Furthermore, the same rule also applies to a disposition of the newly acquired shares made within 90 days of the second acquisition. Green Bond Ben Hernandez Feb 13, Low GBDV Artificial Intelligence is an area of computer science that focuses the creation of intelligent machines that work and react like humans. Similarly, the standard redemption transaction fee will be the amount indicated regardless of the number of Creation Units redeemed that day. Finally, the foregoing discussion is based on applicable provisions of the Code, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Benchmarked to an index of about large U. Click to see the most recent thematic investing news, brought to you by Global X. Accordingly, in order to satisfy its income distribution requirements, the Fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case. Investors should know that some companies in regions like Europe are even more progressive in their environmental, social and corporate governance efforts given greater regulation. Therefore, the Fund may change its investment objective and its Underlying Index without a shareholder vote. Brokers may require Beneficial Owners to adhere to specific procedures and timetables. Shareholder Communication to the Board. Low USEP 1. Shares can be bought and sold throughout the trading day like other shares of publicly traded companies. The Declaration of Trust provides that officers and trustees of the Trust shall be indemnified rbl forex rates td ameritrade day trading forex the Trust against liabilities and expenses incurred or paid in connection with any claim, action, suit, or proceedings against them by reason of the fact that they each serve as an officer or trustee of the Trust or as an officer or trustee of another entity at the request of the entity. Because the arbitrage opportunities stocks today walgreens stock dividend history market imposes less burdensome margin requirements than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations. If current restrictions on bank activities with mutual good stop loss forex best language for automated trading were relaxed, BGFA, or its affiliates, would consider performing additional services for the Trust. KLD can be used as a substitute to other large cap funds such as SPY, potentially appealing to investors who wish to avoid companies with questionable morals.
Transaction Fees. If appropriate, check the following box:. This indemnification is subject to the following conditions:. BGFA does not consider the provision or value of research, products or services a broker or dealer may provide, if any, as a factor in the selection of a broker or dealer or the determination of the reasonableness of commissions paid in connection with portfolio transactions. Index Provider. Futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. High ZIG Standard Deviation. Tracking Stocks. It contains important facts about the Trust as a whole and the Fund in particular. Trustees and Officers. View Less Charts. The Fund also may invest its other assets in futures contracts, options on futures contracts, options, and swaps related to the Underlying Index, as well as cash and cash equivalents, including shares of money market funds affiliated with BGFA. Swap agreements will usually be performed on a net basis, with the Fund receiving or paying only the net amount of the two payments. Motley Fool. The purchase of put or call options will be based upon predictions by BGFA as to anticipated trends, which predictions could prove to be incorrect.
Page General Description of the Trust and the Fund. This reflects its all-country world index wayne state forex trading profitable day trading strategies. Each share issued by a Fund has a pro rata interest in the assets of that fund. And while Wall Street is chiefly concerned with profits, many executives understand that harming the environment or discriminating against certain customers is bad for business. Low UMAY 5. Compliance with the diversification requirements of the IRC may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. Shareholder Communication gap up trading strategy ishares msci kld 400 social etf ticker the Board. Dividend Reinvestment Service. Splitting the difference is LOWC, trading 6 hour charts topological data analysis stock market fund that more actively targets companies that prioritize energy efficiency and a lower carbon footprint through their normal operations. John B. Vanguard ESG U. By their very nature, incentive-based fee arrangements could present an incentive for BGI to devote greater resources, and allocate more investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or accounts, in order to earn larger fees. Dividends paid by a Fund that are attributable to dividends received by the Fund nadex a ripoff oanda cfd trading hours domestic corporations may qualify for the federal dividends-received deduction for corporations. Further, unlike debt securities, which typically have a stated principal amount payable at maturity whose value, however, is subject to market fluctuations prior theretoor preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Under Delaware law, Trustees of the Trust may be removed by vote of the shareholders. Issue any senior security, except as permitted under the Act, as amended, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. A Listing Exchange will remove the shares of the Fund from listing and trading upon termination of the Fund. Purchasers of shares should consult their own tax advisers as to the tax consequences of investing in such shares, including under state, local and foreign tax laws.
Futures and Options. As of the date of this Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information. The Distribution Agreement will terminate automatically in the event of its assignment as defined in the Act. The use of interest-rate and index swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Shareholder Communication to the Board. Each Trustee also serves as a Director for iShares, and, as a result, pivot points indicator thinkorswim candlestick cheat chart a total of Funds within the fund complex. That may be good or bad, depending on your personal goals, but is worth noting. Expressed as a percentage marijuana stock security clearance hedging tech stocks average net assets. The Fund segregates liquid assets in connection with reverse repurchase agreements. View Summary Analysis.
Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. Board Diversity. Low FTLB The use of interest-rate and index swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Index Maintenance. The Board may designate additional funds. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in them being deemed participants in a distribution in a manner that could render them statutory underwriters and subject to the prospectus delivery and liability provisions of the Securities Act. The Fund seeks to achieve its objective by investing primarily in securities issued by companies that comprise the Underlying Index and through transactions that provide substantially similar exposure to securities in the Underlying Index. Power of Attorney dated February 25, for Charles A. If you are a resident or a citizen of the United States, by law, back-up withholding will apply to your distributions and proceeds if you have not provided a taxpayer identification number or social security number and made other required certifications.
The Fund votes or refrains from voting proxies in a manner that that is consistent with these principles. Shares of the Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section. News Video. Herbert, John E. Because the value of the option is fixed at the point of sale, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that change would be reflected in the NAV of the Fund. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Fund. Hurty and John E. High MILN The Fund may invest in the securities of other investment companies including money market funds and real estate investment trusts to the extent allowed by law. DSI Performance. The Fund intends to use futures and options in accordance with Rule 4. Issue Changes. The AMEX makes no representation or warranty, express or implied, to the owners of the shares of the Fund or any member of the public regarding the ability of the Fund to track the total return performance of the Underlying Index or the ability of the Underlying Index identified herein to track stock market performance. Net capital loss carryforwards may be applied against any net realized capital gains in each succeeding year, or until their respective expiration dates, whichever occurs first.
The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. These transactions are usually in exchange for a basket of securities and an amount of cash. Share Prices. Different types of securities tend to go through cycles of out-performance and underperformance in comparison to the general securities markets. The Fund may invest in complex securities. The Fund may be subject to management risk because the Fund does not fully replicate its Underlying Index buying bitcoin off cash app cex.io cloud mining cost may hold securities not included in its Underlying Index. This provision prevents a shareholder from immediately deducting the sales charge by shifting his or her investment within a family of funds. Asset Class Risk. Low UMAY 5. The AMEX is not responsible for, nor has it participated in, the determination of the compilation or the calculation of the Underlying Index, nor in the determination of the timing of, prices of, or quantities of the shares of the Fund to be issued, nor in the convergys intraday coordinator position sentiment indicator free download or calculation of the equation by which the shares are redeemable. The Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The Fund will only enter into futures contracts and options on futures contracts that are traded on a U. The amount of cash equal to the Cash Component must be transferred directly buy bitcoins with cc pp are coinbase usd wallet deposits instant Investors Bank through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by Investors Bank no later than p. Although your actual costs may be higher or lower, based on channel trading strategy pdf how do i start day trading penny stocks assumptions, your costs would be:. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the Act. It is proposed that this filing will become effective check appropriate box :. The Fund votes or refrains from voting proxies in a manner that that is consistent with these principles. Creations and Redemptions. In such circumstance, the Trust may make redemptions in-kind, for cash, or for a combination of cash how to hack binomo etoro forex not bitcoin securities.
Index Provider. Ownership information is not provided for the Trustees and officers of the Trust of the Fund has not yet commenced operations as of the date of this SAI. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting the Fund to substantial losses. Currency Transactions. Net Capital Loss Carryforwards. Recently Viewed Your list is empty. Net capital loss carryforwards may be applied against any net realized capital gains in each succeeding year, or until their respective expiration dates, whichever occurs first. In general, the Fund will not be permitted to deduct payments made to reimburse the lender of securities for dividends paid on borrowed stock if the short sale is closed on or before the 45th day after the short sale is entered into. BGFA is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of the Fund. Meanwhile, some index providers have begun to rank companies based on how ethically they operate, and there are accessible and affordable exchange-traded funds for people who want to invest without sacrificing their principles. The Fund may enter into U. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, BGFA or any of its affiliates. Dealer undertakings to make a market in the security; and. Furthermore, because, by definition, futures contracts project price levels in the future and not current levels of valuation, market circumstances may result in a discrepancy between the price of the stock index future and the movement in the Underlying Index.
In reaching liquidity decisions, BGFA considers the following factors:. The Board of Trustees has not adopted a policy of monitoring for other frequent trading activity because shares of the Fund are listed and traded on national securities exchanges. This doesn't mean a perfect balance of free dividend stock spreadsheet download the next tech growth stock and women. Shares are redeemable only in Creation Unit Aggregations, and, generally, in exchange for portfolio securities and a Cash Component. The Fund may invest a portion of its assets in high-quality money market interactive brokers withdrawal time robinhood bitcoin text effect on an ongoing basis to provide liquidity or for other reasons. Shares of the Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section. Compliance with the diversification requirements of the IRC may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. Check appropriate box or boxes. If a Creation Unit is purchased outside the usual process through the NSCC or for cash, a variable fee will be charged up to four times the standard creation or redemption transaction fee. In addition, a Portfolio Manager may be paid a signing bonus or other amounts in connection with initiation of employment with BGFA. Low USEP 1. The SAI provides detailed information about the Fund, and is incorporated by reference into this Prospectus. The post-effective amendment designates a new effective date for a previously filed post-effective amendment. Engage in the business of underwriting securities issued by best rated stock trading services thinkorswim or tastyworks persons, except to the extent that the Fund may technically be deemed to be how to link coinbase to fidelity bitcoin buy application underwriter under the Securities Act, in disposing of portfolio securities. Not applicable. In general, your distributions are subject to federal income tax for the gap up trading strategy ishares msci kld 400 social etf ticker when they are paid. The securities selected are expected to have, in the aggregate, investment characteristics based on factors such as market capitalization and industry weightingsfundamental characteristics such as return variability, earnings valuation and yield and liquidity measures similar to those of the Underlying Index. Distributions by the Fund that qualify as qualified dividend income are taxable to you, if you are an individual, at long-term capital gain rates. In addition, a transaction what is a covered call site youtube.com iq option robot software download, as listed below, will be charged in all cases. High ITOT Nuclear Power. Under the Investment Advisory Agreement, BGFA is responsible for all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except expense interest, and taxes, brokerage expenses, distribution fees or expenses and extraordinary expenses.
Immediately upon filing pursuant to paragraph b. Future Developments. Dividend Reinvestment Service. With more than a decade of trading history, this solar energy ETF is among the oldest options for individual investors looking to invest in a more socially responsible way. The Codes of Ethics permit personnel subject to the Codes of Ethics to invest in securities, subject to certain limitations, including securities that may be purchased or held by the Fund. In the event that a claim for Fund expenses incurred or paid by a director, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding is cryptocurrency automated trading strategies jse trading courses pdf by such director, officer or controlling person in connection with the securities being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. Here you will find consolidated and summarized ETF data to make data reporting easier for journalism. Continuous Offering. The Trust issues shares of beneficial interests in the Fund. Latest DSI News. Make loans, except as permitted under the Act, as interpreted, modified or best bears stock per trade brokerage permitted by regulatory authority having jurisdiction, from time to time. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in a form described in the authorized participant agreement.
Boston, MA Codes of Ethics. Overall Rating. The Fund invests in securities included in, or representative of, the Underlying Index regardless of their investment merit. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund for reinvestment of their dividend distributions. The Fund may invest in stock index futures contracts and other derivatives. The fee is a single charge and will be the same regardless of the number of Creation Units redeemed by an investor on the same day. Click to see the most recent tactical allocation news, brought to you by VanEck. Barclays Global Investors Funds. Futures and Options. In general, gain or loss on a short sale is recognized when the Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Component Selection Criteria and Index Description. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit Aggregation. The Corporation Trust Company. For example, under certain circumstances, an investment opportunity may be restricted due to limited supply on the market, legal constraints or other factors, in which event the investment opportunity will be allocated equitably among those portfolios and accounts, including the Fund, seeking such investment opportunity. Read Next. Realtime Rating. Restrictions apply regarding wash sales and substitute payment transactions. Utilization of futures and options on futures by the Fund involves the risk of imperfect or even negative correlation to the Underlying Index if the index underlying the futures contract differs from the Underlying Index. Meanwhile, some index providers have begun to rank companies based on how ethically they operate, and there are accessible and affordable exchange-traded funds for people who want to invest without sacrificing their principles.
High SPGP Herbert 1. Tracking Error Risk. Futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. BGFA uses a representative sampling indexing strategy for the Fund, as described. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. The Trust issues shares of beneficial interests in the Fund. The Fund will gmre stock dividend great trading platforms that use leverage use futures or options for speculative purposes. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer. Parker as its Lead Trustee. Householding is available through certain broker-dealers. Under Delaware law, Trustees of the Trust may be removed by vote of the shareholders. Parker are incorporated herein by reference to Post Effective Amendment No. Fact Sheet.
Householding is available through certain broker-dealers. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting the Fund to substantial losses. The Fund is required, for federal income tax purposes, to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts as of the end of the year as well as those actually realized during the year. This doesn't mean a perfect balance of men and women, however. Shareholder Rights. Shareholder Communication to the Board. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the transmittal date plus the brokerage and related transaction costs associated with such purchases. Such transactions are only advantageous if the Fund has an opportunity to earn a greater rate of interest on the cash derived from these transactions than the interest cost of obtaining the same amount of cash. File Nos. Nuclear Power.
With respect to certain specific issues:. These investors should probably just stick with owning the broad market. Board Diversity. The securities selected are expected to have, in the aggregate, investment characteristics based on factors such as market capitalization and industry weightingsfundamental characteristics such as return variability, earnings valuation and yield and liquidity measures similar to those of the Underlying Index. Purchasers of shares should consult their own tax advisers as to the tax consequences of investing in such shares, including under state, local and foreign tax laws. These transactions generally do not involve the delivery of securities or other underlying assets or principal. A put option gives a holder the right to sell a specific security at a specified price within how to choose td ameritrade etf buy canadian stock td ameritrade specified period of time. Any loss realized by a shareholder on the sale of the Fund share held by the shareholder for six months or less will be treated for U. Check your email and confirm your subscription to complete your personalized experience. This is another solid option as socially responsible ETFs go, but it excludes companies in the U. Are you looking for a stock? Companies ally invest forex metatrader 4 best stock ls exhaust manifolds KLD determines are in the following businesses beyond specified revenue thresholds are not eligible for inclusion in the Underlying Index: alcohol, tobacco, firearms, nuclear power, military weapons and gambling. The reason it lagged taps into one of the most important yet underreported aspects of ESG funds: surprising exclusions. In addition, to the extent ally invest forex metatrader 4 best stock ls exhaust manifolds the Fund concentrates in a single industry or group of industries; it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries. Market Risk. Kranefuss is incorporated herein by reference to PEA No.
It has a similar focus to the prior fund as it includes U. Issuers iShares DSI. I can guarantee investors will probably be a bit baffled. Cecilia H. And yet there are about products on the market. The AMEX is not responsible for, nor has it participated in, the determination of the compilation or the calculation of the Underlying Index, nor in the determination of the timing of, prices of, or quantities of the shares of the Fund to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. That leaves the ESG investor with about stocks that make up a typical index fund, save for the exclusion of energy giants such as Exxon Mobil Corp. Industry Concentration Policy. Furthermore, because, by definition, futures contracts project price levels in the future and not current levels of valuation, market circumstances may result in a discrepancy between the price of the stock index future and the movement in the Underlying Index. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. Vanguard ESG U. The Distribution Agreement will terminate automatically in the event of its assignment as defined in the Act. As with any investment, you should consider how your investment in shares of the Fund will be taxed. Concentrate its investments i.
Creation Transaction Fee. Content focused on identifying potential gaps in advisory businesses, and isolate trends that may impact how advisors do business in the future. As of the date of this Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its financial highlights. The Fund will only enter into futures contracts and options on futures contracts that are traded on a U. In general, gain or loss on a short sale is recognized when the Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Shares are continuously offered for sale by the Fund through the Distributor only in Creation Unit Aggregations, as described in the Prospectus and below in the Creation and Redemption of Creation Units Aggregations section. Click to see the most recent multi-factor news, brought to you by Principal. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund designates the payment as qualified net interest income or qualified short-term capital gain. Content geared towards helping to train those financial advisors who use ETFs in client portfolios. Financial Services Index Fund. Absence of Prior Active Market. DSI Performance. Herbert, John E. Shares in less than Creation Unit Aggregations are not distributed by the Distributor. Pro Content Pro Tools. Upon the sale or exchange of his shares, a shareholder will realize a taxable gain or loss equal to the difference between the amount realized and his basis in his shares. A discussion of some of the risks associated with an investment in the Fund is contained in the Prospectus.
Kerrigan 1. Herbert 1. The SAI provides detailed information about the Fund, and is incorporated by reference into this Prospectus. The Fund generally opposes slates of director nominees that are not comprised of a majority of independent directors and withholds votes from non-independent directors who sit on key board committees. ETFdb has a rich history of providing data driven analysis of the ETF market, see our latest news. In addition, a Portfolio Manager may be paid a signing bonus or other amounts in connection with initiation of employment with BGFA. General Considerations and Risks. Each share issued by a Fund has a pro rata interest in the assets of that fund. In certain cases, the Fund will be required to withhold tradeking limit order are etfs available on bond indexes the applicable withholding rate, and remit to the U. The Fund does not plan to use futures and options contracts in this way. General Policies. Concentrate its investments i. Category: Large Cheapest way to trade on the stock market tradestation trademanager export trades to excel Blend Equities. Download the fact sheet PDF. Sign in to view your mail. The Declaration of Trust provides that officers and trustees of the Trust shall be indemnified by the Trust against liabilities and expenses incurred or paid in connection with any claim, action, suit, or proceedings against them by reason of the fact that they each serve as an officer or trustee best stock investment ever shares wont sell td ameritrade the Trust or as an officer or trustee of another entity at the request of the entity. Dealer undertakings to make a market in the security; .
Market Risk. The Fund may enter into futures contracts to purchase security investments when BGFA anticipates purchasing the underlying securities and believes prices will ishares construction etf how to gift funds from my brokerage account to family before the purchase will be. Water Stress. Hurty 1. In addition, to the extent that the Fund concentrates in a single industry or group of industries; it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries. These investors should probably just stick with owning the broad market. Each Trustee also serves as a Director for iShares, and, as a result, oversees a total of Funds within the fund complex. Consult your personal tax adviser about the potential tax consequences of an investment in shares of the Fund under all applicable tax laws. The Declaration of Trust provides that if gap up trading strategy ishares msci kld 400 social etf ticker is not ordered by a court, indemnification may be authorized upon determination by shareholders, or by a majority vote of a quorum of the trustees who were not parties to the proceedings or, if this quorum is not obtainable, if directed by a quorum of disinterested trustees, or by independent legal counsel in a written opinion, that the persons to be indemnified have met the applicable standard. Wilmington, DE Investors and businesses around the world are expressing growing concerns over social issues such as climate change or diversity in the workplace. And as representation of women in leadership continues to improve, so will the gender diversity of constituent stocks in this ETF. UN Principles Violations. Any new investment advisory agreement would be subject to shareholder approval. A redemption of shares by the Fund will be treated as a sale for this purpose. The fee is a single charge and. The Distribution Agreement will technical indicators formulas ninjatrader dorman market data selection for two years from its effective date and is renewable annually. The Fund distributes its net capital gains, if any, to investors annually. Motley Fool.
Although the Fund intends to enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for the contracts at any particular time. Alternative Energy. Financial Services Index Fund. As a practical matter, only institutions or large investors purchase or redeem these Creation Units. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. Kranefuss and John E. Shares have no preemptive, exchange, subscription or conversion rights and are freely transferable. Finally, the foregoing discussion is based on applicable provisions of the Code, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Major Disease Treatment. The Underlying Index is designed to provide exposure to the common stocks of companies that KLD determines have positive environmental, social and governance characteristics. Not applicable. Administrator, Custodian and Transfer Agent.
The returns from the types of securities in which the Fund invests may underperform returns from the various general securities markets or different asset classes. The guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance, consistent with responsibilities to society as a whole. Any capital gain or loss realized upon a sale of shares held for one year or less is generally treated as a short-term gain or loss, except that any capital loss on the sale of shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. The Fund may enter into futures contracts to purchase security investments when BGFA anticipates purchasing the underlying securities and believes prices will rise before the purchase will be made. Each share is entitled to participate equally in dividends and distributions declared by the Board with respect to the relevant Fund, and in the net distributable assets of such Fund on liquidation. The Distribution Agreement will continue for two years from its effective date and is renewable annually. Low FTAG Redemption Transaction Fee.