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These and other","page_number":65,"box":{"x":121,"y":402,"width":348,"height":8}},{"id":"f91e7206-ca33-4fde-b093-5dfa8a7aea63","block_type":"box","text":"new rules and regulations could, among other","page_number":65,"box":{"x":122,"y":418,"width":347,"height":10}},{"id":"97a5157a-d824-4f0e-92c2-37f8f33e21aa","block_type":"box","text":"things","page_number":65,"box":{"x":121,"y":433,"width":43,"height":11}},{"id":"275e5682-2533-48c9-a2cb-ae4e7f5ffc42","block_type":"box","text":", restrict a Fund’s ability to engage in or","page_number":65,"box":{"x":167,"y":433,"width":302,"height":11}},{"id":"7b2e882a-9046-4b48-b7e9-0dd8ed4810c0","block_type":"box","text":"increase the cost to a Fund of derivatives","page_number":65,"box":{"x":122,"y":449,"width":347,"height":9}},{"id":"10b0c02f-a5f9-4d41-a82b-e813a77f2213","block_type":"box","text":"transactions and could make the use of","page_number":65,"box":{"x":121,"y":465,"width":349,"height":8}},{"id":"6df9d030-dcca-4e94-ac8e-0bc775cb0ab7","block_type":"box","text":"derivatives by the Fund impractical or generally","page_number":65,"box":{"x":121,"y":480,"width":348,"height":11}},{"id":"d54c9615-1567-42d5-83d7-01918e96048a","block_type":"box","text":"undesirable. These regulations are new and","page_number":65,"box":{"x":122,"y":496,"width":346,"height":11}},{"id":"43df0aac-c6ef-4df1-a869-82f09f263ab3","block_type":"box","text":"evolving so their potential impact on","page_number":65,"box":{"x":121,"y":512,"width":260,"height":11}},{"id":"77ef3db1-1412-43f8-aa15-c2b24e8b6819","block_type":"box","text":"a Fund and","page_number":65,"box":{"x":387,"y":512,"width":81,"height":8}},{"id":"de1f0d08-c9b3-44f5-a2cc-95ea11219ef0","block_type":"box","text":"the financial system are not yet known. While","page_number":65,"box":{"x":121,"y":527,"width":348,"height":12}},{"id":"c98ea630-7531-4770-9742-27e37a978444","block_type":"box","text":"the new regulations and central clearing of","page_number":65,"box":{"x":121,"y":543,"width":349,"height":11}},{"id":"ff3eeb2d-dc40-49d5-a6a5-79c42d398cde","block_type":"box","text":"some derivatives transactions are designed to","page_number":65,"box":{"x":121,"y":559,"width":348,"height":11}},{"id":"14a9786f-d6ec-4ded-b96f-1f93eeaf3d21","block_type":"box","text":"reduce systemic risk, there is no assurance that","page_number":65,"box":{"x":122,"y":575,"width":347,"height":11}},{"id":"0436df87-0b09-4ae8-8e53-6ee4fb07e805","block_type":"box","text":"the new clearing mechanisms will achieve that","page_number":65,"box":{"x":121,"y":590,"width":348,"height":11}},{"id":"c419e02c-7d6c-4855-bb51-869b421956ca","block_type":"box","text":"result and in","page_number":65,"box":{"x":122,"y":606,"width":95,"height":9}},{"id":"ce015444-afc5-40c7-bc09-ce0dc84f7510","block_type":"box","text":"the meantime, as noted above,","page_number":65,"box":{"x":226,"y":606,"width":242,"height":10}},{"id":"55398ca6-81a8-46d0-9c7e-e65375b8795c","block_type":"box","text":"central clearing exposes Funds to new kinds of","page_number":65,"box":{"x":121,"y":622,"width":349,"height":11}},{"id":"22653cca-af0b-412a-8e7d-94f0af509814","block_type":"box","text":"risks and costs.","page_number":65,"box":{"x":122,"y":637,"width":113,"height":9}},{"id":"f6d1d3f9-d06a-4114-a988-827fa68f2a06","block_type":"box","text":"Preferred Securities Risk:","page_number":65,"box":{"x":122,"y":665,"width":244,"height":9}},{"id":"b9ce50b5-03bc-4c6c-8f34-e16d2b053849","block_type":"box","text":"Generally,","page_number":65,"box":{"x":394,"y":665,"width":74,"height":11}},{"id":"aa76063c-a05b-444b-82f3-d18ad5d0b4f7","block_type":"box","text":"preferred security holders have no or limited","page_number":65,"box":{"x":122,"y":681,"width":346,"height":11}},{"id":"5ffa1bef-c2e2-476a-a2fa-fc0f66e26b1e","block_type":"box","text":"voting rights with respect to the issuing","page_number":65,"box":{"x":121,"y":697,"width":347,"height":10}},{"id":"af8b4c96-a593-4806-89f1-2c8e9fa5151d","block_type":"box","text":"company unless certain events occur. In","page_number":65,"box":{"x":121,"y":712,"width":347,"height":11}},{"id":"ccf0ae77-b7b7-4925-8ea9-2dda8b8c1671","block_type":"box","text":"addition, preferred securities are subordinated","page_number":65,"box":{"x":121,"y":728,"width":347,"height":11}},{"id":"4c8a7915-a141-49b4-80ce-ffb0270ef0d7","block_type":"box","text":"to bonds and other debt instruments in a","page_number":65,"box":{"x":121,"y":744,"width":348,"height":8}},{"id":"4f27bad4-270b-4b88-84ee-f50b77cfa981","block_type":"box","text":"company’s capital structure","page_number":65,"box":{"x":121,"y":759,"width":207,"height":11}},{"id":"bb245fc7-f2c5-4fdc-ba94-6e12bd71607d","block_type":"box","text":"and therefore will","page_number":65,"box":{"x":337,"y":759,"width":131,"height":9}},{"id":"e60601f2-2d55-4896-a2ec-e50c605246da","block_type":"box","text":"be subject to greater credit risk than those debt","page_number":65,"box":{"x":122,"y":775,"width":347,"height":11}},{"id":"c5bcef88-c8c3-4b2f-b62c-be307118b233","block_type":"box","text":"instruments. 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In the event an issuer of","page_number":65,"box":{"x":121,"y":900,"width":349,"height":12}},{"id":"81123311-bb5e-419e-9d90-ebb1c359e85e","block_type":"box","text":"preferred securities experiences economic","page_number":65,"box":{"x":530,"y":88,"width":348,"height":10}},{"id":"d0562ffb-8603-4daa-a3f1-1ad7020e34ba","block_type":"box","text":"difficulties, the issuer’s preferred securities may","page_number":65,"box":{"x":530,"y":103,"width":348,"height":11}},{"id":"a4290d69-9984-4987-8caf-91d1232d53f9","block_type":"box","text":"lose substantial value due to the reduced","page_number":65,"box":{"x":530,"y":119,"width":347,"height":9}},{"id":"2131cd74-d324-44f1-895c-7b70d8ba7ea6","block_type":"box","text":"likelihood that the issuer’s board of directors will","page_number":65,"box":{"x":530,"y":135,"width":347,"height":8}},{"id":"ea050257-b7c2-49ae-aa7c-14780062f5c6","block_type":"box","text":"declare a dividend and the fact that the","page_number":65,"box":{"x":530,"y":150,"width":347,"height":9}},{"id":"4ae9fc72-fd41-458b-b522-c0d120ea7bbe","block_type":"box","text":"preferred security may be","page_number":65,"box":{"x":530,"y":166,"width":187,"height":11}},{"id":"8f218a81-62e4-4a83-b245-b7858503d4df","block_type":"box","text":"subordinated to other","page_number":65,"box":{"x":722,"y":166,"width":157,"height":9}},{"id":"430efd06-e37f-4edb-b620-71aeec8805bc","block_type":"box","text":"securities of the same issuer. 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Therefore, to the extent that the","page_number":65,"box":{"x":530,"y":276,"width":347,"height":10}},{"id":"4e6fb90d-b67d-4c5c-854b-6037f8d44c1d","block_type":"box","text":"Fund invests a substantial portion of its assets","page_number":65,"box":{"x":531,"y":292,"width":347,"height":11}},{"id":"d03188cc-8aaa-49ca-92a5-3cd74359f531","block_type":"box","text":"in fixed rate preferred securities, rising interest","page_number":65,"box":{"x":530,"y":307,"width":348,"height":12}},{"id":"d45f977c-cc7a-4efa-a6bf-b4a883c3d770","block_type":"box","text":"rates may cause the value of the Fund’s","page_number":65,"box":{"x":530,"y":323,"width":347,"height":11}},{"id":"a68ae382-2130-4ddf-a670-bb8f66fccae0","block_type":"box","text":"investm","page_number":65,"box":{"x":530,"y":339,"width":56,"height":9}},{"id":"d5aafff8-1f52-44df-84a8-6c3cef080f68","block_type":"box","text":"ents to decline significantly. 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