As filed with the U.S. Securities and Exchange Commission on September 11, 2013
Securities Act File No. 333-124463
Investment Company Act File No. 811-21763
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||||
Pre-Effective Amendment No. | ¨ | |||||
Post-Effective Amendment No. 16 | x | |||||
and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
x |
Amendment No. 18
(Check appropriate box or boxes)
MANAGED ACCOUNT SERIES
(Exact Name of Registrant as Specified in Charter)
100 Bellevue Parkway
Wilmington, Delaware 19809
(Address of Principal Executive Office)
Registrants Telephone Number, including Area Code (800) 441-7762
John M. Perlowski
Managed Account Series
55 East 52nd Street, New York, New York 10055
(Name and Address of Agent for Service)
Copies to:
Counsel for the Fund: Margery K. Neale, Esq. Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 |
Benjamin Archibald, Esq. BlackRock Advisors, LLC 55 East 52nd Street New York, New York 10055 |
Continuous
(Approximate Date of Proposed Offering)
It is proposed that this filing will become effective:
x | immediately upon filing pursuant to paragraph (b) |
¨ | on (date) pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on (date) pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on (date) pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
¨ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Title of Securities Being Registered: Shares of Beneficial Interest, par value, $0.01 per share. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and it has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on September 11, 2013.
Managed Account Series (Registrant) | ||
By: |
/s/ JOHN M. PERLOWSKI | |
(John M. Perlowski, | ||
President and Chief Executive Officer) |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:
Signature |
Title |
Date | ||
/s/ JOHN M. PERLOWSKI John M. Perlowski |
President and Chief Executive Officer (Principal Executive Officer) |
September 11, 2013 | ||
/s/ NEAL J. ANDREWS Neal J. Andrews |
Chief Financial Officer (Principal Financial and Accounting Officer) | September 11, 2013 | ||
JAMES H. BODURTHA* |
Trustee | |||
(James H. Bodurtha) |
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BRUCE R. BOND* |
Trustee | |||
(Bruce R. Bond) |
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DONALD W. BURTON* |
Trustee | |||
(Donald W. Burton) |
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STUART E. EIZENSTAT* |
Trustee | |||
(Stuart E. Eizenstat) |
||||
KENNETH A. FROOT* |
Trustee | |||
(Kenneth A. Froot) |
||||
ROBERT M. HERNANDEZ* |
Trustee | |||
(Robert M. Hernandez) |
JOHN F. OBRIEN* |
Trustee | |||
(John F. OBrien) |
||||
ROBERTA COOPER RAMO* |
Trustee | |||
(Roberta Cooper Ramo) |
||||
DAVID H. WALSH* |
Trustee | |||
(David H. Walsh) |
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FRED G. WEISS* |
Trustee | |||
(Fred G. Weiss) |
||||
PAUL L. AUDET* |
Trustee | |||
(Paul L. Audet) |
||||
LAURENCE D. FINK* |
Trustee | |||
(Laurence D. Fink) |
||||
HENRY GABBAY* |
Trustee | |||
(Henry Gabbay) |
*By: |
/s/ BENJAMIN ARCHIBALD |
September 11, 2013 | ||||
Benjamin Archibald (Attorney-in-Fact) |
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
- 5 -
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | Managed Account Series |
Prospectus Date | rr_ProspectusDate | Aug. 28, 2013 |
Document Creation Date | dei_DocumentCreationDate | Aug. 28, 2013 |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||
Registrant Name | dei_EntityRegistrantName | Managed Account Series | ||||
Prospectus Date | rr_ProspectusDate | Aug. 28, 2013 | ||||
Global SmallCap Portfolio
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Fund Overview Key Facts About Global SmallCap Portfolio |
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Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of the Global SmallCap Portfolio (the “Fund”) is to seek long-term growth of capital. | ||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | ||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio. | ||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 70.00% | ||||
Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] | rr_ExpensesOtherExpensesHadExtraordinaryExpensesBeenIncluded | Extraordinary expenses may include Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses. | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Global SmallCap Portfolio invests in a diversified portfolio primarily consisting of equity securities of small cap issuers in various foreign countries and in the United States. Equity securities consist primarily of common and preferred stocks and depositary receipts, and include securities or other instruments whose price is linked to the value of common stock. Depositary receipts include American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and unsponsored depositary receipts. ADRs are receipts typically issued by an American bank or trust company that evidence underlying securities issued by a foreign corporation. EDRs (issued in Europe) and GDRs (issued throughout the world) each evidence a similar ownership arrangement. In addition, the Fund may invest in derivative securities or instruments, such as options and futures, the value of which is based on a common stock or a group of common stocks. The Fund may use derivatives to hedge its investment portfolio against market, interest rate and currency risks or to seek to enhance its return. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap issuers. Small cap issuers are those whose market capitalization is similar to the market capitalization of companies in the Morgan Stanley Capital International (“MSCI”) World Small Cap IndexSM at the time of the Fund’s investment. As of August 27, 2013, the MSCI World Small Cap IndexSM included companies with free float market capitalizations generally between $15.79 million and $11.48 billion. The market capitalizations of companies in the index change with market conditions and the composition of the MSCI World Small Cap IndexSM. The Fund will invest in securities of issuers from a variety of countries, including those in emerging markets. The Fund may also invest in equity securities issued by emerging growth companies, which are companies of any market capitalization without a long or consistent history of earnings but that Fund management believes have the potential for earnings growth over an extended period of time. The Fund can invest in securities denominated in either U.S. dollars or foreign currencies. Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) — of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation described above. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Small Cap IndexSM, MSCI World Small Cap IndexSM and MSCI World IndexSM. Effective October 1, 2012, the Fund’s benchmark against which it measured its performance, the MSCI World Small Cap IndexSM, was replaced with the MSCI All Country World Small Cap IndexSM. Fund management believes the MSCI All Country World Small Cap IndexSM more accurately reflects the investment strategy of the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by phone at (800) 882-0052. | ||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. | ||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 882-0052 | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | As with all such investments, past performance (before and after taxes) is not an indication of future results. | ||||
Bar Chart [Heading] | rr_BarChartHeading | ANNUAL TOTAL RETURNS Global SmallCap Portfolio As of 12/31 |
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Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a quarter was 21.00% (quarter ended June 30, 2009) and the lowest return for a quarter was -20.45% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 11.27%. | ||||
Performance Table Heading | rr_PerformanceTableHeading | As of 12/31/12 Average Annual Total Returns |
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Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | However, the table includes all applicable fees and sales charges. | ||||
Performance Table Market Index Changed | rr_PerformanceTableMarketIndexChanged | Effective October 1, 2012, the Fund’s benchmark against which it measured its performance, the MSCI World Small Cap IndexSM, was replaced with the MSCI All Country World Small Cap IndexSM. Fund management believes the MSCI All Country World Small Cap IndexSM more accurately reflects the investment strategy of the Fund. | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||||
Global SmallCap Portfolio | Global SmallCap Portfolio
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
Management Fee | rr_ManagementFeesOverAssets | 0.85% | [1] | |||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | [1] | |||
Other Expenses | rr_OtherExpensesOverAssets | 0.22% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.07% | [1] | |||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (1.07%) | [1],[2] | |||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | none | [1],[2] | |||
1 Year | rr_ExpenseExampleYear01 | none | ||||
3 Years | rr_ExpenseExampleYear03 | none | ||||
5 Years | rr_ExpenseExampleYear05 | none | ||||
10 Years | rr_ExpenseExampleYear10 | none | ||||
2006 | rr_AnnualReturn2006 | 18.98% | ||||
2007 | rr_AnnualReturn2007 | 16.86% | ||||
2008 | rr_AnnualReturn2008 | (36.02%) | ||||
2009 | rr_AnnualReturn2009 | 36.96% | ||||
2010 | rr_AnnualReturn2010 | 20.48% | ||||
2011 | rr_AnnualReturn2011 | (9.35%) | ||||
2012 | rr_AnnualReturn2012 | 18.11% | ||||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 11.27% | ||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 21.00% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (20.45%) | ||||
1 Year | rr_AverageAnnualReturnYear01 | 18.11% | ||||
5 Years | rr_AverageAnnualReturnYear05 | 2.48% | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 7.05% | ||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 02, 2005 | ||||
Global SmallCap Portfolio | Return After Taxes on Distributions | Global SmallCap Portfolio
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Risk/Return: | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | 16.85% | ||||
5 Years | rr_AverageAnnualReturnYear05 | 1.64% | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 5.97% | ||||
Global SmallCap Portfolio | Return After Taxes on Distributions and Sale of Shares | Global SmallCap Portfolio
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Risk/Return: | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | 11.89% | ||||
5 Years | rr_AverageAnnualReturnYear05 | 1.64% | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 5.56% | ||||
Global SmallCap Portfolio | MSCI All Country World Small Cap Index℠ (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | 18.06% | ||||
5 Years | rr_AverageAnnualReturnYear05 | 2.33% | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 6.00% | ||||
Global SmallCap Portfolio | MSCI World Small Cap Index℠ (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | 17.55% | ||||
5 Years | rr_AverageAnnualReturnYear05 | 2.46% | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 4.95% | ||||
Global SmallCap Portfolio | MSCI World Index℠ (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||
1 Year | rr_AverageAnnualReturnYear01 | 15.83% | ||||
5 Years | rr_AverageAnnualReturnYear05 | (1.18%) | ||||
Since Inception | rr_AverageAnnualReturnSinceInception | 3.60% | ||||
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Mid Cap Value Opportunities | |||||||||||||||||||||||||
Fund Overview Key Facts About Mid Cap Value Opportunities Portfolio |
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Investment Objective | |||||||||||||||||||||||||
The investment objective of the Mid Cap Value Opportunities Portfolio (the “Fund”) is to seek capital appreciation and, | |||||||||||||||||||||||||
secondarily, income. | |||||||||||||||||||||||||
Fees and Expenses of the Fund | |||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Example: | |||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||
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Portfolio Turnover: | |||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio. | |||||||||||||||||||||||||
Principal Investment Strategies of the Fund | |||||||||||||||||||||||||
In seeking to meet its objective, the Mid Cap Value Opportunities Portfolio normally invests at least 80% of its assets in equity securities of mid cap companies. Mid cap companies are companies that at the time of purchase have market capitalizations in the range of companies included in the S&P MidCap 400 Value Index (generally between $488 million and $11.2 billion as of June 28, 2013). This definition of mid-capitalization companies may be changed in response to changes in the market. The Fund purchases securities that Fund management believes have long term potential to grow in size or become more profitable or that the stock market may value more highly in the future. Fund management places particular emphasis on stocks trading at the low end of one or more valuation measures, such as price/book value, or price/sales, price/earnings or price/cash flow ratios. Such companies also may have particular qualities that affect the outlook for such companies, including an attractive market niche. The Fund purchases primarily common stock of U.S. companies in trying to meet its investment objective. The Fund may also invest up to 30% of its total assets in securities issued by foreign companies. The Fund may invest in securities denominated in currencies other than the U.S. dollar. | |||||||||||||||||||||||||
Principal Risks of Investing in the Fund | |||||||||||||||||||||||||
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.
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Performance Information | |||||||||||||||||||||||||
The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P Mid Cap 400 Value Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by phone at 800-882-0052. | |||||||||||||||||||||||||
ANNUAL TOTAL RETURNS Mid Cap Value Opportunities Portfolio As of 12/31 |
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During the period shown in the bar chart, the highest return for a quarter was 19.17% (quarter ended September 30, 2009) and the lowest return for a quarter was -24.72% (quarter ended December 31, 2008). The year-to-date return as of June 30, 2013 was 16.80%. | |||||||||||||||||||||||||
As of 12/31/12 Average Annual Total Returns |
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After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
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