Q q 0 0 0 rg BT 181.91 194.92 Td () Tj ET Q q 0 0 0 rg BT 184.69 194.92 Td (s does not rate a particular obligation as a matter of policy) Tj ET Q q 0 0 0 rg BT 416.46 194.92 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 174.85 Td (*The ratings from AA to CCC may be modified by the addition of a plus \(+\) or minus \(-\) sign to show relative standing within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 162.85 Td (major rating categories.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (B-2) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 732.5 m 83.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 732.5 m 548.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 732.5 m 83.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 717.5 m 83.5 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 732.5 m 548.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 717.5 m 548.5 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 702.5 m 83.5 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 702.5 m 548.5 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 687.5 m 83.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 687.5 m 548.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 672.5 m 83.5 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 672.5 m 548.5 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 647.5 m 83.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 647.5 m 548.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 632.5 m 83.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 632.5 m 548.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 617.5 m 83.5 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 617.5 m 548.5 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 602.5 m 83.5 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 602.5 m 548.5 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 577.5 m 83.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 577.5 m 548.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 552.5 m 83.5 552.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 552.5 m 548.5 552.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 737.23 Td (Moody) Tj ET Q q 0 0 0 rg BT 69.92 737.23 Td (s Investors Service, Inc. Global Long-T) Tj ET Q q 0 0 0 rg BT 230.94 737.23 Td (erm Rating Scale) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 723.06 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 723.06 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 708.07 Td (Aaa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 708.07 Td (Obligations rated ) Tj ET Q q 0 0 0 rg BT 157.37 708.07 Td (Aaa are judged to be of the highest quality) Tj ET Q q 0 0 0 rg BT 326.72 708.07 Td (, subject to the lowest level of credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 693.07 Td (Aa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 693.07 Td (Obligations rated ) Tj ET Q q 0 0 0 rg BT 157.37 693.07 Td (Aa are judged to be of high quality and are subject to very low credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 678.07 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 678.07 Td (Obligations rated ) Tj ET Q q 0 0 0 rg BT 157.37 678.07 Td (A) Tj ET Q q 0 0 0 rg BT 164.04 678.07 Td ( are judged to be upper) Tj ET Q q 0 0 0 rg BT 255.58 678.07 Td (-medium grade and are subject to low credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 663.07 Td (Baa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 663.07 Td (Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 653.07 Td (certain speculative characteristics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 638.07 Td (Ba) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 638.07 Td (Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 623.07 Td (B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 623.07 Td (Obligations rated B are considered speculative and are subject to high credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 608.07 Td (Caa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 608.07 Td (Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 593.07 Td (Ca) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 593.07 Td (Obligations rated Ca are highly speculative and are likely in, or very near) Tj ET Q q 0 0 0 rg BT 379.31 593.07 Td (, default, with some prospect of recovery) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.07 Td (of principal and interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 568.07 Td (C) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.07 Td (Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 558.07 Td (or interest.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.00 Td (Note: Moody) Tj ET Q q 0 0 0 rg BT 92.39 538.00 Td (s appends numerical modifiers 1, 2, and 3 to each generic rating classification from ) Tj ET Q q 0 0 0 rg BT 427.28 538.00 Td (Aa through Caa. ) Tj ET Q q 0 0 0 rg BT 495.41 538.00 Td (The modifier 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 526.00 Td (indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 514.00 Td (the modifier 3 indicates a ranking in the lower end of that generic rating category) Tj ET Q q 0 0 0 rg BT 360.23 514.00 Td (. ) Tj ET Q q 0 0 0 rg BT 364.68 514.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 414.58 514.00 Td (, a \(hyb\) indicator is appended to all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.00 Td (ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 459.5 m 83.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 459.5 m 548.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 459.5 m 83.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 444.5 m 83.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 459.5 m 548.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 444.5 m 548.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 409.5 m 83.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 409.5 m 548.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 364.5 m 83.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 364.5 m 548.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 328.5 m 83.5 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 328.5 m 548.5 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 293.5 m 83.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 293.5 m 548.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 258.5 m 83.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 258.5 m 548.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 258.5 m 83.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 243.5 m 83.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 258.5 m 548.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 243.5 m 548.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 228.5 m 83.5 228.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 228.5 m 548.5 228.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 228.5 m 83.5 228.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 213.5 m 83.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 213.5 m 548.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 213.5 m 83.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 198.5 m 83.5 198.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 198.5 m 548.5 198.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 464.23 Td (Fitch Investors Service, Inc. Long-T) Tj ET Q q 0 0 0 rg BT 188.08 464.23 Td (erm Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 450.06 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 450.06 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 435.07 Td (AAA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 435.23 Td (Highest cr) Tj ET Q q 0 0 0 rg BT 129.97 435.23 Td (edit quality) Tj ET Q q 0 0 0 rg BT 178.04 435.23 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.04 435.23 Td (AAA) Tj ET Q q 0 0 0 rg BT 206.93 435.23 Td () Tj ET Q q 0 0 0 rg BT 209.52 435.23 Td ( ratings denote the lowest expectation of credit risk. ) Tj ET Q q 0 0 0 rg BT 418.71 435.23 Td (They are assigned only in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 425.07 Td (cases of exceptionally strong capacity for payment of financial commitments. ) Tj ET Q q 0 0 0 rg BT 398.77 425.07 Td (This capacity is highly unlikely to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.07 Td (be adversely af) Tj ET Q q 0 0 0 rg BT 146.34 415.07 Td (fected by foreseeable events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 400.07 Td (AA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 400.23 Td (V) Tj ET Q q 0 0 0 rg BT 92.30 400.23 Td (ery high cr) Tj ET Q q 0 0 0 rg BT 138.78 400.23 Td (edit quality) Tj ET Q q 0 0 0 rg BT 186.84 400.23 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.84 400.23 Td (AA) Tj ET Q q 0 0 0 rg BT 208.51 400.23 Td () Tj ET Q q 0 0 0 rg BT 211.10 400.23 Td ( ratings denote expectations of very low credit risk. ) Tj ET Q q 0 0 0 rg BT 418.63 400.23 Td (They indicate very strong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 390.07 Td (capacity for payment of financial commitments. ) Tj ET Q q 0 0 0 rg BT 280.47 390.07 Td (This capacity is not significantly vulnerable to foreseeable events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 355.07 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 355.23 Td (High cr) Tj ET Q q 0 0 0 rg BT 118.31 355.23 Td (edit quality) Tj ET Q q 0 0 0 rg BT 166.38 355.23 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.38 355.23 Td (A) Tj ET Q q 0 0 0 rg BT 180.82 355.23 Td () Tj ET Q q 0 0 0 rg BT 183.41 355.23 Td ( ratings denote expectations of low credit risk. ) Tj ET Q q 0 0 0 rg BT 370.68 355.23 Td (The capacity for payment of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 345.07 Td (commitments is considered strong. ) Tj ET Q q 0 0 0 rg BT 227.74 345.07 Td (This capacity may) Tj ET Q q 0 0 0 rg BT 300.40 345.07 Td (, nevertheless, be more vulnerable to adverse business or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 335.07 Td (economic conditions than is the case for higher ratings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 319.07 Td (BBB) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 319.23 Td (Good cr) Tj ET Q q 0 0 0 rg BT 120.54 319.23 Td (edit quality) Tj ET Q q 0 0 0 rg BT 168.60 319.23 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.60 319.23 Td (BBB) Tj ET Q q 0 0 0 rg BT 199.53 319.23 Td ( ratings indicate that expectations of credit risk are currently low) Tj ET Q q 0 0 0 rg BT 457.12 319.23 Td (. ) Tj ET Q q 0 0 0 rg BT 461.94 319.23 Td (The capacity for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 309.07 Td (payment of financial commitments is considered adequate but adverse business or economic conditions are more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 299.07 Td (likely to impair this capacity) Tj ET Q q 0 0 0 rg BT 199.76 299.07 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 284.07 Td (BB) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 284.23 Td (Speculative. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 284.23 Td (BB) Tj ET Q q 0 0 0 rg BT 159.14 284.23 Td ( ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.07 Td (changes in business or economic conditions over time; however) Tj ET Q q 0 0 0 rg BT 341.09 274.07 Td (, business or financial alternatives may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 264.07 Td (available to allow financial commitments to be met.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 249.07 Td (B) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 249.23 Td (Highly speculative. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.61 249.23 Td (B) Tj ET Q q 0 0 0 rg BT 182.20 249.23 Td ( ratings indicate that material credit risk is present) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0.4 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 382.1328125 252.42578125 m 383.7578125 252.42578125 l s BT /F1 6.50 Tf ET q 0 0 0.4 rg BT 382.13 253.76 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 39.00 234.07 Td (CCC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 234.23 Td (Substantial cr) Tj ET Q q 0 0 0 rg BT 145.55 234.23 Td (edit risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.83 234.23 Td (CCC) Tj ET Q q 0 0 0 rg BT 211.76 234.23 Td ( ratings indicate that substantial credit risk is present.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 219.07 Td (CC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 218.18 Td (V) Tj ET Q q 0 0 0 rg BT 92.30 218.18 Td (ery high levels of cr) Tj ET Q q 0 0 0 rg BT 175.43 218.18 Td (edit risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.71 218.18 Td (CC) Tj ET Q q 0 0 0 rg BT 234.97 218.18 Td ( ratings indicate very high levels of credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 204.07 Td (C) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 204.23 Td (Exceptionally high levels of cr) Tj ET Q q 0 0 0 rg BT 213.59 204.23 Td (edit risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.87 204.23 Td (C) Tj ET Q q 0 0 0 rg BT 266.45 204.23 Td ( indicates exceptionally high levels of credit risk.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.00 Td (Defaulted obligations typically are not assigned RD) Tj ET Q q 0 0 0 rg BT 249.09 182.00 Td ( or D) Tj ET Q q 0 0 0 rg BT 275.56 182.00 Td ( ratings, but are instead rated in the B) Tj ET Q q 0 0 0 rg BT 431.16 182.00 Td ( to C) Tj ET Q q 0 0 0 rg BT 456.52 182.00 Td ( rating categories, depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.00 Td (upon their recovery prospects and other relevant characteristics. ) Tj ET Q q 0 0 0 rg BT 293.76 170.00 Td (This approach better aligns obligations that have comparable overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.00 Td (expected loss but varying vulnerability to default and loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 141.00 Td (Notes: ) Tj ET Q q 0 0 0 rg BT 64.43 141.00 Td (The modifiers + or - may be appended to a rating to denote relative status within major rating categories. Such suf) Tj ET Q q 0 0 0 rg BT 538.34 141.00 Td (fixes are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 129.00 Td (not added to the AAA) Tj ET Q q 0 0 0 rg BT 126.54 129.00 Td () Tj ET Q q 0 0 0 rg BT 129.13 129.00 Td ( obligation rating category) Tj ET Q q 0 0 0 rg BT 234.28 129.00 Td (, or to corporate finance obligation ratings in the categories below CCC.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (B-3) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 693.6 m 83.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 693.6 m 548.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 678.6 m 83.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 678.6 m 548.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 633.6 m 83.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 633.6 m 548.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 598.6 m 83.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 598.6 m 548.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 563.6 m 83.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 563.6 m 548.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 528.6 m 83.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 528.6 m 548.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 503.6 m 83.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 503.6 m 548.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 428.6 m 83.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 428.6 m 548.5 428.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 698.33 Td (Standard & Poor) Tj ET Q q 0 0 0 rg BT 109.94 698.33 Td () Tj ET Q q 0 0 0 rg BT 112.53 698.33 Td (s Corporate Short-T) Tj ET Q q 0 0 0 rg BT 194.41 698.33 Td (erm Note Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 684.16 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 684.16 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 669.17 Td (A-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 669.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.95 669.17 Td ( short-term obligation rated A-1) Tj ET Q q 0 0 0 rg BT 226.70 669.17 Td ( is rated in the highest category by Standard & Poor) Tj ET Q q 0 0 0 rg BT 433.70 669.17 Td () Tj ET Q q 0 0 0 rg BT 436.94 669.17 Td (s. ) Tj ET Q q 0 0 0 rg BT 445.46 669.17 Td (The obligor) Tj ET Q q 0 0 0 rg BT 492.49 669.17 Td () Tj ET Q q 0 0 0 rg BT 495.73 669.17 Td (s capacity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 659.17 Td (to meet its financial commitment on the obligation is strong. ) Tj ET Q q 0 0 0 rg BT 330.04 659.17 Td (W) Tj ET Q q 0 0 0 rg BT 339.18 659.17 Td (ithin this category) Tj ET Q q 0 0 0 rg BT 410.87 659.17 Td (, certain obligations are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 649.17 Td (designated with a plus sign \(+\). ) Tj ET Q q 0 0 0 rg BT 214.03 649.17 Td (This indicates that the obligor) Tj ET Q q 0 0 0 rg BT 333.54 649.17 Td () Tj ET Q q 0 0 0 rg BT 336.78 649.17 Td (s capacity to meet its financial commitment on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 639.17 Td (these obligations is extremely strong.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 624.17 Td (A-2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 624.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.95 624.17 Td ( short-term obligation rated A-2) Tj ET Q q 0 0 0 rg BT 226.70 624.17 Td ( is somewhat more susceptible to the adverse ef) Tj ET Q q 0 0 0 rg BT 416.74 624.17 Td (fects of changes in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 614.17 Td (circumstances and economic conditions than obligations in higher rating categories. However) Tj ET Q q 0 0 0 rg BT 460.41 614.17 Td (, the obligor) Tj ET Q q 0 0 0 rg BT 509.00 614.17 Td () Tj ET Q q 0 0 0 rg BT 512.24 614.17 Td (s) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.17 Td (capacity to meet its financial commitment on the obligation is satisfactory) Tj ET Q q 0 0 0 rg BT 381.71 604.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 589.17 Td (A-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 589.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.95 589.17 Td ( short-term obligation rated A-3) Tj ET Q q 0 0 0 rg BT 226.70 589.17 Td ( exhibits adequate protection parameters. However) Tj ET Q q 0 0 0 rg BT 429.38 589.17 Td (, adverse economic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 579.17 Td (conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 569.17 Td (financial commitment on the obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 554.17 Td (B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 554.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.95 554.17 Td ( short-term obligation rated B) Tj ET Q q 0 0 0 rg BT 217.82 554.17 Td ( is regarded as vulnerable and has significant speculative characteristics. ) Tj ET Q q 0 0 0 rg BT 509.19 554.17 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.17 Td (obligor currently has the capacity to meet its financial commitments; however) Tj ET Q q 0 0 0 rg BT 397.92 544.17 Td (, it faces major ongoing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 534.17 Td (uncertainties which could lead to the obligor) Tj ET Q q 0 0 0 rg BT 264.47 534.17 Td () Tj ET Q q 0 0 0 rg BT 267.71 534.17 Td (s inadequate capacity to meet its financial commitments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 519.17 Td (C) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 519.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.95 519.17 Td ( short-term obligation rated C) Tj ET Q q 0 0 0 rg BT 217.82 519.17 Td ( is currently vulnerable to nonpayment and is dependent upon favorable business,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 509.17 Td (financial, and economic conditions for the obligor to meet its financial commitment on the obligation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 494.17 Td (D) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 494.17 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 494.17 Td ( short-term obligation rated D) Tj ET Q q 0 0 0 rg BT 218.00 494.17 Td ( is in default or in breach of an imputed promise. For non-hybrid capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.17 Td (instruments, the D) Tj ET Q q 0 0 0 rg BT 165.52 484.17 Td ( rating category is used when payments on an obligation are not made on the date due, unless) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.17 Td (Standard & Poor) Tj ET Q q 0 0 0 rg BT 153.59 474.17 Td () Tj ET Q q 0 0 0 rg BT 156.37 474.17 Td (s believes that such payments will be made within any stated grace period. However) Tj ET Q q 0 0 0 rg BT 493.08 474.17 Td (, any stated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 464.17 Td (grace period longer than five business days will be treated as five business days. ) Tj ET Q q 0 0 0 rg BT 409.34 464.17 Td (The D) Tj ET Q q 0 0 0 rg BT 440.53 464.17 Td ( rating also will be used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.17 Td (upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 444.17 Td (virtual certainty) Tj ET Q q 0 0 0 rg BT 148.93 444.17 Td (, for example due to automatic stay provisions. ) Tj ET Q q 0 0 0 rg BT 338.34 444.17 Td (An obligation) Tj ET Q q 0 0 0 rg BT 396.39 444.17 Td (s rating is lowered to D) Tj ET Q q 0 0 0 rg BT 495.90 444.17 Td ( if it is) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.17 Td (subject to a distressed exchange of) Tj ET Q q 0 0 0 rg BT 224.38 434.17 Td (fer) Tj ET Q q 0 0 0 rg BT 234.93 434.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 429.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 398.6 m 83.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 383.6 m 83.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 398.6 m 548.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 383.6 m 548.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 383.6 m 83.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 383.6 m 548.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 368.6 m 83.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 368.6 m 548.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 353.6 m 83.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 353.6 m 548.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 338.6 m 83.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 323.6 m 83.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 338.6 m 548.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 323.6 m 548.5 323.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 404.33 Td (Moody) Tj ET Q q 0 0 0 rg BT 69.92 404.33 Td (s Global Short-T) Tj ET Q q 0 0 0 rg BT 137.90 404.33 Td (erm Rating Scale) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 389.16 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 389.16 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 374.17 Td (P-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 374.17 Td (Issuers \(or supporting institutions\) rated Prime-1 have a superior ability to repay short-term debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 359.17 Td (P-2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 359.17 Td (Issuers \(or supporting institutions\) rated Prime-2 have a strong ability to repay short-term debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 344.17 Td (P-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 344.17 Td (Issuers \(or supporting institutions\) rated Prime-3 have an acceptable ability to repay short-term obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 329.17 Td (NP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.17 Td (Issuers \(or supporting institutions\) rated Not Prime do not fall within any of the Prime rating categories.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 324.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 289.6 m 83.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 274.6 m 83.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 289.6 m 548.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 274.6 m 548.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 274.6 m 83.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 274.6 m 548.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 249.60000000000002 m 83.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 249.60000000000002 m 548.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 234.60000000000002 m 83.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 234.60000000000002 m 548.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 219.60000000000002 m 83.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 194.60000000000002 m 83.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 219.60000000000002 m 548.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 194.60000000000002 m 548.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 194.60000000000002 m 83.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 179.60000000000002 m 83.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 194.60000000000002 m 548.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 179.60000000000002 m 548.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 179.60000000000002 m 83.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 154.60000000000002 m 83.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 179.60000000000002 m 548.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 154.60000000000002 m 548.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 154.60000000000002 m 83.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 139.60000000000002 m 83.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 154.60000000000002 m 548.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 139.60000000000002 m 548.5 139.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 294.33 Td (Fitch Investors Service, Inc. Short-T) Tj ET Q q 0 0 0 rg BT 189.20 294.33 Td (erm Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 280.16 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 280.16 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 265.17 Td (F1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 265.33 Td (Highest short-term cr) Tj ET Q q 0 0 0 rg BT 178.56 265.33 Td (edit quality) Tj ET Q q 0 0 0 rg BT 226.63 265.33 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.63 265.33 Td (Indicates the strongest intrinsic capacity for timely payment of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 255.17 Td (commitments; may have an added + to denote any exceptionally strong credit feature. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 240.17 Td (F2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 240.33 Td (Good short-term cr) Tj ET Q q 0 0 0 rg BT 169.13 240.33 Td (edit quality) Tj ET Q q 0 0 0 rg BT 217.19 240.33 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.19 240.33 Td (Good intrinsic capacity for timely payment of financial commitments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 225.17 Td (F3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 225.33 Td (Fair) Tj ET Q q 0 0 0 rg BT 104.14 225.33 Td ( short-term cr) Tj ET Q q 0 0 0 rg BT 163.93 225.33 Td (edit quality) Tj ET Q q 0 0 0 rg BT 212.00 225.33 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 225.33 Td (The intrinsic capacity for timely payment of financial commitments is adequate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 210.17 Td (B) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 210.33 Td (Speculative short-term cr) Tj ET Q q 0 0 0 rg BT 194.67 210.33 Td (edit quality) Tj ET Q q 0 0 0 rg BT 242.74 210.33 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 210.33 Td (Minimal capacity for timely payment of financial commitments, plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 200.17 Td (heightened vulnerability to near term adverse changes in financial and economic conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 185.17 Td (C) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 185.33 Td (High short-term default risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.38 185.33 Td (Default is a real possibility) Tj ET Q q 0 0 0 rg BT 319.48 185.33 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 170.17 Td (RD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 170.33 Td (Restricted default. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.37 170.33 Td (Indicates an entity that has defaulted on one or more of its financial commitments, although it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.17 Td (continues to meet other financial obligations. ) Tj ET Q q 0 0 0 rg BT 268.83 160.17 Td (T) Tj ET Q q 0 0 0 rg BT 274.24 160.17 Td (ypically applicable to entity ratings only) Tj ET Q q 0 0 0 rg BT 434.94 160.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 145.17 Td (D) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 145.33 Td (Default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.16 145.33 Td (Indicates a broad-based default event for an entity) Tj ET Q q 0 0 0 rg BT 319.70 145.33 Td (, or the default of a short-term obligation.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (B-4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 732.5 m 83.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 717.5 m 83.5 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 732.5 m 548.5 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 717.5 m 548.5 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 692.5 m 83.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 692.5 m 548.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 667.5 m 83.5 667.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 652.5 m 83.5 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 667.5 m 548.5 667.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 652.5 m 548.5 652.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 737.18 Td (Standard & Poor) Tj ET Q q 0 0 0 rg BT 109.94 737.18 Td () Tj ET Q q 0 0 0 rg BT 112.53 737.18 Td (s Municipal Short-T) Tj ET Q q 0 0 0 rg BT 195.52 737.18 Td (erm Note Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 723.06 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 723.06 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 708.07 Td (SP-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 707.17 Td (Strong capacity to pay principal and interest. ) Tj ET Q q 0 0 0 rg BT 267.34 707.17 Td (An issue determined to possess a very strong capacity to pay debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 697.17 Td (service is given a plus \(+\) designation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 683.07 Td (SP-2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.17 Td (Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 672.17 Td (changes over the term of the notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 658.07 Td (SP-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 657.17 Td (Speculative capacity to pay principal and interest.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 625.5 m 83.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 610.5 m 83.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 625.5 m 548.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 610.5 m 548.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 610.5 m 83.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 610.5 m 548.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 585.5 m 83.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 585.5 m 548.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 560.5 m 83.5 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 560.5 m 548.5 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 535.5 m 83.5 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 510.5 m 83.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 535.5 m 548.5 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 510.5 m 548.5 510.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 630.23 Td (Moody) Tj ET Q q 0 0 0 rg BT 69.92 630.23 Td (s US Municipal Short-T) Tj ET Q q 0 0 0 rg BT 168.19 630.23 Td (erm Debt Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 616.06 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 616.06 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 601.07 Td (MIG 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 601.07 Td (This designation denotes superior credit quality) Tj ET Q q 0 0 0 rg BT 275.91 601.07 Td (. Excellent protection is af) Tj ET Q q 0 0 0 rg BT 380.73 601.07 Td (forded by established cash flows, highly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 591.07 Td (reliable liquidity support, or demonstrated broad-based access to the market for refinancing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 576.07 Td (MIG 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.07 Td (This designation denotes strong credit quality) Tj ET Q q 0 0 0 rg BT 268.14 576.07 Td (. Mar) Tj ET Q q 0 0 0 rg BT 289.39 576.07 Td (gins of protection are ample, although not as lar) Tj ET Q q 0 0 0 rg BT 480.54 576.07 Td (ge as in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 566.07 Td (preceding group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 551.07 Td (MIG 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 551.07 Td (This designation denotes acceptable credit quality) Tj ET Q q 0 0 0 rg BT 285.33 551.07 Td (. Liquidity and cash-flow protection may be narrow) Tj ET Q q 0 0 0 rg BT 491.29 551.07 Td (, and market) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 541.07 Td (access for refinancing is likely to be less well-established.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 526.07 Td (SG) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.07 Td (This designation denotes speculative-grade credit quality) Tj ET Q q 0 0 0 rg BT 313.33 526.07 Td (. Debt instruments in this category may lack suf) Tj ET Q q 0 0 0 rg BT 504.50 526.07 Td (ficient) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 516.07 Td (mar) Tj ET Q q 0 0 0 rg BT 101.37 516.07 Td (gins of protection.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 468.5 m 83.5 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 453.5 m 83.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 468.5 m 548.5 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 453.5 m 548.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 453.5 m 83.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 453.5 m 548.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 418.5 m 83.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 418.5 m 548.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 383.5 m 83.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 383.5 m 548.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 348.5 m 83.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 313.5 m 83.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 348.5 m 548.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 313.5 m 548.5 313.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 473.23 Td (Moody) Tj ET Q q 0 0 0 rg BT 69.92 473.23 Td (s Demand Obligation Ratings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 459.06 Td (Category) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 459.06 Td (Definition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 444.07 Td (VMIG 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 444.07 Td (This designation denotes superior credit quality) Tj ET Q q 0 0 0 rg BT 275.91 444.07 Td (. Excellent protection is af) Tj ET Q q 0 0 0 rg BT 380.73 444.07 Td (forded by the superior short-term credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.07 Td (strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.07 Td (price upon demand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 409.07 Td (VMIG 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.07 Td (This designation denotes strong credit quality) Tj ET Q q 0 0 0 rg BT 268.14 409.07 Td (. Good protection is af) Tj ET Q q 0 0 0 rg BT 357.43 409.07 Td (forded by the strong short-term credit strength) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 399.07 Td (of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 389.07 Td (demand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 374.07 Td (VMIG 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 374.07 Td (This designation denotes acceptable credit quality) Tj ET Q q 0 0 0 rg BT 285.33 374.07 Td (. ) Tj ET Q q 0 0 0 rg BT 289.73 374.07 Td (Adequate protection is af) Tj ET Q q 0 0 0 rg BT 390.16 374.07 Td (forded by the satisfactory short-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.07 Td (credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 354.07 Td (purchase price upon demand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 339.07 Td (SG) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 339.07 Td (This designation denotes speculative-grade credit quality) Tj ET Q q 0 0 0 rg BT 313.33 339.07 Td (. Demand features rated in this category may be) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.07 Td (supported by a liquidity provider that does not have an investment grade short-term rating or may lack the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.07 Td (structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-1) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 36.00 734.85 Td (Appendix C Pr) Tj ET Q q 0 0 0 rg BT 165.19 734.85 Td (oxy ) Tj ET Q q 0 0 0 rg BT 196.37 734.85 Td (V) Tj ET Q q 0 0 0 rg BT 207.71 734.85 Td (oting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.85 Td (American Century Investment Management, Inc. \(the Advisor\) is the investment manager for a variety of advisory clients, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.85 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 707.85 Td (American Century family of funds. In such capacity) Tj ET Q q 0 0 0 rg BT 257.78 707.85 Td (, the ) Tj ET Q q 0 0 0 rg BT 276.95 707.85 Td (Advisor has been delegated the authority to vote proxies with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.85 Td (investments held in the accounts it manages. ) Tj ET Q q 0 0 0 rg BT 216.33 695.85 Td (The following is a statement of the proxy voting policies that have been adopted by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.85 Td (Advisor) Tj ET Q q 0 0 0 rg BT 67.67 683.85 Td (. In the exercise of proxy voting authority which has been delegated to it by particular clients, the ) Tj ET Q q 0 0 0 rg BT 461.16 683.85 Td (Advisor will apply the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.85 Td (following policies in accordance with, and subject to, any specific policies that have been adopted by the client and communicated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.85 Td (and accepted by the ) Tj ET Q q 0 0 0 rg BT 117.07 659.85 Td (Advisor in writing.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 36.00 637.05 Td (A. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 54.00 637.05 Td (General Principles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 622.05 Td (In providing the service of voting client proxies, the ) Tj ET Q q 0 0 0 rg BT 245.95 622.05 Td (Advisor is guided by general fiduciary principles, must act prudently) Tj ET Q q 0 0 0 rg BT 520.79 622.05 Td (, solely in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 610.05 Td (interest of its clients, and must not subordinate client interests to unrelated objectives. Except as otherwise indicated in these Policies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.05 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 598.05 Td (Advisor will vote all proxies with respect to investments held in the client accounts it manages. ) Tj ET Q q 0 0 0 rg BT 436.01 598.05 Td (The ) Tj ET Q q 0 0 0 rg BT 453.50 598.05 Td (Advisor will attempt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.05 Td (consider all factors of its vote that could af) Tj ET Q q 0 0 0 rg BT 206.87 586.05 Td (fect the value of the investment. ) Tj ET Q q 0 0 0 rg BT 339.61 586.05 Td (Although in most instances the ) Tj ET Q q 0 0 0 rg BT 465.43 586.05 Td (Advisor will vote proxies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.05 Td (consistently across all client accounts, the votes will be based on the best interests of each client. ) Tj ET Q q 0 0 0 rg BT 427.00 574.05 Td (As a result, accounts managed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.05 Td (Advisor may at times vote dif) Tj ET Q q 0 0 0 rg BT 154.96 562.05 Td (ferently on the same proposals. Examples of when an account) Tj ET Q q 0 0 0 rg BT 407.39 562.05 Td (s vote might dif) Tj ET Q q 0 0 0 rg BT 470.26 562.05 Td (fer from other accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.05 Td (managed by the ) Tj ET Q q 0 0 0 rg BT 101.26 550.05 Td (Advisor include, but are not limited to, proxy contests and proposed mer) Tj ET Q q 0 0 0 rg BT 391.30 550.05 Td (gers. In short, the ) Tj ET Q q 0 0 0 rg BT 465.45 550.05 Td (Advisor will vote proxies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.05 Td (in the manner that it believes will do the most to maximize shareholder value.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (B. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (Specific Pr) Tj ET Q q 0 0 0 rg BT 118.67 515.25 Td (oxy Matters) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 36.00 496.85 Td (1. ) Tj ET Q q 0 0 0 rg BT 72.00 496.85 Td (Routine Matters) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 478.45 Td (a. ) Tj ET Q q 0 0 0 rg BT 108.00 478.45 Td (Election of Dir) Tj ET Q q 0 0 0 rg BT 183.10 478.45 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 463.45 Td (\(1\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 463.45 Td (Generally) Tj ET Q q 0 0 0 rg BT 139.18 463.45 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.18 463.45 Td (The ) Tj ET Q q 0 0 0 rg BT 161.67 463.45 Td (Advisor will generally support the election of directors that result in a board made up of a majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 451.45 Td (independent directors. In general, the ) Tj ET Q q 0 0 0 rg BT 249.78 451.45 Td (Advisor will vote in favor of management's director nominees if they are running ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 439.45 Td (unopposed. ) Tj ET Q q 0 0 0 rg BT 147.15 439.45 Td (The ) Tj ET Q q 0 0 0 rg BT 164.64 439.45 Td (Advisor believes that management is in the best possible position to evaluate the qualifications of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 427.45 Td (directors and the needs and dynamics of a particular board. ) Tj ET Q q 0 0 0 rg BT 337.34 427.45 Td (The ) Tj ET Q q 0 0 0 rg BT 354.83 427.45 Td (Advisor of course maintains the ability to vote against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 415.45 Td (any candidate whom it feels is not qualified or if there are specific concerns about the individual, such as allegations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 403.45 Td (criminal wrongdoing or breach of fiduciary responsibilities. ) Tj ET Q q 0 0 0 rg BT 342.55 403.45 Td (Additional information the ) Tj ET Q q 0 0 0 rg BT 451.70 403.45 Td (Advisor may consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 391.45 Td (concerning director nominees include, but is not limited to, whether \(1\) there is an adequate explanation for repeated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 379.45 Td (absences at board meetings, \(2\) the nominee receives non-board fee compensation, or \(3\) there is a family relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 367.45 Td (between the nominee and the company) Tj ET Q q 0 0 0 rg BT 257.55 367.45 Td (s chief executive of) Tj ET Q q 0 0 0 rg BT 335.39 367.45 Td (ficer or controlling shareholder) Tj ET Q q 0 0 0 rg BT 459.51 367.45 Td (. ) Tj ET Q q 0 0 0 rg BT 466.83 367.45 Td (When management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 355.45 Td (nominees are opposed in a proxy contest, the ) Tj ET Q q 0 0 0 rg BT 280.90 355.45 Td (Advisor will evaluate which nominees' publicly-announced management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 343.45 Td (policies and goals are most likely to maximize shareholder value, as well as the past performance of the incumbents. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 325.45 Td (\(2\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 325.45 Td (Committee Service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.92 325.45 Td (The ) Tj ET Q q 0 0 0 rg BT 198.42 325.45 Td (Advisor will withhold votes for non-independent directors who serve on the audit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 313.45 Td (compensation, and/or nominating committees of the board. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 295.45 Td (\(3\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 295.45 Td (Classification of Boards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.46 295.45 Td (The ) Tj ET Q q 0 0 0 rg BT 220.95 295.45 Td (Advisor will support proposals that seek to declassify boards. Conversely) Tj ET Q q 0 0 0 rg BT 514.15 295.45 Td (, the ) Tj ET Q q 0 0 0 rg BT 533.31 295.45 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 283.45 Td (will oppose ef) Tj ET Q q 0 0 0 rg BT 155.47 283.45 Td (forts to adopt classified board structures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 265.45 Td (\(4\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 265.45 Td (Majority Independent Board. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.79 265.45 Td (The ) Tj ET Q q 0 0 0 rg BT 239.28 265.45 Td (Advisor will support proposals calling for a majority of independent directors on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 253.45 Td (board. ) Tj ET Q q 0 0 0 rg BT 126.59 253.45 Td (The ) Tj ET Q q 0 0 0 rg BT 144.08 253.45 Td (Advisor believes that a majority of independent directors can help to facilitate objective decision making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 241.45 Td (and enhances accountability to shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 223.45 Td (\(5\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 223.45 Td (Majority V) Tj ET Q q 0 0 0 rg BT 142.62 223.45 Td (ote Standard for Director Elections.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.12 223.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.12 223.45 Td (The ) Tj ET Q q 0 0 0 rg BT 312.62 223.45 Td (Advisor will vote in favor of proposals calling for directors to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 211.45 Td (elected by an af) Tj ET Q q 0 0 0 rg BT 161.84 211.45 Td (firmative majority of the votes cast in a board election, provided that the proposal allows for a plurality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 199.45 Td (voting standard in the case of contested elections. ) Tj ET Q q 0 0 0 rg BT 302.09 199.45 Td (The ) Tj ET Q q 0 0 0 rg BT 319.59 199.45 Td (Advisor may consider voting against such shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 187.45 Td (proposals where a company) Tj ET Q q 0 0 0 rg BT 213.13 187.45 Td (s board has adopted an alternative measure, such as a director resignation policy) Tj ET Q q 0 0 0 rg BT 533.20 187.45 Td (, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 175.45 Td (provides a meaningful alternative to the majority voting standard and appropriately addresses situations where an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 163.45 Td (incumbent director fails to receive the support of the majority of the votes cast in an uncontested election.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 145.45 Td (\(6\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 145.45 Td (W) Tj ET Q q 0 0 0 rg BT 107.52 145.45 Td (ithholding Campaigns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 145.45 Td (The ) Tj ET Q q 0 0 0 rg BT 221.99 145.45 Td (Advisor will support proposals calling for shareholders to withhold votes for directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 133.45 Td (where such actions will advance the principles set forth in paragraphs \(1\) through \(5\) above.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 113.05 Td (b. ) Tj ET Q q 0 0 0 rg BT 108.00 113.05 Td (Ratification of Selection of ) Tj ET Q q 0 0 0 rg BT 245.98 113.05 Td (Auditors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 98.05 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 98.05 Td (Advisor will generally rely on the judgment of the issuer) Tj ET Q q 0 0 0 rg BT 325.76 98.05 Td () Tj ET Q q 0 0 0 rg BT 328.54 98.05 Td (s audit committee in selecting the independent auditors who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 86.05 Td (will provide the best service to the company) Tj ET Q q 0 0 0 rg BT 257.25 86.05 Td (. ) Tj ET Q q 0 0 0 rg BT 262.06 86.05 Td (The ) Tj ET Q q 0 0 0 rg BT 279.56 86.05 Td (Advisor believes that independence of the auditors is paramount and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 74.05 Td (vote against auditors whose independence appears to be impaired. ) Tj ET Q q 0 0 0 rg BT 347.40 74.05 Td (The ) Tj ET Q q 0 0 0 rg BT 364.89 74.05 Td (Advisor will vote against proposed auditors in those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 62.05 Td (circumstances where \(1\) an auditor has a financial interest in or association with the company) Tj ET Q q 0 0 0 rg BT 455.22 62.05 Td (, and is therefore not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 50.05 Td (independent; \(2\) non-audit fees comprise more than 50% of the total fees paid by the company to the audit firm; or \(3\) ) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 740.10 Td (there is reason to believe that the independent auditor has previously rendered an opinion to the issuer that is either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 728.10 Td (inaccurate or not indicative of the company's financial position.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 36.00 707.70 Td (2. ) Tj ET Q q 0 0 0 rg BT 72.00 707.70 Td (Compensation Matters) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 689.30 Td (a. ) Tj ET Q q 0 0 0 rg BT 108.00 689.30 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 674.30 Td (\(1\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 674.30 Td (Advisory V) Tj ET Q q 0 0 0 rg BT 143.17 674.30 Td (ote on Compensation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.91 674.30 Td (The ) Tj ET Q q 0 0 0 rg BT 255.40 674.30 Td (Advisor believes there are more ef) Tj ET Q q 0 0 0 rg BT 393.21 674.30 Td (fective ways to convey concerns about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 662.30 Td (compensation than through an advisory vote on compensation \(such as voting against specific excessive incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 650.30 Td (plans or withholding votes from compensation committee members\). ) Tj ET Q q 0 0 0 rg BT 379.87 650.30 Td (The ) Tj ET Q q 0 0 0 rg BT 397.37 650.30 Td (Advisor will consider and vote on a case-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 638.30 Td (by-case basis on say-on-pay proposals and will generally support management proposals unless specific concerns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 626.30 Td (exist, including if the ) Tj ET Q q 0 0 0 rg BT 185.93 626.30 Td (Advisor concludes that executive compensation is \(i\) misaligned with shareholder interests, \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 614.30 Td (unreasonable in amount, or \(iii\) not in the aggregate meaningfully tied to the company) Tj ET Q q 0 0 0 rg BT 447.23 614.30 Td (s performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 596.30 Td (\(2\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 596.30 Td (Frequency of ) Tj ET Q q 0 0 0 rg BT 156.40 596.30 Td (Advisory V) Tj ET Q q 0 0 0 rg BT 200.57 596.30 Td (otes on Compensation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.20 596.30 Td (The ) Tj ET Q q 0 0 0 rg BT 316.69 596.30 Td (Advisor generally supports the triennial option for the frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 584.30 Td (of say-on-pay proposals, but will consider management recommendations for an alternative approach.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 563.90 Td (b. ) Tj ET Q q 0 0 0 rg BT 108.00 563.90 Td (Equity Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 548.90 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 548.90 Td (Advisor believes that equity-based incentive plans are economically significant issues upon which shareholders are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 536.90 Td (entitled to vote. ) Tj ET Q q 0 0 0 rg BT 145.80 536.90 Td (The ) Tj ET Q q 0 0 0 rg BT 163.30 536.90 Td (Advisor recognizes that equity-based compensation plans can be useful in attracting and maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 524.90 Td (desirable employees. ) Tj ET Q q 0 0 0 rg BT 167.18 524.90 Td (The cost associated with such plans must be measured if plans are to be used appropriately to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 512.90 Td (maximize shareholder value. ) Tj ET Q q 0 0 0 rg BT 198.55 512.90 Td (The ) Tj ET Q q 0 0 0 rg BT 216.04 512.90 Td (Advisor will conduct a case-by-case analysis of each stock option, stock bonus or similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 500.90 Td (plan or amendment, and generally approve management's recommendations with respect to adoption of or amendments to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 488.90 Td (company's equity-based compensation plans, provided that the total number of shares reserved under all of a company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 476.90 Td (plans is reasonable and not excessively dilutive.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 458.90 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 458.90 Td (Advisor will review equity-based compensation plans or amendments thereto on a case-by-case basis. Factors that will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 446.90 Td (be considered in the determination include the company's overall capitalization, the performance of the company relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 434.90 Td (its peers, and the maturity of the company and its industry; for example, technology companies often use options broadly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 422.90 Td (throughout its employee base which may justify somewhat greater dilution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 404.90 Td (Amendments which are proposed in order to bring a company's plan within applicable legal requirements will be reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 392.90 Td (by the ) Tj ET Q q 0 0 0 rg BT 107.67 392.90 Td (Advisor's legal counsel; amendments to executive bonus plans to comply with IRS Section 162\(m\) disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 380.90 Td (requirements, for example, are generally approved. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 362.90 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 362.90 Td (Advisor will generally vote against the adoption of plans or plan amendments that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 344.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 344.90 Td (Provide for immediate vesting of all stock options in the event of a change of control of the company without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 332.90 Td (reasonable safeguards against abuse \(see "Anti-T) Tj ET Q q 0 0 0 rg BT 294.81 332.90 Td (akeover Proposals" below\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 317.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 317.90 Td (Reset outstanding stock options at a lower strike price unless accompanied by a corresponding and proportionate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 305.90 Td (reduction in the number of shares designated. ) Tj ET Q q 0 0 0 rg BT 283.21 305.90 Td (The ) Tj ET Q q 0 0 0 rg BT 300.70 305.90 Td (Advisor will generally oppose adoption of stock option plans that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 293.90 Td (explicitly or historically permit repricing of stock options, regardless of the number of shares reserved for issuance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 281.90 Td (since their ef) Tj ET Q q 0 0 0 rg BT 150.46 281.90 Td (fect is impossible to evaluate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 266.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 266.90 Td (Establish restriction periods shorter than three years for restricted stock grants;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 251.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 251.90 Td (Do not reasonably associate awards to performance of the company; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 236.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 236.90 Td (Are excessively dilutive to the company) Tj ET Q q 0 0 0 rg BT 259.14 236.90 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 36.00 218.50 Td (3. ) Tj ET Q q 0 0 0 rg BT 72.00 218.50 Td (Anti-T) Tj ET Q q 0 0 0 rg BT 105.57 218.50 Td (akeover) Tj ET Q q 0 0 0 rg BT 146.00 218.50 Td ( Pr) Tj ET Q q 0 0 0 rg BT 161.44 218.50 Td (oposals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.50 Td (In general, the ) Tj ET Q q 0 0 0 rg BT 113.42 203.50 Td (Advisor will vote against any proposal, whether made by management or shareholders, which the ) Tj ET Q q 0 0 0 rg BT 505.54 203.50 Td (Advisor believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.50 Td (would materially discourage a potential acquisition or takeover) Tj ET Q q 0 0 0 rg BT 305.87 191.50 Td (. In most cases an acquisition or takeover of a particular company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.50 Td (will increase share value. ) Tj ET Q q 0 0 0 rg BT 157.38 179.50 Td (The adoption of anti-takeover measures may prevent or frustrate a bid from being made, may prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.50 Td (consummation of the acquisition, and may have a negative ef) Tj ET Q q 0 0 0 rg BT 298.74 167.50 Td (fect on share price when no acquisition proposal is pending. ) Tj ET Q q 0 0 0 rg BT 541.00 167.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.50 Td (items below discuss specific anti-takeover proposals.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 135.10 Td (a. ) Tj ET Q q 0 0 0 rg BT 108.00 135.10 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 170.78 135.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.35 135.10 Td (oting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 120.10 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 120.10 Td (Advisor will vote in favor of any proposal to adopt cumulative voting and will vote against any proposal to eliminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 108.10 Td (cumulative voting that is already in place, except in cases where a company has a staggered board. Cumulative voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 96.10 Td (gives minority shareholders a stronger voice in the company and a greater chance for representation on the board. ) Tj ET Q q 0 0 0 rg BT 537.59 96.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 84.10 Td (Advisor believes that the elimination of cumulative voting constitutes an anti-takeover measure.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 63.70 Td (b. ) Tj ET Q q 0 0 0 rg BT 108.00 63.70 Td (Stagger) Tj ET Q q 0 0 0 rg BT 147.11 63.70 Td (ed Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 48.70 Td (If a company has a "staggered board," its directors are elected for terms of more than one year and only a segment of the ) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 740.10 Td (board stands for election in any year) Tj ET Q q 0 0 0 rg BT 225.95 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.77 740.10 Td (Therefore, a potential acquiror cannot replace the entire board in one year even if it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 728.10 Td (controls a majority of the votes. ) Tj ET Q q 0 0 0 rg BT 210.14 728.10 Td (Although staggered boards may provide some degree of continuity and stability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 716.10 Td (leadership and direction to the board of directors, the ) Tj ET Q q 0 0 0 rg BT 294.82 716.10 Td (Advisor believes that staggered boards are primarily an anti-takeover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 704.10 Td (device and will vote against establishing them and for eliminating them. However) Tj ET Q q 0 0 0 rg BT 408.29 704.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 427.46 704.10 Td (Advisor does not necessarily vote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 692.10 Td (against the re-election of directors serving on staggered boards.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 671.70 Td (c. ) Tj ET Q q 0 0 0 rg BT 108.00 671.70 Td ("Blank Check" Pr) Tj ET Q q 0 0 0 rg BT 203.12 671.70 Td (eferr) Tj ET Q q 0 0 0 rg BT 228.20 671.70 Td (ed Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 656.70 Td (Blank check preferred stock gives the board of directors the ability to issue preferred stock, without further shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 644.70 Td (approval, with such rights, preferences, privileges and restrictions as may be set by the board. In response to a hostile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 632.70 Td (takeover attempt, the board could issue such stock to a friendly party or "white knight" or could establish conversion or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 620.70 Td (other rights in the preferred stock which would dilute the common stock and make an acquisition impossible or less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 608.70 Td (attractive. ) Tj ET Q q 0 0 0 rg BT 123.02 608.70 Td (The ar) Tj ET Q q 0 0 0 rg BT 148.65 608.70 Td (gument in favor of blank check preferred stock is that it gives the board flexibility in pursuing financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 596.70 Td (acquisitions or other proper corporate purposes without incurring the time or expense of a shareholder vote. Generally) Tj ET Q q 0 0 0 rg BT 552.70 596.70 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 584.70 Td (Advisor will vote against blank check preferred stock. However) Tj ET Q q 0 0 0 rg BT 336.35 584.70 Td (, the ) Tj ET Q q 0 0 0 rg BT 355.51 584.70 Td (Advisor may vote in favor of blank check preferred if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 572.70 Td (the proxy statement discloses that such stock is limited to use for a specific, proper corporate objective as a financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 560.70 Td (instrument.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 540.30 Td (d. ) Tj ET Q q 0 0 0 rg BT 108.00 540.30 Td (Elimination of Pr) Tj ET Q q 0 0 0 rg BT 197.12 540.30 Td (eemptive Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 525.30 Td (When a company grants preemptive rights, existing shareholders are given an opportunity to maintain their proportional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 513.30 Td (ownership when new shares are issued. ) Tj ET Q q 0 0 0 rg BT 240.13 513.30 Td (A) Tj ET Q q 0 0 0 rg BT 246.80 513.30 Td ( proposal to eliminate preemptive rights is a request from management to revoke ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 501.30 Td (that right.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 483.30 Td (While preemptive rights will protect the shareholder from having its equity diluted, it may also decrease a company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 471.30 Td (ability to raise capital through stock of) Tj ET Q q 0 0 0 rg BT 235.22 471.30 Td (ferings or use stock for acquisitions or other proper corporate purposes. Preemptive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 459.30 Td (rights may therefore result in a lower market value for the company's stock. In the long term, shareholders could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 447.30 Td (adversely af) Tj ET Q q 0 0 0 rg BT 129.40 447.30 Td (fected by preemptive rights. ) Tj ET Q q 0 0 0 rg BT 243.91 447.30 Td (The ) Tj ET Q q 0 0 0 rg BT 261.40 447.30 Td (Advisor generally votes against proposals to grant preemptive rights, and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 435.30 Td (proposals to eliminate preemptive rights.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 414.90 Td (e. ) Tj ET Q q 0 0 0 rg BT 108.00 414.90 Td (Non-targeted Shar) Tj ET Q q 0 0 0 rg BT 203.44 414.90 Td (e Repur) Tj ET Q q 0 0 0 rg BT 244.21 414.90 Td (chase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 399.90 Td (A) Tj ET Q q 0 0 0 rg BT 87.67 399.90 Td ( non-tar) Tj ET Q q 0 0 0 rg BT 118.87 399.90 Td (geted share repurchase is generally used by company management to prevent the value of stock held by existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 387.90 Td (shareholders from deteriorating. ) Tj ET Q q 0 0 0 rg BT 211.51 387.90 Td (A) Tj ET Q q 0 0 0 rg BT 218.18 387.90 Td ( non-tar) Tj ET Q q 0 0 0 rg BT 249.38 387.90 Td (geted share repurchase may reflect management's belief in the favorable business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 375.90 Td (prospects of the company) Tj ET Q q 0 0 0 rg BT 182.82 375.90 Td (. ) Tj ET Q q 0 0 0 rg BT 187.64 375.90 Td (The ) Tj ET Q q 0 0 0 rg BT 205.14 375.90 Td (Advisor finds no disadvantageous ef) Tj ET Q q 0 0 0 rg BT 351.04 375.90 Td (fects of a non-tar) Tj ET Q q 0 0 0 rg BT 418.88 375.90 Td (geted share repurchase and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 363.90 Td (generally vote for the approval of a non-tar) Tj ET Q q 0 0 0 rg BT 253.25 363.90 Td (geted share repurchase subject to analysis of the company) Tj ET Q q 0 0 0 rg BT 487.61 363.90 Td (s financial condition.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 343.50 Td (f. ) Tj ET Q q 0 0 0 rg BT 108.00 343.50 Td (Incr) Tj ET Q q 0 0 0 rg BT 129.78 343.50 Td (ease in ) Tj ET Q q 0 0 0 rg BT 166.45 343.50 Td (Authorized Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 328.50 Td (The issuance of new common stock can also be viewed as an anti-takeover measure, although its ef) Tj ET Q q 0 0 0 rg BT 478.18 328.50 Td (fect on shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 316.50 Td (value would appear to be less significant than the adoption of blank check preferred. ) Tj ET Q q 0 0 0 rg BT 420.98 316.50 Td (The ) Tj ET Q q 0 0 0 rg BT 438.47 316.50 Td (Advisor will evaluate the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 304.50 Td (of the proposed increase and the purpose or purposes for which the increase is sought. If the increase is not excessive and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 292.50 Td (sought for proper corporate purposes, the increase will be approved. Proper corporate purposes might include, for example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 280.50 Td (the creation of additional stock to accommodate a stock split or stock dividend, additional stock required for a proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 268.50 Td (acquisition, or additional stock required to be reserved upon exercise of employee stock option plans or employee stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 256.50 Td (purchase plans. Generally) Tj ET Q q 0 0 0 rg BT 183.92 256.50 Td (, the ) Tj ET Q q 0 0 0 rg BT 203.08 256.50 Td (Advisor will vote in favor of an increase in authorized common stock of up to 100%; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 244.50 Td (increases in excess of 100% are evaluated on a case-by-case basis, and will be voted af) Tj ET Q q 0 0 0 rg BT 428.45 244.50 Td (firmatively if management has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 232.50 Td (provided sound justification for the increase.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 212.10 Td (g. ) Tj ET Q q 0 0 0 rg BT 108.00 212.10 Td ("Supermajority" ) Tj ET Q q 0 0 0 rg BT 199.43 212.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.99 212.10 Td (oting Pr) Tj ET Q q 0 0 0 rg BT 248.44 212.10 Td (ovisions or) Tj ET Q q 0 0 0 rg BT 303.23 212.10 Td ( Super) Tj ET Q q 0 0 0 rg BT 336.69 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.47 212.10 Td (V) Tj ET Q q 0 0 0 rg BT 347.03 212.10 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 400.49 212.10 Td (e Classes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 197.10 Td (A) Tj ET Q q 0 0 0 rg BT 87.67 197.10 Td ( "supermajority" voting provision is a provision placed in a company's charter documents which would require a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 185.10 Td ("supermajority" \(ranging from 66 to 90%\) of shareholders and shareholder votes to approve any type of acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 173.10 Td (company) Tj ET Q q 0 0 0 rg BT 117.01 173.10 Td (. ) Tj ET Q q 0 0 0 rg BT 121.45 173.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.12 173.10 Td ( super voting share class grants one class of shareholders a greater per) Tj ET Q q 0 0 0 rg BT 407.82 173.10 Td (-share vote than those of shareholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 161.10 Td (other voting classes. ) Tj ET Q q 0 0 0 rg BT 164.69 161.10 Td (The ) Tj ET Q q 0 0 0 rg BT 182.19 161.10 Td (Advisor believes that these are standard anti-takeover measures and will generally vote against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 149.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 105.81 149.10 Td (The supermajority provision makes an acquisition more time-consuming and expensive for the acquiror) Tj ET Q q 0 0 0 rg BT 520.15 149.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.60 149.10 Td (A) Tj ET Q q 0 0 0 rg BT 531.27 149.10 Td ( super ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 137.10 Td (voting share class favors one group of shareholders disproportionately to economic interest. Both are often proposed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 125.10 Td (conjunction with other anti-takeover measures.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 104.70 Td (h. ) Tj ET Q q 0 0 0 rg BT 108.00 104.70 Td ("Fair) Tj ET Q q 0 0 0 rg BT 136.44 104.70 Td ( Price" ) Tj ET Q q 0 0 0 rg BT 175.08 104.70 Td (Amendments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 89.70 Td (This is another type of charter amendment that would require an of) Tj ET Q q 0 0 0 rg BT 348.78 89.70 Td (feror to pay a "fair" and uniform price to all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 77.70 Td (shareholders in an acquisition. In general, fair price amendments are designed to protect shareholders from coercive, two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 65.70 Td (tier tender of) Tj ET Q q 0 0 0 rg BT 132.46 65.70 Td (fers in which some shareholders may be mer) Tj ET Q q 0 0 0 rg BT 310.83 65.70 Td (ged out on disadvantageous terms. Fair price amendments also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 53.70 Td (have an anti-takeover impact, although their adoption is generally believed to have less of a negative ef) Tj ET Q q 0 0 0 rg BT 493.72 53.70 Td (fect on stock price ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 740.10 Td (than other anti-takeover measures. ) Tj ET Q q 0 0 0 rg BT 221.04 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 238.53 740.10 Td (Advisor will carefully examine all fair price proposals. In general, the ) Tj ET Q q 0 0 0 rg BT 519.82 740.10 Td (Advisor will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 728.10 Td (vote against fair price proposals unless the ) Tj ET Q q 0 0 0 rg BT 252.90 728.10 Td (Advisor concludes that it is likely that the share price will not be negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 716.10 Td (af) Tj ET Q q 0 0 0 rg BT 88.59 716.10 Td (fected and the proposal will not have the ef) Tj ET Q q 0 0 0 rg BT 261.12 716.10 Td (fect of discouraging acquisition proposals.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 695.70 Td (i. ) Tj ET Q q 0 0 0 rg BT 108.00 695.70 Td (Limiting the Right to Call Special Shar) Tj ET Q q 0 0 0 rg BT 307.79 695.70 Td (eholder) Tj ET Q q 0 0 0 rg BT 346.24 695.70 Td ( Meetings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 680.70 Td (The corporation statutes of many states allow minority shareholders at a certain threshold level of ownership \(frequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 668.70 Td (10%\) to call a special meeting of shareholders. ) Tj ET Q q 0 0 0 rg BT 270.47 668.70 Td (This right can be eliminated \(or the threshold increased\) by amendment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 656.70 Td (the company's charter documents. ) Tj ET Q q 0 0 0 rg BT 218.96 656.70 Td (The ) Tj ET Q q 0 0 0 rg BT 236.46 656.70 Td (Advisor believes that the right to call a special shareholder meeting is significant for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 644.70 Td (minority shareholders; the elimination of such right will be viewed as an anti-takeover measure and the ) Tj ET Q q 0 0 0 rg BT 495.88 644.70 Td (Advisor will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 632.70 Td (generally vote against proposals attempting to eliminate this right and for proposals attempting to restore it.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 612.30 Td (j. ) Tj ET Q q 0 0 0 rg BT 108.00 612.30 Td (Poison Pills or) Tj ET Q q 0 0 0 rg BT 181.12 612.30 Td ( Shar) Tj ET Q q 0 0 0 rg BT 208.58 612.30 Td (eholder) Tj ET Q q 0 0 0 rg BT 247.02 612.30 Td ( Rights Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 597.30 Td (Many companies have now adopted some version of a poison pill plan \(also known as a shareholder rights plan\). Poison ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 585.30 Td (pill plans generally provide for the issuance of additional equity securities or rights to purchase equity securities upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 573.30 Td (occurrence of certain hostile events, such as the acquisition of a lar) Tj ET Q q 0 0 0 rg BT 348.49 573.30 Td (ge block of stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 555.30 Td (The basic ar) Tj ET Q q 0 0 0 rg BT 129.68 555.30 Td (gument against poison pills is that they depress share value, discourage of) Tj ET Q q 0 0 0 rg BT 424.99 555.30 Td (fers for the company and serve to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 543.30 Td ("entrench" management. ) Tj ET Q q 0 0 0 rg BT 182.00 543.30 Td (The basic ar) Tj ET Q q 0 0 0 rg BT 230.68 543.30 Td (gument in favor of poison pills is that they give management more time and leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 531.30 Td (to deal with a takeover bid and, as a result, shareholders may receive a better price. ) Tj ET Q q 0 0 0 rg BT 415.40 531.30 Td (The ) Tj ET Q q 0 0 0 rg BT 432.89 531.30 Td (Advisor believes that the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 519.30 Td (benefits of a poison pill plan are outweighed by the potential detriments. ) Tj ET Q q 0 0 0 rg BT 373.25 519.30 Td (The ) Tj ET Q q 0 0 0 rg BT 390.74 519.30 Td (Advisor will generally vote against all forms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 507.30 Td (of poison pills.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 489.30 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 489.30 Td (Advisor will, however) Tj ET Q q 0 0 0 rg BT 187.80 489.30 Td (, consider on a case-by-case basis poison pills that are very limited in time and preclusive ef) Tj ET Q q 0 0 0 rg BT 555.56 489.30 Td (fect. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 477.30 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 477.30 Td (Advisor will generally vote in favor of such a poison pill if it is linked to a business strategy that will - in our view - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 465.30 Td (likely result in greater value for shareholders, if the term is less than three years, and if shareholder approval is required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 453.30 Td (reinstate the expired plan or adopt a new plan at the end of this term.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 432.90 Td (k. ) Tj ET Q q 0 0 0 rg BT 108.00 432.90 Td (Golden Parachutes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 417.90 Td (Golden parachute arrangements provide substantial compensation to executives who are terminated as a result of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 405.90 Td (takeover or change in control of their company) Tj ET Q q 0 0 0 rg BT 268.33 405.90 Td (. ) Tj ET Q q 0 0 0 rg BT 273.15 405.90 Td (The existence of such plans in reasonable amounts probably has only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 393.90 Td (slight anti-takeover ef) Tj ET Q q 0 0 0 rg BT 168.56 393.90 Td (fect. In voting, the ) Tj ET Q q 0 0 0 rg BT 244.10 393.90 Td (Advisor will evaluate the specifics of the plan presented.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (l. ) Tj ET Q q 0 0 0 rg BT 108.00 373.50 Td (Reincorporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 358.50 Td (Reincorporation in a new state is often proposed as one part of a package of anti-takeover measures. Several states \(such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 346.50 Td (Pennsylvania, Ohio and Indiana\) now provide some type of legislation that greatly discourages takeovers. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 334.50 Td (believes that Delaware in particular is beneficial as a corporate domicile because of the well-developed body of statutes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 322.50 Td (and case law dealing with corporate acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 304.50 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 304.50 Td (Advisor will examine reincorporation proposals on a case-by-case basis. Generally) Tj ET Q q 0 0 0 rg BT 429.40 304.50 Td (, if the ) Tj ET Q q 0 0 0 rg BT 457.18 304.50 Td (Advisor believes that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 292.50 Td (reincorporation will result in greater protection from takeovers, the reincorporation proposal will be opposed. ) Tj ET Q q 0 0 0 rg BT 520.68 292.50 Td (The ) Tj ET Q q 0 0 0 rg BT 538.18 292.50 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 280.50 Td (will also oppose reincorporation proposals involving jurisdictions that specify that directors can recognize non-shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 268.50 Td (interests over those of shareholders. ) Tj ET Q q 0 0 0 rg BT 226.89 268.50 Td (When reincorporation is proposed for a legitimate business purpose and without the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 256.50 Td (negative ef) Tj ET Q q 0 0 0 rg BT 124.96 256.50 Td (fects identified above, the ) Tj ET Q q 0 0 0 rg BT 230.20 256.50 Td (Advisor will generally vote af) Tj ET Q q 0 0 0 rg BT 349.98 256.50 Td (firmatively) Tj ET Q q 0 0 0 rg BT 393.76 256.50 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 236.10 Td (m. ) Tj ET Q q 0 0 0 rg BT 108.00 236.10 Td (Confidential ) Tj ET Q q 0 0 0 rg BT 174.79 236.10 Td (V) Tj ET Q q 0 0 0 rg BT 182.36 236.10 Td (oting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 221.10 Td (Companies that have not previously adopted a "confidential voting" policy allow management to view the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 209.10 Td (shareholder votes. ) Tj ET Q q 0 0 0 rg BT 156.07 209.10 Td (This gives management the opportunity to contact those shareholders voting against management in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 197.10 Td (ef) Tj ET Q q 0 0 0 rg BT 88.59 197.10 Td (fort to change their votes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 179.10 Td (Proponents of secret ballots ar) Tj ET Q q 0 0 0 rg BT 201.90 179.10 Td (gue that confidential voting enables shareholders to vote on all issues on the basis of merit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 167.10 Td (without pressure from management to influence their decision. Opponents ar) Tj ET Q q 0 0 0 rg BT 387.95 167.10 Td (gue that confidential voting is more expensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 155.10 Td (and unnecessary; also, holding shares in a nominee name maintains shareholders' confidentiality) Tj ET Q q 0 0 0 rg BT 465.93 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.75 155.10 Td (The ) Tj ET Q q 0 0 0 rg BT 488.25 155.10 Td (Advisor believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 143.10 Td (the only way to insure anonymity of votes is through confidential voting, and that the benefits of confidential voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 131.10 Td (outweigh the incremental additional cost of administering a confidential voting system. ) Tj ET Q q 0 0 0 rg BT 432.40 131.10 Td (Therefore, the ) Tj ET Q q 0 0 0 rg BT 490.98 131.10 Td (Advisor will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 119.10 Td (generally vote in favor of any proposal to adopt confidential voting.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 98.70 Td (n. ) Tj ET Q q 0 0 0 rg BT 108.00 98.70 Td (Opting In or) Tj ET Q q 0 0 0 rg BT 172.46 98.70 Td ( Out of State ) Tj ET Q q 0 0 0 rg BT 240.24 98.70 Td (T) Tj ET Q q 0 0 0 rg BT 247.14 98.70 Td (akeover) Tj ET Q q 0 0 0 rg BT 287.58 98.70 Td ( Laws) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 83.70 Td (State takeover laws typically are designed to make it more dif) Tj ET Q q 0 0 0 rg BT 327.96 83.70 Td (ficult to acquire a corporation or) Tj ET Q q 0 0 0 rg BT 457.45 83.70 Td (ganized in that state. ) Tj ET Q q 0 0 0 rg BT 541.96 83.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 71.70 Td (Advisor believes that the decision of whether or not to accept or reject of) Tj ET Q q 0 0 0 rg BT 372.66 71.70 Td (fers of mer) Tj ET Q q 0 0 0 rg BT 416.35 71.70 Td (ger or acquisition should be made by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 59.70 Td (the shareholders, without unreasonably restrictive state laws that may impose ownership thresholds or waiting periods on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 47.70 Td (potential acquirors. ) Tj ET Q q 0 0 0 rg BT 160.52 47.70 Td (Therefore, the ) Tj ET Q q 0 0 0 rg BT 219.10 47.70 Td (Advisor will generally vote in favor of opting out of restrictive state takeover laws.) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-5) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 36.00 738.90 Td (4. ) Tj ET Q q 0 0 0 rg BT 72.00 738.90 Td (T) Tj ET Q q 0 0 0 rg BT 79.11 738.90 Td (ransaction Related Pr) Tj ET Q q 0 0 0 rg BT 190.88 738.90 Td (oposals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 723.90 Td (The ) Tj ET Q q 0 0 0 rg BT 71.50 723.90 Td (Advisor will review transaction related proposals, such as mer) Tj ET Q q 0 0 0 rg BT 320.41 723.90 Td (gers, acquisitions, and corporate reor) Tj ET Q q 0 0 0 rg BT 467.96 723.90 Td (ganizations, on a case-by-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.90 Td (case basis, taking into consideration the impact of the transaction on each client account. In some instances, such as the approval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 699.90 Td (of a proposed mer) Tj ET Q q 0 0 0 rg BT 126.29 699.90 Td (ger) Tj ET Q q 0 0 0 rg BT 138.66 699.90 Td (, a transaction may have a dif) Tj ET Q q 0 0 0 rg BT 255.93 699.90 Td (ferential impact on client accounts depending on the securities held in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 687.90 Td (account. For example, whether a mer) Tj ET Q q 0 0 0 rg BT 204.87 687.90 Td (ger is in the best interest of a client account may be influenced by whether an account holds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.90 Td (and in what proportion, the stock of both the acquirer and the acquiror) Tj ET Q q 0 0 0 rg BT 334.20 675.90 Td (. In these circumstances, the ) Tj ET Q q 0 0 0 rg BT 451.38 675.90 Td (Advisor may determine that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.90 Td (is in the best interests of the accounts to vote the accounts) Tj ET Q q 0 0 0 rg BT 287.92 663.90 Td ( shares dif) Tj ET Q q 0 0 0 rg BT 328.83 663.90 Td (ferently on proposals related to the same transaction.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 36.00 645.50 Td (5. ) Tj ET Q q 0 0 0 rg BT 72.00 645.50 Td (Other) Tj ET Q q 0 0 0 rg BT 102.44 645.50 Td ( Matters) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 627.10 Td (a. ) Tj ET Q q 0 0 0 rg BT 108.00 627.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 120.44 627.10 Td (oposals Involving Envir) Tj ET Q q 0 0 0 rg BT 241.59 627.10 Td (onmental, Social, and Governance \(ESG\) Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 612.10 Td (Advisor believes that ESG issues can potentially impact an issuer) Tj ET Q q 0 0 0 rg BT 360.76 612.10 Td () Tj ET Q q 0 0 0 rg BT 363.53 612.10 Td (s long-term financial performance and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 600.10 Td (developed an analytical framework, as well as a proprietary assessment tool, to integrate risks and opportunities stemming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 588.10 Td (from ESG issues into our investment process. ) Tj ET Q q 0 0 0 rg BT 268.30 588.10 Td (This ESG integration process extends to our proxy voting practices in that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 576.10 Td (our ESG Proxy ) Tj ET Q q 0 0 0 rg BT 144.43 576.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.84 576.10 Td (eam analyzes on a case-by-case basis the financial materiality and potential risks or economic impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 564.10 Td (the ESG issues underpinning proxy proposals and makes voting recommendations based thereon for the ) Tj ET Q q 0 0 0 rg BT 498.70 564.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 531.29 564.10 Td () Tj ET Q q 0 0 0 rg BT 534.07 564.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 552.10 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 142.19 552.10 Td (The ESG Proxy ) Tj ET Q q 0 0 0 rg BT 207.84 552.10 Td (T) Tj ET Q q 0 0 0 rg BT 213.25 552.10 Td (eam will generally recommend support for well-tar) Tj ET Q q 0 0 0 rg BT 417.44 552.10 Td (geted ESG proposals if it believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 540.10 Td (there is a rational linkage between a proposal, its economic impact, and its potential to maximize long-term shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 528.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 513.10 Td (Where the economic ef) Tj ET Q q 0 0 0 rg BT 173.82 513.10 Td (fect of such proposals is unclear and there is not a specific written client-mandate, the ) Tj ET Q q 0 0 0 rg BT 518.70 513.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 501.10 Td (believes it is generally impossible to know how to vote in a manner that would accurately reflect the views of the ) Tj ET Q q 0 0 0 rg BT 535.59 501.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 568.19 501.10 Td () Tj ET Q q 0 0 0 rg BT 570.97 501.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 489.10 Td (clients, and therefore, the ) Tj ET Q q 0 0 0 rg BT 184.29 489.10 Td (Advisor will generally rely on management) Tj ET Q q 0 0 0 rg BT 361.19 489.10 Td (s assessment of the economic ef) Tj ET Q q 0 0 0 rg BT 489.02 489.10 Td (fect if the ) Tj ET Q q 0 0 0 rg BT 529.28 489.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 477.10 Td (believes the assessment is not unreasonable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 462.10 Td (Shareholders may also introduce proposals which are the subject of existing law or regulation. Examples of such proposals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 450.10 Td (would include a proposal to require disclosure of a company's contributions to political action committees or a proposal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 438.10 Td (require a company to adopt a non-smoking workplace policy) Tj ET Q q 0 0 0 rg BT 323.61 438.10 Td (. ) Tj ET Q q 0 0 0 rg BT 328.43 438.10 Td (The ) Tj ET Q q 0 0 0 rg BT 345.93 438.10 Td (Advisor believes that such proposals may be better ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 426.10 Td (addressed outside the corporate arena and absent a potential economic impact, will generally vote with management) Tj ET Q q 0 0 0 rg BT 548.05 426.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 414.10 Td (recommendation. In addition, the ) Tj ET Q q 0 0 0 rg BT 215.97 414.10 Td (Advisor will generally vote against any proposal which would require a company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 402.10 Td (adopt practices or procedures which go beyond the requirements of existing, directly applicable law) Tj ET Q q 0 0 0 rg BT 479.66 402.10 Td (. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 383.70 Td (b. ) Tj ET Q q 0 0 0 rg BT 108.00 383.70 Td (Anti-Gr) Tj ET Q q 0 0 0 rg BT 149.11 383.70 Td (eenmail Pr) Tj ET Q q 0 0 0 rg BT 204.54 383.70 Td (oposals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 368.70 Td ("Anti-greenmail" proposals generally limit the right of a corporation, without a shareholder vote, to pay a premium or buy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 356.70 Td (out a 5% or greater shareholder) Tj ET Q q 0 0 0 rg BT 206.22 356.70 Td (. Management often ar) Tj ET Q q 0 0 0 rg BT 296.56 356.70 Td (gues that they should not be restricted from negotiating a deal to buy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 344.70 Td (out a significant shareholder at a premium if they believe it is in the best interest of the company) Tj ET Q q 0 0 0 rg BT 466.35 344.70 Td (. Institutional shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 332.70 Td (generally believe that all shareholders should be able to vote on such a significant use of corporate assets. ) Tj ET Q q 0 0 0 rg BT 505.40 332.70 Td (The ) Tj ET Q q 0 0 0 rg BT 522.90 332.70 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 320.70 Td (believes that any repurchase by the company at a premium price of a lar) Tj ET Q q 0 0 0 rg BT 368.75 320.70 Td (ge block of stock should be subject to a shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 308.70 Td (vote. ) Tj ET Q q 0 0 0 rg BT 102.67 308.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 152.00 308.70 Td (, it will generally vote in favor of anti-greenmail proposals.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 288.30 Td (c. ) Tj ET Q q 0 0 0 rg BT 108.00 288.30 Td (Indemnification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 273.30 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 273.30 Td (Advisor will generally vote in favor of a corporation's proposal to indemnify its of) Tj ET Q q 0 0 0 rg BT 427.54 273.30 Td (ficers and directors in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 261.30 Td (with applicable state law) Tj ET Q q 0 0 0 rg BT 179.48 261.30 Td (. Indemnification arrangements are often necessary in order to attract and retain qualified directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 249.30 Td (The adoption of such proposals appears to have little ef) Tj ET Q q 0 0 0 rg BT 302.14 249.30 Td (fect on share value.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 228.90 Td (d. ) Tj ET Q q 0 0 0 rg BT 108.00 228.90 Td (Non-Stock Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 213.90 Td (Management may propose a variety of cash-based incentive or bonus plans to stimulate employee performance. In general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 201.90 Td (the cash or other corporate assets required for most incentive plans is not material, and the ) Tj ET Q q 0 0 0 rg BT 443.94 201.90 Td (Advisor will vote in favor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 189.90 Td (such proposals, particularly when the proposal is recommended in order to comply with IRC Section 162\(m\) regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 177.90 Td (salary disclosure requirements. Case-by-case determinations will be made of the appropriateness of the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 165.90 Td (shareholder value transferred by proposed plans.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 145.50 Td (e. ) Tj ET Q q 0 0 0 rg BT 108.00 145.50 Td (Dir) Tj ET Q q 0 0 0 rg BT 125.11 145.50 Td (ector) Tj ET Q q 0 0 0 rg BT 150.87 145.50 Td ( ) Tj ET Q q 0 0 0 rg BT 153.65 145.50 Td (T) Tj ET Q q 0 0 0 rg BT 160.55 145.50 Td (enur) Tj ET Q q 0 0 0 rg BT 184.34 145.50 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 130.50 Td (These proposals ask that age and term restrictions be placed on the board of directors. ) Tj ET Q q 0 0 0 rg BT 426.26 130.50 Td (The ) Tj ET Q q 0 0 0 rg BT 443.75 130.50 Td (Advisor believes that these types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 118.50 Td (of blanket restrictions are not necessarily in the best interests of shareholders and therefore will vote against such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 106.50 Td (proposals, unless they have been recommended by management.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 86.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 108.00 86.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 125.11 86.10 Td (ectors) Tj ET Q q 0 0 0 rg BT 158.86 86.10 Td ( Stock Options Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 71.10 Td (Advisor believes that stock options are an appropriate form of compensation for directors, and the ) Tj ET Q q 0 0 0 rg BT 492.27 71.10 Td (Advisor will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 59.10 Td (generally vote for director stock option plans which are reasonable and do not result in excessive shareholder dilution. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 47.10 Td (Analysis of such proposals will be made on a case-by-case basis, and will take into account total board compensation and ) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 740.10 Td (the company) Tj ET Q q 0 0 0 rg BT 135.15 740.10 Td (s total exposure to stock option plan dilution.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 719.70 Td (g. ) Tj ET Q q 0 0 0 rg BT 108.00 719.70 Td (Dir) Tj ET Q q 0 0 0 rg BT 125.11 719.70 Td (ector) Tj ET Q q 0 0 0 rg BT 150.87 719.70 Td ( Shar) Tj ET Q q 0 0 0 rg BT 178.32 719.70 Td (e Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 704.70 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 704.70 Td (Advisor will generally vote against shareholder proposals which would require directors to hold a minimum number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 692.70 Td (the company's shares to serve on the Board of Directors, in the belief that such ownership should be at the discretion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 680.70 Td (Board members.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 660.30 Td (h. ) Tj ET Q q 0 0 0 rg BT 108.00 660.30 Td (Non-U.S. Pr) Tj ET Q q 0 0 0 rg BT 170.12 660.30 Td (oxies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 645.30 Td (The ) Tj ET Q q 0 0 0 rg BT 98.50 645.30 Td (Advisor will generally evaluate non-U.S. proxies in the context of the voting policies expressed herein but will also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 633.30 Td (where feasible, take into consideration dif) Tj ET Q q 0 0 0 rg BT 248.53 633.30 Td (fering laws, regulations, and practices in the relevant foreign market in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 621.30 Td (determining if and how to vote. ) Tj ET Q q 0 0 0 rg BT 211.90 621.30 Td (There may also be circumstances when practicalities and costs involved with non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 609.30 Td (investing make it disadvantageous to vote shares. For instance, the ) Tj ET Q q 0 0 0 rg BT 351.78 609.30 Td (Advisor generally does not vote proxies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 597.30 Td (circumstances where share blocking restrictions apply) Tj ET Q q 0 0 0 rg BT 296.66 597.30 Td (, when meeting attendance is required in person, or when current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 585.30 Td (share ownership disclosure is required.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 36.00 564.50 Td (C. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 54.00 564.50 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 108.95 564.50 Td (oxy ) Tj ET Q q 0 0 0 rg BT 132.67 564.50 Td (Advisory Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 549.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 549.50 Td (Adviser may retain proxy advisory firms to provide services in connection with voting proxies, including, without limitation, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 537.50 Td (provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 525.50 Td (research on proxy proposals and voting recommendations in accordance with the voting policies expressed herein, provide systems to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 513.50 Td (assist with casting the proxy votes, and provide reports and assist with preparation of filings concerning the proxies voted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 495.50 Td (Prior to the selection of a proxy advisory firm and periodically thereafter) Tj ET Q q 0 0 0 rg BT 326.89 495.50 Td (, the ) Tj ET Q q 0 0 0 rg BT 346.05 495.50 Td (Advisor will consider whether the proxy advisory firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 483.50 Td (has the capacity and competency to adequately analyze proxy issues and the ability to make recommendations based on material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 471.50 Td (accurate information in an impartial manner) Tj ET Q q 0 0 0 rg BT 211.76 471.50 Td (. Such considerations may include some or all of the following \(i\) periodic sampling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 459.50 Td (votes cast through the firm) Tj ET Q q 0 0 0 rg BT 145.98 459.50 Td (s systems to determine that votes are in accordance with the ) Tj ET Q q 0 0 0 rg BT 387.29 459.50 Td (Advisor) Tj ET Q q 0 0 0 rg BT 419.88 459.50 Td () Tj ET Q q 0 0 0 rg BT 422.66 459.50 Td (s policies and its clients best interests, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 447.50 Td (\(ii\) onsite visits to the proxy advisory firm) Tj ET Q q 0 0 0 rg BT 208.48 447.50 Td (s of) Tj ET Q q 0 0 0 rg BT 223.02 447.50 Td (fice and/or discussions with the firm to determine whether the firm continues to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 435.50 Td (the resources \(e.g. staf) Tj ET Q q 0 0 0 rg BT 125.50 435.50 Td (fing, personnel, technology) Tj ET Q q 0 0 0 rg BT 234.27 435.50 Td (, etc.\) capacity and competency to carry out its obligations to the ) Tj ET Q q 0 0 0 rg BT 494.75 435.50 Td (Advisor) Tj ET Q q 0 0 0 rg BT 526.57 435.50 Td (, \(iii\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 423.50 Td (review of the firm) Tj ET Q q 0 0 0 rg BT 111.25 423.50 Td (s policies and procedures, with a focus on those relating to identifying and addressing conflicts of interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 411.50 Td (monitoring that current and accurate information is used in creating recommendations, \(iv\) requesting that the firm notify the ) Tj ET Q q 0 0 0 rg BT 538.35 411.50 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 399.50 Td (if there is a change in the firm) Tj ET Q q 0 0 0 rg BT 159.01 399.50 Td (s material policies and procedures, particularly with respect to conflicts, or material business practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 387.50 Td (\(e.g., entering or exiting new lines of business\), and reviewing any such change, and \(v\) in case of an error made by the firm, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 375.50 Td (discussing the error with the firm and determining whether appropriate corrective and preventative action is being taken. In the event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.50 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 363.50 Td (Advisor discovers an error in the research or voting recommendations provided by the firm, it will take reasonable steps to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.50 Td (investigate the error and seek to determine whether the firm is taking reasonable steps to reduce similar errors in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.50 Td (While the ) Tj ET Q q 0 0 0 rg BT 77.10 333.50 Td (Advisor takes into account information from many dif) Tj ET Q q 0 0 0 rg BT 293.81 333.50 Td (ferent sources, including independent proxy advisory services, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.50 Td (decision on how to vote proxies will be made in accordance with these policies. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 36.00 298.70 Td (D. ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 54.00 298.70 Td (Monitoring Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 285.49 298.70 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.70 Td (Corporate management has a strong interest in the outcome of proposals submitted to shareholders. ) Tj ET Q q 0 0 0 rg BT 435.07 283.70 Td (As a consequence, management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 271.70 Td (often seeks to influence lar) Tj ET Q q 0 0 0 rg BT 143.55 271.70 Td (ge shareholders to vote with their recommendations on particularly controversial matters. In the vast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 259.70 Td (majority of cases, these communications with lar) Tj ET Q q 0 0 0 rg BT 231.60 259.70 Td (ge shareholders amount to little more than advocacy for management) Tj ET Q q 0 0 0 rg BT 511.22 259.70 Td (s positions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 247.70 Td (give the ) Tj ET Q q 0 0 0 rg BT 69.88 247.70 Td (Advisor) Tj ET Q q 0 0 0 rg BT 102.47 247.70 Td () Tj ET Q q 0 0 0 rg BT 105.25 247.70 Td (s staf) Tj ET Q q 0 0 0 rg BT 125.90 247.70 Td (f the opportunity to ask additional questions about the matter being presented. Companies with which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.70 Td (Advisor has direct business relationships could theoretically use these relationships to attempt to unduly influence the manner in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.70 Td (which the ) Tj ET Q q 0 0 0 rg BT 77.10 223.70 Td (Advisor votes on matters for its clients. ) Tj ET Q q 0 0 0 rg BT 236.90 223.70 Td (T) Tj ET Q q 0 0 0 rg BT 242.31 223.70 Td (o ensure that such a conflict of interest does not af) Tj ET Q q 0 0 0 rg BT 443.17 223.70 Td (fect proxy votes cast for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 211.70 Td (Advisor) Tj ET Q q 0 0 0 rg BT 68.59 211.70 Td () Tj ET Q q 0 0 0 rg BT 71.37 211.70 Td (s clients, our proxy voting personnel regularly catalog companies with whom the ) Tj ET Q q 0 0 0 rg BT 397.13 211.70 Td (Advisor has significant business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 199.70 Td (relationships; all discretionary \(including case-by-case\) voting for these companies will be voted by the client or an appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 187.70 Td (fiduciary responsible for the client \(e.g., a committee of the independent directors of a fund or the trustee of a retirement plan\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.70 Td (In addition, to avoid any potential conflict of interest that may arise when one ) Tj ET Q q 0 0 0 rg BT 348.97 169.70 Td (American Century fund owns shares of another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.70 Td (American Century fund, the ) Tj ET Q q 0 0 0 rg BT 150.14 157.70 Td (Advisor will echo vote such shares, if possible. Echo voting means the ) Tj ET Q q 0 0 0 rg BT 445.91 157.70 Td (Advisor will vote the shares in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 145.70 Td (the same proportion as the vote of all of the other holders of the fund) Tj ET Q q 0 0 0 rg BT 314.26 145.70 Td (s shares. So, for example, if shareholders of a fund cast 80% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 133.70 Td (their votes in favor of a proposal and 20% against the proposal, any ) Tj ET Q q 0 0 0 rg BT 308.15 133.70 Td (American Century fund that owns shares of such fund will cast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.70 Td (80% of its shares in favor of the proposal and 20% against. ) Tj ET Q q 0 0 0 rg BT 276.87 121.70 Td (When this is not possible \(as in the case of the NT funds, where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 109.70 Td (other ) Tj ET Q q 0 0 0 rg BT 58.50 109.70 Td (American Century funds are the only shareholders\), the shares of the underlying fund \(e.g. the NT fund\) will be voted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 97.70 Td (same proportion as the vote of the shareholders of the corresponding ) Tj ET Q q 0 0 0 rg BT 312.31 97.70 Td (American Century policy portfolio for proposals common to both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 85.70 Td (funds. For example, NT) Tj ET Q q 0 0 0 rg BT 134.13 85.70 Td ( Growth Fund shares will be echo voted in accordance with the votes of the Growth Fund shareholders. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 73.70 Td (case where the policy portfolio does not have a common proposal, shares will be voted in consultation with a committee of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 61.70 Td (independent directors.) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (C-7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 141.00 739.40 Td (************************************************************) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 703.40 Td (The voting policies expressed above are of course subject to modification in certain circumstances and will be reexamined from time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 691.40 Td (to time. ) Tj ET Q q 0 0 0 rg BT 68.87 691.40 Td (W) Tj ET Q q 0 0 0 rg BT 77.91 691.40 Td (ith respect to matters that do not fit in the categories stated above, the ) Tj ET Q q 0 0 0 rg BT 357.55 691.40 Td (Advisor will exercise its best judgment as a fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 679.40 Td (to vote in the manner which will most enhance shareholder value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 661.40 Td (Case-by-case determinations will be made by the ) Tj ET Q q 0 0 0 rg BT 234.55 661.40 Td (Advisor) Tj ET Q q 0 0 0 rg BT 267.14 661.40 Td () Tj ET Q q 0 0 0 rg BT 269.92 661.40 Td (s staf) Tj ET Q q 0 0 0 rg BT 290.57 661.40 Td (f, which is overseen by the General Counsel of the ) Tj ET Q q 0 0 0 rg BT 494.68 661.40 Td (Advisor) Tj ET Q q 0 0 0 rg BT 526.50 661.40 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 649.40 Td (consultation with equity managers. Electronic records will be kept of all votes made.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 36.00 737.55 Td (Notes) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 337.95 Td (American Century Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.95 Td (P) Tj ET Q q 0 0 0 rg BT 40.45 322.95 Td (.O. 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