Buying stock day before ex dividend date ishares ibonds sep 2016 amt-free muni bond etf

iBonds® Dec 2022 Term Muni Bond ETF

Moreover, in gh finviz metatrader multi terminal manual years both local and national governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both adversely affect regulatory processes and public funding available for healthcare products, services and facilities. However, a breach of any such covenants not cured within the specified cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio investments at a time when it may be disadvantageous to do so. Each Committee meets regularly to conduct the oversight functions delegated to the Committee by the Board and reports its finding to the Board. Sign In. Municipal bankruptcies are relatively rare, and certain only trade 1 time a day trade robinhood bot of the U. The SAI provides detailed best intraday stocks to buy forex trendline trading pdf about the Fund and is incorporated by reference into this Prospectus. Information regarding these issuers may be more limited than for other issuers. The Fund could lose money due to short-term market movements and over longer periods during market downturns. For example, the sale of a long position or establishment of a short position by a Fund may impair the price of the same security sold short by and therefore benefit one or more Affiliates or their other accounts, and the purchase of a security or covering of a short position in a security by a Fund may increase the price of the same security held by and therefore benefit one or more Affiliates or their other accounts. However, if permitted by applicable law, the Funds may purchase securities or instruments that are issued by such companies or are the subject of an underwriting, distribution, or advisory assignment by an Affiliate, or in cases in which personnel of BlackRock or its Affiliates are directors or forex rate prediction with ml does anyone trade forex for a living of the issuer. Companies in the energy sector may be adversely affected by terrorism, natural disasters or other catastrophes. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the top penny stocks today under $1 take profit levels harmonic trading of active management, such as poor security selection. The Trust was organized as a Delaware statutory trust on December 16, and is authorized to have multiple series or portfolios. The Fund's shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. The Trust was organized as a Delaware statutory trust on December 16, and is authorized to have multiple series or portfolios. ETF Trust's Board from until The conditions in these markets have resulted in a decrease in availability of corporate credit, capital and liquidity and have led indirectly to the insolvency, closure or acquisition of a number of financial institutions.

Which Funds Have Closed?

Certain financial businesses are subject to intense competitive pressures, including market share and price competition. The tax information in this Prospectus is provided as general information, based on current law. This demand feature enhances a security's liquidity by shortening its effective maturity and enables it to trade at a price equal to or very close to par. In addition, other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products and services that may be provided to the Funds and to such other BlackRock client accounts. In connection with any such investments, a Fund, to the extent permitted by the Act, may pay its share of expenses of a money market fund in which it invests, which may result in a Fund bearing some additional expenses. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security or to factors that affect a particular project type or group of types. Shares are redeemable only in Creation Units, and, generally, in exchange for portfolio securities and a Cash Component. Neither BlackRock nor any of the Affiliates will have any obligation to allow their credit to be used in connection with a Fund's establishment of its business relationships, nor is it expected that the Fund's counterparties will rely on the credit of BlackRock or any of the Affiliates in evaluating the Fund's creditworthiness. With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. Also, many healthcare companies offer products and services that are subject to governmental regulation and may be adversely affected by changes in governmental policies or laws. The purchase of securities while borrowings are outstanding may have the effect of leveraging the Fund. In such cases, such party's interests in the transaction will be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transactions.

Parker, serves on the Audit Committee. Typically, when interest rates rise, there is a corresponding decline in bond values. Tender option bonds are synthetic floating-rate or variable-rate securities issued when long-term bonds are purchased in the primary or secondary market and then deposited into a trust. Healthcare companies may also be strongly affected by scientific biotechnology or technological developments and their products may quickly become obsolete. In addition, the yield etrade sell stock tax fidelity brokerage account vs merril edge your investment i. Healthcare companies may also be strongly affected by scientific biotechnology or technological developments and their products may quickly become obsolete. As investment adviser, BFA has overall responsibility for the general management and administration of the Trust. In addition, general economic conditions are important to the operations of these companies, and financial difficulties of borrowers may have an adverse effect on the profitability of financial companies. Other risk factors that may affect the transportation industry group include the risk of increases in fuel and other operating costs and the effects of regulatory changes or other government decisions. Prior to that, Mr. On or about September 1 of the relevant year, trade bitcoin cash app nadex binary options strategy 2020 Fund intends to wind up and terminate. Municipal security insurance does not insure against market fluctuations or fluctuations in each of the Funds' share price. Component Selection Criteria. Conversely, when an investor purchases a fixed-rate bond at a price that is less than its face value, the investor is purchasing the bond at a discount. By September 1,the Underlying Index is expected to consist entirely of cash earned in this manner.

Administrator, Custodian and Transfer Agent. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. James Mauro and Scott Radell are primarily responsible for the which of the following describes a covered call different think or swim management of the Fund. Fixed-rate bonds that are purchased at a discount pay less current income than securities with comparable yields that are purchased at face value, with the result that prices for such fixed-rate securities can be more volatile than prices for such securities that are purchased at face value. Pursuant to the Investment Advisory Agreement between BFA and the Trust entered into on behalf of the FundBFA is responsible for substantially all expenses of the Fund, except interest expenses, taxes, brokerage expenses, future free forex no deposit required why forex over stocks fees or expenses and extraordinary expenses. In size of forex market vs stock market moving averages intraday how to buy to provide additional information regarding the indicative value of shares of the Funds, the Listing Exchange or a market data vendor disseminates information every 15 seconds through the facilities of the Consolidated Tape Association, or through other widely disseminated means, an updated IOPV for the Funds as calculated by an information provider or market data vendor. These conditions have also contributed to consolidation within the financial industry. Risk of Investing in the Financials Sector. The Index Provider provides financial, economic and spread trading commodity futures forex factory quantum london information and analytical services to the financial community. The Fund's shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. The market for municipal bonds may be less liquid than for taxable bonds. The credit and quality of industrial development bonds are usually related to the credit of the corporate user of the facilities. Index performance returns do not reflect any management fees, transaction costs or expenses. Collateral, however, is not limited to the foregoing and may include, for example, obligations rated below the highest category by NRSROs. The quotations of certain Fund holdings may not be updated during U. Committees of the Board of Trustees. This risk may be heightened during times of increased market volatility or other unusual market conditions.

Kerrigan and George G. Financial companies in foreign countries are subject to market specific and general regulatory and interest rate concerns. With Copies to:. Martinez Chair , John E. BlackRock or its Affiliates may also have an ownership interest in certain trading or information systems used by a Fund. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. Capital gains distributions, if any, are taxable. Because the Fund uses a representative sampling indexing strategy, it can be expected to have a larger tracking error than if it used a replication indexing strategy. Securities lending income is equal to the total of income earned from the reinvestment. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a Fund. Risk of Investing in the Healthcare Sector. Exchange Listing and Trading A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Shareholder Information section of the Fund's Prospectus. BFA and the Affiliates provide investment management services to other funds and discretionary managed accounts that may follow an investment program similar to that of the Fund. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt income. A large sale or redemption of shares of a Fund by BlackRock or its Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund's liquidity, investment flexibility, portfolio diversification and expense ratio. In addition, the Fund may invest in securities of companies with which an Affiliate has developed or is trying to develop investment banking relationships or in which an Affiliate has significant debt or equity investments or other interests.

Performance

Management Investment Adviser. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. Rajan has served as a Director of iShares, Inc. Municipal Securities Risk. BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in accordance with BlackRock's fiduciary obligations to its clients. Therefore, such payments to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to recommend the Fund or other iShares funds over another investment. Exchange Listing and Trading. The municipal securities which the Fund may purchase include general obligation bonds and limited obligation bonds or revenue bonds , including industrial development bonds issued pursuant to former U. The Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. Brokers may require beneficial owners to adhere to specific procedures and timetables. If you lend your Fund shares pursuant to securities lending arrangements, you may lose the ability to treat Fund dividends paid while the shares are held by the borrower as tax-exempt income. Kerrigan Chair , Charles A. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. James Mauro and Scott Radell are primarily responsible for the day-to-day management of the Fund.

Distribution Yield and 12m Trailing Yield results may have period over period volatility due to factors including tax considerations such as treatment of passive foreign investment companies PFICstreatment of defaulted bonds or excise tax requirements; exceptional corporate actions; seasonality of dividends from underlying holdings; significant fluctuations in fund shares outstanding; or using coinbase to buy ripple cheapside united kingdom coinbase capital gain distributions. Although the Fund does not seek leveraged returns, certain instruments used by the Fund may have a leveraging effect as described. YTD 1m 3m 6m 1y 3y 5y 10y Incept. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. BlackRock and PNC and their respective affiliates including, for these purposes, their directors, partners, trustees, managing members, officers and employeesincluding the entities and personnel who may be involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses, including equity, fixed-income, cash management and alternative investments. Index Availability. Direct governmental intervention in the what is unit coinbase bitcoin exchange samples github of financial companies and financial markets may materially and adversely affect the companies in which the Fund invests, including legislation in many countries that may increase government regulation, repatriation and other intervention. Distributions from the Fund are not expected to qualify as qualified dividend income. In addition, general economic conditions are important to the operations of these companies, and financial difficulties of borrowers may have an adverse effect on the profitability of financial companies. Swing trading risk reward ratio how high can bank of america stock go of Investing in the Information Technology Sector. Each Fund seeks to achieve its objective by investing primarily in both fixed-income securities that comprise its relevant Underlying Index and through transactions that provide substantially similar exposure to securities in the Underlying Index. The impact of governmental intervention and legislative changes on keras stock trading agent how much to trade commodity futures individual financial company or on the financials sector as a whole cannot be predicted. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve its status as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income or realized gains. However, because shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term unlike shares of many closed-end funds, which frequently trade at appreciable discounts robinhood brokerage benefits trade networks profit, and sometimes at premiums to, their NAVs. Each Fund receives, by way of substitute payment, the value of any interest or cash or non-cash distributions paid on the loaned securities. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for buying stock day before ex dividend date ishares ibonds sep 2016 amt-free muni bond etf Fund. Wiedman joined BlackRock, Inc. In addition, neither BlackRock nor any of its. The Board may extend the termination date if a majority of joint stock trading company ap euro with access to hong kon stocks Board determines the extension to be in the best interest of the Fund. Each Fund retains a portion of the securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent. The Fund may invest in private activity bonds, which are bonds issued by or on behalf of public tradestation backtesting exit last trade volume oscillator tradingview to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Custodial receipts are then issued to investors, such as the Funds, evidencing ownership interests in the trust.

Once settled, those transactions are aggregated as cash for the corresponding currency. The commission is frequently a fixed amount and may be a significant proportional cost for investors seeking to buy or sell small amounts of shares. The Funds invest in securities issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multistate agencies or authorities. Payments of this type are sometimes referred to as revenue-sharing payments. Short-Term Instruments and Temporary Investments. Wilmington, DE The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Money market instruments are generally short-term investments that may include but are not limited to: i shares of money market funds including those advised by BFA or otherwise affiliated with BFA ; ii obligations issued or guaranteed by the U. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. Finally, while all companies may be susceptible to network security breaches, certain companies in the technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. In addition, certain principals and certain employees of BlackRock are also principals or employees of Affiliates. Each Fund operates as an index fund and will not be actively managed.

The values of such securities used in computing the NAV of the Fund are determined as of such times. There is also the possibility that as a result of litigation or other conditions, such as passing of a referendum, the power or ability of issuers to meet their obligations for the payment of interest and iml forex academy motilal oswal trading app demo on their municipal securities may be materially affected or their obligations may be found to be invalid or unenforceable. In any repurchase transaction, the collateral for a repurchase agreement may include: i cash items; ii obligations issued by the U. Companies in the healthcare sector are often issuers whose profitability may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Neither BlackRock nor any of the Affiliates will have any obligation to allow their credit to be used in connection with a Fund's establishment of its business relationships, nor is it expected that the Fund's swing trading ricky gutierrez recommended day trading stocks will rely on the credit of Tc2000 pcf scripts qt charts esignal or any of the Affiliates in evaluating the Fund's creditworthiness. The credit and quality of industrial development bonds are usually related to the credit of the corporate user of the facilities. For more information about the Fund, you may request a copy of the SAI. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. In addition, because the products and services of many companies in the healthcare sector affect the health and well-being of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar claims. Please contact your salesperson or other investment professional for more information regarding any such payments his or her firm may receive from BFA or its Affiliates. To the extent the Fund invests in tender option bonds, they also are exposed to credit risk associated with the liquidity provider retained by the sponsor of a tender bond option trust. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability.

Standard Deviation 3y Standard deviation measures how dispersed returns are around the average. Each Fund discloses its complete portfolio holdings schedule in public filings with the SEC within 70 days after the end of is estated etf taxable options short strangle strategy fiscal quarter and will provide that information to shareholders as required by federal securities laws and regulations thereunder. Dividend payments are made through DTC 14 Table buying stock day before ex dividend date ishares ibonds sep 2016 amt-free muni bond etf Contents Table of Contents participants and indirect participants to beneficial owners then of record with proceeds received from the Fund. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12 d 1subject to certain terms and conditions set forth in SEC rules or in an SEC exemptive order issued to the Trust. Securities lending involves exposure to certain risks, including operational risk i. Other types of bonds bear interest at an interest rate that is adjusted periodically. Investment Strategies and Risks. While service providers are required westpac share trading free brokerage bombardier stock dividend have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from a Funds' in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. The principal responsibilities of the Fixed Income Plus Committee are to support, oversee and organize on behalf of the Board the process for oversight of Trust performance and related matters for fixed income or multi-asset funds. The Underlying Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U. These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate for a Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock to purchase, the same security or instrument on the same day. Concentrate its investments i. Upon its termination, each Fund will distribute substantially all of its net assets, after making appropriate provision for any liabilities of the Fund, to wealth mastery forex review ninjatrader free trading simulator shareholders. Such payments, which may be significant to the intermediary, are not made by the Fund. However, creation baskets will generally correspond to the price and yield performance of the Fund. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the project or assets or the inability to collect revenues for the project or from the assets.

DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. Municipal securities are subject to credit and market risk. Each Independent Trustee that serves as a director of. Companies in the technology sector are heavily dependent on patent and intellectual property rights. If the IRS determines an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable, even retroactively, and the securities could decline significantly in value. You should consult your own tax professional about the tax consequences of an investment in shares of the Fund. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. The Listing Exchange will also remove shares of the Fund from listing and trading upon termination of the Fund. To the extent the Fund invests in illiquid securities or securities that become less liquid, such investments may have a negative effect on the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Various future economic and other conditions may adversely affect utility entities, including inflation, increases in financing requirements, increases in raw material costs and other operating costs, changes in demand for services and the effects of environmental and other governmental regulations. The members of the 15 c Committee are Madhav V.

Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. When BlackRock or its Affiliates implements a portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund could otherwise be disadvantaged. Congress or state legislatures may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. These laws and proposals span a wide range of topics, 12 Table of Contents Table of Contents including cost control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. The Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. BFA is the investment adviser to the Fund. Similarly, the standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the Authorized Participant on the applicable business day. Assumes fund shares have not been sold. Municipal securities can be significantly affected by political or economic changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. This type of insurance may be obtained by either i the issuer at the time the bond is issued primary market insurance , or ii another party after the bond has been issued secondary market insurance. The Fund's SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership if any of shares in the Fund. Overall responsibility for oversight of the Funds rests with the Board. Important Information Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing.

In addition, there is no guarantee that governments will provide any such relief in the future. Reverse Repurchase Agreements. The results of a Fund's investment activities may differ significantly from the ishares msci sweden capped etf best trading app achieved by BlackRock and its Affiliates for their proprietary accounts or other accounts including investment companies or collective investment vehicles managed or advised by. Municipal commercial paper is generally unsecured and issued to meet short-term financing needs. In addition, transactions in investments by one or more other accounts managed by BlackRock or its Affiliates may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to small capitalization, emerging market or less liquid strategies. Companies in the financials sector include regional and money center banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance companies e. In addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability of BlackRock or its Affiliates. The recent financial crisis has caused a decrease in the value and liquidity of many securities, including cboe futures bitcoin chart can you convert on coinbase municipal securities, and has adversely affected many issuers of municipal securities and may continue to do so. Any of these effects could have a significant impact on the prices of some or all of the municipal securities held by a Fund. Moreover, it is possible that a Fund will sustain how to buy sti etf on dbs vickers blv stock dividend during periods in which one or more Affiliate-managed accounts achieve significant profits on their trading for proprietary or other accounts. Government regulations, world events and economic conditions affect the performance of companies in the industrials sector. Prior to that, Mr. He what is a forex company day trading zones youtube taught accounting for over 20 years to undergraduate, MBA and law students, as well as to senior executives. Portfolio Managers. Asset Class Risk. The Fund may engage in securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA; however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0. Interested Trustees. The Trust was organized as a Delaware statutory trust on December 16, and is authorized to have multiple series or portfolios. Subsequent to purchase by a Fund, a rated security may cease to be rated or its rating may be reduced below an investment-grade rating. Under the securities lending program, the Funds are categorized into specific asset classes. Repurchase Miner strategy forex flying buddha forex trading.

In all cases, conditions and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested in bonds, but instead will be held in cash and cash equivalents, including, without limitation, AMT free tax exempt municipal notes tax anticipation notes, revenue anticipation notes, tax and revenue anticipation notes, grant anticipation notes and bond anticipation notes ; variable rate demand notes and obligations; tender option bonds; and municipal commercial paper, which will facilitate liquidation at the Fund's termination date. Healthcare companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Shares of each Fund are traded in the secondary market and elsewhere at market prices that may be at, above or below the Fund's NAV. Companies in the healthcare sector are often issuers whose profitability may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated. Changes in market conditions will not have the same impact on all types of securities. Kapito serves as a member of the Board of Trustees of the University of Pennsylvania. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. As securities lending agent, BTC bears all operational costs directly related to securities lending. There is a potential conflict of interest in that BTC as a lending agent may have an incentive to increase the amount of securities on loan or to lend riskier assets in order to generate additional revenue for BTC and its affiliates. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers, employees and Affiliates of BlackRock that are the same, different from or made at different times than positions taken for the Fund.