1
YELLOW ***** TUESDAY, JUNE 3, 2014 ~ VOL. CCLXIII NO. 128 WSJ.com HHHH $2.00 DJIA 16743.63 À 26.46 0.2% NASDAQ 4237.20 g 0.1% NIKKEI 14935.92 À 2.1% STOXX 600 345.08 À 0.2% 10-YR. TREAS. g 21/32 , yield 2.532% OIL $102.47 g $0.24 GOLD $1,243.70 g $1.90 EURO $1.3597 YEN 102.38 Getty Images (2) TODAY IN PERSONAL JOURNAL Work Stress vs. Home Stress PLUS You Call That an Ironman? CONTENTS Business Tech.............. B5 CFO Journal .................. B4 Corporate News..... B2-3 Global Finance ............. C3 Health & Wellness D1-4 Heard on Street..........C8 In the Markets.............C4 Leisure & Arts ............. D5 Opinion.....................A11-13 Sports................................D6 U.S. News...................A2-5 Weather Watch.......... B6 World News............. A6-9 s Copyright 2014 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n A number of VA hospitals show significantly higher rates of mortality and lethal infec- tions than the agency’s top fa- cilities, an analysis found. A1 n Medicare data show an increase in the average price hospitals charge to treat common conditions. A3 n The EPA caps on carbon emissions would force sweep- ing changes in the electric sys- tem but not deliver as big a blow to coal as some feared. A4 n China is cracking down on dissent ahead of this week’s 25th anniversary of the Tianan- men Square protests. A1, A8 n Kiev and Moscow came closer to a truce in a price feud that threatened to cut off Ukraine’s gas supply. A6 n The prisoner exchange with the Taliban that freed a U.S. soldier has sparked a polarizing debate. A2 n U.S. and foreign authorities broke up a network of hi- jacked computers used to tap into bank accounts. B5 n Abbas swore in a new Pal- estinian government endorsed by both the PLO and Hamas amid Israeli opposition. A9 n Assad’s regime is pressing Syrians to vote in today’s presidential election despite fears of rebel attacks. A9 n The Supreme Court re- jected an effort to expand a chemical-weapons treaty’s reach to domestic crimes. A5 i i i A dozen firms acknowl- edged that they or their suppliers may have used con- flict minerals, but many oth- ers haven’t determined if their products are in the clear. B1 n The Justice Department is asking three book publish- ers about any recent pricing talks, two years after a major antitrust settlement. B1 n Stocks were whipsawed by factory-data revisions, but the Dow ended the day up 26.46 points at a record 16743.63. C1 n U.S. manufacturing acceler- ated in May, the fourth straight month of improvement. A2 n Humana is alleging that Medtronic conspired with doc- tors to promote unapproved uses of a bone-growth drug. B1 n Pilgrim’s Pride raised its of- fer for Hillshire by more than $1 billion to over $6.7 billion. B3 n U.S. Steel said it would tem- porarily idle plants in Texas and Pennsylvania, blaming il- legally-priced imports. B3 n The recent plunge in tech and health shares has stung buyers who paid steep prices in follow-on offerings. C1 n Apple did little to quell the clamor for new gadgets at its developers’ conference, unveiling software and app upgrades. B6 n Goldman and Credit Suisse disclosed details about how their “dark pools” operate. C2 n Japan’s Daiichi is looking to buy Protective Life of Ala- bama for about $5 billion. C3 Business & Finance In eight years as a federal magistrate judge in Texas, Brian Owsley approved scores of govern- ment requests for electronic surveillance in con- nection with criminal investigations—then sealed them at the government’s request. The secrecy nagged at him. So before he left the bench last year, the judge decided to unseal more than 100 of his own or- ders, along with the government’s legal justifica- tion for the surveillance. The investigations, he says, involved ordinary crimes such as bank rob- bery and drug trafficking, not “state secrets.” Most had long since ended. A senior judge halted the effort with a one-para- graph order that offered no explanation for the deci- sion and that itself was sealed. Mr. Owsley’s orders remain buried in folders in a federal courthouse overlooking Corpus Christi Bay. “It’s like something out of Kafka,” says Mr. Owsley, recently a visiting law professor at Texas Tech University. Across the U.S., thousands of similar law-enforce- ment requests for electronic monitoring are likewise locked away from public view, even after the investi- gations that spawned them have ended. In most cases, they stay sealed indefinitely—unlike nearly all other aspects of American judicial proceedings. Courts long have presumed that search warrants, for example, eventually should be made public. Several judges and former prosecutors say most Please turn to page A10 BY JENNIFER VALENTINO-DEVRIES ‘PERMANENT INJUNCTION’ Sealed Court Files Obscure Rise in Electronic Surveillance In a Plot Twist, Antwerp Puts 5,000 Secondhand Graves on the Market i i i In Belgium, Buyers Agree to Honor Memorials Until Death Do Them Part ANTWERP, Belgium—Jacques Buermans, 66 years old, hopes he still has a long life ahead. Yet he has already found his fi- nal resting place: some- one else’s grave. The antique sepul- chers and headstones of the Schoonselhof ceme- tery here were gleaming in the spring sunshine recently as the Antwerp- born retiree made his weekly visit to his im- peccably maintained fu- ture tomb, formerly home to the corpses of the Belgian-British fam- ily Dumont-Duggan. “It is a stunning mon- ument, full of symbol- ism,” says Mr. Buermans, a self-de- scribed graveyard enthusiast. The compass and the square represent Adolf Dumont’s Freemason mem- bership, the white marble mourner was added when his wife died, and on top of the memorial stands a bronze bust of Mr. Dumont. In 1997, Antwerp wanted to de- stroy Mr. Dumont’s grave, which dates back to the late 1920s, after the conces- sion that allowed his family to use the plot had expired. Mr. Buer- mans intervened to save the monument and lob- bied the city to go down the secondhand route. When it did, he was one of the first to dive in. In Belgium, and other parts of Europe, ceme- tery land is often prop- erty of a city, which grants “concessions” to people to use it. But the right to use the plot isn’t eternal: many concessions ex- pire 25 years after burial. Families can renew them—and many do. But if they don’t, memorials can Please turn to page A10 BY MATTHIAS VERBERGT Antwerp tomb Cost of Emissions Cuts Debated Source: U.S. Energy Information Administration The Wall Street Journal Top 10 power plants by carbon dioxide emissions in 2013 Emissions, in millions of metric tons New federal limits on greenhouse-gas emissions by power plants across the U.S. could cost utilities as much as $8.8 billion a year, but critics said the proposed rule could cost the economy $50 billion a year. A4 The Phoenix facility at the heart of the crisis at the Depart- ment of Veterans Affairs is among a number of VA hospitals that show significantly higher rates of mortality and dangerous infec- tions than the agency’s top-tier hospitals, internal records show. The criticism that precipitated last week’s resignation of VA Sec- retary Eric Shinseki has focused largely on excessive wait times for appointments across the VA’s 150- hospital medical system. But a detailed tabulation of outcomes at a dozen VA hospi- tals made available to The Wall Street Journal illustrates a deeper challenge: vastly dispa- rate treatment results and what some VA doctors contend is the slippage of quality in recent years at some VA facilities. Some of the discrepancies are stark, especially for an agency known for offering high-quality care in 50 states. The rate of potentially lethal bloodstream infections from central-intravenous lines was more than 11 times as high among patients at the Phoenix facility than it was at top VA hospitals, data from the year ended March 31, 2014, show. Those infections, called sep- sis, can quickly cause multiple organ failure and kill an other- wise relatively healthy patient within days or even hours. The data don’t show what percentage of patients died as a result. Among patients admitted to the hospital for acute care, the Phoenix VA Health Care System had a 32% higher 30-day death rate than did the top-performing VA hospitals, a finding flagged as statistically significant by the agency’s medical analysts. By contrast, Boston’s VA hos- pital, considered among the sys- tem’s best, had a central-IV-line, bloodstream-infection rate that was 63% below the average of the top-performing hospitals. It also had a slightly better-than- average, 30-day mortality rate for acute care. Scott McRoberts, spokesman for the Phoenix VA Health Care System, said on Monday the da- tabase “is an internal measure- ment system to benchmark our improvement, and is not for public consumption.” Variations in the quality of health care exist outside the VA system as well, though it is diffi- cult to measure because rela- tively small numbers of hospital groups report a range of medical outcomes. But some experts in medical-quality measurement say the VA discrepancies stand out. “Wide variations are a prob- lem at both the VA and private hospitals. But I would expect to see much smaller variations in a national, integrated delivery sys- tem like the VA,” said Ashish Jha, a professor at the Harvard Please turn to the next page BY THOMAS M. BURTON AND DAMIAN PALETTA VA Hospitals Vary Widely In Patient Care Internal Records Show Some Facilities Have Far Higher Death Rates Than Peers XUZHOU, China—After Chi- nese police rounded up the leaders of the civic group he participated in, Zhang Kun said he would be proud to join them in jail. He soon got his wish. In March, he was released after two months in deten- tion—during which he says he endured lengthy interrogations by police and physical mistreat- ment by other detainees. Once out, he posted a note on a mes- saging app telling friends he was stepping back from his previous activism. “I hope ev- eryone can understand,” he wrote. “Everyone has their weak spot,” the slight, unassuming 26-year-old now says, and the police “will find it eventually.” A quarter-century after Chi- nese leaders sent the military to crush student protesters in Beijing’s Tiananmen Square, Mr. Zhang’s short career on the front lines of activism shows how the events of 1989 inform the Chinese authorities’ iron- fisted approach to dissent. The military assault on June 3 and 4 that killed a still-unac- counted-for number of people— estimated to be in the hun- dreds—temporarily left China diplomatically isolated, setting back economic reforms. It also convinced Chinese leaders of a lesson: Threats to Communist Party rule must never be allowed to spiral into a repeat of the Please turn to page A8 BY JOSH CHIN In China, Dissenters Haunted By History A Reign in Spain Ends STEPPING DOWN: Juan Carlos, seated below a portrait of a Bourbon ancestor, abdicated in favor of his son, 46-year-old Prince Felipe, as scandal, regional separatism and economic discontent roil Spain. A7 Sports-betting legend William “Billy” Walters built a fortune by acquiring better information than others and using a complex system to turn it into profits. “He is the most respected sports bettor in the world,” said RJ Bell, who runs a website sell- ing sports-betting picks. “One of the things that differentiates him is the quality of the infor- mation that he’s betting.” Now Mr. Walters has landed in the middle of a government investigation. Along with golf pro Phil Mickelson and investor Carl Icahn, both friends of his, Mr. Walters is the subject of an insider-trading probe, as The Wall Street Journal first re- ported Friday. The Federal Bu- reau of Investigation and the Se- curities and Exchange Commission are examining Please turn to page A4 BY ALEXANDRA BERZON Taste for Risk Fueled Career Of Bettor in Trading Probe Journal Report Five steps for fixing the 401(k). Investing in Funds special report. Section R Widespread clampdown ahead of Tiananmen anniversary...... A8 Spanish Royal House/Reuters Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expenses and other information you should read and consider carefully before investing. Risk includes loss of principal. Diversification may not protect against market risk or loss of principal. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414 IVV IJH IJR iShares Core S&P 500 Fund iShares Core S&P Mid-Cap Fund iShares Core S&P Small-Cap Fund After all, that’s why you invest. iShares Funds are diversified, low cost and tax efficient. Ask your financial advisor. Visit iShares.com iShares Funds can help you keep more of what you earn. C M Y K Composite Composite MAGENTA CYAN BLACK P2JW154000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO P2JW154000-5-A00100-1--------XA

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Page 1: TODAYINPERSONALJOURNAL Work …online.wsj.com/public/resources/documents/pageone...Sports-betting legend William “Billy” Waltersbuilt afortune by acquiring betterinformation than

YELLOW

* * * * * TUESDAY, JUNE 3, 2014 ~ VOL. CCLXIII NO. 128 WSJ.com HHHH $2 .00

DJIA 16743.63 À 26.46 0.2% NASDAQ 4237.20 g 0.1% NIKKEI 14935.92 À 2.1% STOXX600 345.08 À 0.2% 10-YR. TREAS. g 21/32 , yield 2.532% OIL $102.47 g $0.24 GOLD $1,243.70 g $1.90 EURO $1.3597 YEN 102.38

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TODAY IN PERSONAL JOURNAL

Work Stress vs. Home StressPLUS You Call That an Ironman?

CONTENTSBusiness Tech..............B5CFO Journal..................B4Corporate News.....B2-3Global Finance.............C3Health & Wellness D1-4Heard on Street..........C8

In the Markets.............C4Leisure & Arts.............D5Opinion.....................A11-13Sports................................D6U.S. News...................A2-5Weather Watch..........B6World News.............A6-9

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

What’sNews

i i i

World-WidenA number of VA hospitalsshow significantly higher ratesof mortality and lethal infec-tions than the agency’s top fa-cilities, an analysis found. A1nMedicare data show anincrease in the average pricehospitals charge to treatcommon conditions. A3n The EPA caps on carbonemissions would force sweep-ing changes in the electric sys-tem but not deliver as big ablow to coal as some feared. A4nChina is cracking down ondissent ahead of this week’s25th anniversary of the Tianan-men Square protests.A1, A8n Kiev and Moscow camecloser to a truce in a pricefeud that threatened to cutoff Ukraine’s gas supply. A6n The prisoner exchangewith the Taliban that freed aU.S. soldier has sparked apolarizing debate. A2nU.S. and foreign authoritiesbroke up a network of hi-jacked computers used totap into bank accounts. B5nAbbas swore in a new Pal-estinian government endorsedby both the PLO and Hamasamid Israeli opposition. A9n Assad’s regime is pressingSyrians to vote in today’spresidential election despitefears of rebel attacks. A9n The Supreme Court re-jected an effort to expand achemical-weapons treaty’sreach to domestic crimes. A5

i i i

A dozen firms acknowl-edged that they or their

suppliers may have used con-flict minerals, but many oth-ers haven’t determined if theirproducts are in the clear. B1n The Justice Departmentis asking three book publish-ers about any recent pricingtalks, two years after a majorantitrust settlement. B1n Stocks were whipsawed byfactory-data revisions, but theDow ended the day up 26.46points at a record 16743.63. C1nU.S. manufacturing acceler-ated inMay, the fourth straightmonth of improvement. A2nHumana is alleging thatMedtronic conspired with doc-tors to promote unapproveduses of a bone-growth drug. B1nPilgrim’s Pride raised its of-fer for Hillshire bymore than$1 billion to over $6.7 billion. B3nU.S. Steel said it would tem-porarily idle plants in Texasand Pennsylvania, blaming il-legally-priced imports. B3n The recent plunge in techand health shares has stungbuyers who paid steep pricesin follow-on offerings. C1n Apple did little to quell theclamor for new gadgets at itsdevelopers’ conference, unveilingsoftware and app upgrades. B6nGoldman and Credit Suissedisclosed details about howtheir “dark pools” operate. C2n Japan’s Daiichi is lookingto buy Protective Life of Ala-bama for about $5 billion. C3

Business&Finance

In eight years as a federal magistrate judge inTexas, Brian Owsley approved scores of govern-ment requests for electronic surveillance in con-nection with criminal investigations—then sealedthem at the government’s request. The secrecynagged at him.

So before he left the bench last year, the judgedecided to unseal more than 100 of his own or-ders, along with the government’s legal justifica-tion for the surveillance. The investigations, hesays, involved ordinary crimes such as bank rob-bery and drug trafficking, not “state secrets.” Mosthad long since ended.

A senior judge halted the effort with a one-para-

graph order that offered no explanation for the deci-sion and that itself was sealed. Mr. Owsley’s ordersremain buried in folders in a federal courthouseoverlooking Corpus Christi Bay. “It’s like somethingout of Kafka,” says Mr. Owsley, recently a visiting lawprofessor at Texas Tech University.

Across the U.S., thousands of similar law-enforce-ment requests for electronic monitoring are likewiselocked away from public view, even after the investi-gations that spawned them have ended. In mostcases, they stay sealed indefinitely—unlike nearly allother aspects of American judicial proceedings.Courts long have presumed that search warrants, forexample, eventually should be made public.

Several judges and former prosecutors say mostPleaseturntopageA10

BY JENNIFER VALENTINO-DEVRIES

‘PERMANENT INJUNCTION’

Sealed Court Files ObscureRise in Electronic Surveillance

In a Plot Twist, Antwerp Puts 5,000Secondhand Graves on the Market

i i i

In Belgium, Buyers Agree to HonorMemorials Until Death Do Them Part

ANTWERP, Belgium—JacquesBuermans, 66 years old, hopes hestill has a long life ahead. Yet hehas already found his fi-nal resting place: some-one else’s grave.

The antique sepul-chers and headstones ofthe Schoonselhof ceme-tery here were gleamingin the spring sunshinerecently as the Antwerp-born retiree made hisweekly visit to his im-peccably maintained fu-ture tomb, formerlyhome to the corpses ofthe Belgian-British fam-ily Dumont-Duggan.

“It is a stunningmon-ument, full of symbol-ism,” saysMr. Buermans, a self-de-scribed graveyard enthusiast. Thecompass and the square representAdolf Dumont’s Freemason mem-bership, the whitemarblemourner

was addedwhen his wife died, andon top of the memorial stands abronze bust of Mr. Dumont.

In 1997, Antwerp wanted to de-stroy Mr. Dumont’s grave, which

dates back to the late1920s, after the conces-sion that allowed hisfamily to use the plothad expired. Mr. Buer-mans intervened to savethe monument and lob-bied the city to go downthe secondhand route.When it did, he was oneof the first to dive in.

In Belgium, and otherparts of Europe, ceme-tery land is often prop-erty of a city, whichgrants “concessions” topeople to use it. But theright to use the plot

isn’t eternal: many concessions ex-pire 25 years after burial. Familiescan renew them—and many do.But if they don’t, memorials can

PleaseturntopageA10

BY MATTHIAS VERBERGT

Antwerp tomb

Cost of Emissions Cuts Debated

Source: U.S. Energy Information Administration The Wall Street Journal

Top 10 power plants by carbon dioxide emissions in 2013

Emissions, in millionsof metric tons

New federal limits on greenhouse-gas emissions by power plants acrossthe U.S. could cost utilities as much as $8.8 billion a year, but criticssaid the proposed rule could cost the economy $50 billion a year. A4

The Phoenix facility at theheart of the crisis at the Depart-ment of Veterans Affairs is amonga number of VA hospitals thatshow significantly higher rates ofmortality and dangerous infec-tions than the agency’s top-tierhospitals, internal records show.

The criticism that precipitatedlast week’s resignation of VA Sec-retary Eric Shinseki has focusedlargely on excessive wait times forappointments across the VA’s 150-hospital medical system.

But a detailed tabulation ofoutcomes at a dozen VA hospi-tals made available to The WallStreet Journal illustrates adeeper challenge: vastly dispa-rate treatment results and whatsome VA doctors contend is theslippage of quality in recentyears at some VA facilities.

Some of the discrepancies arestark, especially for an agencyknown for offering high-qualitycare in 50 states.

The rate of potentially lethalbloodstream infections fromcentral-intravenous lines wasmore than 11 times as highamong patients at the Phoenixfacility than it was at top VAhospitals, data from the yearended March 31, 2014, show.

Those infections, called sep-sis, can quickly cause multipleorgan failure and kill an other-wise relatively healthy patientwithin days or even hours. The

data don’t show what percentageof patients died as a result.

Among patients admitted tothe hospital for acute care, thePhoenix VA Health Care Systemhad a 32% higher 30-day deathrate than did the top-performingVA hospitals, a finding flagged asstatistically significant by theagency’s medical analysts.

By contrast, Boston’s VA hos-pital, considered among the sys-tem’s best, had a central-IV-line,bloodstream-infection rate thatwas 63% below the average ofthe top-performing hospitals. Italso had a slightly better-than-average, 30-day mortality ratefor acute care.

Scott McRoberts, spokesmanfor the Phoenix VA Health CareSystem, said on Monday the da-tabase “is an internal measure-ment system to benchmark ourimprovement, and is not forpublic consumption.”

Variations in the quality ofhealth care exist outside the VAsystem as well, though it is diffi-cult to measure because rela-tively small numbers of hospitalgroups report a range of medicaloutcomes. But some experts inmedical-quality measurement saythe VA discrepancies stand out.

“Wide variations are a prob-lem at both the VA and privatehospitals. But I would expect tosee much smaller variations in anational, integrated delivery sys-tem like the VA,” said AshishJha, a professor at the Harvard

Pleaseturntothenextpage

BY THOMAS M. BURTONAND DAMIAN PALETTA

VAHospitalsVaryWidelyInPatientCareInternal Records Show Some FacilitiesHave Far Higher Death Rates Than PeersXUZHOU, China—After Chi-

nese police rounded up theleaders of the civic group heparticipated in, Zhang Kun saidhe would be proud to join themin jail. He soon got his wish.

In March, he was releasedafter two months in deten-tion—during which he says heendured lengthy interrogationsby police and physical mistreat-ment by other detainees. Onceout, he posted a note on a mes-saging app telling friends hewas stepping back from hisprevious activism. “I hope ev-eryone can understand,” hewrote.

“Everyone has their weakspot,” the slight, unassuming26-year-old now says, and thepolice “will find it eventually.”

A quarter-century after Chi-nese leaders sent the militaryto crush student protesters inBeijing’s Tiananmen Square,Mr. Zhang’s short career on thefront lines of activism showshow the events of 1989 informthe Chinese authorities’ iron-fisted approach to dissent.

The military assault on June 3and 4 that killed a still-unac-counted-for number of people—estimated to be in the hun-dreds—temporarily left Chinadiplomatically isolated, settingback economic reforms. It alsoconvinced Chinese leaders of alesson: Threats to CommunistParty rule must never be allowedto spiral into a repeat of the

PleaseturntopageA8

BY JOSH CHIN

In China,DissentersHauntedByHistory

A Reign in Spain Ends

STEPPING DOWN: Juan Carlos, seated below a portrait of a Bourbonancestor, abdicated in favor of his son, 46-year-old Prince Felipe, asscandal, regional separatism and economic discontent roil Spain. A7

Sports-betting legend William“Billy” Walters built a fortune byacquiring better informationthan others and using a complexsystem to turn it into profits.

“He is the most respectedsports bettor in the world,” saidRJ Bell, who runs a website sell-ing sports-betting picks. “One ofthe things that differentiateshim is the quality of the infor-mation that he’s betting.”

Now Mr. Walters has landedin the middle of a governmentinvestigation. Along with golfpro Phil Mickelson and investorCarl Icahn, both friends of his,Mr. Walters is the subject of aninsider-trading probe, as TheWall Street Journal first re-ported Friday. The Federal Bu-reau of Investigation and the Se-curities and ExchangeCommission are examining

PleaseturntopageA4

BY ALEXANDRA BERZON

Taste for RiskFueled CareerOf Bettor inTrading Probe

Journal ReportFive steps for fixing the401(k). Investing in Fundsspecial report. Section R

Widespread clampdown aheadof Tiananmen anniversary...... A8

Spanish Royal House/Reuters

Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expensesand other information you should read and consider carefully before investing. Risk includesloss of principal. Diversification may not protect against market risk or loss of principal. Transactionsin shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulatedinvestment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds arenot sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this companymake any representation regarding the advisability of investing in the Fund. BlackRock is not affiliatedwith the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. Allrights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414

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Ask your financial advisor.Visit iShares.com

iShares Fundscan help youkeep more ofwhat you earn.

CM Y K CompositeCompositeMAGENTA CYAN BLACK

P2JW154000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WEBG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO

P2JW154000-5-A00100-1--------XA